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Insider Today: Mark Cuban vs. Big Pharma
  + stars: | 2024-08-04 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
But first: Big Tech reporting for duty. AdvertisementEven before Amazon, Apple, Meta, and Microsoft reported earnings, investors' focus was clear. Meta CEO Mark Zuckerberg didn't shy away from his intention to keep plowing money into AI, but investors didn't mind. Softening demand from shoppers for Amazon led to a miss in reported net sales and a weaker-than-expected sales forecast for the third quarter. Also read:Getty Images; Jenny Chang-Rodriguez/BIMark Cuban's pharma missionIn 2022, Mark Cuban launched a low-cost online pharmacy with the goal of cutting drug prices for consumers.
Persons: , Jeff Bottari, Rebecca Zisser, Tesla, Mark Zuckerberg, iStock, That's, Gen, Zers, Tyler Le, Tetiana Lazunova, Jenny Chang, Rodriguez, Cuban's, Mark Cuban, somebody's, Emily Durham Organizations: Service, Business, Big Tech, Getty Images, Apple, Meta, Microsoft, Apple Intelligence, Amazon, pharma, Cuban's pharma, Cost, Pfizer, Novo Nordisk Locations: China
Anything above 4% indicates the market is overbought, anything below a minus 5% means the market is oversold.) I am just prematurely predicting other investors fleeing the stock because they think Warren knows more than them. Many investors thought that Amazon was the best set up of the Mag Seven going into earnings. We are right smack in a most perilous moment because the Fed doesn't want to move too fast but the stock market does and the Fed does not care about that. I don't think a presidential election is all that conducive to the market.
Persons: Warren Buffett's Berkshire Hathaway, Apple, Warren, That's, Buffett, Tim Cook, Cook, Carl Icahn, I'd, Donald Trump, don't, Jerome Powell, Meta, It's, Pat Gelsinger, Andy Grove, Gelsinger, Craig Barrett, that's, Pat, Let's, Mark Zuckerberg, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, of America, Apple, Microsoft, Bank of America, Amazon Web Services, Investors, Comcast, Walgreens, CVS, Federal, whimpers, Amazon, Nvidia, Meta, Intel, Lenovo, Dell, HP, CNBC, Jim Cramer's Charitable, Traders, New York Stock Exchange Locations: Friday's, China, , Wells, U.S, humorless, Taiwan, Brookfield, Arizona, NBCUniversal
"Our charter clients are looking for a 6-star experience perfectly tailored to them," Katie Schneidman, a charter broker at brokerage Burgess, told Business Insider over email. Take the Carinthia VII, a 97-meter yacht for charter from Fraser Yachts that costs more than $1.5 million a week to charter. Provisioning a charter yacht can run as much as 40% of the charter fee, Schneidman said. AdvertisementThat means food, drink, and fuel for the Carinthia VII could cost as much as $600,000. Related storiesAltogether, a week on the Carinthia VII can total $2.7 million — or just over $32,000 per person per day.
Persons: , Mark Zuckerberg, Jeff Bezos, Katie Schneidman, Burgess, Fraser, It's, Anders Kurtén, Schneidman Organizations: Service, Business, Fraser Yachts, Palm Locations: Carinthia, Greece, Naples, Positano
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But that doesn't mean it's too late to revamp your public image. The internet obsessed over Mark Zuckerberg, switching his old aesthetic of hoodies and gray t-shirts to his new look — he now sports chain necklaces. Hannah Salton, a UK-based career coach and author with a background in corporate recruitment, said it's important to create a persona for work that you're comfortable with. Tailor your social media accountIt's vital to be aware of your online presence, including your social media accounts, she said.
Persons: , Mark Zuckerberg, he's, Hannah Salton, Salton, Cooper Neill, it's Organizations: Service, Business
Read previewAI is burning a big hole in the pockets of Big Tech. Leaders at Meta and Alphabet have conceded that they might be funneling too much money into AI out of fear of falling behind in the arms race. AdvertisementGartner's research shows that generative AI requires executives to have a higher tolerance for indirect gains on their investments in the future over immediate returns. AdvertisementBut Big Tech executives believe that generative AI will bring about some of the biggest technological changes the world has seen in the past century — so it's worth the risk. Amazon CEO Andy Jassy said in a letter to shareholders earlier this year that generative AI "may be the largest technology transformation since the cloud" and maybe even "since the internet."
Persons: , Mark Zuckerberg, Zuckerberg, Sundar Pichai, Rita Sallam, Elliott, Andy Jassy, Brian Olsavsky, Dan Ives Organizations: Service, Big Tech, Meta, Business, Nasdaq, Gartner, Analytics, Eliott Management, Financial Times, Big, Wedbush Securities
Mark Zuckerberg, Meta’s chief executive, started 2023 by declaring it the “year of efficiency.” Like several of its big tech peers, Meta cut jobs and mothballed expansion plans. Mr. Zuckerberg started this year saying his company would spend more than $30 billion in 2024 on new tech infrastructure. On Wednesday, he increased it to at least $37 billion. And he said Meta would spend even more next year. Mr. Zuckerberg said he’d rather build too fast “rather than too late,” and allow his competitors to get a big lead in the A.I.
Persons: Mark Zuckerberg, Zuckerberg, Meta, he’d
Nvidia stock prices have more than doubled since the start of the year, and in June, it briefly became the world's most valuable company. "The boom in spending on AI infrastructure has been a major growth driver for the chip industry," Miller said. Zuckerberg even touted Meta's growing stockpile of Nvidia chips in an interview with The Verge in January, adding that he expects the company to own more than 340,000 Nvidia H100 GPUs by the end of 2024. The boom in data center builds has also spurred significant chip demand. Amazon, Meta, and Google are all designing their own AI chips.
Persons: , Chris Miller, Miller, Meta's Mark Zuckerberg, Tesla's Elon Musk, Zuckerberg, TSMC, Thomas Rupf, Josie Ananto, Parthenon's Ananto, Jensen Huang, Goldman Sachs Organizations: Service, Nvidia, The Fletcher School, Tufts University, Business, New York Times, Bank Asia, Nvidia Semiconductor, Big Tech, Meta, Google Locations: EY
Read previewFormer President Donald Trump says Meta CEO Mark Zuckerberg recently told him he wouldn't endorse a Democrat in the 2024 election. The Republican presidential nominee told Fox News' Maria Bartiromo on Friday that Zuckerberg called him after the assassination attempt, and told him he didn't feel right supporting a Democrat. He called me after the event and he said, 'That was really amazing, it was very brave,'" Trump told Bartiromo. Trump told Bartiromo that Google never called him to apologize. Advertisement"Google has been very bad," Trump told Bartiromo.
Persons: , Donald Trump, Mark Zuckerberg, Maria Bartiromo, Zuckerberg, Trump, Bartiromo, he's, Dani Lever, Lever Organizations: Service, Republican, Fox News, Democrat, Business, Facebook, Meta, Google
Wall Street to Big Tech: Is AI ever going to make money?
  + stars: | 2024-08-02 | by ( Clare Duffy | ) edition.cnn.com   time to read: +7 min
New York CNN —There’s been one big question on the minds of Wall Streeters this tech earnings season: When will anyone start making actual money from artificial intelligence? But Big Tech still has relatively little to show for all their billions spent in terms of significant revenue gains from AI or profitable new products, and investors are starting to get antsy. Shares of both Google and Microsoft dipped following their earnings reports, a sign of investors’ discontent that their huge AI investments hadn’t led to far-better-than-expected results. She added: “Gen AI is where we’re much earlier … We don’t expect our gen AI products to be a meaningful driver of revenue in ’24. As an example of just how long it can take AI products to come to fruition, take Tesla’s AI-based “full self-driving” technology.
Persons: New York CNN — There’s, ChatGPT, , Morgan Stanley, Keith Weiss, Steven Ju, Sundar Pichai, Goldman Sachs, , ” D.A, Davidson, Gil Luria, Meta, Amy Hood, , Susan Li, that’s, ” Luria, we’re, Jim Covello, Tesla, FSD, Google’s Pichai, Mark Zuckerberg, — Luria Organizations: New, New York CNN, Big Tech, UBS, Google, Microsoft, CNN, Meta Locations: New York, Silicon Valley
Amazon and Apple both reported earnings on Thursday, with Amazon missing on revenue and issuing a disappointing forecast and Apple showing top-line growth of just 5%. The one mega-cap tech company that's yet to release results is Nvidia, which has been the biggest winner in the AI boom. The stock is down 17% over the Nasdaq's three-week slump, though it's still up more than 110% for the year. Intel reported a big earnings miss and announced a mass restructuring that includes eliminating 15% of its staff. CEO Pat Gelsinger told CNBC on Friday that it's the "most substantial restructuring of Intel since the memory microprocessor transition four decades ago."
Persons: Stephanie Keith, Josh Koren, Koren, CNBC's, Brian Olsavsky, Meta, Mark Zuckerberg, Zuckerberg, it's, Pat Gelsinger, INTC, Bernstein Organizations: Nasdaq, Bloomberg, Getty, Labor Department, Musketeer Capital Partners, Apple, Amazon, Microsoft, Mizuho, Meta, Wall, Nvidia, Intel, CNBC, KeyBanc, Markets Locations: New York, freefall, U.S
Apple Intelligence, the company's forthcoming artificial intelligence system, could spur a fresh cycle of iPhone upgrades and hardware sales. One question Cook was willing to partially address was about the company's spending on AI servers. "Embedded in our results this quarter is an increase year over year in the amount we're spending for AI and Apple Intelligence," Cook told CNBC's Steve Kovach on Thursday. The rise in Apple's capital expenditure is tiny compared to its mega-cap peers, such as Microsoft, Google , and Meta . Zuckerberg also wants to ensure that Apple won't fully control the next major technology shift, if it turns out to be AI.
Persons: Tim Cook, Luca Maestri, Cook, CNBC's Steve Kovach, Mark Zuckerberg, Zuckerberg Organizations: Apple Intelligence, OpenAI, CNBC, Apple, Microsoft, Google, Meta, Nvidia
The much-hyped cage fight between Elon Musk and Mark Zuckerberg didn't materialize last year. But Musk said it would've been a "short fight" if it had taken place. "Zuck is a little fella, so that would be a short fight lol," Musk said on Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk didn't get to fight Mark Zuckerberg last year, but he reckons it would have been a quick one if it had taken place.
Persons: Elon Musk, Mark Zuckerberg, Musk, would've, , Elon, Nicolás Maduro's, Maduro Organizations: Elon, Service Locations: Venezuela
Meta has scrapped its celebrity AI assistants after less than a year. The company is shifting focus to its new AI Studio, which lets users create their own AI bots. AdvertisementMeta has scrapped its celebrity AI assistants after less than a year. The company is pivoting to focus on its new AI Studio, in a move first reported by The Information. This story is available exclusively to Business Insider subscribers.
Persons: Meta, , Mark Zuckerberg Organizations: Tech, Service, Meta, The, AIs, Business
Meta shares pop 6% on earnings beat, rosy revenue forecast
  + stars: | 2024-08-01 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +3 min
Meta shares jumped 6% on Thursday after the company reported second-quarter earnings that beat Wall Street's expectations and offered a rosy revenue forecast. Revenue in the period increased 22% to $39.07 billion from $32 billion a year earlier, Meta said late Wednesday. The analysts note that Meta's capital expenditures are increasing because of AI infrastructure spend, but it is driving "tangible business results." There are also newer generative AI products that have the potential to open revenue opportunities over multiple years, they said. Barclays analysts wrote in a note Wednesday that Meta is executing at "arguably the best pace of any company in digital advertising."
Persons: Meta, Mark Zuckerberg, Susan Li, Zuckerberg, Baird, capex, — CNBC's Michael Bloom, Jonathan Vanian Organizations: Meta, Bank of America, Barclays
Read previewI've spent one day interacting with chatbots made with Meta's new AI Studio, and I already have six new boyfriends and four new girlfriends. Character AI also has its own share of AI boyfriends and girlfriends to talk to. When prompted to engage in NSFW content, the Meta AI bots I interacted with generally shut it down (often, politely). Meta's AI studio has a parody "MrBeast" chatbot and its popular characters include a "Gay Bestie" and "Relationship Coach." Unlike Meta's character AIs, creators can see the messages you send to their inbox, even if their automated AI responds.
Persons: , I've, chatbots, I'm, Meta, Paris Hilton, Snoop Dogg, Mark Zuckerberg, Sydney Bradley, Ash, Andreessen Horowitz, it's, OpenAI's, Eric, George Organizations: Service, Meta, Business, AIs, Sydney, Olin Business School, GPTs Locations: MrBeast, Minnesota, DMs
Read previewMark Zuckerberg looks poised to dominate the AI adoption race thanks to a technicality: Meta has three billion-plus captive users who have no choice but to use it. As the company reported second-quarter earnings on Wednesday, Zuckerberg gloated about Meta AI — its AI assistant rolled out earlier this year — being "on track to achieve our goal of becoming the most used AI assistant by the end of the year." Related storiesIn effect, then, that gives Zuckerberg a lot of engaged users to introduce AI-powered technology to. Meta's family of apps now has 3.27 billion daily active users. Zuckerberg also seems intent on showing users that AI can inherently make their experience of his apps vastly better.
Persons: , Zuckerberg, It's, Mike Proulx, Forrester, WhatsApp, Susan Li Organizations: Service, Harvard, Business, Meta, Facebook, Apple, Apple Intelligence, OpenAI
Meta reported revenue growth of 22% from a year earlier to $39.07 billion, with 98% of its sales coming from advertising, primarily on Facebook and Instagram. Its growth rate was double that of Google's ad business, which saw sales increase 11% to $64.6 billion, Alphabet said in its earnings report last week. Meanwhile, Pinterest and Spotify , which are both significantly smaller than Meta, reported revenue growth of 21% and 20%, respectively, in their latest reports. As in previous quarters, Li said Meta's advertising business benefited from online commerce, gaming and the media and entertainment sectors, and that ad growth continued to be strongest in the Asia-Pacific region. She said the company's "improved ad performance" helped lift overall ad prices despite slowing growth in that region.
Persons: Mark Zuckerberg, Emily Chang, Zuckerberg, Susan Li, Li Organizations: Meta, Inc, Facebook, Spotify, Apple Locations: Menlo Park , California, Asia, Pacific
Meta set to report second-quarter earnings after the bell
  + stars: | 2024-07-31 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +4 min
Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023. Meta is slated to report second-quarter earnings on Wednesday after the close of regular trading. Meta's ad revenue is projected to show an increase of 19% to $37.6 billion, according to StreetAccount. Heading into Meta's report on Wednesday, the digital ad market has shown some signs of weakness. Alphabet reported lower-than-expected ad revenue out of YouTube last week, and on Tuesday, Pinterest issued disappointing third-quarter guidance, leading to a 15% plunge in the stock after hours.
Persons: Mark Zuckerberg, LSEG, Meta, Zuckerberg, Emily Chang, Sundar Pichai, Pichai, Pinterest, Julia Brau Donnelly Organizations: Meta, Google, YouTube, Labs, Revenue, Quest VR, Microsoft Locations: Menlo Park , California
The other involved Meta AI responses about the shooting, which in some instances inaccurately claimed the incident hadn't occurred at all. In the blog post for Meta, Kaplan denied the decisions had been made with bias. Kaplan said it is a "known issue" that chatbots like Meta AI can be unreliable when asked about breaking news or real-time events. Meta has updated its AI response on the topic, but Kaplan acknowledged, "We should have done this sooner." "These types of responses are referred to as hallucinations, which is an industry-wide issue we see across all generative AI systems, and is an ongoing challenge for how AI handles real-time events going forward.
Persons: , Donald Trump, Trump, Joel Kaplan, Kaplan, Elon Musk, Mark Zuckerberg, he's Organizations: Service, Business, Trump, Meta, Big Tech
While there are still concerns about the company's aggressive AI spending, we believe these investments will pay off in the long run. Both trends were cited as the main drivers behind Meta's revenue outperformance in the quarter. Zuckerberg added that AI is opening the door to new experiences and opportunities, especially with Meta AI, which is powered by the company's large language model that is often referred to as Llama. Zuckerberg said he believes Meta AI will be the most used AI assistant in the world by year end. Management now sees capex in the range of $37 billion to $40 billion, up from its prior range of $35 billion to $40 billion.
Persons: China's ByteDance, — Zuckerberg, Zuckerberg, we'll, Ray, Jim Cramer's, Jim Cramer, Jim, Mark Zuckerberg Organizations: Revenue, LSEG, China's, Meta, Investment, Facebook, Realty Labs, VR, Management, CNBC, Press, AFP, Getty Locations: United States, U.S, Tokyo
Opinion | The Mystery of JD Vance Is Unraveling
  + stars: | 2024-07-31 | by ( Thomas B. Edsall | ) www.nytimes.com   time to read: +2 min
JD Vance embodies the pros and cons of political competition in a divided America. Vance’s reputation as defender of the globalization-battered working class can help Trump in the electorally crucial Midwest industrial belt states of Pennsylvania, Wisconsin, and Michigan. But Vance is also an absolutist on restricting abortion, the Republican’s biggest current weakness, according to polls. He has adopted Trump’s line that abortion rules should be left to the states, but his voting record is striking. In an interview with the Youngstown Ohio Vindicator, Vance contended that there was extensive fraud in 2020 including a “big-tech” conspiracy directed by Mark Zuckerberg, the chief executive of Facebook.
Persons: Vance, minuses, Donald Trump’s ‘, , Sean O’Brien, ” That’s, Trump, Tony Fabrizio, , ” Vance, Mark Zuckerberg Organizations: GZERO Media, Republican National Convention, Republican, Teamsters, Ohio Republican Senate, Trump, Youngstown Ohio Vindicator, Facebook Locations: America, Pennsylvania , Wisconsin, Michigan
This year, Blackstone hosted more than 150 summer interns, including summer associates who tend to come from business or law school, as well as the undergrads who make up its summer analyst program. AdvertisementCheck out our exclusive deep dive into Blackstone's 10-week-long summer analyst program below. How competitive is Blackstone's summer analyst internship program? AdvertisementA group photo of Blackstone's summer analyst class during orientation. Gray recently addressed what leads to success at Blackstone in a speech to the 2024 summer analyst class, which was posted on Linkedin.
Persons: , Blackstone, Jon Gray, Paige Ross, Blackstone's, Blackstone Blackstone, Taylor Kanfer, Kanfer, Mr Stone, Steve Schwarzman, they're, Ross, Goldman Sachs, There's, decamp, they'll, Gray, Kleiner Perkins, Chan Zuckerberg Organizations: Service, Harvard, Business, BI, University of Pennsylvania, Diverse, Blackstone, Investment, Linkedin, LinkedIn, Goldman, Barclays Locations: York, New York, Wayne , Pennsylvania, Miami, Asia, Africa
A visitor wears a virtual reality headset Meta Quest as he takes part in an immersive experience stand during the Viva Technology show at Parc des Expositions Porte de Versailles on May 24, 2024 in Paris, France. As part of the company's second-quarter earnings report on Wednesday, Meta's Reality Labs unit, which houses augmented and virtual reality technologies, recorded an operating loss of $4.48 billion. In September, Meta debuted the Quest 3 VR headset, which has a starting price of $499. Zuckerberg has pointed to advances in artificial intelligence and related large language models as improving the capabilities of smart glasses. Meta's second generation of smart glasses went on sale in October with a starting price of $299.
Persons: Porte de Versailles, StreetAccount, Mark, Meta, Ray, Ban, Zuckerberg, Francesco Milleri Organizations: Viva Technology, Parc, Labs, Reality Labs, Apple, CNBC, Meta Locations: Paris, France, China
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, what to expect from OpenAI's newest AI model that's in the works. GPT-5, the newest model upgrade for OpenAI's chatbot, is coming soon . AdvertisementOpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search.
Persons: , Z's, Let's, Nordin Catic, OpenAI, Darius Rafieyan, Darius, ChatGPT, Justin Sullivan, Chelsea Jia Feng, it's, Sam Altman, Ned Davis, David Solomon, Goldman Sachs, David Zalubowski, Chiang Ying, Mark Zuckerberg, Jensen Huang, Alexa von Tobel, Tyler Le, Mark Zuckerberg's, It's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Getty, OpenAI, Ned Davis Research, Blackstone, Harvard, Microsoft, Starbucks, Apple, Apple Intelligence, Fed, Meta, Boeing, Kraft Locations: undergrad, New York, China, London
Mark Zuckerberg sees a future where we're all wearing AI-powered technology. Speaking with Nvidia CEO Jensen Huang at the SIGGRAPH conference on Monday, the Meta CEO said he foresees the rise of smart glasses in particular. AdvertisementMeta launched its smart glasses, a collaboration with the eyewear brand Ray-Bans, in 2021. Earlier this year, the company announced an update to Meta AI that enabled the tech to work for wearers. While the original Google Glass was a commercial flop, the recent advancements in AI technology have resulted in renewed interest in bringing the next generation of smart glasses to market.
Persons: Mark Zuckerberg, Jensen Huang, Zuckerberg, Huang, Ray, Ban Metas, let's, Ban, Oakley Organizations: Service, Nvidia, SIGGRAPH, Business, Meta, Inc, Google Locations: WhatsApp
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