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The AI boom won't prevent a recession, according to Jeremy Grantham. Stock prices will fall when that economic slump hits, the legendary investor added. "Personally, I think AI is very important," the GMO cofounder said. And we will have a recession running perhaps deep into next year and an accompanying decline in stock prices." AdvertisementAdvertisement"It may start in 2023," Grantham added, in response to a question about when the recession is likely to begin.
Persons: Jeremy Grantham, hasn't, Bloomberg's David Rubenstein, Grantham, Grantham –, he's, We're Organizations: Bloomberg, Service, Grantham Locations: Wall, Silicon, ChatGPT
When he was just 25 years old, baseball superstar Alex Rodriguez signed a 10-year, $252 million contract with the Texas Rangers. The deal not only set A-Rod up for life from a financial standpoint, it also helped him create a valuable relationship with legendary investor Warren Buffett. In an interview with Bloomberg's David Rubenstein this week, A-Rod said he decided to cold-call the investor — who is 45 years his senior — after learning that Berkshire Hathaway was insuring his contract. "I reached out to him and I said "Warren, now that we're business partners, maybe I can come out and see you in Omaha,'" Rodriguez explained. "I said 'I'll be there, 'cause we're not going to the playoffs,'" Rodriguez replied.
Coinbase CEO Brian Armstrong expects the company's revenue to dive at least 50% in 2022. The crypto exchange cut 18% of its staff earlier this year, slashing roughly 1,200 roles. "(Armstrong) indicated that he expects Coinbase FY2022 revenue to be less than half of FY2021 revenue," the company tweeted on Wednesday. The warning comes after Coinbase cut 18% of its workforce in June, slashing around 1,200 employees. The crypto market took another hit last month, when Sam Bankman-Fried's FTX, which was once valued at $30 billion, filed for bankruptcy.
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