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AdvertisementTwo years after OpenAI's ChatGPT and other chatbots launched, the advertising community's excitement over generative AI has come down to earth. The shift was evident at New York's Advertising Week, a four-day gathering this week that organizers expected 17,000 to attend. Last year, a Salesforce survey showed about three-quarters of marketers were or planned to use generative AI. Though enthusiasm about AI was tempered in the industry at this year's Advertising Week, there wasn't a widespread abandonment of the tech. Adtech company LiveRamp announced a pair of AI partnerships to help marketers find the right AI company for a given problem.
Persons: , OpenAI's ChatGPT, Ashwin Navin, there's, Andrew Lipsman, I'm, Zaid Al, Qassab, He's, Let's, Samba's Navin, That's, NBCU, DoubleVerify, Nick Fairbairn, Joshua Nafman, it's, Nafman, Fairbairn, LiveRamp, Scott Howe, Howe Organizations: Publicis, WPP, Service, New, Samba, WPP —, Saatchi, Business, Google, Advertising, Media, Diageo
An upcoming biopic sees British pop star Robbie Williams portrayed by a CGI monkey. In the upcoming film, which is titled "Better Man," Williams is portrayed as a CGI monkey, to which he lends his distinctive voice. In "Better Man," actor Jonno Davies wore a motion capture suit so his movements and expressions could be recorded. Critics have praised the film for its originalityRobbie Williams is portrayed as a CGI monkey in "Better Man." "Better Man" will be released in selected theaters in the US on December 25, with a wider release set for January 17.
Persons: Robbie Williams, Michael Gracey, , Elton John, Amy Winehouse, Williams, I'm, I've, Gracey, Loic Venance, Jonno Davies, hasn't, Maureen Lee Lenker, David Ehrlich, Peter Debruge Organizations: Service, Paramount Pictures, The New York Times, Cannes Film, Getty, FX, Metro, Telluride Film, Times, Toronto, Entertainment Weekly Locations: British, AFP, America, Europe
Programming note: Stay tuned for a special edition of the From the Politics Desk newsletter tonight, where we will be recapping and analyzing the Vance-Walz debate. 5 things to watch for at tonight’s VP debateSen. JD Vance of Ohio and Minnesota Gov. Walz has the longer debate record, but Minnesota is something of a backwater on the national political scene. How Vance and Walz’s poll numbers stack up to past VP nomineesBy Steve KornackiHeading into tonight’s vice presidential debate, JD Vance has an image problem. With tens of millions expected to watch tonight’s debate, Vance does have an opportunity to improve his standing — just as a shaky performance by Walz could erase the advantage he now enjoys over Vance.
Persons: JD Vance, Tim Walz's, Vance, Walz, Sen, Tim Walz, Garrett Haake, Will Vance, Donald Trump, Kamala Harris, hasn’t, Harris, who’ve, Vance —, Henry J, Gomez, Peter Nicholas, Harris ’, Emma Barnett, Gen, Raquel Coronell Uribe, Joe Biden, Trump, Biden, Steve Kornacki, James Stockdale, Ross Perot’s, Dan Quayle, George H.W, Bush, Lloyd Bentsen, Quayle, Michael Dukakis, Dan De Luce, Carol E, Lee, Courtney Kube, Monica Alba, Abigail Williams, Israel, Read, Rea, arter Organizations: NBC, White House, Capitol, CBS News, Minnesota Gov, Trump, Democratic, GOP, Quayle Republican, Bentsen Democratic, Biden White, Israel —, Washington Locations: Ohio, New York City, Minnesota, American, Israel, Iran, Tehran, United States, Syria —, U.S
How consulting lost its cool
  + stars: | 2024-09-30 | by ( Lakshmi Varanasi | Tim Paradis | Kelsey Vlamis | ) www.businessinsider.com   time to read: +9 min
Consulting firms have faced increased employee turnover after layoffs and delayed start dates. For decades, business students and MBAs looked to consulting because the work was high in pay and prestige. AdvertisementThe lure of other industriesThe declining appeal of the consulting industry is most evident in the number of employees leaving. That's different from when he left in 2022, when there was a pandemic-fueled boom for consulting work. "When I was transitioning out of consulting, consulting was actually still all the rage.
Persons: , MBAs, Jason Saltzman, Lightbank, Ezra Gershanok, Gershanok, Gorick Ng, Ng, Matt Sternberg, Sternberg, he's, who've, Consulting hasn't, Ernst, Young, Irmgard Naudin, Cate, Atli Thorkelsson, Thorkelsson Organizations: Service, Accenture, Technologies, McKinsey, Harvard University, Boston Consulting Group, BI, Big, Consulting, Redpoint Ventures, Business Locations: , London
On Tuesday, Goldman and his cofounder, Shivaal Roy, launched Mako AI after building the startup for about a year. Before cofounding Mako with Goldman, Roy was an early engineering hire at Glean, an AI-enabled enterprise-search startup valued at $2.2 billion. So far, Mako has a handful of clients, including mid-market PE firms and growth-equity firms, including L.A.-based Shamrock Capital and San Francisco firm GroundForce Capital. Advertisement"The most important thing right now is getting this product from a first-year associate to a second-year associate," Goldman said. Here's the pitch deck Mako used to raise its $1.55 million seed round led by Khosla Ventures.
Persons: , Danny Goldman, Goldman, Shivaal Roy, Mako, hasn't, Blackstone, OpenAI's, Roy, cofounding Mako Organizations: Service, Bain, Co, Business, Khosla Ventures, KKR, Shamrock Capital, GroundForce, Mako Locations: San Francisco
Almost everyone else seems to want to deploy AI in some meaningful way but don't seem to know how. It's available on HP 's AI personal computers right now but hasn't really attracted a lot of interest yet — good for Club company Best Buy 's forward earnings. For some companies, companies like CVS , this is a no brainer. One that can build things or get things or just give you a cup of your coffee. I don't know what will happen to people who are doing this now.
Persons: Jensen Huang, Marc Benioff, Copilot, hasn't, Uber, San Francisco —, Amazon's, Benioff, Benioff's, Agentforce, Tesla, Elon, Donald Trump, Pat Gelsinger, gunning, Lisa Su, Jensen, Su, wasn't, Nvidia's Blackwell, Blackwell, Mike Sievert, Jim Cramer's, Jim Cramer, Jim, Carlos Barria Organizations: Microsoft, Club, Nvidia, Oracle, HP, Devices, AMD, Saks Fifth, CVS, Siemens, Starbucks, Intel, Qualcomm, Arm Holdings, Enterprise, Constellation Energy, GE Vernova, Apple, Mobile, Jim Cramer's Charitable, CNBC Locations: San Francisco, Atlanta, Austin , Texas, Dreamforce, bailiwick, Eaton, Dover, California
"Each of these strengths contributed to a good revenue performance in the first half of 2024, supported by higher interest rates." Hong Kong-listed shares of HSBC were up 2.84% at 07:56 a.m. London time in the wake of the earnings beat. The first-half figure nevertheless came in well above the $20.5 billion average of broker estimates compiled by HSBC, according to Reuters. "The strong performance of the business gives us the confidence to say that we'll be mid-teens return in 2025 as well," Quinn told CNBC. "This headwind will be partially offset by hedging and balance sheet growth, but this growth is unlikely to be remarkable.
Persons: Noel Quinn, HSBC's Quinn, , Quinn, there's, Jefferies, Benjamin Toms, Toms, CNBC's Ganesh Rao Organizations: HSBC, Securities Financing, Global Banking, London and New York Stock Exchanges, Reuters, Wednesday, CNBC, Capital Locations: Hong Kong, London, Britain
Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO. The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley & Lardner, for advice on how startups should prepare for life as public companies. Are public market investors generally keen to invest in IPOs, or are they focused elsewhere? Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. What are the key process changes companies need to make ahead of an IPO?
Persons: Louis Lehot, Lehot, , Lardner, Collison Organizations: Service, Foley, Healthcare, Biotech, Green Energy, Enterprise, Street, Investor
Banco Santander posted a 20% year-on-year hike in second-quarter net profit underpinned by growth in its retail, wealth and consumer activity, after firm revenues and margin management in Europe and Brazil. The company's net profit attributable to the parent group came in at 3.207 billion euros ($3.48 million), in line with a consensus from analysts polled by Reuters. Santander now expects revenues will hit high-single digit growth, from a previously forecast mid-single digit expansion. Other highlights included:Pre-tax profit: 4.925 billion euros in the second quarter, versus 4.258 billion euros in the same period of last year. Net interest income: 11.47 billion euros in the June quarter, compared with 10.52 billion euros in the same three-month stretch of last year — but below a 11.96% forecast for the second quarter of 2024 from analysts polled by Reuters.
Persons: Javier Milei, Ana Botin Organizations: Banco Santander, Reuters, Santander Locations: Europe, Brazil, Argentina
At the corner of Iris Ave and Folsom in North Boulder, my Model 3 Tesla was self-driving when it showed up two human drivers in the lane just in front of us. All three of us were turning left — two flesh-and-blood drivers and my robot — when the two humans violated a basic traffic rule by swinging wide and turning into the right hand lane. The Tesla hugged the inside lane, as the driver manual indicates is the proper rule of the road. On the other hand, my son is less likely than the Tesla’s software to suddenly disengage and just stop steering altogether (requiring me to take over). Seen through the lens of cognition and neuroscience, the contrast says a lot about the next generation of drivers.
Persons: Tesla, Milo Locations: Ave, Folsom, North Boulder
Yet, the system has also exacerbated the social divide between the haves and have-nots, who are confined to the largely abysmal state-run education system. That means entrance tests and examinations are a high-stakes juncture in a person's life. A half-hearted attempt at testing the country's education system in 2021 was aborted when the Covid-19 pandemic hit the country. The company, which offers services ranging from online tutorials to offline coaching, attracted billions of dollars from investors worldwide during the pandemic when online education services were in high demand. One of the companies it bought was an offline test preparation service called Aakash Education Services, which is still expected to IPO this year.
Persons: Firdous Nazir, NurPhoto, Cram, , Byju's Organizations: Youth Congress, Getty, Testing Agency, Reuters, FIFA, Aakash Education Services Locations: Jammu, Kashmir, India, Kota, Rajasthan, PISA, Kyrgyzstan, Turkish
How much do we pay for an enterprise software business that may have hit the wall, suddenly slowing down to sales growth in the high single digits from growth in the double digits? But Salesforce is the most glaring of the enterprise software behemoths, which include ServiceNow , Adobe , Workday , SAP , Intuit , and fallen star MongoDB . Or to put it another way, Salesforce needs its clients to hire more people to increase sales growth. SaaS is another form of enterprise software, is another form of applications software, is another form of kryptonite. Of course, there will be enterprise software companies that defy the slowdown.
Persons: Marc Benioff, Dow Jones, Salesforce, Ullal, Jensen Huang, that's, Thoma, , Elon Musk's, Wells, It's, Charlie Scharf, Goldman Sachs, Dan Schulman, Bill Ready, Stanley Black, Decker, Jim Cramer's, Jim Cramer, Jim, Marlena Sloss Organizations: Oracle, Dow, Adobe, SAP, Intuit, Mad, Arista Networks, Microsoft, Nvidia, Arm Holdings, Thoma Bravo, Taiwan Semiconductor, Indy, Federal, Paypal, Fed, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Norfolk Southern, Wells Fargo, Wells, Dover, Informatica
Moments after former President Donald J. Trump learned that he was a convicted felon, he dismissed the trial as illegitimate and the jury’s verdict as irrelevant as he pushed ahead to the presidential election. “The real verdict is going to be Nov. 5 by the people.” Mr. Trump said on Thursday evening in the hallway outside the courtroom, just minutes after a jury in Manhattan convicted him on 34 felony counts of falsifying business records. “And they know what happened here, and everybody knows what happened here.”Speaking for less than three minutes, a somber Mr. Trump revived his contention that the case amounted to a politically motivated prosecution intended to interfere with his bid to return to the White House. But as he rattled off attacks against Manhattan’s district attorney, the judge in the case, President Biden and Democrats, Mr. Trump seemed less animated than he had while addressing reporters during the duration of the trial. Rather than an energized rebuttal, his post-verdict remarks felt more like a rote recitation of grievances.
Persons: Donald J, Trump, Mr, Biden Locations: Manhattan, Manhattan’s
Socialites are playing chess on "The Real Housewives of New York City." In 1990, according to the US Chess Federation, only 4% of chess players were women. Out in the world, chess' resurgence has been accompanied by a wave of new clubs and events. I made a pilgrimage to the Marshall Chess Club, a 109-year-old institution in Greenwich Village. The following evening, I went to an East Village bar and found a very different scene at Club Chess.
Persons: we'd, she'd, I'd, festers, Judit Polgár, Gary Kasparov, , Juliana Gallin, Jennifer Shahade, Alejandro Ramírez, Ramírez —, Ramírez, Shahade, Levy, Hikaru Nakamura, Rey, Anna Cramling, Miguel Pereira, Cramling, Nakamura, Bill Withers, Frank Marshall, Alexander Luke Bahta —, athleisure, you've, it's, Magnus Carlsen, Hans Niemann, Carlsen, Niemann, Dean Mouhtaropoulos, I've, Kasparov, they're, Vladimir Kramnik, Chess.com, Kramnik, Fabiano Caruana, Dan Timbrell, doesn't Organizations: Mechanics ' Institute, Housewives, New, US Chess Federation, FIDE, Washington Post, Marshall Chess Club, Chess, The Guardian, New York, whacking, Computer, YouTube Locations: San Francisco, New York City, Berkeley , California, Greenwich Village, hipsters, American, East, Canadian, Romanian, Netherlands, It's, New York, Russian
Instead, he's betting that small, incremental, and sometimes "boring" moves will make the biggest impact on the bank's overall efficiency. AI is poised to change just about every employee's job at Citi and "sustainably change how we work for decades to come," Zafar said. The four-part plan will impact everyone from technology and operations to wealth and product design. Citi has undergone considerable change as CEO Jane Fraser looks to streamline the bank's operations and boost returns. The next group at Citi poised to use AI widely is operations, or employees who handle back-office administrative processes.
Persons: Shadman Zafar, Let's, Zafar, Jane Fraser, It's, it's Organizations: Service, Workers, Business, Citi Locations: Wall
Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Sunrun as buy Goldman said it's sticking with its buy rating following earnings on Wednesday. " JPMorgan reiterates SolarEdge as overweight JPMorgan said it's sticking with its overweight rating following earnings on Wednesday. " Citi reiterates Airbnb as buy Citi said it's standing by its buy rating on shares of Airbnb following earnings on Wednesday. JPMorgan reiterates Instacart as overweight JPMorgan said it's sticking with its overweight rating on shares of Instacart following earnings on Wednesday. Bank of America reiterates Apple as buy Bank of America said it's sticking with its buy rating following data showing App Store strength.
Persons: Goldman Sachs, Sunrun, Goldman, JPMorgan, SEDG, Shopify, Redburn, Mizuho, Robinhood, Airbnb, Davidson downgrades TripAdvisor, Raymond James, Fox, Cantor Fitzgerald, Cantor, EVGO, it's, Wolfe, Skyworks, SWKS, we're Organizations: JPMorgan, Bloomberg, Holdings, Deutsche Bank, Emerson, Deutsche, Citi, Bank of America, Fox, of America, Solutions, Barclays, UBS, Costco, Apple Locations: EBITDA
Calling AI profound, Buffet said that the technology is like a "genie" — once it gets let out of the bottle, it could have disastrous effects. It's a question, he said, that has riddled the best economists for a century. Warren Buffett is the first to admit he doesn't know much about artificial intelligence. This rebound has led to questions from corporate executives about factors that could be at play, from AI to return-to-office mandates. "Every company is looking at AI and deciding where it will help them," he said during a recent interview on CNBC's "Money Movers."
Persons: Buffett, Buffet, Warren Buffett, it's, couldn't, John Maynard Keynes, Keynes, Gary Cohn, Cohn, Dev Ittycheria, Elon Musk, Mark Zuckerberg, Sam Altman, Robert Solow, Berkshire Hathaway Organizations: Apple, Berkshire Hathaway, Berkshire, IBM, National Economic, CNBC, Nvidia, McKinsey, Harvard Business Locations: Omaha, Berkshire
LONDON — Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Barclays reported a net loss of £111 million in the fourth quarter of 2023 due to an operational shake-up designed to reduce costs and improve efficiencies. The overhaul saw the reorganization of the business into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. The bank also pledged to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks.
Persons: C.S, Venkatakrishnan, — CNBC's Elliot Smith Organizations: LONDON, Barclays, Reuters, Tesco Bank, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank
In the next few years, Zuckerberg sees three ways AI can become a "massive business" for Meta. Related storiesHe sees "several ways" generative AI can make money, and laid out three specific paths to this becoming "a massive business" for Meta. Ads appearing in "AI interactions"Another way generative AI could make money for Meta is by "introducing ads or paid content into AI interactions," Zuckerberg said. AdvertisementSelling access to AI modelsA third distinct way Meta may make money from AI is by selling access to models as they get larger. "Enabling people to pay to use bigger AI models and access more compute," as Zuckerberg put it on Wednesday.
Persons: Mark Zuckerberg, Zuckerberg, , we're, Meta Organizations: Meta, Service
My dad still remembers the anxiety that engulfed the island when the United States cut off diplomatic recognition of Taiwan in favor of the People’s Republic of China in 1979. My parents considered America a safe haven and wanted me to grow up with all its comforts. Of course, comparing the United States and Taiwan this way without acknowledging the nuanced socio-political contexts can be misleading. Clarissa WeiThe biggest shift, then, has been how the people of Taiwan perceive the United States. The United States, on the flip side, is the 131st.
Persons: Clarissa Wei Editor’s, Clarissa Wei, , , Annabelle Chih, there’s, Tyrone Siu, Donald Trump, Joe Biden, “ Wei, Ting Yen, I’m, nodded, Billy H.C, Kwok, It’s, Republican —, Xi Jinping, “ Trump Organizations: Taipei CNN, CNN, America, Metro, Trump, Taiwan, Franklin & Marshall College, 131st, San Francisco Bay Area, China’s Communist Party, Republican Locations: Taiwanese American, Taipei, Taiwan, China, United States, People’s Republic of China, America, Los Angeles, Taiwanese, Kaohsiung, San Francisco Bay
Within days, millions of TikTok videos using music from Universal artists went mute, and since then guessing which side would blink first has become a media-business parlor game. Backing this up, one study found that TikTok users reported experiencing higher levels of flow than Instagram users. Corey Basch, who analyzed 100 popular TikTok videos with the hashtag mentalhealth for a 2022 study, emerged concerned about the looping effect of the algorithm. Cerave Sales increased by more than 60 percent in 2020 after skin care became a lockdown pastime and TikTok users discovered the drugstore mainstay. Cat Crack Catnip It briefly sold out in 2021 after TikTok users posted videos of their cats going crazy for it.
Persons: randos, TikTok, you’ve, Sydney Sweeney, Glen Powell, , “ Wonka, Barbie, “ Oppenheimer, , goofing, cavorting, Sue Fleishman, Z’s Walter Cronkite, Spehar, Donald J, Trump, he’s, Caitlin Clark’s, Joe Biden, Justin Bieber, Abbie Richards, Richards, Britney Spears, Taylor Swift, Olivia Rodrigo, Lil Nas X, Fleetwood Mac, Rodrigo, Billie Eilish, Drake, Swift, ByteDance, can’t, Mark Warner, hasn’t, Al, ear on, Li Organizations: Fleetwood Mac, Facebook, Sony, Universal, Warner Bros, White, Pew Research Center, YouTube, The New York Times, Kansas City Chiefs, Media, Colgate, Universal Music Group, ByteDance, Intelligence Committee, e Locations: United States, Beijing, Biden’s, TikTok, Singapore, View, Calif, China, American
IBM aims to be "client zero" of the AI products it sells to clients, marketing chief Jonathan Adashek said. He said AI has augmented the work IBM staffers do and even made its ads more effective. In April 2020, our CEO Arvind Krishna said IBM is going to be the leading hybrid cloud and AI company. That means acquisitions, that means divestitures, that means prioritizing some areas of work over others. Dropping 'hybrid work' from the return-to-office vernacularI think a lot of what drives productivity in the wrong direction is when you get people not focused on the must-haves and spending more time on the nice-to-dos.
Persons: Jonathan Adashek, , Arvind Krishna, we've, Intentionality Organizations: IBM, Service, Adobe, Masters, Java
But what if I told you this group shrunk its share count dramatically since 2019? The numbers tell the story: Lennar now has 276 million shares outstanding, down from 318 million five years ago. Other than Toll, most of the homebuilder management teams do not emphasize this fundamental change in share count. Management has been buying hand over fist since 2019, shrinking the share count to 215 million from 264 million. My rather unassailable conclusion is pretty simple: Check the share count before you buy a stock.
Persons: PulteGroup, DR Horton, , Douglas Yearley hadn't, homebuilders, Jim Umpleby, Eaton, Dow, Cummins, Elliott, Marc Benioff, Colette Kress, Williams, Jim Cramer's, Jim Cramer, Jim, Mike Blake Organizations: Federal Reserve, DR, Management, Dick's, Goods, Abercrombie, Fitch, Williams, Walmart, Caterpillar, DuPont, Marathon Petroleum, Elliott Management, Valero Energy, Pacific, Norfolk Southern, CSX, Apple, Microsoft, NFL, Jim Cramer's Charitable, CNBC Locations: tatters, California, Sonoma, America, Williams Sonoma, San Marcos , California
As the teacher started to count down, the students uncrossed their arms and bowed their heads, completing the exercise in a flash. One,” the teacher said. Pens across the room went down and all eyes shot back to the teacher. Under a policy called “Slant” (Sit up, Lean forward, Ask and answer questions, Nod your head and Track the speaker) the students, aged 11 and 12, were barred from looking away. When a digital bell beeped (traditional clocks are “not precise enough,” the principal said) the students walked quickly and silently to the cafeteria in a single line.
Persons: Ozymandias, Percy Bysshe Shelley — Organizations: Michaela Community School Locations: London
A recent survey of more than 250 HR leaders in the US found that 73% are using AI in recruitment and hiring processes. Here are four ways organizations can identify risks and ensure their use of AI is fair, ethical, and effective. The starting point for evaluating AI-powered HR tools should be an understanding that the tools are imperfect. Before adopting AI tools, make sure your HR team is sufficiently staffed so that humans can review every step of any process that AI automates. Even with safeguards, the new generation of AI tools are complex and fallible.
Persons: Trey Causey, Causey, Kumarasamy, you've, doesn't Organizations: European Union, CVs, Intelligence, EU, Insider Studios Locations: Canada
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