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☆ Elon Musk warned of Cybertruck headaches, consumers' debt woes, and a 'stormy' economic backdrop on Tesla's earnings call. Here are his 14 best quotes.
▼ + stars: | 2023-10-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Elon Musk tackled a wide range of topics during Tesla's third-quarter earnings call on Wednesday. The world's richest man and CEO of the electric-vehicle maker underscored the difficulties of scaling Cybertruck production, touted Tesla's Optimus humanoid robot over Boston Dynamics' mechanical dogs, and trumpeted his cost-cutting efforts, according to a transcript provided by AlphaSense/Sentieo. Tesla's Optimus robot appearing to do yoga. (Musk was describing Tesla's focus on cutting the cost of car parts by even a few cents.) Tesla is "not going to sink," says Elon Musk.

Persons: Elon Musk, Musk, —, Elon, Oz, Marie Antoinette, Tesla's, that's, Tesla, they've, You've Organizations: Service, Boston Dynamics, AlphaSense, General Motors, Chrysler, Getty, Silicon Valley Bank, Suisse — geez Locations: Silicon

☆ JPMorgan's Dimon and Goldman's Solomon warn investors to be 'cautious' and 'vigilant' as economic risks mount and conflicts rage
▼ + stars: | 2023-10-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Investors should be very cautious, two leading Wall Street CEOs warned on recent earnings calls. JPMorgan's Jamie Dimon cautioned the boost to portfolios from public policy wouldn't last. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementTwo Wall Street heavyweights have urged investors to be careful as they navigate a morass of economic and geopolitical threats.

Persons: JPMorgan's Jamie Dimon, Goldman Sachs, David Solomon, —, Jamie Dimon, Dimon, Solomon, there's, we've, Goldman Organizations: Wall, Service, JPMorgan, AlphaSense, Hamas, Federal Reserve, Goldman Locations: China, Russia, Ukraine, Israel

☆ JPMorgan's Jamie Dimon warns of recession and rate hikes, flags global dangers, and quotes Warren Buffett twice in a new interview. Here are the 8 best quotes.
▼ + stars: | 2023-09-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Dimon quoted Warren Buffett twice to flag the risks to banks and trumpet prudence in business. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The billionaire banker and JPMorgan CEO also championed prudent risk management, and warned that more lenders could run into problems like Silicon Valley Bank did this spring. If you have that with a recession, yes, you're going to see a little bit more stress and strain in the system." (Dimon was referring to other banks getting caught out by rising interest rates like Silicon Valley Bank.)

Persons: Jamie Dimon, Dimon, Warren Buffett, headwinds, It's, we've, There's, Warren, — he's Organizations: Service, JPMorgan, Bank, Barclays, AlphaSense, Silicon Valley Bank Locations: Wall, Silicon, Ukraine, Silicon Valley

☆ Warren Buffett turns 93 today. Here are 6 of the investing icon's best birthday stories.
▼ + stars: | 2023-08-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

"On August 30, 2030 — my 100th birthday — I plan to announce that Geico has taken over the top spot, " Buffett said in his 2015 shareholder letter. AdvertisementAdvertisementIn his 1999 shareholder letter, Buffett credited Huggins' "fanatical insistence on both product quality and friendly service" for See's generating $857 million in pre-tax income since Berkshire took over. During the party, Dinsdale revealed he had attended a directors' meeting at Kansas Bankers Surety, an insurance firm that Buffett had long admired. "I'm now scheming to get invited to Jane's next party," Buffett joked. He illustrated the point in his 1990 shareholder letter, using a story about his granddaughter Emily's fourth birthday party a few months earlier.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Geico, he's, Huggins, Law Buffett, Charlie Munger, Chuck Huggins, See's, Charlie, Mrs B, Rose Blumkin, Mrs, Jane Rogers, Roy Dinsdale, Dinsdale, I'm, Jane's, Emily's, Emily, Gee, B's Organizations: Berkshire, Apple, Service, Progressive, Allstate, AlphaSense, Nebraska Furniture Mart, Kansas Bankers Locations: Wall, Silicon, Nebraska

☆ Merch, vinyl, hotels and credit cards: Taylor Swift's Eras Tour helped a bunch of companies – but hurt others
▼ + stars: | 2023-08-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Taylor Swift's Eras Tour had a significant impact on several public companies this summer. "Knowing how our guests can't get enough of Taylor Swift, we proactively secured an exclusive vinyl offering that Swifties bought in droves." "In July, Taylor Swift launched her Eras Tour merch shop with us experiencing unprecedented volume sales and site visitors on launch day, and we were ready for it." "Folks aren't buying as much patio furniture when they're spending hundreds or thousands of dollars to go to Taylor Swift. Rolling Stones, U2, Madonna, Prince, and this Taylor Swift performance was at a whole different level.

Persons: Taylor, Taylor Swift, Swifties, Christina Hennington, — Harvey Finkelstein, — Boyd Muir, — Leslie Hale, Raymond Martz, Jon Bortz, Wee Ee Cheong, Thomson Leighton, James Conroy, It's, Jonathan Johnson, Tom Schmitt Organizations: Service, AlphaSense, Merchandising, Universal Music, Lodging, Overseas Bank, Bot, Akamai, Forward Locations: Wall, Silicon, Chicago

☆ AI chip giant Nvidia mentioned a particular company again and again during its latest blockbuster conference call. You'll be surprised which one.
▼ + stars: | 2023-08-24 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

Investors have been counting how many times executives say 'AI' on conference calls. Instead, I counted how many times Nvidia mentioned different companies on its latest call. AdvertisementAdvertisementThis year, investors have been counting how many times company executives say "AI" on earnings conference calls. Here's one example, where the CEO discussed large companies adopting new AI technologies. Amazon and Google, two of the largest cloud and AI companies on earth, only got a couple of callouts each.

Persons: That's, It's, Nvidia's, Jensen Huang Organizations: Nvidia, Morning, Tech, Sentieo, VMware, Broadcom, Google

☆ Nvidia CEO predicts $1 trillion will be spent over 4 years upgrading data centers for AI. A lot of that bill will probably be paid by Amazon, Google, Microsoft, and Meta.
▼ + stars: | 2023-08-24 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

"There's about $1 trillion worth of data centers, call it, a quarter of a trillion dollars of capital spend each year," he said. "So, what is giving you the confidence that they can continue to carve out more of that pie for generative AI? And that trillion dollars of data centers is in the process of transitioning into accelerated computing and generative AI. And so, what you're seeing, all of a sudden enabled by generative AI, enabled by accelerated computing, generative AI came along. AdvertisementAdvertisement"There's about $1 trillion worth of data centers, call it, a quarter of a trillion dollars of capital spend each year.

Persons: Jensen Huang, it's, " Jensen, Vivek Arya, Bank of America Merrill Lynch Organizations: Nvidia, Google, Microsoft, Morning, Meta, Bank of America

☆ The bad news for automakers in China is only getting worse
▼ + stars: | 2023-08-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Now Chinese automakers' next move is to capitalize on exports, a recent Morgan Stanley note said. But some of that car-buying demand in China starting to wane, according to an August 17 note from Morgan Stanley. "We're still growing our market share in China," Tesla SVP of automotive Tom Zhu said at the firm's Investor Day in March. But while early cuts might have sparked demand, Morgan Stanley analysts called "Tesla's further promotional activity of particular concern." Chinese companies are forging ahead elsewhere while domestic demand easesThird, this just means that the Chinese companies will continue their push across the globe.

Persons: Tesla, Morgan Stanley, NEVs, Ford, Jim Farley, BEV, John Lawler, Tom Zhu Organizations: EV, Morning, Tesla, Ford, GM, Automobility, Deutsche Bank, KPMG — Locations: China, Europe

☆ JPMorgan's Jamie Dimon reels off a list of dangers to the US economy - and warns they could inflict serious damage
▼ + stars: | 2023-07-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jamie Dimon flagged a long list of threats facing the US economy on Friday. He's worried about consumer spending, inflation, quantitative tightening, fiscal deficits, and war. "The war in Ukraine continues, which in addition to the huge humanitarian crisis for Ukrainians, has large potential effects on geopolitics and the global economy," he added. If any of those dangers hit the US economy, it's unclear whether they would cause a "soft landing, a mild recession, or a hard recession," he added. Dimon shared similar concerns in an interview with The Economist released earlier this week, and has previously warned there are myriad threats facing the global economy.

Persons: Jamie Dimon, He's, Dimon Organizations: JPMorgan, Service, AlphaSense, Federal Reserve Locations: Wall, Silicon, JPMorgan's, Ukraine

☆ Domino's can find you wherever you are with new Google pin drop tech
▼ + stars: | 2023-06-19 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

Domino's is using Google Maps tech to launch Pinpoint Delivery. Domino's has seen a slowdown in its delivery business due to inflationary pressures on customers. The pizza chain, which bills itself as a tech chain that happens to sell pizza, is leveraging Google Maps technology to deliver pizzas to locations without addresses, such as parks, beaches, and baseball fields. Domino's is leveraging Google Maps tech for Pinpoint Delivery. There's no extra cost for Pinpoint Delivery, which comes as inflationary pressures have hurt Domino's delivery business.

Persons: Domino's, —, Christopher Thomas, Moore, Carl Orsbourn, Sandeep Reddy, Reddy Organizations: Google, Service, Oppenheimer, Commerce, NPD

☆ Morgan Stanley CEO James Gorman gives clues on succession timing and layoffs
▼ + stars: | 2023-06-13 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Morgan Stanley CEO James Gorman says he hopes to leave successor with a "clean sheet." James Gorman, one of the longest serving chiefs on Wall Street, took some people by surprise when he announced last month that he expected to step down as chief executive of Morgan Stanley in the next 12 months. At a Morgan Stanley conference on financials, payments, and commercial real estate, Gorman noted that he would review the succession process with the board every couple of years. The timing, he added, according to a transcript by the research firm Sentieo, is up to Morgan Stanley's board. In early May, Morgan Stanley was reportedly planning to cut 3,000 jobs worldwide.

Persons: Morgan Stanley, James Gorman, Gorman, Logan Roy, I'd, Morgan Stanley's, we've Organizations: Reuters, Morgan, Securities and Exchange Commission Locations: East, France

☆ Meet the Morgan Stanley rainmaker tapped to chair the M&A division of law firm Paul Weiss as fears of investor activism grow
▼ + stars: | 2023-06-07 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Morgan Stanley rainmaker Robert Kindler is leaving the investment bank for law firm Paul Weiss. Kindler, global chair of mergers and acquisitions at Morgan Stanley, has been named global chair of M&A at Paul, Weiss, Rifkind, Wharton & Garrison LLP. "Paul, Weiss has the premier franchise for M&A and activism defense and I am excited to become a part of it." Last year, Paul Weiss represented the board of McDonald's in its proxy fight with activist investor Carl Icahn. In 2000, he joined JPMorgan, where he was named global head of M&A before joining Morgan Stanley in 2006.

Persons: Morgan Stanley, Robert Kindler, Paul Weiss, Weiss, Garrison, Kindler, Paul, Carl Icahn, Leon Black's, Jeffrey Epstein, Goldman Sachs, John Waldron, Waldron, Scott Barshay, Brad Karp, Moore, Morgan, Eaton Vance, James Gorman Organizations: Morning, Paul, Apollo, NFL, Barshay, JPMorgan, Time Warner, Labor Locations: Rifkind, Wharton, Cravath, ETrade, Kindler

☆ JPMorgan's No. 2 explains how the fintech threat made the nation's largest bank even bigger
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase, the nation's largest bank by assets, is getting bigger every day. The bank's second-in-command said the fintech threat is driving some of its expansion plans. 2, Daniel Pinto, suggested that the looming fintech threat is also responsible for JPMorgan's retail banking expansion in Europe. It plans to spend $15.3 billion on tech in 2023, up $14 billion from last year. Last month, JPMorgan agreed to pay about $10.6 billion to buy First Republic Bank after the smaller bank was seized by regulators.

Persons: JPMorgan Chase, Daniel Pinto, Jamie Dimon's, fintechs, Dimon's, Pinto, Bernstein, JPMorgan Organizations: JPMorgan Chase, JPMorgan, Morning, Bloomberg, First, Bank Locations: Europe, United States, Germany, America

☆ Citi, a firm plagued by 'fat finger' mistakes, invests in tech to lower human trading errors, CEO Jane Fraser says
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Citi has invested in new technology to reduce human trading errors. The New York-based bank has invested in new technology to reduce human trading errors, CEO Jane Fraser revealed on Friday. "In trading, we have a smart system called SMART," Fraser said at the 2023 Bernstein Strategic Decisions Conference. "That's the type of thing that we're putting in to make sure that we don't have issues in terms of fat-finger errors going forward." Fraser mentioned the trading technology while explaining the bank's multi-year effort to simplify and modernize its business, including through technology.

Persons: Jane Fraser, It's, Fraser, Bernstein Organizations: Citi, Conference, Revlon Locations: New York, London

☆ BlackRock is spending 'a huge amount of time' on AI, CEO Larry Fink says
▼ + stars: | 2023-05-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

BlackRock CEO Larry Fink said the firm is spending a lot of time analyzing artificial intelligence. The firm's experts believe AI will increase productivity by 30%, Fink said on Wednesday. A BlackRock team called AI Labs that works on natural language processing and other areas. If AI can meaningfully increase productivity, Fink said, then "you don't have to own just these AI companies. Bank of America research analysts have called AI a "baby bubble" for the investment mania around the tech.

Persons: Larry Fink, Fink, " Fink, He's, Deutsche Bank CEO Christian Sewing, OpenAI's ChatGPT, ChatGPT, Catalyst, Andreessen Horowitz Organizations: BlackRock, Deutsche Bank, Deutsche Bank CEO Christian, of America Locations: BlackRock, New York, Palo Alto , California, Edinburgh, Scotland

☆ Tesla had the world's top-selling car for the first time
▼ + stars: | 2023-05-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

Tesla's Model Y outsold all other vehicles in the first quarter this year. For the first time, an electric car was the top-selling vehicle around the world in the first quarter, and there's no surprise it was a Tesla. The EV market leader's Model Y outsold all other vehicles in Q1, according to estimates from JATO Dynamics published by the enthusiast publication Motor1. Tesla CEO Elon Musk predicted his midsize SUV would outpace all other vehicles this year back in August 2022. Tesla has been caught in consumer crossfires as the company has cut prices of its vehicles, including the Model Y.

Persons: there's, Motor1, Elon Musk, Musk, Tesla, Sam Fiorani, JATO Organizations: JATO Dynamics, Elon Musk's, EV, Morning, AutoForecast Solutions, Tesla, Toyota Corolla, Toyota

☆ JPMorgan CEO Jamie Dimon reveals top traits for his successor: admit mistakes and 'work your ass off'
▼ + stars: | 2023-05-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon revealed top traits for his successor at the bank's investor day on Monday. "You're willing to change direction. You're willing to go in front of your shareholders and say, 'We screwed up. "I don't think I've ever defended a decision," he said. "I don't think CEOs should retire in place and just cut back and take it easy for a while.

☆ JPMorgan's Jamie Dimon just sounded off on what it takes to be a good CEO
▼ + stars: | 2023-05-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

JPMorgan CEO Jamie Dimon has a take that might surprise you. Succession plans for the unofficial face of Wall Street have long been speculated on. One of the biggest issues we see on Wall Street, or in business more broadly, is an executive not knowing when to cut ties. Want to know what a Wall Street hiring raid looks like? Here's Wall Street's plan if the US defaults on its debt.

☆ Warren Buffett swapped shares for cocoa beans in a weird 1950s deal. Billionaire Thomas Pritzker just told his father's side of the story.
▼ + stars: | 2023-05-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett traded a chocolate company's shares for cocoa beans in an unusual arbitrage in 1954. Hyatt Hotels' Thomas Pritzker is the son of Jay Pritzker, who designed the stock-for-beans program. Thomas Pritzker recently shared his father's story about meeting and helping a 24-year-old Buffett. Thomas Pritzker, Hyatt Hotels' executive chairman and the billionaire son of the man who came up with the stock-for-beans offer, told his father's side of the story during a recent shareholder meeting. "A 24-year-old kid comes up to them and says, 'I didn't understand anything you just described,'" Thomas Pritzker recalled.

☆ BlackRock is mandating 4 days in the office, starting in September. Read the memo on the firm's plans.
▼ + stars: | 2023-05-16 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BlackRock is calling employees back to the office four days per week, starting in September. BlackRock told employees last fall that they had to work in the office at least three days per week. In a Fox Business interview last September, Fink linked a return to in-office work to a more productive workforce and lower inflation. "We are going to ask our employees to be much more mindful about their responsibilities in the office. This new approach begins on the 11th of September, and we encourage you to transition into this model by increasing your in-office days, as your schedule permits, over the next few months.

☆ Loews CEO James Tisch uses a famous Warren Buffett quote to explain the banking fiasco - and warns more lenders may get into trouble.
▼ + stars: | 2023-05-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Loews CEO James Tisch used a colorful Warren Buffett quote to describe the recent banking chaos. Tisch warned of more turmoil ahead, and urged the Fed to pause its rate hikes for three months. "As Warren Buffett says, 'When the tide goes out, you see who was swimming without a bathing suit,'" Tisch said. If authorities hadn't intervened, they risked a "full-fledged banking catastrophe" and a "massive, uncontrolled bank scare" with huge repercussions, he continued. However, Tisch warned of more trouble ahead.

☆ Why more Wall Street layoffs are coming, according to Lazard CEO Ken Jacobs
▼ + stars: | 2023-04-28 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +2 min

A slowdown in mergers and IPOs has put pressure on Wall Street firms to cut costs. But much of the costs are related to salaries, which can be "very sticky," CEO Ken Jacobs says. People are Wall Street's biggest cost by far. And cuts from its competitors could be coming, Jacobs told Bloomberg, given the weak outlook for deals. Here's what Jacobs told analysts on Friday, according to Sentieo:"We've seen big increases across the industry in salary.

☆ Elon Musk spoke about crystal balls, bank lending, self-driving cars and lithium refineries this week. Here are his 10 best quotes from Tesla's Q1 earnings call.
▼ + stars: | 2023-04-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Elon Musk spoke about banks, self-driving cars, crystal balls, and lithium refineries this week. He warned of "stormy weather" ahead and said rate hikes, layoff fears, and bank lending are worries. (Musk was discussing Tesla's Dojo's supercomputer platform, and nodding to the failure of Silicon Valley Bank and Signature Bank in March.) (Musk was hinting at a possible credit crunch if banks, facing deposit outflows and the prospect of further bank runs, pull back on lending.) (Musk was outlining his vision of eventually rolling out autonomous driving to all Tesla vehicles via a software update, allowing them to serve as robotaxis and generate income.)

☆ Elon Musk predicts a year of 'stormy weather' for the US economy - and warns Tesla faces a raft of headwinds
▼ + stars: | 2023-04-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The Tesla CEO warns higher interest rates, layoff fears, and tighter bank lending may hit demand. In response to historic inflation, the Federal Reserve has hiked interest rates from nearly zero to about 5% over the past 13 months. Higher rates make borrowing more expensive and encourage saving over spending, which can slow the pace of price increases. "Every time the Fed raises the interest rates, that's equivalent to increasing the price of a car," Musk said. "If interest rates are really high, like they are right now, in some cases, people can't get a loan at all."

☆ BlackRock is open to a major deal. Here's where it could look to expand as the banking crisis emboldens the world's largest money manager.
▼ + stars: | 2023-04-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

The banking crisis that unfolded last month has created opportunities for BlackRock. The potential for a "transformational" deal would expand the world's largest money manager. The banking crisis that unfolded last month with the collapse of Silicon Valley Bank has emboldened BlackRock, the world's largest money manager with some $9 trillion of assets. The Financial Times reported last December that BlackRock had "discussed whether to pursue a takeover of private markets manager Carlyle but decided against it," citing three people with knowledge of those discussions. "We are asking ourselves to reimagine BlackRock," Fink said on Friday.

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