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With digital price tags, big retailers, in theory, could do the same. Federal Reserve Chair Jerome Powell has said that type of dynamic pricing is "incredibly important in our economy." AdvertisementSome experts agree, saying dynamic pricing practices could benefit consumers who are able to gain some understanding of the system and shop around. After customers complained online that those changes would surge prices, a spokesperson announced the company did not intend to implement surge pricing. How does dynamic pricing impact you?
Persons: There's, Uber, it's, Greg Cathey, Elizabeth Pancotti, Pancotti, Jerome Powell, Powell, John Zhang, Wendy's, Sen, Sherrod Brown, Zhang, Organizations: Service, Walmart, Business, Roosevelt Institute, Federal, Wharton School, University of Pennsylvania, Democratic, SNAP
Speaking at Coatue's annual conference, billionaire Philippe Laffont unveiled some AI predictions. He believes there'll be "humanoid" robots widespread across the developed world in 15 years. He also told the audience that he's been "buying high and selling low" for 25 years. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But Coatue's billionaire founder, Philippe Laffont, told the audience at his firm's annual East Meets West conference last week that, for a quarter of a century, he's done the opposite.
Persons: Philippe Laffont, there'll, he's, , Uber, Dara Khosrowshahi, Larry Summers Organizations: Service, Meets, Business
The delivery reckoning is here
  + stars: | 2024-07-15 | by ( Alex Bitter | )   time to read: +7 min
Unlike employees, contractor delivery workers have to cover many of their own costs. "No one wins under this law, including delivery workers," the spokesperson said. Gig workers have had to get choosier about jobsThe dilemma isn't unique to the food delivery world. Timothy Turer, who has worked in rideshare and gig delivery in Florida since 2016, remembers the dirt-cheap fares that Uber and Lyft offered riders early on. But with many telling BI that the job has gotten less profitable for them lately, or setting up their own delivery services, or even begging food delivery customers for better tips, it's clear cracks are starting to show in the well-polished delivery system.
Persons: , Uber, that's, it's, Instacart wouldn't, Instacart, he's, you'd, They've, Timothy Turer, Lyft, I'm, Turer, hasn't, DoorDash Organizations: Service, Business Locations: California, North America, New York, Seattle, rideshare, Florida
For Nvidia CEO Jensen Huang, being almost the only game in town for AI chips isn't enough. AdvertisementThe company also runs Nvidia Inception, an incubator and venture network that counts more than 20,000 early-stage companies among its membership. "I think it's crazy," said another founder whose company received investment from NVentures, who spoke on condition of anonymity. Any company trying to do anything major in AI has spent the past two years buying them by the truckload. AdvertisementHe says he's received personal calls from Huang in which the Nvidia CEO weighs in on company decisions or expresses disapproval of his public statements.
Persons: Jensen Huang, Chris Brown, Brown, Huang, Vishal Bhagwati, Sid Siddeek, Jensen, Umesh, Padval, Uber, Nvidia's, Lisa Su, he's, there's Organizations: Service, Nvidia, Business, Corporate, Cohere's, Google, AMD Locations: Silicon Valley, New York, NVentures, OpenAI
Sure enough, the S&P 500 rallied another 7.2%, ending 2023 up 24.2%. BMO Capital MarketsInvestors would love a similar outcome after a 14.5% first-half gain, which ranks in the 82nd percentile historically, according to BMO. History is on stocks' side in the second halfIn the last seven-and-a-half decades, the S&P 500 has risen 10% to 15% a dozen other times. Chances are, the relatively tame 5.5% slide the S&P 500 experienced in March and April won't be the biggest pullback of the year. Advertisement"Extended valuation remains a hot topic, but a closer inspection reveals that levels may not be as severe as are being advertised," Belski wrote.
Persons: , Goldman Sachs, Brian Belski, Belski, Stocks, Oppenheimer Organizations: Service, BMO Capital Markets, Business, BMO Capital, BMO, UBS, Markets, Tech, Trade Locations: The Montreal, New York, US
Here are Thursday's biggest calls on Wall Street: Morgan Stanley reiterates Eli Lilly as overweight Morgan Stanley raised its price target on the stock to $1,083 per share from $1,023. "We are initiating RBBN with a Buy rating and $5 price target because the investment thesis has significantly improved." Rosenblatt reiterates Broadcom as buy Rosenblatt raised its price target on the stock to a Street high $2,400. Morgan Stanley downgrades Microchip to equal weight from overweight Morgan Stanley said the semis company has a "lofty" valuation. Morgan Stanley upgrades Telefonica Brasil to overweight from equal weight Morgan Stanley said it's bullish on shares of the LatAm telecom company.
Persons: Morgan Stanley, Eli Lilly, Rosenblatt, Goldman Sachs, Goldman, Mizuho, Truist, Wells, Guggenheim, it's, Jefferies downgrades Darden, Jefferies, Roblox, VIV, OW, Uber, McDonald's Organizations: Broadcom, AVGO, " Bank of America, Apple, Bank of America, JPMorgan, Nvidia, Digital Realty, Mizuho, Services, AMD, Silo AI, KBW, Guggenheim, Costco, Jefferies, Spotify, Telefonica Brasil, Energy, Uber, CART Locations: NYC, Europe, underperform, Olive, China
Elon Musk's net worth soared to $274 billion after Tesla stock's 10-day stock win streak. AdvertisementElon Musk's net worth soared by $67 billion amid a long winning streak for Tesla stock through Tuesday's trading session, once again making him the world's richest person. The 10-day surge propelled Musk's net worth to $274 billion, according to data from Bloomberg. As Tesla stock hit its 52-week low in April, Musk's net worth declined by $65 billion on a year-to-date basis. But since Tesla stock bottomed, Musk's net worth has zoomed higher by $110 billion.
Persons: Elon, Tesla, Jeff Bezos's, , Musk, Uber, Neil Roarty, Jeff Bezos Organizations: Service, Elon, Tesla, Bloomberg, Business, SpaceX, Musk, The Boring Company
AdvertisementSome recently started driving for Uber and Lyft to earn extra income and have something to do. AdvertisementHaving something to do in retirementSome drivers like Glenn Mueller, 75, said Uber driving gives him something to do in his retirement. Others like Bob Milosavljević, 72, rely on driving income to supplement his Social Security income. Now, Petrie, who lives in Anderson, South Carolina, said he gets $1,780 in Social Security, which isn't enough to cover all his expenses. He retired 11 years ago in Southwest Florida and started driving for Uber and Lyft in 2017 to supplement his Social Security.
Persons: George Conner, Uber, they're, they'll, Lyft, Glenn Mueller, Mueller, Bob Milosavljević, Milosavljević, hasn't, That's, David Petrie, Petrie, Steve Wilkie, , Wilkie, Marilyn Cassidy, she's, Cassidy, Susan Harward, Harward Organizations: Service, Social Security, Business, BI, Security, Fort Myers Locations: Florida, Naples , Florida, Boston, Anderson , South Carolina, Southwest Florida, Miami, Fort, Myrtle Beach , South Carolina, Salt Lake City
New York CNN —Starbucks is hoping to attract customers with a little gift: a free reusable straw. The giveaway is part of Starbucks’ broader efforts to become more sustainable and hopefully generate sales. Starbucks said that the reusable straws are “compatible with the Starbucks cold cup lid and most reusable Starbucks cold cups.” Its locations phased out plastic, disposable straws in 2020 and offer biodegradable straws with “sippy cup” lids in their place. Starbucks doesn’t often offer giveaways, other than its yearly handout of free plastic red cups during the holiday season. The chain also is rolling out new cold cups that use up to 20% less plastic compared to the current version.
Persons: Uber, Laxman Narasimhan Organizations: New, New York CNN, Starbucks, Sustainability Locations: New York, Canada
A "good" price for something today may have seemed outlandish five years ago. A "good" price for something today may have seemed outlandish five years ago, and it's understandable to wonder whether today's price is just as fleeting. The whole idea of what's a good price for a 12-pack of carbonated soft drinks has changed dramatically over the past few years." Plenty of companies can move their prices, whether by using dynamic prices or downright raising prices, because they're the only game in town. The answer to getting accustomed to high prices is basically to forget what those numbers were in 2019.
Persons: Wendy's, they're, There's, Carly Fink, , Fink, they'd, Jon Hauptman, Hauptman, Timothy Webb, University of Delaware who's, it's, Ravi Dhar, Taylor Swift, John Zhang, Webb, Dhar, Emily Stewart Organizations: Walmart, Price, University of Delaware, Center, Yale School of Management, Starbucks, Wharton, Business
Under the long-standing law, companies can face ruinous penalties for price discrimination only if they're discriminating against other businesses. Tyler Le/BII say low-grade shock because at the time personalized pricing discrimination was far less widespread and harmful than it is today. And many of those that don't disclose using personalized pricing still do it. AI pricing also means that those who are the most desperate and most vulnerable will often pay the most. So much of AI pricing acts as a regressive tax, charging those with the most the least.
Persons: I'm, I'd, Robinson, Tyler Le, Price, Uber, might've, it's, you've, Tinder, Nikolas Guggenberger, Guggenberger Organizations: American Prospect, Walmart, Smart, Mozilla, Consumers International, University of Houston Law Center, Zephyr Locations: London, United States
In today's big story, we're looking at how new AI tools are helping workers bluff their way through interviews . Some people have built homemade AI tools to help interviewees, releasing them online for free. A startup developing AI-powered tools for job seekers, Final Round AI offers an AI résumé builder, a cover letter writing service, and a mock interview tool. He's not the only one looking to AI to change the interview process. Others say banning AI chatbots in interviews is like prohibiting calculators during math tests — if workers can use the tech in their jobs, why not in the interview process, too?
Persons: , I'm Jordan Parker Erb, Dan DeFrancesco, Alo, They're, Jenny Chang, Rodriguez, Rob Price, Michael Guan, He's, Rebecca Zisser, Rob, BI's Melia Russell, Melia, Guan, Jerome Powell, William McChesney Martin, Powell, Chip Somodevilla, Joe Biden's, Howard, Alan Howard's, Brevan Howard, Tyler Le, Francisco's, Leonid Shteyn, execs, Joe Arden, Joe Biden, Harvey Weinstein, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen, Lisa Ryan Organizations: Service, Business, Reserve Bank, Markets, Getty, Taiwan Semiconductor Manufacturing Company, Apple, of America, Paramount, NATO, Prosecutors Locations: Silicon Valley, Washington , DC, U.S, New York, London
And at some Chipotle locations, customers filmed workers to try to make sure they didn't skimp on their burrito bowls. The three joined a growing list of consumer brands contending with customers' deep frustration over high prices — and wariness that prices will only rise more. Walmart, on the other hand, said the new price tags will cut a tedious task from store workers' to-do lists. They eliminate the need for store workers to swap out traditional paper tags. Shoppers at a Walmart store in Secaucus, New Jersey, US, on Tuesday, March 5, 2024.
Persons: Wendy's, Jean, Pierre Dubé, David Chavern, Donald Trump, Joe Biden, Kevin Lamarque, hasn't, Dianna Campbell, she's, Campbell isn't, Biden, skimping, Sen, Bob Casey, Andrea Foote, Tricia Moriarty, it's, Jim Cramer, CNBC's, Brian Niccol, Chipotle, We've, Wells, Zachary Fadem, Brandon Bell, It's, Kirk Tanner, Yuki Iwamura, Cristina Rodrigues, Gabby Jones Organizations: Walmart, University of Chicago Booth School of Business, Consumers, U.S . Bureau of Labor Statistics, Consumer Brands Association, Procter, Gamble, Pew Research, Pew, Reuters Shrinkflation, Federal Reserve, Customers, Gatorade, PepsiCo, CNBC, Chipotle, New York, Mexican Grill, Getty, American Farm Bureau Federation, Bloomberg, University of Chicago Locations: U.S, Goffstown , New Hampshire, Manhattan, New York City, Mexican, Austin , Texas, Queens, New York, Europe, Secaucus , New Jersey, US
Artificial intelligence has been a big boon for San Francisco real estate. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high
Persons: OpenAI, Robert Sammons, Anthropic, Sammons, That's, Cushman & Wakefield Organizations: San, Tech, Microsoft, Cushman &, San Francisco, Wells Locations: San Francisco, Wakefield, Mission, Cushman & Wakefield, Francisco, Wells Fargo, Cushman
Shares of Dutch food delivery marketplace Just Eat could more than double over the next 12 months, according to Jefferies analysts. Jefferies remains bullish on Just Eat, even as the company's U.S. business Grubhub has faced the pressures of government price controls imposed on restaurants since the Covid-19 pandemic. Just Eat expects a $100 million EBITDA impact from the amending of the fee caps, the Jefferies note reported. Shares of the delivery firm have also moved away from their high during the Covid pandemic, and are now down 18.1% year-to-date and 22.5% in the last 12 months. It also trades as an American Depository Receipt in the U.S. — CNBC's Michael Bloom contributed to this report.
Persons: Jefferies, Grubhub, Giles Throne, Throne, — CNBC's Michael Bloom Organizations: Jefferies, U.S ., TKWY, Euronext Amsterdam, London Stock Exchange, American Locations: U.S, New York, New York City
Making a Pokémon fan’s day means more than catching ‘em allPokémon isn’t Coop’s day job, but it’s become an increasingly meaningful part of his life. Coop was, like many children of the ‘90s, a Poké-fan in his youth, collecting cards and facing bosses in the early Pokémon video games. But he takes a shine to one of Coop’s cards with an iridescent Alakazam, a mustachioed psychic Pokémon, and a high score of 9. It’s a card Coop intended to sell, but without thinking twice, Coop opens his display case and gifts the kid the card for free. Coop still sells cards on eBay and at card conventions –– he’s built a massive collection since 2018, and he’s submitted numerous cards for grading.
Persons: Ross “ Coop ” Cooper, , , Coop, gifting, he’ll, they’re, it’s, Pokémon, – –, “ It’ll, ” Coop, he’s, shyly, Coop can’t, “ It’s, “ Yu, He’s, Coop couldn’t Organizations: CNN, Pokémon Company, YouTube, eBay Locations: Virginia
That leaves Wall Street investors looking for something else to set an electric vehicle maker apart: software. Rivian, which has been facing its own issues with a falling stock price and disappointing financial results, is now riding high after announcing a software joint venture with Volkswagen. Related storiesThe companies said that Volkswagen will make an initial $1 billion investment in Rivian as part of a software development deal. The first was a $500 million investment from Ford to build EVs in a joint venture Rivian struck before it had even started production. While Volkswagen's stock price hasn't enjoyed the same ride as Rivian's, investors are pleased to see the German automaker focusing on improving its software development programs.
Persons: , Tesla, Elon, Dan Ives, Ives, It's, Rivian, John Murphy, Murphy, hasn't, Morgan, Jose Asumendi Organizations: Service, Business, Volkswagen, Ford, VW, EV, Bank of America, Rivian, VW Group Locations: Wedbush, FSD, Rivian, Normal, Georgia
Despite a strong job market, many Gen Zers are still relying on the bank of Mom and Dad to make ends meet. The young adult has their entire life ahead of them. Some parents might be more willing to provide financial support because they want to feel like a good parent. The young adult has their entire life ahead of them," Bailey said. When India Anderson turned 20 and decided to move in with her boyfriend, her mother cut off most financial support.
Persons: David Nuñez, freeloader —, Zers, Nuñez, frazzled, Nuñez's, Gen Zers, Monica Kirkpatrick Johnson, They're, Zillow, haven't, Kirkpatrick Johnson, Jeffrey Jensen Arnett, Jo Clark, Clark, I'm, Teresa Bailey, There's, Ali Lupo, Lupo, , doesn't, Bailey, JP Krahel, Cody, Erika Archie, Cody Archie, Archie, Erika, there's, They've, India Anderson, Anderson, She's, Uber Organizations: Netflix, Pew Research Center, Pew, Washington State University, Clark University, Waddell & Associates, Urban Institute, Loyola University Maryland Locations: Tampa , Florida, America, Surrey, England, New York, Texas, Orlando
Waymo's autonomous driver is pretty damn smart, and aside from a few hesitations, the robotaxi offers a smooth, comfortable experience with competitive pricing against other ride-hailing apps. Lloyd Lee/Business InsiderWaymo's 5th generation autonomous driver could be best described as a safe but not an annoyingly cautious driver. It did the same thing to give itself more room when it detected a large parked bucket truck slightly in Waymo's lane. The expectation I had that the Waymo driver would be stiff, as the term "robot taxi" might suggest, was dispelled throughout the rides. The spokesperson said it's also possible I failed to notice something the Waymo car picked up.
Persons: , San Francisco —, Uber, Lloyd Lee, Spokespeople, Lyft, Andrew Macdonald, Uber's, Waymo, Waymo's, BI's Peter Kafka, it's Organizations: Service, Business, Financial, SF, PACE, Jaguars Locations: San Francisco, Los Angeles, Austin, Pine
The company wants to sell just under 3,300 Ocean electric SUVs to American Leasing, lawyers said at a Wednesday hearing reported by TechCrunch. This story is available exclusively to Business Insider subscribers. Even as it prepared to deliver vehicles last year, it was scavenging parts from the personal EVs of the company's CEO and its CFO, Business Insider reported last month. It said selling 200 of the vehicles to American Leasing on an abbreviated timeline would bring in crucial cash to make payroll next month. Some creditors, including people who previously bought Fisker vehicles, are worried that the company will run out of resources to pay its debts and support owners.
Persons: , Uber, Fisker, Linda Richenderfer Organizations: Service, American Leasing, TechCrunch, Business, Street, US, Office, Justice Department Locations: New York
Currently, a 40% federal estate tax applies to estate values topping $13.61 million for individuals and $27.22 million for married couples. When someone dies, their heirs have nine months to file a federal estate tax return if their inheritance meets those minimums. Here's how a Graegin loan could work in practice, according to Doyle:Related storiesHeirs of a $10 million estate could be on the hook for $4 million in federal estate taxes. The taxable estate is $1 million less, which means the family will save $400,000 in estate taxes considering the 40% tax rate. More households will be on the hook for estate taxes, and loans to pay them could become more popular.
Persons: , Sam, Jere Doyle, Jose Reynoso, Doyle, Eric Mann, Neal Gerber Eisenberg, overallocated, Mann, John F, Koons, Robert Strauss, Weinstock Manion, Strauss, haven't Organizations: Service, Business, Mellon Wealth Management, Clarfeld, Wealth, IRS, Pepsi, Republican
Liaw founded the Vegas Tech Summit, a multi-day tech conference promoting Vegas as a burgeoning tech center. It's not the same San Francisco as before. AdvertisementI had been living in San Francisco for about 15 years before I moved. The Bay Area had so much to offer, including a thriving entrepreneurial and tech ecosystem that made very smart people smarter. I don't appreciate it when people turn it into a homelessness issue because San Francisco has had homeless people before and found ways to provide services.
Persons: , Teddy Liaw, Liaw, San, It's, it's, San Francisco, I've, Vegas Organizations: Service, Vegas Tech Summit, Business, Vegas, Mount, Area, Vegas Tech Locations: San Francisco, Summerlin , Nevada, Las Vegas, Bay, Vegas, It's, Angeles , Washington State, Texas, California, Mount Charleston
A new company, hoper, offers scheduled helicopter flights to 11 Greek destinations. Flights drastically cut travel time compared to traditional ferries, which can up to take six hours. More companies are offering premium travel options, like Blade and Uber's helicopter services. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Athens-based helicopter company hoper, which launched this summer, is the first that lets customers book scheduled flights to and from 11 destinations.
Persons: Organizations: Service, Business Locations: Athens, Mykonos, Santorini
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDuring the summer months, if you're not on vacation yourself, it feels nearly impossible to avoid seeing pictures or videos of everyone else's trips to popular hotspots. But while both destinations still attract several million tourists yearly, some ultra-rich vacationers seek more exclusive locations away from the hoi polloi. Its casinos, luxury shopping, and excess of yachts make it "a playground for the ultra-rich," according to West. Courtesy of Fraser YachtsFive-star hotels have attractive amenities, but luxury yachts unlock another level of privacy and mobility for those rich enough to own or charter one.
Persons: , Alexa West —, Aman, Kylie Jenner, Justin Bieber, Valentin Luthiger Andermatt, Knight Frank, Mark Cavendish Organizations: Service, United Nations World Tourism Organization, Business, Aman Resorts, Aman Resorts Aman Resorts, Monaco Monaco, Monaco, Wall Street, Yachts, Fraser Yachts Locations: japan, Italy, Tourism, US's Utah, Aman Resorts Aman, Its Utah, Utah, Switzerland, Monaco, Mykonos, St, Tropez, Sardinia, Carinthia
The settlement will pay $175 million to the state and drivers, many of whom claimed both companies violated Massachusetts wage and hour laws. Also, Massachusetts drivers will be considered independent contractors, meaning they will not receive all the protections of employees. Advertisement"The recent agreement reached in Massachusetts before the ballot initiatives were decided by Massachusetts voters is a favorable outcome for most Massachusetts drivers," Avedian said. What Massachusetts drivers sayAvedian said for the majority of drivers, this settlement is a big step in the right direction. In May, Uber and Lyft struck a deal to pay Minnesota drivers $1.28 per mile and $0.31 per minute minimum.
Persons: , Uber, Lyft, Sergio Avedian, Guy, Avedian, Mark McInerney, he's, Matt R, Matt, Ronald Banks, Jen, isn't Organizations: Service, Business, Uber, Lyft, California Supreme, Research, UC Berkeley Labor Center, Center for Wage, Dynamics, Seattle metros, Drivers, New York City, Taxi, Limousine Commission, New York, Minnesota Locations: Massachusetts, New York , California, Washington, Minnesota, New York State , Minnesota, Boston, Texas and Massachusetts, Chicago , Portland, Virginia, California, Los Angeles, San Francisco, Chicago, New York, New York City, New, Minneapolis
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