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I'm Diamond Naga Siu, and I'm excited that the French Open main draw is in full swing today. ChatGPT helped these people earn more money and become better at their jobs. Insider profiled four of them about how it has made their jobs easier: a recruiter, broker, entrepreneur, and chief marketing officer. My colleague Jack Sommers gathered their profiles and highlighted how these workers turbocharged their jobs with technology. Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Alistair Barr (tweet @alistairmbarr) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.
Phil Rosen here in New York. The White House and House Speaker Kevin McCarthy reached an agreement in principle on the debt ceiling. The deal will allow government borrowing to rise and avoid a default ahead of a June 5 deadline. Negotiators are now racing to finalize the bill's text ahead of a vote which is expected to take place on Wednesday. Curated by Phil Rosen in New York.
Your friendly neighborhood lender, BlackstoneWhat's the first thing that pops into your head when you think of a regional bank? Nouriel Roubini, the famed economist known as "Dr. Doom" isn't too optimistic about the future of regional banks. Never one to miss a chance to make money, Blackstone CEO Stephen Schwarzman said his firm can "fill the void" left by regional banks tightening up their lending activity. Regional banks happen to be one of the biggest lenders in commercial real estate. Doom' is feeling bearish on regional banks.
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.
The Cupertino-based tech giant is taking its usual 30% cut from users signing up to ChatGPT Plus through the app, according to a note from Bernstein analysts. A spokesperson for Gates told the WSJ that Epstein had "tried unsuccessfully to leverage a past relationship" to threaten the tech billionaire. Microsoft's marketing chief told staffers to bump the stock prices for raises. The tech giant has already managed to outpace the market with shares up 33% so far this year. The tech giant just launched two new Pixel phones.
Why ChatGPT could spark a new bull market
  + stars: | 2023-05-22 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
Phil Rosen here, still poking around OpenAI's new ChatGPT iPhone app. The rise of ChatGPT and subsequent AI boom could solidify the recent strength in stocks as a new bull market, according to market veteran Ed Yardeni. In a recent note, the strategist said equities' strong start to the year isn't just a bear market rally, but that it indeed marks a new bull regime. If the Fed mistakenly pauses and then resumes hiking as inflation persists, the music could stop for high flying AI stocks. Mega-cap tech stocks are "overbought" and their rally could stall out soon.
Rising stars of equity research. When it comes to equity research, these analysts are a "strong buy." For a third consecutive year, Insider reporters canvassed their sources to identify the rising stars of equity research. Click here to meet our 17 rising stars of equity research. These are 10 of the cheapest places to nab a beach house in the US.
I still need questions for a future mailbag. As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. Meet the 12 executives leading the AI strategy at the biggest US banks. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports.
Commercial property headwinds aside, today we're looking at the residential housing market, which is undergoing its own shifts, but not exactly in the same direction. Tell someone that the housing market is so unfavorable right now that the biggest home buyers in the country are actually net sellers now. American Homes 4 Rent, for example, bought 312 single-family homes and sold 666 to start the year. Similarly, Invitation Homes, the largest owner of single-family rentals in the US, bought 194 homes and sold 297 in the first quarter of 2o23. Naturally, the housing market has slowed down for everyday Americans, too, given the steep mortgage rates and lack of affordability.
AI startup cloud deals by Microsoft, Google, and Amazon are ringing "accounting alarm bells" across Silicon Valley over revenue "round-tripping." As Big Tech firms invest in AI startups in exchange for commitments to use their cloud services, some investors question whether those arrangements are artificially inflating cloud revenue growth. A former Apple marketing executive predicts the company's upcoming "Reality" headset risks being "one of the greatest tech flops of all time." How the BookTok phenomenon helped send book sales to an all-time high and reignite a love for reading. Read on to find out more about what you can use the AI app for.
CNN —Former United States President Barack Obama, late night television host Stephen Colbert, and CNN’s Erin Burnett are some of the “500 Americans” Russia has banned from entering the country. The list includes Obama, former US Ambassador Jon Huntsman, several US senators and the next expected chairman of the joint chiefs Charles Q. The rambling list of names also includes American late night TV hosts Jimmy Kimmel, Colbert, and Seth Meyers. Friday’s list also includes CNN Anchor Erin Burnett and is an update of a previously published longer list of sanctioned individuals that includes CNN’s Chief International Security Correspondent Nick Paton Walsh, CNN contributors Bianna Golodryga and Timothy Naftali. While the list was labelled, “500 Americans,” Paton Walsh is a British citizen.
It will be interesting to see what enlarged role social media stats will also have on the publishing industry, given TikTok has assumed the position of a literary kingmaker. But before I pitch you my novella that's sure to be a social media hit, let's jump into today's tech news. He also revealed that he planned to rehire some of the thousands of staff he laid off after he assumed control of the social media giant. A new PR tech company is using AI to write press releases. Apple unveiled a new set of accessibility features this week, including "Personal Voice," which aims to replicate a user's voice with AI after 15 minutes of training.
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 23, 2018. US stock futures rise early Thursday, as investors await the weekly jobless claims report to measure the strength of the labor market. It revealed just a week ago that it already holds $1.5 billion of the world's most popular token. Here are the five bank stocks to bet on now. The tech giant's stock has rallied on its AI efforts, and it surpassed the key threshold for the first time since May 2022.
Citadel Securities' trading strategies? Look no further than a recently filed lawsuit by Citadel Securities against two former employees, per Bloomberg. The suit, which you can read here, alleges the former employees were building a competing high-frequency trading firm while still employed and used trade secrets gained while at Citadel Securities. Portofino told Bloomberg that the Citadel Securities lawsuit was "corporate bullying" and that it would defend itself. On the one hand, trading firms invest a lot of money — check out some salary ranges here — in developing these strategies.
I'm Diamond Naga Siu, and I'm taking a few days off to watch my best friend graduate with their PhD. (Don't worry, my colleagues in London will be bringing you your daily dose of tech news while I'm away.) Pharmacy startup TruePill is searching for its panacea. Employees told to "drink the Kool-Aid" at Larry Page's startup. Current and former employees told Insider about the recent turmoil.
The Gen Z paradoxGen Z's economic power is growing faster than other generations, according to Bank of America. In the US, fashion is the preferred category for entertainment spending among Gen Z, outranking dining out, video games, and music. A 2021 McKinsey survey found that 42% of American Gen Zers said they didn't even know what makes clothes sustainable. In addition to pushing people to buy more clothes, the buy-now, think-later model of live shopping also encourages people to buy clothes that are worse for the planet. To solve that problem, she founded Viviene New York in 2022, a Gen Z-led marketing agency that helps sustainable brands connect with Gen Z audiences through social media.
The move speaks to a broader strategy Musk has hinted at of creating a US super app. While extremely popular in Asia, super apps haven't caught on in the US. There are multiple forces working against the success of a super app in the US, let alone one run by someone as polarizing as Musk. When I think of super apps, my mind goes toward pursuing users' wallets. And here's why industry experts remain unconvinced about Elon Musk's plans to turn Twitter into a super app.
More than 43 million Americans together owe $1.6 trillion in student loans. That additional load could weigh on consumer spending, and eventually increase delinquencies on other payments like credit cards and personal loans, strategists said. "We view the resumption of student loan debt payments as an incremental headwind for borrowers and consumer finance companies," BofA said. This, in other words, means the odds of the hotly-anticipated recession are about to go up as consumers divert cash back to student loan payments. Do you have student loans?
At first glance, Kristofer Baxter doesn't seem like an ideal candidate for offering tips about succeeding on Wall Street. His outside perspective offers a unique look at what it takes to find success on the Street. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked. Read more on key lessons from a top engineer at Citadel about finding success. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups.
I'm Diamond Naga Siu, and I don't dream of labor (I do occasionally have dreams about writing the newsletter). And hiring managers told my colleague Aki Ito that it's currently incredibly difficult to find and hire enough qualified people. The country that wins the competition over the batteries of the future will not only control the electric vehicle market. Lopez gives us a front-seat look at the landscape of the critical EV battery market. A leaked email revealed that Musk now wants to approve all new hires — including contractors — at Tesla.
Over the last several months, I've turned to ChatGPT for research, book summaries, and even pasta recipes. It was only in March that Bank of America strategists declared that AI was on the brink of its "iPhone moment," and that it was about to change the world forever. In the stretches he's referring to, stocks appreciated 15% on average, and inflation's also declined, something that would be welcome news for the Fed right now. The giant's quarterly iPhone sales slowed last quarter, and shareholders may have to brace for another snag. Apple's "base business is stagnating and its high-margin apps platform could be disintermediated by ChatGPT plugins," Wood said.
CNN —The United States and Western nations including the United Kingdom and Germany on Monday skipped an event at the United Nations marking the 75th anniversary of the dispossession of Palestinians after Israel called for a boycott. The commemoration was boycotted by Israeli officials, who also urged diplomats of other nations not to participate. Erdan said he has managed to convince “a number of countries” to boycott Monday’s event. The UN’s website for the event and a video it posted about the Nakba largely avoided mention of Israel, focusing instead on the suffering of the Palestinians. “We will be sending thousands and thousands of complaints to the International Criminal Court” if Israel and its supporters fail to take responsibility for the Nakba, Abbas warned.
Google's AI demonstration showed how Big Tech keeps on winning. Lots of startups are throwing their hat into the generative AI race. But it looks like Big Tech has a leg up on the competition. And it makes competitors even more dependent on Big Tech companies. My colleague Hugh Langley highlights how size and reach, not just quality, will win the AI race and breaks down how Big Tech is set to reap most of the spoils.
Wedbush maintained its outperform rating for Tesla, and shared a 12-month price target of $215, or about 27% higher than the current share price. The long wait times for vehicles, according to Piper Sandler, is a bullish sign because it means demand is robust. "The answer is complex, because wait times don't solely reflect consumers' appetite for buying Teslas vs. other cars." In effect, the lengthy wait times should be "interpreted favorably," in Potter's view. Piper Sandler's price target for Tesla is $280 a share, or more than 65% higher from current levels.
BlackRock CEO Larry Fink Spencer Platt/Getty Images1. Who's next at BlackRock? On Wall Street, you'd be tough to find a founder and their company more synonymous with each other than Larry Fink and BlackRock. And while it's clear he doesn't want to remain at BlackRock forever, what's not clear is who would step in to fill the void. If that isn't enough for you, Rebecca also mapped out how BlackRock organizes its top leadership, identifying the 150 most powerful people and their reporting lines. Click here to learn more about BlackRock's succession plans for Larry Fink.
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