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In this photo illustration, the OpenAI logo is displayed on a mobile phone screen with a photo of Sam Altman, CEO of OpenAI. In the document, OpenAI outlines a rosy future for AI, calling it "as foundational a technology as electricity, and promising similarly distributed access and benefits." Now that Donald Trump is President-elect, OpenAI has made clear its plans to work with the new administration on AI policy, and the company's Wednesday presentation outlines its plans. OpenAI's presentation outlines AI economic zones co-created by state and federal governments "to give states incentives to speed up permitting and approvals for AI infrastructure." The blueprints say, "The government can encourage private investors to fund high-cost energy infrastructure projects by committing to purchase energy and other means that lessen credit risk."
Persons: Sam Altman, Donald Trump, OpenAI, Trump, Biden's Organizations: CNBC, Washington , D.C, Defense Locations: Washington ,, American
The aisles are lined with thousands of products vying for your attention and money, so how does a new player stand out in the crowd? This is where $88 billion market research industry comes into play. But companies like AI Palette are looking to use new technologies like artificial intelligence to transform the market. So how does AI Palette use large language models to predict trends? Watch the video above to find out.
Persons: Gan Choudhuri Organizations: CNBC Tech
Builders, meanwhile, are luring buyers with some perks but are barely budging on prices. That's partly because these companies have another place to turn: the rental market. Opportunistic investors — mostly small and midsize players, who own the vast majority of single-family rentals in the country — are happy to oblige. Builders have also started developing entire communities of single-family homes to be rented out rather than sold, a strategy known as build-for-rent. Their embrace of the rental market says more about the obstacles for buyers than for builders.
Persons: homebuilders, John Burns, Keith Hughes, , Horton, Don Mullen, they've, Adam Stern, Sean Morgan, Alex Offutt, Ray Sturm, Sturm, Selma Hepp, It's Organizations: John Burns Research, Consulting, Builders, John, Houston, Owners, SFR, Sun, Dallas, Local, Business Purpose, Offutt Locations: Tampa , Florida, Carolinas, Nashville, Horton
A bipartisan bill to change Social Security benefit rules for pensioners passed in the House of Representatives on Tuesday, with 327 lawmakers voting to support the measure. The proposal — called the Social Security Fairness Act — would repeal rules that reduce Social Security benefits for individuals who receive pension benefits from state or local governments. It would eliminate the windfall elimination provision, or WEP, that reduces Social Security benefits for individuals who worked in jobs where they did not pay Social Security payroll taxes and now receive pension or disability benefits from those employers. About 3% of all Social Security beneficiaries — about 2.1 million people — were affected by the WEP as of December 2023, according to the Congressional Research Service. As of December, about 1% of all Social Security beneficiaries — or 745,679 individuals — were affected by the GPO, according to the Congressional Research Service.
Persons: Abigail Spanberger, Garret Graves, Graves, They're, they're Organizations: Social Security, Senate, U.S, Social, Congressional Research Service, Finance, GPO Locations: Washington , DC
Americans’ debt is growing — but so are incomes
  + stars: | 2024-11-13 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
CNN —Americans are continuing to pile on debt at record levels — but for many households, those IOUs are completely manageable, according to new data released Wednesday. Balances grew across all major debt categories, with credit cards and auto loans continuing to see the biggest gains. However, by and large, most households have been able to handle that rising debt: Their after-tax income has grown even more, according to the New York Fed. Disposable personal income hit $21.8 trillion in the third quarter, bringing the total debt balance to income ratio to 82%. And, for 18 months running, that pay growth has outpaced inflation, according to Bureau of Labor Statistics data released Wednesday.
Persons: Delinquencies, , ” “, ” Donghoon Lee, Organizations: CNN, Federal Reserve Bank of New, New York Fed, of Labor Statistics
Adults accounted for 17.3% of US toy sales in 2023, totaling $6.7 billion, per Circana. Research shows that while overall toy sales are in decline in the US, sales driven by nostalgic adults are on the rise. AdvertisementAccording to Circana's data, despite an 8% overall drop in toy sales last year, adult purchases have stayed robust. The group said that US adults spent over $1.5 billion on toys and games in the first quarter of 2024 alone. A Circana report from June on the US toy industry described adults as the "most important age group" for the industry going forward.
Persons: Frédérique Tutt, Tutt, Steve Totzke, Barbie Organizations: Research, BI, Star, Los Angeles Times Locations: Europe, Asia, Japan, South Korea
Wood's effort to do something similar for venture capital has delivered investments in many of Silicon Valley's hottest deals. SpaceX, founded by Elon Musk, is Ark Venture Fund's largest holding, accounting for 13% of the fund's total assets. SpaceX is Ark Venture Fund's largest holding, accounting for 13% of the fund's total assets, worth around $9 million. OpenAI makes up just 5% of the Ark Venture Fund's portfolio, which means it has less than $4 million invested. AdvertisementArk Venture Fund charges a flat fee for investing assets under its control, the same as a venture fund.
Persons: Cathie Wood, Brett Winton, Wood, Andreessen Horowitz, Jeff Bezos, Elon Musk, David McNew, Winton, it's, Ark, OpenAI, Donald Trump's, Morningstar, that'll Organizations: Ark Venture Fund, Ark, Investors, Ark Invest, Elon, SpaceX, Ark Venture, Epic Games, Venture Fund Locations: Sequoia
AMD to lay off 4% of workforce, or about 1,000 employees
  + stars: | 2024-11-13 | by ( Kif Leswing | ) www.cnbc.com   time to read: +2 min
"We are committed to treating impacted employees with respect and helping them through this transition." AMD had 26,000 employees at the end of last year, according to a U.S. Securities and Exchange Commission filing. AMD stock is down 5% in 2024 while Nvidia shares are up 200%, making it the most valuable publicly traded company in the world. AMD said in October it expects $5 billion in AI chip sales this year, about a fifth of the $25.7 billion in total sales FactSet projects for AMD's 2024. AMD also makes processor chips for laptops, desktops and servers, competing primarily with Intel.
Persons: chipmaker, FactSet Organizations: AMD, Nvidia, U.S . Securities, Exchange Commission, Meta, Microsoft, Intel, Mercury Research
UBS upgrades 3M to buy, says shares can rally more than 40%
  + stars: | 2024-11-13 | by ( Sean Conlon | ) www.cnbc.com   time to read: +1 min
3M is poised to see a return to steady growth in the months ahead, according to UBS. The bank raised its rating on the stock to buy from neutral and hiked its price target to $184 from $130, reflecting more than 41% upside. Mehrotra said the company could see 40% earnings growth by 2028 if the CEO is successful in his efforts. Mehrotra is among the 10 analysts on Wall Street who have a strong buy or buy rating on the name, per LSEG. The average price target of $144.74 implies around 11% upside.
Persons: Amit Mehrotra, William Brown, Mehrotra Organizations: UBS, MMM, Wall Locations: repurchases
"Investors should take advantage as munis are poised to deliver good performance into year-end and 2025, in our view," he added. Interest income from municipal bonds is free of federal income taxes. Further, if the investor resides in the same state that issues the bond, the interest income can be exempt from state taxes. Both of those tax cuts could reduce muni bond demand, Li said. As for any potential changes in the individual tax rate, UBS' Mukherjee doesn't necessarily see a big impact on demand.
Persons: Sudip Mukherjee, Mukherjee, Yingchen Li, Trump, Li, Donald Trump, Bank of America's Li, downgrades Organizations: Federal, UBS Global Wealth Management, Bank of America, muni, Republicans, Senate, Democrats, GOP, UBS, Investment, Bank of America's
AdvertisementIn his first term, Donald Trump ramped up military actions to counter China in the South China Sea. South China Sea observers expect continuity with the Biden administration, which tried to ramp up diplomatic efforts and strengthen US alliances and security partnerships. Chinese Coast Guard holding knives and machetes as they approach Philippine troops in the disputed South China Sea on June 17, 2024. AdvertisementThough Trump hasn't outlined a specific South China Sea plan, he could pursue his broader foreign policy mantra of "peace through strength." "Unrestrained US militarization is precisely what drives Beijing's insecurity and will continue to exacerbate tensions in the South China Sea," Marston said.
Persons: Donald Trump ramped, Donald Trump, Trump, Hunter Marston, Trump hasn't, Biden, Gregory Poling, Joe Biden, Marston, Sari Arho Havrén, Chip Somodevilla, Zeno Leoni, Leoni Organizations: Australian National University, China, Southeast Asia, Center for Strategic, International Studies, Trump, Coast Guard, Armed Forces, AP, CBS, Royal United Services, Ukraine, King's College London's Defense Studies Department, Rand Corporation, Biden's National Security Locations: China, South China, Philippines, Asia, Pacific, Philippine, Europe, South Korea, Palm Beach, South, East Asia
Lauren Decicca | Getty Images News | Getty ImagesThe personal luxury goods market looks set to face its first slowdown since the Global Financial Crisis this year, as macroeconomic uncertainty and a pronounced slowdown in China weigh on consumer spending, according to the Bain & Company's annual luxury report . This is the first slowdown in demand for personal luxury goods — which include clothing, bags, jewelry and cosmetics — in 15 years, excluding the Covid-19 lockdown period, according to the Wednesday findings. It noted that overall luxury spending is forecast to remain flat year-on-year in 2024 at around 1.5 trillion euros ($1.59 billion), even as segments including autos, travel and fine wine record modest growth. Luxury demand in Europe and the U.S. has shown signs of gradual improvement quarter-on-quarter this year, with Japan leading the way due to favorable currency exchange rates. As such, the report forecast the sector will grow slightly next year, barring any major economic headwinds.
Persons: Patek Philippe, Lauren Decicca, Kering, Cartier, Richemont, Bain Organizations: Dolce, Gabbana, Tiffany, Getty, Bain, LVMH, Burberry, Gucci, Bain & Company, U.S Locations: Siam, Bangkok, Thailand, China, Europe, Japan
In this article ASMLASML-NLMUINTCSMSD-GB2330-TW Follow your favorite stocks CREATE FREE ACCOUNTJapan is looking to revitalize its semiconductor industry. The Japanese government has unlocked billions of dollars in subsidies for its domestic chip sector. One likely beneficiary of the funding announced Monday will be Japan-based Rapidus, a state-backed chip venture at the heart of the country's chip revitalization efforts. In the 1980s, Japan was the world's dominant chip player and occupied more than half of the global semiconductor market. Through its chip subsidies, which have mostly been geared toward increasing manufacturing capacity, the country should be able to expand into other aspects of the supply and enhance its position, Yang added.
Persons: Shigeru Ishiba, Ishiba, Rapidus, Tetsuro Higashi, Michael Yang, Omdia, Yang, Brady Wang, Wang, Ken Kuo Organizations: MU, Getty, Japan, Toyota Motor, Sony Group, U.S, IBM, Taiwan Semiconductor Manufacturing Co, Samsung, Intel, Micron, CNBC, Counterpoint Research Locations: Japan, Taiwan, South Korea, South, U.S, Netherlands
What better time to begin practicing self-compassion than on World Kindness Day? The three core components of self-compassion — mindfulness, common humanity and kindness — are essential for offering yourself the same understanding and support that you would readily give to others. Focusing on self-compassion after the election may help you treat yourself and others with more kindness. For some, this might look like embracing common humanity by centering conversations around nonpolitical topics. Self-compassion suggestionsWhile self-compassion is not learned in a day, here are some steps you can take to support yourself on World Kindness Day and beyond:
Persons: Kristin Neff, it’s, , Kimberly Horn, ” Horn, Neff, ” Neff, Maskot, Hanh Annie Vu, , “ I’ve, I’ll, ’ ” Neff, Horn Organizations: CNN, University of Texas, Harvard University Locations: Austin
Australia's government has proposed a social media ban for children under the age of 16 which experts have described as a "momentous step," as parents globally call for greater regulation of tech companies. Other platforms have sought to address the harm social media can do to young peoples' mental health, with Meta's Instagram launching "Teen Accounts" in September. Zach Rausch, an NYU Stern School of Business research scientist and lead researcher on No.1 New York Times bestselling book "The Anxious Generation," said Australia's legislation was a "momentous step" and will make Australia a "global leader in protecting kids online." The Australian law would see social media platforms held entirely responsible for preventing access to children. Children who breach the law and their parents will not face any penalties.
Persons: Anthony Albanese, Meta's Instagram, Bytedance's TikTok, Elon Musk's X, Dany Elachi, Elachi, , TikTok, Meta's, Zach Rausch Organizations: Australian, Facebook, Up Alliance, CNBC, Big Tech, NYU Stern School of Business, New York Times Locations: Australian
Bluesky’s user base has doubled in the past 90 days — on Tuesday the company said it had gained 1 million new sign-ups in the past week alone, bringing it to more than 15 million total users. “X usage is at an all-time high and continues to surge,” X CEO Linda Yaccarino said in a post Wednesday. Bluesky also saw daily visits jump on Election Day and the day after to 1.2 million and 1.3 million, respectively, up from around 800,000 in the days before. On Bluesky, daily users more than doubled from-mid October to the post-election week. In the run-up to the election, Musk spread false and misleading claims about Trump’s competitor, Vice President Kamala Harris.
Persons: Bluesky rocketed, Elon, Musk, Donald Trump, Charlie Warzel, New York Times ’ Mara Gay, Don Lemon, X, White supremacists, Linda Yaccarino, , Similarweb, Bluesky, ” David Carr, we’ve, Ed Zitron, EZPR, Zitron, Mike Isaac, , Trump, MAGA, Kamala Harris, Vivek Ramaswamy, Vladimir Zelensky, Musk’s Starlink, That’s, – CNN’s Liam Reilly, Matt Egan Organizations: New, New York CNN, Apple, New York Times, CNN, Guardian, ” New York Times, Trump, Twitter, “ Department, Government Locations: New York, anecdotally, Bluesky, , Russia
Astrology TikTok creators predicted a Harris win, and they're now facing questions. "You see people who are really, really frustrated and who feel betrayed." Many astrology TikTok accounts predicted a Harris win based on her chart, Semafor reported. While young men have migrated toward Joe Rogan and Logan Paul, astrology TikTok is more likely to have seen an influx of women. AdvertisementSara Walka, the founder of the holistic self-help business The Sisters Enchanted and who teaches astrology, told BI the community is very resilient.
Persons: Harris, , Kamala Harris, Donald Trump, Jess Rauchberg, Astrologists, Nick Grigolia, Maren Altman, Julia Kelley, Semafor, Dayna Lynn Nuckolls, HuffPost, Nuckolls, Rachel Lang, Lang, Rauchberg, you've, Joe Rogan, Logan Paul, They're, Sara Walka, Walka Organizations: Service, Market Research, Trump, Agora Locations: TikTok, Greece, Rome
Elon Musk says a leaderboard of "dumb" government spending will expose waste — and he wants your two cents. The Tesla CEO said this week that he planned to post a public "leaderboard for the most insanely dumb spending of your tax dollars." While the effectiveness of Musk's leaderboard remains to be seen, experts told Business Insider it showed his marketing savvy — even if it could also encourage "gotcha" moments that need more context. Especially in a dry realm such as government spending, Musk's plans are bound to grab eyeballs — and perhaps make people feel more invested in the outcome. She said there was some precedent for Musk's leaderboard, noting that former Sen. William Proxmire, a Democrat from Wisconsin, issued the "Golden Fleece Award" for wasteful spending throughout the 1970s and '80s via monthly press releases.
Persons: Elon Musk, , Musk, Donald Trump's, DOGE —, he's, Vivek Ramaswamy, Natalie Andreas, Austin who's, Ayelet, didn't, Musk's, Andreas, Karen North, Clinton, Sen, William Proxmire, It's, screwworms —, Amy Jo Kim, Kim Organizations: Service, Department of Government, University of Texas, Austin, University of Chicago's Booth School of Business, University of Southern California's Annenberg School for Communication, Journalism, Stanford Locations: Wisconsin
I went from NYC to the Pennsylvania suburbs because I work remotely and wanted a better apartment. I love not having to rely on public transportation anymore, but driving at night can get scary. AdvertisementI grew up in Staten Island, a borough of New York City, and lived there almost my entire life until last summer. I've gotten more comfortable driving as I've done it more, but I hadn't expected such a steep learning curve. A lot of the friends I've made up here are also engaged, married, or in serious relationships.
Persons: I've, they've, , Gary Hershorn Organizations: Service Locations: NYC, Pennsylvania, Staten Island, New York City, Manhattan, Staten, Jersey City
The effect of pay transparency laws on states
  + stars: | 2024-11-13 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
The net effect for employers and employeesWhile only a minority of states require employers to provide pay transparency, their laws are having a domino effect on employers across the United States. “The majority of top-performing organizations (57%) embrace pay transparency and share pay ranges even when not required by law,” Payscale’s report noted. How pay transparency is helping individualsWhile there are federal laws prohibiting wage discrimination based on gender and other protected classifications, most states also have their own pay equity laws on the books. Wieselthier considers pay transparency laws a subset of pay equity because they provide a tool people can use to ensure they’re being paid fairly. “The whole purpose of pay transparency laws is to empower the candidates to negotiate,” Seikaly said.
Persons: Jersey —, Phil Murphy, , Sarah Wieselthier, Fisher Phillips, That’s, ” Wieselthier, Gen Z, Zers, Lulu Seikaly, , Payscale, , Wieselthier, ” Seikaly, , Seikaly Organizations: CNN, Locations: Washington, California , Colorado , Connecticut, Hawaii , Illinois, Maryland , Massachusetts, Minnesota , Nevada , New York, Rhode Island , Vermont, Illinois , Massachusetts, Minnesota, Vermont, Jersey, Jersey City , New Jersey, Cincinnati, Toledo, Ohio, New York City, Ithaca, Westchester County, New York State, United States
Jeffrey Tiong, founder and CEO of PatSnap. Courtesy of Jeffrey Tiong. Just ask Jeffrey Tiong. "Let me put it this way: For the last 17 years, building the business, there have been many dark times [and] low times. Courtesy of Jeffrey Tiong.
Persons: Jeffrey Tiong, Tiong Organizations: PatSnap, CNBC, National University of Singapore, The Wharton School, Patsnap Locations: Singapore, Patsnap, East Malaysia, Kota Kinabalu, U.S, Philadelphia, Europe, Asia
“Absolutely everyone is calling,” Collinson told CNBC. “Firms are prepared,” SUNY Buffalo finance professor Veljko Fotak, one of the authors of the 2021 study, told CNBC. “The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. On Thursday, Steve Madden pledged to reduce its Chinese imports by 45% over the next year in anticipation of Trump’s tariff plans. There’s got to be some way to help companies like that,” Sorini of Sorini, Samet & Associates told CNBC.
Persons: Donald Trump, Nicole Bivens Collinson’s, Collinson, Sandler, Travis, Rosenberg, ” Collinson, Trump, ” David French, , ” Ron Sorini, ” Sorini, Veljko Fotak, ” Tiffany Smith, Karoline Leavitt, ” Leavitt, Steve Madden, There’s, Organizations: CNBC, Wall Street, National Retail Federation, Samet, Associates, Republican Party, White, SUNY Buffalo, National Foreign Trade Council, Trump Locations: China, America
The report adds to some other examples of hateful rhetoric spreading after Trump’s victory. Gender played a central role in this year’s election as Vice President Kamala Harris’ presidential campaign emphasized reproductive rights. Even before his election, Trump and his supporters had targeted Harris with misogynistic comments throughout her campaign. On platforms like TikTok, women posted about the misogynistic comments they had received parroting Fuentes’ remarks, with many also rebuking the sentiment. A TikTok spokesperson confirmed that phrases like “your body, my choice” violates community guidelines, except for instances of counterspeech.
Persons: Donald Trump, Nick Fuentes —, , Fuentes, , Isabelle Frances, Wright, Kamala Harris ’, Trump, Harris —, Joe Biden, Harris, Donald Trump’s, ” Fuentes ’, parroting Fuentes ’ Organizations: Strategic, Institute for Strategic, Institute, Strategic Dialogue’s, Black, FBI, NBC, Elon Musk’s America PAC, Communist, Trump Locations: London
The Summary An advanced diagnostic test uses genetic sequencing to detect a range of pathogens — viruses, bacteria, fungi and parasites — that might be causing an illness. A cutting-edge diagnostic test is helping some doctors find diagnoses for medical mysteries by analyzing DNA and RNA to detect a broad swath of viruses, bacteria, fungi and parasites, according to a pair of studies published Tuesday. Traditional diagnostic tests are generally designed to measure specific substances such as proteins, hormones or trace amounts of genetic material. The technology is not a replacement for existing tests used to diagnose common illnesses — like those for Covid or strep throat — since it’s slower to deliver results and more expensive. The test also misses some cases, she added, so it should be used alongside other diagnostic tests in hospitals.
Persons: , Charles Chiu, Noah Berger, Covid, Chiu, it’s, Susan Butler, Wu, ” Butler, “ It’s Organizations: University of California, Nature, UCSF, Nature Communications, Drug Administration, University of Southern Locations: San Francisco, Mexico, UCSF, University of Southern California
“Any disputes Musk has with his critics should play out in the court of public opinion, not a court of law,” Terr said. Musk and representatives at X did not respond to requests for comment on his calls for prosecution. Musk and X have sometimes found allies among members of Congress or state attorneys general who have launched investigations. “The First Amendment obviously protects both Musk and his critics in making public pronouncements about each other,” he said in an email. The feud between Musk and the Center for Countering Digital Hate has continued.
Persons: Elon Musk, Musk, Victoria Nuland, , ” Musk, Donald Trump, Nadine Strossen, Trump, Strossen, they’re, ” Aaron Terr, ” Terr, there’s, Michael Gerhardt, Chapel Hill, , X, Charles Breyer, Imran Ahmed, “ Elon Musk, , ” Ahmed, Ahmed, Jim Jordan, Travis Brown, Brown, Aaron Greenspan, PlainSite, Greenspan, Jack Sweeney, Sweeney, Taylor Swift, he’s, “ Trump Organizations: State Department, Center, American Civil Liberties Union, New York Law School, , SpaceX, Justice Department, Foundation, Rights, Hate, Media, NBC News, NBC, Media Matters, University of North, Chapel, Department, The Justice, District, ACLU, Electronic Frontier Foundation, Columbia University, Constitution, Racket, Twitter, Federal Government, World Federation, Internet, Wired, Washington Post Locations: University of North Carolina, U.S, Ohio, Texas, San Francisco
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