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AI-powered solutions need to incorporate real-time data into their responses to be the most useful, he added. "My life has not been transformed by AI," MongoDB CEO Dev Ittycheria said in an interview with TechCrunch. AdvertisementAI services will have to incorporate "real-time data" to make them transformative to the average person, Ittycheria said. "I think that's where we will start seeing much more sophisticated apps, where you can embed real-time data along with all the reasoning." Bill Gates has compared AI to seismic tech advancements like the invention of the PC or the internet.
Persons: it's, Dev Ittycheria, , Ittycheria, Bill Gates, Mark Zuckerberg Organizations: Service, TechCrunch
Read previewMeta's Oversight Board is preparing to make some job cuts, The Washington Post reported. Mark Zuckerberg announced the Oversight Board, which operates independently from Meta, in late 2018, and it began operating in October 2020. AdvertisementIn a statement sent to Business Insider, Stephen Neal, the Oversight Board Trust's chair, confirmed it was making "targeted cuts." AdvertisementA Meta representative told BI that the company "remains committed to the Oversight Board, which operates independently from the company, and continues to strongly support its work." Meta recently announced it would begin labeling a wider variety of content with its "Made with AI" label after an Oversight Board recommendation.
Persons: , Mark Zuckerberg, Stephen Neal, Neal, Meta Organizations: Service, Washington Post, Facebook, Business, Meta, Financial Times, Big Tech
Insider Today: LinkedIn ghostwriter boom
  + stars: | 2024-04-28 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Meta CEO Mark Zuckerberg BIThis week's dispatchBig Tech takeawaysTesla, Meta, Microsoft, and Alphabet reported earnings last week. Microsoft: AI spend was also the name of the game at Microsoft. Alphabet also issued a $0.20 per share dividend — its first ever — joining its Big Tech peers like Microsoft, Apple, and Meta, in the dividend club. drbimages/Getty, LinkedIn, Tyler Le/BILinkedIn ghostwriting is boomingLinkedIn influencers are becoming more popular, with some amassing followings of millions of people.
Persons: , Herman Miller Eames, Mark Zuckerberg, Tesla, Meta didn't, Kevin C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Dominic Bugatto, Dani Widell, Hokyoung Kim, Tyler Le, Samu Hällfors Organizations: Service, Business, Big Tech, Meta, Microsoft, Apple, The, Airbnb, LinkedIn
On top of that, she added that tech companies will give people in AI-related jobs bonuses for performance and plenty of equity compensation. About half of the people came from Big Tech companies. Gill said the new Kognitos hires who haven't come from Big Tech have jumped ship from other startups. Some AI talent are even striking it out on their own to start their own companies. He left his tech job to form an AI startup after seeing another large fundraise from another new AI company.
Persons: , Sam Altman, Altman, Mark Zuckerberg, Dan Portillo, Goldman Sachs, Jaclyn Rice Nelson, Nelson, that's, Claude chatbot that's, Binny Gill, Kognitos, Gill, he's, haven't, David Steinberg, Steinberg, AI's Nelson, There's, Greg Selker, Stanton Chase, Selker, hemming, hawing Organizations: Service, Business, Meta, Sweat Equity Ventures, OpenAI, Big Tech, Zeta Global Locations: Anthropic, ChatGPT
The median employee at Meta earned over $379,000 in 2023, according to a recent filing. 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 . That's according to a recent SEC filing, where the company stated that its median employee made just over $379,000 in 2023. But within the world of Big Tech, Meta's median salary isn't as eye-popping as it might seem.
Persons: , Mark Zuckerberg's, Zuckerberg Organizations: Meta, Google, Service, SEC, Big Tech, Industry
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 . In today's big story, we're looking at how the latest GDP data has shifted the expectations of where the economy is headed. Now, the economy will need some type of event (see: bubble popping) for rate cuts to become an option anytime soon, Miskin said. Energy price shocks could bring the world economy to a "vulnerable moment," chief economist Indermit Gill warned.
Persons: , TikTok, they're, you'd, Jia Feng, It'll, Insider's Madison Hoff, It's, Jerome Powell, Anna Moneymaker, BI's Filip De Mott, Jamie Dimon, Matt Miskin, Miskin, Mark Zuckerberg, C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Guess what's, Indermit Gill, Alphabet's, Redmond, Tyler Le, Doug McMillon, execs, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Reserve, stagflation, JPMorgan, Wall Street, John Hancock Investment Management, Galatioto Sports Partners, Bank, Google, Big Tech, Microsoft, Health, Linkedin, YouTube, ExxonMobil Locations: Chevron, New York, London
The new class war: A wealth gap between millennials
  + stars: | 2024-04-26 | by ( Robert Frank | ) www.cnbc.com   time to read: +2 min
The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age. The study finds that millennials — typically defined as those between the age of 28 and 43 today — have faced repeated financial headwinds. The millennials who "went to college, found graduate level jobs, and started families relatively late," ended up with "higher levels of wealth than Baby Boomers with similar life trajectories," according to the report.
Persons: Robert Frank, Rob Gruijters, Zachary Van Winkle, Anette Eva Fasang, Mark Zuckerberg, Sam Altman — Organizations: Boomers
The reinvention of Mark Zuckerberg
  + stars: | 2024-04-26 | by ( Jasmine Wu | Laura Batchelor | Deirdre Bosa | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe reinvention of Mark ZuckerbergOver the past year, Mark Zuckerberg has transformed Meta - and himself. He has gone from a brash young CEO to trained MMA fighter, and a trendsetter with his fur jackets and chains. But Meta's latest earnings report has shown it's continuing to bleed cash, and Zuckerberg is now facing a moment of truth. Can he deliver on generative AI, the most important platform shift in decades? This week on TechCheck, the reinvention of Zuck and the arrival of his "show me" moment.
Persons: Mark Zuckerberg, he's, Meta outperforming, Zuckerberg Organizations: Meta, Nvidia
CNN —Poppy Harlow, the longtime CNN anchor who most recently co-helmed “CNN This Morning,” announced Friday that she will exit the network. “The nearly two decades since have been a gift,” Harlow wrote in an email to colleagues. Jeremy FreemanThompson, after taking over from Licht, announced in February that he would reconfigure CNN’s morning lineup. CNN engaged in discussions with Harlow, but ultimately she decided to exit the network. ), and to support the evolution of journalism in every way I can, while preserving the human(ity) in it,” Harlow wrote.
Persons: Poppy Harlow, , ” Harlow, , ” Mark Thompson, Harlow, ” Poppy Harlow, Mike Coppola, CNN “ She’s, ” Thompson, Warren Buffet, Mark Zuckerberg, Melinda Gates, Susan Wojcicki, Jamie Dimon, Chris Licht, Kaitlan Collins, Don Lemon, Lemon, Collins, Jeremy Freeman Thompson, Kasie Hunt Organizations: CNN, American Museum of, Boston Marathon, Washington , D.C, Harlow Locations: New York City, Paris, Licht, Washington ,
And the initial signs are quite positive here too," Zuckerberg told investors in an earnings call. AdvertisementElon Musk had even stronger words for investors on Tuesday after Tesla reported plunging profits. Even so, Musk insisted during an earnings call that Tesla is an AI company and had a specific message to any shareholder who thinks that Tesla won't develop self-driving someday. On Thursday, Microsoft and Alphabet reported profits, which they ascribed in part to their respective AI sectors. Google's parent company reported $23.7 billion in profits for the same period.
Persons: , Apple, Demis Hassabis, Sam Altman, Mark Zuckerberg, Zuckerberg, we've, Elon Musk, Tesla, Musk, Matthew Prince, Sundar Pichai, Pichai Organizations: Service, Meta, OpenAI's, EV, Economic, Reuters, Nvidia, Microsoft Locations: Davos
Honeywell posted adjusted earnings per share of $2.25, beating analysts' estimates of $2.17 per share, per LSEG. Revenue for the quarter also came in better-than-expected at $9.11 billion, compared to the $9.03 billion analysts were expecting. ServiceNow — The digital workflow firm slid 5% after it only narrowly beat analysts' revenue expectations in the first quarter. ServiceNow posted revenue of $2.6 billion, slightly higher than the $2.59 billion analysts polled by LSEG had anticipated. Caterpillar — Shares tumbled 6.5% after revenues of $15.8 billion for the most recent quarter missed analysts' estimates of $16.04 billion, according to LSEG.
Persons: Goldman Sachs, Mark Zuckerberg, ServiceNow, LSEG, , Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Facebook, Meta, Tech, Microsoft, Beverage, JPMorgan, Monster Beverage, Honeywell —, Honeywell, Revenue, Merck, Co, LSEG, — Bank of America, Southwest Airlines —, Management, StreetAccount, Machines, IBM, Bank of America, Caterpillar, Nvidia —, Nvidia, Comcast, Deutsche Bank — U.S, Deutsche Bank, CNBC Locations: NBCUniversal
Revenue: $78.59 billion, according to LSEG. : $7.72 billion, according to StreetAccount. Traffic acquisition costs (TAC): $12.74 billion, according to StreetAccount. Wall Street is expecting Alphabet to report a second straight quarter of year-over-year revenue growth in the low teens. CEO Sundar Pichai told employees in January that more job cuts were likely coming in 2024, though he didn't specify at the time which teams would be affected.
Persons: Sundar Pichai, Prabhakar Raghavan, Raghavan, Liz Reid, Meta, Mark Zuckerberg's, Ruth Porat Organizations: Google, TAC, OpenAI, Microsoft, CNBC Locations: Brussels, Belgium, LSEG, StreetAccount
Read previewMark Zuckerberg's fortune could shrink by $25 billion in a single day due to Meta's post-earnings slump. The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index. Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion. AdvertisementA $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.
Persons: , Zuckerberg, Bill Gates, Gates, Elon, Musk, we've Organizations: Service, Facebook, Bloomberg, Business, Microsoft, Big Tech, Meta Locations: Meta
AdvertisementNot everyone is on board with Mark Zuckerberg's AI enthusiasm. Related storiesThat slide shows that investors' tolerance for huge AI spending without clear revenue gains might be beginning to wane. Zuckerberg's also been praised for some of his strategies around Meta's AI development, including the decision to open-source models and stockpile GPUs. While Meta's AI products, including Llama 3, have been generally well received, the company is not selling any version of its newest AI model, which is largely open source. Zuckerberg's newest AI model even received a nod of approval from old rival Elon Musk.
Persons: Mark Zuckerberg, , Mark, Zuckerberg, he'd, Zuckerberg's, we've, Meta, OpenAI, Elon Musk, It's, he's Organizations: Service, Big Tech, Google, Microsoft, Meta, Facebook, Business
Meta’s A.I. But for investors, that’s not enough — and that’s a warning to other tech giants set to announce their own financial results in the coming days. That makes clear that while Wall Street loves the opportunities that A.I. The company plans to spend $35 billion to $40 billion this year — much of that on the technology — up from a forecast of $30 billion to $37 billion. It also expects second-quarter revenue to come in at $36.5 billion to $39 billion, below analyst estimates.
Persons: Meta’s, Meta, that’s, Mark Zuckerberg Organizations: Facebook, Wall, Meta
In today's big story, we're looking at how millennials have seen their wealth explode over the past few years. Millennials, the oft-maligned generation , are a lot better off financially than you might realize. A new report found millennials saw their wealth double from the end of 2019 through 2023, writes BI's Juliana Kaplan. Whatever the case, millennials' wealth can keep growing. The Department of Justice is investigating the consultancy for its past work advising opioid companies about how to boost their sales , The Wall Street Journal reported on Wednesday.
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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow's the time to buy Meta shares if you're a long-term investor: Oppenheimer's Jason HelfsteinJason Helfstein, Oppenheimer, joins 'Squawk on the Street' to discuss if Meta's concerns are about growth or spend, if Mark Zuckerberg has earned the right to be called a disciplined spender, and more.
Persons: Oppenheimer's Jason Helfstein Jason Helfstein, Oppenheimer, Mark Zuckerberg, spender
Meta stock plunges on ‘aggressive’ AI spending plans
  + stars: | 2024-04-25 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +2 min
London CNN —Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors. The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI. Meta (META), which also owns WhatsApp and Instagram, said Wednesday that first-quarter profit more than doubled year-on-year, while revenue was up 27%. Meta said full-year capital expenditure would be in the range of $35-40 billion — up from previous guidance of $30-37 billion — as it continues to accelerate infrastructure investments to support AI. Meta has forecast revenue of $36.5-39 billion, versus analyst expectations of $38.2 billion.
Persons: , ” Sophie Lund, Yates, Hargreaves Lansdown, Meta, Mark Zuckerberg, , Stephen Innes Organizations: London CNN —, Meta, Facebook, Microsoft, Google, , Management
Meta shares plunged as much as 15% in premarket trading, dragging US futures lower. Investors weren't convinced by Mark Zuckerberg's plan to keep spending tens of billions on AI. AdvertisementMeta stock plunged in premarket trading on Thursday as investors fretted that Mark Zuckerberg's artificial intelligence push will send costs skyrocketing. The losses came after Meta reported its earnings for the first three months of the year on Wednesday. Zuckerberg's previous pledge to keep costs low during a "year of efficiency" has helped Meta's stock to rally since the start of 2023.
Persons: weren't, Mark Zuckerberg's, Meta, , Refinitiv, Zuckerberg, Russ Mould, AJ Bell, Mark Zuckerberg Organizations: Service, Meta, Microsoft Locations: Wednesday's
Mark Zuckerberg's net worth plunged by $18 billion Thursday after comments from the Meta CEO on the earnings call sent his company's stock price to its steepest decline since October 2022. Meta said it plans to spend $35 billion to $40 billion Meta on capital expenditures this year, an increase from its prior forecast. Zuckerberg's fortune has swung up and down through the years, as his company's stock has been particularly volatile. His net worth fell by around $100 billion in 2022. In early 2022, he lost almost $30 billion in a single day, when his company's stock price tumbled 26% on weak earnings and disappointing guidance.
Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Meta Organizations: Facebook, Paley Center For Media, Meta, Harvard, Reality Labs Locations: New York
Meta shares tumbled 12% Thursday morning after the company issued weak revenue guidance that overshadowed its first-quarter earnings beat. ET, wiping out roughly $161 billion in market cap from its $493.5 closing price before earnings on Wednesday. Meta expects second-quarter revenue of $36.5 billion to $39 billion. Barclays analysts maintained an overweight rating of Meta stock and lowered their price target to $520 from $550 in an investor note Wednesday. "If there is anything META has proven over the years, it's extremely good at executing during big platform shifts in tech, arguably the best," the Barclays analysts wrote.
Persons: Mark Zuckerberg, Bernstein, Zuckerberg, Michael Bloom Organizations: U.S . Capitol, Meta, JPMorgan, Barclays Locations: Washington , U.S
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
Nvidia Eddie George picked chipmaker darling Nvidia for its long-term prospects. Oracle shares are up roughly 9% this year. Apple George selected Apple for his second pick. Faced with waning demand and rising competitive pressures, Apple stock has shed nearly 12% this year, making it a weak link among the "Magnificent Seven" tech cohort. The company's legacy of sustainable excellence has also paved the way for cutting-edge technology like Apple Pay and the Apple Watch.
Persons: gunning, Breanna Stewart, Stewart, Mark Zuckerberg, Nvidia Eddie George, George, Jensen Huang, Charlotte Flair, Flair, Oz Pearlman, bitcoin, Pearlman, It's, Caterpillar's, Ekeler, Schulman, Carter, Microsoft Jillian Michaels, Giancarlo Chersich, Michaels, Nancy Pelosi's, Oracle Joey Chestnut, Larry Ellison, Wall, DraftKings, Karen Finerman, Apple George, Apple, DraftKings Eddie George, Apple Charlotte Flair, IBM Oz Pearlman, Carvana Austin, Intel Nev Schulman, Crocs Jillian Michaels, Google Joey, Starbucks Kenny, Smith Organizations: Meta, Nvidia, Tennessee Titans, Tennessee State University, Computer WWE, Computer, Micro, IBM, bitcoin, Caterpillar, Washington, Microsoft, Oracle, FactSet, CNBC, Apple, Apple Watch, Intel, JPMorgan Druski, Nike, Google, Starbucks, Warner Bros, Delta Air Locations: American, Nashville
Economists polled by Dow Jones forecast GDP growth would come in at 2.4%. Tech tumbleThe lackluster GDP added further pressure to an already-tense market contending with concerns over a pullback in growth among technology earnings. "This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting," wrote Chris Zaccarelli, investment chief at Independent Advisor Alliance. Investors are hoping the PCE report, which is the Fed's preferred measure of inflation, will show an improvement in pricing pressures after the March consumer inflation report came in hotter than expected. — Brian Evans8:58 a.m.: 10-year Treasury yield jumps to highest level since NovemberThe 10-year Treasury yield broke above 4.7% following the GDP report, hitting its highest level since November.
Persons: Johannes Eisele, Dow Jones, Chris Larkin, Morgan Stanley, Meta, Thierry Wizman, UnitedHealth, Alex Harring, Mark Zuckerberg's, Hakyung Kim, Fred Imbert, Chris Zaccarelli, Sarah Min, — Brian Evans, — Jesse Pound Organizations: New York Stock Exchange, AFP, Getty, Dow Jones, Caterpillar, IBM, Nasdaq, Dow, Federal Reserve, Federal, Traders, Meta, Business Machines, FX, Macquarie, Microsoft, Amazon, Merck, York Stock Exchange, Independent, Alliance, Investors, Treasury, Gross
The market was already headed toward a down session due to disappointing reactions to earnings, which haven't been entirely bad. Club earnings : Microsoft and Alphabet report after the bell Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, haven't, hasn't, it's, Mark Zuckerberg, Amy Hood, Jim Cramer's, Jim Organizations: CNBC, Club, Meta, Tech, Nvidia, Broadcom, Microsoft, PCE, Exxon Mobil, Chevron, Colgate, Palmolive, HCA Holdings, Jim Cramer's Charitable Locations: Abbvie
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