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☆ Elon Musk is pitching a daring idea to Tesla shareholders: A vote for Musk is a ticket to the 'Muskonomy'
▼ + stars: | 2024-06-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Tesla shareholders might have another reason to vote for Elon Musk's pay package this Thursday. Musk has been touting the benefits of having Tesla be a part of his business empire. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk has been pulling out all stops to woo shareholders ahead of Thursday's vote for his massive $56 billion pay package. But those seem just to be appetizers because Musk has now brought out the big guns — promising shareholders that a Musk-led Tesla will have access to his sprawling business empire.

Persons: Musk, Tesla, —, Elon Musk, Franz von Holzhausen Organizations: Elon, Service, Gigafactory Locations: Gigafactory Texas

☆ Russia is attempting to protect a vital bridge and supply line with a set of barges, UK intelligence says
▼ + stars: | 2024-06-10 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Russia is fortifying the Kerch Bridge with barges, says the UK's defense ministry. The barges will help "to defend the bridge and shipping channel" from Ukrainian attacks, per the UK. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussia is shoring up the defenses for the Kerch Bridge with barges, the UK's defense ministry said on Saturday. "Analysis of imagery has identified the installation of eight barges on the southern side of the Kerch Bridge," the UK's defense ministry wrote in its intelligence dispatch.

Persons: — Organizations: Service, Russian, Ukrainian Unmanned, Vehicles, Business Locations: Russia, Kerch, Crimea, Ukraine

☆ A key Russian CEO just highlighted the clash between stabilizing the economy and growing business in wartime
▼ + stars: | 2024-06-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is facing challenges despite resilience and high liquidity, says Rosneft's CEO. 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 . But doing business is hard, according to the boss of a Russian oil giant. This story is available exclusively to Business Insider subscribers.

Persons: —, Igor Sechin, Rosneft Organizations: Russia's, Service, St ., Economic, Business Locations: Ukraine, Russian, St, St . Petersburg

☆ India's race to overtake China will intensify after Modi's reelection because they have the same obsession, analyst says
▼ + stars: | 2024-06-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewIndian Prime Minister Narendra Modi this week secured a historic third term in office — and it's likely to intensify India's economic rivalry with China. Both India and China will be focused on manufacturingTo reach its goal, Modi's India will likely be going big on manufacturing. Companies are diversifying their operations outside China to avoid over-relying on one country, and India is aiming to be the new China. AdvertisementIndia's foreign policy toward China is unlikely to change following Modi's re-election, Ivan Lidarev, an Asian security scholar at King's College London, told Channel NewsAsia. "I think India has strived to position itself as a leader of the global south, and of course, China wants this position," added Lidarev.

Persons: —, Narendra Modi, David Lubin, Modi, Xi Jinping, Bharat, Lubin, Raghuram Rajan, NPR's, Rajan, It's, William Lai's, Mao Ning, Ivan Lidarev Organizations: Service, London, Business, South, Central Bank of India, EV, King's College London, West Locations: —, China, Asia, India, Vietnam, Bangladesh, Malaysia, Delhi, Taiwan, Beijing

☆ The Napoleon of Your Living Room
▼ + stars: | 2024-06-08 | by ( David Segal | ) www.nytimes.com time to read: +1 min

Gary Friedman hates meetings. A 66-year-old with apparently limitless energy and a perpetual tan, Mr. Friedman is the chief executive of RH, one of the country’s largest high-end furniture sellers, and he never holds meetings. That’s a typical stretch for Mr. Friedman’s adventures with his architecture and design team, a group of about 20 executives overseeing one of the priciest expansions in the history of American retail. The company is doubling the number of stores, called “galleries” in RH speak, with 35 new ones in the works. He wants to forge a brand that is so ubiquitous — RH restaurants, RH hotels, RH clothing — that its impact is global.

Persons: Gary Friedman, Friedman, ”, Friedman’s, California Rich Locations: California

☆ Tech stocks like Nvidia and Apple have more room to run in June, analysts say
▼ + stars: | 2024-06-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Stocks like Nvidia and Apple have more room to run this summer, according to Wall Street analysts. They include: Broadcom , Uber, Apple, Datadog and Nvidia. Reitzes called Broadcom a "must-own" AI stock even as competition remains fierce from companies like Nvidia. We see Nvidia as one of the most attractive secular growth stories in large-cap semis." ... .Broadcom is one of the must-own AI stocks due to its leadership as a fabless semiconductor provider across many categories.

Persons: Ben Reitzes, Reitzes, Hock Tan, Tan, Koji Ikeda, Datadog, Ikeda, Oppenheimer, Jason Helfstein, Helfstein, Wells Fargo, Goldman Sachs, DDOG, Uber Organizations: Nvidia, Apple, Wall Street, Nasdaq, CNBC, Broadcom, Uber, Broadcom Melius, VMware, Bank of America, Melius Research, Retail Locations: AVGO

☆ Wall Street showers an AI chipmaker we own with praise — and it's not Nvidia
▼ + stars: | 2024-06-07 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

JPMorgan upped its growth forecast for the custom AI chip market and said Broadcom's dominance in the space is poised to continue. Essentially, these networking chips help make up the plumbing of data centers. The second line of Broadcom's AI business is custom processors, where the company is best-known for co-designing Alphabet's tensor processing units, or TPUs. Google-parent Alphabet and Broadcom have collaborated on the creation of the AI chips for years, with the sixth-generation TPU being announced last month . The AI chips made by market leader Nvidia and rival AMD are more general purpose.

Persons: Bernstein, Melius, —, Jensen Huang, Jim Cramer's, Jim Cramer, Jim, Hock Tan, Broadcom Lucas Jackson Organizations: Nvidia, Wall, Broadcom, Melius, JPMorgan, Wall Street, VMWare, Google, Amazon, Microsoft, Marvell Technology, Marvell, AMD, CNBC

☆ These outperforming stocks are still set to soar, analysts say, giving one 52% upside
▼ + stars: | 2024-06-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The year has reached its halfway mark — and stocks are still adding on to gains. The S & P 500 hit yet another fresh record on Wednesday , as did the Nasdaq Composite. That brings the S & P 500 to gain 12.93% year-to-date. Some say the U.S. Federal Reserve could be forced to hold off on interest rate cuts if inflation is sticky. "We believe the likely main volatility trigger is still the timing of potential Federal Reserve interest-rate cuts."

Persons: Scott Wren, Wren, Schroders, Jason Yu Organizations: Nasdaq, U.S . Federal, Wells, Wells Fargo Investment Institute, CNBC Locations: Wells Fargo, Asia

☆ Move over, Nvidia: Fund manager likes 'overlooked' chipmaker with billions in AI chip sales
▼ + stars: | 2024-06-07 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Chipmaker Nvidia is clearly the poster child for artificial intelligence, according to one portfolio manager — but she says another firm is being overlooked. "[We] think of Nvidia as the poster child for AI chips, and they are. But, [Broadcom] was another company that posted over a billion in revenue from AI chips," Pleydell-Bouverie told CNBC's Pro Talks . For the first quarter , Broadcom said revenue came in at $11.96 billion , topping analysts' forecasts of $11.72 billion. AVGO YTD mountain Year-to-date share movement in Broadcom Pleydell-Bouverie flagged that the company has a "leading position" in segments like custom ASICs (Application-Specific Integrated Circuits).

Persons: —, Clare Pleydell, Bouverie, CNBC's, Hock Tan, Bernstein, Stacy Rasgon, Fred Imbert Organizations: Nvidia, Broadcom Inc, Broadcom, Nasdaq, Broadcom Pleydell, Circuits, Liontrust Global Technology Fund, Technology

☆ The boss of Russia's biggest bank said the country's economy is 'definitely and strongly overheated'
▼ + stars: | 2024-06-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is "definitely and strongly overheated," said Sberbank CEO Herman Gref. Gref said it's "impossible" to exceed the current production capacity, which is at 84%. Russia's sanctions-hit economy grew 3.6% GDP last year, driven by wartime activities. Herman Gref, the CEO of Sberbank — Russia's largest bank by assets value — said the country's economy is "definitely and strongly overheated," TASS state news agency reported on Tuesday. Gref, who was speaking in parliament, said production capacity was at a historically high level of 84%.

Persons: Herman Gref, Gref, —, Sberbank Organizations: Service, TASS, Business Locations: Ukraine

☆ Putin and his Kremlin clique are rolling out their own kids at the 'Russian Davos'
▼ + stars: | 2024-06-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewIt's the time of the year for the St. Petersburg International Economic Forum — or the "Russian Davos," as it's sometimes called. This year, the biggest names attending the event include Bolivian President Luis Arce and Zimbabwean President Emmerson Mnangagwa. Related VideoBut the four-day economic forum, which started on Wednesday, now also features the children of the Kremlin's top echelons, Bloomberg reported on Wednesday. Advertisement"Now that this opportunity has become harder, the way to protect themselves is to appoint their children as bosses," Schulmann told Bloomberg. Putin is scheduled to address the economic forum on Friday.

Persons: —, Vladimir Putin's, Emmanuel Macron, Xi Jinping, Narendra Modi, Angela Merkel, Luis Arce, Emmerson Mnangagwa, Maria Vorontsova, Katerina Tikhonova, Anton Vaino's, Alexander, Ekaterina Schulmann, Schulmann, Putin Organizations: Service, St ., Economic, Indian, Business, Bolivian, Bloomberg, Russian Association for, Kremlin, Carnegie Russia Eurasia Center Locations: St, St . Petersburg, Russian Davos, Russian, Russia, Ukraine, Berlin

☆ How Apple's efforts to dominate the AI arms race fell apart
▼ + stars: | 2024-06-06 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Winning the AI race has long been a goal of Apple's. The company brought in Google's AI chief John Giannandrea to lead their AI efforts back in 2018. But cultural clashes and insufficient computing resources set Apple's ambitions back. AdvertisementApple might seem like a laggard in the AI race right now, but it wasn't for lack of trying. The Cupertino-based tech giant aimed to dominate the field when it recruited Google's AI chief, John Giannandrea, back in 2018.

Persons: John Giannandrea, —, Google's Organizations: Service, Street, Business Locations: Cupertino

☆ Putin says it's 'obvious' that Trump's conviction is the result of 'an internal political struggle' in the US
▼ + stars: | 2024-06-06 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump's conviction in his Manhattan hush money criminal trial was due to his rivals' political machinations, Russian leader Vladimir Putin said on Wednesday. "They are burning themselves from the inside, their state, their political system," he said. On the contrary, they believe that these decisions were made for political reasons," Putin said on Wednesday, referencing the surge in donations to Trump's campaign, per the state-run Russian news agency TASS. AdvertisementIn February, Putin told Russian state media that Biden was his preferred candidate because he's "more experienced, more predictable." He wants Biden because he's going to be given everything he wants, including Ukraine," Trump said at a rally in South Carolina in February.

Persons: —, Donald Trump's, Vladimir Putin, Trump, Putin, Stormy Daniels, Trump's, Putin's, Crooked Joe Biden —, Biden, he's, stridently, There's Organizations: Service, St ., Economic, Reuters, Business, Biden Locations: Manhattan, St, St . Petersburg, United States, America, Russian, Ukraine, South Carolina

☆ The gap between CEO pay and worker pay is widening again
▼ + stars: | 2024-06-06 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

CEOs in the S&P 500 made almost 200 times what their average worker did in 2023. CEO compensation had been trending downward before a 12.6% increase in 2023. Broadcom CEO Hock Tan was the highest-paid CEO in 2023 at $161.8 million. Broadcom CEO Hock Tan was the highest-earning CEO in 2023. Tan is the only CEO in the study to receive a compensation package of nine figures.

Persons: Hock Tan, —, Equilar, Tan Organizations: Broadcom, Service, Associated Press, Business

☆ India wants to be the new China. Modi's shock election result shows it won't be easy.
▼ + stars: | 2024-06-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The growth is in part thanks to a shift in supply chains and investment flows as companies try to stop relying solely on China. India's stock markets tanked on the shock election results, with the benchmark Sensex index crashing over 5% in one day on Tuesday following the news. Despite the knee-jerk reaction, most analysts are optimistic about India's economic outlook given that Modi is still in charge. He said India will do better to capitalize on its services industry, especially since so many Indians are English speakers.

Persons: —, Narendra Modi's, Modi, Atman Trivedi, China, Council's Trivedi, Vishnu Varathan, Raghuram Rajan, NPR's, It's, Rajan Organizations: Service, Indian, Business, Bharatiya Janata Party, —, Atlantic, Asia Center, Centre, Monitoring, Coalition, Albright, Group, Mizuho Bank, United Nations Population Fund, University of Chicago Booth School of Business, Central Bank of India, International Monetary Fund Locations: China, India, Communist China, Asia, Japan

☆ Will the AI spending boom pay off? One tech fund manager says it looks 'compelling' for some firms
▼ + stars: | 2024-06-05 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

Many companies are in the AI infrastructure buildout phase right now. That's because, in order to enable AI applications, companies have to make the switch from "general purpose computing to accelerated computing," she said. "You can't run AI on traditional compute, it would be prohibitively expensive, and far too energy intensive," said Pleydell-Bouverie. That's a 35% increase from last year, she said, and all this incremental investment is being directed to AI initiatives. And the world is "only in the first five minutes of this AI infrastructure buildout," she added.

Persons: Clare Pleydell, Bouverie, Meta Organizations: Nvidia, Microsoft, Meta, Liontrust Asset Management, CNBC Pro, Google, Apple, JPMorgan, Liontrust Global Technology Fund, Technology

☆ Tesla's ex-AI chief says it makes perfect sense for Elon Musk to divert Nvidia chips from Tesla to X
▼ + stars: | 2024-06-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Elon Musk has been criticized for his decision to redirect Tesla's Nvidia chips to X. But Tesla's former head of AI infrastructure, Tim Zaman has come forward to defend Musk's decision. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDiverting Tesla's AI chips to X made sense given the logistics that come with assembling a supercomputer, the automaker's former head of AI infrastructure said on Tuesday. "The practicalities of building a supercomputer are insane once you get down to it," Tim Zaman wrote in an X post.

Persons: Elon Musk, Tim Zaman, Zaman, — Organizations: Service

☆ Jamie Dimon probably isn't too happy about how the Indian election went
▼ + stars: | 2024-06-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Indian's Prime Minister Narendra Modi lost his absolute majority in parliament on Tuesday. That is probably gonna be a bummer for JPMorgan boss Jamie Dimon who has been a big fan of Modi. Dimon was effusive in his praise for Modi, saying that he "has done an unbelievable job in India." AdvertisementJPMorgan chief Jamie Dimon probably isn't too happy that India's Prime Minister Narendra Modi lost his absolute majority in parliament on Tuesday. In April, Dimon effusively praised the Indian leader during an event at The Economic Club of New York.

Persons: Narendra Modi, Jamie Dimon, Modi, Dimon, —, hasn't, Dimon effusively, He's Organizations: Indian's, JPMorgan, Service, Wall Street, Modi, Economic, of New, Business Locations: India, of New York

☆ Putin has started wearing 'concealed body armor' at public events: report
▼ + stars: | 2024-06-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin has started wearing body armor when out at outdoor public events. Officials told The Moscow Times that Putin's security team had recommended the measure. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussian leader Vladimir Putin has started wearing body armor at outdoor public events, The Moscow Times reported on Tuesday, citing officials who had seen Putin at these events. "This year on May 9, the chief was clearly wearing concealed body armor during the parade," an official said of Putin's appearance at this year's Moscow Victory Day parade.

Persons: Vladimir Putin, —, Putin Organizations: Moscow Times, Service, Business

☆ Goldman Sachs says buy this biotech stock with more than 60% upside
▼ + stars: | 2024-06-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

It's time for investors to buy the dip on Jazz Pharmaceuticals , according to Goldman Sachs. The investment bank initiated coverage of the pharmaceuticals stock with a buy rating, setting a 12-month price target of $169. Jazz Pharmaceuticals has slipped 15% this year. Indeed, investors have grown concerned over Jazz's potential loss of exclusivity and rising competition regarding oxybates, which reduces daytime sleepiness. An additional catalyst comes in the form of Vision 2025, Jazz's strategic initiative launched in January 2022 to target $5 billion in revenue from 2025.

Persons: Goldman Sachs, Andrea Tan, Tan Organizations: Jazz Pharmaceuticals

☆ Shaving? Wax? At home laser? Experts share the best way to remove your hair for the summer
▼ + stars: | 2024-06-05 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +5 min

CNN —With hotter weather often comes more skin showing—and for many that means increased sense of pressure to get rid of body hair. Laser hair removal treatments are offered both at dermatologists’ offices and places like medical spas. At home devicesYou might have seen advertisements all over your social media pop up for devices marketed to be like at home laser hair removal. “They may get temporary hair removal, but it’s very difficult to get good permanent hair removal,” she said. Waxing, creams and shavingWaxing and shaving are time honored methods of hair removal, Hooper said.

Persons: Deirdre Hooper, Suzanne Kilmer, ” Hooper, Hopper, ” Kilmer, Hooper, “ You’re, Kilmer, “, ”, haven’t Organizations: CNN, Audubon Dermatology, Surgery, Northern, University of California, Davis Medical, IPL –, IPL Locations: New Orleans, Northern California, Davis , California

☆ CEOs are making almost 200 times what workers are
▼ + stars: | 2024-06-04 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The median CEO in the S&P 500 was paid 196 times as much as the median employee in 2023, according to an analysis by Equilar and The Associated Press. The widening divide is driven by the fact that CEO pay — which is closely tied to share prices — is rising notably faster than that of employees. Median total compensation for S&P 500 CEOs (including stock awards) soared to $16.3 million in 2023 — a huge year-over-year increase of 12.6%, compared to just 0.9% in 2022. The median S&P 500 employee earned $81,467 last year, up 5.2% from 2022, the report said. Given the rising stock market, the median stock award increased by 10.7% to $9.4 million, the report found.

Persons: Moody’s, Eleanor Bloxham, Bloxham, “, Hock Tan, William Lansing, Tim Cook, Barbara Rentler, — Organizations: New, New York CNN, Associated Press, Workers, Value Alliance, CNN, Federal Reserve, Nasdaq, Broadcom, Apple, Ross Stores, Ross Locations: New York, United States

☆ Looking for top alternatives to Nvidia? These stocks still look cheap, according to the pros
▼ + stars: | 2024-06-04 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

We asked the pros which are the best stock alternatives to Nvidia that are still cheap. Meta Meta remains a good investment at its current price, said Adam Coons, portfolio manager at Winthrop Capital Management. In 2025, that revenue growth is set for a 12% increase and earnings growth for 15%. That would put Meta's multiples at 26 times 2024's earnings and 23 times 2025's earnings, according to Coons. Meta is trading at a 19 times EV/EBIT multiple, versus Microsoft's 28 times, and Nvidia's 25 times.

Persons: Adam Coons, it's, Coons, Qualcomm Angelo Zino, Zino Organizations: Nvidia, Nasdaq, U.S . Federal, Winthrop Capital Management, CNBC Pro, Meta, Microsoft, Netflix, Big, Google, Gemini, Qualcomm, CFRA Research, Micron Micron, Micron Locations: Big Tech, China

☆ Goldman thinks this solar stock has more to run after an 80% rally in 2 months
▼ + stars: | 2024-06-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

First Solar still has substantially room to run even after rallying about 80% over the past two months, with tailwinds from tariffs and data center demand on the horizon, according to Goldman Sachs. Goldman raised its stock price target for First Solar by nearly $31 to $302 per share, implying 11% upside from Friday's close of $271.76. First Solar is also party to a trade case that could result in the imposition of tariffs on solar module manufacturers from four Southeast Asian nations. Goldman has estimated that power demand from data centers will more than double to 8% of total U.S. consumption by 2030. Goldman sees First Solar's earnings per share increasing by about 20% in 2027 if the company adds a new plant.

Persons: Goldman Sachs, Goldman, Brian Lee, Biden, FSLR TAN, Lee Organizations: Goldman, Amazon, Microsoft, Brookfield Asset Management, hasn't Locations: U.S, China, Indiana

☆ Stormy Daniels breaks her media silence and says Melania should leave Donald Trump
▼ + stars: | 2024-06-03 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewMelania Trump should leave Donald Trump, said Stormy Daniels, breaking the media silence she had held since Trump was convicted on Thursday. Advertisement"It's been proven he is abusive, he was found liable for sexual assault and tax fraud and is now a criminal," Daniels told The Mirror. "He reserves — he listens to many of us, but he reserves fear for one person, Melania Trump," Conway said. TRUMP: She's fine, but I think it's very hard for her. So many Americans were moved to donate to President Trump's campaign that the WinRed pages went down," Trump's campaign team said in a post on X.

Persons: —, Trump, Donald Trump, Stormy Daniels, Daniels, Stephanie Clifford, didn't, Mary Jordan's, Melania Trump, Trump's, Kellyanne Conway, Melania, Conway, How's, T8KZXEnvXC — Aaron Rupar, Joe Biden's Organizations: Service, Business, Trump, BI, Washington Post, Capitol, Fox News, Fox, Manhattan, FOX, White House Locations: American

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