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☆ Saudi Arabia parts ways with the CEO of Neom, its new desert megacity
▼ + stars: | 2024-11-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The CEO of Neom, Nadhmi al-Nasr, has stepped down from the role after six years. Saudi Arabia's ambitious megacity scaled back targets earlier this year. AdvertisementThe CEO of Saudi Arabia's ambitious Neom project has abruptly stepped down after six years in the role. It's a key part of Saudi Arabia's Vision 2030 project that aims to diversify the kingdom's economy away from oil by launching new industries and attracting more tourists. Neom has also faced staffing challenges, with reports earlier this year that two executives were involved in a physical confrontation.

Persons: Nadhmi al, Nasr, Neom, —, Nadhmi, Aiman, Malcolm Aw, Abdul Rahim al, Antoni Vives Organizations: Service, Saudi, Street Journal, Public Investment Fund, Journal, Neom Locations: Saudi, Saudi Arabia

☆ OpenAI reportedly facing issues with its new AI model is a red flag for the entire industry
▼ + stars: | 2024-11-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt also undermines a core assumption about the future of generative AI: If you add more data and computing power, you get smarter and more powerful AI models. Top AI players have eye-popping valuations based on the promise that AI models will keep getting smarter and better with time. Getty Images; Chelsea Jia Feng/BISo what's holding AI models back from making another big jump? Anthony Scaramucci tells BI Trump's economic plans could cause a 1920s-style stock-market crash .

Persons: —, OpenAI's, Fabrice Beaulieu, Justin Sullivan, That's, Insider's Hasan Chowdhury, Beatrice Nolan, Orion, OpenAI, Chelsea Jia Feng, Anthony Scaramucci, Trump, Viktor Kovalchuk, Michael M, Robert Perry, Rebecca Zisser, what's, Donald Trump —, Morgan Stanley, Carta, Jed Finn, Goldman Sachs, Jeremy Siegel, Trump's, Jeff Bottari, Donald Trump, Joe Rogan, elect's, Elon Musk, Tesla's, Musk, Timo Lenzen, Juan Merchan, Donald Trump's, Jack Teixeira, Dan DeFrancesco, Grace Lett, Ella Hopkins, Hallam Bullock, Amanda Yen, Milan Sehmbi Organizations: Business, Service, Orion, Getty, Companies, New York Times, Wall, Getty Images, Elon, BI, Trump Locations: GPT, undergrad, Mexico, New York, Ukraine, Massachusetts, Chicago, London

☆ Team Meta? Team Alphabet? A noted tech analyst weighs in and so does Jim Cramer
▼ + stars: | 2024-11-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

While keeping buy ratings on both stocks, Nathanson raised his firm's price targets on Alphabet and Meta. In support of giving Alphabet the edge, he sees faster revenue growth from Meta but at a higher cost. For one, Meta has consistently delivered revenue and earnings ahead of consensus, rooted in stron advertising revenue from AI advancements. Bottom line Jim Cramer sees merit in MoffettNathanson's buy calls on Alphabet and Meta and believes it is just about "time to buy both" of these AI and advertising leaders. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: It's, Michael Nathanson —, Craig Moffett, —, underperformance, Nathanson, Jim Cramer, Trump Donald Trump's, Jim Cramer's, Jim, Mark Zuckerberg, Sundar Pichai Organizations: MoffettNathanson Research, Facebook, Meta, Reality Labs, Labs, Google, Tech, Trump, CNBC, REUTERS Locations: Meta

☆ CNBC Daily Open: Best to stay prudent even in the postelection afterglow
▼ + stars: | 2024-11-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Source: NYSEThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineThe stock market is riding high on Trump's election victory. The postelection stock rally, however, is likely to stay strong for now. It's hard to go wrong following the age-old rules for investing in the stock market: Be in it for the long term, diversify and look at fundamentals like earnings and valuation.

Persons: HSI, it's, Morgan Stanley, Lisa Shalett, John Stoltzfus, Shalett, CNBC's Brian Evans, Alex Harring Organizations: New York Stock Exchange, CNBC, Dow Jones, Apple, Microsoft, Nasdaq, Dow, Republicans, Morgan, Morgan Stanley Wealth Management's, Oppenheimer Asset Management

☆ AI means anyone can be a victim of deepfake porn. Here’s how to protect yourself
▼ + stars: | 2024-11-12 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —“All we have to have is just a human form to be a victim.” That’s how lawyer Carrie Goldberg describes the risk of deepfake porn in the age of artificial intelligence. In the past year, targets of AI-generated, nonconsensual pornographic images have ranged from prominent women like Taylor Swift and Rep. Alexandria Ocasio-Cortez to high school girls. Goldberg said that for people targeted by AI-generated sexual images, the first step — however counterintuitive — should be to screenshot them. The fight to address nonconsensual explicit images and deepfakes has received rare bipartisan support. (AI-generated sexual images of children typically fall under child sexual abuse material laws.)

Persons: ”, Carrie Goldberg, they’ve, Taylor Swift, Alexandria Ocasio, Cortez, Goldberg, C.A, Clare Duffy, ” Goldberg, deepfakes, Republican Sen, Ted Cruz, —, Democratic Sen, Amy Klobuchar, “ There’s Organizations: New, New York CNN, Nonprofit, Capitol, Republican, Democratic Locations: New York, Alexandria, York

☆ Boeing secured its first order after a 7-week strike — 80 737 Max jets
▼ + stars: | 2024-11-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Avia Solutions Group, which leases planes to airlines, ordered 80 Boeing 737 Max jets. Avia Solutions Group announced Tuesday that it ordered 80 Boeing 737 Max jets, evenly split between firm orders and purchase rights. AdvertisementThe incident saw a 737 Max lose a door plug mid-flight after the plane left Boeing's factory missing key bolts. The Federal Aviation Administration consequently limited Boeing's output of 737 Max aircraft to 38 a month until it implements a safety-and-quality plan. AdvertisementDelivery of ASG's Boeing jets is expected to start in 2030.

Persons: —, ASG, Brad McMullen, Max Organizations: Boeing, Avia Solutions, Max, Service, Avia, Airbus, Saudi Arabia's, Saudi Arabia's Riyadh Air, Bloomberg, Alaska Airlines, Federal Aviation Administration Locations: Saudi, Saudi Arabia's Riyadh

☆ Watch CNBC’s full interview with Vital Knowledge's Adam Crisafulli and Wilmington Trust's Meghan Shue
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Vital Knowledge's Adam Crisafulli and Wilmington Trust's Meghan ShueAdam Crisafulli, Vital Knowledge founder and Meghan Shue, Wilmington Trust head of investment strategy, join 'Closing Bell: Overtime' to discuss Big Tech trade, their market outlook and earnings.

Persons: Vital, Adam Crisafulli, Wilmington Trust's Meghan Shue Adam Crisafulli, Meghan Shue Organizations: Wilmington, Vital Knowledge, Wilmington Trust, Big Tech Locations: Wilmington

☆ 'In many ways China is close to or is even catching up,' Microsoft's Brad Smith says
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'In many ways China is close to or is even catching up,' Microsoft's Brad Smith saysBrad Smith, vice chair and president of Microsoft, discusses the tech sector in China and the country's adoption of new technologies as he speaks to CNBC's Karen Tso at Web Summit.

Persons: Brad Smith, Karen Tso Organizations: Microsoft, Web Summit Locations: China

☆ Costco recalled almost 80,000 pounds of butter because the labels failed to say it contained milk
▼ + stars: | 2024-11-12 | by ( Nora Redmond | ) www.businessinsider.com time to read: +2 min

Costco has recalled 79,200 pounds of butter for failing to note it contained milk. The butter was produced by Continental Dairy Facilities Southwest and distributed in Texas. AdvertisementCostco recalled 79,200 pounds of butter last month because it failed to include a disclaimer that the product contained milk. AdvertisementThe 46,800 pounds of unsalted butter and 32,400 pounds of salted butter were distributed across Texas. Costco and Continental Dairy Facilities Southwest did not respond immediately to requests for comment from Business Insider, sent outside regular US working hours.

Persons: —, butters, Kirkland Organizations: Costco, FDA, Continental Dairy, Service, Kirkland, Drug Administration, Business Locations: Texas

☆ Watch out: These tech stocks have heavy manufacturing exposure to China, Citi warns
▼ + stars: | 2024-11-12 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Tech companies that source a large part of their supplies from China could suffer under a second Trump term, according to Citi. Citi analyst Atif Malik shared a basket of stocks that have China manufacturing exposure and could therefore face ramifications going forward. While the company has a very high exposure to Chinese manufacturing, Malik said that Apple is currently making efforts to diversify its supply chain. "China is the main manufacturing location for Apple with more than 90% manufacturing in China, in our estimates," the analyst said. "Manufacturing is primarily conducted through contract manufacturers and original design manufacturers with manufacturing locations in China, Malaysia, Mexico, Taiwan, and Vietnam," he added.

Persons: Donald Trump, Trump, Mike Johnson, Atif Malik, Malik, Apple Organizations: Tech, Trump, Citi, Biden, Republican, Logitech, Apple, Juniper Networks, Western Digital Locations: China, India, Malaysia, Mexico, Taiwan, Vietnam, Corning

☆ The 'Squid Game' director says he agreed to make the second season of the show for just one reason: money
▼ + stars: | 2024-11-12 | by ( Erin Liam | ) www.businessinsider.com time to read: +4 min

Hwang Dong-Hyuk, the director of "Squid Game," said the Emmy-winning series caused a lot of stress. AdvertisementHwang Dong-Hyuk, the director of "Squid Game," says he was so stressed while making the first season of the Emmy-winning show that he lost "eight or nine" teeth. The second season of "Squid Game" will be released on December 26, and its third installment is set to be released next year, according to Netflix. That year, "Squid Game" also earned a spot as the most-watched show, with 1.65 billion hours streamed in the first four weeks. In the same interview with BBC, Hwang said that the stress he felt creating the second season of "Squid Game" was "much greater" due to high audience expectations.

Persons: Hwang Dong, Hwang, —, wasn't, Guillermo del Toro's, Seong Gi, Lee Jung Organizations: Netflix, Service, BBC, Bloomberg, Guardian, Business, Business Insider

☆ SoftBank posts blowout quarterly gains at Vision Fund tech arm
▼ + stars: | 2024-11-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The broader Vision Fund segment as a whole, which also factors in non-investment performance such as administrative expenses and gains and losses attributable to third-party investors, reported a gain of 373.1 billion yen. It had declared a loss of 204.3 billion yen in the company's first fiscal quarter. The Vision Fund has been cashing in on the success of the September 2023 listing of smartphone chip designer Arm Holdings , in which it owns a sweeping majority stake of around 90%. The group's print benefitted from investment gains of 1.28 trillion yen on shares of Chinese retail giant Alibaba and of 566.2 billion yen on stock of T-Mobile. On Tuesday, it said it had repurchased a cumulative 153.8 billion yen in shares by the end of the second quarter.

Persons: Toru Hanai, Didi, Son, Elliott Organizations: SoftBank Corp, SoftBank Group Corp, Bloomberg, Getty, Vision Fund, Arm Holdings, Nvidia, Yahoo, SoftBank, Mobile, Elliott Management, CNBC, Barclays Locations: Tokyo, Japan, Norwegian, Mobile . Tokyo, SoftBank

☆ Airbnb CEO says most employees don't want full autonomy at work — and those that do should start their own companies
▼ + stars: | 2024-11-12 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

I think their actions don't say the same thing," he told Fortune. Chesky, who inspired the term "founder mode," says those seeking autonomy should be entrepreneurs. The Airbnb CEO recently spoke with Fortune about the "founder mode" model of leadership. But I don't think people for the most part want to be disintegrated. AdvertisementHe said that his operating in founder mode "flies in the face of everything we're taught about modern leadership."

Persons: Fortune, Chesky, —, Brian Chesky doesn't, Paul Graham, Graham, Airbnb, he'd, they're, we're, Steve Jobs, Walt Disney, Jensen Huang, Elon Musk Organizations: Service Locations: America

☆ A London chef criticized diners who just get water and share dishes. He says it's about the atmosphere, not the money.
▼ + stars: | 2024-11-12 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A London chef sparked online debate when he criticized diners who don't spend much. He told BI it was "very frustrating" and he was being forced to turn away diners who might spend more. AdvertisementA London chef has sparked a debate about the affordability and culture of eating out after he criticized diners who don't spend enough. AdvertisementJames Hacon, a restaurant consultant and industry commentator, told BI that life is tough for London eateries right now. AdvertisementHacon said there were ways to overcome the impact of diners who only want a starter and water.

Persons: Hugh Corcoran, —, Corcoran, James Hacon, Hacon Organizations: Service, London, National Insurance, Guardian Locations: London

☆ Box CEO: Trump's deregulation could spark a tech supercycle
▼ + stars: | 2024-11-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBox CEO: Trump's deregulation could spark a tech supercycleBox CEO Aaron Levie joins CNBC's Deirdre Bosa to discuss why software stocks have been performing so well, how a new Trump term will impact tech regulations, and more.

Persons: Aaron Levie, Deirdre Bosa Organizations: Trump

☆ One week later – A look at the Trump trades gaining momentum and those that are fading
▼ + stars: | 2024-11-12 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

The S & P 500 last week scored its best week since November 2023, hitting the 6,000 mark, while the 30-stock Dow Jones Industrial Average climbed above 44,000. Stocks seen as early beneficiaries, among them steelmakers and banks, are losing momentum, while others like Tesla are continuing to climb. Its shares are nearly flat week so far this week. Take a look at the lot: Tesla 's the most popular winner in the group, gaining roughly 21% since Nov. 6, boosted by CEO Elon Musk's close relationship with Trump. Other than Tesla, energy stocks Coterra Energy and Baker Hughes are also moving higher, the latter gaining more than 15% just this month.

Persons: Trump, Donald Trump, Stocks, Tesla, Morgan Stanley, Betsy Graseck, Elon Musk's, Edison Yu, JD Vance, Baker Hughes, Goldman, Citigroup — Organizations: weill, Dow Jones, CNBC Pro, Trump, Caterpillar, Steelmakers Steel Dynamics, JPMorgan, Citizens Financial, Prudential, Republican, Bank of America . Semiconductor, Micron Technology, Arista Networks, Deutsche Bank, Coterra Energy, Bank of America, Citigroup Locations: Wells Fargo

☆ The best street-style outfits Taylor Swift has ever worn
▼ + stars: | 2024-11-12 | by ( Amanda Krause | ) www.businessinsider.com time to read: +1 min

Outside of music, Taylor Swift is widely known for her sparkling red-carpet outfits and stage looks. But she also has a strong street style, as seen during her New York City strolls over the years. Go to newsletter preferences Thanks for signing up! But there's also the matter of her concert outfits, red-carpet looks, and standout street style. Related Video 10 functional clothes and accessories for holiday giftingHere are the best ensembles she's worn while out and about over the years.

Persons: Taylor Swift, Swift, —, there's, Vivienne Westwood, Louboutin Organizations: New, Service Locations: New York City

☆ Silicon Valley's swing toward Trump is real. Here's the data to prove it.
▼ + stars: | 2024-11-12 | by ( Rob Price | ) www.businessinsider.com time to read: +4 min

A notable portion of Silicon Valley's electorate has steadily shifted toward Donald Trump. In Santa Clara, San Mateo and San Francisco counties, Trump's voteshare increased by several points. But with more than 76% of the votes counted in San Francisco, Santa Clara, and San Mateo counties as of Tuesday, a trend is emerging. These numbers show that Trump and Republicans are still a long way off from gaining any real majorities in Silicon Valley. AdvertisementWhile Elon Musk is based in Texas these days, many of his companies, including Tesla, are still very active in Silicon Valley.

Persons: Donald Trump, San, —, Kamala Harris, Harris, Joe Biden, Hilary Clinton, Francisco county's, Trump, Democrat —, Mark Zuckerberg, Marc Andreessen, Ben Horowitz, Horowitz, Elon, Tesla, reelect Trump, JD Vance, Peter Thiel, Ben Narasin, we've, voteshare Organizations: GOP, Service, Business, San, Apple, Google, Nvidia, State, Facebook, Meta, Republican, Trump, Democrat, Democratic, Venture, PayPal, Elon Locations: Santa Clara, San Mateo, San Francisco counties, San Francisco Bay, California, San Francisco, Mateo county, Silicon Valley, Texas, Atherton, San Mateo county

☆ Telegram CEO Pavel Durov is funding free IVF for women who have his children
▼ + stars: | 2024-11-12 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

Telegram CEO Pavel Durov is funding IVF treatments for women using his sperm. AltraVita IVF Clinic in Moscow confirmed the program, which it said is open to Russian women. AdvertisementPavel Durov, the billionaire CEO of Telegram, funded fertility treatment for women using his sperm to conceive. Related VideoAltraVita IVF Clinic in Moscow has been advertising the service since at least this summer. In a phone call with Business Insider, a clinic spokesman confirmed the free IVF program, which he said was only open to Russian women.

Persons: Pavel Durov, Durov, —, AltraVita, Elon Musk, Musk, Justine Musk, Grimes, Shivon Zillis, Sam Altman, Altman, Peter Thiel, JD Vance Organizations: Service, Business, PayPal, University of Cambridge Locations: Moscow, France, Paris, Ukraine

☆ I've tried 7 popular food-delivery boxes. From HelloFresh to Purple Carrot, here's how to choose the best one for you.
▼ + stars: | 2024-11-12 | by ( Steven John | ) www.businessinsider.com time to read: +1 min

I've tried seven of the popular services on the market, and HelloFresh and Blue Apron feel gourmet. Go to newsletter preferences Thanks for signing up! Related Video How 3 Korean chefs make 10,000 office workers' lunch boxes every weekMy favorite solution to the age-old problem is meal-delivery boxes. I've tried seven popular brands on the market, and they're all a little different. Here's how the boxes stack up — and how to decide which is best for you.

Persons: I've, — Organizations: Service

☆ The winners of Wall Street bonus season this year: the underwriters
▼ + stars: | 2024-11-12 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

It predicted that some financial services professionals could see year-end bonus increases of as much as 35% over last year. AdvertisementThe financial professionals poised to rake in the most, meanwhile, are not the usual "rainmakers" of Wall Street, but rather a more behind-the-scenes group: the underwriters. Here's a look inside three slides that illustrate key findings from the Johnson Associates report. Debt underwriters stand to see the biggest bonus bumps this year — up to 35% over 2023, Johnson Associates founder Alan Johnson told BI. AdvertisementJohnson sees bonuses for asset management professionals increasing anywhere from 7% to 12% and bumps of 5% to 15% for hedge fund employees.

Persons: Johnson, —, Goldman Sachs, Alan Johnson, it's Organizations: Service, Johnson Associates, Goldman, Blackstone, underwriters, Debt, Equity, Investment, Federal

☆ I ate the same meal at TGI Fridays and Chili's. It's clear why only one is thriving.
▼ + stars: | 2024-11-12 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +3 min

I ate the same meal at TGI Fridays and Chili's to compare the two chains. TGI Fridays just filed for bankruptcy, while Chili's is outperforming its competitors. I preferred the food and overall experience at Chili's, though TGI Fridays did have meatier wings. AdvertisementChili's and TGI Fridays are both big names in fast-casual dining, but their recent performance tells two very different stories. TGI Fridays said the main reasons for filing for bankruptcy were financial challenges from the COVID-19 pandemic and a flawed capital structure.

Persons: —, Chili's, John Bringardner, Bringardner, Rohit Manocha Organizations: Service, Reuters, CNN, Capital Advisors Locations: Chili's, Los Angeles

☆ I made 3 fall recipes in a Crock-Pot and they were easy and affordable to make
▼ + stars: | 2024-11-12 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

I've made many recipes in a slow cooker before, from soups and stews to a week's worth of meals. With the fall season in full swing, I decided to make three cozy, comforting meals in my Crock-Pot. I made chicken-and-potato corn chowder, creamy garlic pork chops, and a classic beef stew. AdvertisementWith the fall season in full swing, I decided to try making three fall-inspired recipes in my Crock-Pot. For this week, I made three comforting, satisfying recipes that seemed perfect for fall: beef stew, chicken-and-potato corn chowder, and creamy garlic pork chops.

Persons: I've, — Organizations: Service

☆ Under strain from war, Russia plans a massive layoff in its public sector: report
▼ + stars: | 2024-11-12 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

Russia will resume public sector layoffs, affecting up to at least 40,000 workers, per Kommersant. Layoffs were paused due to COVID-19 and Russia's invasion of Ukraine. The cuts would also allow more people to enter Russia's labor market which is experiencing a worker shortage. The cuts would also allow more people to enter Russia's labor market which is experiencing a widespread shortage of workers amid Russia's invasion of Ukraine. Workers have been pulled into the Ukraine war or forced to flee after Putin enacted a major mobilization to increase wartime recruitment.

Persons: —, Vladimir Putin, Putin, Harley Balzer, Russian Central Bank Governor Elvira Nabiullina Organizations: Service, Russian Kommersant, Kommersant, Russian Academy of Science's Institute of Economics, Workers, Georgetown University, Russian Central Bank Governor Locations: Russia, Ukraine, Russian

☆ TikTok and its owner ramped up their hiring from China, even as Congress raised national security concerns
▼ + stars: | 2024-11-12 | by ( Dan Whateley | ) www.businessinsider.com time to read: +6 min

669 of the 1,089 approved US H-1B hires for TikTok and ByteDance in that fiscal year were from China. The hiring occurred as US officials raised concerns about TikTok's ties to China. Only 12% of all approved fiscal year 2023 H-1B applications were for Chinese nationals, compared to 61% of TikTok and ByteDance's approved applications. AdvertisementEven as TikTok has taken steps to downplay its association with China, its owner, ByteDance, continues to operate in the US. The company has also used TikTok's Chinese sister app, Douyin, as a testing ground for features that ultimately end up on TikTok.

Persons: —, ByteDance, US Sen, Tom Cotton, Cotton, Alejandro Mayorkas, ByteDance's, China TikTok, TikTok, Trump Organizations: TikTok, Service, Companies, Citizenship, Immigration Services, Business, US Data Security, Chinese Communist Party, US, Homeland, India, National Intelligence Locations: China, Beijing, ByteDance, California, Taiwan, Canada, Vietnam

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