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☆ Biden to ban U.S. sales of Kaspersky software over ties to Russia, source says
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +4 min

Kaspersky Internet Security software is seen at the store in Krakow, Poland on December 30, 2021. A spokesperson for the Commerce Department declined to comment, while Kaspersky Lab and the Russian Embassy did not respond to requests for comment. Previously, Kaspersky has said that it is a privately managed company with no ties to the Russian government. The new restrictions on inbound sales of Kaspersky software, which will also bar downloads of software updates, resales and licensing of the product, kick in on Sept. 29, 100 days after publication, to give businesses time to find alternatives. If it only adds the Russian entity, the impact will be largely reputational.

Persons: Biden, Trump, Kaspersky, Donald Trump Organizations: Commerce Department, Russian Embassy, Biden, Department of Homeland Security, Kyiv, U.S, Reuters, Piaggio, Qatar Olympic Committee Locations: Krakow, Poland, United States, U.S, Russian, Moscow, Ukraine, Russia, China, New U.S, Massachusetts, Spain

The firm upgraded the ingredients maker to buy from neutral but lowered its price target to $48 per share from $50. "Though these items might not help earnings until 2025, we believe visibility surrounding them could improve in coming months and send the share price higher," he added. Lovallo has a $198 price target for Lennar, reflecting 30.1% in upside. Analyst Raimo Lenschow upgraded the marketing automation stock to overweight from equal weight and upped his price target by $4 to $29. Singlehurst raised her price target to $58 from $54.20, but the new forecast implies nearly 2% downside from Tuesday's close.

Persons: Goldman Sachs, Thomas Palmer, — Brian Evans, Edward Jones, Logan Purk, — Jesse Pound, John Lovallo, Lovallo, — Alex Harring, Oppenheimer, Colin Rusch, Rusch, Alex Bradley, Alex Harring, Raimo Lenschow, Lenschow, Wells, Steven Cahall, Wedbush, Michael Pachter, Pachter, Keith Gill, Piper Sandler, Valvoline Piper Sandler, Peter Keith, Keith, VVV's algo, hasn't, Will Gaertner, Gaertner, Morgan Stanley, Mark Murphy, Keith Weiss, Brent Bracelin, Louise Singlehurst, Singlehurst, Fred Imbert Organizations: CNBC, Analysts, Citi, Diamond Green Diesel, AMD, Devices, Nvidia, UBS, Lennar, KB, Barclays, Wells Fargo, Paramount, GameStop, Products, LSEG, Google, AI, JPMorgan, Oracle Locations: California, Tuesday's, VVV, reaccelerate, ORCL

☆ France is aiming to become a global AI superpower — but not without help from U.S. Big Tech
▼ + stars: | 2024-05-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

AI everywhere at Viva TechAt Viva Tech, AI was everywhere. France boasts a strong AI research and development ecosystem, home to key facilities like the Facebook AI Research center from Meta and Google's AI research hub in Paris, as well as leading universities. He referred to H's mammoth funding round as an example of the momentum surrounding French AI right now. watch nowLevy said roughly 40% of the tech demos at Viva Tech were AI. He said that Google's recently introduced Gemma AI, a lightweight, open-source model, was developed heavily at the U.S. internet giant's Paris AI hub.

Persons: Emmanuel Macron, Yoan Valat, Eric Schmidt, Porte, Bruno Le Maire, CNBC's Arjun Kharpal, Le Maire, Etienne Grass, Capgemini, Imran Ghory, Ghory, CNBC's Andrew Ross Sorkin, Macron, Mistral, Yann LeCun, James Manyika, Google's, Maurice Levy, Karen Tso, Levy, Google's Manyika, Gemma AI Organizations: Afp, Getty, PARIS —, Viva Technology, Microsoft, Viva Tech, L'Oreal, Porte de, Facebook, CNBC, Blossom, Meta, Google, Paris, Groupe, U.S, Innovation Locations: Elysee, Paris, France, PARIS — France, China, Europe, Meta, French, U.S, Israel, Dealroom

☆ Prop-trading firms and hedge funds like Point72, Balyasny, and Bridgewater are turning to AI for higher returns. Here's what they pay AI workers.
▼ + stars: | 2024-05-30 | by ( Alex Nicoll | Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Read previewFor years, hedge funds and prop-trading firms have relied on massive amounts of data and the workers who analyze it to beat the market. But the promise of generative AI has kicked off a new talent war for AI workers who can level up hedge funds' quantitative strategies with a new generation of transformative technology. This data shows the salaries that hedge funds expect to pay foreign AI workers in 2023, and its disclosure is part of their visa terms. BI also analyzed recent job listings at major hedge fund and prop trading firms to identify what they're paying AI workers. New state laws in places like New York require job listings to include a range of salaries offered for the role, providing further insight into AI workers' salaries.

Persons: —, there's Organizations: Service, Business, Bridgewater Associates, of Foreign Labor Locations: New York

☆ PwC agrees deal to become OpenAI's first reseller and largest enterprise user
▼ + stars: | 2024-05-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

PwC said the deal will see its U.S. and U.K. employees and clients gain access to the latest tools from OpenAI. PwC landed a deal Wednesday with OpenAI to become the artificial intelligence company's first resale partner and largest enterprise user. PwC will hand ChatGPT Enterprise licenses to over 100,000 employees — 75,000 in the U.S. and 26,000 in the U.K. — according to Wall Street Journal, which earlier reported on the deal. PwC did not specify the number of workers that would use ChatGPT Enterprise. PwC didn't disclose the financial terms of the deal.

Persons: PwC, OpenAI, PwC didn't Organizations: Microsoft, ChatGPT Enterprise, Enterprise, —, Wall Street Locations: U.S

☆ China is a 'critical' global supplier, full decoupling may be impossible, survey shows
▼ + stars: | 2024-05-17 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

China remains a "critical supplier" to the world and efforts for a full decoupling remain "difficult, if not impossible," a trade report by Allianz Trade said. That's according to the report which showed that only 27% of companies surveyed in the U.S. were planning to expand in China. The Allianz Trade survey polled more than 3,000 companies in China, France, Germany, Italy, Poland, Spain, the UK and the U.S. were surveyed about their outlook for global trade in 2024. More than one-third of respondents plan to increase their China footprint, while only 11% said they would decrease it, the trade survey showed. "China remains the world's critical supplier, from which a full decoupling seems difficult, if not impossible," the Allianz Trade report said.

Persons: Economic Research Ana Boata Organizations: Allianz Trade, Allianz Trade's, Economic Research Locations: Qingdao Port, Qingdao, China, Germany, Spain, France, U.S, Italy, Poland

At the Milken Institute’s Global Conference this week, a little-known risky financial tool became the subject of a hot debate among Wall Street titans. Many private equity firms have quietly begun mortgaging their investment funds, piling leverage upon leverage. In other words, they’re taking out loans against the businesses they’ve already taken out loans to buy. At a time when dealmakers are desperate to raise new cash after the boom of the pandemic era, this mechanism — known as a net asset value loan — is allowing them to do it overnight. firms are using the tool as they set out to raise their next funds, especially those confronting a hurdle during a slow period for dealmaking: They have yet to return cash to the limited partners they tapped for their last round.

Organizations: Milken Institute’s Global Conference, Wall Street titans

☆ U.S. revokes some export licenses to sell chips to Huawei in a bid to curb China's tech power
▼ + stars: | 2024-05-08 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

The IFA 2020 Special Edition will take place from September 3-5. (Photo by Sean Gallup/Getty Images)The U.S. has revoked certain licenses for chip exports to Chinese tech giant Huawei, the Commerce Department told CNBC on Tuesday, in its latest efforts to curb China's tech power. "As part of this process, as we have done in the past, we sometimes revoke export licenses," the spokesperson said, declining to comment on specific licenses. "But we can confirm that we have revoked certain licenses for exports to Huawei." In 2020, the U.S. tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain a license before they can sell semiconductors to Huawei.

Persons: Sean Gallup Organizations: Huawei, IFA, Getty, U.S, Commerce Department, CNBC Locations: BERLIN, GERMANY, Berlin, Germany, U.S

☆ Stocks making the biggest moves premarket: Apple, Amgen, Cloudflare and more
▼ + stars: | 2024-05-03 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Hershey — Shares of the chocolate confectionary maker added about 1% after Hershey posted a first-quarter earnings beat. Hershey's $3.25 billion revenue also beat the $3.11 billion consensus. Amgen — Shares soared 13% after the biotech firm posted a first-quarter earnings and revenue beat. Cloudflare — The stock continued to sink, plunging 12% after reporting weak full-year guidance, although Cloudflare posted a first-quarter earnings and revenue beat. However, Coinbase's first-quarter revenue of $1.64 billion beat the $1.34 billion consensus, according to LSEG.

Persons: Hershey, LSEG, Apple, Eli Lilly, Cloudflare, Expedia, Piper Sandler, Fortinet, FactSet, Jefferies, Coinbase's, Benjamin Nolan, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Tanaya Macheel Organizations: Hershey —, Apple, Novo Nordisk, BMO Capital Markets, Revenue, Arista Networks, Arista, LSEG . Union Pacific, JPMorgan Locations: billings, LSEG, Stifel

☆ Citi names 3 biotech stocks to play a growing $2.9 billion opportunity — giving one about 50% upside
▼ + stars: | 2024-05-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The outlook is starting to look bright for biotech stocks, according to some. With markets now expecting the first rate cut to be in September rather than June or July, as previously thought, biotech stocks could start to do well. Biotech encompasses many different areas, but Citi has identified one with a $2.9 billion market — which it says is set for even more growth. It gave CSL a price target of $305, or nearly 11% potential upside. It gave Intellia a price target of $31, or 49% potential upside.

Persons: Morgan Stanley, Garadacimab, Ionis, Citi Organizations: Biotech, Citi, Ionis Pharmaceuticals, Intellia Therapeutics, CSL, Intellia

☆ Buy these 'AI revolutionaries' trading at a discount, Evercore ISI says
▼ + stars: | 2024-04-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The artificial intelligence revolution is just getting started, and that means there are opportunities for investors to scoop up some names at a discount, according to Evercore ISI. Yet adoption is low, with less than 5% of U.S. firms reporting using AI, he said, citing U.S. Census Bureau data. To find "AI revolutionaries" that are trading at a discount, Evercore ISI looked for companies in the Russell 1000 with strongly trending AI mentions — either surpassing the index or the company's sector average. One of the names on the list is Uber Technologies , which mentioned AI 17 times last year. The company is also using AI to increase productivity.

Persons: OpenAI's ChatGPT, Julian Emanuel, Emanuel, Russell, —, Uber's, Dara Khosrowshahi, they're, CNBC's, Goldman Sachs, David Solomon, Solomon, Goldman's, Penny, Glenn Fogel, Fogel Organizations: ISI, Census, Nvidia, Nasdaq, Uber Technologies, Holdings Locations: U.S

☆ Defense giant BAE Systems linked to arms deals in countries accused of human rights abuses, report finds
▼ + stars: | 2024-04-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — BAE Systems , the U.K.'s largest defense contractor, has established trading relationships with countries accused of human rights abuses, according to a new report that reveals the extensive reach of its lucrative arms business. Included in those are 13 countries on the U.K.'s human rights abuse watchlist, as well as 29 countries whose military actions have injured or killed civilians. It comes as BAE Systems sales have surged, hitting £194 billion ($242 billion) in the 10 years to 2022, with cumulative operating profits totalling £17 billion over the period, according to the report. The report said the booming trade highlighted how some defense companies were profiting from the lucrative arms trade amid rising global instability. "We know it's a bonanza right now for military sales," Overton said Tuesday, during a press briefing for the report's release.

Persons: Joseph Rowntree, Iain Overton, Overton Organizations: BAE Systems, Joseph, Joseph Rowntree Foundation, BAE, CNBC

The U.S. has passed a series of export controls starting in October 2022 aimed at restricting China's access to advanced chip technology, particularly those used in AI applications. According to data from tech consultancy Omdia, China consumes nearly 50% of the world's semiconductors as it is the biggest market for assembling consumer devices. But, soon after, it was reported that Nvidia was working on a new chip made for China. The company did not respond to a request for comment on their plans for the China market. An analysis of Huawei's Mate 60 Pro smartphone by TechInsights revealed an advanced chip made by China's top chip maker, SMIC.

Persons: Wong Yu Liang, Chris Miller, William B, Bailey, Donald Trump, TechInsights Organizations: AMD MU, P Global, Intel, Broadcom, Qualcomm, Marvell Technology, U.S, The, CNBC, Nasdaq, Intelligence, Micron Technology, AMD, Nvidia, Huawei, Semiconductor Industry Association, America's Micron, country's Cyberspace Administration, Micron Locations: China, The U.S, U.S, Washington, Xi'an, Netherlands, Beijing

☆ Jamie Dimon had a lot to say in his annual letter to shareholders
▼ + stars: | 2024-04-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."

Persons: —, Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York

☆ 'Too early to judge': Global carmakers contend with closure at busiest U.S. autos port
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The remains of the Francis Scott Key Bridge on March 26, 2024 in Baltimore. Michael A. McCoy | The Washington Post | Getty ImagesThe Baltimore bridge collapse on Tuesday prompted carmakers to assess operations after the closure of the busiest U.S. auto port. Six people who had been working on the bridge were presumed dead on Wednesday, after rescuers failed to find them. The Port of Baltimore, the 11th largest port in the U.S. and its busiest for autos and light trucks, has been closed until further notice. Sweden's Volvo Group said it did not expect a significant impact, but was checking its U.S. production facilities.

Persons: Francis Scott Key, Michael A, carmakers, Dimitris Psillakis, it's, Psillakis Organizations: Francis Scott Key Bridge, McCoy, Washington Post, Getty, Logistics, Mercedes, Benz, CNBC, Baltimore, Volkswagen Group of America, Germany's Volkswagen, VW, Audi, Lamborghini, Bentley, Atlantic, Volvo Group, General Motors, Ford, Toyota, Nissan, Mitsubishi Locations: Baltimore, Port, U.S, East, Brunswick, Georgia

☆ The UK is regulating memes about crypto and other investments to curb scams from 'finfluencers'
▼ + stars: | 2024-03-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Britain's financial services regulator announced guidelines for financial services companies and social media influencers making memes about cryptocurrencies and other investments in a bid to tackle a rise in scams. The Financial Conduct Authority said in a statement Tuesday that any marketing for financial products — including those expressed in memes — should be fair, clear, and not misleading. The watchdog said that financial social media influencers, or "finfluencers," must have the approval of an FCA-appointed representative before publishing advertisements and memes about financial products and services, the FCA said. We will take action against those touting financial products illegally," Lucy Castledine, director of consumer investments at the FCA, said in a statement Tuesday. The FCA said that, in 2022, it took down over 10,000 misleading adverts about financial services.

Persons: Lucy Castledine Organizations: Financial, Authority, FCA

☆ Trump's initials are publicly tradeable once again — this time during a campaign
▼ + stars: | 2024-03-26 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump is a publicly tradeable asset once again. Trump's initials are one of the new stock symbols for Truth Social's parent company. Symbols can range from the fairly obvious APPL (Apple) to the playful, motorcycle maker Harley-Davidson uses HOG on the New York Stock Exchange. Trump's political fortunes will be closely tied to Truth Social's parent, Trump Media & Technology Group. By 2004, the company was delisted from the New York Stock Exchange after filing for Chapter 11 bankruptcy protection.

Persons: —, Donald Trump, Davidson, Trump, It's, Jeffrey Yass, Donald Trump Jr Organizations: Service, Nasdaq, New York Stock Exchange, Business, Trump Media & Technology Group, Trump Media, Susquehanna International Group, New York Times, Biden, Susquehanna, Trump Hotels, Casino Resorts, Atlantic Locations: Yass

☆ Consulting firms are cutting projections and tightening their belts as demand for their work slows
▼ + stars: | 2024-03-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Major consulting firms are seeing demand for their services slow. AdvertisementAccenture said in its quarterly report that consulting revenue for the second fiscal quarter, which ended on February 29, fell about 3% compared to 2023. Major consulting firms across the board are facing waning demand from clients. Some consulting firms are surviving the slowdown by reorganizing. AdvertisementDespite all the doom and gloom , one bright spot for consulting firms is the promise of AI.

Persons: —, Julie Sweet, Joe Ucuzoglu Organizations: Consulting, Accenture, Deloitte, Service, Financial

☆ TikTok aside, Congress has its eye on the U.S. money going into China
▼ + stars: | 2024-03-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The House Select Committee on the CCP, established in January last year, led the legislative act to essentially ban TikTok in the U.S. if its Chinese parent ByteDance doesn't sell the popular social media app. watch nowThe House select committee in February also published a report alleging U.S. venture capital firms invested billions "into PRC companies fueling the CCP's military, surveillance state and Uyghur genocide." Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds in major media outlets since late 2023. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. The Biden administration in August issued an executive order aimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns.

Persons: Ken Cedeno, that's, Mike Gallagher, Gallagher, Andrew King, King, Biden, Michael McCaul, Gregory W, Meeks Organizations: U.S, Capitol, Reuters, The U.S, Congress, Chinese Communist Party, CNBC, House Armed, Technologies, Innovation, Intelligence, CCP, Future, Ventures, Treasury Department, Treasury, Foreign, China's Ministry of Commerce, Financial Regulatory Administration Locations: Washington , U.S, Reuters BEIJING, The, China, United States, U.S, Beijing, San Francisco

☆ A long-time bull who predicted this market rally warns that gains are unsustainable — but these 20 stocks can outperform anyway
▼ + stars: | 2024-03-17 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Brian Belski of BMO Capital Markets was one of the market's most bullish strategists heading into 2024. Market breadth is markedly better in the last few months, according to BMO Capital Markets. For most of 2023, US stocks were disproportionately driven by growth stocks, specifically a handful of top performers. BMO Capital MarketsBelow are 20 stocks with an outperform rating from BMO Capital Markets that look attractive due to their GARP, quality, or value attributes. Along with each name is its ticker, market capitalization, sector, and group or groups that it fits into, according to BMO Capital Markets.

Persons: Brian Belski, It's, Belski, Sharpe Organizations: Business, BMO Capital Markets, Bank, BMO Capital, BMO

☆ How Wealthy Investors Got Rich Looting America's Needy Hospitals
▼ + stars: | 2024-03-11 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +21 min

That added to the massive debt burdens already placed on the hospitals by their for-profit owners, deepening their financial woes. In January, MPT reported that its biggest tenant, a nationwide chain of 32 hospitals called Steward, could no longer pay its rent. The core idea was simple: to buy hospital real estate, pocket the lease payments, and use the money to reward investors. The more hospital real estate that MPT buys, the more money it makes in rent payments from the hospitals. But that doesn't mean that MPT's leaders didn't get rich off its hospital deals.

Persons: Leonard Green, Sherman Cahal, Rob Simone, Hedgeye, MPT, Steward —, Justin Simon, Jasper Capital, they've, Ed Aldag, Eddie Lampert's, Eileen Appelbaum, Rosemary Batt, MTP, Marc Rowan, Richard Mortell, Leonard Green couldn't, they'd, Stephen Feinberg, Ralph de la Torre, Steward, Simone, Cerberus, Chandan Khanna, That's, de la, de la Torre, la Torre, Amaral, Aldag, Apollo, Eileen O'Grady, Moody's, didn't, Sen, Chuck Grassley Organizations: Northside Regional Medical Center, Ohio Valley Medical, East Ohio Regional Hospital, Luke's Medical, Glenwood Regional Medical Center, Medical Properties Trust, Jasper, Sears, Bain Capital, Affordable, Cornell University, Business, Third Coast Real Estate Capital, Cerberus, Health Care, Boston Globe, Bloomberg, Getty, Easton Hospital, Local, de la Torre, la, MediaNews, Boston Herald, Prospect, Private, Yale New Haven Health, Yale, Apollo, MPT, SEC, Republican, Senate Finance Locations: Youngstown , Ohio, Ohio, Wheeling , West Virginia, Martins Ferry , Ohio, St, Luke's, Phoenix, Massachusetts, West Virginia, California , Pennsylvania, Texas, Pennsylvania, Louisiana, America, Alabama, MPT, Greater Boston, Steward, Easton, Lehigh, Elizabeth's, Boston, Connecticut, it's

☆ Meet Boston's new power venture capitalist
▼ + stars: | 2024-03-06 | by ( Melia Russell | ) www.businessinsider.com time to read: +10 min

A changing of the guard is underway at Boston-based venture capital firm Underscore VC. The venture capitalist, wearing a cherry red cardigan and Apple Watch, cracked open a notebook and set it beside an iced coffee. Underscore VCLyman's Facebook credentials could have given her a ticket to many venture firms located down the road in Menlo Park. "The thesis is that if you get the right people around the business at the right time, it'll change the trajectory of the business," Lyman said. As Lyman steps up, so does UnderscoreUnderscore is moving into its next phase during a reckoning for venture capital.

Persons: Lily Lyman, —, Mike Greene, Marley, Lyman, Greene, she's, Michael Skok, John Pearce, Lyman —, Lily, they're, Skok, Alessandra Henderson, Pamela Aldsworth, Jeff Bussgang, Hi Marley, Gordon Ritter, Kevin Bacon, There's, Ritter Organizations: Service, Harvard University, Facebook, House, Apple Watch, Elektra Health, JPMorgan, New England Venture Capital Association, MIT, Allston Venture Fund, Harvard, Boston's, Capital Partners, OpenView Venture Partners, SEC, Old, Capital Locations: Boston, Old, Menlo Park

☆ Inside the rocky marriage of hedge funds and top AI talent
▼ + stars: | 2024-02-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +11 min

AI researchers have struggled with hedge funds' culture around proprietary secrets, which goes against the open-source philosophy foundational to AI and academia. Some recruiters, including Michael Stover, are seeing double- and triple-digit growth in AI hiring among hedge funds and prop-trading firms. For heads of AI, he said, hedge funds are dishing out a minimum of $1.5 million in total comp. But perhaps the top reason hedge funds are interested in the technology is that AI capabilities are bait in the war for investing talent. It's one of the few large US hedge funds without an executive or centralized team dedicated to AI or machine learning.

Persons: Ken Griffin's Citadel, Li Deng, Deng, Ken, Ken Griffin, Michael Stover, Stover, ExodusPoint, Balyasny, Agni Ghosh, Stott, isn't, Sumeet Chabria, Conor Twomey, Tim Mace, Mace, May's Ghosh, it's, They're, Peter Finter, Finter, That's, Ghosh, you've Organizations: Microsoft, Business, Citadel, Milken Institute, Reuters, Millennium Management, Bloomberg, Balyasny Asset Management, Man, Bank of America, Wall, Wall Street, Tech, Google Locations: Chicago, Seattle, Beverly Hills , California, London, San Francisco, Silicon Valley, Wall

☆ Morgan Stanley shares a 5-part playbook for investing in well-run companies while minimizing risk in a top-heavy market
▼ + stars: | 2024-02-22 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Why rich companies also keep getting richerThere's another major disconnect that the broader market's impressive performance is masking, strategists at Morgan Stanley remarked in a recent note. Since then, the return gap has gotten even worse in a historically narrow market, Wilson wrote. Morgan Stanley"The equity market understands this economy is not that great for the average company or consumer," Wilson wrote. This rare combination of expansionary fiscal policy and restrictive monetary policy has had the unintended consequence of "crowding out the private economy," Wilson wrote. Companies that can grow without borrowing money at unattractive rates are at a huge advantage, which Morgan Stanley believes has fueled their immense success lately.

Persons: Goldman Sachs, Morgan Stanley, Mike Wilson, Wilson, Morgan, it's, Morgan Stanley Morgan Stanley, Morgan Stanley's Organizations: Federal Reserve, Business, Pew Research Center Locations: GoDaddy

☆ Hedge funds took profits in these popular technology stocks during the fourth quarter
▼ + stars: | 2024-02-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet. Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter. Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter. Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally. Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.

Persons: Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li Organizations: Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom Locations: TSM, Meta, Berkshire, Salesforce, Chinese, China

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