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"The most powerful part of the AI story thus far is the chief technology officer, chief information officer," Griffin said at the Milken Global Institute. At the most profitable hedge fund of all time, that person is Umesh Subramanian, Citadel's chief technology officer. But in the age of generative AI, the role of the CTO has evolved into something that reaches far beyond the back office. Nearly two years after OpenAI introduced ChatGPT, finance firms are still trying to figure out the best ways to leverage generative AI for their own businesses and workers. Related stories"The level of investment right now in AI, trickling down the whole value chain, is no longer only a technology investment," Argenti said.
Persons: , Ken Griffin, Griffin, They've, Subramanian, OpenAI, it's, Andrew Chin, AllianceBernstein, Goldman Sachs, Marco Argenti, Chin, Wells, Bridget Engle, Engle, Keri Smith, Argenti, Citadel's Subramanian, Wall, Accenture's Smith, AllianceBernstein's Chin, Goldman's Argenti Organizations: Service, Citadel, Milken Global Institute, Business, BNY Mellon, Goldman, Amazon Web Services, Management, Accenture, Tech, Wall Locations: Wall
With nearly three-fourths of the S & P 500 reporting second-quarter results, the earnings picture for the back half of the year is looking unusually complicated. It's been a 'meh' quarter so far We have the usual beat on bottom-line earnings, but revenue beats are below expectations. Most companies are beating on earnings estimates but are declining to hike full-year guidance beyond the beat. Plenty of complaints about a slowing China consumer A weak China economy has been a significant headwind for a number of global companies this season. Procter & Gamble's China sales tumbled 8% from a year ago as consumer spending slowed.
Persons: It's, Sherwin, Williams, Lockheed Martin, Chipotle, Isaac, CDW, Clorox, – Hershey, Kraft Heinz, Mondelez, General Mills, Smucker, McDonald's, Wendy's, Bob, Wyndham, Mills, Marriott, LVMH, haven't Organizations: GE Aerospace, Hasbro, Lockheed, Verizon, Mattel, IBM, Juniper Networks, Enphase Energy, NXP Semiconductors, Accenture, Oracle, Procter, Gamble, PepsiCo, ConAgra Brands, Bank of America, MGM Resorts, Comcast, Marriott, Airlines, Allegiant, Ryanair, Gamble's, Starbucks, Visa, Nike, Vegas Sands Locations: J.M, Atlantic City, China, Gamble's China, Greater China, Japan, Macao, Marina, Sands, Singapore
AdvertisementSpeed and ease — that's how generative AI is changing the game for finance professionals. In a survey of 780 banking and capital-markets employees by Accenture Research, 62% of respondents expect generative AI to increase people's stress and burnout. "Employees with AI skills will replace people without AI skills," Andrew Chin, the chief AI officer at the $759 billion money manager AllianceBernstein, told BI. AdvertisementA data scientist at a midsize hedge fund told BI that generative AI models are a "superpower for coders." The firm's ultimate aim is to use generative AI to replicate the success of its best bankers for all advisors.
Persons: Christina Melas, Rowe Price's Sébastien, Eric Burl, Alyssa Powell, Thomas H, Lee, Keri Smith, Smith, Ken Griffin, They've, Goldman Sachs, Marco Argenti, Argenti, It's, I've, drudge, Andrew Chin, AllianceBernstein, Lisa Donahue, Donahue, Jobs, who's, He's, he'd, ChatGPT, Accenture's Smith Organizations: Bain Capital Ventures, Management, Business, Bain Capital, Man Group, Accenture Research, Finance, Wall Street, Blackstone, Sigma, Citadel, Milken Institute Global Conference, Excel, Accenture, Northern Trust, Citibank, Citi, JPMorgan Locations: New York City, New York
The Federal Trade Commission is launching an investigation into so-called "surveillance pricing," seeking more information about how artificial intelligence is used to change pricing rapidly based on data about customer behavior and characteristics. The FTC says the practice allows companies to charge different customers, different prices. "Firms that harvest Americans' personal data can put people's privacy at risk," FTC Chair Lina Khan said in a news release. Kahn describes surveillance pricing as a "shadowy ecosystem of pricing middlemen." Mastercard said in a statement, "We will cooperate with the FTC in this process."
Persons: Lina Khan, Kahn Organizations: Federal Trade Commission, CNBC, Summit, FTC, Mastercard, JPMorgan Chase, Accenture, McKinsey, Home Depot, Tractor Supply, Hannaford, Puma Locations: Washington ,
Here are Friday's biggest calls on Wall Street: UBS upgrades Accenture to buy from neutral UBS said the IT services company has AI optionality. UBS upgrades Wolverine World Wide to buy from neutral UBS said it sees sales growth and margin upside for the footwear manufacturer. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight on Netflix following Thursday's earnings report. Bank of America reiterates Amazon as buy Bank of America said it's sticking with its buy rating following Amazon's Prime Day. UBS upgrades Ameren to buy from neutral UBS upgraded the electric services company and said regulatory risks are "overly discounted."
Persons: Morgan Stanley, Oppenheimer, William Blair, it's, Needham, Coinbase, Wedbush, it's bullish, Barclays downgrades Molson Coors, Cantor Fitzgerald, Cantor, Evercore, JPMorgan, Buck, Melius Organizations: UBS, Accenture, JPMorgan, Netflix, Revenue, Bank of America, 3Q, Nvidia, Meta, NASDAQ, Trump, Vance, Big Tech, Choice, Barclays downgrades, Barclays, TAP, Apple, Services, Broadcom, Broadcom's, Consumer, Hasbro Locations: China, Coinbase
Semiconductor stocks and technology behemoths get all the acclaim when it comes to artificial intelligence, but RBC Capital Markets is offering up some alternate ways to play the theme. Other technology giants have followed suit, with Amazon closing above a $2 trillion market value for the first time ever last month. Against this backdrop, RBC Capital Markets highlighted some of its favorite ways to play the theme beyond the classic winners, viewing AI as the "next disruptive mega-trend." While the social media giant has already gotten a boost from the trend, RBC Capital Markets expects shares to benefit from a world where digital advertisers market toward AI and virtual assistants. RBC Capital Markets also highlighted a handful of software stocks that could win big as AI proliferates, viewing the tool as a "revenue enhancer and profitability expander" that may take three to five years to materialize.
Persons: behemoths, GenAI, CrowdStrike, Eaton, Thomson Organizations: RBC Capital Markets, Nvidia, RBC Capital, Adobe, Accenture, Thomson Reuters Locations: Shopify
Sam's Club uses a system of floor-scrubbing robots that have AI inventory scanners. A worker tells BI this automation has made his job more enjoyable, and eased his concerns about AI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "I had general sense of fear of losing my job to robots," a Sam's Club forklift operator told Business Insider. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Sam's, Service, Accenture, Business
Here are the biggest calls on Wall Street on Wednesday: Stifel initiates Tesla at buy Stifel said it's bullish on Tesla for the long term. JPMorgan upgrades FedEx to overweight from neutral JPMorgan upgraded the shipping giant following earnings on Tuesday. Jefferies reiterates Alphabet as buy Jefferies said its survey checks show Alphabet is top of mind for consumers when it comes to AI. Citi reiterates Nvidia as buy Citi raised its price target on Nvidia to $150 per share from $126. Morgan Stanley downgrades Accenture to equal weight from overweight Morgan Stanley said shares of the IT company are "no longer" attractive.
Persons: Tesla, Stifel, it's, Piper Sandler, Piper, Goldman Sachs, Goldman, Mark Clouse, Carrie Anderson, Rebecca Gardy, Wolfe, HOOD, Warnick, Shopify, Rosenblatt, Nike's, Morgan Stanley, Jefferies, GOOGL, Stephens, Wells, BTIG, Northrop, Rivian, Piper Sandler downgrades Aptiv Organizations: JPMorgan, FedEx, Campbell, Barclays, Nu Holdings, BMO, Steel, Nippon, US Steel, X, Digital Realty, Citi, U.S, Caterpillar, Apple, Apple Intelligence, Android, UBS, Nike, Nvidia, Davidson, Home, Bank of America, " Bank of America, shipper, UPS, Cruises, Northrop Grumman, VW, JV, Accenture Locations: 1Q24, Mexico, Brazil, China, Houston, U.S, Rivian
But the team was uncertain about how, so it turned to Boston Consulting Group for help. Reckitt’s request was one of hundreds that Boston Consulting Group received last year. It now earns a fifth of its revenue — from zero just two years ago — through work related to artificial intelligence. “There’s a genuine thirst to figure out what are the implications for their businesses,” said Vladimir Lukic, Boston Consulting Group’s managing director for technology. The next big boom in tech is a long-awaited gift for wonky consultants.
Persons: ChatGPT, , , Vladimir Lukic Organizations: Boston Consulting Group, Boston Consulting, McKinsey & Company, IBM, Accenture
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalls of the Day: Home Depot, Accenture, Shopify, Blackstone & CaterpillarThe Investment Committee discuss the latest Calls of the Day.
Organizations: Depot, Accenture, Shopify, Blackstone & Caterpillar The Investment
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThere are two major similarities between today's stock market environment and the dot-com bubble era, says RIA Advisors CIO Lance Roberts. RIA Advisors/AccentureAnd two, there is a small group of firms leading the overall stock market rally, just as it was in 2000. He's a bit more optimistic this time around because of the robust earnings performance fueling the few stocks leading the market. Advertisement"We are again experiencing another of these speculative 'booms,' as anything related to artificial intelligence grips investors' imaginations," Roberts said.
Persons: , Lance Roberts, Roberts, Jonathan Golub Organizations: Service, RIA, Business, Accenture, Nvidia, UBS, Investors, Federal Reserve
Among companies spending on AI, roughly four times as many are investing in employee-facing AI projects rather than customer apps, the survey also found. Sixty percent of the select group of companies responding to the survey described generative AI as critically important to their business, and artificial intelligence is the single-largest technology spending budget line item for the next year at 44% of companies. Cleaning up the vast amount of data already stored on a corporate enterprise is a process that could take a few years. "A lot of the spending on gen AI today does feel like it's more about prioritizing spending ... clients are focused on transforming using technology, data and AI, so a lot of what's driving our sales is getting ready for AI. We're seeing a lot of modern platforms being put in place because if you can't access your data, you're not going to be able to take advantage of AI," Sweet said.
Persons: Charles Giancarlo, Julie Sweet, Sweet Organizations: CNBC Technology, CNBC, Accenture
Check out the companies making headlines before the bell: Accenture — The tech stock jumped 8.6%. While Accenture missed earnings and revenue expectations in its latest quarter, according to FactSet, the information technology company posted more than $900 million in new generative AI bookings. Trump Media & Technology Group — Shares tumbled nearly 12% after the company on Tuesday said that its registration of additional shares was declared effective by the Securities and Exchange Commission. Dell Technologies , Super Micro Computer — Shares jumped more than 4% each. Advanced Micro Devices — Shares added about 1% after Piper Sandler called the semiconductor stock a top pick among large caps.
Persons: Elon Musk, Dell, Musk, LSEG, Piper Sandler, — CNBC's Michelle Fox, Hakyung Kim Organizations: Accenture, Trump Media & Technology, Securities and Exchange Commission, Nvidia, Microsoft, Dell Technologies, xAI, Hewlett Packard Enterprise, Juniper Networks, Juniper, KB
Stifel raised its price target on Nvidia to $165 a share from $114, implying nearly 22% upside from Tuesday's close. Keybanc raised its price target on Club holding Meta Platforms to $540 a share from $475, citing a "meaningful uptick" in ad prices. Tesla price target lowered to $227 a share from $293 at RBC Capital, but analysts maintained their outperform rating on the electric vehicle maker's stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Stifel, Olive Garden, Piper Sandler, Keefe, Eli Lilly, Tesla, Uber, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Nvidia, Microsoft, Darden, LongHorn, Honeywell, CAES, Holdings, Accenture, Citigroup, Citi Services, Citi . Club, RBC Capital, RBC, Jim Cramer's Charitable, CNBC Locations: U.S
Trump Media & Technology Group — After former President Donald Trump's company said on Tuesday that the Securities and Exchange Commission had declared effective Trump Media's registration of additional shares, the stock dropped 13.5%. Super Micro Computer — Shares jumped 5% after Elon Musk said the company will help his AI firm, xAI, build a supercomputer . Winnebago reported $1.13 in adjusted earnings per share on $786 million of revenue for its fiscal third quarter. Commercial Metals — Shares gained 5.6% after the company reported a revenue beat for its third quarter. Analysts surveyed by LSEG had forecasted $1.80 earnings per share and $1.65 billion in revenue.
Persons: lenacapavir, Donald Trump's, Elon Musk, Piper Sandler, Winnebago, FactSet, Heather Balsky, Jabil, LSEG, , Alex Harring, Hakyung Kim, Sarah Min, Jesse Pound, Lisa Han Organizations: Accenture, Gilead Sciences, Trump Media & Technology, Securities and Exchange Commission, Trump, Darden, Garden, LongHorn, LSEG . Revenue, Winnebago Industries, Bank of America, Jazz Pharmaceuticals, Metals, Revenue, KB
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAccenture CEO: A lot of our sales now are driven by getting ready for AI and building digital coreJulie Sweet, Accenture chair and CEO, joins 'Squawk on the Street' to discuss how much Sweet is positioning Accenture as an AI company, how companies are spending their limited budget, and more.
Persons: Julie Sweet Organizations: Accenture
But, according to a new report from Citigroup researchers, "finance will be at the forefront of the changes." That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement. Citi's AI in FInance report. AdvertisementIn an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point. "I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.
Persons: , Shameek Kundu, Kundu Organizations: Service, Citigroup, Business, Accenture Research, Economic, Citi, FInance, of England
Calls of the Day: Corning, Accenture and Carmax
  + stars: | 2024-06-18 | 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 EmailCalls of the Day: Corning, Accenture and CarmaxThe Investment Committee discuss the latest Calls of the Day.
Organizations: Accenture, Investment
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Up next: There's not a whole lot expected to happen on Wall Street over the next 24 hours. 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, Eaton —, There's, we'll, we're, Jim Cramer's, Jim Organizations: CNBC, Nvidia, Apple, Microsoft, Broadcom, Energy, Boeing, UBS, Accenture, Kroger, Olive Garden, Darden, Jim Cramer's Charitable Locations: Wells, Dover, U.S
Washington CNN —America’s top central banker recently said the job market now looks the way it did before the Covid-19 pandemic drastically upended society. Before the Bell spoke with Julia Pollak, chief economist at jobs site ZipRecruiter, about her views of the job market. Before the Bell: Do you agree with Chair Powell’s view that today’s job market is back to a pre-pandemic normal? Why is the job market slower now? The number of job openings is higher than it was by around 15% or so, but online job postings are actually lower by ZipRecruiter’s count.
Persons: Washington CNN —, , Jerome Powell, Powell, it’s, Bell, Julia Pollak, they’re, They’re, Olesya Dmitracova, Emmanuel Macron, Read, Patrick Harker, Lisa Cook, Tom Barkin, Susan Collins, Adriana Kugler, Lorie Logan, Alberto Musalem, Goolsbee Organizations: CNN Business, Bell, Washington CNN, Fed, Labor, EU, National, New York Fed, Manufacturing Index, Reserve Bank of Australia, US Commerce Department, Federal Reserve, National Association of Home Builders, Accenture, Kroger, Darden, Bank of England, US Labor Department, Philadelphia Fed, Richmond Fed, Global, National Association of Realtors Locations: Washington, France, Wells Fargo
Also helping was the 8.5% rally in portfolio heavyweight Nvidia following its 10-for-1 stock split on Monday. Within the Club this week, we heard from Broadcom , which reported strong quarterly results and announced its own 10-for-1 stock split. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Economists, Jerome Powell, financials, That's, Here's, FactSet, Lennar, LEN, Jabil, Smith, Jim Cramer's, Jim Cramer, Jim, Brendan McDermid Organizations: Nasdaq, Dow Jones, Wednesday, PPI, Apple, Broadcom, Oracle, Adobe, Nvidia, Investors, Housing, Monday, Darden, Olive Garden, Longhorn, U.S, Accenture, Kroger, KR, Wesson, Jim Cramer's Charitable, CNBC, Federal Reserve, New York Stock Exchange Locations: U.S, Olive, New York City
CleverCards, a Dublin-based firm, uses a digital platform linked to configurable expense cards to give companies control over how their employees use their corporate payment cards. CleverCards CEO Kealan Lennon says his platform aims to tackle exactly that. Lennon said that CleverCards' funding round stood out in what has been a brutal market for dealmaking and fundraising in fintech. CleverCards will use the fresh funds to expand its business, scale its products and explore broader opportunities, it said. In addition to the fundraise, CleverCards appointed five new non-executive directors to its board with experience in payments technology.
Persons: Robert Half, Kealan Lennon, Lennon, CleverCards, CleverCard, It's, we've, Patrick Waldron, Donal Daly, Marc Frappier, Garry Lyons, Viktoria Otero del Val Organizations: CNBC, eBay, Accenture, Microsoft, Apple, Stripes Locations: Dublin, France, Adyen, Betfair, fintech
"Last night, I bemoaned that there aren't enough stocks that are compelling away from tech," Cramer said. And this week's numbers suggest that higher for longer might be too inflexible a strategy for a suddenly gassed economy." Lennar reports on Monday and KB Home reports on Tuesday. Housing starts data will be released on Thursday, and Accenture , Kroger , Darden and Jabil will report earnings. Cramer said three firms slashed their price targets for Olive Garden parent Darden this week, which usually doesn't bode well for the quarter.
Persons: CNBC's Jim Cramer, homebuilders Lennar, Cramer, Antonio Neri, Jensen Huang, Jabil, Kroger hasn't, bode, CarMax Organizations: KB, Citigroup, Hewlett Packard Enterprise, Nvidia, Housing, Accenture, Kroger, Darden, Olive Garden, Apple
Read previewArtificial intelligence is expected to be the topic du jour at Cannes Lions this week, when the ad industry descends on the French Riviera for its annual shindig in the sun. Businesses are exploring how they can use AI to perform tasks like copywriting, research, and automating their ad campaigns. A Cannes Lions spokesperson said the festival is expecting 12,000 delegates, though many more ad execs and vendors forgo the official festivities to hobnob at the fringe events. Cannes Lions has set its own rules around AI. "Those who will win will figure out the right mix of AI plus the right influencers plus the right concepts," MediaLink's Wagman said.
Persons: , there's, Klarna, Wayne Levings, Mark Wagman, Wagman, Jessica Apotheker, Apotheker, Scarlett Johansson, David Droga, Mira Murati, Vidhya Srinivasan, Alexander Chen, Greg James, Publicis, Anthony Yell, Razorfish, Yell, BCG's Apotheker, Queen Latifah, Lando Norris, John Legend, Chrissy Teigen, Deepak Chopra, Jason, Travis Kelce, Lenny Kravitz, Janelle Monáe, MediaLink's Wagman Organizations: Service, Cannes Lions, Lions, Business, Cannes, United Talent Agency, Google, Microsoft, Adobe, Boston Consulting Group, Palais, Accenture, OpenAI, Google Creative, North America, Publicis Groupe, influencers Locations: Americas, MediaLink, Cannes
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Austin Wang, a class-of-2025 computer-science major at Yale University, said students were "scared that engineering roles will be replaced in the future." Handshake found that fewer prospective business graduates were applying to consulting roles and that more were seeking positions in customer relations, marketing, and analytics compared with last year. Handshake's analysis suggested tech job postings geared toward fresh graduates fell by 30% compared with last year. Advertisement"It's quite bad for entry-level jobs in general but even worse for international students," she said.
Persons: , It's, Goldman Sachs, Morgan Stanley, Austin Wang, Fabrice Coffrini, Beth Hendler, Matthew Park, Anika Nair, Rutgers University . Austin Wang, Anika Nair Yale's Wang, Wang, Amr Alfiky, you'll, Adnan Hussain, Christine Cruzvergara, Richard Carruthers, I've Organizations: Service, Management, Big Tech, National Association of Colleges, Employers, Business, New York Times, Yale University, McKinsey & Company, Boston Consulting Group, Bain & Company, Accenture, McKinsey, Getty Images Industry, Yale, Tech, Companies, Ivy League, Rutgers University ., Rutgers University, JPMorgan —, Investment, Citigroup, JPMorgan, Deutsche Bank, Finance, Reuters, National University of Singapore, Imperial College London, KPMG, Deloitte, HSBC, Amazon Web Services Locations: Wall, AFP, Singapore
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