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☆ Why Google should feel nervous about OpenAI's SearchGPT, according to a search engine expert
▼ + stars: | 2024-08-06 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewWith the recent launch of SearchGPT, OpenAI has positioned itself to compete with Google in the search engine market. The new tool allows users to search the web in real time and automatically summarize results from Microsoft's Bing. Chris Rodgers, the CEO at SEO agency CSP, has worked in the search engine industry for over 20 years. He told Business Insider that SearchGPT may not pose an immediate threat to Google Search. He also said Google should feel the heat because OpenAI has presented a better strategy than Google in its rollout of SearchGPT.

Persons: —, OpenAI, Microsoft's Bing, hasn't, Chris Rodgers, Rodgers, that's, Axel Springer, SearchGPT, it's Organizations: Service, Google, Business, Astra, Vox Media, News Corp Locations: ChatGPT

☆ Credit card debt hits record $1.14 trillion, New York Fed research shows
▼ + stars: | 2024-08-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowWho is falling behind on credit card billsThese borrowers "may have overextended during the pandemic," the New York Fed researchers said on a press call Tuesday. Delinquent borrowers are often renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable and miss a payment, the researchers said. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed found. Among the millennials transitioning into delinquency, many also entered the labor market during the Great Recession and may be experiencing the prolonged negative effects of graduating into an economic downturn, the New York Fed researchers said. Credit card rates top 20%

Persons: homeownership, Brett House, Ted Rossman Organizations: New York Fed, Columbia Business School

☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ Elon Musk files new lawsuit against OpenAI and Sam Altman
▼ + stars: | 2024-08-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk filed a new lawsuit against OpenAI and CEO Sam Altman Monday, re-opening a legal battle in his fights over artificial intelligence. He then dropped the lawsuit in June, without explanation, after OpenAI published old emails from Musk that revolved around OpenAI’s creation. The new lawsuit, filed against OpenAI, Altman and co-founder Gregory Brockman, made the same claims. The new lawsuit claims Altman and Brockman “manipulated” Musk into co-founding OpenAI. “Elon Musk’s case against Sam Altman and OpenAI is a textbook tale of altruism versus greed.

Persons: New York CNN — Elon Musk, Sam Altman, Musk —, —, OpenAI, Altman, Gregory Brockman, ”, Marc Toberoff, Musk, Microsoft “, Musk’s, Brockman “, “ Elon, ’, ” CNN’s Clare Duffy, Brian Fung Organizations: New, New York CNN, OpenAI, Microsoft, Inc, CNN, Federal Trade Commission, Securities, Exchange Commission, Reuters Locations: New York, California, Northern California, AGI, OpenAI, Europe, Britain, United States

☆ Bitcoin tumbles as risk assets plunge in global market rout
▼ + stars: | 2024-08-05 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Bitcoin dropped on Monday amid the global market meltdown. Crypto has not been spared the carnage as traders eye a growing risk of a US recession. The sell-off in crypto comes as risk assets plunge in a global market rout caused by worries over the state of the US economy. Some market observers have said that the historic market rout could prompt an emergency rate cut from the central bank in the next week. Japan's Nikkei 225 index dropped 12% early Monday in its worst single-day decline since 1987, and markets in South Korea and Europe also plunged.

Persons: Bitcoin, Crypto, —, Gracy Chen Organizations: Service, Federal Reserve, Fed, Japan's Nikkei, Bank of America Locations: South Korea, Europe

The Serbian tennis legend had won all four Grand Slam titles and practically every honor there is in the sport, but the Olympic gold medal had escaped him. Paul Ellis / AFP via Getty ImagesSimone Biles' Olympic medal collection has officially reached double digits. , the American cyclist who didn’t even qualify for the Olympics but is now going home with a gold medal. Racing in a downpour, Julien Alfred won the first Olympic medal in any sport for Saint Lucia on Saturday when she took gold in the women's 100-meter final. the first Olympic medal in any sport for Saint Lucia on Saturday when she took gold in the women's 100-meter final.

Persons: Noah Lyles, Jamaica’s Kishane Thompson, ’ Fred Kerley, Hector Vivas, Lyles, Novak Djokovic, Matthew Stockman, Novak Djokovic couldn’t, Djokovic, Carlos Alcaraz, Simone Biles, Paul Ellis, ”, Biles, hasn’t, “, ” Biles, Suni Lee, Kaylia Nemour, Qiu Qiyuan, David Li, Imane, Hungarian Anna Luca Hámori, ” Khelif, Lin Yu, Thomas Bach, Kristen Faulkner, Bobby Finke, Katie Ledecky can’t, Julien Alfred, Saint Lucia, Sha'Carri Richardson, Kamala Harris, Whom Harris, we’ll, Andy Beshear, Pete Buttigieg, Sen, Mark Kelly of, JB Pritzker, Josh Shapiro, Tim Walz, MAGA, Harris, Nikki Haley, Donald Trump, Trump, Vance, SCOTUS, Neil Gorsuch, Joe Biden's, Debby, Storm Debby, Darren Staples, Keir Starmer, Israel, Ismail Haniyeh, Fuad Shukr, “ They’ll, Michael G Organizations: Paris Olympics, U.S, Olympic, Getty, NBC News Algerian, Team USA, Saint, Paris, Taxi, Philadelphia . Kentucky Gov, Mark Kelly of Arizona ,, Mark Kelly of Arizona , Illinois Gov, Minnesota Gov, Democratic, Republican, GOP, ABC, Fox News, Tropical, National Hurricane Center, NOAA, U.S . Justice Department, Protesters, NBC News, NBC News Companies Locations: Serbian, Paris, Tokyo, Los Angeles, China, Hungarian, Taipei, U.S, Philadelphia . Kentucky, Mark Kelly of Arizona, Mark Kelly of Arizona , Illinois, Pennsylvania, Florida, of Mexico, Rocky, Southern California, Mississippi’s, Nottingham, England, AFP, Southport —, Liverpool, Hull, Israel, Iran, Breakwater, Rockland , Maine, South Florida, Nashville , Tennessee, Atlanta

☆ Here are JPMorgan's top stock picks for August
▼ + stars: | 2024-08-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Some stocks have been added and others on this month's list. EQT Corp. has been added, while Arista Networks and Coherent Corp. – two names on last month's list – have been removed. Here are some of JPMorgan's top picks for August: EQT was named as part of the bank's value strategy. Of consumer stocks, McDonald's is also viewed as a value play, with shares of the fast-food chain down 7% this year. For growth stocks, Amazon made the cut.

Persons: EQT, McDonald's, Joe Erlinger, Brian Olsavsky, Donald Trump, Olsavsky, Eli Lilly –, – Organizations: JPMorgan, Dow Jones, EQT Corp, Arista Networks, Amazon, Paris, Microsoft Locations: EQT, McDonald's U.S

☆ Scam victims on Zelle rarely get their money back. A new bill could fix that
▼ + stars: | 2024-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Bank transfer or payment fraud losses spiked by nearly 150% over that span to $1.9 billion. The big banks that run Zelle in particular “rarely” reimburse customers duped by scammers, according to a recent Senate investigation. So Democrats in Congress are introducing new legislation that would seek to crack down on payment scams by closing loopholes in existing law. For instance, Zelle says that while customers hurt by unauthorized activity are “typically” able to get their money back, victims of scams may not. Under pressure from lawmakers, last year banks on Zelle began refunding some victims of imposter scams.

Persons: scammers, Maxine Waters, Sens, Richard Blumenthal, Elizabeth Warren, ” Blumenthal, “ Zelle, Zelle, Wells, ” Zelle, ” Ariana Duval, Duval, “, ” Duval, Cameron Fowler, EWS, ” Fowler, Fowler, he’s “, ” Organizations: New, New York CNN, Consumers, Bank, Republican, Rep, Senate, CNN, Homeland Security, Governmental Affairs, Investigations, Blumenthal, JPMorgan, Bank of America, North Carolina Agricultural, Technical State University, PayPal, Warning, Connecticut Democrat Locations: New York, Wells Fargo, Zelle, Connecticut

Best Credit Cards for Excellent Credit of August 2024Compare the Top Credit Cards for Excellent CreditBest mid-tier travel card Chase Sapphire Preferred® Card Apply now lock icon An icon in the shape of lock. Best Credit Cards for Excellent Credit ReviewsConsumers with excellent credit have a lot of options when it comes to credit cards. The Bank of America® Premium Rewards® credit card isn't flashy, but it offers unique long-term value for those who prefer cash back credit card rewards and have a broader banking relationship with Bank of America. The Capital One Venture X Rewards Credit Card is Capital One's entry into the premium credit card market. Credit Cards for Excellent Credit Frequently Asked QuestionsWhat is the best credit card to get with an 800 credit score?

Persons: Read, Merrill, Miles you've, Miles you’ve, Miles, There’s, Uber, Wiley, Julie Mehretu, Peacock, Uber Cash, Chase, Cardholders, cardholders, you've, you'll, You'll, It's, Peter Rothbart, he's, Peter, Angela Fung Organizations: FICO's, Chase Travel, Chase, Sapphire, Hotel, FDIC, Bank of America, Bank of America's, of America, Bank of America Travel Center, TSA, Travel Insurance, Discover's, Discover . Discover, Capital, One, Premier, Express, American Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, American, Walmart, Global, Saks Fifth, Saks Fifth Avenue, Business, Finance, TSA PreCheck, PreCheck, Resorts Locations: Hulu, Wells, Seattle , Washington, Vegas, Pacific

☆ 6 top Goldman dealmakers, from Dan Dees to Gene Sykes, reflect on their careers at the investment bank, from junior banker to partner
▼ + stars: | 2024-08-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +12 min

Wall Street careers are notoriously grueling and littered with politicking and jockeying to climb the ranks. AdvertisementNow, these six partners are looking back on their own rise, offering words of wisdom from their own Wall Street origin stories. At Goldman Sachs, the core of who we are in investment banking is M&A. Gene Sykes, cochairman of global M&A and global TMT:Gene Sykes Courtesy of Goldman SachsThe market for M&A advice has evolved over time. Are you a Goldman Sachs or Wall Street insider?

Persons: Goldman Sachs, Alison Mass, Stephan Feldgoise, Dan Dees, Hank Paulson, Tim Ingrassia, Alison, Goldman, Peter Weinberg, Gene Sykes, It's, Mark Sorrell, John Thornton, John Waldron, Karen Cook, Yoel Zaoui, Gregg Lemkau, it's, Jennifer Kopylov, Reed Alexander Organizations: Service, Wall, Partners, Business, US Treasury, Street, Goldman Locations: New York City, London, New York, Europe, American

☆ Mark Zuckerberg has brilliantly cornered us
▼ + stars: | 2024-08-01 | by ( Lloyd Lee | Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read previewMark Zuckerberg looks poised to dominate the AI adoption race thanks to a technicality: Meta has three billion-plus captive users who have no choice but to use it. As the company reported second-quarter earnings on Wednesday, Zuckerberg gloated about Meta AI — its AI assistant rolled out earlier this year — being "on track to achieve our goal of becoming the most used AI assistant by the end of the year." Related storiesIn effect, then, that gives Zuckerberg a lot of engaged users to introduce AI-powered technology to. Meta's family of apps now has 3.27 billion daily active users. Zuckerberg also seems intent on showing users that AI can inherently make their experience of his apps vastly better.

Persons: —, Zuckerberg, It's, Mike Proulx, Forrester, WhatsApp, Susan Li Organizations: Service, Harvard, Business, Meta, Facebook, Apple, Apple Intelligence, OpenAI

☆ Your coffee’s getting pricier – and climate change could keep it that way
▼ + stars: | 2024-08-01 | by ( Erika Tulfo | ) edition.cnn.com time to read: +7 min

Roasters and coffee experts are also signaling that prices could remain higher for longer, as factors like climate change reduce the coffee global supply. Climate change drives prices up“Coffee is more sensitive to changes in temperature than many other crops,” said Michael Hoffmann, professor emeritus at Cornell University’s College of Agriculture and Life Sciences. “Climate change is getting worse. According to Delany, coffee prices are typically between 100 to 140 cents, but have stayed consistently above that range for the past three years. “There’s a drum beat in the background that is climate change, and that is causing problems,” he said.

Persons: CNN —, Tomas Edelmann, ”, Hamburgo, Miranda, Ryan Delany, there’s, Michael Hoffmann, “, Brazil sneezes, Delany, Arabica, ” Neil Rosser, Lavazza, Miranda Edelmann, Giuseppe Lavazza, Nestle, Sharon Zackfia, William Blair, Rosser, ” Delany, you’re Organizations: CNN, Coffee, International Coffee Organization, United Nations, Coffee Trading Academy, Cornell University’s College of Agriculture, Life Sciences, US Department of Agriculture, Commodities, Financial Times, Nestle Locations: Chiapas, Mexico, Brazil, Arabica, Vietnam, Ukraine, Red

☆ 'Gaining share': Here's what Wall Street expects from Amazon's 2nd-quarter earnings
▼ + stars: | 2024-07-31 | by ( Matthew Fox | ) www.businessinsider.com time to read: +7 min

Wall Street expects the retail giant to report adjusted earnings per share of $1.47 in the quarter and revenue of $148.78 billion, according to data from Bloomberg. Here's what Wall Street expects from Amazon's upcoming second-quarter earnings report. While the US consumer is showing signs of softening, the bank expects Amazon's retail unit to be a beneficiary from the current economic environment. "AWS sales, in constant currency, may meet consensus' high-teens view," Bloomberg Intelligence said. AdvertisementThe analysts also said Amazon's advertising revenue could continue to grow at a "20%-plus pace as Amazon takes market share."

Persons: —, Wall, Goldman Sachs, Amazon's, Rufus Organizations: Service, Bloomberg, Business, Bank of America, of America, 1Q, " Bank of America, Citi, Amazon, 2Q, JPMorgan, Bloomberg Intelligence Locations: America, North America

☆ Coca-Cola CEO on state of consumer: Have to deliver value and 'earn' the price increase
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoca-Cola CEO on state of consumer: Have to deliver value and 'earn' the price increaseCoca-Cola CEO James Quincey joins 'Squawk Box' to discuss the company's Olympic sponsorship, the 2024 Paris Olympic games, state of the consumer, McDonald's partnership, competition against Pepsi and Dr. Pepper, and more.

Persons: James Quincey, Pepper Organizations: Pepsi

☆ Japan Raises Interest Rates for Second Time Since 2007
▼ + stars: | 2024-07-31 | by ( River Akira Davis | ) www.nytimes.com time to read: +1 min

For only the second time in nearly two decades, Japan’s central bank on Wednesday raised interest rates, a move that could help bolster the country’s ailing currency and ease the burden of consumers paying more for imported essentials like food and energy. The Japanese central bank increased its target policy rate to 0.25 percent, up from a range of zero to 0.1 percent. The rate was last bumped up in March, when the bank raised interest rates for the first time since 2007. The large gap between interest rates in Japan and the United States has caused the yen to fall in value against the dollar over the past two years, but it regained some strength recently as traders anticipated an imminent rate increase from the Bank of Japan. The Bank of Japan’s decision was being closely watched by investors and economists inside and outside of Japan.

Organizations: Bank of Japan, The Locations: Japan, United States

☆ 'You have to be invested': 6 hot stocks to buy as US markets rebound to record highs by Labor Day
▼ + stars: | 2024-07-30 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In a little over a week, the index sank from near 5,670 to under 5,400 as the mega-cap tech stocks that drove the market higher suddenly sold off. Advertisement"You have to get involved in stocks; you have to be invested in the US equity market," Salama told Business Insider. However, the trader isn't abandoning his bullish view on mega-cap tech stocks. AdvertisementStoltzfus agrees that the market's favorite stocks, including those tied to artificial intelligence, aren't wildly overvalued, as some bears have argued.

Persons: —, John Salama, he's, Salama, There's, John Stoltzfus, who's, Stoltzfus, I've, Trump, Biden, Harris, Parris, it's Organizations: Service, Business, Labor, Oppenheimer Asset Management, House, Shmump, Dell Technologies

☆ Google's AI Olympics ad is drawing jeers online but scores surprisingly well among viewers
▼ + stars: | 2024-07-30 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +6 min

Read previewAn Olympics ad from Google depicting a father using its Gemini AI assistant to help his daughter compose a letter to her favorite athlete has drawn sharp criticism from online commentators. Google's "Dear Sydney" spot first aired on TV during the broadcast of the opening ceremony on July 24 and is also available on YouTube. Related stories"It follows a coherent story, focuses on characters with agency and vitality, and prioritizes people over the product," said Jon Evans, System1 chief customer officer, of Google's ad. Still, several ad experts have said Google's marketing department — which created the ad in-house rather than using an ad agency — should have done a better job of reading the room. The "Dear Sydney" spot was still airing on US TV on Tuesday morning, according to the measurement firm iSpot.

Persons: —, USA's Sydney McLaughlin, McLaughlin, Shelly Palmer, Syracuse University's S.I, Jon Evans, Evans, System1, Kevin, Sabrina, Sydney, Maani Safa, Poppins, Safa, Malcolm Poynton, didn't, Lorraine Twohill, Josh Green Organizations: Service, Google, Gemini, Business, Paris Olympics, YouTube, Team USA, Syracuse University's, Newhouse School of Public Communications, NBC Sports, Cheil Locations: Paris

☆ China's manufacturing activity seen extending decline in July
▼ + stars: | 2024-07-30 | by ( ) www.cnbc.com time to read: +1 min

The world's second-largest economy grew much slower than expected in the second quarter, with the consumer sector a particular cause for concern. Retail sales growth sank to an 18-month low as deflationary pressures forced businesses to slash prices on everything from cars to food to clothes. While half of the 300 billion yuan ($41.40 billion) in ultra-long treasury bonds China's state planner announced on Thursday will be allocated to support a program of consumer trade-ins, that amount is seen as too little to meaningfully boost economic recovery, as it is equivalent to just 0.12% of economic output and 0.3% of 2023's retail sales. Solid Chinese exports have provided some support to factory managers in recent months and propped up progress towards the government's growth target of around 5%, but as a growing number of trade partners mull import tariffs, the jury is out on whether that boost can be sustained.

Locations: mull

☆ ChatGPT is getting chattier with ‘advanced voice mode’
▼ + stars: | 2024-07-30 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —OpenAI stunned users when it demonstrated an updated voice mode for the most advanced version of ChatGPT earlier this year. Far from the kind of robotic voice that people have come to associate with digital assistants like Alexa or Siri, the ChatGPT advanced voice mode sounds remarkably lifelike. Starting on Tuesday, advanced voice mode — which works with the most powerful version of the chatbot, ChatGPT-4o — will begin rolling out to paid users. Advanced voice mode will start rolling out to a small group of subscribers to the app’s “Plus” mode, with the aim of making it available to all Plus users in the fall. ChatGPT does have a less sophisticated voice mode already.

Persons: New York CNN — OpenAI, Siri, Scarlett Johansson, ChatGPT’s, OpenAI, “, won’t, —, Johansson, ” Organizations: New, New York CNN, Apple Locations: New York

☆ China just expanded its efforts to boost consumption. Here are some stocks to watch
▼ + stars: | 2024-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China has, in its own way, signaled it wants to support specific kinds of consumer purchases. Authorities on Thursday announced the equivalent of 300 billion yuan ($41.5 billion) in special bonds would go towards trade-ins and equipment upgrades — a significant expansion of an existing program. The 300 billion yuan ultra-long bond issuance is not a new government allocation, but rather a more detailed designation of a 1 trillion yuan ultra-long bond program announced earlier this year. "300 billion yuan is the largest equipment upgrade subsidy from the central government historically," the analysts said. Even the 300 billion yuan figure is split roughly between consumer-related trade-ins with business-side equipment upgrades.

Persons: Ding, Morgan Stanley, Tao Wang, Darius Tang, Corporates, Fitch Bohua, Michael Bloom Organizations: China Asset Management Co, UBS Investment Bank Locations: China, Beijing, Asia

☆ Fast-food chains battle for low-income diners with summer value meals
▼ + stars: | 2024-07-28 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

But these days, other fast-food chains have revived the $5 price point, hoping to win over customers who have cut back their spending. Sensing diners' fast-food backlash, players such as Brinker International's Chili's have used their marketing to highlight their own value relative to the cost of a fast-food meal. Shares of McDonald's, Burger King parent Restaurant Brands International and Wendy's have all slid by double digits this year. Taco Bell owner Yum Brands is down more than 1% in 2024. Restaurant Brands and Yum Brands are expected to report their quarterly earnings the following week.

Persons: Taco, Burger, Wendy's, McDonald's, Brinker, Rick Cardenas, Robert Byrne, Eric Gonzalez Organizations: Taco Bell, Darden, Burger King, Restaurant Brands, Yum Brands, CNBC, Restaurant

☆ Food delivery fees are rising, and everyone's feeling the pinch
▼ + stars: | 2024-07-27 | by ( Justine Fisher | ) www.cnbc.com time to read: +11 min

Third-party food delivery is becoming the norm for American consumers, as delivery apps like Grubhub, DoorDash and Uber Eats take hold in day-to-day dining. It's also presenting customers and restaurants with an increasingly complicated equation of service fees, delivery costs and worker tips. San Francisco resident Zainab Batool, who said she orders delivery from either Uber Eats or DoorDash weekly, called the added fees "insane." The share of consumers choosing third-party delivery services over direct restaurant delivery is rising, up from 15% in 2020 to 21% in 2024, according to Technomic's 2024 Delivery & Takeout Consumer Trend Report. But using their delivery services instead of paying for in-house delivery is worth it for a business on the smaller side, he said.

Persons: Luiz C, Ribeiro, Uber, It's, Zainab Batool, Batool, Gordon Haskett, Grubhub, it's, DoorDash, Covid, Spencer Platt, they've, Shelle Santana, Lindsey Nicholson, Tony Scardino, Pizza, He's, Scardino, Meredith Sandland, Ann, Phillis Engelbert, Engelbert, Gabby Jones Organizations: Ribeiro | New York Daily News, Tribune, Service, Getty, Gordon Haskett Research Advisors, Companies, U.S . Mobility, Uber, Bentley University, Grubhub Marketplace, UCG, Amazon, Bloomberg Locations: Manhattan, Ribeiro |, Francisco, Amsterdam, California, New York City, U.S, Canada, Illinois, Chicago, Ann Arbor , Michigan, Detroit

☆ Samsung hints at new products as it bets on AI to drive upgrades to its latest foldable phones
▼ + stars: | 2024-07-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +6 min

Samsung unveiled a slew of new products including foldable smartphones, new smartwatches and the Galaxy Ring. "I believe strongly that these Galaxy AI, mobile AI are strong motivation and driver for purchase of new products," he added. Still, many analysts don't expect these early AI apps alone to drive new phones sales. So we're going to provide and enhance Samsung software and apps for consumers," Roh said. He said that the hardware components required for foldable smartphones are improving, as is the relevant software.

Persons: Roh, Arjun Kharpal, Bixby, we'll Organizations: Galaxy, Samsung, CNBC, Samsung Electronics, Galaxy AI, Apple Intelligence, Apple, Google, Korean Locations: Paris, France, U.S, China

☆ Giant pink man causes stir in small Welsh town
▼ + stars: | 2024-07-26 | by ( Louis Mian | ) edition.cnn.com time to read: +3 min

CNN —A large, pink, inflatable man, created by the Chinese contemporary artist Yue Minjun, has divided opinion in a small town in Wales. “The image represents the boredom of Chinese society during the rise of consumerism and economic reform in the early 1990s,” the centuries-old Ruthin School said in a post on Facebook. Yue’s work, in particular his many grinning self-portraits, have become among the most recognizable pieces of Chinese contemporary art. She said the school’s students “love it” are “really quite fond” of the large inflatable man. Another local resident told CNN the inflatable is “a bit odd for an art installation,” while a local barber aid opinions differed, explaining that he had heard both positive and negative reaction.

Persons: Yue Minjun, Frances King, “, that’s, King, “ We’ve, ’, ”, ” Gina Moorcroft, ” Angela Louise Sersa, “ It’s, Yue Organizations: CNN, Ruthin School, Facebook, Ruthin International Arts Locations: Wales, Ruthin, Cardiff, ”

☆ LMVH and other global luxury brands are hurting as Chinese shoppers rein in spending
▼ + stars: | 2024-07-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The value of some of the world’s best-known luxury companies is plunging as Chinese consumers pull back on spending, with even the most exclusive brands feeling the pain. The rout seems to be accelerating, with those sales tumbling 14% in the second quarter, according to results published late Tuesday. “For now, the (luxury) market remains volatile as investors reassess the once-held belief that luxury brands are a safe-haven investment, shielded from broader economic downturns,” Jochen Stanzl, chief market analyst at CMC Markets, told CNN. “The Chinese market contracted slightly; the market situation in the premium and luxury segment in China remained weak,” the company said. China’s economy grew 4.7% year-on-year in the second quarter of the year, according to official data released last week, missing economists’ expectations and marking the weakest growth since the first quarter of 2023.

Persons: Bernard Arnault’s, Louis Vuitton, Christian Dior, ” Jochen Stanzl, Richemont, Cartier, ”, Gucci, Kering, Hermes, Birkin, Olesya Dmitracova Organizations: London CNN, Prada, CMC Markets, CNN, Europe’s, Reuters, Porsche, Benz, Bain & Company Locations: Asia, Japan, China, Paris, Hong Kong, China , Hong Kong, Macao, North America, Europe, United States

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