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☆ Elon Musk said Tesla robotaxi skeptics should try ‘full self driving.’ A Wall Street analyst nearly crashed
▼ + stars: | 2024-07-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —Tesla CEO Elon Musk says anyone who doubts how valuable robotaxis will make the company should test drive its latest self-driving car. A Wall Street analyst did just that – and said the car almost crashed. The experience of WIlliam Stein, an analyst with Truist Securities, is not unique; others have also reported problems with Tesla’s full self driving, or FSD, feature. But a note from Stein raises questions as to whether the autonomous driving and robotaxis Musk is betting Tesla’s future on are as close as he claims. Tesla’s FSD driver-assist feature is sold as an $8,000 option.

Persons: Elon Musk, WIlliam Stein, Stein, Tesla’s, ”, Truist’s Stein, Yuki Iwamura, Musk, That’s, “, ” Musk, ” Tesla, FSD Organizations: New, New York CNN, Truist Securities, Tesla, Bloomberg, Traffic Safety Administration, NHTSA Locations: New York, ”

☆ Elon Musk Says Robotaxis Are Tesla’s Future. Experts Have Doubts.
▼ + stars: | 2024-07-29 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

In Mr. Musk’s telling, one of Tesla’s main A.I.-based businesses will be driverless taxis, or robotaxis, that can operate pretty much anywhere and in any condition. Tesla is very close to perfecting such vehicles and will easily secure regulatory approval to put them on roads, Mr. Musk said last week on a conference call to discuss the company’s second quarter results. Mr. Musk’s vision of autonomous vehicles, or A.V.s, is not limited to cars that drive themselves. He has also claimed that individuals who buy Teslas would be able to make money when they are asleep or at work by letting the company use their cars as robotaxis. The robotaxi service will, Mr. Musk has said, catapult Tesla’s stock market valuation, around $700 billion now, into the trillions of dollars.

Persons: Elon Musk, Musk’s, Tesla, Musk Organizations: Wall

What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard. But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.

Persons: Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump Organizations: West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census Locations: West Allis , Wisconsin

☆ Here are some money moves to make before the Fed starts cutting interest rates
▼ + stars: | 2024-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Meanwhile, many investors are sitting on hefty cash allocations, including trillions in money market funds, which are generally still paying above 5%. How to tellAfter a series of rate hikes, investors piled into money market funds, which typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills. Total U.S. money market funds hovered near a record of $6.15 trillion as of July 17, with $2.48 trillion in funds for retail investors, according to Investment Company Institute data. However, money market fund yields will likely fall if the Fed starts cutting rates in September, explained Ken Tumin, founder and editor of DepositAccounts. "Most [money market funds] seem to closely follow the federal funds rate," he said.

Persons: Ken Tumin Organizations: Federal Reserve, Finance, Social, Total U.S, Investment Company Institute

☆ Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test
▼ + stars: | 2024-07-25 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

So, how do you know if you're in a position to be able to start passing down your wealth? But even average baby boomers, who have a net worth of around $1 million, are getting in on early wealth transfers. Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test." That includes considering what the portfolio might look like when the markets are most volatile and declining. Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances.

Persons: boomers, Michelle Griffith, Griffith, it's Organizations: Service, Business, Financial, Citi, Wealth Management

☆ Opinion | How Long Will A.I.’s ‘Slop’ Era Last?
▼ + stars: | 2024-07-24 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +2 min

investments might be three times as large as expected returns, while another analyst, in several assessments published by Sequoia Capital, calculated that investments in A.I. (He called this “A.I.’s $600 billion question” and warned of “investment incineration.”) In a similarly bearish Goldman Sachs report, the firm’s head of global equity research estimated that the cost of A.I. “Replacing low-wage jobs with tremendously costly technology is basically the polar opposite of the prior technology transitions I’ve witnessed,” he noted. expenditure, more than the United States spends annually on its military, and think: What exactly is that money going toward? slop”: often uncanny, frequently misleading material, now flooding web browsers and social-media platforms like spam in old inboxes.

Persons: Goldman Sachs, ”, Erik Hoel, Anthony Aguirre “, A.I, “, slop, we’ve Organizations: Barclays, Sequoia Capital Locations: A.I, United

☆ Here's what a Kamala Harris administration could mean for your wallet
▼ + stars: | 2024-07-22 | by ( Cnbc.Com Personal Finance Staff | ) www.cnbc.com time to read: +8 min

Harris' visit, following the attempted assassination of former President Trump, makes this her fourth trip to Michigan this year and seventh visit since taking office. However, Harris voiced some distinctions from Biden before becoming vice president, Watson noted. The vice president plans to bring more relief to borrowers, they said. Harris proposed repealing the Trump tax cuts to pay for it. — Jessica DicklerHousingHarris has been a proponent for affordable housing policies both during her tenure as vice president and as senator.

Persons: Kamala Harris, Trump, Olivia Troye, Amanda Stratton, Harris, Chris duMond, Chris Dumond, Biden, Garrett Watson, Watson, — Kate Dore, Drew Altman, Altman, She'd, Fatima Goss Graves, Roe, Wade —, Greg Iacurci, Pell Grant, Joe Biden, Miguel Cardona, Annie, Laura Veldkamp, Veldkamp, — Jessica Dickler, May, — Ana Teresa Solá Organizations: Getty, Tax, Tax Foundation, Biden, — Kate Dore Health, Affordable, Medicaid, National Women's Law, CNBC, Current U.S . Department of Education, Corinthian Colleges, U.S . Department, Corinthian, Columbia University Business School, U.S . Department of Housing, Urban Locations: KALAMAZOO , MICHIGAN, Kalamazoo , Michigan, Michigan, North Carolina, California, U.S

☆ Election Live Updates: Republicans Leave Convention Unified Around Trump
▼ + stars: | 2024-07-19 | by ( Jim Rutenberg | Adam Nagourney | ) www.nytimes.com time to read: +74 min

And there was great, great sorrow. They’re going to be OK. They’re going to be doing very well. Now he’s going to get on the plane in a little while and he’s going to go back home to his wife. Great, great student at Yale. So many — just so many heroes, so many great, great people.

Persons: Dana, Bob, ”, Lee, you’ll, it’s, didn’t, Nobody, “, I’m, Corey Comperatore, David Dutch, James Copenhaver, We’re, Corey, Helen ., David, James, Dan Newlin, Dan, Trump, —, Aileen Cannon, I’ve, Don, Kimberly, Ivanka, Jared, Eric, Lara, Tiffany, Michael, Barron, he’s, “ Dana won’t, That’s Lee Greenwood, … Eric, Crazy Nancy Pelosi, They’ve, Jason, Jason Aldean, Vance, Usha, He’s, He’ll, MAGA, ” MAGA, I’ll, you’re, nobody’s, We’ve, Somebody’s, they’re, It’s, can’t, We’ll, don’t, “ I’m, we’ll, Biden, They’re, that’s, you’ve, I’d, gee, You’d, That’s what’s, Donald Trump, That’s, There’s, Tom Homan, Brandon Judd, They’ll, Obama, They’d, “ You’ve, we’re, we’ve, Hannibal Lecter, Dwight D, Eisenhower, Jocelyn Nungaray, Rachel Morin, Rachel, Laken Riley, horrifically, Viktor Orban, what’s, Bush, it’ll, Kim Jung Un, Sam Brown, Sam, You’ve, Abdul, Don’t, You’re, Ronald Reagan, America’s, Franklin Graham, Franklin, Billy Graham, he’d, soldiered Organizations: of Pennsylvania, Secret Service, Service, Democrat, Republican Party, Republican, Democrats, America, Yale, ISIS, Space Force, Energy, Apple, Trump, Republican Senate, White, Republicans, United Auto Workers, Social Security, Border Patrol, ICE, ”, Lambs, University of Georgia, “, U.S, Senate, Washington, D.C, Yankee, Win Locations: America, United States, Butler Township, of, Pennsylvania, Florida, Ohio, Milwaukee, Wisconsin, Asia, Europe, Taiwan, Korea, Philippines, China, Russia, Ukraine, Israel, Iran, Germany, Mexico, Nevada, United States of America, There’s, South America, Africa, Middle East, Venezuela, Caracas, El Salvador, Houston, Los Angeles, Maryland, Hungary, “ Russia, Georgia, Crimea, Syria, Iraq, North Korea, Afghanistan, Bagram, Cuba, Miami, U.S.A, Wisconsin , Wisconsin, Washington, Japan, Delaware, Valley Forge, Yorktown, Gettysburg, Midway

Morgan Stanley raised its price target on Rivian to $17 from $13. Analyst Frank Lee did raise his price target to $200 from $190, although he added that "the risk-reward is less attractive now." Guggenheim hiked the price target to $735 per share from $700. He did raise his price target for the stock to $225 from $180, although this price hike still implies that Tesla stock could fall 12%. Analyst Adam Jonas raised his price target on the stock to $17 from $13.

Persons: Morgan Stanley, Jefferies, Frank Lee, Lee, Lisa Kailai Han, Michael Morris, Morris, Guggenheim, — Jesse Pound, Morgan Stanley's Simeon Gutman, Gutman, Seth Sigman, Truist, – Samantha Subin, TD Cowen downgrades Charles Schwab, Charles Schwab's, TD Cowen, Bill Katz, Charles Schwab, Katz, mgmt, — Lisa Kailai Han, Wells, Bank of America Wells, Mike Mayo, Mayo, Goliath, Dan Levy, Levy, Dennis Geiger, Geiger, Thomas Fitzgerald, Fitzgerald, David Windley, UnitedHealth's, Windley, UNH, Adam Jonas, Rivian, Jonas, Fred Imbert Organizations: CNBC, HSBC, Qualcomm, Microsoft, Netflix, Guggenheim, Barclays, ISI, Citi, Mizuho, Bank of America, of America, Tesla, UBS, Sweetgreen, sss, IK, TD Cowen downgrades, Airlines, American Airlines, Delta, Jefferies, Presidential, Chevron, Volkswagen Locations: China, Tuesday's, Mayo, U.S, Tesla's, UnitedHealth, UNH's

☆ The end of this tax break could be 'very disruptive' to business owners, expert says — what to know
▼ + stars: | 2024-07-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Tax breaks worth trillions of dollars are scheduled to expire after 2025 without extension from Congress — including a hefty deduction for millions of self-employed filers and business owners. The temporary deduction applies to so-called pass-through businesses, which report income at the individual level, such as sole proprietors, partnerships and S-corporations, along with some trusts and estates. Some already regret the decisionLawmakers added the temporary QBI deduction to the Tax Cuts and Jobs Act to create tax rates for pass-through businesses that are similar to tax rates for corporations. But while the QBI deduction will sunset after 2025, the legislation permanently reduced corporate taxes by dropping the top federal rate from 35% to 21%. For tax year 2021, the most recent data available, there were roughly 25.9 million QBI claims, up from 18.7 million in 2018, the first year the tax break was available, according to the IRS.

Persons: Donald Trump, Dan Ryan, Sullivan, Gen Zers, Howard Gleckman Organizations: Finance, Urban, Brookings Tax, Center Locations: Worcester

☆ BlackRock's ETF business just keeps growing, but the search for revenue goes on
▼ + stars: | 2024-07-15 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

Doing a sum-of-the-parts analysis of Blackrock's ETF business would be a difficult endeavor, but certainly revenue, assets under management (AUM), and growth potential are important factors. So the iShares ETF revenue was about a third of Blackrock's revenue, and Warren said that segment is still growing. By any metric, Blackrock's ETF business just keeps getting more valuable. The entire ETF business is growingBlackrock's ETF business is a gold mine, but total AUM for the entire ETF business now a bit over $9 trillion, which means Blackrock and a few rivals control a staggering amount of ETF investment dollars. The search for new revenue is endlessThe ETF business is still raking in money, but there is tremendous fee pressure across the entire ETF universe, so the search for more revenue goes on.

Persons: Larry Fink, Greggory Warren, Warren, Schwab, Fink, " Fink Organizations: BlackRock, Barclays, Morningstar, Blackrock, Investors Locations: BlackRock, Manhattan, New York City, Blackrock, United States, London, Canada, U.S

☆ 4 charts show why Wall Street's most bullish strategist expects the stock market to triple by 2030
▼ + stars: | 2024-07-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Here are the four charts that show why Lee is so bullish on the stock market. AdvertisementHere are the four charts Lee shared with Business Insider that show why the already upbeat forecaster is so bullish on the stock market. Stock market peaks and demographicsFundstratThe stock market has a history of peaking right around the same time a population hits its peak prime age of around 50 years old, as they are closer to retirement and often spend less money. Fast-forward to 1974, when the silent generation saw its prime age peak. This occurred around the same time as a painful stock market correction of about 35% that lasted years.

Persons: Fundstrat's Tom Lee, Lee, —, Tom Lee, millennials Fundstrat Lee Organizations: Service, Business, CNBC, Urban Institute, Tech Locations: America

☆ Opinion: ‘The big one’ disaster could happen in our lifetime. Can we be ready?
▼ + stars: | 2024-07-14 | by ( Opinion Jeff Schlegelmilch | ) edition.cnn.com time to read: +15 min

The country’s Disaster and Emergency Management Authority is active but relatively new in its current form, having been consolidated as a single agency only in 2009. The practice of emergency management has generally originated from the first responder community and the civil defense era, primarily with a focus on consequence management. But as emergency management agencies have been designed, emergency management systems have been shaped by laws and agreements across government bureaucracies and partners in the private and nonprofit sectors with a narrower focus on managing consequences, focused more on logistics than sociology. But disaster management in practice is still fundamentally a numbers game. Strong emergency management agencies are also important.

Persons: CNN —, Jeff Schlegelmilch Jonathan Sury, Paula Bronstein, Jeff Schlegelmilch, George Rose, Enrico Quarantelli, ”, ” Jeff Schlegelmilch, Megadisasters, Ho Organizations: CNN, Emergency Management Authority, Defense Department, Alaska Airlines, Geological Survey, Federal Emergency Management Agency, FEMA, United Nations Office, Nations, Twitter Locations: Gaziantep, Turkey, Hatay, America, Syria, Vesuvius, Patong, Phuket, Thailand, Ukraine, Mount St, Helens, Seattle , Washington, United States, Port, Prince, Haiti, Japan

☆ 5 powerful ways tending to the gut boosts your health — from smoother digestion to better moods
▼ + stars: | 2024-07-13 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +7 min

AdvertisementPeople with an unhealthy gut microbiome might experience symptoms such as diarrhea, constipation, bloating, and excess wind, he said. Because of this wide-reaching impact, commercial companies are racing to roll out products claiming to boost our gut health, from yogurt to "gut-friendly" soda. AdvertisementBelow, top gut health researchers break down the ways that our gut affects our health. Mental healthThere's strong evidence that a good diet is linked to better mental health, brain health, and mood, likely because it promotes a healthy gut microbiome, Spector said. The benefits of gut health likely stretch even furtherThere's lots of emerging research that suggests the reach of the gut microbiome extends even further, too.

Persons: —, Tim Spector, ZOE, Goodman, Gabrielle Morse, Morse, Spector, Max Nieuwdorp Organizations: Service, Oxford, Stanford, UCLA, King's College London, Business, Luskin, Health Clinic, Research, Harvard Medical School Locations: Arpana

☆ Spouses — mostly women — could inherit $9 trillion from their partners in the next 25 years
▼ + stars: | 2024-07-12 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

A new UBS report said spouses, largely women, could inherit $9 trillion. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's a huge wave of money and other assets set to change hands — and a good chunk of it will go to spouses, especially women. Dubbed the "Great Horizontal Wealth Transfer" by UBS in the bank's 2024 Global Wealth Report released this week, the term describes asset transfers within the same generation. Out of the $83 trillion to be inherited in the next 25 years, UBS estimated $9 trillion will go to women of the same generation.

Persons: — Organizations: UBS, Service, Business

☆ Women are set to inherit trillions of dollars in the great 'horizontal wealth transfer'
▼ + stars: | 2024-07-12 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Up to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what's being called "the horizontal wealth transfer," according to a new report. Yet because surviving spouses and partners typically get the initial inheritances, and because women typically outlive men, bequests in the coming years will largely go to women, according to the UBS Global Wealth Report. UBS calls it the "horizontal wealth transfer," since the wealth is moving intra-generationally rather than intergenerationally. "Most people have a rather feudal idea of wealth going down through generations," said Paul Donovan, chief economist of UBS Global Wealth Management. According to the report, the largest horizontal wealth transfers will be in the Americas.

Persons: Paul Donovan Organizations: UBS Global Wealth, UBS, UBS Global Wealth Management Locations: what's, Americas

☆ Once a G.O.P. Rallying Cry, Debt and Deficits Fall From the Party’s Platform
▼ + stars: | 2024-07-11 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

When Donald J. Trump ran for president in 2016, the official Republican platform called for imposing “firm caps on future debt” to “accelerate the repayment of the trillions we now owe.”When Mr. Trump sought a second term in 2020, the party’s platform pummeled Democrats for refusing to help Republicans rein in spending and proposed a constitutional requirement that the federal budget be balanced. Those ambitions were cast aside in the platform that the Republican Party unveiled this week ahead of its convention. Nowhere in the 16-page document do the words “debt” or “deficit” as they relate to the nation’s grim fiscal situation appear. The platform included only a glancing reference to slashing “wasteful” spending, a perennial Republican talking point. To budget hawks who have spent years warning that the United States is spending more than it can afford, the omissions signaled the completion of a Republican transformation from a party that once espoused fiscal restraint to one that is beholden to the ideology of Mr. Trump, who once billed himself the “king of debt.”

Persons: Donald J, Trump, ” Organizations: Republican, Republican Party Locations: United States

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ RNC panel adopts Trump-backed platform with no entitlement cuts, softer abortion stance
▼ + stars: | 2024-07-08 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

It's a fraction of the size of the platform the RNC used during the 2016 and 2020 election cycles. The Trump campaign in a press release Monday afternoon touted the new document as "President Donald J. Trump's 2024 Republican Party Platform." The platform now begins with language mirroring a Trump campaign press release, including the presumptive nominee's "Make America Great Again" and "America First" slogans. The GOP also departs from its old platform on Social Security and Medicare. "Republicans will tackle Inflation, unleash American Energy, restore Economic Growth, and secure our Borders to preserve Social Security and Medicare funding for the next Generation and beyond," it reads.

Persons: Donald Trump, Trump, Donald J, Trump's, Joe Biden's, Roe, Wade —, — Organizations: Liacouras Center, Republican, Social Security, Republican National, CNBC, RNC, Trump, White House, Democratic, GOP, Energy Locations: Philadelphia , Pennsylvania, U.S .

☆ Some boomers aren't waiting to die to pass on their wealth — their millennial kids need it now
▼ + stars: | 2024-07-07 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it. Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported. Related storiesGideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth. He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally. One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain.

Persons: —, Sophia Bera Daigle, Daigle, Gideon Drucker, Drucker Organizations: Service, Business, grandkids, Boomers, millennials, Drucker Wealth

☆ A doctor says our gut microbiome affects our hormones. He shared 3 things he avoids to stay healthy.
▼ + stars: | 2024-07-02 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +5 min

Read previewA scientist and doctor who researches the role of the gut microbiome in our body's hormonal processes shared three things he avoids for his gut health. It's no surprise, then, that the global gut health supplement market has been valued at $12 billion. AdvertisementHere are three things he avoids for his gut microbiome. When we eat red meat, the bacteria in the gut make "dangerous" metabolites when digesting it, he said. AdvertisementAntibioticsAlthough antibiotics are crucial for treating infection and save millions of lives every year, they also disrupt the gut microbiome.

Persons: —, It's, Dr, Max Nieuwdorp, Nieuwdorp, he's Organizations: Service, Business, American Heart Association, Biology, UCLA Health Locations: Netherlands, Cavan, UPFs

☆ A new index is using AI tools to measure U.S. economic growth in a broader way
▼ + stars: | 2024-07-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Measuring the strength of the sprawling U.S. economy is no easy task, so one firm is sending artificial intelligence in to do the job. The Zeta Economic Index, launched Monday, uses generative AI to analyze what its developers call "trillions of behavioral signals," largely focused on consumer activity, to score growth on both a broad level of health and a separate measure on stability. At its core, the index will gauge online and offline activity across eight categories, aiming to give a comprehensive look that incorporates standard economic data points such as unemployment and retail sales combined with high-frequency information for the AI age. "The algorithm is looking at traditional economic indicators that you would normally look at. But then inside of our proprietary algorithm, we're ingesting the behavioral data and transaction data of 240 million Americans, which nobody else has," said David Steinberg, co-founder, chairman and CEO of Zeta Global.

Persons: David Steinberg Organizations: Zeta Economic Index, Zeta

☆ Wall Street Law Firms Are in a Poaching Frenzy. Kind of Like the N.B.A.
▼ + stars: | 2024-07-01 | by ( Maureen Farrell | Anupreeta Das | ) www.nytimes.com time to read: +1 min

Hotshot Wall Street lawyers are now so in demand that bidding wars between firms for their services can resemble the frenzy among teams to sign star athletes. In recent years, highly profitable private equity giants like Apollo, Blackstone and KKR have moved beyond company buyouts into real estate, private lending, insurance and other businesses, amassing trillions of dollars in assets. As their demand for legal services has skyrocketed, they have become big revenue drivers for law firms. This is pushing up lawyers’ pay across the industry, including at some of Wall Street’s most prestigious firms, such as Kirkland & Ellis; Simpson Thacher & Bartlett; Davis Polk; Latham & Watkins; and Paul, Weiss, Rifkind, Wharton & Garrison. Lawyers with close ties to private equity increasingly enjoy pay and prestige similar to those of star lawyers who represent America’s blue-chip companies and advise them on high-profile mergers, takeover battles and litigation.

Persons: Simpson Thacher, Davis Polk, Paul, Weiss Organizations: Blackstone, KKR, Kirkland, Ellis, Bartlett, Latham, Watkins, Garrison, Lawyers Locations: Rifkind, Wharton

☆ EV sales have hit a speed bump. Using AI to improve their batteries could get more people back in the driving seat.
▼ + stars: | 2024-06-29 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Chemix is using machine-learning algorithms to develop EV batteries that can charge more quickly, hold more energy, and last longer than current EV power units. Koeller said the primary advantage of using AI to design EV batteries is that it dramatically speeds up the process. Better EV batteriesDesigning EV batteries is a three-step process, Georgia Tech assistant professor Micah Ziegler told BI. The solid-state electrolyte they discovered relies less on lithium, an increasingly rare resource that forms the core of today's EV batteries. Mueller said that PNNL's collaboration with Microsoft has convinced him that generative AI could have applications far beyond speeding up EV battery design.

Persons: —, Jason Koeller, Koeller, Micah Ziegler, Ziegler, Karl Mueller, Mueller, it's Organizations: Service, Business, EV, Georgia Tech, BI, Pacific Northwest National Laboratory, Microsoft Locations: California

☆ The world’s biggest capital cities are heating up – and Asia tops the charts
▼ + stars: | 2024-06-27 | by ( Lex Harvey | ) edition.cnn.com time to read: +6 min

Beijing Meteorological Observatory issued the first yellow alert for high temperatures in 2024, with the highest temperature in the city reaching 35 degrees Celsius. New Delhi topped the list of hottest cities, recording 4,222 days above 35 degrees Celsius in the past three decades – more than any other city analyzed. In 2018, Seoul saw 21 days over 35 degrees Celsius — more than the previous 10 years combined. Beijing’s number of days over 35 degrees has increased by 309% since 1994. In October 2023, Jakarta experienced 30 consecutive days over 35 degrees Celsius — more days than during the entire period between 1994 and 2003.

Persons: –, ”, Tucker Landesman, there’s, “ We’ve, Kalyani Saha, “, Anthony Wallace, CNN he’d, Sagar, Young, Parveen Kumar Organizations: Hong Kong CNN, International Institute for Environment, Development, Egypt’s, “, Palace Museum, Beijing Meteorological Observatory, CNN, Getty, NGO Centre, Health Development India, Hindustan Times, Dartmouth Locations: Hong Kong, Asia, Buenos Aires, Argentina, Paris, Egypt’s Cairo, Beijing, China, Southeast Asia, India, New Delhi, Delhi, Lajpat Nagar, South East Delhi, Seoul, AFP, Jakarta, South Korea, rehydrate, Gurugram

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