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☆ The S&P 500 could crater 48% when the stock-market bubble pops and recession finally hits, elite strategist says
▼ + stars: | 2024-06-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The S&P 500 could crash 48% when the bubble in stocks pops and a recession hits, Paul Dietrich said. The elite strategist pointed to a massively overvalued market and cracks in the economy. AdvertisementThe S&P 500 could be cut in half when the stock-market bubble pops and the US economy sinks into recession, Paul Dietrich says. He attributed that to institutional investors buying the haven asset as they expect a "major correction or stock market crash due to our wildly overvalued stock market and a slowing underling economy." The Wall Street veteran is one of several top forecasters predicting pain for stocks and a recession ahead.

Persons: Paul Dietrich, Dietrich, —, Riley Wealth, Warren Organizations: Service, Microsoft, Nvidia, Federal Reserve, Wall

☆ MrBeast Doubles Down on Cash Giveaways, Donates $200K for UBI Program
▼ + stars: | 2024-06-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewMrBeast became the most popular YouTuber on the planet by handing cash to strangers, so it's little wonder he's experimenting with universal basic income, known as UBI. MrBeast also announced a joint fundraiser with GiveDirectly to gather enough cash to give $1,000 to every household in a neighboring village. AdvertisementEarly findings from GiveDirectly's trial suggest that direct cash handouts boost household and business savings and support the financing of bigger projects. MrBeast is known for giving out cash to strangers, making UBI a natural extension of his brand. But the social media star also addressed questions about whether direct cash payments would be spent wisely.

Persons: —, Jimmy Donaldson, MrBeast, GiveDirectly, Jeff Cheatham, Ruth, Auma, Lokure, Willy Wonka Organizations: Service, Business, Beast, Universal Locations: Uganda, Africa, Kenya, Karamoja, Tiyan

☆ Elon Musk predicts universal basic income will take off once AI replaces workers. Read his 8 best quotes about UBI.
▼ + stars: | 2024-06-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Elon Musk sees universal basic income as a necessary response to automation eliminating human jobs. The Tesla chief predicts there will be "universal high income" that will give people more free time. Here are Musk's eight best UBI quotes, including that people should spend the cash as they wish. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOne of the biggest champions of universal basic income (UBI) is Elon Musk, who expects it to become necessary when robots evict humans from their jobs.

Persons: Elon Musk, Tesla, — Organizations: Service, SpaceX, Business

☆ A Harvard study shows just how hard it is for renters to buy a home today
▼ + stars: | 2024-06-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The multiple exceeds 9 and approaches 12 in the hottest markets, rendering them "impossibly unaffordable," per a recent study. That's according to "The State of the Nation's Housing 2024" report published by Harvard University this week. Only 6.6 million — fewer than 15% — of the 45 million renter households in the US make enough to afford the median payment. Indeed, the Harvard study found that 23% of homeowner households were "stretched worryingly thin," and more than a quarter of renters were paying at least half their incomes toward housing and utilities in 2022. Many homeowners are seeing their incomes squeezed by steeper prices and interest payments, and many renters have given up on buying a home.

Persons: —, Robert Gauthier Organizations: Service, Business, Harvard University, Survey, Consumer Finances, Harvard Locations: La Habra , California

☆ AI stock frenzy resembles dot-com bubble and may explode disastrously, experts warn
▼ + stars: | 2024-06-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Experts say the AI mania has shades of the dot-com and housing bubbles and could end painfully. AdvertisementExperts say the frenzy around AI stocks resembles the last two major market bubbles — and could end in disaster if investors get spooked. "This is the goofiest and likely most dangerous concentration of overvaluation I've seen in 34 years investing and throughout financial history," Bloomstran said. Some experts have compared Nvidia to Cisco, the network hardware company whose stock ballooned during the dot-com bubble before ultimately crashing. No one can predict if the AI craze will end with a devastating crash like the dot-com and housing bubbles, or usher in a new market regime led by Nvidia and its kin.

Persons: —, Nathan Burks, Adetokunbo Fadahunsi, Ann Marie Hibbert, Burks, Hibbert, Chris Bloomstran, Semper Augustus, I've, Bloomstran, John Chambers, Robert Galbraith, it's Organizations: Service, George Mason University, Big Tech, Nvidia, Microsoft, Cisco, REUTERS, Wall Street Journal Locations: West Virginia

☆ Housing is now 'impossibly unaffordable' in these 4 cities — and they're all in the same state
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Four of the world's 11 "impossibly unaffordable" housing markets are in California, a study found. The study blamed land use policies for constraining housing supply and driving up prices. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In fact, four of the 11 most unaffordable housing markets in the English-speaking world are in California — and seven are in the US and Canada, a new study has found. San Jose, Los Angeles, San Francisco, and San Diego are all "impossibly unaffordable," according to the 2024 Demographia International Housing Affordability report.

Persons: — Organizations: Service, Business Locations: California, Canada, California —, San Jose , Los Angeles, San Francisco, San Diego

☆ It might be your fault you can't afford a house, says finance guru Dave Ramsey
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewBuying a house has become especially hard, but some people can't afford one because they're mismanaging their money, personal finance guru Dave Ramsey says. "It is mathematically tough right now, it is economically tough. Overspenders can't complainDespite those challenges, the talk show host and author called out people who make bad financial decisions and then complain they can't afford a house. "Well I just told you why you can't afford a house: Your stinking overspending." "When you are broke and in debt, don't have an emergency fund, and sign up for a mortgage payment you can't afford, that is not smart real estate.

Persons: —, they're, Dave Ramsey, Overspenders, Ramsey, Warren Buffett Organizations: Service, Business, Federal Reserve, Disney

☆ There are 4 cities where housing is now 'impossibly unaffordable' — and they're all in the same state
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Persons: — Organizations: Service, Business Locations: California, Canada, California —, San Jose , Los Angeles, San Francisco, San Diego

☆ Brace for a stock-market pullback after an epic start to the year, strategist warns
▼ + stars: | 2024-06-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

The S&P 500 is likely to fall at least 5% in the coming months, one strategist predicted. CFRA's Sam Stovall said a pullback tends to follow a great first quarter for the benchmark index. On the bright side, Stovall said the S&P's full-year gain is usually over 20% after a stellar start. AdvertisementBrace for stocks to take a breather and retreat by at least 5% after a breathless start to the year, one strategist warned. The S&P 500 surged by more than 10% in the first quarter.

Persons: CFRA's Sam Stovall, Stovall, —, Brace, Sam Stovall, CFRA Organizations: Service, Nvidia, Microsoft, Yahoo Finance, Wall Street, CFRA Locations: Friday's

☆ Don't try to turn your passion into a job or pay for private school, says business guru Scott Galloway
▼ + stars: | 2024-06-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewAlmost nobody should try to turn their passion into a career, bet the farm on a single investment, expect to escape rejection in life — or pay for private school, says Scott Galloway. Galloway is a marketing professor at NYU Stern and a host of podcasts like "Pivot" and "The Prof G Show." Related stories"As you get older, you become really passionate about taking care of your kids," he said. "You become really passionate about doing wonderful things with your spouse, taking care of your parents, and your priorities change." Advertisement"All you need is one good mentor, a few good friends, one wonderful mate, one business that works," Galloway said.

Persons: —, Scott Galloway, NYU Stern, G, Galloway, I've, Kanye, Madeleine Albright, Stephen Hawking Organizations: Service, NYU, Business, Grace Locations: Scott Galloway . Galloway

☆ Elon Musk talks Tesla's $30 trillion future, Trump the Cybertruck fan, and robot buddies at annual meeting
▼ + stars: | 2024-06-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Elon Musk said Tesla could be worth $30 trillion one day, and Donald Trump is a Cybertruck fan. Here's a roundup of Musk's 12 best quotes from the EV maker's annual meeting on Thursday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk proclaimed that Tesla could be worth $30 trillion, compared cost cutting to washing the dishes, and revealed Donald Trump calls him randomly and loves the Cybertruck. Musk thanked shareholders for approving his controversial $56 billion pay package, and suggested Tesla could emulate Amazon's cloud-computing business.

Persons: Elon Musk, Tesla, Donald Trump, Here's, —, Musk Organizations: EV, Service, Business Locations: Austin

☆ Warren Buffett's Apple Stake Worth $169B, More Than Many S&P 500 Firms
▼ + stars: | 2024-06-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett's piece of Apple is worth $169 billion, or more than 450 of the S&P 500 companies. Berkshire Hathaway pared its stake by 13% last quarter; it would have been worth $194 billion. Apple stock has surged by 25% in under three months to a record high, helped by AI buzz. AdvertisementWarren Buffett's stake in Apple is worth more than 450 of the S&P 500 companies following a surge in the iPhone maker's stock over the past six weeks. Buffett's conglomerate, Berkshire Hathaway, owned about 790 million Apple shares worth $135 billion at the end of March, company filings show.

Persons: Warren, Berkshire Hathaway, —, Warren Buffett's Organizations: Berkshire, Apple, Service, Microsoft, Business Locations: Berkshire, Thursday's

☆ South Africa's cash giveaway plan is not universal basic income, experts say
▼ + stars: | 2024-06-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewSouth Africa's top political party has proposed a social safety net that's been called the first national universal basic income (UBI) program. The African National Congress, led by Nelson Mandela in the 1990s, recently outlined its plan to expand South Africa's Social Relief of Distress program. AdvertisementCleo Goodman, the basic income lead at think tank Autonomy, told Business Insider that the ANC's proposal followed years of basic income advocates making their case through "pilots, research and widespread campaigning." Advertisement"Despite the name, this proposal falls far short of a basic income," Karl Widerquist, a philosophy professor at Georgetown University-Qatar and the author of several books about UBI, told BI.

Persons: —, Nelson Mandela, Cleo Goodman, Goodman, Karl Widerquist, Widerquist, Chris McGrath, It's, doesn't Organizations: Service, African National Congress, Social, Business, ANC, Autonomy, Georgetown University, Qatar Locations: Alexander, Johannesburg, South Africa

☆ Short-seller Jim Chanos warns of 2021-style market mania — and says Elon Musk should get his mammoth pay package
▼ + stars: | 2024-06-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Jim Chanos warned market speculation is approaching the absurd excesses of 2021. The short seller flagged the resurgence of meme stocks like GameStop and SPACs as dangerous trends. The longtime Tesla bear said the company should honor Elon Musk's mammoth compensation deal. AdvertisementJim Chanos clanged the alarm on market mania — and called for Elon Musk to receive his contested mammoth pay package. He pointed to the resurgence of meme stocks such as GameStop, special-purpose acquisition vehicles (SPACs) and the "absolutely insane valuations" of some restaurant chains.

Persons: Jim Chanos, Tesla, Elon, —, Elon Musk, we're, Chanos Organizations: GameStop, Service, Bloomberg, Business

☆ How 'X Factor' judge Simon Cowell wound up broke and living with his parents at 30 — then became a music mogul and TV star
▼ + stars: | 2024-06-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Simon Cowell ended up broke at the age of 30, but rebounded to become a TV star and music tycoon. The "America's Got Talent" and "The X Factor" celebrity told the story on a new podcast. Cowell compared smartphones to toasters and regretted not owning the rights to the One Direction name. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSimon Cowell went from a broke 30-year-old living with his parents to a music mogul and TV star.

Persons: Simon Cowell, Cowell, —, Sinitta Organizations: Service, Records, Business

☆ A recession indicator with a perfect record has been flashing red for 20 months. It may not be wrong yet.
▼ + stars: | 2024-06-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

A recession indicator with a flawless record has been flashing red for 20 months. The economist behind the inverted yield curve says it's too soon to declare it's wrong this time. AdvertisementA recession indicator with a perfect track record has been flashing red for 20 months now, but the economist who pioneered its use warned against dismissing it just yet. "I think it's way too early to declare a failure," Campbell Harvey told Fox Business about the inverted yield curve. This story is available exclusively to Business Insider subscribers.

Persons: Campbell Harvey, —, Harvey Organizations: Service, Fox Business, Duke University, Business

☆ Starbucks' Howard Schultz talks Steve Jobs screaming at him and wishing he'd trademarked the latte in a new podcast
▼ + stars: | 2024-06-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +10 min

Starbucks didn't sell its own coffee early on"When Starbucks opened in Pike Place Market in 1971, they were using Peet's Coffee. Howard Shultz is going to acquire Starbucks Coffee Company, and he's never going to hear from you again." Together the trio made the "huge decision" to sell Starbucks coffee in Costco, which sparked a "revolt inside the halls of Starbucks," Schultz said. Related storiesThe former Starbucks CEO faced similar blowback when he agreed to let United Airlines serve his company's coffee. "We're not a beverage company serving coffee, we are a coffee company serving people.

Persons: —, Howard Schultz, Schultz, Bill Gates, Steve Jobs, Costco's, Bernard Arnault, Lavazza, I've, Samuel Stroum, it's, Howard Shultz, he's, Brian Ach, latte, Jeff Brotman, Jim Sinegal, they've, Coke, Pepsi, Steve, Justin Sullivan, Blackstone, Alexandre, Louis Vuitton, Alexandre Arnault, Donato Sardella, Louis Organizations: Service, Starbucks, Business, Pepsi, Microsoft, Starbucks Coffee Company, Costco, United Airlines, Starbucks Facebook, Staff, Getty, Tiffany's, Louis Vuitton Locations: Coke, Pike, San Francisco, Seattle, Chicago, America, Costco, Atlanta, New York, Apple's, California, Mobile, Italy, Milan

☆ Nvidia CEO Jensen Huang is now worth $107 billion, making him the 13th-richest person
▼ + stars: | 2024-06-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Nvidia's Jensen Huang has zoomed up Bloomberg's rich list to rank 13th with a $107 billion fortune. Only Michael Dell, Mukesh Ambani, and Warren Buffett stand between the CEO and a spot in the top 10. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Nvidia cofounder and CEO's 3.5% stake in his company was worth less than $14 billion at the start of last year. This story is available exclusively to Business Insider subscribers.

Persons: Nvidia's Jensen Huang, Michael Dell, Mukesh Ambani, Warren Buffett, —, Jensen Huang Organizations: Service, Nvidia, Bloomberg, Business

☆ Europe's central bank cuts interest rates for first time in 5 years
▼ + stars: | 2024-06-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The European Union just made its first cut to interest rates in five years. The European Central Bank lowered its main interest rate from 4% to 3.75%. Officials tend to lower interest rates when inflation is under control and they want to lift growth. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The European Central Bank (ECB) announced on Thursday that it would lower its main interest rate from 4% to 3.75%, marking its first reduction since 2019.

Persons: —, Neil Birrell Organizations: European Central Bank, Service, Union, Premier Miton Investors

☆ Nvidia is no household name — but may soon overtake Microsoft and Apple
▼ + stars: | 2024-05-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Nvidia could soon become the world's most valuable company. That's despite the chipmaker being no household name or big consumer brand such as Apple or Amazon. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . It's now worth more than Amazon (about $1.9 trillion) and Alphabet ($2.1 trillion), and could soon leapfrog Apple ($2.9 trillion) and even Microsoft ($3.1 trillion). This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Nvidia, Service, Apple, Microsoft, Business

☆ AI mania is just 'typical bubble hype' like the crypto craze, says top economist Paul Romer
▼ + stars: | 2024-05-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Advertisement"Right now there's way too much confidence about the future trajectory of AI," Romer said. However, the economist argued there was not enough data available for the tech to keep progressing at the same pace. "It's just a lot of hype, the typical bubble hype where people are trying to cash in on the latest trend." Taken together, Romer and Kaltbaum see AI-linked stocks as hogging the market's gains — rightfully or not — and view the frenzy as a sign of problems ahead.

Persons: —, Paul Romer, Gee, Romer, Gary Kaltbaum, Kaltbaum Organizations: Service, Bloomberg, Business, World Bank, Boston College, Nvidia, Nike, Kaltbaum Capital Management, Fox Business

☆ More people will never own a home — they're the 'forever renters'
▼ + stars: | 2024-05-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

These "forever renters" vary widely in their reasons for not pursuing home ownership. Others prefer the flexibility to move and freedom from ownership costs that renters enjoy. Homeownership and renting have numerous pros and cons, making it hard to say whether forever renters are acting shrewdly or making a big mistake. Renters avoid large down payments and the varying costs of homeownership, such as mortgage payments, taxes, maintenance, and repairs. It's also cheaper to change the place you're renting than the place you're buying because of real-estate agent fees."

Persons: —, Grant Wilson, Eunjee Kwon, David Brasington, Kautz, There's, Colin Lizieri, they've Organizations: Service, Business, University of Regina, University of Cincinnati, University of Cambridge Locations: Germany, Switzerland

☆ Some college graduates only need to make a $50,000 salary for a decade for their degrees to be worth it
▼ + stars: | 2024-05-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

College degrees are under fire given the pain of student debt and political and economic troubles. Some public university graduates only need to earn over $50,000 for a decade to make a return. Graduates pay more to live in popular states but they can win due to better job markets there. AdvertisementCrushing debt, political furor, and a brutal economic backdrop of historic inflation and higher borrowing costs have fueled fresh skepticism about the value of a college degree. Yet, stumping up the cash for one may still be worth it financially if it results in significantly higher earnings.

Persons: — Organizations: Service, Street Journal, Strada Education, Business

☆ 21 states where recession bells are ringing after unemployment jumps
▼ + stars: | 2024-05-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Rising unemployment in nearly half of US states points to a recession this year, one economist says. 21 states have seen a jump in joblessness over the last year, Piper Sandler's Nancy Lazar told BI. AdvertisementUnemployment has risen sharply in nearly half of US states, paving the way for a recession later this year, one top economist says. Piper Sandler's chief global economist, Nancy Lazar, highlighted 21 states to Business Insider where three-month average unemployment has risen by at least 0.5 percentage points over the past 12 months. This story is available exclusively to Business Insider subscribers.

Persons: Piper Sandler's Nancy Lazar, —, Piper Sandler's, Nancy Lazar Organizations: Service, Business Locations: joblessness

☆ Recession will strike this year with 21 states flashing red already, top economist says
▼ + stars: | 2024-05-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Rising unemployment in 21 states points to a recession later this year, Nancy Lazar says. AdvertisementJob markets in nearly half of US states are flashing red, signaling a recession will hit by the end of this year, one expert warned. Nancy Lazar, Piper Sandler's chief global economist, told Business Insider that unemployment has risen significantly in 21 states. Specifically, three-month average unemployment has increased by at least 0.5 percentage points from its low over the last 12 months in all 21 states. This story is available exclusively to Business Insider subscribers.

Persons: Nancy Lazar, Piper Sandler's, —, Piper Organizations: Service, Business Locations: California, Illinois

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