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☆ Watch out Hong Kong – India's stock market is fast catching up
▼ + stars: | 2023-12-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg. It's narrowing the gap with Hong Kong, the world's fourth-largest stock market. AdvertisementThe value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, Bloomberg reported. Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year. The Indian market was worth less than $1.5 trillion in pandemic-affected 2020, according to Bloomberg, but has since made significant gains.

Persons: —, Narendra Modi, Sanjeev, Sharekhan, Goldman Sachs Organizations: Bloomberg, Service, Reuters, IMF, Apple Locations: Hong Kong, India, China, Japan

☆ Harvard alumni are slashing donations and taking the college out of their wills over its response to the Israel-Hamas war: Bloomberg
▼ + stars: | 2023-12-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Harvard alumni are slashing their donations amid reports of on-campus semitism, per Bloomberg. One alumni told Bloomberg that she won't encourage her classmates to donate this year. Furious Harvard alumni and volunteers are paring down their donations over the university's response to the Israel-Hamas war, per Bloomberg. Longtime volunteer Tally Zingher, 46, told Bloomberg she only plans to donate $1 for her coming college reunion. "There are plenty of better places that I feel my classmates can use their philanthropy and influence," she told Bloomberg.

Persons: —, Bill Ackman isn't, Tally Zingher, Zingher, Jason Newton, Israel, Bill Ackman, Larry Summers, Claudine Gay's, Summers, Gay Organizations: Harvard, Bloomberg, Service, Furious Harvard, University, Business Insider Locations: Israel, Hamas, Harvard's

☆ Thanks to AI, junior employees at major firms are spending less time prepping paperwork and more time pitching clients
▼ + stars: | 2023-12-05 | by ( Haley Tenore | ) www.businessinsider.com time to read: +2 min

AI is shaking up the workplace and freeing junior employees from monotonous tasks, Bloomberg reports. Major consulting and law firms are using AI to do tasks typically given to junior workers. This saves time for junior workers, letting them take on projects and get promoted more quickly. AdvertisementAI is changing the way that junior employees at major consulting and law firms work. It usually takes junior workers at law firms and major consulting companies at least a decade to work up to the partner position, according to Bloomberg.

Persons: —, Business Insider's Aki Ito Organizations: Bloomberg, Service, KPMG, Business

☆ KISS says their future concerts will be performed by 'forever young' digital avatars
▼ + stars: | 2023-12-04 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

KISS ended the last live show of their 50-year career by revealing their digital avatars. The digital avatars drew a mixed reception from fans online. But it wasn't an official curtain call, as the band announced their act would live on through "forever young" digital avatars. "We can be forever young and forever iconic by taking us to places we've never dreamed of before," said KISS bassist Gene Simmons, 74, in a separate announcement video published Saturday. The two companies were also behind ABBA's virtual concert, which put digital avatars of the band onstage in May 2022.

Persons: Per, —, we've, Gene Simmons, Paul, George Lucas, ABBA's Björn Ulvaeus, Khudwx7cud Organizations: KISS, Service, Madison, Industrial, Pophouse Entertainment, Associated Press, Twitter, Bloomberg Locations: New York

☆ It's not just Jeff Bezos — Amazon's looking for office space in Miami, too
▼ + stars: | 2023-11-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Amazon is searching for office space in Miami. The ecommerce giant started looking before founder Jeff Bezos announced his move to the city, per Bloomberg. Bezos announced in November he was moving from Seattle to Miami. AdvertisementAmazon is looking for 50,000 square feet of office space in Miami, the ecommerce giant told Business Insider. The news came just weeks after founder Jeff Bezos announced he was moving from Seattle to Miami to be closer to his parents and to Blue Origin's operations in Cape Canaveral, Florida.

Persons: Jeff Bezos, Bezos, —, Amazon's, Insider's Jacob Zinkula Organizations: Bloomberg, Service, Miami, Companies, Citadel Locations: Miami, Seattle, Cape Canaveral , Florida, droves, Indian Creek , Florida

☆ Switzerland, one of the world's richest countries, is trying to host the cheapest Winter Olympics ever
▼ + stars: | 2023-11-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Switzerland plans to bid for the 2030 or 2034 Winter Olympic Games. On Friday, the Swiss Olympic Association announced the country would be bidding for the 2030 or 2034 Winter Games. If Switzerland manages to stick to the budget, it will be the cheapest Winter Olympics ever — after adjusting for inflation, according to Bloomberg. AdvertisementIn fact, Swiss citizens have already rejected at least three previous bids for the Winter Olympics in recent years, per Bloomberg. The last edition of the Winter Olympics in Beijing had an official price tag of $3.9 billion — busting its initial $1.6 billion budget.

Persons: —, Urs Lehmann Organizations: Olympics, Service, Swiss Olympic Association, Bloomberg, Olympic, Games, Winter, Swiss Ski Association, Reuters Locations: Switzerland, Beijing, Pyeongchang, South Korea

☆ US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year
▼ + stars: | 2023-11-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US gas prices have dropped for 60 consecutive days, per Bloomberg. It's the longest streak of declines in more than a year, according to the report. A gallon of gas on average in the US costs $3.25, about 30 cents cheaper than this time last year. AdvertisementUS gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year. Meanwhile, the Federal Reserve's aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices.

Persons: —, Brent Organizations: Bloomberg, Service, Biden Administration, Saudi, West Texas

☆ Former Google engineer and Trump pardonee Anthony Levandowski relaunches his AI church
▼ + stars: | 2023-11-25 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

Former Google engineer Anthony Levandowski is relaunching his "Way of the Future" AI church. Levandowski was previously pardoned by Donald Trump after pleading guilty to stealing trade secrets. AdvertisementAnthony Levandowski, a pioneer of self-driving cars and controversial Silicon Valley figure, announced the return of his AI-dedicated church in an episode of Bloomberg's AI IRL podcast. Levandowski started his "Way of the Future" church in 2015 while he was working as an engineer on Google's self-driving project Waymo. The engineer was pardoned in 2021 by the outgoing president at the time, Donald Trump.

Persons: Anthony Levandowski, Levandowski, Donald Trump, —, Peter Thiel Organizations: Google, Service, Bloomberg, Trump, Peter Thiel White House, Pollen Locations: America

☆ Beijing is making its biggest move yet to patch up the property crisis threatening to blow up China's economy
▼ + stars: | 2023-11-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China is drafting a "white list" of property developers for bank financing, per Bloomberg. China's massive property sector is in a slump, adding to the country's post-COVID economic woes. AdvertisementChina's finally starting to do something about the three-year property crisis that's been weighing on its COVID-scarred economy. China's real-estate sector has been mired in a crisis since the second half 2021 when a liquidity crisis at Evergrande — once China's second-largest developer — came into public view. AdvertisementStill, not everyone is convinced Beijing's property "white list" will be the solution to China's property problems.

Persons: —, China's, Nomura, it's, Rory Green, Green, White Knight, Vishnu Varathan Organizations: Bloomberg, Service, BI, Mizuho Bank, Business Locations: China, Beijing, Asia

☆ Some OpenAI engineers make as much as $800,000 and were key players in Sam Altman's return
▼ + stars: | 2023-11-23 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +3 min

OpenAI reinstated CEO Sam Altman after a dayslong saga kicked off with the board firing him Friday. AdvertisementOpenAI staffers who threatened to quit this week over CEO Sam Altman's firing are making up to $800,000 per year, according to Bloomberg. AdvertisementBut tech-firm salaries don't include bonuses or stock awards, which can bring total compensation for some OpenAI engineers closer to $800,000, Bloomberg said. But despite the high demand for talent, there are aren't many people who understand the technology, so companies value these workers with high salaries as well as influence. At OpenAI, these employees played a key role in Altman's eventual rehire at the AI startup following his surprise ouster last week.

Persons: OpenAI, Sam Altman, Altman, —, Sam Altman's, OpenAI's Organizations: Bloomberg, Service, Meta, Google, Tech, The New York Times, Altman's eventual, Microsoft, Twitter Locations: OpenAI, Altman's

☆ Alibaba's stock dropped so much that Jack Ma reversed a plan to sell shares for his other investments
▼ + stars: | 2023-11-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Alibaba cofounder Jack Ma walked back on plans to sell the company's stock. The Chinese tech giant's stock crashed last week after it nixed a plan to spin off its $11 billion cloud business. AdvertisementAlibaba cofounder Jack Ma reversed plans to sell the company's stock following a slump in its stock price last week. The company's stock sank in response, wiping out $26 billion in value over two days. But Ma isn't selling the stock since its current value is lower than its actual value, she said in the memo.

Persons: Jack Ma, —, Alibaba, Ma, Jane Jiang Fang, Jiang, Ma's Organizations: Service, Reuters, Bloomberg, South China Morning, Big Tech, Baidu, Business Locations: Beijing, China, —

☆ The founder of Evergrande just lost 2 Hong Kong mansions collectively valued at $200 million to a creditor
▼ + stars: | 2023-11-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Two luxury mansions belonging to Hui Ka Yan, the founder and chairman of Evergrande, have been seized. The properties in Hong Kong's prestigious The Peak neighborhood are worth $192 million, per HK01. AdvertisementHui Ka Yan, the founder and chairman of Chinese property developer Evergrande, is having a really bad end to the year. They are located in The Peak, Hong Kong's prestigious neighborhood, Bloomberg reported on Wednesday, citing documents lodged with Hong Kong's Land Ministry. The houses — which are valued at 1.5 billion Hong Kong dollars, or $192 million — will be formally seized in days, local media outlet HK01 reported on Wednesday.

Persons: Hui Ka Yan, China's, Evergrande, —, Hui, Yan, Tan Haijun Organizations: Service, Hong, Bloomberg, Ministry, Orix Asia Capital, HK, China Construction Bank, Orix, Business Locations: Hong, Hong Kong, China, Orix Asia

☆ Sam Altman sought billions to fund a chip company that could rival Nvidia before he was fired, report says
▼ + stars: | 2023-11-21 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Ex-OpenAI CEO Sam Altman was reportedly seeking billions in funds for a new firm when he was fired. Altman was fundraising to build a rival to AI chip maker Nvidia, per Bloomberg. AdvertisementFormer OpenAI CEO Sam Altman had reportedly sought billions in funding for a new chip company before being ousted. Bloomberg reported that Altman was fundraising in the Middle East for the new venture, which aimed to rival AI chip maker Nvidia. The project was reportedly intended to compete with AI chip giant Nvidia, which controls about 80% of the global AI chip market.

Persons: Sam Altman, Altman, —, It's, Emmett Shear, Satya Nadella, OpenAI Organizations: Nvidia, Bloomberg, Investor, Service, Microsoft Locations: OpenAI

☆ Sam Altman is out of OpenAI and has joined Microsoft. Here's a full timeline of the chaos that landed him there.
▼ + stars: | 2023-11-20 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Former Twitch CEO and cofounder, Emmett Shear, was named interim CEO of the company and Altman had joined former partner Microsoft. Altman was ousted from OpenAI in a shock board decisionAltman was immediately ousted from OpenAI in a dramatic board decision on Friday. According to a timeline provided by fellow OpenAI cofounder Greg Brockman, Altman received a text from board member Ilya Sutskever asking to talk at midday Friday. OpenAI board was 'optimistic' about getting Altman backInvestors, including Microsoft CEO Satya Nadella, were reportedly "blindsided" by the decision to remove Altman. Altman and Brockman join MicrosoftIn a final twist, Microsoft CEO Satya Nadella scooped up Altman and Brockman to lead "a new advanced AI research team" at Microsoft.

Persons: Sam Altman, kickstarting, Altman, —, Emmett Shear, Greg Brockman, Ilya Sutskever, Brockman, Sutskever, OpenAI, Satya Nadella, Jason Kwon, Nadella, Shear, Mira Murati, Aleksander Madry, Szymon Sidor, Jakub Pachocki Organizations: Microsoft, Service, Twitch, OpenAI, Bloomberg, The

☆ OpenAI's Ilya Sutskever once burned a wooden effigy to show his commitment to safe AI, report says
▼ + stars: | 2023-11-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Sutskever once burned a wooden effigy to show his commitment to safe AI, The Atlantic reported. AdvertisementIlya Sutskever, a cofounder of OpenAI and its chief scientist, once burned a wooden effigy to show his commitment to creating artificial intelligence aligned with humanity's interests, The Atlantic reported. It appears Altman's dramatic ousting was prompted by fears over the speed of AI development, with Sutskever at the center. The outlet reported that Sutskever commissioned a local artist to make a wooden effigy representing "unaligned" AI. And to symbolize OpenAI's dedication to creating AI in humanity's best interests, Sutskever burnt the effigy, per The Atlantic.

Persons: Ilya Sutskever, Sam Altman's, Sutskever, —, Sam Altman, Greg Brockman, Altman, OpenAI Organizations: Bloomberg, Service, Microsoft, New York Times, Google

☆ China takes on Elon Musk's Starlink with hundreds of low-orbit satellites
▼ + stars: | 2023-11-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

The 300 satellites will orbit at a much lower altitude than their competitors. AdvertisementA Chinese company plans to launch the first of 300 very low orbit satellites next month in a rival constellation to Elon Musk's Starlink network. China Aerospace Science and Industry Corp plans to put 192 satellites in orbit by 2027, with 300 by 2030, the outlet reported. But for now China remains far behind Elon Musk's Starlink constellation. It will be able to carry the new generation of larger Starlink satellites.

Persons: Elon Musk, —, Elon Musk's, Chance Saltzman, Elon, Musk, gIpnubscWa — Elon Organizations: Elon, Service, China Aerospace Science, Industry Corp, Bloomberg, SpaceX, Space Operations Locations: China

☆ The housing market is historically unaffordable - but a record number of Americans now own their home without a mortgage
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The share of US homes without a mortgage jumped five percentage points from 2012 to 2022 to a record near 40%, Bloomberg reported. Historically high mortgage rates and home prices have kept many Americans sidelined from the market. The share of homeowners that are mortgage-free surged 5% between 2012 and 2022, Bloomberg reported Friday, citing data from the Census Bureau, hitting a new record just below 40%. Construction is booming in these states, and the share of mortgage-free homes is high. West Virginia, meanwhile, has the largest share of mortgage-free homes, at about 53%, Bloomberg reported.

Persons: —, Holly Meyer Lucas Organizations: Bloomberg, Service, Census, Business Locations: Florida, Texas, South Florida . Texas, Arizona, West Virginia

☆ Saudi Arabia's stake in Lucid dropped in value more than $50 billion as the EV startup struggles, report says
▼ + stars: | 2023-11-11 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sovereign fund has a 60% stake in Lucid Motors, an EV startup. Months after the company went public, the stake was valued at more than $55B, per Bloomberg. That value dropped about 90% to $5.4 billion as Lucid reports millions in net loss. The steep drop in the value of Saudi's stake coincides with Lucid's latest quarterly earnings. In 2018, PIF invested $1.3 billion in Lucid, and it seems the Saudis have more considerable expectations for the EV company.

Persons: —, Chris Bryant, Nora Naughton, Sherry House, PIF, Lucid Organizations: Lucid Motors, Bloomberg, Service, Public Investment Fund, EV Locations: Saudi, Saudi Arabia

☆ Bill Gates is a 'rational optimist' – and maybe you should be too
▼ + stars: | 2023-11-09 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Bill Gates has found the perfect balance between optimism and pessimism, says Morgan Housel. The Microsoft cofounder also seems to be demonstrating "rational optimism" when it comes to AI. Morgan Housel describes Gates a "rational optimist" in a piece for CNBC, meaning he prepares for any short-term setbacks while maintaining an optimistic outlook for the future. AdvertisementAdvertisementWorrying about having enough cash to pay staff wages is the perfect example of rational optimism, says Housel. The 68-year-old is now applying his rational optimism to AI.

Persons: Bill Gates, Morgan Housel, —, Gates, Housel, Charlie Rose, He's Organizations: Microsoft, Service, CNBC, Bloomberg Locations: Harvard

☆ Elon Musk's plan to implant chips into people's brains is eerily similar to a 2015 British spy movie featuring an eccentric billionaire played by Samuel L. Jackson
▼ + stars: | 2023-11-08 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Elon Musk's brain chips are eerily similar to the plot of 2015 movie "Kingsman: The Secret Service." In it, Samuel L. Jackson plays an eccentric billionaire who tries to control the world using neural implants. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisement"Kingsman: The Secret Service," which stars Colin Firth, Samuel L. Jackson, and Taron Egerton, features a similar neural implant as a key plot point.

Persons: Elon, Samuel L, Jackson, —, That's, Elon Musk's, it's, Neuralink, Musk, Ashlee Vance, Vance, Colin Firth, Taron Egerton, James Bond, Richmond Valentine, Eggsy, Egerton —, It's, Valentine, Vance — Organizations: Bloomberg, Service, Elon Musk's Neuralink, SpaceX

☆ China boldly claims it has a plan to mass produce humanoid robots that can 'reshape the world' within two years
▼ + stars: | 2023-11-06 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

China revealed its bold plans to mass produce "advanced-level" humanoid robots by 2025. The MIIT believes that humanoid robots will be as "disruptive" as smartphones and electric vehicles. AdvertisementAdvertisementChina revealed ambitious plans to mass produce humanoid robots, which it believes will be as "disruptive" as smartphones. For example, Chinese startup Fourier Intelligence said it would start mass producing its GR-1 humanoid robot by the end of this year, South China Morning Post reported. Even Tesla is developing its own humanoid robots called Optimus, or Tesla Bot, as Elon Musk revealed in 2021.

Persons: —, that's, Damion Shelton, Tesla, Elon Musk, Musk Organizations: China's Ministry of Industry, Information Technology, Service, Bloomberg, Intelligence, China Morning Post Locations: China, Shanghai, Oregon, Seattle

☆ Nvidia boss Jensen Huang joked that Jackie Chan should play him in a movie
▼ + stars: | 2023-11-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Nvidia CEO Jensen Huang already has an actor in mind for a future biopic. Huang joked that Chinese actor Jackie Chan "looks just like me" during a conversation with host Ryan Patel. The Nvidia CEO has a net worth of over $40 billion, per Bloomberg Billionaires Index. The Nvidia CEO joked, "Jackie Chan, he looks just like me." His company, Nvidia, produces chips used to power AI and has seen its fortunes soar off the back of the generative AI boom this year.

Persons: Jensen Huang, Huang, Jackie Chan, Ryan Patel, —, Taylor Organizations: Nvidia, Bloomberg, Service, Oregon State University and Stanford Locations: Taiwan, Thailand

☆ The bosses of rival chip giants Nvidia and AMD are cousins, researcher says
▼ + stars: | 2023-11-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Nvidia CEO Jensen Huang and AMD CEO Lisa Su are first cousins once removed. It has recently emerged that Nvidia CEO Jensen Huang and AMD CEO Lisa Su are first cousins once removed, with 60-year-old Huang being the older cousin. Nvidia and AMD did not immediately respond to requests for comment from Insider sent outside regular business hours. The genealogist — a person who traces lines of family descent — published a condensed family tree on her Facebook account in June. Wu also interviewed a close family member of the two while putting together the family tree, per CNN.

Persons: Jensen Huang, Lisa Su, Su's, —, Huang, Su, Huang's, Jean Wu, It's, Wu, Jensen Organizations: Nvidia, Service, AMD, CNN, Consumer Technology Association webinar, Oneida Baptist Institute, Oregon State University, Massachusetts Institute of Technology, Devices, IBM, Freescale Semiconductor Locations: Taiwan, Taiwanese, Taipei, Thailand, Washington, Kentucky, Tainan, New York

☆ China suffers its first foreign investment deficit as US tensions and anti-spying laws spark a western exodus
▼ + stars: | 2023-11-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China just posted a quarterly foreign investment deficit for the first time. Officials have released foreign direct investment figures each quarter for the past 25 years – and it's the first time the gauge has turned negative, Reuters reported. The deficit suggests that western countries and companies are shunning China with Sino-US tensions steadily rising and new anti-spying laws spooking international investors. Analysts flagged that clampdown as one factor driving the decline in foreign direct investment. The foreign direct investment deficit is far from the only economic headache that Beijing faces.

Persons: China's, —, Joe Biden, Duncan Wrigley, Mark Mobius, he'd Organizations: Service, State Administration of Foreign, Reuters, Analysts, Macroeconomics, Bloomberg, " International, Micron, Bain, Co Locations: China, Beijing, Shanghai

☆ Elon Musk, who hates unions, has to deal with a rare strike at Tesla after his Swedish workers walked out
▼ + stars: | 2023-11-05 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Swedish union is leading strikes against Tesla to secure a collective labor agreement. AdvertisementAdvertisementTesla is facing growing strike action in Sweden over its refusal to accept a collective labor agreement. Not all Tesla employees are participating in the strikes, however. Musk has consistently rejected calls for his staff to unionise, tweeting in 2018 that Tesla employees could lose their stock options if they did so. The factory has reportedly seen an unusually high number of work-related accidents and IG Metall says union signups among Tesla workers have surged.

Persons: Tesla, —, Elon Musk's, Musk, Elon, Christiane Benner, Metall, Benner Organizations: Service, IF Metall, Tesla, The New York Times, Metall, UAW, Bloomberg, United Auto Workers Locations: Sweden, Swedish, tweeting, Europe, Berlin

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