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☆ The AI boom reminds this expert of the dot-com bubble — with one dangerous difference
▼ + stars: | 2024-05-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewThe AI boom resembles the dot-com bubble — but there's one big difference that makes this craze far more dangerous, says one expert. "Many dot-com companies that drove the internet change went broke doing it. Many AI companies driving as big a change will go broke or lose half their value." "The giant AI pioneers won't go broke, but if AI losses drive their stock prices down, lots of investors will suffer," Gordon said. He's previously drawn a line between the dot-com bubble and the tech-stock boom.

Persons: —, Erik Gordon, Gordon, He's Organizations: Service, Business, University of Michigan's Ross School of Business, Nvidia, Microsoft, Big Tech

☆ Warren Buffett rings the alarm on AI, comparing it to the atomic bomb and warning it will supercharge fraud
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett issued a grave warning about artificial intelligence. The Berkshire Hathaway CEO predicted it would supercharge fraud by making scams far more convincing. The investor likened AI to the atom bomb, saying the world has let the "genie out of the bottle." AdvertisementWarren Buffett has raised the alarm on AI, warning it threatens to supercharge fraud by making scams more convincing than ever. Buffett also likened the advent of AI to the creation of the atom bomb, echoing comments he made at last year's Berkshire meeting.

Persons: Warren Buffett, Berkshire Hathaway, —, Scamming, Buffett, we'd Organizations: Berkshire, Service Locations: Berkshire

☆ Warren Buffett's company dumped stocks and grew its cash pile to a record $189 billion last quarter
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway grew its cash pile to a record $189 billion last quarter. Berkshire dumped a net $17 billion of stocks, and boosted its buyback spend to $2.6 billion. The famed investor's Berkshire Hathaway raised its stockpile of cash and Treasury bills by $21 billion to a record $189 billion — a 13% increase in just three months. Related storiesThe centibillionaire and his team only spent $2.7 billion on stocks last quarter, while they dumped $20 billion worth, marking their largest quarterly disposal in several years. AdvertisementBerkshire's net stock sales totaled $24 billion in 2023, which was a big turnaround from its purchase of $34 billion of stocks on a net basis in 2022.

Persons: Warren, Berkshire Hathaway, —, Buffett, NetJets Organizations: Berkshire, Service, BNSF Railway, Travel Centers Locations: Woodstock

☆ Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty
▼ + stars: | 2024-05-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +13 min

Youth unemployment, income inequality, regional disparities, and Russian oil remain big problems. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil. "The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. Indian demand for Russian oil has cooled in recent months as new sanctions have made it more expensive, but the buying remains controversial. Alexandr Demyanchuk/AFP/Getty ImagesIndia the IT hubUnder Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.

Persons: Narendra Modi, Elon Musk, Jamie Dimon, Tim Cook, —, Modi, Goldman Sachs, JPMorgan's Dimon, He's, Musk, Apple's Cook, Joe Biden, Sundar Pichai, Anna Moneymaker, Jensen Huang, Satya Nadella, Alphabet's Sundar Pichai, Richard Rossow, Demonetisation, Kunal Sen, Sen, Tim Graham, Rossow, tycoons Mukesh Ambani, Gautam Adani, Mukesh Ambani, Isha Piramal, Rihanna, Shloka Mehta Ambani, Akash Ambani, Radhika Merchant, Anant, Radhika, Ambani, they'd, Neelima Jain, Vladimir Putin, Alexandr Demyanchuk, Sanjay Shetty, Shetty Organizations: Service, titans, Monetary Fund, Gross, World Bank, Economic, of New, Google, Apple, Nvidia, Microsoft, India, Studies, Center for Strategic & International Studies, United Nations, United Nations University World Institute for Development Economics, University of Manchester, International Labor Organization, Oxfam, Bloomberg, Reliance Industries, Adani, CSIS, Indian, Shanghai Cooperation Organisation, Getty, Modi, Big Tech, Randstad, Economic Times Locations: India, Britain, Japan, Germany, China, of New York, Nimaj, Rajasthan, North Korea, Bihar, Uttar Pradesh, Russia, Ukraine, Europe, Moscow, Western, Samarkand, AFP, Randstad India

☆ Buying a first home is 'prohibitively expensive' and 'almost impossible' for many, says Janet Yellen
▼ + stars: | 2024-05-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewOwning a home is a key element of the American dream, yet it's become an unattainable fantasy for many people, Janet Yellen said. At the same time, the 30-year fixed mortgage rate has surged from around 3% at the end of 2021 to around 7%. As a result, Yellen said that buying a first home is "almost prohibitively expensive." Prospective sellers are holding off on listing their properties because they're unwilling to give up the dirt-cheap mortgage rate they secured years ago. AdvertisementBiden has also proposed a one-year tax credit of up to $10,000 for middle-class families that sell their starter home to someone who'll live in it.

Persons: —, Janet Yellen, Yellen, Biden Organizations: Service, Treasury, Business, Federal Reserve, White House, Tax, stoke

☆ Don't feel too sorry for Gen Z — they're outpacing boomers on income and millennials on home ownership
▼ + stars: | 2024-05-02 | 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. But things might not be as bad for Gen Z as they seem. Members of Gen Z are projected to spend more on housing costs like rent, mortgages, insurance, and utilities after inflation between the ages of 22 and 30 than millennials did, a recent RentCafe analysis found. Related storiesYet Gen Z's typically higher earnings mean they'll only spend an estimated 30% of their income on housing compared to 36% for millennials. AdvertisementSuccess may be short-livedIt's worth digging into why Gen Z is doing well financially.

Persons: —, Gen Z, Z, boomers, Gen, millennials, They've, lockdowns, Zeds Organizations: Service, Business, Reserve, millennials

☆ Stock market today: futures drop after Starbucks and McDonald's misses
▼ + stars: | 2024-05-01 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

US futures slid as traders weighed Amazon's earnings beat against Starbucks and McDonald's misses. The Federal Reserve is set to provide an update later on the likely trajectory of interest rates. McDonald's also fell short of Wall Street's revenue, earnings, and same-store sales estimates for last quarter as consumers spent less at the fast-food chain. A painful combination of historic inflation and soaring interest rates over the past couple of years have squeezed household budgets and stoked concern of a recession. Stubborn inflation in recent months has dampened Wall Street's hopes that the Fed will cut rates in the months ahead.

Persons: —, Stocks, Amazon's, Ipek Ozardeskaya, McDonald's, Jerome Powell, Ozkardeskaya, Tesla Organizations: Starbucks, Federal, Service, Amazon, Nasdaq, Dow Jones Industrial, Amazon Web Services, Swissquote Bank, Consumers, Fed, Elon Musk's

☆ More CEOs are deciding the stress, pressure, and loneliness are just not worth the money
▼ + stars: | 2024-04-30 | 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. Pressure, stress, and lonelinessHead honchos have been calling out the difficulties of their jobs for years. Tesla and SpaceX CEO Elon Musk has bemoaned that running a company is "really not that fun" and "just awful" at times. "The depths of loneliness I experienced as a CEO are difficult to put into words," he posted on X in January. The combination of immense pressure, stress, loneliness, and lack of work-life balance that often comes with being a CEO may well explain why few people last long in the role.

Persons: —, HSBC's Noel Quinn, Bob Bakish, Dr Martens, Kenny Wilson, Andrew Challenger, HSBC's Quinn, Elon Musk, Musk, Grzegorz Wajda, Brian Chesky, Warren Buffett, Berkshire Hathaway, Buffett Organizations: Service, Paramount, Business, SpaceX, Berkshire, he's

☆ Stock market today: futures slip ahead of Amazon earnings and a key Fed update
▼ + stars: | 2024-04-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

US stock futures retreated on Tuesday as Wall Street awaited key earnings reports and a Fed update. AdvertisementStocks drifted lower in premarket trading on Tuesday as investors held their breath for marquee earnings reports and a critical update from the Federal Reserve. "If that's the case, we could see a further meltdown in Fed rate cut expectations. The next stop is no rate cut in 2024, which would be a cold shower for the bulls," she added. "If the Fed expectations turn undesirably hawkish, we could see the equity rally stall," Ozkardeskaya said.

Persons: Eli Lilly, McDonald's, —, Jerome Powell, Ipek Ozkardeskaya, it's, undesirably, Ozkardeskaya Organizations: Starbucks, Service, Federal Reserve, Dow Jones Industrial, Nasdaq, Treasury, Swissquote Bank

☆ Stock market today: futures rise as traders await interest rate clues from the Federal Reserve
▼ + stars: | 2024-04-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

US stock futures rose on Monday as investors awaited earnings and the Fed's meeting this week. The 10-year Treasury yield and US Dollar Index dropped, but have risen considerably this year. 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 . The US Dollar Index , which tracks the greenback's value against a basket of foreign currencies, fell by 0.3% to 105.6.

Persons: —, Stocks, Ipek Ozkardeskaya Organizations: Service, Federal Reserve, Dow Jones Industrial, Nasdaq, Treasury, Swissquote Bank, Investors, Paramount Global

☆ Here's what 93-year-old Warren Buffett and YouTuber Ryan Trahan, 25, have in common
▼ + stars: | 2024-04-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Warren Buffett, 93, has more in common with YouTuber Ryan Trahan, 25, than you might think. Trahan specializes in turning a penny into hundreds or even thousands of dollars within days. 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 . If the 93-year-old investor watched YouTube, he might be a fan of Ryan Trahan.

Persons: Warren Buffett, YouTuber Ryan Trahan, Trahan, —, Ryan Trahan, Charlie Munger, Berkshire Hathaway, vlogger, hawking, Buffett, penny's Organizations: Service, YouTube, Berkshire, Buffett —, HBO Locations: California, North Carolina, McDonald's, Berkshire

☆ Putin is using 'nuclear blackmail' — and Russia defeating Ukraine could spark global chaos and economic disaster, Jamie Dimon warns
▼ + stars: | 2024-04-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Russia defeating Ukraine could spark chaos and slam the global economy, Jamie Dimon said. The JPMorgan CEO said a Putin victory could fuel a nuclear arms race and trigger more battles. AdvertisementA Russian victory in Ukraine could throw the world into disarray, transform the global economy, and trigger nuclear proliferation and further conflicts, Jamie Dimon warned. Dimon emphasized that Russia has invaded a free, democratic nation and threatened nuclear war to deter resistance. Advertisement"The geopolitical situation is probably the most complicated and dangerous since World War II," he told the Economic Club of New York this week, adding that the world order is being "challenged."

Persons: Jamie Dimon, Putin, Dimon, —, We've Organizations: JPMorgan, Service, Wall, Russia, Economic, of New Locations: Russia, Ukraine, China, Europe, of New York

☆ Jamie Dimon thinks he knows why people are so gloomy about the economy
▼ + stars: | 2024-04-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The bottom 20% of American earners have been left out of the economic boom, Jamie Dimon said. 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 . One reason is they've largely missed out on the boom times, Jamie Dimon says. Advertisement"There's parts of society who's kind of struggling, parts of society who's not," Dimon said.

Persons: Jamie Dimon, —, who's, Dimon Organizations: JPMorgan, Service, Wall, New York Times Locations: America

☆ Mark Zuckerberg's wealth may slide $25 billion in a day as Big Tech faces $350 billion sell-off
▼ + stars: | 2024-04-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewMark Zuckerberg's fortune could shrink by $25 billion in a single day due to Meta's post-earnings slump. The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index. Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion. AdvertisementA $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.

Persons: —, Zuckerberg, Bill Gates, Gates, Elon, Musk, we've Organizations: Service, Facebook, Bloomberg, Business, Microsoft, Big Tech, Meta Locations: Meta

☆ S&P 500 is at risk of crashing 44% — and selling early could pay off, says elite forecaster
▼ + stars: | 2024-04-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The S&P 500 is at risk of plunging 44% to around a four-year low, Paul Dietrich said. The top strategist explained that selling stocks well before they crash can yield outsized returns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe stock market may be headed for a 44% crash — and getting out early could pay off, Paul Dietrich said. This story is available exclusively to Business Insider subscribers.

Persons: Paul Dietrich, Dietrich, —, Riley Wealth Organizations: Service, Business

☆ Jamie Dimon warns the world order is being challenged — and bashes crypto once more
▼ + stars: | 2024-04-24 | 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. Read previewMost people are financially healthy, but economic and geopolitical threats could spoil the party, Jamie Dimon warned on Tuesday. People are also benefiting from strong economic growth and near-record employment, but they won't be immune if disaster strikes, Dimon said. "Even if we go into recession, the consumer's in good shape," he said in a clip of the interview posted by Bloomberg. He added that the world order is being "challenged" and could descend into a "little bit of chaos" as it realigns.

Persons: —, Jamie Dimon, Dimon, Dimon's, JPMorgan's, we've Organizations: Service, Consumers, Economic, of New, Business, Bloomberg, Wall Locations: of New York, China, Russia, Ukraine, Middle

☆ Don't ignore threats like inflation, recession, and war, warn Wall Street's biggest bosses
▼ + stars: | 2024-04-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

If the 10-year bond rate goes up 2%, every asset on the planet, including real estate, is worth 20% less. Advertisement"If things stay where they are, we have the soft landing that seems to be embedded in the marketplace, the real estate will muddle through. They won't muddle through under higher rates with a recession. That would be tough for a lot of folks, not just real estate, if that happens." Jeenah Moon / Reuters"We're in a period that comes after financial repression, where we'll have some inflation and some real rates.

Persons: —, Wall, shouldn't, Jamie Dimon, I'm, David Solomon, Goldman Sachs, Jane Fraser, Julian Restrepo, Larry Fink, Stephen Schwarzman, Ted Pick, Morgan Stanley, Jeenah, Michael Santomassimo, Wells, Alistair Borthwick, that's Organizations: Service, Wall Street's, Business, titans, JPMorgan, Citigroup, AP, BlackRock, Blackstone, Bank of America Locations: East, Ukraine

☆ People are forking out record $2,800 a month on average just to cover their mortgage payments
▼ + stars: | 2024-04-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Mortgage holders are shelling out a record $2,800 on average to cover their monthly payments. The median monthly mortgage payment has jumped 11% over the past year to hit $2,775 for the four weeks ended April 14, Redfin data shows. The average 30-year fixed mortgage rate spiked to a five-month high of 7.4% this week, per Mortgage News Daily. That has driven 30-year mortgage rates from about 3% at the start of 2022 to more than 7%, which has caused monthly mortgage payments to spike. The result is that consumers face a double-whammy of painful price increases and steeper monthly interest payments.

Persons: —, Barbara Corcoran, Bill Pulte Organizations: Service, Mortgage

☆ A Wall Street firm wants to collect a $4 million breakup fee from a banker who never started his job. Judges will soon rule if that's legal.
▼ + stars: | 2024-04-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jefferies included a $4 million break-up fee in an offer letter to a banker. The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing. AdvertisementA Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out. "In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)" It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.

Persons: Jefferies, Dean Decker, —, Decker, Decker —, UBS didn't Organizations: Credit Suisse, Service, Bloomberg, Jefferies, Suisse, UBS, Banco Santander, Business Locations: California, Spanish

☆ Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency
▼ + stars: | 2024-04-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Bitcoin is a "fraud" and "Ponzi scheme" and cannot serve as a currency, Jamie Dimon said. Dimon has dismissed bitcoin as a "pet rock" in the past and slammed it for enabling criminals. AdvertisementBitcoin is a scam and fails as a currency, Jamie Dimon said. "If you mean crypto like bitcoin, I've always said it's a fraud," the JPMorgan CEO told Bloomberg TV on Wednesday. It's a Ponzi scheme," he added.

Persons: Jamie Dimon, Dimon, bitcoin, —, I've Organizations: JPMorgan, Service, Bloomberg

☆ Donald Trump's Truth Social has crashed 70% from its peak — and experts say the meme stock may fall further
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Donald Trump's meme stock has plunged by 70% from its peak last month. Trump Media & Technology Group, which owns Truth Social, soared after it went public. AdvertisementDonald Trump's meme stock skyrocketed in March but has now crash-landed. Advertisement"Given Donald Trump's substantial fanbase, particularly during election cycles, he could wield significant influence over specific stocks, such as Truth Social stock," he said. The sharp rise in Truth Social price will definitely be a short-run phenomenon because it is not fully backed by fundamentals."

Persons: Donald Trump's, —, Donald, Trump, Michele Costola, Costola, Imran Yousaf, Warren Buffett, Yousaf, it's, TMTG, they'll, Devin Nunes Organizations: Trump Media & Technology Group, Service, Bloomberg, Foscari University of Venice, Kean University, GameStop Locations: Tuesday's

☆ Elon Musk's wealth has crashed by $160 billion from its peak as Tesla's problems pile up
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The stock drop has fueled an estimated $160 billion decline in Elon Musk's net worth. AdvertisementTesla's mounting troubles have dealt a heavy blow to Elon Musk's net worth. However, Musk's net worth has plunged by about $160 billion since then to $178 billion at Tuesday's close. Musk's net worth has taken a big hit from the decline because his 13% stake in the automaker makes up a big chunk of his wealth. He topped the Bloomberg rich list with a $229 billion fortune in January, but his net worth has crashed by $51 billion, or 22%, since then.

Persons: —, Elon, Warren Buffett, LVMH's Bernard Arnault, Jeff Bezos, Meta's Mark Zuckerberg, Musk, He's, Zuckerberg, isn't Organizations: Service, Bloomberg, SpaceX, Buffett, Tesla, Twitter Locations: Elon Musk's

☆ Brace for the S&P 500 to crash 30% before an even bigger collapse after the election, markets guru David Brady warns
▼ + stars: | 2024-04-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Expect the S&P 500 to tumble 30%, recover, then suffer a historic crash, David Brady warned. 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 . AdvertisementPrepare for stocks to plunge 30%, rebound before the presidential election, then crash to their lowest level in 14 years, a markets analyst warned. The S&P 500 is poised to plummet from over 5,000 points to an 18-month low of 3,500 points, David Brady said on the latest "Thoughtful Money" podcast episode.

Persons: David Brady, —, Brady Organizations: Service, Business

☆ Jamie Dimon made $183 million from selling JPMorgan stock
▼ + stars: | 2024-04-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Jamie Dimon has raked in $183 million from his planned sale of 1 million JPMorgan shares. JPMorgan's CEO sold stock worth $33 million on Monday, after selling a $150 million tranche in February. Dimon's first disposals in 19 years were for diversification and tax planning, JPMorgan said. AdvertisementJamie Dimon has wrapped up his planned sale of 1 million JPMorgan shares, pocketing $183 million in total proceeds. The boss of America's biggest bank disposed of about 178,000 shares for about $33 million on Monday, regulatory filings show.

Persons: Jamie Dimon, Dimon's, — Organizations: JPMorgan, JPMorgan's, Service, Business

☆ The average US home price could spike 20% to a record $500,000 if the Fed cuts interest rates too soon, expert says
▼ + stars: | 2024-04-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The median US home price could surpass $500,000 for the first time, one expert says. Housing guru Bill Pulte said prices could jump 20% if the Fed cuts rates before crushing inflation. AdvertisementThe average price of a home could soar to over $500,000 if the Federal Reserve cuts interest rates without crushing inflation first, a housing expert says. "I predict if rates go down, housing prices will go through the roof," Bill Pulte recently told Fox Business. This story is available exclusively to Business Insider subscribers.

Persons: Bill Pulte, —, Louis Organizations: Service, Federal Reserve, Fox Business, Louis Fed, Business Locations: St

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