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Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts. The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share. Goldman reported strong growth in investment-banking fees and asset and wealth management. Goldman's asset and wealth management arm posted an 18% rise in net revenue to $3.8 billion, helped by record quarterly management and other fees. AdvertisementIn the earnings release, Goldman CEO David Solomon said: "Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs.
Persons: Goldman Sachs, Goldman, , David Solomon Organizations: Wall, Service
"Bluey" fans are worried the series could end with its third-season finale on Sunday. The kids TV show ranked among the most-watched streaming series in America last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFans of the children's TV sensation "Bluey" fear their favorite show will end with the third season's finale this Sunday. There's a lot of money at stake and if the series does continue, it faces challenges down the line.
Persons: , Bingo, Joe Brumm, It's, Ludo Studio, There's, Elsa, Olaf, Uhls Organizations: Service, Nielsen, Center, Scholars, UCLA, Disney, Bloomberg Locations: America, Australian
The banking giant grew revenue by 9% and net income by 6%. CEO Jamie Dimon, however, rang the alarm on geopolitical and economic challenges. AdvertisementJPMorgan reported first-quarter earnings on Friday that surpassed Wall Street's expectations, as CEO Jamie Dimon rang the alarm once again on a troublesome geopolitical and economic backdrop. America's biggest bank posted a 9% year-on-year rise in revenue to $41.9 billion, which helped to drive its net income up 6% to $13.4 billion. Dimon hailed JPMorgan's strong performance in the earnings release, but also issued a stark caution about the current global backdrop.
Persons: Jamie Dimon, , Dimon Organizations: JPMorgan, Service, CIB, CB, First Locations: CCB
Assets under management grew by 15% in 12 months to a record $10.5 trillion. The world's largest asset manager cited big net inflows of client cash and a strong market. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementBlackRock's assets under management surged 15% year-on-year to a record $10.5 trillion in the first quarter, as more people trusted the company to put their cash to work and markets performed well. Indeed, BlackRock's net inflows were $76 billion in the first quarter versus $183 billion in all of 2023.
Persons: , Larry Fink Organizations: BlackRock, Service Locations: Thursday's
Nvidia is in a bubble, stocks will falter, and a recession will hit this year, Jesse Felder said. The markets guru said the microchip frenzy would fade, and stock-market returns would drop off. 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 . AdvertisementNvidia hype is a bubble that will burst, stocks will disappoint for the next decade or longer, and a recession will strike this year, Jesse Felder said.
Persons: Jesse Felder, , outsize, Felder, Jeff Bezos, Meta's Mark Zuckerberg, Jamie Dimon Organizations: Nvidia, Service, Micron
Michael Burry predicted a second inflation surge, and price growth reaccelerated in March. The "Big Short" investor first warned of inflation in April 2020, over two years before it peaked. AdvertisementMichael Burry of "The Big Short" fame warned inflation would make a comeback — and it's on the rise again. Headline price growth accelerated to 3.5% in March, up from 3.2% in February and 3.1% in January. This story is available exclusively to Business Insider subscribers.
Persons: Michael Burry, Burry, Organizations: Service, Business
Robert Kiyosaki warned an "everything bubble" spanning stocks, bonds, and real estate would pop. The "Rich Dad Poor Dad" author touted gold, silver, and bitcoin for riding out the storm. "The EVERYTHING BUBBLE, stocks, bonds, real estate SET to CRASH," he said in a recent X post. Please buy more real gold, silver, Bitcoin." The Rich Dad Company founder's latest crash warning should be treated with skepticism as his previous ones have failed to pan out.
Persons: Robert Kiyosaki, Dad, , — he's, bitcoin, Rich Dad, founder's, Kiyosaki, Lehman Organizations: Service, Nasdaq, Federal Reserve, Credit Suisse, UBS Locations: Swiss
TMTG stock has plunged 53% from its intraday peak two weeks ago, slashing Trump's net worth. AdvertisementDonald Trump has crashed out of the ranks of the world's 500 wealthiest people after the value of his meme stock nosedived. The former president has fallen off the Bloomberg Billionaires Index as his net worth has dropped below the $5.8 billion required to make the cut. AdvertisementTMTG shares hit an intraday high of $79 on March 26, valuing Trump's stake at close to $6.3 billion. That's still more than 1,200 times the $4.1 million of revenue it earned last year, which fueled a net loss of $58 million for Truth Social's parent company.
Persons: Donald Trump, , Forbes, Trump, George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, Bernie Marcus, Ralph Lauren, TMTG Organizations: Service, Bloomberg, Trump Media & Technology, TMTG, Paramount, Etsy, Hasbro, American Airlines Locations: Monday's
In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."
Persons: , Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York
Taiwan Semiconductor is set to receive almost $12 billion in grants and loans from the US government. The Biden administration is eager to onshore production and rely less on China as tensions mount. AdvertisementThe White House is giving the world's largest chipmaker government grants and loans worth almost $12 billion to expand production in Arizona. The agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) announced an initial deal in a press release on Monday. TSMC generated about $67 billion in revenue last year and and $26 billion of net income.
Persons: Biden, , They've, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Taiwan Semiconductor, Service, Taiwan Semiconductor Manufacturing Co, Apple, Nvidia, Rivals, Intel, Samsung, Technology Locations: Taiwan, Phoenix , Arizona, China, Arizona, TSMC
In his annual letter to JPMorgan shareholders, Jamie Dimon rang the alarm on geopolitical tensions. The bank's CEO said investors were too optimistic about inflation, interest rates, and the economy. AdvertisementJamie Dimon is deeply concerned about international relations — and worries investors are too optimistic about threats such as inflation, interest rates, and recession. AdvertisementIndeed, Dimon said JPMorgan was ready for rates of 2% to 8% or even higher. He flagged the possibility of stagflation, which could usher in higher rates, large credit losses, a slump in business volumes, and tough markets.
Persons: Jamie Dimon, , Dimon, Sharp, he's Organizations: JPMorgan, Service, Federal, Wall Locations: Ukraine, China
Read previewThe release of Forbes' annual rundown of the world's billionaires has underlined a glaring omission from the Bloomberg Billionaires Index: Michael Bloomberg himself. Forbes ranked the 82-year-old Bloomberg LP founder in 12th place with an estimated $106 billion fortune as of March 8. Based on Forbes' wealth estimate, Bloomberg would be in joint 12th position with Michael Dell (also $106 billion) as of Thursday. Related storiesThe Bloomberg Index's methodology explains why the boss is missing: "Bloomberg News editorial policy is to not cover Bloomberg LP. As a result, Michael Bloomberg, the founder and majority owner of Bloomberg LP, isn't considered for this ranking."
Persons: , Michael Bloomberg, Sergey Brin, Amancio Ortega, Carlos Slim Helu, Michael Dell, isn't, Forbes, Jensen Huang, Salomon Brothers, He's Organizations: Service, Forbes, Bloomberg, Business, Nvidia, Waltons, CVS Health, GM, New York City's Locations: Inditex, New York
Reed Hastings, the streaming giant's cofounder and executive chair, walked through five key elements of Netflix's corporate culture on the latest episode of "The Tim Ferriss Show." Team, not familyNetflix is run like a top-tier sports team that aims to fill each position with the best person who's also a team player, Hastings said. Stacking its roster with exceptional performers maximizes Netflix's chance of success and also motivates, educates, and draws in even more talent. Advertisement"The reward for adequate performance is a generous severance package," Hastings said. "Sometimes if to help them grow I've got to be willing to argue with my manager, then that's okay," Hastings said.
Persons: , Reed Hastings, Tim Ferriss, who's, Hastings, I've Organizations: Service, Business, Netflix
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewApple's decision to cut more than 600 employees in California speaks to the challenges facing the technology titan and affecting its stock price — and why analysts are divided over its outlook. At the same time, reports suggest Apple is looking into building robots that help people with household tasks. Related storiesWorries that Apple has lost its way have weighed on its stock price. Even so, Apple is a mainstay of many stock portfolios and unlikely to fall much further, Craig Johnson, chief market technician at Piper Sandler, told Bloomberg.
Persons: , Gene Munster, Dan Ives, Cook, Apple, Craig Johnson, Piper Sandler, Warren Buffett, they've, Johnson Organizations: Service, Apple, Business, Deepwater Asset Management, CNBC, Big Tech, Microsoft, Bloomberg, Berkshire Hathaway, Yahoo Finance Locations: California, China, Europe, Berkshire
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In late January, he gifted 2 million Netflix shares worth $1.1 billion to the Silicon Valley Community Foundation. The donation slashed his direct stake in Netflix by about 40% to just under 3 million shares — a position valued at about $1.9 billion. The tech veteran's net worth is still around $6 billion, as he holds 3 million Netflix stock options and has sold about $2 billion worth over the years, per the Bloomberg Billionaires Index. Hastings has also donated vast amounts of money to education providers like charter schools and historically Black colleges and universities (HBCUs).
Persons: , Reed Hastings, Tim Ferriss, I've, Hastings, Warren Buffett, Ferriss, Buffett, priding, Charlie Munger, Hastings —, he's Organizations: Service, Netflix, Business, Berkshire Hathaway, Hastings, Community Foundation, Bloomberg
The central bank's current chief, Jerome Powell, is yet to defeat his mythical beast — and Wall Street is getting worried. Powell warned on Wednesday that the Fed's fight against inflation isn't over after annualized price growth accelerated to 3.2% in February. AdvertisementRaising the alarmBank of America analysts have suggested that stubborn inflation could mean the Fed doesn't start cutting rates until March next year. It's no wonder, then, that investors are waiting impatiently for the Fed to cut rates. Fundstrat's famously bullish boss, Tom Lee, proclaimed this week that it's dropping "like a rock" and the first rate cut is still likely to be in June.
Persons: , Paul Volcker, Jerome Powell, Powell, Greenlight Capital's David Einhorn, Einhorn, Greenlight, Dad, Robert Kiyosaki, Gary Shilling, Julia La Roche, We've, Merrill Lynch's, they've, Shilling, It's, Fundstrat's, Tom Lee Organizations: Service, Federal, Business, of America, CNBC, Trust, Wall Street, Fed
Taylor Swift, Magic Johnson, and Sam Altman are among the new additions to Forbes' billionaire list. Swift's "The Eras Tour," Johnson's business deals, and Altman's startup bets have paid off hugely. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTaylor Swift, Magic Johnson, and Sam Altman are among the 265 new faces on Forbes' annual list of billionaires, published this week. This story is available exclusively to Business Insider subscribers.
Persons: Taylor Swift, Magic Johnson, Sam Altman, Forbes, Lisa Su, Todd Graves, Christian Louboutin, , Swift Organizations: Service, Forbes, Business
Interest in universal basic income has grown due to the pandemic, Elon Musk, Sam Altman, and economic pain. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementYet a common question and concern about UBI remains how people spend the money. Related storiesThe Guaranteed Income Pilots Dashboard , a joint project from the Stanford Basic Income Lab and the Center for Guaranteed Income Research, pulls together data from more than 30 pilot programs in the US involving nearly 8,300 participants. GiveDirectly, a nonprofit, is providing universal basic income to 20,000 people across 200-odd royal villages in Kenya over 12 years.
Persons: Elon Musk, Sam Altman, , It's, Karl Widerquist, Fabian Wendt, Rebecca Hasdell, UpTogether, Monique Gonzalez, Stephanie Hendon, Widerqist, Matt Bruenig, Douglas MacKay, Chapel Hill, MacKay Organizations: Service, Georgetown University, Qatar, Stanford, Income, Center, Research, UNC, Chapel Locations: Virginia, Kenya, San Antonio , Texas
After-tax profits hit a record high of $2.8 trillion in the fourth quarter, per the Commerce Department. "The gangbuster gain in profits helps explain why businesses have been able and willing to hold the line on layoffs, which was key to avoiding recession," he said. Advertisement"It also helps explain the record stock market, and the resulting positive wealth effects and resilient consumer spending." Related storiesAs for stocks, they're generally valued at a multiple to company profits so they've hit record highs too. That has made stockholders feel wealthier and more comfortable spending, Zandi said.
Persons: , Mark Zandi, That's, Zandi Organizations: Service, Corporate America, Corporations, Commerce Department, Business, Federal Reserve, Companies
Warren Buffett's upgrade of his trusty Cadillac in 2014 was a whole saga. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But it's hard to top Warren Buffett, whose upgrade saga involved a frontwoman, a free hat, a $122,000 charity auction, a police stop, and GM CEO Mary Barra. AdvertisementA Cadillac and a matching hatThe Berkshire CEO dispatched his daughter, Susie Buffett, to scope out a local Cadillac dealer. The saleswoman didn't know the car was for Warren Buffett until after the sale was made.
Persons: Warren Buffett's, Mary Barra, , Warren Buffett, Buffett, who's, Barra, Berkshire Hathaway, Susie Buffett, Madison, She'd, Mr, Willers, Susie, I'd Organizations: Service, GM, Berkshire, Barra, Madison Willers, Cadillac, Inc, Girls Inc Locations: Omaha, Madison, Barra, New York, Illinois
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Federal regulators used the word "moat" eight times in their civil antitrust complain to describe the defenses that Apple sets up to keep competitors at bay. AdvertisementCastles and moatsBuffett popularized the concept of a company having a "moat" around it that protects it from rivals. The dynamics of capitalism guarantee that competitors will repeatedly assault any business 'castle' that is earning high returns. AdvertisementThe Department of Justice has added insult to injury by not only targeting Buffett's biggest stock bet, but also wielding the investor's moat metaphor against him, at least indirectly.
Persons: , cheekily, Warren Buffett, Buffett, Berkshire Hathaway, you've, Elon Musk, he's, Charlie Munger, Apple, He's, Tim Cook, they're Organizations: Service, Justice, Apple, Business, Berkshire, Coke, Gillette, Costco, Cola, American, Regulators, of Justice Locations: Berkshire, Apple, Buffett's, Berkshire's
Meme-stock fans have boosted Trump Media & Technology Group stock by nearly 80% this week. Truth Social's parent company is now valued at over $13 billion on a fully diluted basis. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeme-stock mania has boosted the value of Trump Media & Technology Group beyond Etsy, Hasbro, and Paramount Global — three S&P 500 companies worth nearly $8 billion each. Truth Social's parent company completed a SPAC merger on Monday, and began trading under the ticker DJT on Tuesday.
Persons: Ralph Lauren, Campbell Soup, Organizations: Trump Media & Technology Group, American Airlines, Service, Trump Media & Technology, Hasbro, Paramount Global, Business
Donald Trump's net worth has jumped $4 billion this year to $7.2 billion, per Bloomberg's rich list. The former president is richer than George Soros and set to surpass Mark Cuban and George Lucas. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump is now richer than George Soros — and is set to overtake Mark Cuban too. The former president's net worth has soared by more than $4 billion this year to an estimated $7.2 billion, per the Bloomberg Billionaires Index.
Persons: Donald Trump's, George Soros, Mark Cuban, George Lucas, Trump, , Donald Trump, George Soros —, Reed Hastings, Gordon Getty, Bernie Marcus Organizations: Service, Bloomberg, Trump, Netflix, Home, Business
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewReddit was founded nearly two decades ago, yet it's never turned a profit. After the initial pop in Reddit stock, it slid nearly 9% during its second day of trading on Friday, only to jump 30% on Monday. Reddit framed that as a huge opportunity to attract international users, and appeal to a much larger audience with foreign-language posts. Now that Reddit's finally public, it may be able to reinvent its business and supercharge its finances.
Persons: , it's, Reddit, There's, The_Donald, Reddit's Organizations: Service, Business, New York Times Company, Facebook
The stock market "shows every sign of being just as crazy" as it's ever been, the GMO cofounder and long-term investment strategist told the Insightful Investor podcast in a recent conversation. AdvertisementThe veteran investor underscored that prolonged bull markets typically begin when unemployment is high, profit margins are depressed, and stock valuations are beaten down. Current conditions are the polar opposite of that, putting stocks in "double jeopardy" as both profits and valuations may plunge, Grantham said. Related storiesThe stock market has staged big rallies during boom times a couple of times before, including in 1929 and 1999, but those "ended incredibly badly," he said. Grantham also tackled the topic of de-dollarization and whether the dollar might lose its status as the world's reserve currency.
Persons: , Jeremy Grantham, Grantham Organizations: Service, Business, Kodak, Polaroid, greenback
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