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<ul class="summary-list"><li>China has announced a local government debt rescue program days after Trump won the US election.</li><li>Trump has threatened tariffs of 60% on Chinese goods, complicating China's economic gloom.</li></ul>China announced a debt rescue program to the tune of $1.4 trillion to save heavily indebted local governments and boost its economy.China's Standing Committee of the National People's Congress — its top legislative body — approved 6 trillion Chinese yuan to refinance local governments' hidden debt over three years, according to <a target="_blank" class="" href="http://politics.people.com.cn/n1/2024/1108/c1001-40357125.html">Xinhua state news agency.</a>Hidden debt refers to off-balance sheet liabilities issued by local government financing vehicles, or LGFV, to finance infrastructure investment.The plan also allows local governments to tap 4 trillion yuan in special local bonds over five years.The announcement came after the legislative body met from Monday to Friday.China's local governments have been struggling to repay their LGFV debt, which the <a target="_blank" class="" href="https://www.imf.org/en/Publications/CR/Issues/2024/08/01/Peoples-Republic-of-China-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-552803">International Monetary Fund</a> estimated to be around 60 trillion as of last year. It's another risk to China's economy, which has been struggling with a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-real-estate-property-market-speculation-debt-crackdown-xi-jinping-2023-8?utm_medium=ingest&amp;utm_source=markets">property crisis,</a> deflation, and high youth unemployment.Reuters reported last week that China's top legislative body was considering a plan to raise $1.4 trillion in extra debt over the next few years to fund part of an economic rescue package.As early as Monday, Chinese Premier Li Kiang drummed up market expectations for more <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-li-qiang-fiscal-stimulus-market-sentiment-us-election-2024-11">economic stimulus</a>, saying Beijing has "ample space for fiscal policy and monetary policy."The bumper stimulus came on the heels of Donald Trump's victory in the US presidential election earlier this week, which is likely to change Washington and Beijing's trade relationship.A China hawk, Trump has pledged to slap <a target="_blank" rel="" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5?utm_medium=ingest&amp;utm_source=markets">a 10% to 20% tariff</a> on all imported goods. He has threatened tariffs of 60% on goods imported from China.This would put further pressure on China's economy, which is still trying to recover following nearly three years of pandemic curbs.In late September, China rolled out <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9?utm_medium=ingest&amp;utm_source=markets">aggressive stimulus</a> that boosted sentiment and spurred a bull run in the stock markets. However, analysts say that Beijing still needs to do more to drive consumption.If Beijing's latest stimulus disappoints, it may be in part due to China's own policy conflicts between its socio-political and economic objectives and the constraints, Vishnu Varathan, Mizuho Bank's chief economist of Asia excluding Japan, wrote in a note a week before the debt rescue announcement.Notably, China may be still holding back to avoid one thing: "the optics of over-reacting to US elections," wrote Varathan.

China just announced an $1.4 trillion plan to rescue its local governments

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul class="summary-list"><li>Jensen Huang's 14-hour workday begins after he wakes up at 6 a.m. and exercises. </li><li>The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. </li></ul>Running a $3 trillion company comes with early morning starts — just ask Jensen Huang.The Nvidia founder and CEO recently <a target="_blank" href="https://stripe.com/gb/sessions/2024/a-conversation-with-nvidias-jensen-huang">said</a> that he wakes up at 6 a.m.Huang, who's one of the longest-serving tech CEOs, starts his day by exercising before embarking on a <a target="_blank" href="https://www.ft.com/content/f7e928dc-d633-4be9-b20f-dcdfc56d3415">14-hour workday</a>, according to The Financial Times. Bloomberg's Billionaires Index places him as the <a target="_blank" href="https://www.bloomberg.com/billionaires/profiles/jenhsun-huang/?sref=lAVQtUwz">13th richest person</a> in the world, with an estimated net worth of $106 billion, up $62 billion since the start of the year.Being that rich brings its burdens, it seems. He told last year's New York Times DealBook Summit: "I don't wake up proud and confident — I wake up <a target="_blank" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-always-worrying-about-failure-2023-11">worried and concerned</a>." That's because Nvidia almost went bankrupt in the late 1990s — a memory he says is hard to shake off. The company hit a <a target="_blank" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">$3 trillion valuation</a> for the first time this week, making it only the third to reach that milestone after Microsoft and Apple. Nvidia's stock surge since the start of 2023 has been driven by demand for its chips, which are vital for AI applications.Huang also has very high standards. In a recent interview with "<a target="_blank" href="https://www.youtube.com/watch?v=DpQQi2scsHo">60 Minutes,</a>" Huang said the description of him being "demanding, perfectionist, not easy to work for," fitted <a target="_blank" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-employees-difficult-to-work-for-2024-4">him perfectly.</a>Here's a look at how Nvidia's CEO spends his time and his leadership style.<h2 id="c2f3d813-f4df-4960-8332-2ec37d3a9928">Huang works holidays but finds it relaxing</h2><div type="image" title="Nvidia CEO Jensen Huang." height="683" width="1024" msid="109786256" hostid="261"></div>At 61 years old, Huang doesn't seem to be showing signs of slowing down anytime soon and he certainly isn't workshy.Nicolai Tangen, CEO of Norges Bank Investment Management, who <a target="_blank" href="https://www.nbim.no/en/publications/podcast/guest-jensen-huang-founder-and-ceo-of-nvidia/">interviewed</a> Huang last year, said he asked him how much he works. On the <a target="_blank" href="https://www.thetwentyminutevc.com/nicolai-tangen/">"20VC"</a> podcast in March, Tangen said Huang told him, "'Nicolai, there is hard work and then there's insanely hard work.'"Tangen added that Huang said he works every weekday and every holiday, and that he relaxes all the time because he loves what he does. In fact, he embraces a workaholic lifestyle."I work from the moment I wake up to the moment I go to bed. I work seven days a week. When I'm not working, I'm thinking about working, and when I'm working, I'm working. I sit through movies, but I don't remember them because I'm thinking about work."Huang's been vocal in the past about how <a target="_blank" href="https://www.businessinsider.com/nvidias-80-billion-boss-success-only-comes-if-you-suffer-2024-3">struggle and pain is character-building</a> and helps to achieve greatness. At Stripe's Sessions conference in April, Huang said some people think the "best jobs are the ones that bring you happiness all the time," but he doesn't agree with that take. Huang thinks it takes suffering and struggle to "really appreciate what you've done."<h2 id="4a015e73-bbd6-427b-b58a-8aa70af9db33">He eats in the company cafeteria to connect with employees</h2><div type="image" title="Huang on stage wearing a microphone and black leather jacket" height="2334" width="3500" msid="109786258" hostid="261"></div>Huang also takes time to talk to staff: "People are surprised how much time I spend eating in the cafeteria, whether it's lunch or dinner, people are surprised how much I spend in meetings of all kinds with all the employees."His emphasis on communication allows him to get back to what he sees as primary role — being the "custodian of the culture."Unlike many Big Tech CEOs, Huang thinks you can't do that if you're constantly doing press interviews."If you want to be the custodian of the culture you can't do it through CNN or do it via Forbes magazine articles. You have to do it 1% of the time unfortunately, or large crowds at a time, so I spend my time that way."<h2 id="61df53f9-cc09-4315-8e63-66219c69b74a">He has 60 direct reports</h2>Huang is known for his engaged leadership style and has about 60 direct reports, he told the Stripe Sessions conference. He also encourages people across the company to send him the five top things on their minds."I don't do one-on-ones, my staff is quite large, and almost everything I say, I say to everybody all at the same time."In his view, that helps with problem-solving and allows others to learn by giving them "equal access to information" and hearing "the reasoning of the solution," which in turn "empowers people."Huang <a target="_blank" href="https://www.gsb.stanford.edu/insights/jensen-huang-how-use-first-principles-thinking-drive-decisions">told Stanford School of Business</a> that CEOs should have the most people reporting directly to them in an organization because they can help to "lead other people to achieve greatness, inspire, empower other people."<h2 id="386bcfe6-fbd8-4a60-82d8-f382950cc12c">He sometimes clears his calendar to get time back</h2><div type="image" title="Jensen Huang sat wearing a black leather jacket, black tshirt and trousers whilst crossing his legs" height="3812" width="5719" msid="109786260" hostid="261"></div>Speaking to Stanford University students in 2003, the Nvidia chief <a target="_blank" href="https://www.youtube.com/watch?v=0Bt8rXpwTvY">said</a> he tried to spend his time on areas he thinks will have a long-lasting influence on the company."As a CEO, your time is not always yours and so you need to have the discipline to make it yours," he told them."I'll often come into the office and tell my admin to clear my calendar so that I can have that time back and oftentimes, you also come to the conclusion that as a CEO not sleeping is a good choice. That's always a good option, it creates more time when you don't sleep."Huang said one area he spends time on is product planning and strategy planning, which he enjoys "a great deal."Nvidia declined to comment.Do you work for Nvidia? Got insights into what it's like working for Jensen Huang? Reach out to this reporter from a nonwork device at jmann@businessinsider.com

Jensen Huang's 14-hour days and workaholic lifestyle helped him turn Nvidia into a $3 trillion company

Chennai: The <keyword id="20000171" type="General" weightage="20" keywordseo="Tamil-Nadu-government" source="keywords">Tamil Nadu government</keyword> signed agreements with several potential investors, including <keyword id="21472316" type="General" weightage="20" keywordseo="Microchip" source="keywords" meta.keywordsubtype="org" meta.entityname="Microchip" meta.hostid="261" meta.entityid="Microchip">Microchip</keyword>, <keyword id="19941076" type="General" weightage="100" keywordseo="Nokia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nokia" meta.hostid="261" meta.entityid="Nokia">Nokia</keyword> and <keyword id="20160447" type="General" weightage="20" keywordseo="PayPal" source="keywords" meta.keywordsubtype="org" meta.entityname="PayPal" meta.hostid="261" meta.entityid="PayPal">PayPal</keyword>, during Chief Minister M K Stalin's trip to the USA to attract investments to the state. Guidance TN signed a MoU in the presence of the chief minister and Industries Minister, T R B Rajaa, with Microchip, represented by Patrick Johnson and Bruce Weyer, for an R&amp;D Centre in semiconductor technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 crore generating 1,500 jobs. "In the presence of Honourable @CMOTamilNadu Thiru. @MKStalin and Honourable Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Nokia, represented by Mr. Nishant Batra and Ms. Sandy Motley, for a new Nokia R&amp;D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of ₹450 crore generating 100 jobs," Rajaa said in a post on 'X'. Stalin, who is leading a high-level official delegation to the USA, as part of an ambitious goal to transform the state into a USD one trillion economy by 2030, participated in a meeting with potential investors in San Francisco on Thursday. MoUs with Applied Materials, represented by Prabu Raja and Satheesh Kuppurao, for an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing &amp; Equipment to be set up at Taramani, Chennai, generating 500 jobs and Ohmium, represented by Arne Ballantine and Chockalingam Karuppaiah, for a manufacturing facility of components for electrolyser manufacturing and hydrogen solutions systems, to be set up at Chengalpattu, at a cost of Rs 400 crore generating 500 jobs were signed. Also agreements were signed with GeakMinds, represented by Ganesh Gopalakrishnan, for an IT &amp; Analytics Services Centre to be set up at Chennai, generating 500 jobs and with Infinx, represented by Radhika Tandon, for a Technology and Global Delivery Centre to be set up at ELCOT Vadapalanji, Madurai, at a cost of Rs 50 crore generating 700 jobs. The government also inked pact with Yield Engineering Systems, represented by Ramakanth Alapati and Prabhat Mishra, for a product development &amp; manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 crore generating 300 jobs and with PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs, the Industries Minister said in a series of posts. The chief minister would address the Tamil community on August 31, and hold discussions with representatives from the US-based companies at Chicago on September 2, and urge them to invest in Tamil Nadu. During his trip, he would meet the CEOs of Fortune 500 companies. He will return to Chennai on September 14.

Tamil Nadu government inks pact with Microchip, Nokia, PayPal during CM's visit to San Francisco

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-management-leadership-advice-how-to-run-business-2024-6">Satya Nadella</a> became the third CEO of Microsoft almost a decade ago.</li><li>The former engineer reformed its corporate culture and has driven growth with innovation and partnerships.</li></ul>When Satya Nadella took over as <a target="_blank" class="" href="https://www.businessinsider.com/leaked-microsoft-employees-engineers-salary-ai-pay-gap-2024-8">Microsoft</a> CEO on February 4, 2014, the company was struggling.<a target="_blank" href="https://www.businessinsider.com/microsofts-got-a-big-problem-with-windows-8-its-not-easy-for-windows-users-to-figure-out-2012-5">Windows 8 had been a disaster</a>. Microsoft employees were constantly battling behind the scenes for supremacy. And all the while, consumers and developers alike were losing faith in the company cofounded by Bill Gates.How times have changed.In January, as Nadella neared a decade in charge, <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-becomes-world-most-valuable-company-market-cap-apple-ai-2024-1">Microsoft overtook Apple to become the world's most valuable public company</a> worth more than $3 trillion, although Apple later regained its crown.The resurgence has been credited to Nadella's savvy embrace of partnerships, dedication to innovation, and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-powerhouse-ai-investment-openai-2024-7">shakeup of the company culture</a>.Here's how Nadella, 57, worked his way up the ranks of Microsoft and executed this startling turnaround.This article has been updated since its original publication in 2016.<div type="image" title="Satya Nadella Microsoft Build" height="1534" width="2738" msid="112873303" hostid="261" sizebytes="33824"></div><h2 id="397627e9-2f10-4655-8513-fc8083a9bd27">Upbringing and education</h2>Satya Narayana Nadella was born in Hyderabad, India in 1967.His father was a civil servant and his mother was a professor of the ancient language Sanskrit.From a young age, Nadella wanted to be a professional cricket player, and played in school. However, he realized that his athletic talent was outmatched by his passion for science and technology.Nadella received his bachelor's degree in electrical engineering from the Manipal Institute of Technology in 1988. "I always knew I wanted to build things," he once said.The institution didn't have a comprehensive computer science program, so he traveled to the US to attend the University of Wisconsin-Milwaukee and graduated in 1990.He later received an MBA from the University of Chicago.<div type="image" title="Microsoft store sign" height="2121" width="3182" msid="112873306" hostid="261" sizebytes="109380"></div><h2 id="07ae4982-da47-42cf-a398-d2075fca3555">Joining Microsoft</h2>Nadella stayed in the US and got a job on the technology team at Sun Microsystems, then one of the most innovative tech companies.But in 1992 he joined Microsoft, where cofounder Bill Gates was still CEO and Windows had just begun its march to world domination."I remember distinctly walking into building 22 at Microsoft in 1992 thinking that's the greatest job on earth I have and I don't need anything more," he said in <a target="_blank" rel="noopener" href="https://www.linkedin.com/pulse/dont-wait-your-next-job-do-best-work-microsoft-ceo-satya-roslansky/?trackingId=JKPtxUqmQPCHI0iSk3v0zA%3D%3D">an interview</a> with LinkedIn CEO Ryan Roslansky.Nadella's first projects included Microsoft's ill-fated interactive TV product and the Windows NT operating system.<a target="_blank" href="https://www.businessinsider.com/microsoft-ceo-satya-nadella-young-windows-nt-in-devcast-telethon-video-2017-9">A baby-faced Nadella also helped pitch Microsoft's Visual Basic in a telethon-style broadcast</a> designed for developers, circa 1993.<h2 id="a1e05fb0-fccc-4d0e-93b4-9c7e7f375618">Early career</h2>In his early years at Microsoft, Nadella impressed his coworkers and managers alike by commuting every weekend from Microsoft's Redmond, Washington, campus to Chicago to finish his MBA.By 1999, Nadella landed his first executive role as vice president of the newly created Microsoft Central, a set of web services for small businesses that included website hosting and email.In 2000, Microsoft got its second CEO: <a target="_blank" class="" href="https://www.businessinsider.com/how-former-microsoft-ceo-steve-ballmer-spends-fortune-2024-7">Steve Ballmer</a>.A year later, Nadella was promoted to corporate VP of Microsoft Business Solutions.By 2007, Nadella had taken another step up the ladder. He was made senior VP of Microsoft Online Services, putting him in command of the Bing search engine, as well as early online versions of Microsoft Office and the Xbox Live gaming service.In February 2011, Nadella was promoted to president of the Server and Tools division. It encompassed cash-cow products for data centers such as Windows Server and the SQL Server databases.But it was also home to one of CEO Steve Ballmer's boldest gambles, the Microsoft Azure cloud platform.<div type="image" title="Steve Ballmer Microsoft" height="1000" width="1315" msid="112873310" hostid="261" sizebytes="34472"></div><h2 id="5dd84cbd-aad5-4c2d-be3c-d983120d0ca7">Trouble at Microsoft</h2>In the early 2010s, Microsoft was running into trouble.On the PC side, Windows 8 was a disaster, the iPhone and Android were outrunning Windows phones by leaps and bounds, and Bing just couldn't make a dent in Google's search dominance.The company was facing an antitrust suit from the European Union and its stock price kept dropping.In August 2013, an embattled Ballmer announced his departure, sparking a search for a new CEO. The search committee included Ballmer and Gates.<div type="image" title="nadella gates ballmer" height="714" width="1000" msid="112873312" hostid="261" sizebytes="81518"></div><h2 id="8f12e3e2-d7b2-4666-a412-bca2d001b945">Nadella takes over</h2>In February 2014, after much rumor and speculation, Nadella was announced as CEO, with the support of Ballmer and Gates.He was awarded an $84 million first-year compensation package.Nadella quickly won over employees by making big changes, quickly, in an effort to right the ship and win back customers.He <a target="_blank" rel="noopener" href="https://www.thestreet.com/technology/satya-nadella-is-quoting-oscar-wilde-in-his-first-email-as-microsoft-ceo-12305159">sent a company-wide email</a> when he took over, calling for Microsoft to "prioritize innovation that is centered on our core value of empowering users and organizations."<h2 id="16ae683c-879a-4a80-aab0-0fdc3eb1415f">Partnerships with rivals</h2>Nadella proved he wasn't afraid to shake things up and invigorate the company by embracing partnerships with rivals including Apple, Google, and Amazon.He started by adopting the rival Linux operating system for the Azure cloud — a once-unthinkable move.But soon, Nadella had overseen the release of Microsoft Office for the Apple iPad; spent $2.5 billion buying Mojang, the studio behind the hit game Minecraft; and released first-class iPhone and Android apps, including Outlook.Innovation also led to the development of HoloLens, Microsoft's super-futuristic holographic goggles, and its first laptop, the Surface Book.When something didn't work he was unafraid to ditch projects, such as skipping Windows 9 to go straight to the superior Windows 10.Nadella's philosophy is about partnering and ensuring Microsoft software and services are available wherever customers are — even if that's not Windows.In fact, in 2015, Nadella used an iPhone on stage at an event to show off his favorite Microsoft apps. His predecessor Steve Ballmer, famously <a target="_blank" href="https://www.businessinsider.com/ballmer-snatches-microsoft-employees-iphone-at-company-meeting-pretends-to-stomp-on-it-2009-9">pretended to stomp on one</a> at a company meeting.<div type="image" title="Satya Nadella" height="1667" width="2500" msid="112873304" hostid="261" sizebytes="99996"></div><h2 id="3e881d2a-050d-4f99-8562-6c6b42694d52">Leadership style</h2>Nadella's approach to leadership was credited with reforming the company's culture.Many workers are fond of his leadership style, which emphasizes learning and making mistakes as a hedge against overconfidence and arrogance."It doesn't matter if you're a top executive or a first-line seller — he has exactly the same quality of listening," Microsoft executive vice president Jean-Philippe Courtois <a target="_blank" rel="noopener" href="https://hbr.org/2019/11/the-leader-as-coach">has said</a>.<h2 id="7e87fbb0-79da-4d05-9363-861e2796c15a">Personal life</h2>Nadella, 57, and his wife, Anu, have had three children and live in Bellevue, Lake Washington.Their oldest son, Zain, was born with severe cerebral palsy and required specialized care. He died in 2022, aged 26."Becoming a father of a son with special needs was the turning point in my life that has shaped who I am today," Nadella wrote in<a target="_blank" rel="noopener" href="https://blogs.microsoft.com/accessibility/satya-nadella-the-moment-that-forever-changed-our-lives/"> a 2017 essay</a> on LinkedIn.He called Zain "the joy of our family, whose strength and warmth both inspire and motivate me to keep pushing the boundaries of what technology can do."Nadella has said the experience has encouraged him to lead with empathy, telling <a target="_blank" rel="noopener" href="https://www.goodhousekeeping.com/life/inspirational-stories/a46221/satya-anu-nadella-microsoft/">Good Housekeeping</a> "it has had a profound impact on how I think, lead and relate to people."<h2 id="18b1412a-52c4-4c02-9c90-bbfc66c963c4">Nadella's acquisitions spree</h2>Under Nadella, Microsoft has made some of its biggest acquisitions, including the $26 billion purchase of LinkedIn in 2016, the $7.5 billion acquisition of code-sharing site GitHub in 2018, and the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/microsoft-set-to-buy-activision-blizzard-billion-2023-10">$69 billion deal</a> with video games publisher Activision Blizzard in 2023.Nadella has said <a target="_blank" href="https://www.businessinsider.com/microsoft-satya-nadella-shares-what-makes-good-acquisition-2023-10">he has two main criteria</a> when eyeing acquisitions: what value Microsoft can add and how much financial sense it makes.<div type="image" title="Satya Nadella standing between the OpenAI and Microsoft logos." height="1304" width="2000" msid="112873309" hostid="261" sizebytes="38986"></div><h2 id="ce34d74d-b43a-4173-ba30-0561e95e2080">What's next</h2>Nadella's been busy. And investors love it: From 2014 to 2015, his first year, Microsoft stock jumped 14%.But over the past decade, it's soared to new heights, and Microsoft started this year by knocking Apple off the top spot to become the<a target="_blank" href="https://www.businessinsider.com/microsoft-becomes-world-most-valuable-company-market-cap-apple-ai-2024-1"> world's most valuable public company</a> and becoming only the second to exceed a <a target="_blank" href="https://www.businessinsider.com/microsoft-stock-price-market-cap-trillion-apple-ai-magnificent-seven-2024-1">$3 trillion valuation</a>. Apple has since regained the number one spot, but both milestones were highly notable.Nadella's biggest move in recent years has been <a target="_blank" class="" href="https://www.businessinsider.com/apple-microsoft-openai-agreements-differences-iphone-chatgpt-sam-altman-2024-7">investing billions in OpenAI</a>.During the week of leadership chaos at OpenAI, Nadella stuck firm to ousted CEO Sam Altman, <a target="_blank" href="https://www.businessinsider.com/microsoft-has-hired-former-openai-ceo-sam-altman-2023-11">offering him a job</a> at Microsoft. This provided crucial leverage for Altman to reclaim his CEO position while cementing Microsoft as an essential partner for the pioneering AI company.Microsoft is also making its own mark with a generative "AI companion" called <a target="_blank" href="https://www.businessinsider.com/microsoft-copilot-everyday-ai-companion-paid-subscription-2024-1">Copilot</a> to be integrated into its suite of apps. It's a bet on a future in which every person and organization has their own <a target="_blank" class="" href="https://www.businessinsider.com/ai-personal-virtual-assistant-work-home-chatgpt-deepmind-2023-9">personal AI assistant to handle mundane tasks</a>.Vodafone and Microsoft also have a partnership to bring generative AI, digital and cloud services to European and African markets.January 31, 2024: This story was updated to clarify that the specific figures associated with Microsoft's investment in OpenAI haven't been officially confirmed.

Satya Nadella's career rise, from computer science student to turning Microsoft into a $3 trillion titan as CEO

<ul><li>Investors are on track to pour a record $1.4 trillion into money market funds this year.</li><li>The surge in assets comes amid a spike in interest rates, with cash yielding around 5%.</li><li>The 2023 surge in money market fund assets eclipses the 2020 inflow surge sparked by investor panic.</li></ul>Our <a href="https://www.businessinsider.com/category/chart-of-the-day">Chart of the Day</a> is from <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a>, which shows that investors are on track to pour a record $1.4 trillion into money market funds this year.The surge eclipses the more than $1 trillion of inflows seen in 2020, and is several times larger than the annual inflows seen during the low interest rate environment during the 2010s.The investor whiplash seen in money market fund flows since 2020 is being driven by two factors: panic and juicy yields. In the case of 2020, investors poured their money into risk-free money market funds because of panic and fear related to the onset of the COVID-19 pandemic.But that fear quickly subsided towards the end of 2020 and throughout 2021, as the stock market quickly reversed its initial losses and surged to record highs on the back of massive fiscal and monetary stimulus measures.Fast forward to 2023, and investors are pouring into money market funds not out of panic, but because of high interest rates. Even as the stock market delivers impressive year-to-date gains of more than 15%, investors are still attracted to the risk-free 5% interest rate offered by most money market funds."Cash still attracting biggest inflows," Bank of America investment strategist Michael Hartnett said in a Friday note.What could reverse those money market inflows? Most likely a drop in interest rates. If yields drop, then bonds and stocks should start to look more attractive to investors looking for a place to park their cash.That is one factor that is driving the bullish 2024 stock market outlook for Fundstrat's Tom Lee, who said in a Friday note that "investors allocate out of cash into equities" is o<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-of-the-day-year-end-rally-2023-9">ne of the potential incremental drivers for stock prices next year.</a>And retail investors aren't the only ones pouring money into money market funds. Institutions have built their money market fund assets to $3.5 trillion, bringing the total assets of money market funds to <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bearish-money-manager-buys-stocks-economy-earnings-2023-11">a record $5.7 trillion.</a>That pile of cash <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-of-the-day-year-end-rally-2023-9">could serve as some serious fuel for stock prices if interest rates fall.</a>

CHART OF THE DAY: 5% yields set to drive record $1.4 trillion to money market funds in 2023

<ul class="summary-list"><li>Wedbush analyst Dan Ives said the AI boom is not mere hype but the "fourth industrial revolution." </li><li>"I do not believe that this is a hype cycle," he told CNBC, comparing it to a "1995 moment" when the internet broke out. </li></ul>Some investors have called the investor excitement over artificial intelligence a <a href="https://markets.businessinsider.com/news/stocks/ai-chatgpt-boom-buy-the-dip-tech-stocks-nasdaq-barclays-2023-6">passing hype</a>, but it's not, according to Wedbush analyst Dan Ives. Speaking in a <a href="https://www.cnbc.com/2023/06/28/ai-is-not-all-hype-its-the-fourth-industrial-revolution-dan-ives.html" target="_blank" rel="noopener">CNBC interview on Tuesday</a>, the tech stock expert characterized the rise of the groundbreaking technology as the "fourth industrial revolution." "I think this is the fourth industrial revolution playing out. This is something I call a 1995 moment, parallel with the internet. I do not believe that this is a hype cycle," Ives said. "I think this is really transformational changes to technology that I think would change the tech space for the next 20-30 years," he continued, adding that the US equity market is at the cusp of a fresh tech bull market. US stocks, especially in the tech sector, have rallied this year as investors piled into companies exposed to AI, following by the successful release of OpenAI's ChatGPT. While the S&amp;P 500 has risen about 14% so far this year, the Nasdaq 100 has seen an impressive 36% surge since the start of January. Heavily AI-exposed companies including <a href="https://markets.businessinsider.com/news/stocks/nvidia-extends-blistering-rally-artificial-intelligence-frenzy-continues-2023-6">Nvidia</a>, <a href="https://markets.businessinsider.com/news/stocks/larry-ellison-wealth-surges-past-bill-gates-artificial-intelligence-ai-2023-6" target="_blank" rel="noopener">Oracle</a> and Microsoft have seen steep jumps in stock prices, boosting their market valuations as well as the wealth of their respective CEOs. Ives has frequently commented on the <a href="https://markets.businessinsider.com/news/stocks/artificial-intelligence-hype-4-key-troubles-us-economy-2023-6" target="_blank" rel="noopener">AI boom</a>, recently saying investors should prepare for <a href="https://markets.businessinsider.com/news/stocks/tech-stocks-ai-artificial-intelligence-chatgpt-analysis-wedbush-dan-ives-2023-6" target="_blank" rel="noopener">another rally</a> that'll lift a broader group of tech stocks. Per CNBC, Ives said the AI industry will see a trillion dollars of incremental spend over the next decade. "That could be conservative — that wasn't here six months ago," he said.

AI is the 'fourth industrial revolution' - and will see $1 trillion in investment, Wedbush analyst Dan Ives says

<ul class="summary-list"><li>ChatGPT could transform side hustles into a $1.4 trillion industry, according to Morgan Stanley.</li><li>"Multi-earning has evolved into a secular growth theme, with generative AI the differentiator," strategists said.</li></ul>Generative AI programs like ChatGPT could transform the <a href="https://www.businessinsider.com/side-hustle-ideas-which-make-money-ugc-affiliate-marketing-2023-5">side-hustle economy</a> into a $1.4 trillion industry, according to Morgan Stanley.The bank touted the technology's potential to drive up multi-earners' income, in a thematic investing research note published Monday."Contrary to the belief that gig working and employee bargaining power would diminish post-Covid, multi-earning has evolved into a secular growth theme, with generative AI the differentiator," a team led by equity strategist Edward Stanley said.The bank said generative AI will boost gig workers' income by $83 billion, or 21%, in its base-case scenario, and by $300 billion in its bull-case outcome.Morgan Stanley also polled a group of gig workers and found that 93% of content creators and 90% of e-Commerce sellers said their monthly income had already increased thanks to the technology.The research note included just three real-world examples of how multi-earners are making more using generative AI, including <a href="https://twitter.com/leo_rsousa_/status/1637775891370586115?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1637775891370586115%7Ctwgr%5E51d99e9b59c9e50328f5e85fb8049d735cef9560%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.ft.com%2Fcontent%2F2c332446-d366-4405-89a2-f79fea0c2b03" target="_blank" rel="noopener">"HustleGPT" X user Leonardo Sousa</a>, who says he instructed ChatGPT to tell him how to turn $100 into as much money as possible.Insider has previously reported on how gig workers have used OpenAI's intelligent language tool to <a href="https://www.businessinsider.com/chatgpt-side-hustle-ai-careers-save-time-extra-money-2023-7">plan vacations for clients</a>, make <a href="https://www.businessinsider.com/list-6-generative-ai-side-hustles-to-boost-your-income-2023-2#making-pitch-decks-1">pitch decks for startups</a>, and <a href="https://www.businessinsider.com/chatgpt-wrote-600-dollar-article-30-seconds-freelance-writer-ai-2023-1">generate marketing articles</a>.This isn't the first time Morgan Stanley has backed AI to fuel trillions of dollars' worth of economic growth.Back in April, the bank said the technology would <a href="https://markets.businessinsider.com/news/stocks/artificial-intelligence-6-trillion-ai-boom-investment-strategy-morgan-stanley-2023-4">revolutionize online search, eCommerce, and content creation</a> – and unlock $6 trillion in investment potential.

Side hustles could become a $1.4 trillion industry by 2030 thanks to ChatGPT and AI, Morgan Stanley says

<ul class="summary-list"><li>Goldman Sachs reported first-quarter earnings on Monday that trounced Wall Street's forecasts.</li><li>The investment bank generated over $14 billion in net revenue and $11.58 in earnings per share.</li></ul>Goldman Sachs reported <a target="_blank" href="https://www.goldmansachs.com/media-relations/press-releases/current/pdfs/2024-q1-results.pdf">first-quarter earnings</a> on Monday that crushed Wall Street's expectations, sending its stock price up as much as 3.7% in premarket trading.The storied investment bank generated $14.2 billion in net revenue — a 16% rise from last year's first quarter, and 26% above the fourth quarter of 2023 — and $11.58 of earnings per share, trouncing consensus forecasts on both measures.Net revenue in the key global banking and markets division rose 15% year over year to $9.7 billion, fueled by a 32% rise in investment-banking fees to $2.1 billion. Net revenue rose by 10% to $3.3 billion in the equities subdivision, and by 10% to $4.3 billion in the fixed income, currency and commodities segment.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. Its assets under supervision grew by $36 billion during the first three months of this year to a record $2.85 trillion.In the earnings release, 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."We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders."

Goldman crushes revenue and earnings forecasts as investment-banking fees soar

<ul class="summary-list"><li>The world's ultra-rich lost 13.6%, or $13.8 trillion, of their wealth in 2022, per a Knight Frank report.</li><li>The Ukraine war, the energy crisis, and interest rate hikes hit investment portfolios.</li></ul>Even the ultra-rich had a bad 2022 — it's not surprising, given the fallout from the Ukraine war, the energy crisis, and the Fed's rate hikes hitting their investment portfolios.The triple crisis that roiled the global economy saw the world's richest lose about $13.8 trillion worth of assets — that's 13.6% of their wealth in 2022— according to <a href="https://www.knightfrank.com/wealthreport/2023-03-01-combatting-wealth-shrinking-what-are-2023-investor-strategies-" target="_blank" rel="noopener">Knight Frank's wealth report</a> published Wednesday.The London-based real estate consultancy surveyed 500 private bankers, wealth advisors, and family offices who manage over $2.5 trillion in collective wealth for ultra-high net worth individuals. Just four in 10 ultra-wealthy people saw a boost to their wealth in 2022, but the "overwhelming trend" was negative, Knight Frank said in the report.For example, just four people — Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Binance CEO Changpeng Zhao, and Meta co-founder Mark Zuckerberg — saw $392 billion wiped off their collective fortunes last year, according to the <a href="https://www.bloomberg.com/news/features/2022-12-29/billionaire-wealth-losses-in-2022-hit-1-4-trillion-led-by-elon-musk-jeff-bezos" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>In 2022, the ultra-rich in Europe experienced the largest decline in wealth with a drop of 17%, followed by Australiasia with 11%, and the Americas by 10%, according to Knight Frank. The ultra-rich in Africa and Asia saw the smallest declines with a 5% and 7% drop, respectively.The wealth rout came on the back of the Russia-Ukraine war and the resulting rising inflation. To curb a rapid rise in inflation, most major central banks — including the US Federal Reserve — <a href="https://www.reuters.com/markets/global-central-banks-deliver-historic-rate-hike-blast-2022-2022-12-23/" target="_blank" rel="noopener">started raising interest rates last year</a> to curb rapid price increases. However, this further depressed the markets. Higher rates mean companies tend to borrow less for investment and growth, which impacts their earnings. A rise in interest rates also hits <a href="https://www.businessinsider.com/housing-market-crash-home-prices-mortgage-rates-case-shiller-kpmg-2023-1">demand for real estate</a> because mortgages will cost more.The ultra-rich are not immune to these policy changes that hit their investment portfolios.According to Knight Frank, the ultra-rich parked 32% of their total wealth in their residential properties. They stashed another 26% and 21% of their wealth in equities and commercial properties, respectively."The fall in wealth is unsurprising given the dramatic pivot in monetary policy that culminated in the worst performance for the traditional blended portfolio since the 1930s," wrote Flora Harley, the executive editor of Knight Frank's wealth report.

The world's ultra-rich lost about $14 trillion of their wealth in 2022, Knight Frank study shows

<ul class="summary-list"><li>India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg.</li><li>It's narrowing the gap with Hong Kong, the world's fourth-largest stock market.</li></ul>The value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-06/india-stock-value-tops-4-trillion-narrowing-gap-with-hong-kong">Bloomberg</a> 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.In contrast India's two main indexes, the Sensex and the Nifty, are up 13.3% and 14.6% 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.Investors have been reassured by wins in three state elections this weekend for India's ruling party, headed by prime minister Narendra Modi."The market is taking comfort from the victory of BJP due to hopes of policy continuity in 2024, focusing on growth rather than fiscal populism," Sanjeev Hota of stock broker Sharekhan told <a target="_blank" href="https://www.reuters.com/world/india/indian-shares-set-open-new-record-highs-while-global-rally-eases-2023-12-05/">Reuters</a>.Despite global economic headwinds, India — the world's fastest-growing economy — is projected by the IMF to expand by 6.3% this year.Investors, from Apple to Goldman Sachs, have been <a target="_blank" href="https://www.businessinsider.com/india-economy-markets-elon-musk-ray-dalio-goldman-sachs-apple-2023-7">upbeat</a> about the country as a destination for investment.The three biggest stock markets are the US, worth just over $48 trillion, followed by China at about $9.6 billion and Japan on almost $6 trillion, per Bloomberg figures.

Watch out Hong Kong &ndash; India's $4 trillion stock market is fast catching up

<ul class="summary-list"><li>Commercial real estate investment in the US last year dropped 52% to the lowest level since 2012.</li><li>New York led with $33 billion, trailed by Los Angeles with $30 billion in investment. </li></ul>The US commercial real estate market saw a steep drop in investment last year, with capital flows into the market plummeting by more than 50% to the lowest level since 2012. For the fourth quarter, investments in commercial properties plunged by 44% on an annualized basis to $81 billion. That brought the full-year investment total to $348 billion, a 52% decline from 2022,<a href="https://www.cbre.com/insights/figures/q4-2023-us-capital-markets-figures" target="_blank" rel="noopener"> according to CBRE</a>. The figure is only slightly above the <a href="https://www.statista.com/statistics/245103/real-estate-capital-flows/" target="_blank" rel="noopener">$340 billion</a> recorded in 2012.CBRE noted a 91% year-over-year drop in direct real estate company investments to $1.4 billion in Q4, citing increased financing costs. Individual property sales also fell by 36% to $68 billion, while bundled portfolio sales decreased by 45% to $12 billion.New York took the lead with $33 billion in investment, followed by Los Angeles at $30 billion. By property type, multifamily and industrial assets notched investment volumes of $26 billion and $19 billion, respectively. The real laggard by investment volume was the US office sector, which only saw $14 billion in investment in the fourth quarter, a decline of 33% from the same period in 2022. The persistent <a href="https://www.businessinsider.com/commercial-real-estate-crash-outlook-office-market-values-halfway-decline-2023-12">work-from-home</a> dynamics have boosted office vacancy rates to <a href="https://www.businessinsider.com/office-crash-property-values-commercial-real-estate-barry-sternlicht-economy-2024-1">a 30 -year high of 18.6%</a>. Office values have seen the steepest decline among property types, with CBRE noting that offices saw a 16% year-over-year price drop.Billionaire Starwood Capital CEO Barry Sternlicht <a href="https://www.businessinsider.com/office-crash-property-values-commercial-real-estate-barry-sternlicht-economy-2024-1">warned last month</a> that the office meltdown will result in $1 trillion of losses and other real estate experts have said the market could take years to recover its pre-pandemic value. Capital Economics researchers last month predicted that this year would see the completion of a 20% peak-to-tough decline in office values. The dimming outlook for commercial real estate —offices in particular — is linked to the tighter financing conditions that many commercial landlords now face. As billions come due on commercial properties each year, owners must grapple with refinancing existing debt at higher interest rates. While rates are expected to come down in 2024, office landlords will still struggle with elevated vacancy rates. One solution has been to convert offices into residential properties, though not all buildings are suited for it. Since 2021, <a href="https://www.businessinsider.com/housing-market-outlook-commerical-residential-offices-resiclub-real-estate-mortgage-2024-2#:~:text=Since%202021%2C%20the%20number%20of,That%20now%20stands%20at%2055%2C300.">the amount of office-to-residential conversions</a> has soared 357%.

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Watch out Hong Kong – India's $4 trillion stock market is fast catching up