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<a target="_blank" class="" href="https://www.businessinsider.com/anthropic-claude-computer-use-ai-explainer-2024-10">Anthropic</a> has been gaining on arch rival <a target="_blank" class="" href="https://www.businessinsider.com/openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10">OpenAI</a> in recent months, according to data from a popular developer tool offered by startup Vercel.The <a target="_blank" class="" href="https://sdk.vercel.ai/docs/introduction">AI SDK</a> is a toolkit that helps developers build AI-powered applications. It provides code libraries that developers install to get their apps to communicate with different AI models. <a target="_blank" class="" href="https://www.businessinsider.com/ai-models-openai-gpt4-bombarded-by-bots-extracting-intelligence-2023-9">Vercel</a> publishes data showing how many times these code packages are downloaded each week.This is a useful window into how popular the top <a target="_blank" class="" href="https://www.businessinsider.com/tech-earnings-takeaway-q3-ai-cloud-chips-amazon-meta-apple-2024-11">AI</a> models are with developers, a key constituency of early tech adopters.The data shows that OpenAI remains in the lead. However, Anthropic has been growing faster lately in terms of developer mindshare.In the week of August 18, the OpenAI code library was downloaded almost 229,000 times by developers. The equivalent Anthropic library was downloaded almost 38,000 times, according to Vercel data.In late October, OpenAI downloads had remained relatively unchanged, while Anthropic downloads were much higher: about 244,000 for OpenAI and 100,000 for Anthropic.<div type="image" title="Data from Vercel's AI SDK toolkit" height="1278" width="2349" msid="115060188" hostid="261" sizebytes="54306"></div>A top executive at Vercel attributed the recent adoption trends partly to a new AI model that Anthropic released in the summer."Anthropic's recent gains can be attributed to their Claude 3.5 Sonnet model, which, among many tasks, excels at understanding and generating code," said Jared Palmer, VP of AI at Vercel. "Its combination of speed, cost, and output quality has won over the developer community for the time being."Claude 3.5 Sonnet <a target="_blank" class="" href="https://www.anthropic.com/news/claude-3-5-sonnet">came out in June,</a> and it has been particularly useful for tasks that developers need to do regularly, such as understanding and generating software code.Still, OpenAI has maintained its lead among developers, according to the Vercel data. That's primarily due to its first-mover advantage and other factors such as cheap pricing of its GPT-4o-mini AI model and strong developer tooling and documentation.There's also pretty widespread adoption of their API, or application programming interface. This is a common way for different software applications to communicate and share data.It's worth noting, though, that OpenAI's lead is slightly inflated by the download data from Vercel's AI SDK service. That's because many AI model providers have adopted OpenAI's API specification as a de facto standard. That allows developers to use the same OpenAI code library package but point their apps to different models.It's hard to quantify how much this exaggerates OpenAI's lead, but it also supports the general conclusion that Anthropic has been gaining on its main rival in recent months.An OpenAI spokesperson said usage of the startup's API has doubled since it released its GPT-4o mini AI model in July. OpenAI has also tripled the number of active apps running in production on its platform in the past year.The OpenAI spokesperson shared a critique of Vercel's data, saying downloads of these code libraries are not technically an accurate representation of developer audience since it doesn't reflect actual usage or spending.Anthropic had no problem with the data and what it shows. The company said its Claude 3.5 Sonnet model helps developers handle complex software architecture and multi-step processes. It also noted that enterprises are increasingly adopting Claude for business-critical functions where accuracy is key, such as software development and data analysis."Our new Claude 3.5 Sonnet model is the ideal choice for developers to build AI-powered applications with state-of-the-art performance across the board, including coding, complex financial analysis, and live chat support," Dianne Penn, product lead at Anthropic, told Business Insider.Penn cited DoorDash, Sourcegraph, and GitLab as companies that are using Claude to reduce development time, increase code acceptance rates, and build AI features.

Anthropic is gaining on OpenAI in this key area of the AI market

<a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> threw his money and influence behind Donald Trump.He gave speeches, <a target="_blank" href="https://www.businessinsider.com/elon-musk-private-jet-hits-swing-states-campaigns-donald-trump-2024-10">hosted rallies</a> in swing states, posted frequently on X, and funneled at least $119 million into a <a target="_blank" href="https://www.businessinsider.com/elon-musk-super-pac-america-continuing-after-election-midterms-2024-11">pro-Trump super PAC</a> called America PAC.When Trump won the election, Tesla's stock soared. Its share price is now up nearly 33% year to date.On Tuesday, President-elect <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">Trump announced</a> that Musk would take on an advisory role and co-lead the Department of Government Efficiency, or DOGE, alongside the entrepreneur Vivek Ramaswamy.Inside Tesla, the response to Trump's victory, and Musk's role in it, has been mixed. Business Insider spoke with nine current employees in states across the country, including California and Texas. Though they represent a sliver of the automaker's global workforce of more than 100,000 employees, the conversations offer a glimpse into the internal response to the election.Some of the workers said they wish Musk would pay more attention to Tesla. Others said the CEO's involvement with Trump could benefit the company.Most of them were celebrating the company's surging stock price, as Tesla stock makes up a significant share of most workers' <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">compensation</a>.<h2 id="f2ff1729-e00e-492e-a77e-d3344b215374">Hope, celebration, and conflict</h2>One engineer said that while they hadn't voted for Trump, they felt Musk could "supercharge" the US government. Another employee who did vote for Trump said they were "excited for what this could mean for Tesla and for our country."Another employee said Trump's win and the sudden surge in Tesla's stock price had many at the company feeling more hopeful."Since being hired, the stock has primarily trended sideways, and it was difficult for a lot of employees to see value in the company as many of us are given stock to compensate for lower hourly pay," one employee said. "Now that the stock is moving in a positive direction, there is a sense of renewed hope for the company with employees generally."For others who spoke to Business Insider, the rising share price led to conflicted emotions."On one hand, you want to celebrate the fact that the stock is up an insane amount, but on the other, it's difficult to be truly happy because of Trump and what it means for Tesla's mission," one engineer said. The employee said that Trump's climate-crisis denial could be a roadblock to Tesla's mission of transitioning to sustainable energy.Trump has <a target="_blank" href="https://www.reuters.com/world/us/trump-says-he-would-consider-ending-7500-electric-vehicle-credit-2024-08-19/">said</a> he plans to increase US oil production and may roll back vehicle-emissions standards and incentives designed to promote the production and adoption of electric cars. At an October rally in Detroit, Trump <a target="_blank" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> he planned to "frack, frack, frack, and drill, baby, drill." Musk has <a target="_blank" href="https://www.cnbc.com/2024/05/23/tesla-ceo-elon-musk-says-he-favors-no-tariffs-on-chinese-evs.html#:~:text=Tesla%20has%20been%20struggling%20this,Q&amp;A%20session%20was%20being%20livestreamed.">said</a> in the past that he doesn't agree with tax incentives for electric cars.Tesla and Musk did not respond to a request for comment.<h2 id="2854b357-98e7-4ef9-ae66-46c451c3e979">Musk's growing list of commitments</h2>Some Tesla factory workers in Texas and California were given time off to vote on Election Day in compliance with state laws, multiple factory workers in both states said. Separately, Tesla managers were sent a guide on how to address political discussions in the workplace, one worker said.Postelection, three employees said the election hasn't been discussed much at work. "No one is saying anything," said one. "I think everyone is just waiting to see how this all plays out now.""There's this feeling that no one fully knows where anyone else stands," one manager told BI.Some Tesla-connected figures have been more open. Tesla's director of AI, Ashok Elluswamy, posted about Trump's victory on X.Kimbal Musk, Elon Musk's brother and a Tesla board member, also appeared to celebrate the win.The DOGE advisory role will be another time commitment for Musk, who's already involved with five companies. Musk's private jet has flown to and from Palm Beach, Florida, near Trump's estate in Mar-a-Lago, five times since November 5, according to data from the <a target="_blank" href="https://jetspy.com/">jet-tracking company JetSpy</a>. On Wednesday, Musk's jet flew from Palm Beach to an airport near Washington, DC, where he attended Trump's first postelection meeting with House Republicans.Six workers said they felt Musk had taken his focus off Tesla."It feels like a lot of political theater," one worker said. "We sell cars. Anywhere else you'd expect the CEO to be focused on that."Do you work at one of Musk's companies or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or 248-894-6012

At Tesla, some are celebrating stock gains — others worry Elon will lose focus

The union budget for 2024 introduced a slew of changes that will directly impact your pocket in the days to come. FM Sitharaman brought about significant changes in how your capital gains were taxed. Take a look at how this will impact your pocket. First off, what are capital gains? Simply put, any gains or profits you make when you sell a capital asset like your properties, investments in stock or mutual funds and more is counted as capital gains. What sets capital assets aside is their ability to generate monetary value over a long period. Depending on the time period they are held for before they are sold, <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> (LTCG) or <keyword id="20584760" type="General" weightage="20" keywordseo="short-term-capital-gains" source="keywords">short-term capital gains</keyword> (STCG) is applicable. So, what has changed? In one sharp move, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> pushed up the long-term <keyword id="20301441" type="General" weightage="100" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> from 10% previously to 12.5% now. Moreover, <keyword id="22142879" type="General" weightage="20" keywordseo="indexation-benefit" source="keywords">indexation benefit</keyword>, which reduced the total tax outgo from the investor's hands, also went away with these proposed changes. As for short-term capital gains tax, it was decreased to 15% from its previous rate of 20%. However, to ease the pain, the maximum exemption amount for long-term capital gains in a single year was increased from Rs 1,00,000 previously, to Rs 1,25,000 now. All listed securities will be considered long-term capital assets (and hence, LTCG will be levied) if they are held for a period of 12 months. For unlisted securities and other immovable properties, LTCG will be applicable post 24 months of holding them. Bonds, debentures and gold will have also have a holding period of 24 months, from the earlier duration of 36 months, in order to be eligible for long-term capital gains tax. What does indexation mean? Indexation allowed <keyword id="19900618" type="General" weightage="20" keywordseo="investors" source="keywords">investors</keyword> to account for inflation, by adding the same to their initial purchase price. This would result in a higher purchase price, significantly lowering the overall gains. But now, capital gains tax will be calculated at the actual purchase price (ouch!) with no scope to factor for inflation, which would mean a higher tax outflow from the investor's pockets. This benefit has been done away with for real estate and gold. Under indexation benefit, it is not your initial purchase, or acquisition price that is taken into consideration, but rather your indexed cost of acquisition that comes to play. This is calculated using the CII of the sale year and the purchase year. This helps in adjusting the purchase cost of your property for inflation when you are selling it. The government calculates and notifies the public of the CII (cost inflation index) every year. For instance, Aditya's father purchased a property worth Rs 40,00,000 in 2009 (FY2009-10). In 2004 (FY2024-25), he decides to sell this for around a crore. How will his tax liability be calculated? First, lets consider that he had indexation benefit. By that, his indexed cost of acquisition (there's a long formula to this) would be Rs 98,10,810, making his long-term gains at Rs 1,89,189. So, 20% of this would come down to Rs 37,837. But lets also consider if he did not have this indexation benefit. While indexation benefits have been done away with starting July 23rd, 2024, lets assume this rule came into effect at the very start of FY25, or 1st April, 2024. This would mean your total capital gain would be 12.5% of Rs 60,00,000, or a staggering Rs 7,50,000. What are the experts saying? Nilesh Sharma - President &amp; Executive Director, SAMCO Securities sees this as a double whammy which leaves much to be desired on the investors front. "It seems govt wants share in investors’ profit. At a time when the equity indices are at an all-time high, the government has tried to take a share out of the growth and the profits earned by the investors by increasing both the STT rates on derivatives and an increase in STCG and LTCG", he notes "The removal of indexation benefit for LTCG will also impact the real estate industry and will slow down the resale of residential flats /lands. There is a fear that it may also increase the proportion of cash transaction in real estate deals, which will be again be counterproductive. The government has not announced any major changes for the individual tax payers except a slight change in the tax slabs and a minor increase in the standard deduction. This too, is however applicable only in the new tax regime, leaving nothing for the tax payers who have opted for the old tax regime", continued Sharma. Palka Arora Chopra, Director, Master Capital Services Ltd notes that the removal of indexation benefits might negatively impact investor returns, leading to a short-term bearish outlook for the sector. "While the 25% increase in the Long-Term Capital Gains (LTCG) tax is manageable and not likely to deter investors significantly, the increase in short-term capital gains (STCG) tax from 15% to 20% could have a more pronounced negative impact in the medium term", she continued.

Decoding capital gains taxes: What FM Nirmala took from your pocket, what she gave you in Budget 2024

<ul class="summary-list"><li>Stocks rose Thursday as investors digested strong retail sales data and more earnings.</li><li>Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.</li></ul>US stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports.The Dow Jones Industrial Average added to record levels achieved at Wednesday's close. Bond yields rose, with the 10-year Treasury up six basis points to 4.075%. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%.Retail sales climbed 1.7% compared to a year ago, according to Commerce Department data released Thursday.The strong spending data comes on the heels of a <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">blockbuster September jobs report</a>, and further solidifies assessments that the US economy is strong and that the Federal Reserve may not need to cut rates as steeply or quickly as previously thought. Weekly jobless claims were lower than expected at 241,000, a 19,000 decline from the week before, according to Labor Department data released Thursday. Economists had forecast 260,000 weekly claims. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,873.45, up 0.53% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,279.21, up 0.47% (+201.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.24, up 0.85% </li></ul>Meanwhile, a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">highly anticipated report</a> from chipmaker Taiwan Semiconductor Manufacturing Company came in strong, showing net income surpassed estimates while net revenue for the quarter rose 36% compared to the same last year."We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C. Wei said.Shares of TSMC rose 7% after the opening bell, pulling other chip stocks higher. Nvidia was up almost 2%, and AMD was up over 1%.TSMC's optimism about demand for AI tech follows a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*1isprkj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY3OTk1LjM0LjAuMA..">chip sector sell-off</a> earlier this week when chip machine maker ASML slashed its sales guidance on weaker demand from chipmakers.TSMC joins a string of strong earnings reports this week. Morgan Stanley and United Airlines posted strong results on Wednesday. Netflix will report third-quarter results after the close on Thursday. Here's what else is going on Thursday:<ul><li>A number of bank research desks are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10?_gl=1*njfdt3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY2MzczLjYwLjAuMA..">boosting their S&amp;P 500 price targets</a> in recent weeks as the bull market charges on.</li><li>China could raise nearly <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-beijing-stimulus-1-trillion-debt-package-fiscal-deficit-2024-10">$1 trillion of fresh debt</a> in the next 3 years to revive its economy, according to a report from Caixin Global.</li><li>The US freight recession is showing <a target="_blank" class="" href="https://www.businessinsider.com/author/filip-de-mott">early signs of recovery</a> as trucking company JB Hunt posted a rare earnings beat on Tuesday.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures fell. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dipped 0.2% to $70.22 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 0.3% to $74.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.33% to $2,700.4 an ounce.</li><li>The 10-year Treasury yield was up six basis points to 4.075%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.5% to $66,761.</li></ul>

Stock market today: Indexes gain after strong retail sales data

<ul class="summary-list"><li>Amazon will report its second-quarter earnings after the market close on Thursday.</li><li>Investors expect solid growth in Amazon's AWS cloud unit, as well as its massive retail operations.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock?miRedirects=1">Amazon</a> will report its second-quarter earnings results on Thursday after the market close, and all eyes are on the company's AWS cloud business.Wall Street expects the retail giant to report adjusted earnings per share of $1.47 in the quarter and revenue of $148.78 billion, according to data from Bloomberg.Top of mind for investors will be any commentary on Amazon's <a target="_blank" class="" href="https://www.businessinsider.com/guides/deals/amazon-prime-day">recent Prime Day sales event,</a> as well as the growth rate of its advertising business and whether its AWS cloud unit is still the leader in the space.Here's what Wall Street expects from Amazon's upcoming second-quarter earnings report.<h2 id="71b9d118-3642-43de-9f8b-b78edb7ce795">Bank of America: Amazon's retail unit is gaining share</h2>Bank of America expects Amazon to produce a solid earnings report on Thursday, with the bank expecting both a revenue and income beat, as well as faster-than-expected growth in its AWS cloud unit."Given beat in 1Q, new third-party fees, Prime ad ramp and limited fulfilment center square foot growth, we expect upside toward buyside expectations," Bank of America said in a recent note.The bank said the biggest risk for Amazon is its third-quarter profit margin guidance because Wall Street already has high expectations, and higher freight costs could serve as a headwind.While the US consumer is showing signs of softening, the bank expects Amazon's retail unit to be a beneficiary from the current economic environment."There are some signs of consumer softening, but we think Amazon is gaining share," Bank of America said.And while Amazon's stock multiple has expanded, the bank still sees upside potential."Given expanding retail margins with support from Prime ad growth, and expected AWS acceleration, we think the stock is still set up for multiple expansion in 2024," Bank of America said.Bank of America rates Amazon with a "Buy" and a $220 price target.<h2 id="1f27ebd5-97ff-4c14-b59d-f5d4fd18ba4d">Citi: 'Improving AWS demand and expanding profitability'</h2>Citi said Amazon is set to benefit from multiple tailwinds as demand for its AWS cloud services improves and it expands its profitability."Given GenAI tailwinds we believe AWS revenue growth likely accelerated in 2Q and based on improving efficiencies across Retail along with continued strong advertising demand, we believe OI is likely to be above the high-end of guidance," Citi said in a recent note.The bank said that while there are signs of a "more challenged" low-end consumer, Amazon's delivery improvements should result in solid retail sales."Faster delivery has improved conversion rates and our analysis of Prime Day suggests another successful event," Citi said.Here's what Citi will be looking for on Amazon's earnings call:"During earnings, we'll be listening for AWS demand, the results from the May Upfronts, Prime Video demand, and thoughts on its newly signed NBA streaming rights, international profitability, capex, and any insights on capital returns as margins ramp," Citi said.Citi rates Amazon with a "Buy" and a $245 price target.<h2 id="d91037a0-d1f4-4c4f-aa99-1358c5ae5a2b">Goldman Sachs: 3 key things to watch for in Amazon's Q2 earnings</h2>Goldman Sachs highlighted three key investor debates that will be ongoing as Amazon reports its second-quarter results.Those three things are:<ol><li>"The overall health of the consumer — Amazon's eCommerce business appears to have remained strong in Q2 based on a host of industry checks and data points intra quarter."</li><li>"The ability of Amazon to continue to produce Operating Income margin upside — a topic we delve into greater detail in the note and still see the potential for outperformance in 2025 driven by higher retail margins and a stronger contribution of advertising — we also maintain a positive long-term view on Intl margins and expect AWS profitability to remain robust."</li><li>"The trajectory of AWS revenue growth, where we continue to expect reacceleration through 2024 as prior headwinds around optimization and workload migration turn into tailwinds and AI workloads are a rising tailwind."</li></ol>Goldman Sachs rates Amazon with a "Buy" and a $250 price target.<h2 id="25293eb3-dbad-48be-aff3-6f1e2703c0a4">JPMorgan: 'Expect AWS acceleration'</h2>JPMorgan said in a recent note that investor discussions reveal the top areas of focus to be the potential for accelerated growth in Amazon's AWS cloud unit."Investor discussions focused on AWS acceleration, GenAI positioning, pace of North America OI margin expansion, health of the consumer, and magnitude of FCF and potential capital returns," JPMorgan said.The bank, which calls Amazon a "Best Idea," said investors are looking for Amazon to deliver between $148 billion and $150 billion in revenue, and AWS unit growth of 17% to 18% in the second quarter."We expect AWS acceleration and solid Stores growth, North America and International OI margin expansion, and improved cost discipline to support multi-year FCF ramp," JPMorgan said.JPMorgan rates Amazon with an "Overweight" and a $240 price target.<h2 id="c7010070-1cee-4415-ba82-dacf06e2bd1a">Bloomberg Intelligence: 'Double-digit sales gains may stay intact'</h2>Analysts at Bloomberg Intelligence expects Amazon's second-quarter sales to rise towards the high end of its 7% to 11% guidance range thanks to strong e-commerce sales, ongoing advertising gains and continued growth in Amazon's AWS cloud division."AWS sales, in constant currency, may meet consensus' high-teens view," Bloomberg Intelligence said.Amazon should also see some solid growth in its retail division, according to the note."On the retail side, the company's personal-shopping assistant Rufus and other gen-AI enhancements, coupled with third-party sales outpacing first party, are catalysts," Bloomberg Intelligence said.The analysts also said Amazon's advertising revenue could continue to grow at a "20%-plus pace as Amazon takes market share."

'Gaining share': Here's what Wall Street expects from Amazon's 2nd-quarter earnings

The first day at a new job is always weird. You have no idea what you're supposed to be doing, who to talk to, or how to even really be. The theory is that over time you get the hang of it — but lots of workers make it months into their jobs and feel like they're still kind of winging it. It's not that they don't want to learn; it's that nobody's teaching them. In many pockets of corporate America, on-the-job training mostly amounts to "figure it out." Workers are struggling to get a handle on their jobs, and this failure falls on everyone — companies, managers, human-resources departments, and, in some cases, the workers themselves.You don't need to look far to find evidence that people don't feel ready when it comes to work. Some <a target="_blank" href="https://www.businessinsider.com/gen-z-workers-are-lazy-lack-soft-skills-managers-say-2023-8">bosses complain</a> that Gen Z workers don't know what they're doing and are lazy. <a target="_blank" href="https://www.businessinsider.com/gen-z-lazy-hiring-jobs-careers-hr-training-pandemic-2024-8">HR professionals and Gen Z workers</a> argue that young people want to be successful in the workforce, but they simply aren't given the tools to do it. In a survey from the <a target="_blank" href="https://blog.adobe.com/en/publish/2023/09/27/adobe-future-workforce-study-what-us-employers-need-know-about-gen-z-workplace#:~:text=Gen%20Z%20is%20hungry%20for%20mentorship%20and%20development&amp;text=Gen%20Z%20is%20eager%20for,percent)%20reported%20having%20a%20mentor.">software company Adobe</a>, 83% of Gen Z respondents said having a mentor at work was crucial to their career, but only half said they had a mentor. It's not just young workers who are facing a training problem; it's everybody. For <a target="_blank" href="https://www.gallup.com/394373/indicator-employee-engagement.aspx">Gallup's employee-engagement indicator</a>, which analyzes employee perspectives using random samples of working adults, less than half of US employees said they knew what's expected of them at work. This is a costly problem, too: <a target="_blank" href="https://www.gallup.com/workplace/393497/world-trillion-workplace-problem.aspx">Gallup</a> found employees who weren't engaged cost $8.8 trillion in lost productivity worldwide.Just figuring out the day-to-day basics of the job is a challenge. The pandemic-driven upheaval of the past several years led to <a target="_blank" href="https://www.businessinsider.com/great-resignation-still-going-layoffs-low-job-openings-quits-high-2022-11">high amounts of</a> job-hopping, organizational brain drain, and a <a target="_blank" href="https://www.businessinsider.com/loyalty-employee-employer-job-security-broken-work-companies-bosses-2024-1">decline in loyalty</a> among employers and employees. The chaos has left employers, managers, and employees wondering just how much time and money it's worth investing in training in the first place. The rise of remote and hybrid work has complicated the situation even more. It's tough to learn by osmosis over Slack, and <a target="_blank" href="https://www.businessinsider.com/hr-software-tech-companies-employees-productivity-workday-oracle-adp-2024-8">the deluge of HR apps and training modules</a> isn't filling in the gaps."Most companies want employees to 'hit the ground running' and use apps, AI, and training videos to avoid disrupting another employee's flow or for the lack of staff to train someone new or help someone learn a new skill," Ana Goehner, a career strategist and HR professional, said.That may work in some instances, but in others, instead of hitting the ground running, workers find themselves perpetually zig-zagging, unable to break into a full sprint.That people feel like they're not equipped to do their jobs isn't a new phenomenon. There's been a long-standing decay of investment in learning and training by employers as part of an effort to create leaner organizations, said Kenneth Matos, the director of market insights at HiBob, an HR-tech company. If you're cutting costs, training is an easy place to do it. That's especially true when many employers use the internet to access a wider talent pool than in the past, which means they can just look for a candidate who already knows everything instead of having to teach someone. And, of course, plenty of companies have been axing middle managers, the people who would have previously been in charge of training up younger or newer employees."You cut away the people who are the link between big strategic ideas and day-to-day tactical activities," Matos said. "And so you end up with a scenario of a big strategic speaker talking to a much more junior doer, and they're like, 'I don't know how this translates into my job.'" Making matters worse, in many workplaces, training and mentoring are treated as an extra, rather than an integral part of the job, if they're noticed at all. In your performance review, "I spent 10 minutes explaining something to the new guy he was too afraid to ask his boss about" doesn't rate very highly. As workers and managers are increasingly overextended, these types of unmeasured, softer activities can fall by the wayside. This creates a conflicting web of incentives. It may be better, organizationally, for a manager or experienced employee to spend time teaching everyone on their team to complete a complex task so that a team's performance is better overall, but if they have an individual quota to meet, they may opt to focus on doing the task themselves, even though it's not what's best for the business."You end up with this really weird tension around organizational citizenship behaviors like mentoring and developing employees," Matos said. "Do you give a manager a lower quota because they are also magnifying everybody else's, or are you assuming they're going to do more than everybody else, are more talented, and also do the mentoring?"The people in the middle — who find themselves in between the big bosses and the little guys — are going to focus more on managing up than managing down. It's hard to tell the CEO that you can't come to that third unnecessary meeting of the day because your time would be better spent training that new hire on logging sales calls."Managers feel so caught up, and oftentimes they feel pressure of, 'OK, well if I'm going to disappoint someone, then it's going to be someone junior to me and not someone senior to me,'" said Ashley Herd, the founder of Manager Method, a training platform for managers.Many managers really are over it. <a target="_blank" href="https://www.gallup.com/workplace/510326/manager-squeeze-new-workplace-testing-team-leaders.aspx">Gallup found</a> that in 2023, managers were likelier than nonmanagers to say they're disengaged at work, burned out, and on the lookout for a new job. Their workers have been given more responsibilities, their teams have been restructured, and they're expected to accomplish everything with fewer resources, as in, money. And less than half of managers said they're sure they already had the skills needed to be great at their jobs, meaning managers weren't getting taught to be managers.At the r/managers forum on Reddit, the what-am-I-doing sentiment is evident. "Is it normal to get zero training as a new manager?" one Redditor <a target="_blank" href="https://www.reddit.com/r/managers/comments/1d6soeu/no_training_in_a_figure_it_out_situation/">asked</a>. "I have reviewed the team's work over the past couple of years, asked them questions to clarify a few things, and asked my boss questions to clarify a few things and have basically picked up most of it. Thought it was kind weird I got zero training, though."Technology is supposed to make training better, in theory. Why have an HR person go over the same PowerPoint on vacation policy for every new hire when a quick video or document stored away somewhere can do it just fine? That may work for simple processes like requesting time off or finding subscription logins, but it can become a problem when companies try to throw technology at their more-in-depth training problems. Nobody knows what they're doing here? Why not get an app to fix that? One of the biggest issues with using tech to solve what's ultimately a human problem is that it's hard to know if anyone is even going to use it. Take mentorship: Having one-on-one coaching from someone with more experience can help workers gain skills and knowledge that can't be found in a training video. It can also make workers likelier to stick around longer, help them feel more connected, and boost the sharing of institutional knowledge. Fostering these kinds of relationships is important, hence why the <a target="_blank" href="https://www.mentorcliq.com/blog/mentoring-impact-report">vast majority of Fortune 500 companies say</a> they have mentoring programs, many of which are facilitated by apps and software. How many people are actually using those programs, however, is unclear. Christy Pettit, the CEO of Pollinate Networks, which creates mentoring software, told me she recently spoke with a large multinational that told her despite having 2,000 licenses for the mentoring program, which was mainly an app, fewer than 200 people were using it and participation was declining every quarter."Most companies say they have a mentoring program, but few have one that works," she said. "It feels a little bit like when you buy a gym membership, and it makes you feel like you're doing something, but you may or may not be going to the gym."In some cases, tech-based training materials are disconnected from the realities of the work. All the training videos are done in an "official" corporate speak it turns out nobody actually uses, Matos, from HiBob, said. Or managers aren't well versed in what their charges are being taught and end up wanting the task done differently.Even when companies invest in training, it can often be directed toward the wrong people. Herd said that businesses often make the mistake of spending a ton of money on fancy retreats and training courses for their most senior leaders without making much, if any, investment in the bottom rungs."You could spend a fraction of that and give good training to all of your employees, and you're probably going to get more ROI if that's what you're focused on," she said.Stephanie Wolf, a vice president at RebuttalPR, a legal-communications firm, said the company learned the hard way about the costs of not investing enough time and energy in training people. As the firm grew, managers wouldn't realize people didn't know how to do timely tasks until they became urgent, or they'd discover employees were doing things in a way that wasn't consistent with the documentation and processes in place. That meant they had to rely more on senior staff to do the work and that projects took longer because training was happening alongside execution. "We've seen how our whole team can suffer when we don't train folks thoroughly enough," she said. To ensure accountability, she's now the point person on training, because the company found that when training was everyone's job, it was no one's. The firm has taken steps to get all the necessary information in one place and to slow the onboarding process down — instead of expecting people to take a week to get up to speed, it now gives them about a month.Wolf acknowledged it's "super easy for training to fall by the wayside when your client work gets busy," which means not allowing that to happen is a conscious effort. "Investing time now is going to save us all time in the long run," she said.It's easy to blame hybrid and remote work for some of these issues, to argue that if people were just gathered in an office together, that would fix things. But many HR professionals and career coaches say that's not necessarily the case. Yes, human interaction is helpful, but it doesn't solve problems like misaligned incentives, increasingly stretched managers, and a lack of a real, holistic plan for getting people up to speed. A remote-work training plan probably has to look different from an in-person one, but it's not impossible to craft. "In a remote environment, you, as the leader, need to model and also hold the individual accountable for taking initiative, saying, 'Hey, if you need something, I need you to tell me because I can't see you,'" Phoebe Gavin, a career and leadership coach, said.Gavin emphasized that it's not just on companies and managers to make sure employees are learning and getting onboarded but also on individual workers. Essentially, if you see something — or don't know something — say something. Ask questions, or take the initiative to figure things out on your own. I told her about an experience I'd had at a job where on my first day, one of four "important" passwords I'd received was for software the company didn't use anymore. I expressed disappointment that the HR department hadn't caught the error, which it took me a long time to figure out even was an error. She pointed out that I should have then gone to HR to alert them to the error so the next new person didn't have the same experience. I did not."That's a tiny place where you could have a positive impact," Gavin said. It wasn't necessarily my fault, she said: "Just that was an opportunity that you didn't take, and those sorts of things happen all the time."But not everyone gets the chance to sound the alarm on their employer's faulty training system before it's too late. That's what happened to Michelle, which is a pseudonym I'm using to protect her privacy. Before starting a job at a science-focused communications firm earlier this year, she was assured that she would get all the training she needed to overcome the fact that she didn't come from a scientific background. When she started, she was surprised by the deluge of training modules and videos that were added to her plate on top of the tasks of the job itself. There were supposed to be meetings with other, more seasoned coworkers after those video training sessions, but eventually, almost everyone stopped showing up. She was fired in a matter of weeks after being told she wasn't picking things up fast enough. She said she received little feedback and hadn't been given warning that things were going wrong."I felt blindsided by the termination just because I didn't think I was given enough time to do all of this," she said. "I was led to believe they would kind of hold my hand a little bit at the beginning, and a month in, to me, is very much still the beginning."You know how there are certain tasks in life that feel designed to be so complex that you'll give up? Like filing an insurance claim or <a target="_blank" href="https://www.businessinsider.com/cancel-subscriptions-congress-ftc-dark-practices-autorenewal-2023-2">quitting the gym</a>. Work should not be like that, but for many people, it is.Employees have complained about just being thrown into the fire forever. Many employers subscribe to the idea that you just toss people into the water and see who can swim. Trial by error is part of learning at work — one of the best ways to learn how to do something is to just try doing it. But it shouldn't be the entire approach. You know how you learn at school? The teacher explains something, you do your homework, it gets graded, you take a test, and you move on once you more or less figure it out. Imagine if teachers just piled 15 algebra tests on high-school students and everyone hoped for the best.There are aspects of the current workplace environment that make training more complicated to tackle. Remote work is different — you can't just lean over and ask the person next to you how this one software works again when you're typing on your laptop alone from your couch. Workers and employers don't feel as tied to one another, so there may be a decline in investment from both sides in the idea of getting supergood at the task at hand. The <a target="_blank" href="https://www.businessinsider.com/remote-workers-middle-managers-most-affected-by-layoffs-experts-2024-2">middle-management class</a> is increasingly stretched thin and hollowed out.Above all, it's really easy to load up on a bunch of tech-based solutions without identifying whether they actually solve anything. Relying on tech is appealing financially because buying a software license is a heck of a lot cheaper than paying a real live person. Many of the HR experts I talked to for this story suggested the training gap was a problem artificial intelligence might fix, a <a target="_blank" href="https://www.businessinsider.com/generative-ai-exaggeration-openai-nvidia-microsoft-chatgpt-jobs-investors-markets-2024-3">common refrain for intractable problems</a>, no matter the industry. Maybe that's true — if your manager won't have a one-on-one with you, having a chatbot to ask questions to isn't the worst thing in the world (assuming said chatbot knows stuff and doesn't make things up). But AI isn't going to be a panacea here. When you need to speak to a real person, no Coursera video or HR app or robot can do the trick. People make human mistakes, and sometimes humans need to address them.Wolf's firm is fully remote, but managers have noticed that Gen Z hires, in particular, tend to inquire about an in-person component for training. So they've adjusted. For a couple of incoming hires, they've rented a coworking space and enlisted some other employees to work alongside them for a couple of days to help them learn the ropes.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

On-the-job training is broken. Companies are paying a steep price.

<ul class="summary-list"><li>High-net-worth investors use many loopholes to reduce their taxes.</li><li>Among them are exchange funds, collars, 1031s, and hedging and borrowing against assets.</li></ul>In simple terms, there are only three places your money can go: to you and your family, to charitable organizations, and to the IRS. That's the pep talk Nayan Lapsiwala, a director of wealth management and partner at Aspiriant, gives his ultra-high-net-worth clients.The second part of his pep talk is to avoid letting tax avoidance undermine your financial future. It could be a bad idea to keep a stock solely to skip out on realizing capital gains."What if that stock falls 50% or more?" Lapsiwala said. "You are trying to save money on taxes, but your entire financial future can get wiped out with the market."This is why <a target="_blank" class="" href="https://www.businessinsider.com/tax-strategies-irs-rules-that-can-improve-your-financial-situation-2024-5">tax loopholes</a> and <a target="_blank" class="" href="https://www.businessinsider.com/how-to-defer-real-estate-capital-gains-tax-1031-exchange-2024-3">deferral strategies exist</a>, and why the wealthy seek out top advisors to help them navigate the complicated and intricate tax code. The right advice can buy time, reduce tax burdens, or even avoid them altogether without breaking any laws.<h2 id="e7689c3d-b101-4cb5-aaa5-8e6baca28255">8 loopholes</h2>Most investors know and have access to an <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-an-etf#:~:text=An%20exchange%2Dtraded%20fund%20(ETF,liquid%20as%20some%20mutual%20funds.">exchange-traded fund</a> (ETF). But what about an exchange fund?For investors who have reaped high gains from a stock and want to shave some off to reduce concentration risk, Lapsiwala says choosing to pool their assets in an exchange or swap fund with other investors is the way to go. A manager then oversees this fund. Consider it a 'you share your stocks, and I'll share mine'-type scenario. It gives participating investors diversification without triggering a tax event. The catch is that the shares must be held in the fund for seven years to reap the benefits and defer the tax."The manager's responsibility is to reduce capital gain taxes for everyone because now as you have a pool of assets, there might be some stocks that will go down in value, some might go up," Lapsiwala said. "So, a tax-loss-harvesting type of trading will take place and then you are reducing your capital gains taxes."Another way to lock in profits on securities is by creating collars, which means buying a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/option-chain#:~:text=An%20option%20is%20a%20contract,its%20own%20type%20of%20security.">put option and selling a call option</a> against the underlying asset. It hedges the share price because the put creates a floor, allowing the buyer to keep the stock but offload it if it falls below the agreed-upon price, which is the strike. But buying that put will cost a premium. Therefore, calls are sold to offset the cost, giving another buyer the right to purchase the stock if it rises. The downside is that it caps any upside potential above the strike."There are executives we work with, for whatever restriction, they cannot sell, or they have huge capital gains and they don't want to take a big tax hit," Lapsiwala said. This strategy helps them plan the timing of when they want to realize the gains."For those who need liquidity, once the stock is hedged, they can borrow up to 50% against its value on margin, Lapsiwala noted. This strategy could have a double tax benefit: One, the investor isn't realizing a capital gain. Two, if the borrowed amount is used for another investment and there is investment income, the cost of borrowing is treated as investment interest. It can be used to reduce the overall taxable income.Some investors will borrow against their stocks without hedging. This is common for short-term liquidity needs, like bridge financing to buy a property while waiting to sell another, Lapsiwala noted. The risk here is if the stock drops in value in the interim, you get a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/margin-call#:~:text=A%20margin%20call%20occurs%20when%20the%20value%20of%20the%20equity,off%20some%20of%20the%20investments.">margin call</a> and must come up with the capital to cover it.As for investors who have philanthropic goals, charitable giving is tax deductible. Still, instead of giving cash that's already taxed, some of Lapsiwala's wealthy clients give their appreciated securities to a 501(c) charitable organization. This grants them a tax deduction while skipping out on capital gains tax.Another way of giving to charity is by donating appreciated assets to a donor-advised fund (DAF). In turn, the investor get a tax deduction in the year it was gifted, but they don't have to give the full amount to the charitable organization in that calendar year."This is a strategy when you have high taxable income, and you want to reduce your taxes but aren't sure that you want to give charitable grants of a high amount in a year," Lapsiwala said. "So what we typically do is, let's say clients are giving $100,000 a year, we will say, 'let's fund that by a million dollars' and they can get that million dollar deduction now, but over the next 10 years, give $100,000 annually from that account."Clients who want to give to charity while continuing to benefit from gains on their principal can opt for a charitable remainder trust (CRT). It allows them to transfer cash, property, or assets to an irrevocable trust that pays an income in the form of an annuity or a percent of the trust's assets for a term or until their death, upon which it goes to the selected charities.John Pantekidis, managing partner at TwinFocus, says CRTs are a win-win for the charity and donor. The latter gets a tax deduction up front and an annuity while helping a charity.Pantekidis, whose average client is worth close to $200 million, says this setup is suggested for clients with highly appreciated assets who want an income from it but are also charitably inclined.But perhaps the tax avoidance strategy that has been an absolute home run for high-net-worth clients, according to Pantekidis, is investing in qualified opportunity zones. These are economically distressed areas that require long-term investments in real estate and businesses.If you have a million dollars of capital gains and if you invest it in a qualified opportunity zone, you get to defer that through 2026, Pantekidis noted. Any appreciation on that investment escapes tax permanently; that's an avoidance, he said. Furthermore, an investor can depreciate the property for further tax deductions without depreciation recapture."So not only do you avoid tax on the gain, to the extent you get depreciation you can avoid tax on the initial gain. It's become an absolute home run for ultra-high-net-worth clients who have capital gains. Even some of our hedge fund managers who get compensation through carried interests of capital gains can defer those capital gains and even avoid them."However, the investment must be held for five to seven years to defer a portion of those gains and at least 10 years for the new gains to be fully tax-free.Finally, those with an appreciated property who can identify a similar property to swap it with can use 1031 Exchanges. It allows the client to defer the capital gains. If they die with the property, they can get a step-up in basis which permanently removes any tax originally deferred by the exchange, Pantekidis said.

8 of the savviest loopholes wealthy investors use to reduce or avoid capital gains tax

The <keyword id="21627536" type="General" weightage="100" keywordseo="gold-loan-market" source="keywords">gold loan market</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on the cusp of substantial growth, driven by rising per-gram gold rates and increasing customer demand. Currently, the market is predominantly controlled by the <keyword id="21485305" type="General" weightage="20" keywordseo="unorganized-sector" source="keywords">unorganized sector</keyword>, which holds a 63 % share, while <keyword id="22789155" type="General" weightage="20" keywordseo="organized-players" source="keywords">organized players</keyword>, including banks and Non-Banking Financial Companies (<keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword>), account for the remaining 37 %, according to a recent <keyword id="20055667" type="General" weightage="20" keywordseo="PwC" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC" meta.hostid="83" meta.entityid="PwC">PwC</keyword> report. Indian households are estimated to possess approximately 25,000 tonnes of gold, valued at around Rs 126 lakh crore. Despite this vast wealth, the existing gold loan market through organized channels is valued at just Rs 7.1 lakh crore. With the market penetration of gold loans in India currently at only 5.6%, there is considerable untapped potential within <keyword id="22902023" type="General" weightage="20" keywordseo="household-gold-holdings" source="keywords">household gold holdings</keyword>. Although not all gold is available for pledging--due to factors such as religious significance, emotional value, or lack of financial need--there remains substantial opportunity for growth in the gold loan sector. The gold loan market in India has historically been dominated by the unorganized sector. However, in recent years, organised players, particularly NBFCs, have begun to gain market share. Banks, too, have been making inroads, especially through retail gold loans and a continued focus on agricultural gold loans. This shift is expected to continue as organised players leverage their formal lending structures, transparency, and customer trust to capture a larger share of the market. Shaji Varghese, CEO, Muthoot FinCorp Limited, "Gold loan assets have been growing steadily and the potential to grow further is high since a major part of the country's gold loan market is still in the unorganized sector. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have been rising over the years. There is also a paradigm shift on how buying gold is perceived today. Traditionally gold was purchased for historical, cultural and societal reasons and while that continues, people have started buying gold as an investment and also as a convenient option to raise funds for financial requirements." India remains one of the world's largest consumers of gold, with total demand reaching 747 tonnes in 2023. However, this represented a 3% decrease compared to the previous year, primarily due to the surge in gold prices, which dampened demand for gold jewellery. The price of gold in India increased from Rs 55,375 to Rs 66,532 per 10 grams (22 carats) between November 2023 and May 2024, prompting a shift towards lightweight or lower-carat jewellery items. Globally, the demand for gold grew by 3 % in 2023, with China emerging as the largest market. The global market's expansion presents opportunities for Indian gold loan financiers to explore new avenues for growth beyond domestic borders. Gold's relationship with the US dollar is a key factor influencing gold prices in India. A weakening rupee often leads to an increase in gold prices, as gold is priced in USD internationally. This dynamic drives higher imports and increases the cost of gold in rupees, further fuelling demand as investors seek a safe haven against currency fluctuations. V.P. Nandakumar, Managing Director and Chief Executive Officer, Manappuram Finance Ltd, "Of late, the sharp increase in gold prices has imparted some stability to the gold loan book of most players and we do not expect gold prices to come down due to geo-political factors, the accumulation of gold by central banks as well as the lasting allure of the yellow metal." The securitisation of gold through various financial instruments offers new avenues for gold loan players to diversify their offerings. By using gold-based security as collateral, established players can introduce new loan products that leverage the intrinsic value of physical gold.

India's gold loan market set for rapid growth amid rising prices; unorganized sector holds 63% share, notes recent PwC report

<ul class="summary-list"><li>AI enthusiasm has rebounded in recent weeks after investors worried about returns over the summer.</li><li>In the next wave of investment, Goldman Sachs analysts recommend "platform" stocks like Microsoft and Datadog.</li></ul>Move over, Nvidia.With artificial intelligence investment rebounding after excitement cooled over the summer, a new set of stocks is set to benefit from the next wave of cash flowing to the burgeoning sector, according to Goldman Sachs.In the next round of AI investment, Goldman Sachs analysts say investors should look past the obvious picks—Nvidia and AI infrastructure companies—and toward a select set of platforms set to build out a direct application of AI."Our equity analysts believe 'platform' stocks, including databases and development tools, are set to be the primary beneficiaries of the next wave of generative AI investments. These platforms allow the best use of AI infrastructure while providing building blocks to construct next generation applications," the analysts said in a Thursday note.The analysts name Microsoft, DataDog, MongoDB, Elastic, and Snowflake as the best-positioned platform stocks as they roll out AI-integrated applications.While many of those platform stocks have plunged this year on near-term fundamental weakness, they have historically low valuations and stabilizing revisions that set them up well as AI investment rebounds, the analysts say.The analysts' recommendations come as investors <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">remain focused on Nvidia</a> and the companies that build out AI infrastructure, such as semiconductors, cloud providers, and data center REITs. The analysts say the share prices for those stocks will likely continue to increase, but returns will be driven more by earnings than valuations."Expected future returns could be constrained by elevated starting valuations, although valuations are historically a poor near-term signal for large-cap equities," the analysts said, adding that with AI spend surprising less to the upside than before, that could make for more moderate returns for those "phase 2" AI infrastructure stocks.In general, the platform stocks are the exception among other "phase 3" stocks—those with potential to monetize AI by generating incremental revenues like in software and IT services— because the timing of AI monetization is still uncertain.The same goes for "phase 4" stocks, or companies that would benefit from widespread adoption in general since that's likely still years away, the analysts said."We believe the roll-out of applications among Phase 3 stocks is a necessary condition before investors will gain confidence about owning Phase 4 stocks with the largest potential earnings gains from AI-related productivity," they said.The analysts' comments come after flows into AI stocks dwindled over the summer as traders <a target="_blank" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7">expressed worries over returns on big AI spending</a>. That led to sharp underperformance in July, and in early August, Nvidia tumbled as much as 27% from its all-time high in June.Now, the stock is <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-nears-all-time-high-after-openai-funding-2024-10">back up</a> to trading near its record high as the AI trade has reaccelerated in recent weeks amid interest rate cuts from the Federal Reserve and strong macro data.

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