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Elon Musk's love for gaming isn't unknown. Be it streaming his gaming sessions on X (earlier called Twitter) or talking about his love for various games, the tech mogul has often made headlines for his connection with the gaming world. Musk, known for shaking up industries from space exploration to electric cars, has now announced plans to disrupt the gaming world. Through his AI startup xAI, Musk is launching a new game development studio that aims to challenge the dominance of large corporations in the gaming industry. Musk revealed his intentions in a social media exchange on X (formerly Twitter). Responding to a critique by Dogecoin co-creator Billy Markus about the state of modern gaming, Musk expressed dissatisfaction with corporate-owned game studios. He announced that xAI’s game studio would focus on making games “great again,” prioritising fun and innovation over ideological messaging. The new studio, powered by artificial intelligence, is expected to streamline game development processes while creating immersive experiences. Musk envisions games free from the “manipulative nonsense” he believes dominates today’s industry, offering an alternative for gamers seeking pure entertainment. While details remain sparse, the studio will operate under xAI, which has been at the forefront of developing artificial intelligence tools. The project aligns with Musk’s broader ambitions to use AI to transform industries. Gamers around the world are watching closely as Musk takes on yet another industry with his signature ambition and flair.

Elon Musk wants to make "gaming great again" with AI, here is how

New Delhi: India has proven the 'fallacy' of incompatibility of rapid <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and a democratic political system, and the continuity of government and policies give industry the confidence of <keyword id="22932843" type="General" weightage="20" keywordseo="sustained-high-growth" source="keywords">sustained high growth</keyword>, <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="261" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword> India Chairman R C Bhargava said on Tuesday. In his address to shareholders in the company's Annual General Meeting held virtually, he asserted that India's <keyword id="20442128" type="General" weightage="20" keywordseo="democratic-processes" source="keywords">democratic processes</keyword> will lead it to a sustained and more equitable society. Bhargava also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "Over the years, I've heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking," he said. Asserting his point, Bhargava said, "We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders." Periodically, he said, "the world has seen how deeply committed we are to the democratic processes." Referring to the recent general elections, he said it has "once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process." Bhargava, however, admitted that "the policies and strategies for equitable and rapid economic growth and development did take some time in being established". ".. But we did find the right path through peaceful democratic processes. This is in sharp contrast to what we have seen around us in many parts of the world and in our neighborhood," he said, without naming Bangladesh which is currently in turmoil following student-led violent protests that led to a regime change. "The continuity of the government and its policies to bring in faster economic growth with greater inclusivity and equity gives industry confidence of sustained high growth," Bhargava said. He further said industry and government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "It is the democratic processes which will lead us to a sustained and more equitable society," he said.

Continuity of government, policies give industry confidence of sustained high growth: Maruti Suzuki Chief

The <keyword id="1370377" type="General" weightage="20" keywordseo="BPM-industry" source="Orion">BPM industry</keyword> in India is at the cusp of a transformation and the demand for AI-enabled talent is set to surge, redefining workforce needs across the sector. “My spectrum tells me, in the next 3-5 years, there’s going to be an uptick in AI-enabled workers till the time that models stabilise,” said Nitasha Atreya, the Head of Transformation, Digital Operations and Platforms at Wipro, during a panel discussion on “AI-Ready <keyword id="20041791" type="General" weightage="20" keywordseo="bpm" source="keywords">BPM</keyword> Industry in India,” hosted by Business Insider India. While AI has the potential to streamline many business processes, industry experts caution against relying solely on AI. Human intervention is still required, which means skilling new talent and upskilling existing talent is vital to leveraging AI effectively. Investing in these areas allows organisations to better meet evolving demands with a workforce that complements AI-driven solutions. <div type="Youtube" id="3ewvUSYfG1M" title="Al-Ready BPM Industry In India" thumbUrl="https://i.ytimg.com/vi/3ewvUSYfG1M/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=3ewvUSYfG1M]]></url></div> <h2>Why human intervention is critical</h2>As the demand for AI and generative AI models is rising among BPM clients, particularly for model-building capabilities, so is the demand for AI-skilled workers. “For us to have the right intervention for human-in-the-loop processes, it’s essential that we develop an AI-enabled workforce,” Mythily Ramesh, Co-Founder and Director of NextWealth told Business Insider. Ramesh shared industry projections that estimate AI could create up to 100 million jobs globally. AI models generate predictions based on historical data and probabilities, but human oversight is essential to ensure accuracy and minimise errors. “AI as an enabler or augmenting the human workforce is probably the way this industry is going to progress. With the risks that are associated with completely leaving AI to replace humans – it’s just not going to work,” explained <keyword id="23987938" type="General" weightage="20" keywordseo="sundar-hariharan" source="keywords">Sundar Hariharan</keyword>, Vice President of Digital Business Experience Centre at Alorica IQ. <h2>Shaping the future of AI And BPMs with collaborative intelligence</h2>The panellists emphasised a significant challenge in AI model development: only 1 in every 100 models actually makes it to deployment. For all of these models, a rigorous process of training and fine-tuning is required, using either synthetic or human-generated data. This process is not just about feeding the model data but also validating the output to ensure it functions as intended. “There’s a lot of requirements for data training and validation,” said Ramesh, highlighting the substantial demand for data annotators, labelers, and specialists in areas like image and video annotation. These roles are crucial for ensuring that the data used to train models is of high quality and accurately reflects the task at hand. However, the skills required for these roles go beyond traditional data labelling. The workforce must move away from rigid Standard Operating Procedures (SOPs) and understand the context in which data is being used. This requires employees to make judgement calls that help refine the model’s performance, adapting to continuously evolving instruction sets. "It’s collaborative intelligence—human intelligence combined with artificial intelligence," Ramesh noted. To address this evolving demand for skills, companies like Wipro have implemented comprehensive upskilling programs. These programs are tailored to different business segments, from basic AI awareness (AI 101) to advanced training for developers, engineers, and architects—those working directly on the models. Atreya shared that over 10,000 developers and engineers at Wipro are currently receiving training across these programs. <h2>AI’s role in transforming BPM operations</h2>According to Suhrid Brahma, the Chief Technology Officer at WNS Global Systems, the core model of the BPM industry is changing. “There is a shift from focus on people, to outcomes and value-add as an industry,” he said. He outlines a three-part strategy for the upgrades needed in AI-driven BPM, beginning with AI in operations. By building an AI-skilled workforce and maintaining a ‘human in the loop’ approach, organisations can maximise the value of AI while keeping essential human oversight. The second area is AI for applications and platforms. Each BPM deal has a technological component, which varies from client to client, but AI should be woven directly into these enterprise systems to ensure seamless functionality. Lastly, he highlights AI’s evolving role in analytics, shifting from retrospective analysis to providing predictive insights that drive proactive decision-making across the organisation. “This whole industry will grow for sure. But the nature of work we do, the kind of value-add we do for clients and the kind of outcomes we deliver as an industry, will definitely change,” Brahma noted. <h2>Navigating an evolving AI landscape in BPM</h2>As AI continues to reshape BPM, the nature of customer needs is also changing. With AI, businesses now have the potential to drive end-to-end process automation, where one part of the process is handled by the BPM organisation and the other by the client, fostering a more collaborative approach to AI adoption. Hariharan noted that BPM providers are transitioning into more tech-driven organisations, as AI increasingly becomes a key enabler of business processes. However, the road to AI integration is not without challenges. Atreya pointed out several challenges like siloed technology limiting the potential of AI to drive meaningful results. Atreya highlighted that siloed technology often limits the ability of AI to drive results. Organisations must assess whether they are AI-ready, with a mature data infrastructure and robust data availability. According to her, the most pressing concern remains ensuring ethical and responsible AI deployment, as new regulations continue to evolve. For sectors like BFSI, tech integration is already advanced, but industries like logistics have an opportunity to leapfrog by integrating systems and running processes end-to-end with AI, according to Brahma. He emphasised the importance of data integration to fully benefit from AI. Looking ahead, the panellists see huge opportunities in sectors like e-commerce and automotive, where AI-driven services are changing the landscape. The key to success will be collaboration, integration, and a well-trained workforce prepared to drive this AI-enabled transformation. This article is part of a four-part webinar series in partnership with nasscom. These monthly webinars aim to delve deep and offer insights into the evolving BPM landscape. You can watch the full video of the third session <a href="https://youtu.be/3ewvUSYfG1M">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

India's BPM industry to see sharp demand for AI-skilled talent over the next 3-5 years

For 10 years, Joe Gallegos Jr. lived the life of an LA actor, driving from audition to audition across the sprawling city in the hopes of landing a role. Things were going well — he'd landed a role in "A Cowgirl's Story," a military drama starring Bailee Madison, the "Dance Moms" star Chloé Lukasiak, and Pat Boone, and he was starting to read for bigger projects.That all changed a few years ago when a film role brought him back to his native New Mexico. He was close to family for the first time in years, and the film industry there was burgeoning. When the movie wrapped, instead of sprinting back to Los Angeles, Gallegos realized he didn't have to go back. The pandemic had shifted from in-person to on-tape. He's since earned acting credits in TV shows like "Pulse," a medical procedural on Netflix; and "Duster," a JJ Abrams drama on HBO Max — both of which filmed in New Mexico. The money he's made from those gigs and a few independent projects made it possible for Gallegos to buy a townhouse in downtown Albuquerque — something he'd never come close to being able to afford in La La Land."It's been a good decision because, as an actor, I can be literally anywhere in the world now," he told me.Lately, creative workers are increasingly chasing their Hollywood dreams in production hubs far from Hollywood. LA continues to hold the lion's share of <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">film and TV jobs</a> in America, but after a long grind of jobs slowly slipping away, the exodus from the city has accelerated in recent years. A recent analysis of Bureau of Labor Statistics figures conducted by Patrick Adler and Taner Osman of Westwood Economics &amp; Planning Associates found that the figure was 22% in August, down from about 33% two years earlier.So what's making actors, executives, and studios look beyond the Hollywood sign? Some factors aren't new. Most notably, states have long used financial incentives to try to lure film investment away from California. But those incentives helped establish an infrastructure across the US — with top-notch sound stages being built in cities as varied as Dallas, Atlanta, and Miami — that was ready and waiting when the pandemic-era rise of remote work gave those seeking a lower cost of living a real choice in deciding where to live. Add it all up, and it seems that the glitz and glam of Hollywood is struggling to keep up with simple dollars and cents.The filmed entertainment industry's center of gravity is shifting further from Hollywood at a time of upheaval. The decadelong shift to streaming was exacerbated by the pandemic, which stalled, then boosted, production as people stayed inside and became couch potatoes. Peak TV came to a halt in 2022 when networks, studios, and streamers couldn't make the financial math for all those new streaming shows work. And filming was shut down once again in 2023 because of the Hollywood actors and writers strikes.When projects slowly got back on their feet, fewer of them were turning their lights on in LA. FilmLA, which issues permits for production in the region, found that Greater Los Angeles' share of US-produced TV and film projects declined from 23% in 2021 to 18% last year. The number of people employed in the traditional entertainment industry in LA, according to the Bureau of Labor Statistics, hit a 30-year low in June. At the same time, jobs related to video gaming, live events, and the creator economy rose in the city as people's <a target="_blank" href="https://www.emarketer.com/content/digital-media-makes-up-nearly-two-thirds-of-consumers-total-time-spent-with-media">media diet</a> shifted toward social video and away from traditional TV and movies.The biggest reason that productions are looking elsewhere is cost. The wage gains made by the actors and writers have increased budgets for talent, leading producers to hunt for ways to drive down outlays in other areas — including locations. Thirty-seven states offer perks for film and TV production — typically in the form of tax credits equal to a percentage of a production's in-state spending, or cash rebates — and at <a target="_blank" href="https://www.ncsl.org/state-legislatures-news/details/watch-out-hollywood-states-want-a-piece-of-the-moviemaking-action-1">least 18 states have implemented or expanded</a> film tax incentives since 2021. Georgia boosted its incentive program in <a target="_blank" href="https://www.ajc.com/blog/buzz/top-grossing-films-shot-georgia-since-2008/joqaWPplc0L2mKzwmcNMwK/">2008</a>, helping attract big-budget films like Disney's Marvel franchise and the Netflix hit "Stranger Things." Atlanta's share of entertainment employment is still relatively small — just 2%, according to the Otis Report on the Creative Economy, a closely-watched research study — but that has doubled over the past decade and shows no sign of slowing.As productions move out of Los Angeles, it becomes easier for others to follow. Tiffany FitzHenry, an executive producer known for "Sound of Hope: The Story of Possum Trot," has seen the Atlanta area evolve since relocating there from LA in 2009."We have training for not just below the line but people in producing, packaging, financing," she told me, adding that the shift in major studio movies to the city had brought with it the structures needed to sustain a more permanent workforce."The biggest movies have been made here for the past 15 years," she said. "We have all the toys and tools at our fingertips."Other states are getting in on the action. Kentucky passed an incentive program in 2022 offering fully refundable production tax credits worth up to $75 million total or $10 million a project. Its second-largest city, Lexington, recently hired the entertainment marketer Lisa Brin, a Lexington native, to help persuade studios to shoot there. Brin said Lexington had attracted 30 film and TV projects so far this year, representing more than $2 million in local spending. In addition to the financial incentives, the city touts production spaces like Lex Studios, a facility with three sound stages, a growing crew base, and a willingness to pull strings as they did for a recent production that requested a major street to be closed for a shoot.In addition to luring productions, these areas are also trying to make it more appealing for creatives to stick around once the cameras shut off. Georgia and Kentucky are among states that have invested in training programs to foster homegrown talent and initiatives like FilmLex as a resource hub to help productions. For transplants, it's cheaper to live and raise a family outside LA as well as New York, the second-biggest entertainment market. And while jobs and the cost of living might be the primary reasons people move, the proliferation of cultural amenities in many smaller cities makes it easier for them to stay. 26 Keys, a production founded by Noah Hawley, an Austin native who created FX's "Fargo" series, is taking steps to build up Austin's entertainment cultural capital, with plans for a library, events like industry happy hours, and film screenings, working with organizations like the Austin Film Society and South by Southwest. "I just don't think there's a real sort of hub that's trying to connect them," said Maddy Bilder, a project director at 26 Keys. "That's what we're hoping to do here."It's not just other parts of the US that are drawing film crews away from LA; other countries are trying to win over Hollywood as well. Hungary, with a 20-year-old tax rebate and access to culture and an expanding stage system, was recently the setting for Yorgos Lanthimos' "Poor Things." Australia <a target="_blank" href="https://www.ausfilm.com.au/media-releases/ausfilm-celebrates-passage-of-australias-30-location-offset/">nearly doubled</a> its location tax credit to 30% this summer after big-budget titles like the Sony Pictures rom-com "Anyone but You" and the Universal Pictures comedy "The Fall Guy," which starred Ryan Gosling and Emily Blunt, were shot there. Roughly 60% of Netflix's and Amazon's commissions in the first half of this year were on continents other than North America, according to Ampere Analysis."I know of producers, senior production people, moving to places like Australia or working in Hungary," said Tyler Mitchell, the CEO of <a target="_blank" href="https://www.businessinsider.com/inside-ron-howard-brian-grazer-impact-production-crew-staffing-platform-2023-3">Impact</a>, a LinkedIn-like platform for Hollywood. "In the UK, Australia, the governments have supported a lot of education, training, to make sure as they built up production facilities, they had enough crew to service sound stages. So there is more of a talent base globally in places like Ireland, Budapest, South Africa, and the UK. I've heard of more productions in Saudi Arabia looking for crew than I ever have."Actually being on a set is only one part of entertainment production. Development, preproduction, and postproduction are responsible for a huge portion of what ends up on screen. But here, too, the need to physically be in the mecca of moviemaking is waning. Technology is giving rise to a Tinseltown version of remote work.Self-tapes, where actors use ring lights and film themselves at home to connect with casting directors, have become commonplace. Many meetings to pitch projects that shifted to Zoom early in the pandemic have stayed on video. On the postproduction side, file sharing and editing platforms like Pix and ScreenIt Pro enable production companies like 26 Keys to review content locally rather than fly to editing rooms in LA."A lot of pitch meetings are happening over Zoom, four years later," Bilder said.While the power of Los Angeles is dispersing, no single "new Hollywood" is coming to take its place. The end of Peak TV has contracted employment all over — the total number of jobs in the industry, <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">at 447,000</a>, declined 9.1% from 2013 to 2024. Even as markets like Atlanta and Miami grow, their homegrown entertainment encampments have a long way to match the hundred-year history of LA — the most valuable parts of the supply chain, like casting big stars, greenlighting, and packaging, are still concentrated in the city."There's high stakes there. This is an area where trust matters," said Adler, the principal at Westwood, which conducted research for the Otis report. "You built it through face-to-face interaction, repeated exchanges. That's why casting for top roles still happens in LA, even if they end up being shot elsewhere."For those who are just starting out or who work on the creative side, too, Hollywood is still where careers are made and nurtured. FitzHenry wishes there were more directors and producers with packaging and marketing skills in Georgia. "It's a skill set that hasn't been outside of Hollywood," she said. "Currently, the only way to learn is for a producer to adopt and teach you. I was lucky to work with highly skilled producers, which I learned in LA, like an oral tradition. That's a lot of relational capital that needs to be established." Keisha Perry, a longtime entertainment attorney in Atlanta whose clients have included Cedric the Entertainer's production company and the movie "The Waterboyz," said that being a local attorney had made it easier to connect with the growing number of productions taking place in the South but that she still traveled to LA regularly."The reality is, a lot of the decision-makers are in LA," she said. "There are those people who feel as though if you're not in LA, your legitimacy can be questioned."Further evidence of LA's staying power is in the industries like video games, marketing, and the creator economy that are concentrated there because of the city's legacy in entertainment, which has endured through the rise of radio, then TV, then streaming. That may not necessarily lead to more TV shows and films being made there, but it underscores The Town's cultural importance.Gallegos estimates that he still gets half his work from outside New Mexico, helped by representation he has in LA. "The reality is, major roles are not cast here and often not shot here," he said. For all the perks, he misses the excitement of being in LA. "There's stuff happening 24/7. I'm a trained dancer, too. I could always jump into something." Then there's the nagging feeling that virtual auditions don't count. "Sometimes I think I'm sending things out into the void that don't get watched."Despite the similar professional gaps she sees, FitzHenry remains deeply rooted in Atlanta. She's found an affordable, friendly place to raise her kids and a tight-knit professional community that pulls together to help bring projects to the state, things she never experienced in LA."There's a sense people really care about each other," she said. "There used to be that mentality of, you have to be in Hollywood to be in the business. I think that's changing."<a target="_blank" class="" href="https://www.businessinsider.com/author/lucia-moses">Lucia Moses</a> is a senior correspondent covering the intersection of tech and Hollywood for Business Insider's Media team.

Leaving Los Angeles: Why the film industry is ditching Hollywood

Digital transformations have made an appreciable impact on society. Whether it's conspicuous guidance or subtle suggestion, technology influences our everyday decisions. Think about it: You landed on this very page because an algorithm willed it — via a social platform, a search result, or some other digital conduit.Digital transformations have made an appreciable impact on society. Whether it's conspicuous guidance or subtle suggestion, technology influences our everyday decisions. Think about it: You landed on this very page because an algorithm willed it — via a social platform, a search result, or some other digital conduit.This extensive development of information technology has disrupted just about every industry you can think of. It's gaining even more momentum with the help of innovations such as artificial intelligence, cloud tech, extended reality, and additive manufacturing. Business Insider's ongoing series "Build IT" takes a deep dive into the technologies that are driving change across sectors, including banking, farming, fashion, music, sports, and more.Read the stories ahead to learn how experts are using tech tools to improve companies of all sizes and create a world where IT and digital innovations have resounding authority. <h2>Credits</h2>Series Editor: Brea Cubit Story Editors: Brea Cubit, Stephanie Hallett, Lily Katzman, Monica Melton, Mark Yarm Story Reporters: Érica Carnevalli, Shayna Conde, Nicholas Fearn, Jake Hall, Leila Jordan, Christine MacIntyre, Ngozi Nwanji, Amanda Paule, Bella Sayegh, Matthew S. Smith, Madeline Stone, Ellen Thomas, Diana Umana, Sabina Wex Illustrator: Glenn Harvey Design and Development: Annie Fu, Alyssa Powell, Taylor Tyson Social Audience Producers and Editors: Julianne Han, Daria Yazmiene Executive Editor, Special Projects: Julia Hood

Build IT explores digital transformations that are developing information technology across industries

<a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">Nvidia</a> is joining the Dow Jones Industrial Average, the S&amp;P Dow Jones Indices said on Friday, replacing its rival Intel, which held the position for 25 years.The news follows a <a target="_blank" class="" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">series of setbacks</a> for Intel, the storied, nearly six-decade-old chipmaker. As Nvidia's stock market value surpassed $3 trillion this year, Intel shares fell by more than half in 2024.Nvidia shares were up 3% in after-market trading. This story is developing. Check back for more information.

Nvidia to edge out Intel on Dow Jones Industrial Average

<ul class="summary-list"><li><keyword id="22530361" type="General" weightage="20" keywordseo="Ahmed-Al-Sharif" source="Orion">Ahmed Al Sharif</keyword> works in software engineering and <keyword id="6361185" type="General" weightage="20" keywordseo="consumer-electronics" source="Orion">consumer electronics</keyword> and previously worked for <keyword id="19911549" type="General" weightage="20" keywordseo="Meta" source="keywords" meta.keywordsubtype="org" meta.entityname="Meta" meta.hostid="261" meta.entityid="Meta">Meta</keyword>.</li><li>The CTO found himself caught up in the outage-induced travel chaos on Friday.</li></ul>This as-told-to essay is based on a transcribed conversation with Ahmed Al Sharif, the CTO of Sandsoft, a game developer. Al Sharif was stranded at Barcelona airport on Friday because of the <keyword id="20972526" type="General" weightage="100" keywordseo="IT-outage" source="keywords">IT outage</keyword> disrupting travel and other services. The following has been edited for length and clarity. I've worked in tech for close to two decades. I've been a <keyword id="19945384" type="General" weightage="20" keywordseo="software-engineer" source="keywords">software engineer</keyword> and startup founder, and have worked for large companies like Electronic Arts and <a target="_blank" href="https://www.businessinsider.com/meta-ends-restrictions-donald-trump-account-social-media-2024-7">Meta</a>. I was supposed to be flying from Barcelona-El Prat Airport to London Heathrow on business at 11 a.m. local time. I was surprised to arrive and find the flights shuttered. I was also surprised to learn there had been significant <a target="_blank" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">malfunctions across multiple Windows-based systems</a> at the airport. It took some digging to find out that it was a global event. Even as an engineer, the outage has been strange to witness. I didn't believe there was this much dependency on a single piece of third-party software or that pushing an update irresponsibly would cause this much havoc. <h2>I realized the IT outage was happening after I arrived to chaos at the airport</h2>I left for the airport at 8 a.m. Before I got there, there were some early signs of something being wrong. I couldn't log in to my online banking app, and things were a bit slow when I logged into my Outlook-based email, but I chalked it up to my hotel WiFi. When I got to the airport at around 8:20 a.m., it was packed. The queues were endless. Several check-in desks displayed blue screens, and no one was being processed. I realized something bigger was happening. I couldn't understand where to queue, and when I asked an airport advisor, they said there was no point queuing now because there was a problem with the ticketing, booking, and reservation systems. I asked if our airport was the only one affected, and they told me that it was happening everywhere. That's when my furious Googling began. I realized that the <a target="_blank" href="https://www.businessinsider.com/crowdstrike-outage-why-taking-time-companies-recover-2024-7">issue was with CrowdStrike</a>, and it was happening globally. <h2>Disruptions at the airport continued throughout the day</h2>Over the course of the day, baggage-drop machines, vending machines, and most display boards at the airport weren't working. Check-ins were being done manually. Before I was given a handwritten paper ticket, I had to prove I had booked a flight for that day by showing staff my emails as proof of payment. Anyone with checked luggage had to bring it to the gate, and airport staff were throwing it into the cargo hold by hand. <div type="image" title="A handwritten boarding pass" height="565" width="1280" msid="111870426" hostid="261"></div>My own <a target="_blank" href="https://www.businessinsider.com/mass-it-outage-microsoft-chaos-delays-distruption-shown-in-photos-2024-7">flight has been delayed</a> by six hours, and I'm still in the airport as we're speaking. It's been annoying and inconvenient, but thankfully, the company is covering my travel, and they understand the situation is out of my control. I've spoken to people waiting in the airport for 11 hours. People seem pretty frustrated. <h2>I was surprised to learn about <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords">CrowdStrike</keyword>'s dominance on <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword> devices</h2>During my delay, I've been trying to understand the situation more. It's quite intriguing and reveals that we've taken for granted how interconnected our world is and how dependent we are. I was surprised to learn that the cascading failures were caused by an update CrowdStrike pushed early Friday morning. CrowdStrike is well-known in the <a target="_blank" href="https://www.businessinsider.com/how-to-work-in-cybersecurity-expert-advice-2022-1">cybersecurity industry</a>, but until today, I don't think anyone was aware of its dominance as a platform on Windows. It didn't cross my mind that a third-party solution could cause this much damage to Windows-based machines. One of the cardinal rules of <a target="_blank" href="https://www.businessinsider.com/software-engineers-tech-panicking-golden-age-over-chatgpt-ai-blind-2023-4">software development</a> is that you typically don't want to push a fix later in the week or on a Friday. You'll have less support trying to fix any issues and the weekend is gone. It feels like cardinal rules were broken. However, CrowdStrike might have evidence to suggest that this is a freak accident, so I don't think it's fair to point fingers too much. I've seen people comment on this situation about diversification and companies not relying on just one or two providers. I don't think that's realistic. Windows is commonly used. In any free market economy, the best-performing and most suitable product will dominate the market. We need more stringent reviewing and a better understanding of the tools we use on critical infrastructure. The impact here was so big because it affected infrastructure like airports, railway stations, and hospitals. It's going to cost the economy a lot. Had there been more due diligence or even government regulation, I don't think this would have happened. I'd expect that after this, government authorities will expect widely used platforms like CrowdStrike to notify them before they push changes like this. <h2>Technology will shape our future, so we need to consider how we regulate it</h2>We haven't seen the full impact of this outage, and it's definitely put into perspective how the little devices we keep in our pockets dictate the rhythms of our lives. I don't think anyone really understood the true scope and presence of CrowdStrike before Friday. I still see our future becoming increasingly automated. There will probably be many more situations like this, especially as our society pushes toward more automation. I still think technology is a good thing, but it's made me want to get my bills in the post now and then. It usually takes a horizon event like this for lessons to be learned. I don't think technology is intrinsically good or evil; it depends on how it's used and regulated. Correction: July 20, 2024 — An earlier version of the story misstated how long Al Sharif had worked in tech. He has worked in tech roles for close to two decades, including as a teenager, not "decades," as originally stated.

I'm a software engineer stranded in the IT-outage airport chaos. CrowdStrike broke a cardinal rule of software development, and I can't believe the fallout.     

<ul class="summary-list"><li>Bank of America cited three risks that could upend corporate earnings growth, a key driver of stock returns.</li><li>One potential headwind is Trump's proposed tariff plan, BofA said.</li></ul>The stock market has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">riding high</a> since Donald Trump won the presidential election.One main driver of that has been investors pricing in strong profit growth in the future, seen as a direct byproduct of Trump's plans to cut the corporate tax rate and loosen regulation.Although <a target="_blank" class="" href="https://www.businessinsider.com/category/bank-of-america">Bank of America</a>'s year-end target for the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> is slightly above current levels, new research from the firm's equity-strategy team laid out three developments that could derail the ongoing "earnings-per-share upcycle" that's powering gains.First, an economic recession could significantly undercut earnings growth, drawing S&amp;P EPS down 10% to 20%.Though a US downturn isn't BofA's base case, the bank cited that recession risk is a real possibility under incoming president Donald Trump.That will depend on which policies the incoming administration prioritizes, analysts wrote in a separate note. In a scenario where Trump pushes dramatic immigration curbs and protectionist trade policies amid minimal fiscal easing, the economy would sink into recession.Peak-to-trough profit drawdowns of 20% are typical in an average recession. Under this scenario, EPS would drop to $195-$220 next year.To be sure, BofA also sees chances of blowout growth, if the president-elect de-emphasizes trade and immigration restrictions in favor of tax cuts and deregulation. In this case, GDP growth could even exceed 3% in 2025.Second, if Trump's trade plans are implemented, retaliatory tariffs could trigger a 10% hit to EPS.During his campaign, the president-elect pledged to implement a 10% duty on all foreign imports into the US. That wouldn't apply to Chinese products, which would face a 60% rate instead.If Trump stays true to his word, BofA expects US foreign sales to take on a 3% to 4% hit as the rest of the world establishes its own retaliatory tariffs.In the mounting trade war, industrials and semiconductor stocks would be most at risk, the bank said.Third, a dramatic upswing in bond yields could slash EPS by another 10%.BofA's worst-case scenario would be if the 10-year Treasury yield surges to 7%, a situation that could be prompted if Trump's tariff and immigration reductions spark an inflation shock.If this were to happen, the yield jump implies that the Purchasing Managers Index would hit 43 by 2024's year-end.This measure monitors the health of US manufacturing and indicates a contraction whenever its reading stands below 50. As of October, PMI registered a 46.5 level.While a contracting manufacturing base would cut into EPS, higher bond yields could also weigh on equity exposure. BofA noted that stocks could face increased pressure once the 10-year rate rises above 5%.The yield has been climbing higher amid Trump's election, as uncertainty has grown over whether the Federal Reserve can cut rates amid the president-elect's policies. The 10-year rate is currently trading above 4.5%.

3 developments that could derail the stock market's post-Trump sugar high, BofA says

<ul class="summary-list"><li>The United Arab Emirates wants to become an AI leader by 2031.</li><li>It's leveraging its oil wealth to attract new talent and fund new research initiatives.</li></ul>The AI revolution is expanding far beyond Silicon Valley.From the <a target="_blank" class="" href="https://www.businessinsider.com/malta-ai-startups-artificial-intelligence-hub-destination-travel-2024-5">shores of Malta</a> to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.Last week, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">deal closed by OpenAI</a>. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model.Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.So he says he is embracing cooperation over competition."I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."The UAE's strengths are evident.It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, <a target="_blank" href="https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas">according to the International Trade Administration</a>.Abu Dhabi's ruling family also controls several of the world's largest <a target="_blank" href="https://www.businessinsider.com/trump-and-biden-us-should-have-a-sovereign-wealth-fund-2024-9">sovereign wealth funds,</a> including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a <a target="_blank" href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">report</a> by PwC, the accounting firm.But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the <a target="_blank" href="https://www.wam.ae/article/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million">world's biggest prompt engineering initiative</a>. Its goal is to upskill 1 million workers over the next three years,Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural <a target="_blank" href="https://ioai-official.org/1st-international-olympiad-in-ai-founders-we-have-a-record-number-of-participating-countries/">International Olympiad in Artificial Intelligence</a> in August, which drew students from over 40 countries worldwide."Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."Beyond that, she noted, it's "very nice to live here."

Want to get into the AI industry? Head to Abu Dhabi.

<ul class="summary-list"><li>Defense tech startups are anticipating growth under Trump's second term.</li><li>Palmer Luckey's Anduril and others have recently secured large defense contracts.</li></ul>Some leaders in the defense tech industry, including Anduril cofounder Palmer Luckey, think that defense tech startups are poised for success during president-elect Donald Trump's second term.Over the last decade, Silicon Valley has made waves in the defense tech industry. Startups like Anduril, which makes autonomous vehicles for military use, have secured multimillion-dollar contracts from the US government. Luckey founded <a target="_blank" class="" href="https://www.businessinsider.com/top-military-weapons-tech-startups-anduril-white-stork-shield-ai-2024-9#anduril-industries-1">Anduril in 2017</a> after previously founding virtual reality company Oculus, which he sold to <a target="_blank" class="" href="https://www.businessinsider.com/who-is-palmer-luckey">Meta for $2 billion</a>.Last month, Anduril unveiled its new AI-powered Bolt-M drone, which fits in a backpack. Anduril developed the drones <a target="_blank" class="" href="https://www.businessinsider.com/palmer-luckey-anduril-ai-attack-drone-video-bolt-m-2024-10">as part of $249 million in contracts</a> awarded to the companies Anduril, AeroVironment, and Teledyne FLIR to provide "kamikaze drones" for the Defense Department, according to DefenseScoop, a military news blog.In an interview with Bloomberg TV, Luckey said it is "good to have someone inbound who is deeply aligned with the idea that we need to be spending less on defense while still getting more: that we need to do a better job of procuring the defense tools that protect our country.""Anduril's been around for about eight years now," Luckey said. "We did well under Trump in his first administration, and we did even better under Biden in his administration, and I think we're going to do even better now."Some of the defense tech industry's optimism for Trump's victory lies in SpaceX founder <a target="_blank" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Elon Musk's proximity</a> to the president-elect and his vice president, JD Vance, Forbes reported."The close relationships between Vance, Elon, and the defense VC and startup ecosystem will create a huge opening for real defense acquisition reform and widening of the number of players," Nathan Mintz, CEO of CX2, an electronic warfare company, told the outlet.Luckey told Bloomberg that Musk has "outperformed every reasonable expectation." Luckey said he was initially skeptical of Musk's ability to take on projects at his other ventures like SpaceX and X while "also keeping this administration focused on things like space.""But anyone who has ever bet against Elon has come away crying," Luckey said.Defense tech leaders also say the potential elimination of so-called "cost plus" contracts, which give contractors financial incentives for meeting certain performance measures, could be good for the industry, Forbes reported.Luckey told Bloomberg that cost-plus contracting "reward exactly the wrong things" and that defense product companies should be incentivized to use their own money to "decide what to build, how to build it, and when it's done.""Then they have skin in the game," Luckey said. "When they fail, they lose money. When they succeed, they make money."Luckey, a longtime supporter of Donald Trump, said he was "certain" that Trump would win the election and that his victory did not influence Anduril's planning because it was "already baked in."Luckey added that the defense industry is "one of the few that has actually successfully remained pretty nonpartisan," noting that he is a Republican and Anduril CEO Brian Schimf is a Democrat."The idea that the United States military should have the strongest military in the world and that we should defend our allies around the world … it's a pretty non-partisan idea," Luckey told Bloomberg.

Palmer Luckey and other defense tech leaders see Trump's victory as a win for the industry

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

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