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<ul class="summary-list"><li>OpenAI announced in October that it raised $6.6 billion at a blockbuster $157 billion valuation.</li><li>Among its new backers was a well-known investor: SoftBank.</li></ul>Before investing $500 million in OpenAI, SoftBank passed up an opportunity to do so last year at a fraction of the cost.But the chief financial officer for SoftBank's Vision Funds, the world's largest technology investor, says it wasn't the right time."We could have done it in 2023 at a much lower valuation, $30 billion," Navneet Govil said in an interview with Business Insider.OpenAI shook the tech world last month when it raised $6.6 billion at a <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">valuation of $157 billion</a> in a round that included Microsoft, Tiger Global, and SoftBank's $500 million investment.However, Govil said SoftBank sees itself as "growth equity investors with a focus on mid-to-late stage companies." Last year, the <a target="_blank" class="" href="https://www.businessinsider.com/openai-one-step-closer-becoming-profit-company-report-2024-11">largely not-for-profit version of OpenAI</a> was still figuring out potential revenue streams — but that's now changed.Since <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">launching ChatGPT</a> in November 2022, OpenAI has grown rapidly as its large language model-powered app has spurred global interest in generative AI."When you look at where OpenAI is today, it's more mature, has a stronger revenue base, and a clear focus of converting to a for-profit entity," Govil said.According to Govil, OpenAI's revenue is on track to be $3.7 billion this year, a figure first reported by The New York Times, and up from roughly $20 million two years ago.Monthly active users of ChatGPT have also continued to tick up. The Vision Fund CFO claims user numbers are now at 350 million, higher than tallies at rival companies. <a target="_blank" href="https://www.businessinsider.com/apple-holds-power-openai-deal-chatgpt-iphones-tim-cook-2024-6">The company also partnered with Apple</a> earlier this year to bring ChatGPT to the iPhone maker's devices.OpenAI's valuation is now surpassed only by a tiny handful of privately held <a target="_blank" class="" href="https://www.businessinsider.com/spacex-workers-stuck-overnight-barge-with-toxic-spaceship-new-book-2024-10">companies like SpaceX</a> and TikTok's parent company, ByteDance — another company backed by SoftBank.SoftBank has led huge investments into everything from Uber to controversial companies like WeWork. After nursing heavy losses on high-stakes tech bets placed through its Vision Funds, the Japanese conglomerate swung back to a <a target="_blank" class="" href="https://www.businessinsider.com/softbank-results-profit-masayoshi-son-ai-bets-ipo-vision-fund-2024-11">$7.7 billion profit</a> in earnings posted on Tuesday.<div type="image" title="Masayoshi Son" height="1667" width="2500" msid="115255385" hostid="261" sizebytes="568038"></div>Investors typically aim to back companies as early as they can to maximize returns.But SoftBank's <a target="_blank" href="https://www.businessinsider.com/masayoshi-son-softbank-gambling-man-lionel-barber-technology-2024-9">founder, Masayoshi Son,</a> has been a longtime AI obsessive. He dreams of "artificial superintelligence," met OpenAI boss Sam Altman last year, and is a <a target="_blank" href="https://www.businessinsider.com/softbank-chatgpt-billionaire-ceo-masayoshi-son-sam-altman-2023-6">habitual user of ChatGPT.</a>While Son now has a slice of one of the world's fastest-growing AI companies, OpenAI — and its backers — are facing the exorbitant capital expenditure that comes with developing LLMs.OpenAI must undertake increasingly expensive training runs to build smarter AI models that might one day achieve human-level intelligence. Dario Amodei, CEO of OpenAI rival Anthropic, has <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-ceo-cost-10-billion-train-ai-years-language-model-2024-4">projected future AI training runs of $100 billion.</a>Govil said that the "capex is going to be significant" but sees OpenAI's partnership with Microsoft and the access that grants them to the Azure cloud platform — key for hosting and training AI models — as key to managing costs.He also sees opportunities for OpenAI to continue monetizing its offerings, be it increasing the number of paying subscribers to ChatGPT, <a target="_blank" href="https://openai.com/index/introducing-gpts/">ramping up the GPT Store</a> it unveiled last year, or increasing the adoption of OpenAI's API and developer platform.However, there are other challenges for OpenAI and the wider AI market.A <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">recent report suggested</a> that OpenAI's upcoming flagship AI model is struggling to make a significant performance leap over an existing model.Management issues also surround OpenAI: several top-level executives have departed the company following a failed attempt to oust CEO Altman last year.Still, SoftBank sees OpenAI making progress. And it has scope to invest in other AI firms, Govil said, despite a report last month that said OpenAI asked new investors not to bet on rival companies."Our view is if it's a disruptive company and the addressable market is large, there's room for more than one player," he added.

One of OpenAI's biggest new investors explains why it made its $500 million bet

PRNewswire—Bengaluru (Karnataka) [India], July 19: <keyword id="1606194" type="General" weightage="100" keywordseo="Aereo" source="Orion">Aereo</keyword>, India's leading <keyword id="22468617" type="General" weightage="20" keywordseo="drone-based-business-intelligence" source="Orion">drone-based business intelligence</keyword> provider, has successfully closed a <keyword id="22468616" type="General" weightage="20" keywordseo="USD-15-million" source="Orion">USD 15 million</keyword> <keyword id="1095983" type="General" weightage="20" keywordseo="Series-B-funding" source="Orion">Series B funding</keyword> round led by 360 ONE Asset. The round saw participation from long-standing investors StartupXseed Ventures and Navam Capital. Aereo delivers <keyword id="20829411" type="General" weightage="20" keywordseo="business-intelligence" source="keywords">business intelligence</keyword> solutions to help manage large capital assets using proprietary drones and an AI-powered data analytics platform. Their sector-specific solutions cater to mining, infrastructure, urban and rural development, land records, and other industries translating into a 400% revenue growth in the last two years and market dominance. Vipul Singh, co-founder and CEO of Aereo, stated, "This funding milestone enables us to expand our <keyword id="22468614" type="General" weightage="20" keywordseo="aerial-intelligence" source="keywords">aerial intelligence</keyword> solutions for capital asset management. With our proprietary drone tech and 360 ONE Asset's partnership, we aim to revolutionise this $10 billion industry and create a global footprint." <keyword id="22468618" type="General" weightage="20" keywordseo="Suhas-Banshiwala" source="Orion">Suhas Banshiwala</keyword>, co-founder and CTO of Aereo, stated, "Our vision is to continuously innovate drone manufacturing and data analytics for the greater good. We are excited about the confidence our customers and shareholders have shown and are gearing up for an orbital shift." Aereo has been recognised by the Asian Infrastructure Investment Bank (AIIB) as one of the top three infra-tech organisations. As a technology partner for Coal India Limited's Digicoal initiative, Aereo provides critical business intelligence for some of the world's largest coal mines for improving productivity, efficiency, safety, and environmental compliance. It has also been empanelled with Tata Steel since 2019, aiding the digitalisation of over 27 critical mines and stockyards. Over the past three years, Aereo has achieved significant milestones, including mapping over 45,000 villages under the SVAMITVA scheme and covering more than 50,000 sq. km of land area for the Digital India Land Record Modernisation Program (DILRMP). The Series B investment serves as a powerful catalyst for Aereo's growth, with a key focus on automation. Their AI-powered drone data analytics platform is set to revolutionise automation and digitisation. With strategic partnerships, R&amp;D, and new product development, Aereo is ready to lead the global <keyword id="22468613" type="General" weightage="20" keywordseo="drone-solutions" source="keywords">drone solutions</keyword> sector. Karan Ahuja, Fund Manager at 360 ONE, remarked, "We're thrilled with the momentum in the <keyword id="22468615" type="General" weightage="20" keywordseo="commercial-drone" source="keywords">commercial drone</keyword> tech sector in India. Our partnership with Aereo reflects our belief in their cutting-edge innovations, and we're excited for their solutions to go global." Ravi Thakur, Co-Founding Partner at StartupXseed, added, "Aereo has been a trailblazer from the start, delivering exceptional solutions and building the drone ecosystem. We're excited to support them in their next major growth phase."

Aereo, India's leading commercial drone solutions startup, secures USD 15 million in Series B funding round

Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul class="summary-list"><li>New York-based BBG Ventures has raised a new $60 million fund.</li><li>The latest fund will invest in both female founders and those with diverse backgrounds.</li></ul>Only a handful of VCs sought out women entrepreneurs when AOL media execs <a target="_blank" class="" href="https://www.businessinsider.com/susan-lyne-bbg-gilt-groupe-2017-12">Susan Lyne</a> and <a target="_blank" class="" href="https://www.businessinsider.com/most-important-vcs-startup-investors-new-york-city-2023-10#jessica-lin-work-bench-40">Nisha Dua</a> launched BBG Ventures in 2014 to exclusively back female founders. Ten years later, the seed stage fund has raised a new $60 million fund and is moving beyond just backing female founders to any entrepreneur from a diverse background."This is not about abandoning women, but expanding our mandate to back a diverse founding team," Lyne told Business Insider.Founders from diverse backgrounds have taken a hit amid the <a target="_blank" class="" href="https://www.businessinsider.com/venture-capital-funding-crunch-will-continue-2024-2023-12">funding slump in venture capital.</a> In the first half of 2024, Black-founded US startups received $228 million in funding — or about .3% of the nearly $79 billion that went to U.S.-based startups, <a target="_blank" class="" href="https://news.crunchbase.com/diversity/black-founded-startup-venture-funding-fearless/">according to Crunchbase data.</a> The dollar total is a 60% drop from the first half of 2023. <a target="_blank" class="" href="https://www.businessinsider.com/30-best-women-early-stage-seed-vc-investors-startups-2023-5">Lyne</a> and Dua teamed up at AOL in 2014 to create a $10 million fund, BBG, to back female founders and invested early in Spring Health, which was mostly recently <a target="_blank" class="" href="https://www.springhealth.com/news/fortune-exclusive-ai-powered-mental-health-startup-boosts-valuation">valued at $3.3 billion,</a> and toy brand KiwiCo.When <a target="_blank" class="" href="https://www.businessinsider.com/verizon-to-buy-aol-2015-5">Verizon bought AOL</a> in 2015, BBG Ventures separated and raised a new $50 million fund. For the first time, it raised capital from institutional investors, including the State of Michigan Retirement Services and Illumen Capital. Investments include genAI startup Topline Pro and skincare company Starface.Dua said that these LPs returned to back their newest fund and also increased their commitments. New investors in the fun include Fairview Capital, Pivotal Ventures, California Endowment, and Mizuho. Previous investors Nordstrom, Verizon, and Bank of America also invested in the $60 million fund.Dua explained that the decision to move beyond exclusively backing just female founders reflects the duo's shift in thesis around innovation. "There are underrepresented groups around not just gender but also race, age, and income," said Dua.She emphasized that female founders are still a huge focus area but that the firm is excited to back strong, underrepresented founders in healthcare, fintech, and the <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">investment area nearly all VCs clamoring to back:</a> AI. The new fund has already backed an AI recruiting startup for hourly workers, UpWage.BBG isn't becoming an AI-focused firm anytime soon though, Dua cautioned. "Some funds are building a portfolio of just AI companies," she said. "That's not us." She highlighted a recent investment out of the new fund in Nara, a startup that has created an FDA-approved, certified organic whole milk formula. "It's important for us to be circumspect where AI can drive growth in certain startups," added Dua.For Dua and Lyne, being an <a target="_blank" class="" href="https://www.businessinsider.com/jordan-wan-cofound-partners-emerging-manager-fund-2023-10">emerging fund manager and raising a new fund</a> is "not easy." "The vast majority of VC funding this year goes to a very small pool of funds, and sub-$100 million funds have a tougher time raising," said Lyne. She added because of the competition to raise funds from LPs, many funds are taking longer to make decisions and waiting to see what returns a fund makes before investing again."Many of our LPs believe in impact and trying to broaden access to capital," said Lyne. "We raised more than our last fund, and I think it's validation of our thesis."

BBG Ventures raises $60 million for its latest fund and moves beyond just backing female founders 

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! A Sam's Club with robots making pizza and no cash registers could be the new norm for the warehouse club. CEO Chris Nicholas spoke to BI about what he wants <a target="_blank" href="https://www.businessinsider.com/sams-club-ceo-chris-nicholas-interview-2024-10">shopping "in the future" to feel like</a>.In today's big story, Goldman Sachs thinks the past decade of big returns from the S&amp;P 500 <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">is coming to a close</a>.What's on deck:<ul><li>Markets: Americans' rising pile of debt <a target="_blank" href="https://www.businessinsider.com/big-banks-preparing-loan-loss-credit-card-auto-debt-cre-2024-10">is making banks nervous</a>.</li><li>Tech: SoftBank-backed creator-economy startup <a target="_blank" href="https://www.businessinsider.com/jellysmack-layoffs-restructuring-creator-economy-influencer-content-softbank-investment-2024-10">Jellysmack is cutting staff</a>.</li><li>Business: New York magazine and Olivia Nuzzi are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/new-york-magazine-parting-ways-olivia-nuzzi-third-party-investigation-2024-10">parting ways</a>.</li></ul>But first, is this the end?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A new era for stocks?</h2><div type="image" title="Photo illustration of moody Standard &amp; Poor's sign" height="1440" width="1920" msid="114468948" hostid="261" sizebytes="207764"></div>Forget the economy; Goldman Sachs is projecting a hard landing for future stock returns.The bank's portfolio strategy research team forecasts the S&amp;P 500 <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">will see annualized returns of 3% over the next decade</a>, writes BI's Filip De Mott.That'd be a sharp comedown for stock investors, who have enjoyed 13% in annualized returns for the major index over the past 10 years.Setting aside the market's recent strength, Goldman's forecast still isn't great. Annualized returns of 3% would put it in the 7th percentile of performance since 1930.Goldman's rationale for the pessimistic take includes two things even a rookie investor can appreciate: The market is overvalued AND too concentrated.Currently, the S&amp;P 500 cyclically adjusted price-to-earnings ratio is 38, well above the index's average of 22. And the usual suspects — tech giants like Nvidia and Meta — have done much of the heavy lifting in helping the S&amp;P 500 to record highs.<div type="image" title="Wall Street sign with New York Stock Exchange building in the back." height="4162" width="6243" msid="114468943" hostid="261" sizebytes="1226440"></div>Not everyone agrees with Goldman's forecast.This very newsletter recently included commentary from experts who said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">the two-year-old bull market still had plenty of gas left in the tank</a>.It seems the only industry consensus we have about stocks' future is there is no consensus. Case in point: Goldman is bullish on a short-term perspective, recently <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10">raising its year-end S&amp;P 500 price target</a>.BI's Matthew Fox has a rundown on predictions from <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-wall-street-bull-bear-predictions-economy-inflation-2024-10">the bulls, the bears, and those somewhere in the middle</a>.UBS, for example, sees <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-prediction-us-economy-no-landing-ubs-2024-10">another big gain for the S&amp;P 500 next year</a>, writes BI's Jennifer Sor.The bank said a "no landing" for the US economy means the S&amp;P 500 could rise roughly 13% from its current levels. Inflation would remain somewhat elevated in the scenario, but the bank still sees room for the Fed to cut rates, which is bullish for stocks.On the other side of the spectrum are JPMorgan, which has maintained its bearish outlook this year in the face of a surging market, and Stifel, which has predicted a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-prediction-bubble-overvalued-stifel-outlook-2024-10">massive market downturn in 2025</a>.At the center of the debate sits artificial intelligence. Bears point to the tech as overinflating valuations with little to no evidence of it meaningfully driving revenue. Bulls say the hype is warranted, as the impact of AI is inevitable, like the rise of the internet.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Flight logs show Elon Musk's private jets are busy hitting swing states as <a target="_blank" href="https://www.businessinsider.com/elon-musk-private-jet-hits-swing-states-campaigns-donald-trump-2024-10">he campaigns for Trump</a>.</li><li>Ex-Twitter CEO Parag Agrawal has moved his AI startup out of stealth, <a target="_blank" href="https://www.businessinsider.com/ex-twitter-ceo-parag-agrawal-ai-startup-stealth-parallel-2024-10">calling it Parallel</a>.</li><li>'The million-dollar question of this election': Women's health startups are <a target="_blank" href="https://www.businessinsider.com/womens-health-startups-risk-trump-wins-election-2024-10">confronting a shifting legal landscape</a>.</li><li>Putin's expanded BRICS summit proves he has friends — <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">but risks buckling under its own contradictions</a>.</li><li>Medicare coverage will change in 2025. Some boomers are <a target="_blank" href="https://www.businessinsider.com/medicare-changes-increase-costs-deductibles-prescription-drugs-premiums-copays-2024-10">already struggling to keep up with their medical bills</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of New York's Financial District" height="500" width="1000" msid="114469218" hostid="261" sizebytes="114610"></div><ol><li>Big banks brace for losses as Americans' debt piles up. US consumers and businesses are struggling to pay off auto, credit, and commercial real-estate debt. In response, US banks have <a target="_blank" href="https://www.businessinsider.com/big-banks-preparing-loan-loss-credit-card-auto-debt-cre-2024-10">steadily increased their cash reserves</a> in anticipation of loan losses. (But don't fear the worst; cash reserves are still far from Great Depression levels.)</li><li>Profits, not politics. Bank of America doesn't see November's election substantially impacting the stock market. Share price movement is driven by profit growth, and policies' impact on a sector <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">can be the opposite of what investors expect</a>.</li><li>A famed short-seller doesn't want beef with Tesla. The EV giant reports earnings on Wednesday, but Carson Block <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-short-seller-block-wont-elon-musk-valuation-2024-10">won't be betting against Elon Musk's company</a>. The investor known for his short bets said Tesla's massive size and Musk's ability to pull "rabbits out of the hat constantly" means he'll steer clear.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jellysmack's jellyfish symbol glitching" height="900" width="1200" msid="114469221" hostid="261" sizebytes="37624"></div><ol><li>A creator-economy startup is laying off staff and pointing the finger at Meta. The SoftBank-backed company Jellysmack is <a target="_blank" href="https://www.businessinsider.com/jellysmack-layoffs-restructuring-creator-economy-influencer-content-softbank-investment-2024-10">cutting 22 US staffers</a>. A Jellysmack representative told BI it was "scaling back certain operations in our Creator Program on Meta due to the opacity of their new monetization model." The program originally helped creators make money by sharing their content across Meta's platforms.</li><li>Wall Street can't quit Nvidia. Banks have kept hiking their price targets for the chip titan, whose share price is up almost 200% this year. But <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-nvda-blackwell-demand-outlook-chips-ai-2024-10">it's not deterring analysts</a>, who remain upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.</li><li>Advertisers rally against iPhone "Distraction Control" over fears it could sabotage websites. French groups representing around 800 companies in media and advertising signed an open letter lobbying Tim Cook to suspend the feature, which would allow Safari users to hide images, pop-ups, or ads. They called it <a target="_blank" href="https://www.businessinsider.com/publishers-advertisers-call-on-apple-suspend-distraction-control-feature-2024-10">"an existential threat" to online advertising</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo of Bob Iger" height="1280" width="1920" msid="114468945" hostid="261" sizebytes="74892"></div><ol><li>Disney says it will appoint a new CEO in 2026. The company said it would <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-successor-early-2026-james-gorman-chairman-2024-10">announce a successor for Bob Iger</a> before his contract expires in December of that year.</li><li>New York magazine and Olivia Nuzzi are parting ways. The star reporter was placed on leave after her editors learned she'd had a relationship with Robert F. Kennedy Jr. While a third-party investigation into Nuzzi's work found "no inaccuracies nor evidence of bias" in her reporting, the magazine said they'd still <a target="_blank" href="https://www.businessinsider.com/new-york-magazine-parting-ways-olivia-nuzzi-third-party-investigation-2024-10">mutually decided to go their separate ways</a>.</li><li>The vibecession, according to science. Americans are financially better off now than they were at the beginning of the pandemic. So why is everyone so concerned about inflation? A new study details the emotional toll of rising prices, which could explain <a target="_blank" href="https://www.businessinsider.com/inflation-hidden-cost-work-salary-negotiation-boss-conflict-2024-10">why the vibes are so rank right now</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>These tech investors are trawling UC Berkeley <a target="_blank" href="https://www.businessinsider.com/the-house-fund-uc-berkeley-perplexity-databricks-2024-10">to fund the next Perplexity or Databricks</a>.</li><li>Ken Griffin's move to Florida means <a target="_blank" href="https://www.businessinsider.com/ken-griffin-move-to-florida-selling-chicago-homes-at-loss-2024-10">losing millions on homes he never even lived in</a>.</li><li>McDonald's is the latest election battleground <a target="_blank" href="https://www.businessinsider.com/mcdonalds-is-latest-election-battleground-for-trump-and-harris-2024-10">for Trump and Harris</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>General Motors, GE, Verizon, and other companies report earnings.</li><li>The IMF World Economic Outlook is published.</li><li>NBA season begins with New York Knicks at Boston Celtics and Minnesota Timberwolves at Los Angeles Lakers.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

The future of the S&P 500 has everyone divided

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<ul class="summary-list"><li>Starboard Value has taken a $1 billion stake in drugmaker Pfizer.</li><li>The hedge fund, headed by Jeff Smith, has become one of the most feared activist investors.</li></ul>Pharmaceuticals giant Pfizer got a wake up call Sunday evening when one of Wall Street's most feared activist investors revealed a stake in the company.Starboard Value <a target="_blank" class="" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">informed the drugmaker</a> it had taken a position in the firm valued at $1 billion.An activist's aims, whether that's pushing for breakup, M&amp;A, or cost reductions, vary depending on the target. Starboard's turnaround strategy is not yet clear, but Pfizer's share price and revenues have tumbled from the record highs achieved during the pandemic's heights, and Starboard, led by its 52-year-old cofounder Jeff Smith, has a long history of wielding minority stakes to extract board seats and profits from name-brand companies.Over the past decade, Smith has more than doubled the hedge fund's assets under management to $8.5 billion by taking on targets including Salesforce, Starbucks, and the owner of Olive Garden. In that time Starboard has gained a reputation for making life uncomfortable for — and sometimes jettisoning — executives and directors who resist his overtures for change.Pfizer, with a market cap north of $160 billion, is among the largest companies Starboard's Smith has ever targeted. Still, investors seemed to applaud news of its investments on Monday, sending Pfizer's stock up about 3% in morning trading, adding nearly $5 billion to the company's market cap.Moreover, Starboard has reportedly secured support from <a target="_blank" href="https://www.wsj.com/health/pharma/activist-starboard-value-takes-1-billion-stake-in-pfizer-89591cb6?mod=hp_lead_pos4">former Pfizer executives</a> Ian Read and Frank D'Amelio for its campaign.Starboard has experience across the spectrum but is especially good at instilling discipline at the board level and "improving margins and cutting costs at companies that are bloated," said Ken Squire, the founder and president of 13D Monitor, a research firm specializing in shareholder activism.Starboard declined to comment.<h2 id="44e54273-f674-45fa-9c95-4d5153293525">Who is Jeff Smith?</h2>Investor activism has exploded in recent years. The 147 new campaigns globally in the first half of 2024 is a record, building on the all-time high 252 campaigns reached in 2023, according to a July report from investment bank Lazard.Starboard has become one of the most formidable names in the business, even if Smith hasn't yet reached the name recognition of activist investors like Paul Singer (Elliott Management), Carl Icahn (Icahn Enterprises), and Dan Loeb (Third Point Capital).Smith launched Starboard in 2011, spinning it out of a <a target="_blank" href="https://www.cowen.com/news/ramius-announces-spin-off-of-value-and-opportunity-business/">small unit at Cowen Group</a> along with a couple of partners, including Peter Feld. Early targets included AOL, where Starboard lost a proxy battle but agitated for changes that boosted the company's stock by 250%, and Office Depot, where Starboard won three board seats, according to <a target="_blank" href="https://fortune.com/2014/12/03/starboard-capitals-jeff-smith-activist-investor-darden-restaurants/">a 2014 story in Fortune</a>.Starboard put corporate America on notice with its campaign in 2013 against Darden Restaurants, the owner of Olive Garden and Longhorn Steakhouse, among other dining chains. With less than a 10% stake Smith replaced the entire 12-person board and assumed the role of chairman. By the time Smith stepped down in 2016, Darden <a target="_blank" href="https://www.wsj.com/articles/activists-reap-olive-garden-bounty-1459902161">stock had gained nearly 50%</a> and Starboard had accrued more than $500 million in profits.One of the hedge fund's greatest claims to fame involved its <a target="_blank" class="" href="https://www.wsj.com/articles/activists-reap-olive-garden-bounty-1459902161">improvements to Olive Garden's breadsticks</a>, which Starboard predicted could save the company up to $5 million a year, according to a Wall Street Journal report from 2015.In 2022, Starboard took a <a target="_blank" class="" href="https://www.businessinsider.com/salesforce-profit-margins-starboard-value-turnaround-2023-8">stake in software giant Salesforce</a>, urging the company to cut costs and improve margins. The company's shares have nearly doubled in the two years since.<div type="image" title="Photo of Marc Benioff of Salesforce speaking on stage." height="1333" width="2000" msid="114027436" hostid="261" sizebytes="41886"></div>Starboard's record isn't without blemishes. Its campaign against meat <a target="_blank" href="https://archive.nytimes.com/dealbook.nytimes.com/2015/02/04/a-primer-on-starboard-the-activist-that-pushed-for-a-staples-office-depot-merger/">processor Smithfield Foods</a> in 2013 fizzled. The hedge fund <a target="_blank" href="https://techcrunch.com/2021/09/09/box-wins-proxy-board-battle-with-activist-">lost a proxy battle</a> with software maker Box in 2021. And in 2019 it dropped a bid to have Bristol-Myers Squibb scrap its merger with Celgene after failing to win over <a target="_blank" class="" href="https://www.cnbc.com/2019/03/29/starboard-drops-out-of-celgene-fight-as-proxy-firms-back-bristol-myers-bid.html">two major proxy advisory firms</a>.In total, Starboard has initiated 151 activist campaigns, which have generated an average return of 25%, according to data from 13D Monitor.<h2 id="fc0d4b73-d1a3-4a74-a386-7908a74761a7">Ignore at your peril</h2>More recently, the hedge fund has taken positions in dating app owner Match Group, software company Autodesk, and Starbucks.Squire said Smith has a reputation as intense but intelligent and candid. Starboard "can be friendly, but if they're ignored they can also be feared — and they can get tough."In August, Starbucks replaced its CEO amid a campaign from Starboard and Elliott Management.Given Smith's record of winning corporate concessions — or prying them away by force — Pfizer CEO Albert Bourla may be next in the hot seat. Bourla took over in 2019 and guided the drugmaker through the pandemic, boosting annual revenues to $100 billion in 2022 thanks to sales of its COVID-19 vaccine and the antiviral treatment Paxlovid.But missteps ensued. Pfizer misjudged future demand for COVID remedies, <a target="_blank" href="https://www.wsj.com/health/pharma/pfizer-drug-company-cost-cutting-2da7524d?mod=article_inline">according to a WSJ report</a>, and revenues cratered. It has since undertaken multibillion-dollar cost cutting campaigns.For its next act, Pfizer executives wagered heavily on cancer treatments. It shelled out $43 billion last year to acquire Seagen, a Washington-based biotech company focused on developing novel cancer medicines. It expects Seagen's products to yield $3.1 billion in revenue this year and $10 billion in annual revenues by 2030.Still, its share price has fallen more than 50% since reaching an all-time high in December 2021.Starboard's targets cut across industries, including 23 campaigns in the healthcare sector, according to 13D Monitor. Besides Bristol-Myers Squibb, other prior targets include CVS and medical records and technology company Cerner.Pfizer did not respond to a request for comment. <h4 id="cbcdd8ad-013b-426e-8431-6c2b54c6859d">Greatest hits</h4><ul><li>2012: Starboard is credited with spurring AOL CEO Tim Armstrong to sell assets, including the sale of 800 patents to Microsoft for $1.1 billion.</li><li>2013: Starboard secured three seats on the board of Office Depot, which later agreed to merge with Staples before the Federal Trade Commission blocked the merger, citing antitrust reasons.</li><li>2014: Starboard replaced the entire board of Darden Restaurants, owner of Olive Garden. By 2015, Starboard was widely credited with turning Darden Restaurants around in part by rethinking how Olive Garden served its iconic breadsticks.</li><li>2019: Jeff Smith is named chairman of the board of pizza chain Papa John's. He immediately expanded the board by bringing in two new independent directors.</li><li>2022: Starboard urged software giant Salesforce to cut costs and improve its margins. The stock has nearly doubled since Starboard acquired a stake.</li><li>2024: After facing pressure from Elliott Management and Starboard, Starbucks replaced its CEO.</li></ul>

Meet Jeff Smith, the hedge-fund investor taking on Pfizer

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

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