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The rapid acceleration of change in the workplace — from the boom of generative AI to shifting work models — means leaving behind old ideas of what C-suite leadership looks like.For Business Insider's third Workforce Innovation virtual roundtable, we asked board members how C-suite leaders might have previously led their businesses and how old approaches are giving way to a distinctly new way of executive leadership.Several board members said change needed to happen at every level of an organization, not just on a single team. Now it's up to leaders to harness the potential of their workforce and prepare employees for how they can play an active role in transformations across the business."The reset message here is that no function is exempt," Maggie Hulce, the chief revenue officer at Indeed, said. "Every function can change and should be changing and needs to take accountability and ownership for driving that, versus waiting for a central team to figure everything out."With evolving workplace priorities, the Workforce Innovation board also predicted which new roles might emerge in the C-suite, including "chief transformation officer" and "chief experience officer."The following has been edited for length and clarity.Julia Hood: What's the old way of C-suite leadership, and what's the new way? What is changing for those leading the workforce during this time of transformation?<h2 id="0c6ca21f-d8b4-40db-bb90-e9fb8d56ff2b">Alicia Pittman, chair of global people team, Boston Consulting Group</h2>One of the biggest differences we're seeing and we'll continue to see is that the concept of apprenticeship is becoming truly a two-way street. An old version of apprenticeship is learning the craft step-by-step — like the "Karate Kid" and Mr. Miyagi, based on wisdom and time.Now leaders are also seeing from younger generations how to embrace technology and AI, specifically, how to lead inclusive teams that maybe don't look so much like you, and how to support employees through mental-health challenges and general wellness.I'm seeing that happening in very powerful ways, truly two ways, and up and down. Organizations that embrace that — which are flatter, less formal, and allow for more of that cross-connectivity — are going to benefit as that becomes more the norm in how we craft leadership.<h2 id="f242fb98-9c94-4e5b-8135-1f191d2cb6f3">Neil Murray, CEO, Work Dynamics at JLL</h2>I like the idea that's been coined about leading from behind. The notion is that the old way was about leading leaders top-down, personally owning strategy, P&amp;L, innovation, and culture.Leading from behind has been likened to a shepherd coordinating from behind and creating an environment where people who are willing and able can take initiative and lead innovation. That company culture becomes owned collectively rather than the singular responsibility of the CEO.I don't think that's about a CEO stepping back and allowing mob rule, but rather, it's about harnessing collective genius in the organization.I think the reason for this is that the psychological contract between companies and employees has changed quite dramatically and continues to change. We know that people are looking for more meaning and purpose in their working lives. They expect to be seen. They expect to be valued for who they are and, ultimately, want to be part of and coauthor a company purpose and culture.It also applies to innovation. It's no longer about incremental innovation from a centralized chief product officer. Breakthrough innovation will be key, with consistent breakthrough innovation to sustain competitiveness. From a leadership perspective, that's about creating an environment where those closest to issues and most nimble can lean in and innovate, rather than trying to centralize it.<h2 id="d012677b-737d-445d-84a4-5d9f7a363a82">Kenon Chen, executive vice president of strategy and growth, Clear Capital</h2>When I first saw the GitHub Copilot demo before it was launched, I was struck by the idea of someone with a business use case and business knowledge being able to execute and create a technical solution without going through our typical translation layers, which are business analysts and scrum masters and technical project managers.We now have this huge layer of translators between the business, especially from the C-suite to the people who are creating the innovations or products.What gen AI is leading us to is a world in which we don't need so many translators because there are fewer hops from the idea to the value that we want to create to the execution. When you have all these translators, it's like the telephone game.As a leader, you need to be able to communicate much more precisely and clearly the outcome that you're trying to create in terms of value. You have to be your own translator, in a way, so that every stakeholder involved can take action on what's being communicated.<h2 id="df0e2c1a-ee63-46c5-b1e1-3cca22a63036">Anant Adya, executive vice president, service-offering head, and head of Americas delivery, Infosys</h2>At Infosys, one of the things we are focusing on is employee well-being. We want to be a hybrid work environment where we give flexibility to our employees to choose the way they want to work.There is obviously great value in coming to the office, collaborating with team members, and working to do innovative stuff. But this also ties back to DEI initiatives in the company. As we improve our gender diversity, especially as we go to the top, we want to make sure we give flexibility to our employees.Also very important is how we embrace innovation. We continuously upskill, retrain, and reskill our employees. How do we make sure that we embrace the culture of learning in the company? It's very critical that we have to constantly learn and upskill ourselves with all the new technologies that are coming and with all the new lingo that is being spoken. We don't want to get stuck in the old world of still talking old technology.Finally, we balance risk and focus from a long-term standpoint. Of course, everybody's focused on the quarter results and numbers, but we want to have a very long-term focus and plan at the same time.<h2 id="ef9e6c96-6d4a-4af5-a150-163cc530eada">Justina Nixon-Saintil, vice president and chief impact officer, IBM</h2>There is such a focus on employee voice across everything that we do. When you think about AI, we're asking employees, no matter where they are across the business, to come up with use cases and ways that AI can make a difference in their function.In the past, this would be the limit of just one entity, one function to come up with the right use cases. Maybe it was the software team, CIO team, or CTO.Now we're looking across the entire business and saying, "Come up with the right use cases that can help your function, your programs, your organization."Even in the area that I lead around corporate responsibility and ESG, we're deploying AI technology to create better learning pathways for our users or to look at ESG and data analytics. So this is an area we're leading within the organization and not necessarily waiting for another function to help us lead.<h2 id="b9d6a0b9-97d7-4bef-b44c-1a0b1ebba35e">Maggie Hulce, chief revenue officer, Indeed</h2>We are moving towards AI-enabled transformation being a companywide expectation, as opposed to just a few teams working on it and incubating it. That requires, as others have said, cross-team learning and development, and we are acknowledging we need both centrally driven, top-down things and a lot of bottom-up things.That's a parallel concept to DEI. We've gone through the transition of separate DEI organizations to having it be the expectation that equity is every leader's responsibility.Having a separate team that's supposed to make everybody behave with equity just doesn't work.With well-being, we've been on this track that, of course, physical and mental health, employee engagement, and employee voice are really important. Right now, there's more focus on training managers for the challenges of the multigenerational workforce and the mix of in person and remote.The speed of change is getting more and more rapid. How do we equip the managers up and down to help navigate this? And that's a big part of employee buy-in and navigating change. In the C-suite itself, you have more roles that have to think cross-functionally and be cross-functionally trained. Because as you think about how AI can change processes, it blurs and breaks old functional lines.That will make people uncomfortable. But if you let the functional lines be blockers, it will definitely slow you down. So our expectation is that we're going to see more and different types of roles that are enabling transformation.<h2 id="9b14003d-0c96-46b6-9c44-0515cc2393cf">Lucrecia Borgonovo, chief talent and organizational-effectiveness officer, Mastercard</h2>One of the biggest shifts is around decision-making — the move from siloed decision-making, where each member of the C-suite has a defined set of decisions they're accountable for, to a C-suite that acts more as a collective leadership body. It acts more cross-functionally, and there are more shared responsibilities and more joint decision-making that becomes part of the norm.There's much more fluidity and interdependency across different roles and functions. C-suite leaders are wearing multiple hats and creating roles that are much more versatile in nature.Tim Paradis: We've seen new C-suite roles emerge in recent years, like chief AI officer and chief ethics officer. The C-suite itself is getting larger in some cases. What new C-suite offices might emerge next?Nixon-Saintil: I'm seeing a lot of new roles, especially in corporate social responsibility and ESG. More "chief impact officers" are focused on social impact across the business. Those roles sometimes oversee environmental affairs and sustainability initiatives.The "chief sustainability officer" role has increased significantly over the last two years. Many large companies had them, but now smaller or midsize companies are adding that role to the C-suite, especially as they prepare for regulation around sustainability and all of the mandatory disclosure that is occurring."Chief ESG officer" is a new role that we are seeing as well, with a focus on ESG, regulation, controls, and accountability.Adya: The common thing that will happen across roles is the use of data and AI across every role.There are two roles that we are seeing in some of our bigger customers. One is chief experience officer, who is focused on what we call "human experience." It's not just about the experience of users but also of the stakeholders, business users, and customers of the enterprise.For example, if you go to a company and ask a finance person, "What does experience look like for you?" He or she will say that I would want to close my books on time. That's the experience. They don't care about whether they're using X, Y, or Z vendor. For them, closing the books on time is their experience. So this is about looking at the experience of the stakeholders, the users, and their customers.Then, while there is a "chief AI officer" role that's picking up, there is also a lot of focus on automation. How do we use automation in a business process? So the "chief automation officer," cutting across the enterprise, is looking at areas where we could potentially drive automation in a big way.Borgonovo: One that is on my mind is what you might call a "chief optimization officer," focused on how do you extract the most value across your products, your services, and all the different investments that you make, identifying items that aren't necessarily scaling.The other one that we have seen at Mastercard is the "chief risk officer," a new role created in response to the environment getting incredibly complex and the importance of embedding risk management into the organization.Roles like chief transformation officer will continue to be relevant. It all depends on the maturity of the different capabilities that you have in the organization.Pittman: I think that a lot of these roles — whether it's chief diversity officer, chief risk officer, chief digital officer — are really about building new competencies that are not widely spread. Where it's working best, you see companies standing up leadership for these capabilities and then pushing it down the line. It's got to be everybody's accountability.The number of companies naming chief transformation officers grew about 140% over the last couple of years. It's one of those roles where the impact is most measurable. You can see with a chief transformation officer, from the time they're appointed to the next two years, on average, that the company is going to improve its shareholder return performance versus its peers.That's pretty remarkable in terms of impact, so we'll keep seeing that. With the pace of change, the half-life of market leadership keeps getting shorter and shorter. We're going to see the role of the chief transformation officer being critical to enable C-suites to keep up with the pace of change and drive cross-functional initiatives.Hulce: I was just pitching this idea of a transformation leader, not necessarily reporting to the CEO but one across internal functions to help drive the next 18 months given how fast we intend to stand up totally different ways of working.When we think about transformation for external products versus transformation for internal processes, it is a bit different. So when we think about the work we're trying to do for external products, making sure the scope is clear — those are long-standing, typical questions for how you stay competitive and innovate.But rapid cross-functional, internal transformation is different. Can you make a successful role to drive a complete rethink of process and workflow across many functions with technology and AI being a critical enabler?In the past, it wasn't as important to do cross-functionally as it is now, with what gen AI can do. It's a big opportunity to radically rethink how this work gets done.Murray: Business-unit leaders now have an explicit responsibility to look at everything within their business line and think about on a 2-by-2 matrix the feasibility versus the impact of transforming end-to-end process.Chen: I do like this idea of a chief transformation officer, but the risk there is if every leader isn't equipped with thinking about how to proactively get value from tools that are around the organization and the data that is available. Everyone is going to have to be reskilled to learn how to do that, with AI as one of the new accelerator tools.

The C-suite is evolving — and new roles may join to drive innovation, say execs from IBM, JLL, Clear Capital, and more

<ul class="summary-list"><li>College graduates have stronger social lives than non-college-educated Americans, a survey found.</li><li>College can foster connections and offer financial benefits that can boost one's social life.</li></ul>In recent years, many young people have questioned whether the benefits of a <a target="_blank" href="https://www.businessinsider.com/only-1-in-4-americans-think-going-college-worth-it-2024-5">college degree</a> are worth the cost of tuition. According to a new survey, college graduates appear to have a clear edge in one area: their social lives.The Survey Center on American Life — a nonprofit organization backed by the right-wing think tank the American Enterprise Institute — published a <a target="_blank" href="https://www.americansurveycenter.org/research/disconnected-places-and-spaces/">report</a> in August based on a survey of more than 6,500 US adults conducted in March and April. The respondents were asked about their <a target="_blank" href="https://www.businessinsider.com/longevity-antiaging-friendship-social-interaction-relationships-2023-9">social interactions</a> and participation in their communities.The survey found that 24% of non-college-educated Americans had no close friends and 17% had at least six close friends. Among Americans with at least a bachelor's degree, 45% had at least six close friends, and 10% had none.Question after question, the same social divide continued to emerge in the survey. For example, compared to Americans without a degree, college graduates were much more likely to say they had friends who could help them move, give them a ride, take them to a doctor's appointment, or offer them a place to stay.Across all education levels, Americans reported having significantly fewer friends than they did in a similar Gallup survey conducted in 1990, according to the Survey Center report. However, the widespread <a target="_blank" href="https://www.businessinsider.com/hanging-out-book-sheila-liming-social-isolation-2023-3">decline in socialization</a> in recent decades has been steeper for people without a college degree. "Americans with fewer years of formal education participate less often in community life, are less civically active, have fewer close friends, and have less social support than those with four-year college degrees," the authors wrote. "Increasingly, the ability to cultivate strong social support is a privilege reserved for the college-educated, rather than an ordinary feature of American life," they added.The Survey Center report provides additional evidence for something several experts have been saying in recent years: Americans <a target="_blank" href="https://www.businessinsider.com/death-casual-fringe-friendships-gen-z-sad-jobs-alone-2024-2">aren't making friends</a> like they used to and are <a target="_blank" href="https://www.businessinsider.com/weekends-feel-different-post-pandemic-isolation-loneliness-economy-tiktokers-2024-1">spending more time alone</a>. Last year, US Surgeon General <a target="_blank" href="https://www.businessinsider.com/american-culture-social-individualism-loneliness-epidemic-2024-1">Vivek Murthy</a> said the US was facing an "epidemic of loneliness and isolation" and raised concerns about the physical and mental health consequences of this development.Declining participation in social institutions like marriage, insufficient access to public amenities like community centers, and financial challenges are among the reasons Americans without degrees could be having a particularly hard time making friends.To be sure, there's disagreement among experts about <a target="_blank" href="https://www.businessinsider.com/there-is-no-loneliness-epidemic-mental-health-2024-4">how much</a> Americans' social lives have changed in recent decades and the primary causes of this shift.<h2 id="687049e2-f7c3-4e53-8ad7-d9b9ceff8c38">It's getting harder for people without degrees to make friends</h2>In the past, marriage, religious organizations, and labor unions were key to providing social support for Americans. However, in recent decades, people have become less likely to <a target="_blank" href="https://www.businessinsider.com/americans-are-moving-less-social-demographic-changes-2022-8">marry</a>, join a <a target="_blank" href="https://www.businessinsider.com/union-households-pay-bump-median-wealth-fewer-race-gaps-2024-3">labor union</a>, and regularly attend a <a target="_blank" href="https://www.businessinsider.com/meet-the-nones-more-americans-religiously-unaffiliated-who-are-they-2024-1">place of worship</a>. This decline has been much steeper for Americans with lower levels of education, according to the Survey Center report.Additionally, non-college-educated Americans were also less likely to be members of nonreligious community groups like hobby or activity groups, community groups or neighborhood associations, and sports leagues or workout groups. In recent decades, Americans with degrees have continued to join these groups at "relatively high" rates, while those without degrees have become "increasingly unattached," according to the report."When all of these things start to come together, you're seeing the bottom fallout of these institutions that historically have provided a grounding of participation and connection in American life," Sam Pressler, coauthor of the report and practitioner fellow at the University of Virginia's Karsh Institute of Democracy, told Business Insider.At the same time, Pressler said there's a "pay to play" system in many Americans' social lives. Public spaces that have the potential to foster social connections often come with a financial cost, and this can benefit college graduates, who tend to earn <a target="_blank" href="https://www.bls.gov/emp/chart-unemployment-earnings-education.htm">higher wages</a> than <a target="_blank" class="" href="https://www.businessinsider.com/young-men-working-less-no-college-degree-student-loan-debt-2024-5">people without degrees</a>."You go to a coffee shop or you go to a bar or a restaurant, those things have dollar signs attached to them," he said. "You go and join a gym, you're going to Equinox or even the YMCA, that costs money."Even in free public spaces like libraries, community centers, and parks, the survey found that non-college-educated Americans were less likely to use them as a social gathering place. Pressler said one explanation for this could be that Americans with degrees were more likely to live in areas with extensive and high-quality public spaces and community groups."If you are out of those traditional structures, you have to do so much more work to schedule time with friends, to build relationships," he said. "All of the work gets put onto you."Additionally, people without a college degree may also be more likely to <a target="_blank" href="https://www.businessinsider.com/side-hustle-recommendations-jobs-to-try-this-year-concerts-surveys-2024-3">work multiple jobs</a>, or have roles with unpredictable hours, Pressler said. For example, he pointed to the <a target="_blank" href="https://www.businessinsider.com/gig-economy-trends-workers-delivery-ride-hailing-apps-uber-doordash-2023-7">rise of gig work</a> in recent years. Driving during nights and weekends — prime social hours — can be the most profitable for an <a target="_blank" href="https://www.businessinsider.com/nyc-uber-and-lyft-driver-who-only-drives-at-night-2022-7">Uber or Lyft driver</a> who's looking to earn some extra cash."If you don't know what your schedule is going to be in a week or two weeks if you are working several jobs, it's very hard to imagine being able to plan to participate in community or spend time with family and build those relationships," Pressler said.For some people, the workplace can provide another opportunity to make friends. In 2022, <a target="_blank" class="" href="https://www.businessinsider.com/millennial-working-from-home-office-misses-friends-loneliness-remote-2024-6">over half</a> of respondents told the Survey Center that they'd met a close friend through their work or a spouse's work. However, college graduates were more likely to have done so.<h2 id="8fcf4dc4-64b7-407d-b2ef-24e5ba206c58">Going to college can be a "supercharger of relationships"</h2>Of course, some of the social benefits of a college degree date back to the connections fostered on campuses. Pressler said the college experience can be a "supercharger of relationships" and that people who don't pursue a degree — and go straight into the workforce for example — may not have the same social opportunities.Once students graduate, many of them move to cities where they can continue to build upon their college connections."You have potentially the leisure time and the discretionary income to participate in community life with other people who have college degrees and you're also involved and meshed in these networks of your fellow alum," Pressler said.On the whole, Pressler said that he thinks the financial and social benefits of a college degree have increased in recent decades, adding that the decline in some middle-class jobs — driven by factors that include <a target="_blank" class="" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">globalization and recessions</a> — is partly responsible for this.When young people decide whether to go to college, Pressler said he thinks many of them place significant value on the social benefits that can come with a college education. He said this is among the reasons many colleges' recruiting efforts — in an attempt to attract students — emphasize the clubs, Greek life, and sports on campus.But despite the social benefits, Pressler said this doesn't mean a college degree is for everyone."I don't think the answer is to necessarily get more young adults to go to college because of the adverse social consequences that we highlighted in our report," he said. "Rather, we should be aiming to mitigate — and, ideally, eliminate — the educational divide in civic life." While Pressler said there is no "silver bullet" solution for Americans' overall friendship decline — and the larger decline for people without degrees — he said there are several solutions worth considering.For example, he said housing and neighborhood policies could be better used to promote connection in communities."This could include everything from housing policies that promote more middle and social housing, to neighborhood policies that provide micro-grants for block parties, community dinners, sports leagues, and block clean-ups that bring neighbors together," he said.Did you go to college in large part for the expected social benefits? Are you willing to share your story? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

The hidden value of a college degree: Graduates are much more likely to have friends 

<ul class="summary-list"><li>Goldman Sachs and Morgan Stanley have reportedly been tapped on a valuation of OpenAI.</li><li>The transformative AI startup is evaluating what it could take to become a for-profit company.</li></ul>As <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">third-quarter earnings demonstrated</a>, Wall Street dealmaking appears to be bouncing back after three years of lackluster activity.For bank bosses, it signals a return to vying for the <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">biggest M&amp;As</a>, IPOs, and debt-capital raises in hopes of the largest paydays for themselves and their firms. Yet, one of the most coveted projects on the Street right now is unlikely to mint much money for the investment banks involved — at least in the short term.Last week, the <a target="_blank" href="https://www.wsj.com/tech/ai/the-14-billion-question-dividing-openai-and-microsoft-71cf7d37">Wall Street Journal reported</a> that OpenAI and its longtime backer, Microsoft, have begun talks to determine how much money Microsoft stands to receive if OpenAI converted to a for-profit institution. The Journal reported that OpenAI tapped advisors at <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">Goldman Sachs</a>, and Microsoft, which has poured some $14 billion into the AI startup as a nonprofit, is relying on Morgan Stanley to facilitate the negotiations. Spokespersons for both Goldman Sachs and Morgan Stanley declined to comment or confirm their reported participation in the project.BI called up two Wall Street dealmakers who specialize in tech banking to walk us through what the process could look like, as well as a valuation expert on the faculty of the <a target="_blank" class="" href="https://www.businessinsider.com/wharton-data-science-class-upenn-madoff-diamonds-airbnb-finance-jobs-2022-3">Wharton School at the University of Pennsylvania</a>. They also shared a look at what it could mean for the banks that won this business, both in terms of pay and reputation. The two investment bankers – neither of whom are affiliated with Goldman, Morgan Stanley, OpenAI, or Microsoft — requested anonymity to preserve industry relationships.The experts said the OpenAI valuation process stands to be stressful and drawn out — potentially taking up to six months — and could come with little to no financial reward for the banks involved. That said, the job still represents a huge win for Goldman and Morgan Stanley's tech teams since they now stand at the front of the line for whatever comes next for OpenAI.Thanks to ChatGPT, San Francisco-based OpenAI stands at the forefront of the artificial-intelligence revolution, which is <a target="_blank" href="https://www.pwc.com/gx/en/issues/artificial-intelligence/publications/artificial-intelligence-study.html">projected</a> to contribute nearly $16 trillion to the world economy by 2030, according to consulting firm PwC. <a target="_blank" href="https://www.wsj.com/tech/ai/openai-nearly-doubles-valuation-to-157-billion-in-funding-round-ee220607?mod=article_inline">A recent fundraise</a> valued the company at more than $150 billion. After it converts to a for-profit company, it could seek to raise money through the stock market or make acquisitions — all of which could prove lucrative for its Wall Street partners.Even the banks that are not part of this process stand to win if the final valuation is high enough, said Michael Roberts, the finance professor at Wharton. "If it comes at a really high multiple, what does that mean? It means you can raise an enormous amount of money if you are an AI company," he said, adding: "If I go back 15 years, the place to be as an investment banker was in Silicon Valley. But this could be sort of the next Silicon Valley 3.0."Here's a look inside the process and what it means for the Wall Street dealmakers who won this business, according to the tech bankers and the finance professor.<h2 id="277fe458-53dd-471b-bcca-880ebd8043d7">The banks have different goals: 'You're going to do battle'</h2>Morgan Stanley's objective will be to secure the greatest equity for its client, Microsoft, while Goldman's goal may be the opposite — pitting the two sides against one another."You're going to do battle," said one of the sources — a senior tech banker at a midsize investment bank — about the bankers on either side of the negotiating table.The valuation could take as much as six months, depending on what legal snags crop up, these people said. Since there's no obvious precedent for valuing this company, the bankers will want to get creative, which could open the door to lots of debate.The tech banker at the midsize firm said the goal will be to find comparisons in the real world that would make a compelling case for what OpenAI could be worth. "You might look at some of the early days of the last couple of generations of very disruptive technologies," he said, citing Apple in its early iPhone era and Google "back in the early days of disrupting the search market."The second banker, a former executive at a large-cap investment bank who now handles some tech deals at a small, independent firm, said that the banks will do a "landscape analysis" and ask questions about whether OpenAI could one day take Google's place.Roberts, the Wharton professor, proffered the name of another disruptive tech company: Uber. As it redefined the ride-hailing industry, there were "enormous" variations in its valuation projections. For OpenAI, though, the situation could be even more complex since its impact on the economy stands to be more dramatic.<h2 id="f2400755-f31e-489f-891d-876291a5211f">Risks and rewards</h2>Two of the experts BI spoke to estimated that the banks' fees for their work on the valuation could be low, at under $25 million each, with one suggesting it could even be gratis due to the competitive nature of the business. A third expert estimated the fees would likely be greater than $25 million but under $100 million.For context, advising on an actual merger or big-ticket public offering can <a target="_blank" class="" href="https://www.cnbc.com/2021/07/04/banks-earn-650-million-in-fees-and-stock-gains-from-ipo-flurry.html">generate many multiples of that</a> for investment-banking advisors — to the tune of hundreds of millions.The fees, however, are not likely the focus. "The goal is to lock the relationship up," said the senior technology dealmaker at the midsize firm, noting that OpenAI and Microsoft are companies that bankers would kill to have as clients.This banker said <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a>, the founder of OpenAI, appears to put a premium on trust and interpersonal relationships, which could be to Goldman's benefit. He has a reputation for being "loyalty-driven," said the banker, who has met Altman and knows his reputation through conversations with the tech community.Morgan Stanley, for its part, has enjoyed a relationship with Microsoft that stretches back years. In 2016, the firm was the <a target="_blank" href="https://www.businessinsider.com/microsoft-and-linkedin-bankers-2016-6">only advisor to Microsoft</a> on its $26 billion acquisition of social-networking-giant LinkedIn.This wouldn't be the first time banks have shown a willingness to play the long game in exchange for future potential gains.In 2022, a syndicate of banks led by Morgan Stanley <a target="_blank" href="https://www.businessinsider.com/how-elon-musk-was-able-to-buy-twitter-despite-risks-2022-4">assembled $25 billion in capital</a> to lend to Tesla founder Elon Musk to finance his acquisition of X, the social-media platform formerly known as Twitter. X's lackluster financial performance prevented some banks <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-twitter-debt-financing-banks-2008-financial-crisis-2024-8">from offloading the debt</a>, leading to losses. However, the goal, as one banker said at the time, was to "get a foot in the door with the man and his business."The investment banker who formerly worked at a large-cap bank said potential drawbacks could include some banks being excluded from other AI deals for competitive reasons."The likelihood that Google would take a very stance and be less willing to work with them is probably high because whenever you're involved in something like this, you're 'under the tent,' and you're seeing a lot of very sensitive things about where something is going and not going," this person explained.Largely speaking, however, Wall Street is poised to win, Roberts said."Given how much money's at stake here, even the loser isn't really going to lose, are they?" he said, adding, "It's all relative."Are you an investment-banking insider? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@businessinsider.com, and SMS/the encrypted app Signal at (561) 247-5758.

Inside Wall Street's efforts to value OpenAI: Who's involved, how it could work, and what's at stake for the banks

Tech giant <keyword id="19910716" type="General" weightage="20" keywordseo="IBM" source="keywords" meta.keywordsubtype="org" meta.entityname="IBM" meta.hostid="153" meta.entityid="IBM">IBM</keyword> on Monday announced the launch of its <keyword id="22332400" type="General" weightage="100" keywordseo="GenAI-Innovation-Center" source="keywords">GenAI Innovation Center</keyword> in <keyword id="19900813" type="General" weightage="20" keywordseo="Kochi" source="keywords">Kochi</keyword> which, it said, will enable enterprises, <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>, and partners to explore and build generative <keyword id="20125652" type="General" weightage="20" keywordseo="AI-technology" source="keywords">AI technology</keyword>. The centre will accelerate AI innovation, boost productivity and strengthen GenAI expertise in India, the company said in a release. "As organisations transition from AI experimentation to deployment for adding business value, they often find AI projects too complex or difficult to integrate due to limited skills or expertise," it said. According to the release, the centre would provide organisations with access to IBM experts and technologies geared to help build, scale and accelerate adoption of enterprise-grade AI. The centre is built on InstructLab, a new technology jointly developed by IBM and <keyword id="20245485" type="General" weightage="20" keywordseo="Red-Hat" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Hat" meta.hostid="153" meta.entityid="Red Hat">Red Hat</keyword> for enhancing Large Language Models (LLMs) with a client's own data, and will also take advantage of IBM '<keyword id="20249092" type="General" weightage="20" keywordseo="Watsonx" source="keywords">watsonx</keyword>' AI and data platform and AI assistant technologies. The GenAI Innovation Center will be a part of the IBM India Software Lab in Kochi, and be managed by IBM's technical experts. "With access to the latest in generative AI technology, LLMs, case studies, and IBM experts, the centre will nurture a community focused on harnessing the power of generative AI to address societal and business challenges ranging from sustainability, public infrastructure, healthcare education, and inclusion," IBM said.

IBM to launch GenAI Innovation Center in Kochi

The generative AI provides more <keyword id="20069513" type="General" weightage="20" keywordseo="opportunity" source="keywords">opportunity</keyword> to the Indian IT sector contrary to the believe of being a threat, highlighted a report by Nuvama Wealth Management. The report noted that although AI <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> may initially disrupt the sector, especially in terms of business operations and billing models, the long-term benefits far outweigh the risks. "We, on the contrary, expect the Indian IT industry to come out stronger from the <keyword id="19906101" type="General" weightage="100" keywordseo="Gen-AI" source="keywords">Gen AI</keyword>-led disruption. We dig deep into various facets of Gen <keyword id="20037918" type="General" weightage="20" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> for enterprises and find that Gen AI would create a mammoth incremental opportunity for <keyword id="20617562" type="General" weightage="20" keywordseo="Indian-IT-services" source="keywords">Indian IT services</keyword>," said the report. The report noted that as more enterprises adopt AI, the need for services such as upgradation of legacy code and data readiness for AI integration will increase, offering Indian IT firms new streams of revenue. The report mentioned one of the most significant opportunities lies in the modernization of <keyword id="21835113" type="General" weightage="20" keywordseo="legacy-systems" source="keywords">legacy systems</keyword>, particularly core banking systems (CBS). It stated that many <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> still use mainframe systems and outdated programming languages like COBOL. Gen AI enables automated code modernization, which will drive a major demand for Indian IT services to upgrade these systems, creating a long-term revenue stream. "Since most non-Indian (read European) do not have the scale to hire and deploy employees with the ability to code in COBOL (not to mention supply crunch)--they have ceded this opportunity to <keyword id="21817095" type="General" weightage="20" keywordseo="Indian-IT-Services-companies" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian IT Services companies" meta.hostid="261" meta.entityid="Indian IT Services companies">Indian IT Services companies</keyword>" said the report. The report specifically highlighted the "upgradation of legacy code" as a key area of opportunity for IT companies as businesses prepare their systems for AI integration. Gen AI is expected to create new service lines for Indian IT companies, including AI-based <keyword id="19945906" type="General" weightage="20" keywordseo="customer-service" source="keywords">customer service</keyword>, fraud detection, predictive maintenance, and knowledge processing. These AI-driven solutions will allow IT firms to offer higher-value services to clients, boosting revenue and profit margins. "Indian IT companies have always repositioned themselves to continue to do what they do best--service customers. That has provided them with the longevity they have commanded for multiple decades now. We do not see that changing this time as well" the report added. Comparing Gen AI to "a hammer looking for a nail," the report suggested that the technology's applications are still being discovered, but its potential is undeniable. Looking ahead, the report forecasts a strong start to FY25 for Indian IT companies, with growth driven by an optimistic outlook for the Banking, Financial Services, and Insurance (BFSI) sector, increasing technology spending, and large deal ramp-ups.

Gen AI to unlock a "mammoth incremental opportunity" for Indian IT services: Report

India’s <keyword id="20312255" type="General" weightage="20" keywordseo="Business-Process-Management" source="keywords">Business Process Management</keyword> (<keyword id="700088" type="General" weightage="20" keywordseo="bpm" source="Orion">BPM</keyword>) industry is defying predictions that generative artificial intelligence (Gen-<keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">AI</keyword>) could pose challenges for them. Instead, the sector is making a bold bet on AI and skilled talent to fuel its resurgence. With significant investments underway, industry leaders are confident that these efforts will show results within the next 3-5 years. “All of us are investing. And, the ROI will start coming in the next 3-5 years,” Harita Gupta, Head of Global Experience, SVP Global Business Operations Solutions and Support at Sutherland and the chairperson of <keyword id="19955786" type="General" weightage="20" keywordseo="Nasscom" source="keywords" meta.keywordsubtype="org" meta.entityname="Nasscom" meta.hostid="261" meta.entityid="Nasscom">Nasscom</keyword> BPM Council. She shared these insights during a panel discussion on “Data, Technology, Skill and Customers – The New Value Levers for BPM in India,” hosted by Business Insider India. Leaders in the <keyword id="21482461" type="General" weightage="20" keywordseo="BPM-industry" source="keywords">BPM industry</keyword> are confident about <keyword id="19985355" type="General" weightage="20" keywordseo="Gen-AI" source="keywords">Gen-AI</keyword>’s potential to create markets that have never existed before, help them do what they have already been doing for a decade more efficiently, and transform their companies into AI-driven enterprises. The Indian BPM industry generated $48.9 billion revenue as of FY24. <div type="Youtube" id="utbJS9i9RgA" title="Unlocking New Value Levers For BPM In India: The Role Of Data, Tech, Skill And Customers" thumbUrl="https://i.ytimg.com/vi/utbJS9i9RgA/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=utbJS9i9RgA]]></url></div> <h2>Tapping into emerging <keyword id="21859797" type="General" weightage="20" keywordseo="talent-hubs" source="keywords">talent hubs</keyword></h2> Traditionally, it is present in India’s metro cities, like Delhi, Bombay, Bombay and Pune. In its second innings, the BPM industry has shifted its focus to Tier-II and Tier-III cities, which offer a wealth of talent, lower operational costs and more accommodative regulations. “The industry has started to take jobs to where the talent is rather than the other way around,” remarked Sapna Bhambani, the Senior VP of Operations and Geo Leader at TaskUs. She highlighted that over half of TaskUs’ business is now based out of Tier-II cities with Indore and Mohali leading the way. “The states where the government is extending a helping hand are the most successful emerging hubs,” Bhambani added. Nasscom too is keen on Tier-II and Tier-III cities for the expansion of the BPM industry, identifying Lucknow, Kanpur, Coimbatore, Trichy, Indore, Bhopal, Vizag and Vijayawada as notable emerging hubs. Gupta emphasised that the industry body will be working hand-in-hand with the universities and institutions in the area to build talent pipelines and garner support. And hiring from Tier-II cities is not just about tapping into new talent pools; it’s also improving employee retention, which has been a pain point for the industry in recent years. Tech Mahindra has tried to counter this by hiring for non-frontline roles from within the company, rather than hiring new talent. However, as Venkatesh Korla, the CEO of Americas at Hinduja Global Solutions (HGS) pointed out, a cultural shift is still needed to rebrand BPM jobs. “It’s changing. It’s not 100 percent there yet… They’ve realised there’s a lot more stickiness and a lot more opportunity in the BPM space, and we see talent also want to take on these jobs,” Korla explained. <h2>Creating new markets</h2>Most AI processes are trained using large language models (LLMs). Many, GPT-Neo and BERT, are open-source, which means they’re free for anyone to use. However, enterprises are looking to build their own LLMs in-house to train their AI products primarily to maintain control over proprietary data – a move that opens up new opportunities for BPM firms. “Large SAS companies want to integrate their own LLM in their products and they require the same BPM services to actually train their models. That’s a huge opportunity,” Birendra Sen, the President of Business Process Services at Tech Mahindra, told Business Insider. <h2>The need for experimentation</h2>While the use of Gen-AI in the BPM industry is widespread, many initiatives are still in the Proof of Concept (POC) stage. This implies that while there is investment, both in terms of money and manpower, directed at creating more Gen-AI led solutions, they may not necessarily succeed. “If something fails, we just fail fast and move,” Gupta told Business Insider. Moreover, leaders like Venkatesh Korla view AI as a transformative tool that complements human expertise rather than replacing it. “AI is going to help in coaching, compliance, and in quality control. I call this the Iron Man's suit or the J.A.R.V.I.S. for Iron Man because it never replaces the human inside the suit. So, that's really how we need to look at it,” Korla remarked. India’s BPM sector has demonstrated resilience and adaptability in the face of previous challenges, such as the rise of automation and the shift towards digital services. It is now poised to reinvent itself, this time by integrating AI with human expertise and expanding into new talent hubs. With a strong focus on innovation and upskilling, industry leaders are optimistic about the future, anticipating that these strategic moves will secure India’s position as a global leader in the BPM landscape over the next few years. 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 first session <a href="https://www.youtube.com/watch?v=utbJS9i9RgA">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

The future of BPM in India: AI, talent hubs and a new growth strategy

<ul class="summary-list"><li>IBM aims to be "client zero" of the AI products it sells to clients, marketing chief Jonathan Adashek said.</li><li>He said AI has augmented the work IBM staffers do and even made its ads more effective.</li></ul>This as-told-to essay is based on a conversation with Jonathan Adashek, the senior vice president of marketing and communications and chief communications officer at IBM. The following has been edited for length and clarity.In April 2020, our CEO Arvind Krishna said IBM is going to be the leading hybrid cloud and AI company. Everything we need to do should be more productive to get to that point. That means acquisitions, that means divestitures, that means prioritizing some areas of work over others.A great example in my mind is AI. We have an HR service center here in the company that had roughly 800 people in it. Today, that service center has 60 people because we were able to automate the repetitive rote tasks, allowing people to get into more value-creating roles and creating a better interface for our clients.Instead of me picking up the phone or sending an email to someone in a service center saying, "I need help," I can get on to our AskHR chatbot, and with less back-and-forth with the system online, my request is answered in under two minutes.AI needs to augment the work people are doing. Last year, when Adobe introduced Firefly, a creative generative-AI model, in beta, we got permission to create an ad for the Masters golf tournament, which we sponsor.Using Firefly, we had thousands of selects in a matter of minutes. We didn't just take the one that looked best and move it. We took time to go through them and put the right words to sit on top of it. It still took that human touch. The ultimate for me was that it was our best-performing digital ad of the year. The ad performed 26 times better than IBM's average paid-social benchmarks in terms of driving engagement on <a target="_blank" href="http://ibm.com">IBM.com</a> among key targeted audiences.With IBM <a target="_blank" href="http://watsonx.ai">Watsonx.ai,</a> we are going to create a product assistant to help us as marketers and communicators tell our stories and personalize that content for more audiences and get more versions of those stories out.The way I look at AI today, it's like a big iceberg. There's the bright shiny point that's 20% over the water. Everyone's paying attention to the consumer-facing application of AI: Pick your engine, pick your model.Then there's the 80% below the water, and that's where the real change is being made and where the productivity is really taking place at the enterprise level. For example, we have IBM Watsonx Code Assistant; by using natural language prompts, developers can help move from languages like COBOL to Java and deploy code at an increased rate.There are all sorts of examples inside IBM where we want to be "client zero" to make sure we understand how these things work.In August last year, we set the Watsonx challenge, a weeklong hackathon where the most senior-level members of the company to the most junior worked together. Now, 160,000 people are much better skilled at how they use Watsonx, so they can better talk to their clients and partners about it. Multiple clients have now said, "Can you help us structure a challenge like that so we can help do the same?"<h2>Dropping 'hybrid work' from the return-to-office vernacular</h2>I think a lot of what drives productivity in the wrong direction is when you get people not focused on the must-haves and spending more time on the nice-to-dos.Take events. Historically, we could have gone to certain events year after year, but let's take a step back. Do we need to go to these events? Is our client really there? Or do we not need to go and spend the same amount of money, all of those resources, all the time getting ready for it, and instead focus on three or four or five others to get further down the path we need to go? As a 100% business-to-business company, is a consumer show as important to us as showing up at a place where we've got retailers, for example?A lot of the process stuff we've been working through internally at the company is making sure we are getting simpler and being more agile.IBM has always embraced a hybrid workplace and given people flexibility. That's important, but there's no replacement for face-to-face, in-person collaboration.I dropped the concept of "hybrid work" from my vernacular a while ago because it means one thing to me, something else to you, and something else to someone else. What we are trying to say is: Be more intentional about the work you're doing in the office.We have set the requirement that all managers and executives in the marketing function be in the office three days a week, but I give the flexibility to decide when.Intentionality helps. People are scheduling meetings and doing different engagements that work on those days so they get the value of being in a room. It helps people understand each other's work styles and thought processes better and allows people to make quicker decisions.

IBM's marketing chief explains how the company is harnessing AI to boost productivity

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> is preparing for a showdown between some big investment firms and individual shareholders on June 13.</li><li>Several institutional investors have indicated they plan to vote against Elon Musk's pay plan.</li></ul>Tesla is setting the stage for a battle between some vocal institutional investors and some of <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> biggest supporters.The two sides appear ready to face off at Tesla's annual shareholder meeting on June 13. Over the past few weeks, several investment firms have <a target="_blank" href="https://www.businessinsider.com/musks-55-billion-tesla-pay-gets-more-pushback-2024-5">urged shareholders to vote against</a> the proposed pay package for Musk, which was valued at $55 billion when it was <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">struck down by a Delaware judge</a> earlier this year.The executive pay plan, which was first approved in 2018, is centered on a series of goalposts around Tesla's financial growth. The plan involves a 10-year grant of 12 tranches of stock options that are vested when Tesla hits specific targets. When the company hits each milestone, Musk gets stock equal to 1% of outstanding shares at the time of the grant. Tesla said it hit all of the 12 targets as of 2023.The Delaware judge that voided the compensation plan in January argued that Musk had undue influence over the package and its approval because of his close ties to several board members, resulting in an "unfair price."Meanwhile, <a target="_blank" href="https://www.businessinsider.com/why-tesla-wants-give-elon-musk-billion-pay-package-2024-4">Tesla has argued</a> that the pay package is both fair and necessary to maintain Musk's focus on the car company. In a series of <a target="_blank" href="https://www.businessinsider.com/tesla-spends-money-advertising-elon-musk-pay-package-shareholder-vote-2024-5#:~:text=Musk%20does%20not%20receive%20a,when%20Tesla%20hits%20specific%20targets.">advertisements</a> and messages to shareholders ahead of the June shareholder vote, Tesla has continued to argue that the plan is "critical to the future success of Tesla" and a matter of properly compensating Musk for his work over the past six years.And some of Musk's most devout fans, many of which count themselves as investors, have begun to spread the same message. Tesla has even shared screenshots of some of its fans' tweets about voting in some of its filings with the Securities and Exchange Commission, including a video from @TeslaBoomerMama that includes step-by-step instructions on how to vote in the annual meeting.<div type="image" title="Tesla shared some of its fans posts on how to vote in the shareholder meeting." height="882" width="1258" msid="110638842" hostid="261" sizebytes="49282"></div>In some ways, Tesla has made retail investors like @TeslaBoomerMama an influencer of sorts, according to a <a target="_blank" href="https://affiliate.insider.com?h=c9d8161f5dcba07e2ad944cdbfec219df991534f9df4fef9a4bc7fa14a96d3fe&amp;postID=66589cda074e87bb00e4ecea&amp;postSlug=elon-musk-tesla-pay-vote-battle-between-fans-institutional-investors-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftesla-harnesses-an-influencer-army-on-45-billion-musk-pay-vote">report</a> from The Information. Over the past few weeks, Tesla retail investors have been raising a rallying cry on social media, and even targeting investors like Leo Koguan, one of Tesla's largest individual shareholders, who has expressed his intentions to vote against the proposal.Tesla's retail investors hold a notable level of power at the company. Individual investors hold a large portion of Tesla stock, accounting for about 44% of Tesla shares, per S&amp;P Global Market Intelligence data quoted by Reuters. That's the highest percentage out of the 10 largest companies in the S&amp;P 500, according to <a target="_blank" href="https://www.reuters.com/business/autos-transportation/musk-offers-factory-tours-investors-he-seeks-support-his-pay-package-2024-05-28/#:~:text=According%20to%20S%26P%20Global%20Market,companies%20in%20the%20S%26P%20500.">Reuters</a>. So while institutions like CalPERS — which holds about 9.5 million Tesla shares, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-29/tesla-s-56-billion-pay-package-for-musk-opposed-by-calpers-ceo">Bloomberg</a> — have said they plan to vote against the proposal, they might be faced with a large number of individual investors canceling out their votes.Adam Jonas, head of Morgan Stanley's auto and space research, said in an analyst note from Friday that, based on a survey of 109 respondents, Morgan Stanley expects Musk's pay package to be met with 57% approval.Ultimately, the issue comes down to whether individual investors will show out for the vote. Anat Alon-Beck, a corporate law expert out of Case Western Reserve University, told Business Insider that it's uncommon for individual investors to put in the effort to cast a vote."I'd say 90% of retail investors throw out those proxy cards," Alon-Beck said. "I'd be shocked if a large number of them actually vote and mail it back."For its part, Tesla has been working overtime to <a target="_blank" href="https://www.votetesla.com/how-to-vote/">distribute material</a> on how to vote, providing QR codes and online options in addition to mail-in votes. On Tuesday, the company even <a target="_blank" href="https://www.businessinsider.com/tesla-texas-gigafactory-tour-elon-musk-shareholder-vote-pay-package-2024-5">kicked off a raffle</a>, offering shareholders who could provide proof that they'd voted the chance for a special tour of the Texas gigafactory alongside Musk.The Tesla CEO has also promoted the proposal and criticized institutional investors who have spoken out against the pay plan. He even <a target="_blank" href="https://www.businessinsider.com/elon-musk-more-control-tesla-before-expanding-ai-development-2024-1">threatened to take his work with AI</a> outside of Tesla if he is unable to secure additional voting shares.A spokesperson for Tesla did not immediately respond to a request for comment.Ahead of the June 13 shareholder meeting, shareholders will be asked to vote on several other proposals in addition to Musk's pay package. The company is also asking investors to vote on whether to move Tesla's state of incorporation from Delaware to Texas and a separate proposal to reelect Tesla board members Kimbal Musk and Murdoch.For Musk, whose net worth is largely tied to his Tesla shares, the stakes couldn't be higher.Do you work for Tesla or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012.

The battle over Elon Musk's pay package is a showdown between his army of supporters and institutional investors

<ul class="summary-list"><li>Warren Buffett's piece of Apple is worth $169 billion, or more than 450 of the S&amp;P 500 companies.</li><li>Berkshire Hathaway pared its stake by 13% last quarter; it would have been worth $194 billion.</li></ul><a target="_blank" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a>'s stake in <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> is worth more than 450 of the S&amp;P 500 companies following a surge in the iPhone maker's stock over the past six weeks.Buffett's conglomerate, Berkshire Hathaway, owned about 790 million Apple shares worth $135 billion at the end of March, company filings show.Apple stock has soared by 25% since then to a record $214 at Thursday's close, valuing it at $3.29 trillion and just ahead of Microsoft. That means Berkshire's 5.1% stake is now worth $169 billion, assuming it's still intact.The result is that Buffett's slice of Apple is worth more than all but the top 45 companies in the S&amp;P 500, according to <a target="_blank" href="https://www.marketbeat.com/types-of-stock/sp-500-stocks/">MarketBeat data</a>. In other words, if Berkshire's slice of the iPhone maker were a public company, it would be more valuable than Verizon ($167 billion), American Express ($160 billion), IBM ($155 billion), Uber ($148 billion), Nike ($142 billion), and many other blue-chip businesses.Berkshire's position has jumped in value by about $34 billion this quarter. That reflects broader investor optimism about the stock market and economy and fresh buzz around the tech titan following its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-soars-new-record-high-ai-focused-wwdc-2024-6">embrace of AI tools</a> such as ChatGPT this week.Yet it's worth noting that Buffett and his team <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-stock-sales-earnings-cash-pile-buybacks2024-5">pared their Apple wager</a> last quarter by 13%. Their previous 905 million shares would have been worth $194 billion at Thursday's close — a figure larger than the market capitalizations of Accenture ($189 billion), Cisco ($184 billion), and both Disney and McDonald's ($183 billion each).<a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-meeting-return-taxes-cash-dollar-debt-stock-2024-5">Buffett explained why he cut back</a> on Apple during Berkshire's annual meeting in May. He wanted to realize some of his profits in anticipation of the US government raising taxes to tackle its ballooning debt. He added that holding cash wasn't the worst idea at a challenging time for the global economy.The investor may also have been wary of relying too much on Apple. That single holding accounted for more than 40% of Berkshire's $336 billion stock portfolio at the end of March and makes up nearly a fifth of Berkshire's $876 billion market cap.Buffett probably left billions of dollars on the table by cashing out some Apple shares last quarter, but he won't mind too much. Berkshire's cost base for the holding was $31 billion at the end of 2021, its annual report for that year shows, suggesting the company's made more than five times its money on paper.

Warren Buffett's Apple stake is worth $169 billion &mdash; more than the value of many S&P 500 companies

<ul class="summary-list"><li>An NFL player said women should be homemakers in a commencement speech he delivered this week.</li><li>Chiefs kicker Harrison Butker addressed the graduates of Benedictine College, a Catholic school.</li></ul>Nuns affiliated with the college where an <a target="_blank" href="https://www.businessinsider.com/chiefs-kicker-quoted-billionaire-taylor-swift-homemakers-speech-2024-5">NFL player said women should aspire to be "homemakers"</a> aren't fans of his controversial comments.On Saturday, <a target="_blank" href="https://www.businessinsider.com/super-bowl-lviii-winner-chiefs-49ers-pat-mahomes-overtime-2024-2">Kansas City Chiefs</a> kicker <a target="_blank" href="https://www.businessinsider.com/kansas-city-chiefs-harrison-butker-diet-steak-and-rice-2023-2">Harrison Butker</a> addressed the 2024 graduating class at Benedictine College, a small Catholic school in Atchison, Kansas. In <a target="_blank" href=" https://www.youtube.com/watch?v=-JS7RIKSaCc">his speech</a>, he told women in the audience that they have been fed "diabolical lies" about pursuing careers, quickly sparking widespread backlash.The most recent critique of Butker's remarks comes from the sisters of Mount St. Scholastica, who called themselves as "a founding institution and sponsor of Benedictine College" and posted <a target="_blank" href="https://www.mountosb.org/">a statement</a> on their website Thursday."The sisters of Mount St. Scholastica do not believe that Harrison Butker's comments in his 2024 Benedictine College commencement address represent the Catholic, Benedictine, liberal arts college that our founders envisioned and in which we have been so invested," the nuns' statement read.The sisters said that Butker's comments "seem to have fostered division" "instead of promoting unity" and that they disagreed with his suggestion that "being a homemaker is the highest calling" women should aspire for."Many women whom we have taught and influenced during the past 160 years," the nuns said in their statement, "have made a tremendous difference in the world in their roles as wives and mothers and through their God-given gifts in leadership, scholarship, and their careers." <div type="image" title="Benedictine College" height="400" width="600" msid="110215758" hostid="261" sizebytes="41520"></div>The sisters also said that they have taught both women and men to "create a compassionate home" — "not just how to be 'homemakers' in a limited sense.""We reject a narrow definition of what it means to be Catholic," the sisters said. "We want to be known as an inclusive, welcoming community, embracing Benedictine values that have endured for more than 1,500 years and have spread through every continent and nation."<h2 id="26478cf4-d965-4e4f-806f-55eae3468e87">The graduation speech has received widespread backlash</h2>The nuns aren't the only ones to critique Butker's stances.The <a target="_blank" href="https://www.cnn.com/2024/05/16/sport/harrison-butker-commencement-speech-analysis-cec/index.html">NFL distanced itself</a> from his comments in a statement that said the body is committed to inclusivity.Butker also got <a target="_blank" href="https://www.businessinsider.com/chiefs-kicker-quoted-billionaire-taylor-swift-homemakers-speech-2024-5">flak from Swifties</a> for using a Taylor Swift lyric to make a dig at Pride Month elsewhere in his speech. Butker prefaced the lyric by calling Swift, who is <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-relationship-timeline-photos-2023-10">dating Kansas City Chiefs tight end Travis Kelce</a>, his "teammate's girlfriend."<div type="image" title="Kansas City Chiefs kicker Harrison Butker smiles after game-winning field goal against Cincinnati Bengals." height="1650" width="2474" msid="110215760" hostid="261" sizebytes="186144"></div>Some fans highlighted the irony of Butker's choice, given Swift's success in music, and called him "The Smallest Man Who Ever Lived" on social media, a reference to one of the tracks from <a target="_blank" href="https://www.businessinsider.com/taylor-swift-the-tortured-poets-department-album-release-date-tracklist-what-to-know">her newest album.</a>"I actually think that Harrison Butker quoting Taylor Swift in his dumpster fire of a speech is hilarious when you consider that the song he quoted (Bejeweled) is about a successful woman telling a mediocre man to step aside so she can shine," one user <a target="_blank" href="https://x.com/mckenziehopson/status/1791058504171614537">wrote on X</a> in a post that has over 33,000 likes.One social-media user <a target="_blank" href="https://x.com/Alex78MK/status/1790869474649817236">compared the speech to "The Handmaid's Tale."</a> The sisters of Mount St. Scholastica didn't immediately respond to a request for comment from Business Insider. Butker's representative didn't respond to previous requests for comment from BI.

Nuns at the college where an NFL player said women should be 'homemakers' denounced his comments for not reflecting their values

<ul class="summary-list"><li>A millennial in Virginia with two degrees has been job hunting since January 2020.</li><li>He says his degrees haven't helped him find work and have made him overqualified for entry-level roles.</li></ul>Roland Hesmondhalgh started <a target="_blank" href="https://www.google.com/search?q=site%3Abusinessinsider.com+can%27t+find+job+jacob+zinkula&amp;rlz=1C5GCEM_enUS1094US1095&amp;oq=site%3Abusinessinsider.com+can%27t+find+job+jacob+zinkula&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRg60gEINTM5OGowajSoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">searching for a job</a> in January 2020. He's still looking.In 2019, Hesmondhalgh was a part-time photojournalist while working toward a <a target="_blank" href="https://www.businessinsider.com/humanities-majors-that-earn-the-highest-salaries-2019-4">bachelor's degree</a> in multiplatform journalism at the Florida Institute of Technology. He thought it might lead to a full-time opportunity after he graduated, but then he was laid off, the 32-year-old, who lives in Virginia, told Business Insider via email.Aside from the occasional freelance gigs doing photography or <a target="_blank" href="https://www.businessinsider.com/how-to-make-money-scriptwriter-youtube-income-freelance-2023-1">YouTube scriptwriting</a> — which he says pay very little — he hasn't found work since.It hasn't been for a lack of effort. Hesmondhalgh says he looks and applies for jobs every week, and he earned a master's degree in journalism from <a target="_blank" href="https://www.businessinsider.com/a-day-in-the-life-senior-georgetown-university-college-2023-5">Georgetown</a> last year. He says he's even expanded his job search to restaurant and retail jobs — "stocking shelves and flipping patties," for example.But he's struggled to even get a second interview for any job. Hesmondhalgh says that his journalism degrees have "opened no doors" and that he's overqualified for many of the entry-level positions he's applied for — something he thinks has made some employers <a target="_blank" class="" href="https://www.businessinsider.com/gen-xer-college-degree-cant-find-job-government-student-debt-2024-7">less likely to hire him</a>."I cannot get a job to save my life," he said.While the <a target="_blank" class="" href="https://fred.stlouisfed.org/series/LNU04000061">male unemployment rate</a> is low compared with past decades, Hesmondhalgh is among the men who have struggled to find work — or have <a target="_blank" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">stopped looking altogether</a>. In 1950, about 97% of American men ages 25 to 54 had a job or were actively looking for one, according to the Bureau of Labor Statistics. As of June, this figure had fallen to about 90% — though it's the highest it's been since 2010.Among the explanations for this decline is that in recent decades, it's become difficult for some men to land a high-paying <a target="_blank" class="" href="https://www.businessinsider.com/job-openings-bachelors-college-degree-no-education-requirements-2024-2">job without a college degree</a>. These challenges persist today for men even as more companies have become <a target="_blank" href="https://www.businessinsider.com/google-ibm-accenture-dell-companies-no-longer-require-college-degrees-2023-3">open to hiring candidates</a> without degrees. But as Hesmondhalgh can attest to, having a degree doesn't guarantee success in the job market. The <a target="_blank" href="https://www.businessinsider.com/i-graduated-college-with-over-200000-in-student-loans-2023-3">cost of college</a> and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it">pursuing a degree may not be worth it</a> for some people.Hesmondhalgh shared why he thinks his job search has been so challenging and what he plans to do moving forward.<h2 id="eab88e83-f78a-42bb-9b21-8323cc7d6e7b">His degrees have sometimes worked against him in his job hunt</h2>Without a consistent income coming in the door, Hesmondhalgh says, he's been forced to rely on student loans, the Amazon sales of a <a target="_blank" class="" href="https://affiliate.insider.com?amazonTrackingID=bi-auto-71834-20&amp;h=270cbfb562e0ee9656374802ed5b30ac124546bb1bc6dea259483a0a3c531d21&amp;postID=669eb5f4c79d31931d80a53c&amp;postSlug=millennial-looking-job-cant-get-hired-college-degress-entry-level-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FTale-Reginald-Roland-Blake-Hesmondhalgh%2Fdp%2FB0CMJ5TGT8%23customerReviews">young-adult book</a> he published, insurance money tied to the death of his father, and his mother's disability payments — some of which she shares with him.To save money on rent, he recently moved from Washington, DC, to <a target="_blank" href="https://www.businessinsider.com/arlington-guaranteed-income-gbi-ubi-housing-homeless-paying-debt-virginia-2024-2">Arlington, Virginia</a>. If his job struggles continue, he says, he'll probably move in with his mother next year.Hesmondhalgh says his job-search strategy has consisted of being on the mailing list of roughly six online job boards, applying to roles in person rather than online whenever possible, and expanding his search to almost any job he feels qualified for.Ideally, he'd land a <a target="_blank" class="" href="https://www.businessinsider.com/quit-journalism-job-become-high-school-teacher-huge-culture-shock-2023-7">job in journalism</a> — the field he has two degrees in. He thinks he's struggled to land journalism roles because most of the positions he's looked at require three to five years of formal newsroom experience, and he doesn't have that. A broader <a target="_blank" class="" href="https://www.politico.com/news/2024/02/01/journalism-layoffs-00138517">hiring slowdown across the industry</a> hasn't helped matters.When it comes to non-journalism roles, he says his college education has worked against him."Wherever I see a hiring sign and think I'd be comfortable working there, I go in and talk to a supervisor," he said. "Their eyes light up at first, but after I go over my credentials it's just pure ghosting. I don't want to lie, but it seems like honesty is the worst policy."He also says prior work experience in entry-level roles doesn't seem to be of any value."For the low-level grunt work, it's not an issue with experience," he said, adding that he's worked in pizza restaurants, dog kennels, and supermarkets.Hesmondhalgh says the closest he's come to getting a job in recent years was when he applied for the Supreme Court and US Capitol police agencies. He says he had tentative job offers from both, but for some reason, they fell through.Going forward, Hesmondhalgh says he plans to continue his job search for as long as necessary. While he's looking, he says, he's continuing his education through Harvard's online creative-writing program to boost his writing credentials further and "stay active."Hesmondhalgh says he misses working and the sense of purpose it can provide."It hurts to see so many people and news stories saying there's record hiring and I can't get anything even at minimum wage," he said. "Never mind what I spent years of college and tens of thousands of dollars being trained for."Have you given up looking for work or are you struggling to find a job? Are you willing to share your story? If so, reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

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