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<ul class="summary-list"><li>Influencer-marketing startup Dreamwell AI raised $2.3 million in a pre-seed round led by Tim Draper.</li><li>The company uses AI to automate marketing tasks like influencer prospecting and outreach.</li></ul>Artificial intelligence has been a <a target="_blank" class="" href="https://www.businessinsider.com/youtube-product-chief-explains-company-ai-plans-approach-details-2024-9">frequent topic of discussion</a> in the influencer business in recent months. It sparks both excitement and fear, as creators and industry professionals reckon with AI tools that make some creative tasks easier but ultimately <a target="_blank" class="" href="https://www.businessinsider.com/ai-ugc-ads-gone-viral-but-wont-replace-humans-influencers-2024-5">could displace work</a>.A new tech startup called Dreamwell AI has its sights set on using AI to make influencer marketing run more efficiently.Dreamwell's AI tools help brands automate tasks like finding influencers to work with, assessing their value in terms of audience and potential engagement rate, and sending out cold emails to discuss paying them for a sponsored post. The company's goal is to automate 80% to 90% of the work that goes into setting up an influencer campaign, its cofounder Kazzy Khazaal told Business Insider. The task of bargaining with creators and vetting their content for brand safety still requires a human touch, he added."My suggestion to the brands is that as soon as you're starting to negotiate and the influencer gives you a price and says, 'Hey, this is the price that I want,' you're able to step in," he said.In August, Dreamwell raised a $2.3 million pre-seed round led by Tim Draper's VC firm, Draper Associates. Other participating investors in the round included Panache Ventures and BDC Capital Seed Venture Fund.How does the Dreamwell platform actually work? First, a brand looking to run an influencer campaign on the platform enters criteria for the type of audience it wants to reach, such as targeting a particular age group or gender, as well as how much it's willing to pay each creator. Dreamwell then identifies up to 1,000 prospective influencers on apps like Instagram, TikTok, YouTube, and LinkedIn. The company doesn't have direct relationships with most of those talent, but instead tracks down contact information to email prospective creators so a brand can begin a negotiation. A company can automate the entire discovery and outreach process, or manually select different creators that match its audience criteria for a campaign."First and foremost, we try to understand what's the value of this creator," Khazaal said. "What's the predicted performance?"<h2 id="7c6fc1a6-fcf1-46da-a23d-52e72b53ec2d">AI tech helped Dreamwell win over investors, but it also drew skepticism</h2>AI is a major focus among creator-economy companies this year. Startups and Big Tech alike are adding AI tools to help creators automate tasks like video editing, <a target="_blank" class="" href="https://www.businessinsider.com/new-youtube-features-could-help-creators-but-come-with-risks-2024-9">dubbing</a>, and even <a target="_blank" class="" href="https://www.businessinsider.com/spotter-ai-helps-youtubers-like-mrbeast-with-video-ideas-2024-9">coming up with ideas</a>. Top creators like MrBeast and Dude Perfect are already testing the tech out, though some influencers are approaching generative AI with trepidation as they fear it could rob them of work.AI-focused influencer startups have become a hot <a target="_blank" class="" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">M&amp;A target</a> in recent months, as ad-holding companies like Stagwell and Publicis Groupe have scooped up companies with proprietary AI tech. But the phrase "AI" has become so common in startup decks that VCs have a fair amount of skepticism when they hear it in pitches, Khazaal said."I noticed that investors were very skeptical because they'd ask, 'Did you build anything, or are you just taking an OpenAI prompt, wrapping a GPT, and calling it a company?'" Khazaal said. While Dreamwell uses OpenAI to support tasks like summarizing or categorizing data, it built its own model, Khazaal said: "We have our own database. We have our own model that we built. We have proprietary data."Prashant Matta, a general partner at Panache Ventures, told BI he was drawn to Dreamwell's granularity of data and AI-generated insights, which he viewed as unique to the company.Khazaal, who has also worked as a creator himself (he has around half a million YouTube subscribers), said having a track record of real revenue was also key to winning over investors."I would recommend to any startup founder, go get your revenue," he said. "Make the story make sense and get to at least six figures in annual recurring revenue."

A startup pitching AI as a way to automate 80% of influencer-marketing tasks gets funding from billionaire Tim Draper

<ul class="summary-list"><li>Rivian Chief Software Officer Wassym Bensaid says the future of cars will be hands-free.</li><li>That doesn't mean Rivian is on a full sprint toward autonomous driving.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-one-brand-wont-win-ev-industry-tesla-2024-9">Rivian</a> isn't prioritizing autonomous driving, the company's chief software officer said in an interview with Business Insider.As <a target="_blank" class="" href="https://www.businessinsider.com/waymo-tesla-opposite-problems-driverless-cars-technology-competition-market-dominanchttps://www.businessinsider.com/waymo-tesla-opposite-problems-driverless-cars-technology-competition-market-dominance-2024-9e-2024-9">Waymo and Tesla</a> race to scale autonomous driving and usher in an era of self-driving cars and <a target="_blank" class="" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">robotaxis</a>, Rivian, the 15-year-old electric truck and SUV company based in Irvine, California, has different priorities for artificial intelligence, CSO Wassym Bensaid told Business Insider."We are not necessarily chasing full-self driving, we're not chasing robotaxis," he said. "Our goal is incremental improvements to the safety and convenience for customers."For Bensaid, who joined Rivian in 2019 as the senior director of the system architecture and integration team, AI is an opportunity to deliver a safer and seamless driving experience through improved software.During a fireside chat at the TechCrunch Disrupt conference in San Francisco on October 30, the CSO said, "The car is a fantastic environment for AI" and that the ideal vehicle would be one that could be largely controlled by a user's voice."The fact that we're touching the screen or the fact that we're using buttons today in some cars — I think it's an anomaly. It's a bug, it's not a feature," Bensaid said. "Ideally, you would want to interact with your car through voice. And the problem today is that most voice assistants are just broken. They don't work. And this is where AI can really unlock and enable very different experiences in the car."<h2 id="3de6d2c1-1bf7-4b85-ab5b-44f39ea50214">'We're doing a tech product which happens to be a car'</h2>Unlike its EV counterparts at <a target="_blank" class="" href="https://www.businessinsider.com/category/tesla">Tesla</a> or <a target="_blank" class="" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">General Motors</a>, <a target="_blank" class="" href="https://www.businessinsider.com/rivian-layoffs-wall-street-expectations-production-customers-r1t-r1s2023-2">Rivian</a>'s core focus has been the electric vehicle pickup and SUV segment, but it has struggled to take a significant bite out of the EV market in the US.Its first truck, the R1T, wasn't delivered to customers until 2021, 12 years after Rivian's founding in 2009 by current CEO RJ Scaringe. This year, the company went through <a target="_blank" class="" href="https://www.businessinsider.com/rivian-cutting-10-of-workforce-faces-slower-growth-than-predicted-2024-2">two</a> <a target="_blank" class="" href="https://www.businessinsider.com/rivian-layoffs-after-delaying-georgia-factory-r2-2024-4">rounds</a> of layoffs. In October, the company announced it would cut production target from 57,000 units to between 47,000 and 49,000 units, citing supply chain issues.EVs approached an <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">inflection point</a> earlier this year, with the sales rate slowing even though the demand for electric cars persists. This has caused legacy car companies like Ford to pump the brakes on its ambitious <a target="_blank" class="" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">EV goals</a>.Scaringe said in an interview with The Verge that the slowdown in EV growth stems from an "extreme lack of choice" for affordable options. Rivian's lowest-priced vehicle, the R1T truck, retails for about $70,000.A $5 billion investment from <a target="_blank" class="" href="https://www.businessinsider.com/volkswagen-invests-5-billion-rivian-software-development-r2-suv-affordability-2024-6">Volkswagen</a> announced in June could help the struggling EV company deliver on its cheapest model yet, the R2, priced at $45,000 and set to launch in 2026.The CEO said on Kleiner Perkins' "Grit" podcast from September that he has made an intentional effort to avoid becoming a <a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-intentional-effort-to-not-copy-tesla-strategy-2024-9">Tesla 2.0</a>."Tesla has been absolutely inspiring," Scaringe said during the podcast. "One of the things that was so important to me with Rivian was to make sure we weren't covering the same ground as Tesla."Bensaid's comments to BI reflected much of the same sentiment."We're not chasing a specific autonomy level because we think, philosophically, that it's really about the incremental features, whether it's safety or convenience that you can progressively add to the car," he said. "In some cases, some of the automakers end up in a battle over winning standards instead of really delivering better features for customers."A spokesperson for Tesla did not respond to a request for comment.During the TechCrunch fireside chat, the chief software officer said that Rivian's "north star" will eventually be an operating system for other car companies, providing an alternative to <a target="_blank" class="" href="https://www.businessinsider.com/apple-carplay">Apple's CarPlay</a>.In January, Goldman Sachs analysts said Rivian's software is "a key part of the value proposition and monetization opportunity" for the company."Software is, really behind the scenes, pervasive throughout the entire company," Bensaid told BI. "And we see Rivian as a tech company. We're doing a tech product which happens to be a car."

Rivian's head of software says the company is not trying to be like Tesla regarding automation

<ul class="summary-list"><li>Jasper is a marketing platform that provides AI-driven strategies to its clients.</li><li>The company is using emerging tech to target businesses interested in AI-based marketing products.</li></ul>For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future.Jasper is an artificial-intelligence marketing platform founded in 2021. The company is fully remote, with 230 employees based in the US, Europe, and Australia. Jasper provides content strategy, integrated marketing campaigns, and public relations to companies including Prudential, Ulta Beauty, Morningstar, and iHeartMedia.<h2 id="15303c4e-ff18-41d1-b714-727cc90ea9f0">Situation analysis: What problem was the company trying to solve?</h2>Jasper has focused on helping clients automate their copywriting using their own brand voice for materials such as blogs, sales <a target="_blank" class="" href="https://www.businessinsider.com/goblin-tools-artificial-intelligence-review-ai-for-emails-2023-12">emails</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/strategies-to-manage-grow-small-business-social-media-accounts-2021-3">social-media posts</a>. Loreal Lynch, Jasper's chief marketing officer, said the company also offered a self-service AI writing assistant.But as free generative-AI tools like ChatGPT became widely available, Jasper's services evolved. The company started by building products with AI to help clients improve their overall marketing programs. Then Jasper used AI to build a sales pipeline to target companies interested in its AI-based marketing products.Lynch said the goal was to engage prospective clients with "a very personalized campaign where we could automate the creation of a personalized email, a personalized web experience, and a landing page."<div type="image" title="Headshot of Loreal Lynch" height="800" width="800" msid="115425901" hostid="261" sizebytes="26922"></div><h2 id="e69ced26-78c1-420d-843a-4a326679582c">Key staff and partners</h2>Tom Newton, the company's vice president of revenue marketing, said Jasper's marketing team developed the <a target="_blank" class="" href="https://www.businessinsider.com/marketing-industry-using-ai-save-time-money-boost-productivity-study-2023-6">AI-powered account-based marketing workflow</a>. This program could target companies with tailored <a target="_blank" class="" href="https://www.businessinsider.com/how-use-ai-for-content-creation-digital-marketing">content</a> in the hope of turning them into clients. The company's design and web teams were also involved in its development.<h2 id="6a422697-1d8b-4827-b9da-21e5f360090a">AI in action</h2>Lynch said Jasper used its AI-driven workflow to perform several functions in order to help attract business.First, the program scraped the websites of enterprise companies that Jasper hoped to sign up as clients and gathered information such as company details, brand voice, and email addresses. Newton told Business Insider that this approach identified 2,000 email accounts for prospective clients to target.Then, using the details collected from the websites, Jasper's AI ABM workflow created <a target="_blank" class="" href="https://www.businessinsider.com/how-artificial-intelligence-is-used-in-marketing-strategy-2024-5">a mock landing page</a> for each company.<div type="image" title="Screenshot of Jasper's mock landing page for Kroger, with an image of two cups and a bowl filled with oranges, apples, and cinnamon sticks on the right side." height="1572" width="2880" msid="115425899" hostid="261" sizebytes="179376"></div>Newton said the AI program created and sent a personalized email to each of these companies this year. The email included a link to the sample landing page and a message advertising Jasper's services. The goal was to showcase Jasper's tools to prospective clients.Jasper's AI tool followed up with two additional emails per company.With AI, Jasper generated emails and sample web content in a fraction of the time it would take traditional marketing teams. Lynch said the campaign also helped expand the company's sales efforts.<h2 id="3e5670ff-c4d4-49f9-b8f9-a4cf1710383c">Did it work, and how did leaders know?</h2>Newton told BI that Jasper acquired 12 customers using the AI ABM workflow.Additionally, Jasper said that based on the hours invested in developing the workflow compared with the revenue generated, the initial campaign achieved a return on investment of 20 times for the company. Newton also said its <a target="_blank" class="" href="https://www.businessinsider.com/ai-email-inbox-revolution-chatgpt-google-openai-shortwave-productivity-tools-2023-3">AI-generated emails</a> performed significantly better than traditional email marketing, achieving 2.9 times the number of opens, 11 times the number of clicks, and four times the number of responses."It's a level of impact that's kind of unreal," Newton said. "Not only can humans not realistically build this many customized experiences at scale, but also we're driving outsized impact on revenue and moving the needle as a business with this tool."<div type="image" title="Headshot of Tom Newton" height="4032" width="3024" msid="115425902" hostid="261" sizebytes="519508"></div><h2 id="41ef074a-a234-4675-8f7a-cd8fc681bc04">What's next?</h2>Lynch said the ABM workflow is now part of Jasper's internal process to attract customers and generate revenue. The company is also offering it to its customers as a service designed to boost their own businesses."Something like this can be really transformational for an enterprise marketing team," she said.Jasper continues to expand its AI services. It recently launched an AI image suite to help customers <a target="_blank" class="" href="https://www.businessinsider.com/ai-platform-runway-lets-users-transform-images-videos-with-words-2023-5">edit images at scale</a>, such as by changing colors or adding graphics for holiday marketing campaigns, Lynch said.The company is also working on using AI to automate and scale content tailored around keywords to help customers improve their search-engine rankings.

One marketing firm is merging AI and account-based marketing to attract new businesses. It's already achieved a 20x ROI.

<ul><li>A study by <keyword id="19900426" type="General" weightage="100" keywordseo="Accenture" source="keywords" meta.keywordsubtype="org" meta.entityname="Accenture" meta.hostid="261" meta.entityid="Accenture">Accenture</keyword> says GenAI could add billions to Indian economy</li><li>The study added that 31 percent of working hours in India could be automated</li><li> Indian economy could be up by as much as USD 675 billion by 2038</li></ul> In the last two years, there have been many debates about the possibility of AI replacing human beings at their jobs. Various tech experts have expressed their opinions on this. While there is one section of people saying that AI will make it easier for human beings to do their jobs, there is another section that fears being replaced altogether. Talking about the section that thinks AI will help humans do their jobs better, various experts have said in the past that AI will focus on mundane aspects of a job so that human beings can be fully focused on more challenging and creative parts. And a new study by Accenture seems to support this argument. Moreover, the study also says that due to the use of generative AI, Indian economy could be up by as much as USD 675 billion. <h2>GenAI could add USD 675 billion to Indian economy</h2>According to the study by Accenture, adopting a people-centric approach to GenAI could potentially add USD 675 billion to India's economy by 2038. This transformative impact hinges on a bold vision for reinvention, underscored by strong data and technology foundations, and an intentional approach to workforce development. The <keyword id="22702248" type="General" weightage="20" keywordseo="Accenture-study" source="keywords">Accenture study</keyword> highlights that the deployment of GenAI could automate approximately 31 percent of working hours in India. This significant shift is expected to contribute a 0.6 percentage point increase to the annual GDP growth, showcasing GenAI's potential as a powerful economic driver. However, the journey to harnessing this potential is fraught with both opportunities and challenges. For the unversed, generative AI, a subset of artificial intelligence, involves machines generating text, images, or other media in response to prompts. This technology has far-reaching implications for industries ranging from capital markets to retail, banking, insurance, and software platforms. Globally, these sectors are expected to witness the automation or augmentation of 49% to 71% of working hours due to GenAI. <h2>31 percent automation in India</h2>The Accenture study also highlights that in the Asia-Pacific region, the impact of GenAI is anticipated to be substantial, with Australia and Japan seeing the highest impact at 45% and 44% of working hours, respectively. For India, the projection of 31% automation signifies a seismic shift in how businesses operate and how work is performed. <keyword id="22702250" type="General" weightage="20" keywordseo="saurabh-kumar-sahu" source="keywords">Saurabh Kumar Sahu</keyword>, Lead for India Business at Accenture, underscored the necessity of a bold vision for reinvention. He said that the scaled and responsible deployment of GenAI can drive revenue growth and act as a force of change, reinventing functions across industries. However, unlocking the real value of GenAI requires businesses to have robust data and technology foundations. "The scaled and responsible deployment of generative AI can not only drive revenue growth but also act as a force of change that can reinvent almost all functions across industries. To unlock its real value, businesses need to have a bold vision for reinvention anchored in a strong data and technology foundation. This, coupled with an intentional approach to skilling, is crucial to succeed in the age of generative AI," Sahu said in a statement according to a report in Business Standard. <h2>89 percent businesses plan to increase AI spending</h2>Despite the promising prospects, there is a critical gap in preparation that could hinder the effective integration of GenAI. The Accenture study reveals that while 89% of businesses plan to increase spending on AI, only 35% prioritise workforce development. Moreover, a mere 4% of business leaders have implemented GenAI training at scale. This disparity underscores the urgent need for comprehensive skill development programs. As organisations embrace GenAI, equipping the workforce with the necessary skills is important to ensuring that the technology's implementation is both effective and sustainable. SEE ALSO: <a href="https://www.businessinsider.in/artificial-intelligence/news/verizon-sees-early-success-using-generative-ai-to-answer-questions-from-business-customers/amp_articleshow/112145960.cms" data-type="tilCustomLink" target="_blank">Verizon sees early success using generative AI to answer questions from business customers </a><a href="https://www.businessinsider.in/tech/news/yup-ai-is-basically-just-a-homework-cheating-machine/amp_articleshow/112330231.cms" data-type="tilCustomLink" target="_blank">Yup, AI is basically just a homework-cheating machine</a>

Indian economy could get USD 675 billion due to AI by 2038, study shows

<ul class="summary-list"><li>The striking of US port workers on the East and Gulf coast could impact certain stocks.</li><li>Port workers are demanding a 61.5% raise and oppose the adoption of automation in new contract negotiations.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">striking of US port workers across the East and Gulf coast</a> on Tuesday is set to have big ramifications for the stock market if negotiations are drawn out.Workers of the International Longshoremen's Association saw their contract expire on Monday.The workers are asking for a 61.5% pay raise over six years and strong language against adopting automation and AI technologies in their new contract.According to Stifel analyst Bruce Chan, the ramifications of the port strike won't be sizable unless the strike is drawn out for more than two weeks."The longer this goes, the more the impact scales, and really it starts to scale exponentially," Chan told Yahoo Finance on Tuesday.That could lead to a rebound in inflation for consumer goods, a shortage of certain consumable products, and ultimately job layoffs in certain industries, according to Chan."Where we'd probably be most worried is for critical process inventories. Unavailability there could cause shuttering of production plants, potentially furloughs and layoffs," Chan said.Detailed below are the biggest winners and losers of the situation, along with other companies that will be impacted to a lesser degree.<h2 id="bb9e7a39-dfd3-42d3-aec4-ad100d960810">Biggest winners</h2>The international air cargo business of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> is the clear winner of the ILA port strike, as high-value goods will be shifted to airfreight to avoid the backed-up ports."Air cargo essentially is the only clear beneficiary we can see in this situation. It's essentially the only way to move products in country and bypass the ports," Chan explained, adding that there isn't much capacity to divert ships to ports on the West Coast or in Canada.He added: "There really are not a whole lot of options in terms of a plan B here other than air cargo," Chan said.Investors are already catching on to this dynamic, with shares of UPS and FedEx both rising 6% in the past week."We think the most direct beneficiary of a strike situation would likely be international airfreight capacity providers like FedEx and UPS, which have significant operating leverage to Express operations," Chan said in a note over the weekend.<h2 id="b875b888-0b77-451e-9d75-2651d2e6b270">Other winners</h2>As companies seek alternative routes to transport their goods, logistic networks can see an increase in volumes.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/chrw-stock">C.H. Robinson Worldwide</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/expd-stock">Expeditors International of Washington</a> have seen gains of 4% and 5% in the past week, respectively, as investors anticipate increased business due to the port strike.<h2 id="9bc29b04-9899-4dbb-9d3f-0d0cf8831653">Biggest losers</h2>The biggest losers, so far, appear to be shipping container companies that are directly exposed to the port strike.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/zim-stock">ZIM Integrated Shipping Services</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/cmre-stock">Costamare</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gsl-stock">Global Ship Lease</a> dropped 7%, 2%, and 2% on Tuesday, respectively.Ultimately, Chan sees the port strike lasting about two weeks, with a lot of it hinging on how the Biden administration responds."I think a lot is going to depend obviously on the political situation and the willingness of the Biden administration to intervene here, but our base case is about two weeks," Chan told Yahoo Finance on Tuesday.Biden, who is known to be very pro-union, has resisted calls to enact the Taft-Hartley Act, which would force port employees back to work while the negotiate a contract."There's collective bargaining, and I don't believe in Taft-Hartley," Biden said on Monday.<h2 id="94183ca9-b0db-438c-8537-399af0c79994">Other losers</h2>A lot of goods movers concentrated on the east coast could see decreased volumes as goods stop moving into the port.That means railroads and trucking companies with significant exposure to the east coast could take a hit."With respect to the rails, there are clearly some near-term headwinds to both East Coast rails CSX and NSC," Chan said, adding that West Coast railroad operators are unlikely to see a big benefit."We see this as a small headwind with no real winners among the rails," Chan said.Other potential losers, if the strike is drawn out for an extended period of time, are retailers like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/cost-stock">Costco</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tgt-stock">Target</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/hd-stock">Home Depot</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/low-stock">Lowe's</a>, as they may struggle to replenish their shelves with certain goods.

The biggest stock market winners and losers of the US port strike

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Mondays are probably the best day to start eating healthier. (Can't start a diet on a Friday.) And whatever your goals are, protein will play a key role. A nutrition coach breaks down <a target="_blank" href="https://www.businessinsider.com/easy-calculate-how-much-protein-coach-olympians-2024-9">how to figure out how much you need</a>.In today's big story, the stock market has officially enjoyed a bull rally for over two years. <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">So now what</a>?What's on deck:<ul><li>Markets: Jamie Dimon's retirement <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-political-ambitions-retirement-plans-jpmorgan-3q-earnings-2024-10">doesn't mean his exit from JPMorgan</a>.</li><li>Tech: Roblox investors are <a target="_blank" href="https://www.businessinsider.com/roblox-stock-recovers-after-short-seller-hinderberg-report-2024-10">shrugging off a short-seller's report</a>.</li><li>Business: It's the first day of work for Nike's new CEO. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">Here's what's at stake</a>.</li></ul>But first, time flies when you're making money.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">Bullish on the bull market</h2><div type="image" title="Wall Street bull statue" height="4024" width="6048" msid="114217361" hostid="261" sizebytes="1697474"></div>Happy belated birthday to the stock market's bull rally!In case you missed it, Saturday marked two years since stocks bottomed out before going on a run. The Nasdaq 100 (88%), S&amp;P 500 (62%), and the Dow Jones Industrial Average (46%) have posted strong returns in the two years since.But don't worry about missing the celebration, because the party might be going on for a while. Stock market experts who spoke with Business Insider's Matthew Fox <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">don't see things slowing down anytime soon</a>.In fact, the average bull market lasts longer than five years, so we might not even be halfway to the finish line. There's no consensus on exactly how the next few years will shape up, but the experts agree they don't see a market downturn in the near future.Earnings season, which is in full swing this week, will provide more color on where things are headed. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Expectations are high</a>, and for good reason. The S&amp;P 500 has enjoyed year-over-year earnings growth for four consecutive quarters.<div type="image" title="inflation dollar hovers over groceries" height="893" width="1786" msid="114217363" hostid="261" sizebytes="43390"></div>So, what's the case for the bull rally to continue?Past performance does not guarantee future results, so bull runs' history of sticking around doesn't mean this one will.But the first thing to consider is this bull market's resiliency.The past two years have seen multiple banks fail, a bond-market meltdown, and the unwinding of a trade tied to the Japanese yen that sent stocks tumbling. Interest rates also remained elevated as the economy battled high inflation.Beyond the financial markets, things haven't been much calmer. The war in Ukraine rages on, and there's arguably more violence in the Middle East than there has been in decades.Meanwhile, the run-up to the presidential election has been unprecedented. The sitting president shockingly ended his reelection campaign, and another candidate faced multiple assassination attempts.So yes, we've been through a lot, and stocks keep going up and to the right.While I can't guarantee things will calm down, there are some bright spots. There might not be more rate cuts this year, but the job market is strong and inflation is (mostly) under control. Whether we're in a soft landing or a "no landing," both situations are better than a recession, <a target="_blank" href="https://www.businessinsider.com/inflation-recession-outlook-prediction-labor-market-job-additions-interest-rates-2024-10">which seems unlikely at this point</a>.The actual stock market is healthier, too, as it's no longer reliant on the Magnificent Seven's performance. Instead, it's enjoying growth across different sectors, which gives it more immunity from industry-specific shocks.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>SpaceX's Starship <a target="_blank" href="https://www.businessinsider.com/spacex-starship-fifth-flight-test-how-to-watch-2024-10">completes historic 5th flight test</a>.</li><li>'Let chaos reign': <a target="_blank" href="https://www.businessinsider.com/new-players-startups-ai-inference-driving-prices-down-cheap-workload-2024-10">AI computing costs are about to plummet</a>.</li><li>The professor made porn. <a target="_blank" href="https://www.businessinsider.com/professor-porn-fired-salacious-free-speech-academic-freedom-2024-10">His firing may shape the future of free speech</a>.</li><li>Elon Musk says <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-spacex-launches-california-coastal-commission-2024-10">he will take legal action</a> after California officials cited his politics when rejecting SpaceX launches.</li><li>How Saudi Arabia could create <a target="_blank" href="https://www.businessinsider.com/russia-economy-saudi-arabia-oil-price-war-supply-opec-cuts-2024-10">a crisis for Russia's economy</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Jamie Dimon" height="500" width="1000" msid="114217365" hostid="261" sizebytes="20910"></div><ol><li>You can't get rid of Jamie Dimon that easily. The JPMorgan CEO has hinted at plans to step down in the not-so-distant future. But during the bank's earnings call, he also said there is an "almost nil" chance of him joining the next presidential administration as he plans to stay at JPMorgan "for a long period." <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-political-ambitions-retirement-plans-jpmorgan-3q-earnings-2024-10">Here's how both things can be true</a>.</li><li>Ken Griffin knows who he's voting for, and he's not happy about it. The billionaire hedge fund manager and Republican megadonor hasn't supported either presidential candidate. The Citadel CEO said he knows who he is voting for, but "<a target="_blank" href="https://www.businessinsider.com/citadel-ken-griffin-election-taxes-florida-2024-10">it's not with a smile on my face</a>."</li><li>BlackRock wants to make alt investments not so alternative. The $11.5 trillion asset manager <a target="_blank" href="https://www.businessinsider.com/blackrocks-next-big-bet-private-markets-2024-10">hopes to grow its private markets business</a>, which includes less liquid, more expensive investments with the potential for higher returns. It comes after securing $221 billion in net inflows last quarter, a company record.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Augustus Doricko sits in a desk with a huge American flag on the back wall." height="3739" width="4985" msid="114217359" hostid="261" sizebytes="612242"></div><ol><li>The 24-year-old wunderkind trying to make water out of thin air. With his new company, cloud-seeding startup Rainmaker, <a target="_blank" href="http://businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">Augustus Doricko has launched a God-fearing, cigarette-loving tech hub</a> in El Segundo, California. "Respect to Zuck, but I certainly hope the next cohort of people that build great things do it in the real world," Doricko told BI.</li><li>Roblox took an L and bounced back. The gaming platform's stock tumbled after a prominent short-seller accused it of inflating user numbers and failing to protect children from predators. Investors appear undeterred; after the drop, <a target="_blank" href="https://www.businessinsider.com/roblox-stock-recovers-after-short-seller-hinderberg-report-2024-10">Roblox's stock rebounded</a>, with Wall Street focused on its growth potential.</li><li>Twelve AI coding startups to watch. AI coding startups are having a moment as VCs look to invest in tools that automate the boring parts of coding and let developers focus on more creative tasks. <a target="_blank" href="https://www.businessinsider.com/ai-code-startups-that-have-raised-the-most-vcs-a16z-2024-10">These 12 startups have attracted funding</a> from VCs like a16z and Menlo Ventures.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of expensive Erewhon groceries, receipt, shopping cart, and payment system" height="1000" width="2000" msid="114217368" hostid="261" sizebytes="117578"></div><ol><li>I've been a very brave Gen Zer. I'd like a treat. Inflation's got nothing on Gen Z's love of bougie snacks: Young people splurge on expensive groceries more than any other generation. The reason? <a target="_blank" href="https://www.businessinsider.com/gen-z-loves-expensive-groceries-snacks-erewhon-whole-foods-2024-10">Consuming health-conscious food is a show of economic power</a> — and everything else is too expensive.</li><li>Office vacancy may deliver some housing relief. The office sector will experience a wave of distress in coming years, real estate experts told BI. That might be good news for housing supply <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-office-outlook-fire-sales-apartment-conversions-housing-2024-10">as former offices get converted to apartments</a>.</li><li>It's Elliott Hill's first day as Nike's CEO. Can he just do it? Nike released its first-quarter fiscal 2025 earnings report on October 1, and revenue declined 10% from the previous year to $11.6 billion. Now, it's up to Hill <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">to lead a full-scale comeback for the brand</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>How rich Americans can save on taxes by <a target="_blank" href="https://www.businessinsider.com/upstream-planning-transfers-capital-gains-tax-stock-real-estate-2024-10">giving stock and real estate to their parents</a>.</li><li>Tesla investors don't seem to trust Elon Musk like they used to. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-tesla-twitter-wall-street-disappointment-self-driving-taxi-2024-10">Is that because of Twitter</a>?</li><li>Here's how natural disasters are shaping the buy-versus-rent decision <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-natural-disasters-buy-rent-florida-climate-change-risks-2024-10">in vulnerable states like Florida</a>.</li><li>Warren Buffett's company website looks like a relic from the 1990s — <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-website-homepage-culture-values-billionaires-links-2024-10">but that's on purpose</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>It's Columbus Day in the US. In some states, like New York, it's a day to celebrate Italian American culture and history.</li><li>It's also Indigenous People's Day, which some states recognize instead of, or in addition to, Columbus Day. Thirty-five states and the District of Columbia mark this holiday.</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. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

The stock market has officially enjoyed a bull rally for over two years. So now what?

<ul class="summary-list"><li>Tech graduates, once near-guaranteed a role, are facing a tough job market.</li><li>The rise of AI, offshoring, and tech layoffs are making roles more competitive. </li></ul>When Alex Diaz decided to major in computer science, he was looking for job security."I chose computer science for insurance," Diaz, a recent University of Maryland graduate, told BI. "I thought if I graduate, I'm sure to find a job because every industry needs a computer scientist nowadays."Four years down the line, Diaz isn't feeling so confident."I've been applying for hundreds of positions — positions I believe I'm qualified for — but I'm just not getting a response," he said. "I think this parallels with a lot of people's experiences."Diaz graduated with a 3.83 GPA from the University of Maryland this summer, and while he's only technically been out of work for three months, he says the real story is more complicated."I've been trying to find a job since my senior year of college," he said. "The idea is we are supposed to graduate with a job, which means I'm really a year behind.""All tech grads are having a tough time right now. I'm of the opinion that if you don't have a referral, it's almost impossible to find a job," he added.While the <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-economy-goldman-unemployment-jobs-report-nonfarm-payrolls-rates-2024-10">US job market is improving</a>, experts say tech graduates are still struggling — and will continue to for a while.James O'Brien, a computer science professor at the University of California, Berkeley, told BI that he's observed a<a target="_blank" class="" href="https://www.businessinsider.com/tech-degrees-job-berkeley-professor-ai-ubi-2024-10"> shrinking in the tech job market</a> that he doesn't expect to ever improve.A tech degree used to guarantee graduates at least one great job offer, but now many students are struggling to find work, he said.O'Brien puts a lot of the blame on AI and its effect on the labor market, especially lower-level jobs. "Even at the higher level, it makes people more efficient, so you tend to need fewer people," he said."It's like a perfect storm of this new technology, offshoring, and remote employment," he said. "I think our students are aware that the job market is changing."<h2 id="c8ab97f1-addf-468a-b580-fe17972f1b67">Graduate struggles</h2>Research from ADP, a payroll services company, has found that hiring for some tech jobs is declining, especially for software developers and engineers.ADP tracked employees at 6,500 companies, including over 75,000 software developers, from January 2018 and January 2024.The research found that while developer employment increased from January 2018 to November 2019, it has been falling ever since. The research found employment of software developers dropped sharply in January 2022 and, despite some fluctuation, has been falling since 2020.It doesn't help that tech degrees have traditionally been thought of as a surefire way to secure employment. According to data from the Federal Reserve released in February 2024, <a target="_blank" class="" href="https://www.newyorkfed.org/research/college-labor-market#--:explore:outcomes-by-major">computer science graduates</a> have an unemployment rate of 4.3%, higher than philosophy graduates."Hiring has definitely slowed this year," Kory Kantenga, LinkedIn's head of economics for the Americas, told BI. "Interest rates started coming up, and hiring started slowing down, and hiring has been on this gradual slowdown since about spring 2022."He said industries like tech, which have benefited from years of very low interest rates, were the most heavily impacted by the economic shift."Slowdowns hit entry-level workers the hardest, and it takes a while for them to recover," he said. "If companies are thinking about cost cutting, they're just going to leverage experienced workers to do some of the entry-level work until they can get some more entry-level workers in the door."<h2 id="bc06e95b-beaa-41f7-a806-58f4bfa6410d">'I joke about what my degree is even worth'</h2>Alec Wolyniec, a software developer with five years of experience, said he's noticed a sharp difference in opportunities over the last few years.He said interviewing in 2020 as a junior engineer was significantly easier than interviewing in 2024 as a mid-level candidate. Wolyniec graduated from Emory University in 2017 with a degree in computer science — and he's seen job opportunities dry up ever since."While I enjoyed computer science I did it more as a practical thing because I felt it would be a solid career path," he said. "Now I end up joking about what my degree is even worth."Wolyniec said by 2023, it had become dramatically harder to get a job in tech. He said he started to hear nothing back from jobs he applied to."That was kind of a shock," he said. "I also wasn't getting messages from recruiters on LinkedIn most weeks like I was before."<h2 id="5c910307-61f4-4abd-bd6a-09643efe2a5c">Layoff streak</h2>After two years of brutal tech layoffs, demand for tech workers has still not returned to pre-pandemic levels.According <a target="_blank" href="https://www.linkedin.com/pulse/global-labor-market-remains-sluggish-amidst-policy-ctevc/?trackingId=%2B5%2B5nGu3Sd%2BVg59O4eGFHA%3D%3D">to LinkedIn data, </a>the number of applicants per single job listed on the site in the technology, information, and media industry has increased from five to seven over the last two years.While hiring in the tech sector has stabilized since last summer, it has still not returned to pre-pandemic levels, per LinkedIn. According to data provided by the job site, there has been a 19% decrease in hiring for "information technology" roles since the summer of 2018.The tech industry has also been experiencing record layoffs, which have flooded the market with more qualified employees searching for new roles.In 2022, the tech industry laid off 263,000 workers, a <a target="_blank" class="" href="https://www.statista.com/statistics/199999/worldwide-tech-layoffs-covid-19/#:~:text=However%2C%20as%20lockdowns%20ended%2C%20economic,by%20trhe%20end%20of%202022.">record number of layoffs</a> for the sector. The cuts kept coming in 2023, with another 262,735 workers laid off by the end of the year, <a target="_blank" rel="noopener nofollow" href="https://layoffs.fyi/">according to </a><a target="_blank" href="http://Layoffs.fyi">Layoffs. fyi</a>.Layoffs appear to be slowing but are still high for the traditionally stable sector. According to the layoff tracker, as of October 2024, 457 tech companies had laid off 139,534 workers this year.Alex Hernandez, a tech recruiter and former Twitter employee, attributes the decline in job opportunities to increased automation, a reevaluation of workforce needs post-pandemic, and tech companies' emphasis on efficiency."While certain areas, like data science and AI, have seen growth, other sectors have experienced contractions," he told BI."Tech layoffs, particularly in 2023, have created a ripple effect. "Initially, they led to a surplus of talent in the market, which increased competition for open roles. However, these layoffs have also caused companies to reassess their hiring strategies, focusing on roles with immediate return on investment," Hernandez added.<h2 id="0d2a4f88-603b-4e9d-acdf-6d8d7d334de0">AI anxiety</h2>Some think the recent rise in <a target="_blank" class="" href="https://www.businessinsider.com/ai-coding-tools-junior-software-developers-microsoft-github-copilot-chatgpt-2024-10">AI is also playing a role in entry-level employment.</a>"Many tasks that used to require junior developers or data analysts are being automated, meaning that entry-level roles are becoming more technical and demanding," Hernandez said.While some grads say they are worried about the effect AI automation might be having on their employment options, the data still isn't clear on how many entry-level jobs are actually being eaten by the new tech."It's certainly possible that AI could be playing a role in what's happening in the labor market, but I think it's too soon to make that call," Kantenga said. "But there just isn't a lot of bites right now to say that AI is eliminating roles for entry-level workers."There is also a vibe problem among job hunters. According to LinkedIn's workforce confidence index, worker confidence in finding and holding a job is at a four-year low, with Gen Z workers feeling particularly uncertain about their jobs.<h2 id="083a61d2-737d-49d7-b767-ad7bb43360ee">Gen Z feels overwhelmed </h2>Changes in the way we work may also be making things difficult for new graduates.LinkedIn's research found that 73% of Gen Z professionals globally feel overwhelmed by the rapid pace of workplace changes, and 55% of Gen Z workers are worried about being left behind because of how quickly their jobs and work are changing.Chris Abbass, CEO and founder of tech recruiting platform Talentful, says the rise of remote work is also making it more difficult for companies to train graduate employees."Since a lot of companies have moved to WFH, it's increasingly difficult to get new graduates with no work experience to ramp up and be productive in a new role," he said."Graduates need a lot of coaching and training for the first three to six months in a role, and this is very hard remotely. Companies are not investing in other ways to do this and are opting to avoid the risk and go with experienced hires," he added.

It's a tough time to be a tech graduate — AI and layoffs have made it a competitive job market  

<ul class="summary-list"><li>Starbucks' comparable sales in China are slumping, with a 14% drop in the most recent quarter.</li><li>Its then-CEO put it down to weak consumer spending and a coffee store "price war" in a July investor call.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">Starbucks</a> has been struggling in China.Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter.China, the world's second-biggest country by population, is a crucial market for Starbucks. The coffee giant has <a target="_blank" rel=" nofollow" class="" href="https://s203.q4cdn.com/326826266/files/doc_financials/2024/q3/3Q24-Earnings-Release-Final-7-30-24.pdf">more than 7,300 stores</a> there, nearly 20% of its total footprint — making China its second-biggest market after only the US. It's targeting <a target="_blank" class="" href="https://stories.starbucks.com/asia/stories/2023/starbucks-enhances-innovation-to-support-growth-in-china/">9,000 stores</a> by 2025.Starbucks opened its first store in mainland China in Beijing <a target="_blank" class="" href="https://www.starbucks.com.cn/en/about/history/">in 1999</a>.<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reserve-roastery-shanghai-china-is-worlds-biggest-2018-4">Shanghai</a> was also chosen as the location of the <a target="_blank" class="" href="https://www.starbucksreserve.com/stories/hello-shanghai">second Starbucks Reserve Roastery</a>, after Seattle.In mid-August, Starbucks named <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Chipotle CEO Brian Niccol</a> as its new boss in an abrupt management shake-up. One of his key priorities could be turning around its Chinese business.<h2 id="5529d4ab-9d0b-4d20-9223-34655e83b33d">Sales slump</h2>Starbucks' comparable store sales in China have been incredibly volatile over the past five years.Comparable sales are determined by two components: The number of orders placed and the average order size.In previous years, sales were massively affected by <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-protests-covid-lockdown-explainer-stakes-2022-11">China's strict zero-COVID policy</a>. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July."Unprecedented store expansion and a mass segment price war at the expense of comp and profitability have also caused significant disruptions to the operating environment," he said.Comparable store sales have been negative for the last two quarters. In the most recent quarter, to June 30, both the comparable transaction count and average ticket size were down 7% year-over-year. The average ticket size has been steadily declining over the past two years.In particular, fewer occasional customers have been visiting in the afternoons and evenings, Narasimhan told investors in April.<h2 id="060c4243-77d8-4369-88a7-38a9fadab9f0">Increased competition</h2>The rapid growth of the coffee-shop sector in China means there's simply "too much competition," Sherri He, who leads the China unit of consulting firm Kearney, told Business Insider.She said it was Starbucks' "number one challenge" in China.Narasimhan told investors in April that there was "fierce competition among value players" in China.<a target="_blank" class="" href="https://www.businessinsider.com/luckin-coffee-chinese-chain-making-starbucks-nervous-singapore-2023-11">Luckin Coffee</a>, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. Luckin was only founded in 2017 but it has <a target="_blank" class="" href="https://investor.lkcoffee.com/news-releases/news-release-details/luckin-coffee-opens-its-landmark-20000th-store-beijing">more than 20,000 coffee shops</a>, the vast majority of which are in China.Luckin has a much broader presence across China than Starbucks, including in smaller cities, the analysts said. Nearly a quarter of Starbucks' Chinese stores are in Beijing and Shanghai, and the vast majority of its other stores are in tier one, new tier one, and tier two cities, according to a Bank of America report from April.Other major competitors in China include Cotti Coffee, McDonald's McCafe, and KFC's KCoffee.<h2 id="7f36829d-72cf-4485-bc9e-7582b527c3ed">Not all Chinese consumers want the Starbucks experience</h2>Coffee is "still a growing habit" in China, Dave Xie, a partner at Oliver Wyman focusing on consumer goods and retail, said. "Lots of consumers just drink tea."And when they do go to a coffee shop, they generally care much more about the product than the experience, Xie said."Starbucks is a consumer-centric company, but for Luckin it's really product-centric," Xie said. Luckin has a "very rapid product innovation cycle" with much more frequent launches than Starbucks, he said.The Chinese coffee chains are much more "agile" at adapting to trends and cater more closely to the flavors favored by Chinese consumers, He, the Kearney partner, said. This includes Luckin's focus on sweet and milky beverages, with a brown sugar boba latte and a hugely popular coconut latte that accounts for 70% of sales at some stores, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-06/china-s-luckin-coffee-lkncy-is-back-and-beating-starbucks-sbux">Bloomberg</a> reported.Xie said that Starbucks' <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-embracing-drive-thrus-and-mobile-over-traditional-mode-2022-8">"third place" model</a> — the idea that it's an alternative space to work and home for people to spend time — had worked in 2017 and 2018, when people were more willing to pay for premium products, but that this was no longer the case. Luckin, in comparison, has smaller-format stores with less seating and a focus on automation and standardization, he said.<div type="image" title="Customers line up at a Luckin coffee shop in Yanbian, Jilin province, China, July 16, 2024. On July 19, 2024," height="3024" width="4031" msid="112739533" hostid="261" sizebytes="406810"></div>Starbucks executives have repeatedly told investors that its premium positioning in China is a crucial part of its strategy. But because of this, Starbucks is limiting its potential customer base.Starbucks is "not targeting the mass but the middle class," in particular white-collar professionals, He said.Starbucks typically charges between 30 and 40 yuan ($4.20 to $5.60) for a 16-ounce drink, including Americanos, flat whites, flavored lattes, teas, and Frappuccinos, according to its <a target="_blank" class="" href="https://www.starbucks.com.cn/en/menu/">website</a>. In contrast, Luckin often has promotions that discount it down to 10 yuan a cup ($1.40), He said."We're not interested in entering the price war," Starbucks China CEO Belinda Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">told investors</a> in January. "It is our aim to be the best and lead in the premium market."But <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/china-starbucks-tries-avoid-price-war-gets-dragged-into-discounting-2024-05-27/">Reuters</a> reported in May that Starbucks had significantly increased its use of discounting in China to compete with local rivals. Wong <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">acknowledged</a> in January that Starbucks' use of promotional offers in China had led to lower average check sizes.<h2 id="b005dbb0-5953-4baa-b378-4adbe7fe5594">Economic growth is slowing, and consumer spending is growing more cautious</h2><a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">China's economic growth</a> has slowed. It grew just 4.7% year-over-year in the second quarter of 2024, missing forecasts."China's obviously a tough market, and it's not just Starbucks," Brian Yarbrough, a restaurant analyst at Edward Jones, told BI.Luckin's same-store sales were down more than <a target="_blank" rel=" nofollow" class="" href="https://investor.lkcoffee.com/static-files/ec2bafa0-1543-4d62-811d-7115a4349c5c">20%</a> in its two most recent quarters.Consumers are "increasingly rational and pragmatic," Xie said. This makes the price gap between coffee chains an even "bigger challenge" for Starbucks, He said.<div type="image" title="Staff members work at a Starbucks store in downtown Shanghai, east China, Sept. 27, 2022" height="2591" width="3768" msid="112739530" hostid="261" sizebytes="445164"></div><h2 id="d2465509-1a5e-4882-8ccd-74af5a947267">Starbucks remains optimistic</h2>Starbucks executives say the chain is focused on its long-term plan in China.Narasimhan <a target="_blank" class="" href="https://s203.q4cdn.com/326826266/files/doc_events/2024/01/1/SBUX-Q1-2024-Earnings-Call.pdf">said</a> in January that Starbucks was focused on offering more coffee-forward, locally-relevant products in China and opening stores in smaller cities "where we see meaningfully stronger new store economics." He noted that the company was "well on track" to meet its 2025 target of 9,000 stores in China.Starbucks added <a target="_blank" rel=" nofollow" class="" href="https://investor.starbucks.com/news/financial-releases/news-details/2024/Starbucks-Reports-Q3-Fiscal-2024-Results/default.aspx">more than 800</a> new Chinese stores in the year to June 30. The chain has continued to grow in China "in the hope that there's some market shakeout," but in the short term, "it's a pretty tough road that they're going through right now," Andy Barish, an analyst at Jefferies, <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-traffic-sales-comparable-us-china-visitors-transactions-brian-niccol-2024-8">said</a>.

China is Starbucks' 2nd biggest market, but sales are slumping. Here's why.

New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

Ecom Express files papers with Sebi for Rs 2,600-crore IPO

In a move that seems ripped straight from the pages of a sci-fi novel, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> is gearing up to introduce its humanoid robot, "<keyword id="20216100" type="General" weightage="20" keywordseo="Optimus" source="keywords">Optimus</keyword>," by next year. This development marks an ambitious leap for the company, which is already a giant in electric vehicles and <keyword id="20333615" type="General" weightage="20" keywordseo="autonomous-driving-technology" source="keywords">autonomous driving technology</keyword>. Optimus is designed to be a versatile, human-like robot capable of performing various tasks. Early prototypes have already demonstrated the robot's ability to walk, manipulate objects, and even perform simple activities like watering plants. While these might seem rudimentary, they are significant milestones in the complex world of <keyword id="20256621" type="General" weightage="20" keywordseo="robotics" source="keywords">robotics</keyword>. Tesla envisions a future where Optimus could be deployed in a wide range of industries, including manufacturing, logistics, healthcare, and beyond. <div type="twitter" handle="Tesla_Optimus" handlename="Tesla_Optimus" favoritecount="0" retweetcount="0" id="1761450961409573077"></div><keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>, Tesla's CEO, has revealed that the company plans to start by renting out the robots before eventually moving to sales. Interestingly, Optimus is already at work in Tesla’s Fremont factory, helping sort battery cells and manage shipping containers. The company expects to have over a thousand units operational in its factories by next year. However, the road to making Optimus a staple in homes and businesses is not without challenges. <keyword id="19999773" type="General" weightage="20" keywordseo="engineering" source="keywords">Engineering</keyword> a robot that can mimic human dexterity, walk on various terrains, and interact naturally with people is a monumental task. Despite these hurdles, Tesla’s push into humanoid robotics could potentially redefine how we interact with machines and automate labour-intensive tasks. <div type="twitter" handle="elonmusk" handlename="elonmusk" favoritecount="0" retweetcount="0" id="1746964887949934958"></div>As with any revolutionary technology, the rise of humanoid robots raises important ethical questions. There are concerns about job displacement, privacy, and the broader societal implications of having human-like machines among us. These issues will need to be addressed as Tesla and other companies continue to advance in this field. The next few years will be critical as Tesla fine-tunes Optimus and prepares it for wider deployment. If successful, we could be on the brink of a new era where humanoid robots become an everyday part of life — something that not too long ago was purely the stuff of imagination.

Tesla's 'Optimus' AI humanoid robot is expected to hit markets in 2025. Here's what it is capable of

<ul class="summary-list"></ul>Welcome back. Today is always a difficult day, particularly here in New York, as we remember the innocent lives lost 22 years ago. If you only read one piece on the incredible acts of heroism that took place, I recommend<a href="https://www.newyorker.com/magazine/2002/02/11/september-11th-attacks-world-trade-center-rick-rescorla-the-real-heroes-are-dead" target="_blank" rel="noopener"> this profile of Rick Rescorla</a>. As a VP of security at Morgan Stanley, Rescorla developed an evacuation plan prior to 9/11 that saved thousands of lives. He died while helping people exit the South Tower. In today's big story, we're looking at why the best place for AI to start automating roles should be at the very top of a company. What's on deck: <ul><li>Markets: Arm and Instacart's<a href="https://www.businessinsider.com/arm-ipo-instacart-market-dot-com-bubble-investors-finance-stocks-2023-9"> big public debuts</a> won't kickstart the IPO market.</li><li>Tech: ChatGPT is already starting to<a href="https://www.businessinsider.com/chatgpt-losing-hype-traffic-down-three-months-in-a-row-2023-9"> lose some steam</a>.</li><li>Business: Four traits<a href="https://www.businessinsider.com/traits-great-leaders-former-vp-of-hr-microsoft-2023-9"> every great leader</a> should have.</li></ul>But first, ain't no fun when the rabbit got the gun.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a><a href="https://www.businessinsider.com/ceo-replace-ai-job-employees-executives-save-money-salary-2023-9"></a><div type="image" title="A robot hand flicks it’s finger at a smiling CEO, pushing him from his pedestal" height="1200" width="2400" msid="103579179" hostid="261"></div>The big storyHow the tables have turned…Just about everyone has spent at least some time wondering if their jobs are at risk of being automated away by artificial intelligence.But the group that seems immune to those concerns — CEOs — is<a href="https://www.businessinsider.com/ceo-replace-ai-job-employees-executives-save-money-salary-2023-9"> primed for being usurped by robots</a>, writes Ed Zitron. Ed's argument is straightforward: CEOs get paid a lot despite not providing much value for their companies. For all the talk of CEOs being transformational leaders full of business ingenuity, many are nothing more than figureheads. They don't have any responsibility or accountability, and their job boils down to boring media interviews and regurgitating ideas from consultants.(I might be inclined to apologize to CEOs reading this, but the bad ones are too busy preparing their next TED Talk or drafting an uninspiring LinkedIn post.)Maybe you don't entirely buy the idea that AI could do a CEO's job. It's true that a lot of being a CEO is buzzword bingo — "Let's nab a quick win by doing a deep dive on synergies that can unlock efficiencies in our workflows!" — but it still seems like they do something, you say. And if nothing else, you need someone at the top who will shoulder the blame when things go wrong, right?So about that...Last year was undeniably a bad year for most industries. With that in mind, one might expect leadership changes. In reality, it was the exact opposite. The number of CEO exits last year (1,235) was actually<a href="https://www.challengergray.com/blog/december-2022-ceo-turnover-report-ceo-changes-fall-to-lowest-level-since-2017/" target="_blank" rel="noopener"> down 8% from the previous year</a>, according to a report from executive outplacement firm Challenger, Gray &amp; Christmas. Not only that, but it was the lowest CEO turnover number since 2017. To be clear, I'm not suggesting the role of CEO is entirely useless. (Neither is Ed, who previously wrote about how the<a href="https://www.businessinsider.com/elon-musk-twitter-tesla-ceo-job-broken-chief-hypocrisy-officer-2022-11"> modern CEO job is just broken</a>.) But I don't see any harm in the boss realizing tech could replace them. After all, if they're willing to do it to us, they should know the same could be said for them. <a href="https://www.businessinsider.com/ceo-replace-ai-job-employees-executives-save-money-salary-2023-9">Read the full story. </a>3 things in markets<a href="https://markets.businessinsider.com/news/stocks/arm-ipo-instacart-market-dot-com-bubble-investors-finance-stocks-2023-9"></a><div type="image" title="The current IPO slump has parallels to the one that followed the dot-com bust." height="1494" width="1992" msid="103579180" hostid="261"></div><ul><li>Arm and Instacart's IPOs might not have the strength to save the public markets. Expectations are high that the upcoming IPOs could open the floodgates for other companies. But they might be outliers instead of catalysts that can<a href="https://www.businessinsider.com/arm-ipo-instacart-market-dot-com-bubble-investors-finance-stocks-2023-9"> end the IPO drought</a>.</li><li>Bill Ackman sounds off. The billionaire hedge fund manager foresees challenges for regional banks and commercial real estate, but thinks Elon Musk's X will ultimately succeed. Here are<a href="https://www.businessinsider.com/bill-ackman-economic-outlook-regional-banks-real-estate-musk-ai-2023-9"> six of his best quotes</a> from a recent interview. </li><li>A China economic downturn could hit these stocks the worst. A Bank of America note<a href="https://markets.businessinsider.com/news/stocks/china-economy-stocks-most-exposure-qualcomm-broadcom-nxp-wynn-lvs-2023-9"> highlighted 10 stocks</a> with the greatest revenue exposure to China. From Wynn Resorts to Broadcom, these stocks have the most on the line regarding the state of China's economy.</li></ul>3 things in tech<a href="https://www.businessinsider.com/chatgpt-losing-hype-traffic-down-three-months-in-a-row-2023-9"></a><div type="image" title="OpenAI CEO Sam Altman also attended the Sun Valley conference." height="3827" width="5805" msid="103579183" hostid="261"></div><ul><li>ChatGPT is losing its hype. Traffic fell for the<a href="https://www.businessinsider.com/chatgpt-losing-hype-traffic-down-three-months-in-a-row-2023-9"> third month in a row</a>. Although it could be linked to students on summer break, researchers have also found that the chatbot is becoming less accurate.</li><li> All the Flexport drama. Right before the CEO abruptly left last week — just one year into his role — the company<a href="https://www.businessinsider.com/several-senior-leaders-left-flexport-before-ceo-dave-clark-resigned-2023-9"> experienced an exec exodus</a>. Now, Flexport is telling employees to expect<a href="https://www.businessinsider.com/flexport-job-cuts-ceo-resignation-dave-clark-2023-9"> cost-cutting measures and a possible workforce reduction</a>. Plus, Ryan Petersen, Flexport's founder who has now reprised his role as CEO, announced he was<a href="https://www.businessinsider.com/flexport-ceo-rescinds-job-offers-short-notice-hiring-freeze-2023-9"> rescinding job offers</a> for candidates joining as soon as Monday.</li><li>Apple's $200 billion drop may foreshadow a post-US tech future. The tech world is experiencing a vibe shift. China, which is an important market for US tech companies, is becoming increasingly<a href="https://www.businessinsider.com/apple-200-billion-drop-sign-post-us-tech-future-near-2023-9"> technologically independent</a>.</li></ul>3 things in business<a href="https://www.businessinsider.com/college-tuition-costs-too-much-make-degrees-matter-less-jobs-2023-9"></a><div type="image" title="A blue graduation cap and yellow diploma tied with a red ribbon sit on a gray background. The red ribbon unties, unraveling the diploma's insides--which show a green dollar bill with an the animation of a nervous post-grad student in a suit, sweating." height="1200" width="2400" msid="103579186" hostid="261"></div><ul><li>The strange, twisted reason why college is so expensive. All the talk of wiping out student debt does nothing for the underlying problem — the<a href="https://www.businessinsider.com/college-tuition-costs-too-much-make-degrees-matter-less-jobs-2023-9"> astronomical price of higher education</a>. It's a market-driven model that has a massive gap between the sticker price and what the average student actually pays.</li><li> Managers are getting crushed by under-the-radar burnout. A new study found that managers are looking for new roles at a higher rate than non-managers are. They're experiencing higher levels of<a href="https://www.businessinsider.com/managers-burned-out-looking-for-new-jobs-more-than-subordinates-2023-9"> burnout and disengagement</a> in their roles.</li><li> Microsoft's former VP of HR reveals traits of outstanding leaders. Chris Williams said that most of the great leaders he's encountered shared four common traits, including<a href="https://www.businessinsider.com/traits-great-leaders-former-vp-of-hr-microsoft-2023-9"> team focus and candor</a>.</li></ul>In other news<ul><li>How Parrot Analytics shook up Hollywood by<a href="https://www.businessinsider.com/parrot-analytics-shook-up-hollywood-picking-streaming-hits-demand-measurement-2023-9"> picking streaming hits</a>.</li><li>A<a href="https://www.insider.com/one-direction-this-is-us-look-back-nostalgia-director-2023-9"> 10-year retrospective</a> on "One Direction: This is Us."</li><li>These are the five sports betting battlegrounds to<a href="https://www.businessinsider.com/how-fanatics-espn-bet365-could-shake-up-us-sports-betting-2023-9"> keep an eye on</a> this year.</li><li>A Stanford MBA student and TikToker shared her spreadsheet to stay<a href="https://www.businessinsider.com/spreadsheet-template-mba-student-creator-organization-tips-2023-9"> organized and productive</a>.</li><li>Nancy Pelosi, who is 83 years old, announced that she will<a href="https://www.businessinsider.com/nancy-pelosi-running-for-reelection-83-age-congress-2023-9"> run for another term in Congress</a>.</li><li>Ocean explorers are puzzled by a golden orb resting on the<a href="https://www.businessinsider.com/researchers-puzzled-by-golden-orb-on-alaska-seafloor-2023-9"> Alaskan seafloor</a>.</li></ul>What's happening today<ol><li>Anniversary of 9/11 terrorist attacks. The Pentagon, 9/11 Memorial &amp; Museum, and other institutions will hold commemoration ceremonies. President Joe Biden will participate in a memorial ceremony in Alaska with military members and their families.</li><li>The New York Jets compete at home against the Buffalo Bills. Bills safety Damar Hamlin is expected to compete. This would be his first regular-season game since January, when he suffered a cardiac arrest on the football field.</li><li>Earnings today: Oracle, Bovis Homes Group,<a href="https://markets.businessinsider.com/earnings-calendar"> and other companies</a>.</li></ol><a href="https://www.insider.com/best-and-worst-fall-foods-at-trader-joes-review"></a><div type="image" title="trader joe's fall snacks in a cart" height="3024" width="4032" msid="103579480" hostid="261"></div>For your bookmarks"I tried 38 of Trader Joe's fall foods." The reporter said she would probably<a href="https://www.insider.com/best-and-worst-fall-foods-at-trader-joes-review"> buy 28 of the items again</a> — but not the pumpkin gnocchi or caramel-apple-flavored granola.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Insider Today: Automating away CEOs

Gujarat-based <keyword id="20065270" type="General" weightage="80" keywordseo="jyoti-cnc-automation" source="keywords">Jyoti CNC Automation</keyword> on Thursday said it has fixed a price band of ₹315-331 per share for its initial public offering (<keyword id="19898327" type="General" weightage="80" keywordseo="ipo" source="keywords">IPO</keyword>). This will be the first public issue of 2024 on the main board of leading stock exchanges BSE and NSE. The IPO of <keyword id="20052498" type="General" weightage="80" keywordseo="jyoti-cnc" source="keywords">Jyoti CNC</keyword> will open for public subscription on January 9 and end on January 11. The anchor book of the offer will be opened for a day on January 8, the company announced. Investors can bid for a minimum of 45 equity shares and in multiples thereof, it said. The company is planning to list its shares for the second time in nearly 10 years. The IPO is entirely a fresh issue of equity shares worth up to ₹ 1,000 crore. The company has reserved 75 per cent of the issue size for qualified institutional buyers, 15 per cent for non-institutional investors, and the remaining 10 per cent for retail individual investors. Proceeds from the issue would be used for debt payment, funding the long-term working capital requirements of the company, and general corporate purposes. Jyoti <keyword id="20013268" type="General" weightage="100" keywordseo="cnc" source="keywords">CNC</keyword> Automation is a leading manufacturer of Computer Numerical Control (CNC) machines. Its customers include ISRO, BrahMos Aerospace Thiruvananthapuram Ltd, Turkish Aerospace, MBDA, <keyword id="20065527" type="General" weightage="50" keywordseo="uniparts-india" source="keywords">Uniparts India</keyword>, Tata Advanced System, <keyword id="20065528" type="General" weightage="50" keywordseo="tata-sikorsky-aerospace" source="keywords">Tata Sikorsky Aerospace</keyword>, Bharat Forge, Kalyani Technoforge, and Bosch Ltd. As of September 2023, the company had an order book of Rs 3,315.33 crore. Equirus Capital, ICICI Securities, and SBI Capital Markets are the book running lead managers to the issue. Equity shares of the company will be listed on BSE and NSE. In 2013, Jyoti CNC had filed draft papers with Sebi to mop up funds through an IPO but later shelved its plan. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-13-vs-note-13-pro-vs-note-13-pro-plus-redmi-note-13-series-compared/slidelist/106544325.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-13-vs-note-13-pro-vs-note-13-pro-plus-redmi-note-13-series-compared/slidelist/106544325.cms" target="_blank">Redmi Note 13 series: Base vs Pro vs Pro Plus compared</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank">Vivo X100 review – Top-end camera centric smartphone with sleek design</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-and-x100-pro-camera-centric-smartphones-with-up-to-5400mah-battery-hit-indian-market/articleshow/106537175.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-and-x100-pro-camera-centric-smartphones-with-up-to-5400mah-battery-hit-indian-market/articleshow/106537175.cms" target="_blank">Vivo X100 and X100 Pro camera centric smartphones with up to 5,400mAh battery hit Indian market</a>

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