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New Delhi: India is set to enter a transformative "smartphone era" for cars in 2025, with the introduction of vehicles featuring 5G M2M connectivity and advanced AI technologies, according to the latest findings from Techarc's India Connected Consumer Report 2025. The report said the automotive sector will skip 4G and will enable connectivity using the latest 5G cellular technology. It observed that consumers are interested in spending money on improving the value proposition in terms of features, quality and experience rather than exploring too many smart devices. "22 per cent of the respondents shared about considering optimising their smart devices portfolio. Among the new set of categories, smart/connected cars is generating high interest among consumers. 55 per cent of the respondents said that they have come across news or information about smart/connected cars in recent times," it said. Starting in 2025, passenger cars in India will be equipped with 5G M2M connectivity, on-device GenAI, and cloud connectivity, making advanced technologies accessible across various price segments, it added. In-vehicle computing and artificial intelligence (GenAI), along with cloud applications, will become essential components of cars, enabling real-time data processing to support drivers effectively. Most cars priced at Rs 20 lakh and above will feature these technologies as standard. The cumulative revenues from automotive chipset companies have already surpassed USD 1.5 billion, with companies like Qualcomm and MediaTek leading the market. Some of the familiar applications that consumers will be able to use while driving include communication apps for audio/video conferencing, OTT entertainment apps, music streaming, podcasts, online shopping, vehicle maintenance, and servicing. "With connectivity and the technologies it brings to the cars, the future of the automobile sector will be fundamentally determined by the auto-technologies that will influence the overall experience, performance, comfort, safety and entertainment available to the drivers as well as the passengers. "So far, such features were seen as luxury or high-end experiences. But starting 2025, many of these will become mainstream for cars in India," Techarc AutoTech Analyst Sadat Ahanger said. With 22 automobile manufacturers producing nearly 5 million passenger vehicles annually in India, the country is poised to become a leader in the global 5G M2M market within the next few years, the report said. About 21 per cent of respondents said MG Motors is the leader in providing <keyword id="24016739" type="General" weightage="20" keywordseo="connected-cars-in-India" source="keywords">connected cars in India</keyword>, followed closely by Kia Motors at 18 per cent and Tata Motors at 15 per cent, it added. Hyundai and Maruti Suzuki also ranked among the top-five brands in this category. The report draws insights from a survey of 4,500 "connected consumers" across metro and non-metro cities. The report defined a connected consumer as one owning at least 3 smart devices in addition to a smartphone.

India to shift to 'smartphone era' for cars embracing 5G, advanced AI in 2025: Report

In early August, Goldman Sachs rolled out a fresh look.The Wall Street bank updated its website to reflect a new color palette, replacing its iconic blue-and-white color scheme with more neutrals, blacks, and whites. It also <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7">unveiled a new logo</a> with a softer, rounder typeface and — in perhaps the biggest change — connected the G in Goldman with the S in Sachs.The redesign was subtle. Outside Wall Street, it barely registered. Inside the halls of Goldman Sachs, however, some people were perplexed.In 2020, Goldman made a show of disconnecting the G and S in its logo to modernize its look. Why, bank insiders were asking, had the firm just spent millions of dollars over several years to revert back to a logo it had ceremoniously ditched just four years earlier?<div type="image" title="Side-by-side images of Goldman's logo" height="1080" width="1920" msid="115309583" hostid="261" sizebytes="18594"></div>The rebranding effort has spotlighted the executive who spearheaded it: Fiona Carter, the chief marketing officer. Since Carter joined Goldman in 2020 from AT&amp;T as the bank's first CMO, her team's work and its spending have become a topic of conversation inside the 150-year-old bank.Carter expanded the marketing team to more than 100 employees at its peak, up from about 15 to 25, and upped spending on glitzy sponsorships, according to current and former Goldman employees.Despite going public in 1999, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">Goldman is still run as a partnership</a>, which can lead senior leaders to feel empowered — in some cases duty-bound — to seek to influence the company's spending and strategic direction. Several high-ranking officials told Business Insider that they questioned the cost and efficacy of the bank's marketing efforts under Carter.BI spoke with 18 current and former Goldman employees, including some supporters, about Carter and her team's role at the bank. Some of these people were granted anonymity since they were not authorized to discuss company matters.Carter did not respond to a request for comment. However, she addressed the skepticism she's faced in an interview with Forbes earlier this year, saying that some of her Goldman colleagues have been reluctant to embrace marketing.The complaints echo earlier tumult around CEO David Solomon's <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">ill-fated push into consumer banking</a>, which led to criticisms, including from <a target="_blank" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">powerful partners</a>, that the bank was spending at the expense of core businesses like investment banking and trading. Speculation over Solomon's own future died down in 2023 after it became clear that shareholders — and the board — backed him.In recent months, talk has swirled inside the firm that Carter's team could be thinned through head-count reductions.Top Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. What's more, they say, the division she has built is vital to growing the company's asset-management and private-wealth businesses, which have become an increasingly important source of revenue in light of the consumer-banking retreat.Goldman's assets under supervision have increased more than 50% since Carter joined the firm in 2020, rising from about $2 trillion to over $3 trillion at the end of the third quarter. And despite the consumer-banking setback, Goldman's stock is up more than 160% since Solomon took over in 2018, compared to a gain of 104% in the S&amp;P 500 index."It sounds like a few people have a quaint understanding of marketing at Goldman Sachs," a Goldman spokesman, Tony Fratto, said. "Our head count and spending are a small fraction of our peers. It's not remotely close. The culture of Goldman Sachs is to be lean, effective, and commercial, and marketing meets that test."Goldman never had a chief marketing officer before Carter. Talk to any longtime Goldman dealmaker, and nine out of 10 will speak with pride about how Goldman grew to be a powerhouse investment bank by virtue of its service to clients — not splashy sports sponsorships.In 2020, however, Solomon aspired to <a target="_blank" class="" href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">make Goldman a household name</a>. To do that, he and his deputy, the chief operating officer and president John Waldron, planned to upgrade Goldman's marketing game significantly.The men discussed building a marketing operation worthy of a tech giant like Google or Apple, multiple people familiar with their vision said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said.As AT&amp;T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee.With her refined British accent and commanding presence, Carter evoked a level of glamour that some said reflected Solomon's own leadership style, though he pulled back on his celebrity DJing in 2023 amid a backlash. She was praised in on-camera interviews and in the press for initiatives to advance women's equity in advertising. She was photographed at AT&amp;T-sponsored events with Hollywood stars like Robert De Niro and Katie Holmes.Carter joined the firm in September 2020 as a member of the bank's vaunted partnership. Her team was housed in Goldman's executive office, a group of public-facing units that support Goldman's C-suite, including media relations, investor relations, and marketing.In a break from tradition, she did not report to the head of that division, John Rogers. She reported instead to his boss, Waldron, the COO. The shake-up of the traditional hierarchy didn't sit well with Rogers, said executives who spoke to him about the new reporting line."He didn't like it," said a former executive in the department who worked with Rogers. "He lost something, and that had never happened in any significant way."Fratto said that Rogers "was the one who recommended that marketing report to John Waldron. He supported that structure and still does."<div type="image" title="Actor Robert De Niro with Fiona Carter on the red carpet" height="3896" width="4979" msid="115309581" hostid="261" sizebytes="1225586"></div>Carter quickly set out to reorganize and grow Goldman's marketing operation.She assumed control of the 15 to 20 marketing executives who had been reporting to Goldman's global head of communications, Jake Siewert. This marketing team, which was housed in the executive office, focused on companywide initiatives like arranging social-media posts, managing the website, and Goldman's weekly podcast.Goldman also had marketers stationed within the firm's individual business lines who were responsible for division-specific products and services. Prior to Carter, these business-line marketers operated their own fiefs, reporting up to the heads of their units. One byproduct of this was a lack of cohesiveness in branding materials, including web pages for specific business lines that looked different from the rest of the website, a former senior marketing executive recalled. Carter set out to eliminate these issues and streamline Goldman's look and messaging.Carter hired aggressively, and Goldman's marketing operation soon swelled. People who worked in the executive office at that time said an oft-repeated mantra was that marketing was building an "army" — so much so that employees of the media-relations team had to be shifted to a different area of the 29th floor of Goldman's New York City office tower to make room."They're like: 'Our budget is never-ending. We just added another team. We added another 20 people in a night,'" one former executive-office staffer said. "It was crazy."One hire that riled some Goldman insiders was that of Maria dal Pan, a communications industry veteran who was tapped in part to write speeches and talking points for the CMO. Goldman insiders told BI it was unusual for executives other than the CEO to have such a staffer.Fratto told BI that "everyone who heads a function has that kind of support available to them," but the executives who spoke with BI said speechwriting was typically handled by subordinates on an ad hoc basis. Dal Pan, who left Goldman in 2023 after little more than a year, declined to comment.Carter erected new teams, including an internal ad-buying team. She ramped up the use of outside agencies to focus on branded content and website development and championed sports sponsorships such as the one it announced in 2022 with the carmaker McLaren's Formula 1 racing team.Carter used clichés that puzzled some colleagues, according to a former senior-level marketing executive. This person recalled Carter saying, for example, that marketing would be "the rocket fuel" that would vault the Goldman brand "to the stars."In meetings, she often name-dropped Waldron when discussing her game plan, two senior executives said. The goal, these people added, was to send the incontrovertible message that her vision had been blessed straight from the top.Goldman also came close to rolling out a dramatic logo and brand upgrade in 2022, according to two people familiar with the effort. The redesign, known internally as "Project Richmond," would have added orange to Goldman's brand colors, one of these people said.The project was scrapped as performance slumped amid a tenuous dealmaking environment that was <a target="_blank" href="https://www.businessinsider.com/who-got-laid-off-at-goldman-employees-speak-out-2023-1">followed by layoffs</a>.<div type="image" title="A man in a suit speaks" height="4530" width="6730" msid="115309573" hostid="261" sizebytes="3210186"></div>Since Goldman's consumer-banking retreat in 2022, the marketing team housed within the executive office has shrunk to about 85 staffers, according to multiple people with knowledge of the division.Carter, meanwhile, has shifted focus to the marketing needs of the asset-and-wealth-management division, which manages money for wealthy people, pension funds, and other large investors.Matt Gibson, Goldman's global head of client business for asset and wealth management, told BI that marketing had become so important to his division that it planned to double the number of marketers it employs over the next two years."I would like to significantly grow our marketing resources over the next few years, and that's because I think it's so valuable," he told BI. "We all live with scarce resources, so I can't do all of that overnight. But if you were to ask me what my top three longer-term priorities are to help grow the business, this would be one of them."Waldron pointed to Goldman's sponsorship of McLaren's F1 racing team as an example of the CMO's vision benefiting the bank.Waldron told BI that he was initially skeptical of the sponsorship, which Carter spearheaded and which has led to the bank's logo being emblazoned on the team's vehicles at competitions. It has proved successful among clients, he said, because Carter structured it so they could get up close and personal with McLaren's technology versus sitting in the stands watching cars zoom around a track."What she's been able to put together with her team is something that's much more personal," he said.Waldron called her "one of the best marketing executives out there" and said the bank heard this sentiment from clients as well. "She has upgraded our capabilities monumentally," he added. "Our events and branding are materially better under her leadership. We made the right decision by bringing her into the firm, and we are lucky to have her."<div type="image" title="A crowd gathers at a Formula 1 race" height="5504" width="8256" msid="115309567" hostid="261" sizebytes="833856"></div>In recent weeks, Goldman's marketing team has suffered more departures.Jason Hill, the chief operating officer of the global marketing division who became one of Carter's most important lieutenants, left Goldman in October after snagging a CMO job at the law firm White &amp; Case. Goldman plans to replace him, a person familiar with the matter said.The bank's New York City office, meanwhile, recently lost roughly half a dozen members of its social-media team, multiple people said.There's been no shortage of internal speculation that the marketing team could be pared down further.Some people traced the chatter back to comments made by Russell Horwitz, Goldman's chief of staff and head of the executive office. In meetings, Horwitz has said the executive office operates better when head count is leaner, which some people took to refer to the marketing team because of its size.Horwitz told BI there was currently "no plan to reduce marketing" in the executive office. He added: "Generally speaking, we're in the right place." Horwitz said his comments about head count were not about any specific team.In the interview with <a target="_blank" href="https://www.forbes.com/sites/sethmatlins/2024/04/15/the-2024-forbes-entrepreneurial-cmo-50/">Forbes</a> earlier this year, Carter said her job involved convincing an "often skeptical audience" of the merits of marketing. "The race goes to those who persevere," she said, adding that her Goldman colleagues were "beginning to acknowledge marketing can be a revenue generator."Emmalyse Brownstein contributed reporting.Are you a Goldman Sachs or Wall Street insider? Get in touch with this reporter. Reed Alexander can be reached via email at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a> or via the encrypted messaging app Signal at 561-247-5758.

Inside the Goldman Sachs marketing push that has some execs perplexed

"Every once in a while, a revolutionary product comes along that changes everything," Steve Jobs said when he unveiled the iPhone in 2007. He was right; the world was never the same. But the <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16-review">iPhone 16</a>? Meh.The newest model, which hit stores in September, is off to a straggling start. Apple analyst Ming-Chi Kuo estimated that first-weekend <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16">preorder sales</a> were down by nearly 13% compared with first-weekend sales for last year's iPhone 15. The iPhone 15 also had an underwhelming start to the year: from January to March, Apple reported a 10% year-over-year drop in phone revenue. In the 17 years since the original came out, the release of a new iPhone has gone from the marquee tech event of the year to little more than a software update wrapped in cellophane.Replacing that hype is a new kind of hype: for old iPhones. The global market for refurbished smartphones grew by 5% year over year from 2021 to 2022, according to Counterpoint Research. <a target="_blank" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">Apple</a> made up half of the resold-phone marketplace in 2022. It accounted for about a quarter of new smartphones shipped globally in late 2023, according to market intelligence firm International Data Corporation. (The company also sells its own refurbished products.) In Europe, some 43% of people have already owned a refurbished phone, according to a 2023 survey conducted by Vodafone and Recommerce Group, a tech buyback company. Zion Market Research estimates that in the US, the market for used phones could grow by about 13% a year through 2032.Glen Cardoza, a senior research analyst at Counterpoint, says a few things are driving the used-phone revolution. People are more aware of refurbished phones, thanks to ad campaigns and word of mouth. Learning that your friend has an iPhone 12 and still manages to be the most active member of your group chat may make you more likely to get a used phone yourself. The quality of repairs and guarantees from refurbished-phone sellers have improved, making the phones less risky to buy. Some shoppers care about <a target="_blank" href="https://www.businessinsider.com/florida-man-refused-leave-hurricane-proof-home-basically-unharmed-milton-2024-10">environmental impact</a>, but high prices are the chief concern. "With incremental improvements between new smartphone versions, a growing share of consumers feel that refurbished options are better," Cardoza tells me in an email. "They do not mind using a cheaper refurbished model that has most of the recent features."Refurbished-tech sellers think this is their moment to seize. <a target="_blank" href="https://www.businessinsider.com/back-market-raises-510-million-as-valuation-soars-57-billion-2022-1">Back Market</a>, a secondhand-tech marketplace based in France, has raised more than $1 billion and is on track to become profitable in Europe for the first time this year, says CEO Thibaud Hug de Larauze. During a recent press conference, he revealed the company had served 15 million customers and sold 30 million items, indicating that Back Market has had a good number of repeat buyers during the past 10 years. Phones are the majority of Back Market's sales, but the company also sells, among other items, smart watches, headphones, laptops, and video-game consoles. Refurbished tech is now among the five most popular secondhand categories purchased on eBay.Hug de Larauze is extremely bullish on the future of secondhand tech: He predicts that within 10 years, 90% of adults could be buying refurbished products or opting to repair their devices rather than buying new ones. "People start to actually realize there is not that much innovation in the next product," he tells me. Consumers are also uncertain about <a target="_blank" href="https://www.businessinsider.com/iphone-16-apple-intelligence-ai-does-not-matter-to-customers-2024-9">all the AI</a> that companies, Apple included, are baking into their latest devices. "What does it do?" he says. "What does it change in your life?" Hug de Larauze likens the used-phone revolution to the shifts in car sales. Cars are expensive and lose value, and innovation from one model to the next has become negligible. The idea of buying a used car and fixing it as parts break down is normalized. If phones are just as poor of an investment, why not get something more affordable that gets the job done — even if it means sacrificing horsepower and the latest add-ons?Refurbished-phone dealers are also finding creative waves to counter years of marketing that capitalizes on "newphoria," the feeling of elation people get when unboxing a shiny new tech toy. Back Market satirized the idea in an ad last year, showing people eager to grab the new product but mocking the slight changes to buttons and charging ports. The company also recently ran a mystery-phone promotion. For $249 or 299 euros, customers could buy a refurbished iPhone or Android without knowing the model they'd get. The phones sold out in two hours in France and just days in the US, Hug de Larauze says. Back Market didn't provide the total number of phones sold during the promotion, but Hug de Larauze said the sales exceeded the company's expectations. It showed that there are shoppers who care far more about the phone's price than its model.Anmol Aroz, a 23-year-old who works in IT sales in England, says he bought a refurbished iPhone 13 Pro two years ago and saved about £500. He's been impressed with the phone and less impressed by the new features on more-recent models. He feels like he can do enough with ChatGPT on his phone and doesn't need Apple Intelligence yet. Aroz says sustainability was also on his mind, adding that he's not so wooed by new clothes or new tech, both of which lose value quickly. "The second you touch the wrapper, it's £200 down the drain," he says. "I'm pretty much set on sticking to the refurbished route." Amy Marty Conrad, a 34-year-old who lives in the Washington, DC, area says she and her husband have each bought refurbished phones. She's on her second, a Samsung Galaxy S21, which she bought two years ago. She recently replaced the battery, giving it even more life. "I mostly use my phone for calls, email, work, and a camera," she says. "A lot of the other software innovations aren't doing a lot for me." She's also conscious about waste, and she buys clothing and other household items secondhand, too.But perhaps the biggest thing blocking people from buying more secondhand phones is the manufacturers themselves. Through a practice called "parts pairing," in which a replacement part can work only if a company's software recognizes and approves it, tech companies have made it difficult to repair your own phone or to get third-party shops to do so: Replace your cracked iPhone screen at a local repair shop, and your Face ID may never work again. That's changing, albeit slowly. In April, Apple announced it would begin making changes that would allow for some used genuine Apple parts to be put into other iPhones. Apple did not respond to an email asking about updates on the rollout of the change, but the company has long maintained that parts pairing bolsters a phone's security.In March, shortly before Apple's announcement, Oregon passed a law banning parts pairing, becoming the first US state to do so. And while it applies only to devices made after January 1, 2025, it's a major shift for how manufacturers make their future tech fixable. More lawmakers are tackling repair impediments, and the European Union this year adopted laws designed to make it easier for people to get their products fixed by manufacturers or third-party repairers rather than being pushed to replace them.Tim Cook certainly doesn't see the rise of refurbished phones as an existential threat. Even underwhelming sales are underwhelming by Apple's standards. It has already sold an estimated tens of millions of iPhone 16s, and that's before the typical holiday boost and the release of Apple Intelligence. But with consumers' growing AI skepticism and interest in secondhand phones, the company would need to summon the kind of dazzle unseen since Steve Jobs' presentation in 2007 to reverse the trend of dwindling excitement with the iPhones 17, 18, 19, and 20.Two years ago, I bought a refurbished iPhone 11 from Back Market after the display on my iPhone XR suddenly became unusable. It didn't have the upgraded camera or 5G — but the phone let me text, doomscroll on social media, and take decent photos, and it had good battery life. In an age of constant tech changes, sometimes all you need is for a phone to be a phone.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

The market for used phones is growing. Apple should be scared.

<ul class="summary-list"><li>Donald Trump's election win boosted tech stocks the next day, with Tesla leading the gains.</li><li>Trump's past policies reshaped tech; his second term may impact Big Tech similarly.</li></ul>It's rare for the stock market to move so clearly on a single event, and when this happens, it often provides valuable signals about the future.When <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">Donald Trump</a> decisively won the US election this week, the market took off. Some shares gained more than others, particularly in the tech sector.In his first term, Trump took drastic steps that changed the tech landscape. This time may be similar.So what has the stock market told us so far about which <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">Big Tech</a> companies might be winners and losers during a Trump second term?For clues on this, Business Insider looked at the two-day performance of many of the largest tech companies by market capitalization. Here's what we found.<h2 id="381c0288-6c9c-4d61-b433-2907e9c5e091">Apple at the bottom</h2><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-china-tariff-plans-could-cost-apple-2024-11">Apple</a> is at the bottom here. Investors may be concerned that Trump will impose stricter and broader tariffs on China, where most of Apple's iPhones are manufactured."Apple CEO Tim Cook famously got on very well with Trump and successfully excluded Apple products from Chinese tariffs; a potential blanket tariff, however, which Trump has pledged to implement, would hurt badly," tech blogger <a target="_blank" class="" href="https://stratechery.com/2024/president-trump-take-two-big-tech-little-tech-chips-and-hardware-elon-musks-triumph/">Ben Thompson wrote</a> this week in his newsletter Stratechery.To be sure, Apple is not a loser here because its stock still rallied as the whole market jumped after the Trump victory. However, among the stocks BI looked at, it has seen the smallest gains over these two days.TSMC also stands out for its meager performance in this period. The Taiwan-based chipmaker works closely with Apple on iPhone chips. If Trump tariffs send the global supply chain into a spin, that could be bad for TSMC, too. <h2 id="dbcf2173-a94f-494e-9e39-49f315815198">Tesla on top</h2><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-tesla-shares-elon-musk-ev-president-2024-11">Tesla</a> has had the best market performance in this period. CEO <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-presidential-election-stakes-2024-11">Elon Musk</a> gave his full support to Trump's second election bid.<a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">Trump on Wednesday</a> praised <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-presidential-election-stakes-2024-11">Musk</a>."We have a new star, a star is born," he told boisterous supporters a few hours before the election was called in his favor. "Elon. He is an amazing guy."BI reporter Ana Altchek previously wrote about the potential benefits of <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Musk's successful support</a> of Trump. While Trump could pull electric vehicle government incentives, Tesla has already reached scale and makes billions of dollars in profit now, giving it a big potential advantage over other US EV makers.<h2 id="88e27b23-bfe8-4512-8e49-876ade83f9a0">Google gains</h2>Google is somewhat surprising as a big stock gainer in the past two trading days. Trump has criticized the search giant over the years, so his election would seem to be negative for the company. However, Trump could roll back regulations and rules for businesses, which might benefit Google. Parent Alphabet owns autonomous driving company Waymo, which could get a boost, while even small signs of lighter antitrust enforcement might help the company."Self-driving car regulation may be loosened, and investors may hope DOJ pressure could ease," Stefan Slowinski, a BNP Paribas Exane analyst, wrote in a note to investors after Trump's win.<h2 id="129c6728-940b-4ba4-b955-84c2446c0f42">Meta overhang?</h2>Meta shares have not performed that well in this period. Trump is not a fan of Mark Zuckerberg, Meta's CEO. Meta "risks seeing a political overhang emerge," Slowinski wrote."Trump has long expressed personal animosity against Big Tech, which he sees as being in the bag for the Democratic party, and towards Meta in particular, thanks to the money CEO Mark Zuckerberg donated to voting initiatives in 2020 that Trump believes financed Democratic get-out-the-vote operations," Thompson wrote in Stratechery.<h2 id="a95cddcb-34e5-4f71-9e59-c2c38dba5a2e">'Shock absorber for the consumer'</h2>Slowinski highlighted other Big Tech stocks this week in his note to investors. "Amazon may also now see an overhang as 60% Chinese tariffs, as proposed by the President elect, could pressure margins in North America as Amazon reprises its role as 'the shock absorber for the consumer'," the analyst wrote. As for Microsoft, Slowinsky wrote that it "appears the most un-impacted by politics and new policies near term."

Here are Big Tech's winners and losers from Donald Trump's win, according to the market

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Prime Day is officially here, and we've got a <a target="_blank" href="https://www.businessinsider.com/guides/deals/best-prime-day-deals-big-deal-days-2024-10">rundown on all the deals worth checking out</a>.In today's big story, another hurricane <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">is set to hit Florida this week</a>, threatening a real-estate market already on edge.What's on deck:<ul><li>Markets: China's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">stock rally fizzles</a> as lack of fresh fiscal stimulus disappoints investors.</li><li>Tech: <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">Elon Musk's robotaxi pitch</a> this week could decide Tesla's future.</li><li>Business: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">Meet Jeff Smith</a>, the hedge-fund investor taking on Pfizer.</li></ul>But first, when it rains, it pours.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">Hurricane (part 2)</h2><div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050793" hostid="261" sizebytes="123164"></div>Another hurricane is expected to hit Florida as the state continues recovering from Hurricane Helene.Hurricane Milton, a Category 4 storm (it weakened from a Category 5, but remains "extremely dangerous"), is on track <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">to make landfall near Tampa Bay by Wednesday</a>. It's the latest hurdle for the state's volatile real-estate market.Milton's peak wind speeds hit 160 mph on Monday. Heavy rain is expected before the storm arrives, and flooding is anticipated throughout the region. Florida Gov. Ron DeSantis has issued a state of emergency for 51 counties, and mandatory evacuations have begun in some areas. The mayor of Tampa, Jane Castor, has also issued a stark warning that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">anyone who remains in the city as Milton approaches will "die."</a>It's never a good time for a hurricane to hit, but preparing for a powerful storm while you recover from another makes the situation even more challenging.Helene caused over 220 deaths and as much as $34 billion in damage, according to an estimate from Moody's Analytics. Meanwhile, federal agencies meant to provide emergency assistance, like FEMA and the Small Business Administration, face their own cash crises.<div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050795" hostid="261" sizebytes="707320"></div>Back-to-back hurricanes represent the latest problem for a real-estate market facing buyer's remorse.The threat and cost that hurricanes pose mean Florida homeowners have some reevaluating to do <a target="_blank" href="https://www.businessinsider.com/florida-real-estate-worth-it-home-prices-insurance-hurricane-helene-2024-10">if they want to remain in the state</a>, write Business Insider's Jordan Pandy, Dan Latu, and Madeline Berg.One homeowner told BI she pays $7,000 a year in flood and hazard insurance for her 1,400-square-foot bungalow just south of Tampa. (The policies paid off, her home was deemed uninhabitable after Helene, and she still wants to live there after it's repaired.)But those high costs, coupled with the annual fear of potentially losing your home every fall, have other residents throwing in the towel. Even a few insurers have <a target="_blank" href="https://www.businessinsider.com/florida-condo-owners-prices-drop-insurance-hoa-taxes-increase-2023-3">called it quits on the state</a>, while others could increase their prices by over 300% in the coming years.It's representative of the extremes the Sunshine State's real-estate market has faced in recent years. One of the pandemic's hottest markets, some people are now souring on Florida over its <a target="_blank" href="https://www.businessinsider.com/florida-housing-market-sales-weather-climate-change-retirement-pandemic-costs-2024-9">climate, costs, and overcrowding</a>. (It's not alone in its post-pandemic comedown, as <a target="_blank" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Texas is facing a similar fate</a>.)But as much as people want to get out of the state, there will always be those looking to get in. More than 8,000 miles of coastline will do that.One Florida resident whose home sustained almost three feet of water damage from Helene cut their listing price by 40%. Within hours, their real-estate agent received 25 calls from investors interested in the property.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris hits '60 Minutes' without Trump. Political scientists weigh in on<a target="_blank" href="https://www.businessinsider.com/kamala-harris-sixty-minutes-interview-donald-trump-why-explained-2024-10"> whether the interview matters</a>.</li><li>Google <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-app-store-android-third-party-epic-games-judge-2024-10">must allow third-party app stores on Android</a>, Epic Games judge rules.</li><li>The job market is in the 'Twilight Zone,' <a target="_blank" href="https://www.businessinsider.com/job-market-outlook-claudia-sahm-layoffs-hiring-economy-twilight-zone-2024-10">top economist Claudia Sahm says</a>.</li><li>The Russian arms dealer who was exchanged for Brittney Griner is <a target="_blank" href="https://www.businessinsider.com/russian-arms-dealer-viktor-bout-sell-weapons-to-houthis-wsj-2024-10">trying to sell weapons to the Houthis: report</a>.</li><li>This $9 billion hedge fund just joined the raid on big-bank commodity-index traders <a target="_blank" href="https://www.businessinsider.com/alphadyne-hires-jpmorgan-commodity-index-head-byuen-2024-10">with a senior JPMorgan hire</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Xi Jinping" height="1500" width="2000" msid="114050791" hostid="261" sizebytes="856940"></div><ol><li>Jittery investors are keeping a lid on China's stock market rally. Stocks surged on Tuesday thanks to pent-up demand from a weeklong trading break — but lost steam after Beijing <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">failed to announce more stimulus measures</a>.</li><li>What recession? Goldman Sachs cut the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-goldman-unemployment-jobs-report-nonfarm-payrolls-rates-2024-10">probability of a recession in the next year to 15%</a>, largely thanks to a strong jobs report. But the jobs report might have lowered the chances of something else: <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-fed-outlook-recession-economy-stocks-ed-yardeni-2024-10">more rate cuts this year</a>.</li><li>Greenlight's dispute with its alleged former head of macro keeps getting messier. James Fishback is asking to be <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">awarded at least $5 million from Greenlight's David Einhorn</a>, claiming age discrimination. According to the filing, Einhorn dismissed Fishback's compensation concerns, saying he was being paid "a lot of money for a kid."</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk." height="2400" width="3600" msid="114050797" hostid="261" sizebytes="493076"></div><ol><li>Elon Musk's next big pitch. The billionaire will have to convince investors that Tesla is more than just a car company at Thursday's Robotaxi Day, when he'll share updates on his plan for a driverless fleet. The event is part of Musk's master plan to position Tesla as <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">tech company first, car company second</a> — and comes as Tesla's revenues have dipped.</li><li>Nvidia CEO Jensen Huang keeps talking about "sovereign AI." Here's what that means. A sovereign cloud guarantees data is stored locally, only used for intended purposes, and not transferred outside national borders. BI spoke with Vultr, a cloud-service provider, about why <a target="_blank" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">the phrase is all the rage</a>.</li><li>Reading the tea leaves of the adtech exodus. Adtech execs keep leaving, a sign of a <a target="_blank" href="https://www.businessinsider.com/adtech-leadership-changes-signal-new-phase-amid-investor-pressure-2024-10">new era marked by Big Tech dominance</a>. With Google, Meta, and Amazon looming large, independent adtech companies are forced to compete over scraps. Case in point: Adtech company <a target="_blank" href="https://www.businessinsider.com/adtech-company-pubmatic-layoffs-staff-reductions-2024-10">Pubmatic laid off 1% of its staff</a> last week as it reorients business toward growth areas.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A woman drinks a tropical cocktail on a beach with an MRI scan in the background." height="900" width="1200" msid="114050788" hostid="261" sizebytes="137494"></div><ol><li>Mojitos and an MRI. Millions of American "medical tourists" save between 40% and 90% on medical services by getting health screenings abroad. <a target="_blank" href="https://www.businessinsider.com/medical-tourists-health-screenings-tests-exams-on-vacation-mexico-turkey-2024-10">That's a bad sign for the US healthcare system</a>.</li><li>The hedge-fund investor taking on Pfizer has a formidable reputation. Pfizer got a wake-up call on Sunday when one of the most feared activist investors on Wall Street revealed a stake in the company. Since 2011, Starboard Value's Jeff Smith has extracted board seats and profits from corporate America — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">by force if necessary</a>.</li><li>How to reach potential voters: Porn and podcasts. They may not agree on much, but both Harris and Trump know that <a target="_blank" href="https://www.businessinsider.com/podcaster-new-politics-power-broker-harris-and-trump-know-it-2024-10">podcasts are the new way to reach voters</a>, with each appearing on ultra-popular shows. Elsewhere on the internet, <a target="_blank" href="https://www.businessinsider.com/porn-website-advertisement-project2025-male-harris-trump-2024-10">porn sites have become a battleground for male voters</a>. A $100,000 campaign is aiming to tie Trump to Project 2025's efforts to ban porn and imprison its producers.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Pepsico reports Q3 earnings, Samsung issues Q3 pre-earnings guidance, and Boeing announces Q3 deliveries.</li><li>Donald Trump participates in Univision News town hall with undecided Hispanic voters.</li><li>Kamala Harris has a full day of interviews: She'll appear on "The View" on ABC, "The Howard Stern Show" on SiriusXM, and "Late Night with Stephen Colbert" on CBS.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Florida's real-estate market is on edge amid back-to-back hurricanes

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.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">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<ul class="summary-list"><li>Inflation will rise regardless of whether Donald Trump or Kamala Harris wins the presidency, Paul Tudor Jones said.</li><li>The legendary investor is holding bitcoin, gold, and commodities in order to hedge.</li></ul>Paul Tudor Jones is holding gold, bitcoin, and commodities to hedge against inflation, as neither presidential candidate has a plan suitable for tackling US debt, the legendary investor said.The billionaire hedge fund manager told <a target="_blank" href="https://www.cnbc.com/2024/10/22/tudor-jones-is-long-gold-and-bitcoin-as-hedge-fund-titan-believes-all-roads-lead-to-inflation.html">CNBC</a> that inflation risk looms large after November's election, as each contender has pledged tax cuts and spending proposals that turn a blind eye to Washington's deficit problem.If left unaddressed, the US will need to inflate its way out, he cautioned."All roads lead to inflation," Jones said on Tuesday. "I'm long gold. I'm long bitcoin. I think commodities are so ridiculously under-owned, so I'm long commodities. I think most young people find their inflation hedges via the Nasdaq; that's also been great."Jones generally noted that he has repositioned his portfolio toward more inflation trades on the notion that Donald Trump may win.Though he did not offer more details, economists have projected that Trump's administration will boost inflation, given the Republican candidate's plans for <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-economy-layoffs-inflation-spending-job-market-tariffs-morgan-stanley-2024-10">steep tariff increases</a> and the extension of the 2017 corporate tax cut.But Jones considers both candidates a reason for worry, as neither seems to take the country's ballooning debt seriously enough. Regarding the US budget, both Trump and Kamala Harris are "least suited for the job ahead of them," Jones said.If the next White House executive doesn't adjust policy to tackle Washington's rising debt-to-GDP ratio, "the playbook to get out of this is that you inflate your way out," Jones said.He added that this would be in addition to measures to increase consumer taxes and slash interest rates as much as possible.Jones — who has warned of a "<a target="_blank" href="https://markets.businessinsider.com/news/bonds/us-debt-economy-outlook-government-spending-deficit-paul-tudor-jones-2024-2">debt bomb</a>" before — is staunchly pessimistic about the country's fiscal trajectory. The Congressional Budget Office projects that the debt ratio will reach <a target="_blank" href="https://www.cbo.gov/publication/60039">122% of GDP by 2034</a>, though Jones projects this is a significantly conservative estimate.Once the election passes, the next president will have to address this issue or else face revolt in the bond market, Jones predicted. "Bond vigilantes" had already made a scene last year over this by rejecting US debt, causing the 10–year <a target="_blank" href="https://markets.businessinsider.com/news/bonds/us-debt-bond-vigilantes-interest-rates-treasury-yields-economy-inflation-2024-1?utm_medium=ingest&amp;utm_source=markets">Treasury yield to touch 5% last October</a>."Under Trump, the deficit goes up by $500 billion per year; under Harris' plan, it goes up by an additional $600 billion per year. I have a feeling all those are just pipe dreams," he said. "The Treasury market won't tolerate it."

Legendary investor Paul Tudor Jones says he's buying gold and bitcoin pre-election because inflation will rise under both Trump and Harris

<ul class="summary-list"><li>Anthony Levandowski, who co-founded Google's Waymo, says Tesla has a huge advantage in data.</li><li>"I'd rather be in the Tesla's shoes than in the Waymo's shoes," Levandowski told Business Insider.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">While Tesla's robotaxi event last week</a> may have failed to wow Wall Street, a key figure in the driverless car industry said Elon Musk's company holds an incredibly strong position right now, despite the apparent headstart of rivals such as Waymo and Cruise."I'd rather be in Tesla's shoes than in Waymo's shoes," <a target="_blank" class="" href="https://www.businessinsider.com/anthony-levandowski-uber-interview-2016-12">Anthony Levandowski</a> told Business Insider in an interview. <a target="_blank" class="" href="https://www.businessinsider.com/former-google-engineer-pardoned-donald-trump-anthony-levandowski-ai-church-2023-11">Levandowski</a> is the engineer who co-founded <a target="_blank" class="" href="https://www.businessinsider.com/google-car-project-history-2018-8">Google's self-driving program</a> in 2009 — then named <a target="_blank" class="" href="https://www.businessinsider.com/google-bonus-equity-plan-self-driving-car-waymo-2021-1">Project Chauffeur</a>, now called <a target="_blank" class="" href="https://www.businessinsider.com/google-driverless-car-history-photos-2016-10">Waymo</a> — and is considered a pioneer of the autonomous vehicle industry.Levandowski is bullish on Tesla's overall position because of one key element: data. Tesla already has cars on the road, some of which use semi-autonomous features for tasks such as parking and lane-switching — and learning all the while. Musk has "the greatest fleet to do this," he said."There's millions of Teslas out there that are constantly alerting, feeding back their data to Tesla to make the product better, and that's ultimately what's really going to be the differentiator here — that you have the richest, most consistent data to continuously improve over time," Levandowski said."I would say the Tesla has examples of maybe 10,000 or maybe a million times more data than Waymo does in terms of all other scenarios of driving," he added.The unveiling of Tesla's "Cybercab" last week had been a long time coming. Musk has promised self-driving Teslas for the better part of a decade. Still, investors and Wall Street analysts weren't blown away. Tesla's stock tumbled after the event, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-net-worth-tesla-robotaxi-event-2024-10">wiping $15 billion from Musk's net worth</a>. The CEO's history of overpromising on timelines <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-twitter-wall-street-disappointment-self-driving-taxi-2024-10">may have something to do with that</a>.Likewise, Levandowski said he hoped for "a little more steak and less sizzle" on the substance of Tesla's self-driving technology. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9">Musk left many unanswered questions about how the technology works and its safety</a>.<div type="image" title="Tesla Cybercab press image" height="2160" width="3840" msid="114259738" hostid="261" sizebytes="506384"></div>Levandowski has a checkered past in this industry. After he left Google for Uber in 2016, his former employer sued his new bosses, claiming Levandowski had stolen intellectual property that would benefit Uber. Levandowski was subsequently fired by Uber and later sentenced to <a target="_blank" class="" href="https://www.businessinsider.com/anthony-levandowski-waymo-uber-sentencing-2020-8">18 months</a> in prison—before being saved by a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-pardons-ex-google-anthony-levandowski-2021-1">presidential pardon</a> from former president Donald Trump.Yet perhaps few people understand the nitty-gritty of self-driving tech better than Levandowski. Two years ago, he struck a more dour tone about the industry, <a target="_blank" class="" href="https://www.bloomberg.com/news/features/2022-10-06/even-after-100-billion-self-driving-cars-are-going-nowhere">accusing all the key players of offering nothing but glorified tech demos</a>.His shift in tone now may progress with his new self-driving venture Pronto, which focuses on the trucking and mining industries. He also acknowledged that the accelerated progress of AI in the last couple of years has had significant downstream effects on the self-driving industry."That's effectively where I think a lot of this progress that you're starting to see again in self-driving is really coming from," Levandowski said."We couldn't do what we do today at Pronto without some of this new foundational work that's happened," he added.<h2 id="cffe1173-24b4-4cf3-be70-daaa4eb49a36">Tesla's advantage</h2>Musk has previously claimed that Tesla outpaced rivals in offering a "general solution" to self-driving that would work anywhere.Indeed, the Cybercab relies solely on cameras and AI. Waymo and some other players in this industry use additional lidar sensors, which map a 3D image of the car's surroundings. Still, lidar technology is expensive, and Musk, who previously called it "<a target="_blank" class="" href="https://www.businessinsider.com/luminar-elon-musk-austin-russell-lidar-volvo-cars-2020-10">a crutch</a>," is betting on a future without it.Levandowski agrees."There's no reason why Waymo can't drop their lasers later on," he said. "In fact, I think that they will."That leaves a big question about how Waymo, which Levandowski previously worked on, will catch up. Right now, Google pays a premium for each Waymo car, and building and maintaining a massive ride-hailing network of its own would be capital-intensive."You probably need to buy a car company to be able to produce the cars that you want," said Levandowski regarding Waymo. "You should probably only do that at the time that you really have your technology ready to scale."<h2 id="bd51cf69-ebeb-4f2e-84c8-7ed3cd50958a">Uber's advantage</h2>While Tesla and Waymo compete for tech supremacy, <a target="_blank" class="" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">Uber might be the frontrunner in the robotaxi race right now</a>.Since selling off its <a target="_blank" class="" href="https://www.businessinsider.com/uber-sells-self-driving-car-unit-aurora-atg-deal-2020-12">self-driving division</a> in 2020, Uber has focused on partnering with self-driving companies to make their vehicles available to customers. It partners with Waymo and also <a target="_blank" class="" href="https://www.businessinsider.com/uber-robotaxi-wayve-dream-rivals-cruise-byd-2024-8">recently signed deals</a> with Wayve and General Motors' Cruise.It's a low-capital model for Uber, which relies on a network of drivers and riders that dynamically shifts with demand. Uber can simply offer driverless vehicles to customers through the same app without spending anything to build them. No wonder Uber and Lyft shares traded higher after the Tesla robotaxi event.Analysts also see Uber as a big winner in self-driving taxis, at least in the near term, and how Waymo commercializes is still unclear."Where they go from here is an interesting question," said Levandowski.Of course, Google has a massive scale with several of its existing products, and Levandowski said there's no reason the company couldn't one day give people the option to call a Waymo from within Google Maps, an app used by more than 1 billion people every month.<a target="_blank" class="" href="https://www.youtube.com/watch?v=WzPexOnnzFI">In an August interview with a16z</a>, Waymo co-CEO Dmitri Dolgov said the company was considering go-to-market strategies beyond ride-hailing, from deliveries to trucking.If Google wants to own the market, it may need to spin Waymo out into an entity that can take a hit on its return on investment as it gets to scale, <a target="_blank" class="" href="https://stratechery.com/2024/taking-waymo-uber-and-waymo/">Stratechery founder Ben Thompson recently wrote</a>."More generally, the longer that Waymo stays an Alphabet subsidiary, the greater the likelihood is that Uber wins as a transportation Aggregator," Thompson wrote. That, or as Levandowki suggests, it cuts costs or buys a car manufacturer to do the hard work."Whether [Tesla] can execute on the software and the technology becomes ready in time, or Waymo's costs come way down on the per-vehicle basis, who knows?" Levandowki said.Got a tip? You can contact this reporter securely on Signal at hughlangley.01 or email at <a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a>.

The 'godfather' of driverless cars says Tesla has a major advantage in the self-driving race

Unprotected at the margins of the rental market

<ul class="summary-list"><li>Americans who own stocks generally feel much better about the economy than those who don't.</li><li>The sentiment gap between the top third of owners and those without stocks is the second-widest ever.</li></ul>The best way to figure out how someone feels about the economy might be to ask them <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-build-wealth-changing-stocks-homes-people-missed-out-2024-8">whether they own any stocks</a>.The University of Michigan's monthly <a target="_blank" href="https://markets.businessinsider.com/news/etf/us-consumer-morale-dips-more-than-expected-in-july-sentiment-remains-stubbornly-subdued-1033550939">consumer sentiment index</a> offers a popular reading of this. After bottoming out in June 2022, the gauge has recovered over the past two years — though it remains below pre-pandemic levels.That rebound has been driven by the top one-third of stock owners, whose sentiment surged 71% during the period, more than six times the increase for non-owners. Not so coincidentally, the S&amp;P 500 has soared nearly 50% over the same timeframe.While that top group of stock owners is enjoying the rally, others feel left out — like they're not getting the same economic benefit. As it stands right now, the consumer-sentiment gap between the two groups is currently the second-widest it's ever been, dating back to 1998, University of Michigan data shows."Rising stock markets benefit consumers with stock portfolios but leave behind consumers who do not own stocks," said a University of Michigan consumer sentiment <a target="_blank" class="" href="https://www.businessinsider.com/how-americans-build-wealth-changing-stocks-homes-people-missed-out-2024-8">report</a> published in July.The sentiment spread between large stock owners and people without stocks has followed a predictable historical pattern. During times of market prosperity, like the past two-plus years, it's expanded. Sure enough, the S&amp;P 500 sits just 0.6% from record highs.On the flip side, the only times consumer sentiment for non-stock owners has been more positive than their shareholding peers has been during times of extreme market weakness. Examples include 2022 (<a target="_blank" class="" href="https://www.businessinsider.com/ai-internet-dotcom-bubble-tech-stocks-nvidia-market-crash-gordon-2024-5">dotcom bubble</a>), 2008-2009 (<a target="_blank" class="" href="https://www.businessinsider.com/positive-things-that-came-out-of-2008-recession-financial-crisis-2020-5">Global Financial Crisis</a>), 2020 (<a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/biggest-stock-market-crashes-in-history">COVID crash</a>), and 2022 (<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-growth-fed-rate-cuts-double-digit-2023-11">Fed rate hikes</a>).The chart below shows the dynamic in action. Since the 2022 low — and during recoveries from similar periods of depressed sentiment — the optimism of the top third of stock owners (represented by the red line) has outpaced that of non-owners and the overall index.Going forward, all eyes in the stock market are on the Fed's pace of <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-labor-unemployment-claudia-sahm-jeremy-siegel-2024-8">expected rate cuts</a>, and the degree to which that will stimulate an economy battling both inflation and a tight job market. Much also hinges on the ability of artificial intelligence titans like <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-365-potential-price-changes-ai-investment-roi-2024-6">Microsoft</a> and <a target="_blank" class="" href="https://www.businessinsider.com/alphabets-investors-want-data-ai-returns-no-one-has-answers-2024-7">Alphabet</a> to translate big spending into actual profits.If anything transpires to derail the currently bullish market forecast, expect stock owners' sentiment to decline, and the spread outlined above to tighten from near-record levels.Have you grown your wealth significantly through stocks in recent years? 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>.

How do you feel about the economy? It depends on whether you own stocks.

New Delhi, Japanese auto major Honda is all set to introduce its India-made mid-sized SUV Elevate in the <keyword id="859755" type="General" weightage="20" keywordseo="japanese-market" source="Orion">Japanese market</keyword> next year. It would be the first instance that a product manufactured by <keyword id="1381889" type="General" weightage="20" keywordseo="honda-cars-india" source="Orion">Honda Cars India</keyword> Ltd (HCIL), a wholly-owned unit of the Japanese firm, will be exported to the highly regulated Japanese market. HCIL is rolling out Elevate from its Tapukara (Rajasthan-based) production facility. "After its successful debut in India earlier this year, Elevate is scheduled for Spring 2024 launch in the Japanese market under the brand name WR-V," an HCIL spokesperson said in a statement. In a first for HCIL, the model will be manufactured in India and exported to Japan, it added. "This strategic move is a strong reflection of manufacturing capabilities of India operations and also solidifies our vision of making the country a key export hub in Honda business," the spokesperson said. The company's Tapukara-based plant is fully equipped to take care of the domestic as well as export requirements, the spokesperson added. HCIL introduced Elevate in the domestic market in September this year. Starting with the model, the company aims to introduce five SUV models in the domestic market by 2030. The company also plans to bring a battery-electric version of Elevate within the next three years. The model is powered by a 1.5-litre petrol engine paired with a six-speed manual and a seven-speed continuously variable transmission (CVT).

Made-in-India Honda Elevate to debut in Japan next year

<ul class="summary-list"><li>Sri Pangulur started his own syndicate while working as a sales executive in Silicon Valley.</li><li>He parlayed that syndicate experience to transition working in to venture capital at Tribe Capital.</li></ul>Sri Pangulur embraced the after-work hustle to invest in early-stage startups. By day, he was a <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-cloudflare-ceos-lawsuit-over-neighbors-dogs-getting-wild-2024-4">CloudFlare</a> sales executive. But after work, he spent up to 15 hours a week attending hackathons, meetups, and venture events to source the <a target="_blank" class="" href="https://www.businessinsider.com/most-promising-startups-2024-according-top-vcs-2024-8">next hot startup</a>.There were many times when Pangulur just jumped straight into chasing a deal after a long day of work. He recalled when his CloudFlare team closed a high-stakes deal late on a Friday at the end of a quarter. But instead of celebrating with this team, he met with a hot seed stage company."I was trying to get into a pretty high profile seed round as well that had very little allocation left in the deal," he said, adding that he had to really beg to get a spot. After chatting with the CEO until midnight, Pangulur got into the deal.He started his side hustle investing efforts by writing small checks but soon found himself flooded with deal flow. He decided to formally create a syndicate called Overtime VC, investing up to $250,000 in seed and Series A rounds. Through Overtime, Pangulur invested nearly $20 million in 65 companies, with a focus on enterprise infrastructure and apps. Among those startups in his portfolio were <a target="_blank" class="" href="https://www.businessinsider.com/abnormal-security-valued-at-5-billion-in-new-funding-round-2024-6">Abnormal Security, currently valued at $5.1 billion</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/most-promising-enterprise-startups-according-to-vcs-2021#airbyte-open-source-tools-for-moving-data-2">Airbyte</a>, now valued at $1.5 billion.Pangulur met <a target="_blank" class="" href="https://www.businessinsider.com/mayfield-vc-navin-chaddha-early-stage-startup-investment-opportunity-2022-7">Mayfield Fund managing partner Navin Chaddha</a> through investing. In 2016, the pair met at a tech networking event and kept in touch, discussing industry trends and collaborating on deals."This guy will go places," Chaddha recalled of his first impressions of Pangulur. Seven years later, Pangulur joined Mayfield as a partner.The path to VCBorn in Michigan and raised in Ohio, Pangulur grew up in a family of doctors. He initially was pre-med at Case Western University, intending to follow in his family's footsteps. But as the dot-com bubble brewed in the late 1990s and early 2000s, Pangulur decided to pursue finance.After college, he worked on the M&amp;A team at KeyBanc Capital Markets and then joined Lehman Brothers, focusing on software investments. He also got a taste for venture capital at TeleSoft Partners, an early-stage firm, before jumping to the operating side.Over the next decade, Pangulur worked in a range of sales roles, ultimately landing at CloudFlare to lead one of the company's first sales teams in North America. At CloudFlare, he gained experience selling to CTOs and CISOs across various companies, from startups to the Fortune 500.He also continued investing through his syndicate, Overtime VC, and brought these firsthand experiences to the founders he advised.Pangulur helped founders with recruiting, answering questions like, "Who's that first VP of sales you should hire? What does that profile look like, and how does that evolve over time as you scale?"The Overtime business kept scaling, and then he said he pondered whether he wanted to work at one company most of the time or work with many entrepreneurs full-time rather than on the side."That's when I had the realization that maybe I should do venture, " he said.'Cooking' at the Series BPangulur began raising his own venture fund based on the success of his syndicate fund, Overtime VC. But a few months into fundraising, he received an unexpected offer from Tribe Capital, a VC firm that uses data science to invest in crypto and software startups.With Tribe's $1.6 billion assets under management, Pangulur was drawn to the idea of writing bigger checks and advising founders as a board member. "I decided to take that jump," he said.At Tribe, Pangulur built out the firm's software investing practice. With a focus on enterprise infrastructure and software-as-a-service, Pangulur led six deals, including the sales intelligence startup Apollo, which is now valued at $1.6 billion.Last September, Pangulur joined Mayfield. "I wasn't actively looking to make a move," he said, but after working with Chaddha over the years through Overtime and Tribe, Pangulur was intrigued at a new opportunity to join the firm.He and Chaddha met for an in-person catch-up in the fall of 2022. "I went into the meeting thinking it would be a normal catch-up," Pangulur said. "But that's when he told me about the opportunity he sees in the market for the Spring Fund."<a target="_blank" class="" href="https://www.businessinsider.com/why-mayfield-doing-more-startup-investments-focusing-ai-2023-7">Mayfield</a> is one of Silicon Valley's oldest venture firms, with $3 billion in assets under management. While the firm has traditionally invested at the seed and Series A stages—it announced its seventeenth fund of $580 million focused on seed and Series A in 2023 — there was still a gap in the market for investment."Our Select/Spring Fund is aimed at founders who are beyond the ideation stage, with a team, early product-market fit, and initial market adoption," said Chaddha. "Their financing stage is typically at the A prime or Series B."The firm first raised a $125 million Spring fund in 2016 to invest in its breakout portfolio companies for follow-on investments. Last year, Mayfield raised a Select III/Spring Fund of $375 million, aiming to focus the vast majority of its investments on new outside opportunities.Pangulur was brought in to co-lead the firm's Select/Spring fund with Chaddha."He came from a sales background," Chaddha said. "He's investing at a stage where there's already product and customers— his go-to-market expertise is his superpower."This is the stage "where you need to get in the weeds, work with the founders, help them do some of that cooking," Pangulur said.Earlier this month, Pangulur announced two new investments he led: a $25 million Series B for billing infrastructure startup Orb and a $28 million Series B for TeamBridge, a workforce operating software startup.Despite the overall tepid funding market, Pangulur is optimistic. "The Spring Fund is a relatively new initiative," Pangulur said. "I want us to be one of the first calls that a lot of founders call when they're hitting that inflection between being at inception early stage to finding those early elements of product market fit and go-to-market repeatability."

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