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<ul class="summary-list"><li>Vice President <keyword id="20307089" type="General" weightage="20" keywordseo="Kamala-Harris" source="keywords">Kamala Harris</keyword> looks set to secure the Democratic presidential nomination.</li><li>Her campaign has gained momentum with high-profile endorsements and donations from tech leaders.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-tech-issues-ai-big-tech-crypto-silicon-valley-2024-7">Vice President Kamala Harris</a> is shaking up the 2024 election. Harris looks set to secure the Democratic presidential nomination amid a burst of popularity following <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">President Joe Biden's withdrawal from the race</a>. The <keyword id="15548" type="General" weightage="20" keywordseo="US-President" source="Orion">US President</keyword> endorsed his current vice president, and many prominent Democrats, <a target="_blank" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/barack-obama-endorses-kamala-harris-for-president-after-a-delay-2024-7">including Barack Obama</a>, have followed his lead. Money has been pouring into Harris's campaign, and the vice president has already <a target="_blank" class="" href="https://www.youtube.com/watch?v=sHky_Xopyrw">begun campaigning against</a> former president <keyword id="19918985" type="General" weightage="20" keywordseo="Donald-Trump" source="keywords">Donald Trump</keyword>. While several <keyword id="19915272" type="General" weightage="20" keywordseo="Silicon-Valley" source="keywords">Silicon Valley</keyword> veterans, including former Meta exec Sheryl Sandberg, have voiced their <a target="_blank" class="" href="https://www.businessinsider.com/election-business-leaders-billionaires-backing-kamala-harris-president-2024-7">support for Harris</a>, others have spent the last few months throwing considerable weight behind Trump and his running mate <keyword id="22168234" type="General" weightage="20" keywordseo="JD-Vance" source="keywords">JD Vance</keyword>. Also read: <a href="https://www.businessinsider.in/politics/world/news/these-6-house-democrats-voted-for-gop-resolution-condemning-kamala-harriss-failure-to-secure-the-border/articleshow/112023285.cms" data-type="tilCustomLink" target="_blank">These 6 House Democrats voted for GOP resolution condemning Kamala Harris's 'failure to secure' the border</a> David Sacks, an old PayPal colleague of <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/peter-thiel-jd-vance-veep-trump-election-kingmaker-2024-7">Peter Thiel</a>, donated $1 million to a pro-Vance Super PAC, while Thiel gave $15 million to his campaign, <a target="_blank" class="" href="https://www.politico.com/news/2022/05/03/jd-vance-win-ohio-primary-00029881">Politico</a> reported. Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has also been enthusiastic about Vance, reportedly participating in a secret lobbying campaign for the former VC. The billionaire <a target="_blank" class="" href="https://www.businessinsider.com/biden-campaign-says-musk-trying-to-control-country-with-money-2024-7">officially endorsed Trump for President after </a>an assassination attempt against him in July. With Vance by his side, Trump has been trying to woo Silicon Valley away from Biden. But with Harris at the helm, it's a whole new race. "Momentum has certainly shifted in the tech industry, and many —including myself — are now optimistic that Harris can take the reins and drive the Democratic party into the future," Aaron Levie, CEO of Box cloud company, told Business Insider. <h2>A California candidate</h2>In Harris, techies have a candidate from their home turf. Born in Oakland, Harris has served as a California senator and as the state's attorney general. She has roots and high-profile friends in the Bay Area. She reportedly attended the 2013 wedding of former Facebook president and investor <a target="_blank" href="https://www.businessinsider.com/sean-parker-life-career-napster-facebook-billionaire-pictures-2020-3">Sean Parker,</a> and her brother-in-law,<a target="_blank" href="https://www.businessinsider.com/tony-west-life-career-uber-maya-harris-kamala-harris-2020-11"> Tony West</a>, is Uber's chief legal officer. Many in the Valley view Harris as a much-needed breath of fresh air. "I have known Kamala for decades, and she's been a fighter, a leader, and an advocate for the tech ecosystem," Silicon Valley "super angel" investor Ron Conway <a target="_blank" class="" href="https://x.com/RonConway/status/1815466335612399778">said </a>in an X post calling on the tech community rally around Harris. Chiente Hsu, cofounder and CEO of bitcoin platform ALEX, told BI that Harris is "generally viewed more favorably among tech leaders" than Biden. She cited Harris' closer ties to the tech community and favorable stance toward innovation for the renewed enthusiasm. Harris has also shown a willingness to take on Big Tech when needed. During her time as attorney general, she tackled issues such as the distribution of explicit content on social media platforms, <a target="_blank" class="" href="https://www.politico.com/magazine/story/2019/02/01/kamala-harris-porn-california-attorney-general-facebook-twitter-silicon-valley-224534/">with a particular focus on "revenge porn."</a> During the Biden Administration, Harris played an active role in AI regulation. She's <a target="_blank" class="editor-rtfLink" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/11/01/remarks-by-vice-president-harris-on-the-future-of-artificial-intelligence-london-united-kingdom/">previously stated</a> she rejects the "false choice that suggests we can either protect the public, or advance innovation." "Her work on tech-related legal issues and proactive stance on innovation further bolster her reputation," Hsu said. "Harris has been vocal about the need for ethical AI development and robust oversight of Big Tech, reflecting a nuanced approach to tech regulation." <h2>A lucrative opportunity</h2>Several business elites have already expressed their support for Harris. Some, like Netflix's cofounder Reed Hastings, have been putting their money where their mouth is with <a target="_blank" class="" href="https://www.businessinsider.com/reed-hastings-all-in-on-kamala-harris-7-million-donation-2024-7">hefty donations.</a> If Harris does win over tech executives, it could mean significant financial contributions and strategic support. Levie said Harris represented a "unique opportunity" for the Democratic Party to position itself as pro-tech, pro-AI, and pro-science. "Biden stepping down and the party aligning around Harris has reenergized the community, and many who were previously neutral are now excited about the direction Harris can drive," he said. Harris's stance on some tech issues is still a bit uncertain. Notably, the vice president hasn't taken a strong stance on cryptocurrency, but some expect her to become more pro-crypto than Biden. The Biden administration has been increasing its scrutiny of the sector following the collapse of FTX in 2022. Meanwhile, with support from pro-crypto running mate JD Vance, Trump has announced he plans to be the first <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/trump-bitcoin-cryptocurrency-election-outlook-crypto-funding-regulation-biden-novogratz-2024-7#:~:text=Donald%20Trump%20was%20not%20always,Trump%20trade%2C%22%20Bernstein%20said.">"crypto president."</a> Nigel Green, CEO of financial services company deVere Group, previously told BI that Harris's views "reflect a cautious approach" to the sector. However, he said he expected Harris to become more pro-crypto to compete effectively with Donald Trump. "This regulatory clarity could bring greater legitimacy to the industry, potentially attracting more institutional investors and mainstream adoption," he added.

Kamala Harris has a golden opportunity to pull Silicon Valley away from Trump and Vance

Global markets are looking ahead to the US Fed's meeting scheduled for Thursday, November 7, 2024, expecting the Jerome Powell-chaired FOMC (Federal Open Market Committee) to slash interest rates further by 0.25%. In September this year, the Fed surprised the markets by cutting interest rates by a massive 0.5%, for the first time in 4 years. As per the <keyword id="23807624" type="General" weightage="20" keywordseo="CME-Fed-Watch-Tool" source="keywords">CME Fed Watch Tool</keyword>, there is now a 99.5% chance that the Fed will reduce the interest rates by around 25 basis points, bringing it within the range of 4.5% to 4.75%. Only 0.5% believe that the Fed might leave the rates unchanged, within their present range of 4.75% to 5%. As for the Fed's December meeting, scheduled for December 18, per the CME Fed Watch tool, 79.5% believe that interest rates would be in the range of 4.25% to 4.5%. Another 20.4% believe that yields will remain in the range of 4.5% and 4.75%. Only 0.1% see the interest rates staying within their current range of 4.75% to 5% <h2>No major changes anticipated</h2>However, it is unlikely that this quarter-point rate cut would bring about any significant financial changes in the US economy. The Fed is again expected to bring down the interest rates by another 25 basis points in their December meeting. This would imply a total rate cut of about 50 basis points by the end of this year. So, why is the Fed not bringing down interest rates by 50 basis points in one fell swoop this time around? Why wait till December to bring down the rates by another 25 basis points? Experts believe that it could stoke inflation, which has seen a sharp decline in the recent past. A steep slash of borrowing rates could accelerate borrowing activity and inject significant cash into the economy at once, pushing up inflation. Per the Fed's recent projections, a total of 4 rate cuts are anticipated in 2025. On a YoY basis, inflation in the US dipped to 2.4%, close to the Fed's target of 2%. With inflationary pressures reined in, the economy growing at the rate of 2.8% during the third quarter of FY24, and the unemployment rate down to 4.1%, the markets see much merit in bringing interest rates down. This is especially important to boost spending, particularly in sectors such as housing and automobiles, where even a slight tinkering in interest rates can drastically impact the amount and volume of loans taken to own them. Data suggests that during Trump's presidency tenure, i.e., between 2017 and 2021, inflation averaged at a rate of 1.9% a year. During the Biden administration, where Kamala Harris served as VP, the inflation is on track to average around 5% a year. Shrisha Acharya, Vice President, Anand Rathi Global Finance, also notes that the results of the impending US elections, which are likely to be declared tomorrow, will impact the yields and stock markets. "The Trump card, coupled with potential Republican control, could mean higher bond yields due to anticipated increases in deficit spending, inflation risks, and potential tax cuts. This could very well jiggle the confidence in U.S. Treasury bonds and thus start a chain effect that will possibly impact global market stability and lead to short-term volatility. On the other hand, Harris’ rise has been met with a stock market rally glued on expectations of economic stability and controlled inflation, with more predictable fiscal policy likely to help in a soft landing," he explains.

What can you expect from the US Fed meeting later this week? Here's all you need to know

The vulnerable GOP congressman convinced that economic interest voters will save him from the Trump and abortion backlash

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Yes, there is such a thing as a "Vape Phone." And yes, <a target="_blank" href="https://www.businessinsider.com/vape-phone-swype-replace-smartphone-dumb-phone-iphone-review-2024-7">we did try it out</a>.In today's big story, President Joe Biden <a target="_blank" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">ended his reelection bid</a>. Here's what <a target="_blank" href="https://www.businessinsider.com/joe-biden-dropping-out-what-happens-next-2024-7">happens next</a>.What's on deck:<ul><li>Markets: Some alternatives to high-yield savings accounts <a target="_blank" href="https://www.businessinsider.com/financial-planner-what-to-do-when-interest-rates-drop-2024-7">for when interest rates drop</a>.</li><li>Tech: Why Marc Andreessen's argument about Trump benefiting "Little Tech" <a target="_blank" href="https://www.businessinsider.com/marc-andreessens-endorsement-donald-trump-tech-industry-silicon-valley-2024-7">doesn't add up</a>.</li><li>Business: The era of working multiple jobs is <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">coming to an end</a>.</li></ul>But first, I'm calling it quits.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">Biden bows out</h2><div type="image" title="biden" height="880" width="1176" msid="111934829" hostid="261" sizebytes="74714"></div>Joe Biden has had enough.The president <a target="_blank" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">ended his reelection campaign</a> on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month.In a letter posted <a target="_blank" href="https://www.businessinsider.com/read-bidens-letter-message-announcing-he-quit-race-2024-7">on social media</a>, Biden wrote he believed it was "in the best interest of my party and the country" to exit the race and "focus solely on fulfilling my duties as President for the remainder of my term."He said he would speak to the country later this week about his decision, but didn't provide more details.Reactions about the news from <a target="_blank" rel="noopener" href="https://www.businessinsider.com/business-leaders-billionaires-respond-biden-drops-out-elon-musk-2024-7">business leaders like Elon Musk and Reid Hoffman</a> ranged from criticism of the Democratic party to praise for Biden. Meanwhile, former President Donald Trump said <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-reaction-biden-drops-out-of-election-truth-social-2024-7">in a post on Truth Social</a> that "Crooked Joe Biden was not fit to run for President."Biden's decision partially ends what has been a chaotic few weeks for his party. Democrats have argued — initially behind closed doors <a target="_blank" href="https://www.businessinsider.com/chuck-schumer-hakeem-jeffries-democratic-leaders-biden-drop-out-2024-7">and then publicly</a> — over whether the president was their best choice amid concerns over his age.Biden's departure from the race came with an endorsement: <a target="_blank" href="https://www.businessinsider.com/joe-biden-endorses-kamala-harris-after-dropping-out-2024-7">Vice President Kamala Harris</a>. The choice has long been viewed as the most straightforward pick for the party <a target="_blank" href="https://www.businessinsider.com/democrats-replacing-biden-with-harris-for-campaign-funds-2024-7">due in part to campaign finance laws</a>.Harris said she was "honored" to have the endorsement and intended to "<a target="_blank" rel="noopener" href="https://www.businessinsider.com/kamala-harris-wants-to-unite-democratic-party-defeat-trump-biden-2024-7">earn and win this nomination</a>."<div type="image" title="kamala harris" height="544" width="1122" msid="111934834" hostid="261" sizebytes="15086"></div>Harris hasn't wasted time trying to secure the nomination.Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat <a target="_blank" href="https://www.businessinsider.com/kamala-harris-presidential-campaign-strength-biden-announcement-future-election-2024-7">looking to challenge her</a>, writes Business Insider's Brent D. Griffiths. Plenty of Democrats have already followed Biden in <a target="_blank" href="https://www.businessinsider.com/democrats-endorsing-kamala-harris-to-replace-joe-biden-2024-7">endorsing Harris</a>, including <a target="_blank" href="https://www.businessinsider.com/bill-hillary-clinton-endorse-kamala-harris-president-trump-election-2024-7">Bill and Hillary Clinton</a>.But even if Harris seems like a shoo-in for the ticket, the past few weeks have taught us to expect the unexpected in Washington.With the party's convention scheduled from August 19-22 in Chicago, BI's Bryan Metzger has a breakdown of <a target="_blank" href="https://www.businessinsider.com/joe-biden-dropping-out-what-happens-next-2024-7">how the next few weeks could shake out</a>. An open convention could mean a <a target="_blank" href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2">wide array of candidates</a> throw their hats in the ring.Many have made comparisons to <a target="_blank" href="https://www.businessinsider.com/what-if-biden-ends-his-reelection-bid-1968-dnc-2024-2">the 1968 Democratic convention</a>, which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.Coincidentally, that convention also took place in Chicago, and Hubert Humphrey, Johnson's vice president, secured the nomination. However, Humphrey lost to Richard Nixon by 110 electoral votes in the general election.Democrats could <a target="_blank" href="https://www.businessinsider.com/joe-biden-should-not-drop-out-election-prediction-allan-lichtman-2024-7">ultimately face the same fate</a>, but moving on from Biden was their best chance at <a target="_blank" href="https://www.businessinsider.com/democrats-may-still-lose-biden-stepping-aside-was-best-option-2024-7">shaking up a race they were falling behind in</a>, writes Brent.Here's the latest news in the wake of Biden's announcement:<ul><li><a target="_blank" href="https://www.businessinsider.com/inside-life-and-career-of-kamala-harris-bidens-vp-pick-2020-8">Meet Kamala Harris, America's vice president who Joe Biden endorsed after dropping out of the race</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/democratic-fundraising-after-biden-dropped-out-2024-7">Biden drops out and the money comes rolling in</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/what-are-kamala-harris-policy-stances-issues-2024-7">Here's where Kamala Harris stands on the issues, from the economy to healthcare</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/names-floated-kamala-harriss-veep-if-biden-drops-out-election-2024-7">The names being floated as Kamala Harris' running mate now that Biden has dropped out</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/trump-kamala-harris-attack-ads-2024-7">Trump's allies had attack ads aimed at Kamala Harris at the ready</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/biden-pelosi-lord-almighty-step-aside-election-2024-7">Biden said only the 'Lord Almighty' could get him to exit the presidential race. Then came Nancy Pelosi</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-campaign-funds-after-he-dropped-out-2024-7">What happens with Biden's war chest now that he's dropped out?</a></li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Black and white headshot of Andy Sieg wearing a suit and smiling" height="1000" width="2000" msid="111934828" hostid="261" sizebytes="25324"></div><ol><li>Citi Wealth exodus continues. More than a dozen bankers from the bank's workplace-wealth group, which serves rich lawyers, <a target="_blank" href="https://www.businessinsider.com/citi-law-group-wealth-at-work-exits-joe-ryan-andy-sieg-2024-7">left for Bank of Montreal</a>. Wealth boss Andy Sieg was undeterred in an internal memo, stating the group was still the "clear market leader — full stop."</li><li>Warren Buffett's go-to market indicator isn't looking great. The Buffett Indicator, which measures the total US market cap to GDP, hit an all-time peak of 200% on Monday. Years ago, Buffett said if the ratio approaches 200%, "<a target="_blank" href="https://markets.businessinsider.com/news/stocks/warren-buffett-valuation-signal-flashes-warning-market-cap-gdp-ratio-2024-7">you are playing with fire</a>."</li><li>When interest rates drop, where should you put your cash? The silver lining of the Fed's rate policy has been high-yield savings accounts, but a rate cut will make those less appealing. A financial planner <a target="_blank" href="https://www.businessinsider.com/financial-planner-what-to-do-when-interest-rates-drop-2024-7">made some suggestions for alternatives</a>. (But don't rush it!)</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Collage featuring a large photo of Donald Trump towering over a smaller photo of Marc Andreessen" height="1500" width="2000" msid="111934833" hostid="261" sizebytes="99898"></div><ol><li>Big Tech's phony Trumpism. Famed tech investor Marc Andreessen broke a pattern of longtime Democratic presidential support when he announced he'd be backing Donald Trump this year. Andreessen says a second Trump administration would further a "Little Tech" agenda he favors. But <a target="_blank" href="https://www.businessinsider.com/marc-andreessens-endorsement-donald-trump-tech-industry-silicon-valley-2024-7">that argument doesn't make much sense</a>, BI's Adam Rogers writes.</li><li>Turn off those auto-updates. After a massive IT outage disrupted grocery stores, banks, and airport operations around the globe, IT professionals bemoaned the simple way it could've all been avoided: <a target="_blank" href="https://www.businessinsider.com/why-you-should-turn-off-auto-updates-crowdstrike-outage-microsoft-2024-7">disabling auto-updates</a>.</li><li>To make them safer, OpenAI wants chatbots to chat with each other. Sam Altman's company <a target="_blank" href="https://www.businessinsider.com/openai-new-safety-hack-ai-models-policing-each-other-2024-7">recently unveiled its new technique</a> for getting chatbots to reveal their thought processes: having them converse. It's part of a safety initiative in the wake of several high-profile departures from OpenAI's safety team earlier this year.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="man sitting on beach" height="832" width="1114" msid="111934831" hostid="261" sizebytes="20984"></div><ol><li>The sun is setting on overemployment. Some Americans doubled their income by secretly working multiple remote jobs, which helped them save up, pay debts, or make savvy investments. But with return-to-office mandates and hiring slowdowns, they're bracing for <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">a future without the extra paychecks</a>.</li><li>Some pandemic boom towns could see big home-buying chances. Though the housing market is infamously unaffordable, the Southern real estate market is on the verge of a major opportunity for buyers. A real estate analyst explained why <a target="_blank" href="https://www.businessinsider.com/real-estate-home-prices-correction-housing-market-buying-a-house-2024-7">home prices in the South could see double-digit declines</a> in the next few years.</li><li>Is tipping culture getting out of hand? Tipping is creeping into more and more aspects of daily life, and not everyone's buying into it. Two people told BI why they're <a target="_blank" href="https://www.businessinsider.com/should-you-tip-restaurant-servers-drivers-rideshare-taxi-nail-salons-2024-7">resisting the tipping ubiquity</a> — and shared the places where they think it's still appropriate.</li></ol>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. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

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