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<ul class="summary-list"><li>Elon Musk's X lawsuit led to the closure of the Global Alliance for Responsible Initiative.</li><li>Conservatives see this as a win for free speech against liberal media watchdog groups.</li></ul>High-profile conservatives took a victory lap this month after an antitrust lawsuit filed by Elon Musk's X, which alleged an ad trade group and its members illegally conspired to shift dollars away from the platform, resulted in the <a target="_blank" href="https://www.businessinsider.com/ad-group-to-suspend-garm-initiative-following-elon-musk-lawsuit-2024-8">closure of the advertising initiative the Global Alliance for Responsible Initiative</a>.For many of these high-fiving observers, the triumph wasn't merely that GARM — a two-person operation whose mission was to create common definitions around areas like hate speech and misinformation — had been toppled. It was a victory for free speech and, ultimately, a <a target="_blank" href="https://www.youtube.com/watch?v=0kY8BRI0sks">win</a> for right versus left.Since at least the 2016 election of President Donald Trump, conservative outlets have argued that liberal-leaning activists have pressured advertisers to boycott their sites. But the rise of the marketing practice known as "brand safety" hasn't just hit conservative outlets. It's dealt a revenue blow to publishers across the political spectrum.Initially fearful of inadvertently funding hate speech, terrorism, or online piracy, many advertisers' brand safety strategies now involve avoiding news and politics altogether."The left recentered the ad market," said Alex Marlow, the editor in chief of Breitbart News, in a recent <a target="_blank" href="https://www.prageru.com/video/elon-musk-takes-down-garm-and-why-it-matters">video interview</a> with the conservative media and advocacy group PragerU. "The positive, the silver lining, is that they ended up doing far more damage to themselves than they ever did to Breitbart."Now, as advertisers grow evermore fearful of appearing next to anything controversial, many ad industry insiders, as well as publishers on both the left and right, feel there's something fundamentally broken about the system."Whether you're X, or a liberal publisher, or <a target="_blank" class="" href="https://digiday.com/marketing/lawsuits-against-garm-call-into-question-the-politics-behind-brand-safety/">News Corp</a>., this thing just got out of hand," said Mark Penn, chief executive of the marketing company Stagwell Group.<h2 id="f94af8c2-5ed7-4b52-b6ef-69597c952279">The shift from advertising across 20 publishers to 44,000</h2>It wasn't always this way.When Rishad Tobaccowala, a former top Publicis Groupe executive and <a target="_blank" class="" href="https://rishadtobaccowala.com/bio">40-year ad industry veteran</a>, first began buying advertising in the 1980s, there were only around 20 media owners to purchase from, across TV, radio, print, and billboards.With a limited number of outlets, mostly producing professional content, controversies about ad placements were rare. If problems did arise, there'd be a person at the end of the phone to negotiate with."The biggest thing there was airlines taking down all their advertising if there had been an air crash," Tobaccowala said.The landscape today is dramatically different. Marketers now spend the majority of their budgets on digital advertising, and the average campaign runs across 44,000 websites, according to a December study from the Association for National Advertisers. Marketers don't self-select these websites, but instead instruct their ad vendors to target specific audiences, wherever on the web they may be browsing.It opened up a world where every ad impression was treated equally, regardless of where it appeared. As the use of automated ad buying grew, major advertisers began finding their ads in the murkiest corners of the web — porn sites, illegal torrenting services, videos depicting gratuitous violence, and more.This led to the rise of the brand safety industry. Companies promised to reduce marketers' risk by using software to scan a webpage's content and prevent their ads from appearing on anything unsuitable. Marketers created blacklists of sites they wanted to avoid and whitelists of sites they approved.But it wasn't until Trump's 2016 election that brand safety really entered the mainstream marketing vernacular — and the culture wars.<h2 id="63a5328f-ca44-4476-9d6f-d1c6e2f8aeaf">Sleeping Giants, YouTube advertiser boycotts, and the rise of keyword blocking</h2>"@sofi Are you aware that you're advertising on Breitbart, the alt-right's biggest champion, today? Are you supporting them publicly?" read the first tweet of Sleeping Giants, a then-anonymous social-media account in November of 2016.Sleeping Giants soon morphed into an <a target="_blank" class="" href="https://www.businessinsider.com/execs-solving-digital-advertising-problems-2018-8#matt-rivitz-and-nandini-jammi-freelance-copywriters-who-run-the-twitter-account-sleeping-giants-18">activist organization</a>, encouraging its ballooning Twitter following to pressure companies to stop advertising from other conservative outlets, such as Fox News' "Tucker Carlson Tonight" and "The Ingraham Angle," having accused them of peddling misinformation and hate speech.<div type="image" title="Tucker Carlson" height="1540" width="2836" msid="112840629" hostid="261" sizebytes="110448"></div>At around the same time, YouTube was facing a major advertiser boycott after a series of news investigations found their ads appearing alongside videos containing hate speech and terrorist content.The furor put marketers on high alert, terrified of an embarrassing screenshot that could land their brands in front-page news articles about funding extremism. Enter the brand safety industrial complex, which offered to quell CMO anxiety with sophisticated technology that promised to save their blushes. Platforms like Google and Facebook partnered with those firms and offered advertisers sharper brand safety controls.With each news cycle, advertisers added new terms to keyword blocklists, designed so their ad campaigns would avoid articles about uncomfortable topics. It presented a difficult paradox for publishers: High-traffic news cycles like the <a target="_blank" class="" href="https://www.businessinsider.com/integral-ad-science-doubleverify-help-brands-avoid-coronavirus-news-2020-3">COVID-19 pandemic</a> and <a target="_blank" class="" href="https://www.businessinsider.com/advertisers-are-avoiding-hard-news-during-russia-ukraine-war-2022-2">Russia's invasion of Ukraine</a> resulted in <a target="_blank" href="https://digiday.com/media/publishers-continue-to-see-coronavirus-coverage-blocked-by-advertisers/">ad revenue plunges rather than the expected spikes</a>.The topics getting blocked have sometimes reached absurdist levels. In April, Time CEO Jessica Sibley revealed that its Taylor Swift "Time Person of the Year" cover feature was deemed brand-unsafe because it contained language related to feminism and Swift's album "The Tortured Poets Department."<div type="image" title="Taylor Swift singing into a mic and wearing a white high-low gown onstage at the Eras Tour." height="2570" width="3427" msid="112840643" hostid="261" sizebytes="254122"></div>All this, and heavy competition from social-media giants and others, has contributed to a challenging ad market that has left the news industry scrambling. In 2023, more than 21,400 jobs were cut in the US media industry, according to the employment agency Challenger, Gray &amp; Christmas.<h2 id="e4ed5fc3-fd97-458a-a611-b9189cba3920">'You can't force brands to change their risk profile'</h2>Some advertising insiders say that while the concept of brand safety is sensible, the efforts have become too focused on policing what content ads appear next to (known in the industry as "content adjacency").When Mark Penn became Microsoft's chief strategy officer in 2014 and took on responsibility for its $2 billion ad budget, he was surprised that many companies shied away from advertising on news sites. He rejiggered the media plan and found that ads on news sites actually performed best for technology companies, as readers used them for research.<div type="image" title="mark penn" height="683" width="1024" msid="112840639" hostid="261" sizebytes="44626"></div>Penn is now the CEO of the marketing group Stagwell, which this year published a study that indicated the type of story an ad was placed next to didn't appear to affect the reader's favorability toward the brand. (Business Insider participated alongside other publishers with Stagwell's study by giving it access to the company's articles and some free advertising space, but otherwise had no influence over its process or findings.)"We don't want to be in the position of demonetizing one perspective or another," Penn said. "We want advertisers to feel like it's part of their civic responsibility to be advertising behind all perspectives."But some industry experts think it's too late to put the "content adjacency" genie back in the bottle."You can't force brands to change their risk profile," said Richard Raddon, CEO of Zefr, a software company that assesses brand suitability within content on platforms like YouTube, TikTok, Facebook, and connected TV. "No matter how much you pound your fist on the table saying that brands shouldn't care what they're adjacent to, it's just not going to change."<h2 id="50d9a7c4-5db5-4002-bebf-04e42953869f">A divisive election year and a challenging future for news brands</h2>Publishers are attempting to diversify through subscriptions, optioning their content for film and TV, launching commerce and events platforms, and signing AI licensing deals. But for most media companies, advertising remains the biggest source of income.Ben Shapiro, cofounder and editor emeritus of The Daily Wire, said he has proposed to some advertisers that they buy a mutual fund of advertising, where their ad dollars are split between shows like his on the right and podcasts like "Pod Save America" on the left."If you're an advertiser and want to advertise across a broad range of political shows that you think are not obviously violative of your core principles, then I think that also happens to be a pretty good defense" against online criticism and groups that advocate boycotts, Shapiro said.<div type="image" title="Ben Shapiro headshot" height="1000" width="1000" msid="112840634" hostid="261" sizebytes="35210"></div>"I think that would also be, by the way, a good way of helping the news industry generally. I think that would be good for debate. I think it's good for the public discourse in general," he added.(The Daily Wire is a joint plaintiff on an <a target="_blank" class="" href="https://news.bloomberglaw.com/litigation/daily-wire-censorship-claims-survive-against-state-department">active lawsuit</a> — alongside the State of Texas and The Federalist — that accuses the US Department of State of funding news rating and disinformation technologies they say censored conservative news.)In a highly charged US election year, marketers are more risk-averse than ever, especially when it comes to culture-war topics.Tractor Supply, John Deere, and Harley-Davidson <a target="_blank" class="" href="https://www.cnn.com/2024/08/19/business/harley-davidson-dei-john-deere-tractor-supply/index.html">recently ended</a> their diversity, equity, and inclusion initiatives after coming under activist pressure. And who can forget the image of Kid Rock shooting Bud Light cans with a rifle after the beer brand featured a transgender influencer in one of its social-media posts? A huge boycott of the brand saw Bud Light slip from being the top-selling beer in America to the No. 3 spot in the space of months.<div type="image" title="Bud Light beer bottles and Dylan Mulvaney" height="3000" width="3000" msid="112840641" hostid="261" sizebytes="252998"></div>"When I was working with clients and brands the people who were running marketing and advertising tended to be true decision makers and said, 'This is what we think,'" Tobaccowala said. "Now most people are really scared for their jobs, so their whole stance is, 'I'm not going to take a point of view on anything.'"The result, Tobaccowala fears, is a further winnowing of the media industry where only the biggest platforms and individual content creators survive."The ecosystem will look like whales and plankton," Tobaccowala said. "They feed off each other, but anyone in between won't have a future."

Brands are so scared of culture wars and controversy that it's ripping apart the media business

<ul class="summary-list"><li>Blackstone is launching two new funds for wealthy individual investors in credit and infrastructure.</li><li>Blackstone's largest fund for individual investors, BREIT, has come under fire from critics.</li></ul>Blackstone is doubling down on its offerings for individual investors, despite criticisms over its handling of a <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-blackstone-investing-private-reits-2024-1">real-estate fund known as BREIT</a>.In an earnings call on Thursday,<a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9"> Steve Schwarzman, Blackstone's chairman and CEO</a>, said the private-equity giant known for investing on behalf of pensions and other large investors plans to launch "several new products in the private wealth channel" focused on wealthy individuals.Later in the call, Jon Gray, Blackstone's COO and president, provided more details, saying the firm plans to launch the two new funds early next year. First up, he said, will be "an <a target="_blank" class="" href="https://www.businessinsider.com/biden-laws-us-infrastructure-invest-funding-2024-3">infrastructure vehicle</a> that will provide investors access to the full breadth of the firm's strategies in this area, including equity, secondaries, and credit."The second will be "a vehicle that will invest across our expansive credit platform," according to Gray.Those two new funds will join the three funds (BREIT, BXPE, and BCRED) for wealthy individual investors that Blackstone already offers, starting with its launch of BREIT in 2017. Those three funds, together with <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-private-wealth-joan-solotar-alternatives-breit-bcred-futureproof-2022-9">Blackstone's other offerings for wealthy individuals</a>, now represent $240 billion in assets, according to Gray."Our commitment to the $85 trillion private wealth market is stronger than ever," Gray said.The launches represent a vote of confidence for the firm's private wealth division after more than a year of prorated redemptions raised <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-breit-redemptions-real-estate-investing-strategy-2023-2">criticisms of BREIT</a>.Gray said Blackstone has raised nearly $13 billion for BREIT, BCRED, and BXPE in the first two quarters of the year, more than the firm raised from wealthy individuals in 2023.<h2 id="5c6f2378-97ef-44af-8017-8b724041e5ab">New Funds</h2>The two new funds represent investment areas that have so far paid off for the firm's investors. This quarter, Blackstone surpassed $100 billion in its infrastructure platform, which invests both debt and equity into infrastructure projects like renewable energy,<a target="_blank" class="" href="https://www.businessinsider.com/blackstones-data-center-bets-have-climbed-10-fold-to-100-billion-2024-4"> data centers</a>, and supply chain and transportation companies.Blackstone launched its infrastructure fund for institutional investors in 2017. Since then, Blackstone Infrastructure Partners has generated 16% net returns annually, beating the public infrastructure index by nearly 11%, Gray said."As we've been saying for some time, we believe flows in the wealth channel ultimately follow performance," Gray said.Private credit has also been a top performer for the firm, generating a gross return of 4.2% for the quarter. In the first half of 2024, the firm issued $24 billion in A-rated credits, up almost 70% year over year, according to Gray.BCRED, the firm's first credit fund for individual investors, raised $3.4 billion in this quarter, more than the $1.4 billion raised by BXPE and the $990 million raised by BREIT. This fevered fundraising pitch showcases demand for credit products and may explain why the company is planning to launch a second credit product for individual investors.<h2 id="993fc1df-00c9-4bd6-a7a1-b8382b3c08c8">BREIT criticism and response</h2>Blackstone's private wealth business has not been without its challenges. BREIT's woes started at the end of 2022 when the fund began <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-blackstone-investing-private-reits-2024-1">prorating redemptions</a> from investors amid a slowdown in the real estate market before a $4 billion investment from the UC pension fund bolstered its books.By February of this year, it was able to fulfill all <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-starwood-real-estate-breit-sreit-investors-withdrawals-2024-5">redemption requests</a>, but some critics continued to question the <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-breit-commercial-real-estate-fund-misled-investors-private-equity-2024-5">company's valuation methods, including in an article by Business Insider</a>. Blackstone disputed many of the claims in the article, which cited criticisms of short sellers and other researchers.On Thursday, Schwarzman said that BREIT is three times bigger than the next five largest non-traded REITs combined, an indication that investors want a chance to invest in real estate alongside the world's largest landlord.Schwarzman combined his analysis of BREIT's success with a rosier picture of the larger macro environment in real estate. Since <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-jonathan-gray-predicts-commercial-real-estate-bottom-2024-1">calling the bottom of the real estate market</a> at the beginning of the year, Blackstone's confidence that inflation is receding has continued to increase, leading to more deployment of capital into real estate.It's also providing more possibilities to exit and realize returns on its real estate assets. Gray said that the firm is now seeing two to three times more bidders on its logistics and rental housing assets than it did during the worst of the credit crunch. The firm, which is deploying nearly $15 billion into real estate this year, according to Gray, sees sunny days ahead."Real estate is one of the largest asset classes in the world, and having the largest business when the cycle is turning should be very advantageous for our shareholders," Schwarzman said.

Blackstone is doubling down on its efforts to woo the wealthy with 2 new funds, flying in the face of BREIT critics

<ul class="summary-list"><li>Spot ether ETFs could launch as soon as July 22, reports say.</li><li>Wall Street analysts are divided over what the impact will be for ether.</li></ul>Spot <a target="_blank" href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> exchange-traded funds are on the horizon, and the historic debut should mark another major win for the crypto industry.But what it could mean for the token itself is less clear.Wall Street has issued a range of outlooks on how the world's second-largest cryptocurrency will move once the ETFs launch. According to Reuters, trading could <a target="_blank" href="https://www.reuters.com/technology/spot-ether-etfs-likely-begin-trading-july-23-industry-sources-say-2024-07-15/#:~:text=Spot%20ether%20ETFs%20likely%20to,Reuters">commence as soon as Tuesday, July 22</a>.Even before the Securities and Exchange Commission approved the funds in May, optimism in their creation drove bullishness.Since March, Standard Chartered has projected that ether will hit <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ethereum-etf-approval-odds-bitcoin-price-rally-record-this-week-2024-5?_gl=1*opw45p*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNjQ3MjcxOS4yNTMuMS4xNzE2NDc0MzA3LjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">$8,000 by the year's end</a>. The bank expects these funds to drive $15 billion to $45 billion worth of ether inflows in a 12-month window.With ether trading at just under $3,500 as of Friday, that indicates upside of over 130%.Bulls <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ether-price-outlook-upside-spot-etf-approval-impact-crypto-rally-2024-5">derived their confidence</a> from how bitcoin behaved after its spot ETFs launch in January. With <a target="_blank" href="https://www.businessinsider.com/bitcoin-price-outlook-250000-etf-inflows-fx-reserves-crypto-gold-2024-3">money pouring into these funds</a> through early 2024, the apex token climbed over 73%, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-explained-cryptocurrency-record-high-interest-rates-fed-2024-3">reaching an all-time high</a> of $73,780 in March.However, opinions split over whether that momentum will materialize for ether.Ether ETFs will likely only see a fraction of bitcoin's inflows, JPMorgan noted Nikolaos Panigirtzoglou wrote in late May.Citi made a similar forecast this month, anticipating that ETF inflows will make up 30%-35% of what bitcoin notched. That amounts to $4.7 billion to $5.4 billion through the next six months, the report said, cited by <a target="_blank" href="https://www.coindesk.com/markets/2024/07/16/ether-spot-etfs-could-see-up-to-54b-of-net-inflows-in-first-6-months-citi/">CoinDesk</a>.To back this, both banks outlined some of the same factors. They noted bitcoin's first-mover advantage and stressed that the ether token offers functionality that wouldn't be accessible through the ETFs, thus limiting demand.For instance, ETF investors won't be able to access ether staking, a function where the token is locked up in return for a yield.However, others find these predictions too bearish. In late June, <a target="_blank" href="https://stenoresearch.com/crypto-moves/the-us-ethereum-spot-etfs-are-not-priced-in/">Steno Research</a> projected ether to reach $6,500 this year on strong inflows:"The market's outlook on the upcoming Ethereum spot ETFs is overly pessimistic. We anticipate a net inflow of $15 to $20 billion within the first year, as Ethereum possesses qualities that appeal to Wall Street," the firm said. "This should drive its value significantly higher, not only in dollar terms but also relative to Bitcoin."<a target="_blank" href="https://www.reuters.com/technology/cryptoverse-traders-hold-breath-ether-etf-fever-2024-07-09/">Sources who spoke with Reuters</a> also noted that ether's liquidity is much more constrained than bitcoin, partly due to yielding restrictions.According to Galaxy Digital, this makes ether more <a target="_blank" href="https://www.galaxy.com/insights/research/sizing-the-market-for-the-ethereum-etf/?utm_campaign=Galaxy%20Research%20Newsletter&amp;utm_medium=email&amp;_hsenc=p2ANqtz-8ojw_95jP92Gl1xn77DSxNVAg3DCg8c2AsQiherqpV9fSH0v1Y0UQM-1V_yu1GPTX_4LSlWh-BEb6fC5t06VcPP3LQK_szCWvSEhpTv2Hwbkdcr0c&amp;_hsmi=316477341&amp;utm_content=316477341&amp;utm_source=hs_email">price-sensitive to inflows</a>. In other words, the token might still achieve sizable gains without matching the flows into spot bitcoin funds."Despite uncertainty around the reception of the ETH ETF, capturing 10-20% of Bitcoin ETF flows could propel ETH above 4,000, nearing its peak of 4,800," <a target="_blank" href="https://t.me/s/QCPbroadcast">QCP Capital posted on Telegram</a> in mid-June.Supply considerations are one of the leading reasons SynFutures CEO Rachel Lin predicted ether could rocket to <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ether-ethereum-crypto-price-outlook-forecast-etf-approval-regulation-supply-2024-5">$22,500 this cycle</a>. In a May note, she outlined that ether's supply has remained at 120 million since 2022, while bitcoin's trove has kept growing.But whatever impact net inflows and supply may have on ether's price in the coming months, the ETFs' immediate impact may disappoint investors, some say."Price movement will be limited in the first few days, as there will be a slow rotation into ETFs from crypto exchanges instead of rapid inflows." FxPro senior market analyst Alex Kuptsikevich told Business Insider.He added: "But look at it more broadly - it's only the second cryptocurrency that can easily be added to investors' portfolios. In the first couple of months after the launch of the ETF, Ethereum's relative weighting may rise."

Ether ETFs are coming. Here's how Wall Street says the funds will impact the world's 2nd-biggest crypto. 

<ul class="summary-list"><li>Starbucks Cards make it nearly impossible for customers to "zero out" their accounts when they order online, a consumer advocate says.</li><li>Customers can only reload money and leave tips in set amounts when they use their Starbucks Cards on the app.</li></ul>The Starbucks app traps customers in a cycle where they're "perpetually" adding more money to their accounts because they can't use up their remaining balance, according to a new <a target="_blank" href="https://drive.google.com/file/d/1rO5rJr7N0GEFtcJUMaWiwYnz22fJlmck/view">complaint</a> from a consumer rights group.Starbucks customers earn twice as many loyalty points if they pay for their orders on the app – whether in advance or by scanning it in-store – using the coffee chain's digital Starbucks Card.But the Washington Consumer Protection Coalition says that certain features of the prepaid card mean that customers are trapped in a "vicious cycle" of spending more money at Starbucks.Customers can only reload money to their Starbucks Card on the company's app in $5 increments, with the minimum amount set at $10. This means that customers usually aren't able to add just the amount of money they need to cover just one purchase, the Coalition said."This Catch-22 traps customers in a cycle" because they have to add more money than they want to spend, and are left with odd amounts that they just can't use up, the group said. Plus, it's hard to get your balance on the card down to zero, the complaint says.Customers who know they'll have a small amount left on their card after they make their purchase could leave it as a tip to empty their account – but customers only have the option of leaving tips in pre-set amounts of $0.50, $1, $2, and $5, the group said.Customers also aren't able to split their payment across multiple payment methods when they order via the app and pay using their Starbucks Card – meaning they can't use up the leftover balance on their card and then pay the remaining amount using a credit or debit card.When they pay in-store, however, customers have the option to split their payment method to use up the value of their Starbucks Card and then pay the rest using cash or a credit or debit card, the company told Business Insider.The Coalition accused Starbucks of "unfair and deceptive trade practices" that it alleged violated the Washington Consumer Protection Act. "These practices trap consumers into perpetually reloading funds on their Starbucks Cards in an effort to use all remaining funds," the Coalition said.The Coalition does note, however, that if customers reload their Starbucks Cards in-store they can choose a custom amount as long as it's at least $5.A Starbucks spokesperson told BI that the chain is committed to working with the State of Washington "to ensure it remains in compliance with all state laws and regulations.""The Starbucks app is the easiest way for customers to find a nearby store, check store hours, order ahead and utilize contactless payment," the spokesperson said. They noted that the company would help customers if they accidentally added the wrong amount of money to their Starbucks Card.Starbucks' app is booming business for the Seattle-based company, with many app users <a target="_blank" href="https://www.businessinsider.com/starbucks-record-revenues-tiktok-customizations-cold-drinks-food-earnings-coffee-2021-7">placing bigger orders</a> and paying extra to add modifications to their drinks.The app lets customers pay in advance and avoid waiting in line – though <a target="_blank" href="https://www.businessinsider.com/starbucks-mobile-ordering-app-barista-pandemic-coffee-customers-online-digital-2021-6">baristas have previously told BI</a> that it can cause delays because some drinks melt or get too cold when customers don't show up on time.

The Starbucks app 'traps' customers into a 'vicious' spending cycle, consumer advocate says

<ul class="summary-list"><li>Nvidia stock still has 50% upside, according to Rosenblatt analyst Hans Mosesmann.</li><li>Mosesmann increased his price target to a street-high $200 per share, citing Nvidia's strong profit potential.</li></ul>Even after its one-year gain of more than 210%, <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock?miRedirects=1&amp;utm_medium=ingest&amp;utm_source=markets">Nvidia</a> stock still has 50% upside from current levels.That's according to Rosenblatt semiconductor analyst Hans Mosesmann, who increased his Nvidia price target to a street-high $200 per share on Tuesday.Mosesmann rates Nvidia at "Buy" and previously had a $140 price target.The bullish call would get Nvidia to a $5 trillion valuation. And the chip maker deserves it, according to Mosesmann."We see Nvidia's Hopper, Blackwell, and Rubin series driving 'value' market share in one of Silicon Valley's most successful silicon/platform product cycles," Mosesmann said.But going forward, the real profit story for Nvidia isn't in its hardware-focused GPU business, but rather in its software business, which is spearheaded by Nvidia's popular CUDA platform.Nvidia's CUDA is used by millions of developers who are building large language models and other programs on top of the company's AI-enabled GPU chips."The real narrative lies in the software that complements all the hardware goodness. We anticipate this software aspect will significantly increase in the next decade in terms of overall sales mix, with an upward bias to valuation due to sustainability," Mosesmann said.If Nvidia can generate a meaningful amount of recurring revenue from software, it would derisk the company by making its revenue more predictable.Nvidia has historically relied on hardware sales to drive its revenue, which are usually cyclical and go through very volatile "boom and bust" periods.Right now, Nvidia's hardware business is going through an unprecedented boom period.But it's Nvidia's software business that could help propel the company's profits to a split-adjusted $5 per share by 2026, according to Mosesmann, which, at a 40x price-to-earnings multiple, generates a $200 price target.Mosesmann's bullishness on Nvidia's software platform was <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-10-trillion-valuation-cuda-competitive-moat-2024-5">echoed by I/O Fund Tech analyst Beth Kindig last month.</a>"The CUDA software platform is what developers learn on. So, similar to iOS is really what locked people into the iPhone because developers were developing applications for the iPhone. The same thing is happening with Nvidia, which is that the CUDA platform is what AI engineers are learning in order to program GPUs, so that helps lock them in, and that combination, right now, I'm calling it an impenetrable moat," Kindig explained.Kindig believes <a target="_blank" href="https://www.businessinsider.com/post/preview?post_id=6655e9554a7647d33b093842&amp;snapshot_id=6655f7e84d89916b4e4036d5&amp;mode=desktop&amp;svapi">Nvidia could ultimately obtain a $10 trillion valuation by the end of 2030,</a> which represents potential upside of 205% from current levels.

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Brands are so scared of culture wars and controversy that it's ripping apart the media business

Lara O'Reilly

Blackstone is doubling down on its efforts to woo the wealthy with 2 new funds, flying in the face of BREIT critics

Alex Nicoll

Ether ETFs are coming. Here's how Wall Street says the funds will impact the world's 2nd-biggest crypto.

Filip De Mott

The Starbucks app 'traps' customers into a 'vicious' spending cycle, consumer advocate says

Grace Dean

Nvidia stock has 50% upside on the potential boom of its AI-fueled software business, analyst says

Matthew Fox

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Brands are so scared of culture wars and controversy that it's ripping apart the media business

Lara O&apos;Reilly

Blackstone is doubling down on its efforts to woo the wealthy with 2 new funds, flying in the face of BREIT critics

Alex Nicoll

Ether ETFs are coming. Here's how Wall Street says the funds will impact the world's 2nd-biggest crypto.

Filip De Mott

The Starbucks app 'traps' customers into a 'vicious' spending cycle, consumer advocate says

Grace Dean

Nvidia stock has 50% upside on the potential boom of its AI-fueled software business, analyst says

Matthew Fox

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Buying Guides

Lara O'Reilly