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<ul class="summary-list"><li>Sean Manahan was named Morgan Stanley's head of firmwide innovation in April.</li><li>He outlines his job and how his innovation lab interacts with the rest of the bank.</li></ul>When Morgan Stanley and OpenAI announced their blockbuster partnership at the beginning of 2023, it signaled a competitive advantage for the Wall Street bank.Morgan Stanley, since then, has <a target="_blank" href="https://www.businessinsider.com/everything-we-know-about-how-banks-using-ai-2024-8#morgan-stanley-3">co-developed</a> a handful of generative AI tools with the AI powerhouse for its lucrative wealth-management business. Morgan Stanley is far from the only financial firm using OpenAI. However, the strategic partnership <a target="_blank" href="https://www.morganstanley.com/press-releases/key-milestone-in-innovation-journey-with-openai">has afforded the bank</a> early access to OpenAI's new products and the ability to test and customize them in the bank's innovation lab, which spans some 18,000 square feet in the bank's 1 New York Plaza office in Manhattan.The spark for the partnership can be <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-head-of-tech-partnerships-outlines-approach-2023-7">traced back to 2021</a> when a team at Morgan Stanley responsible for scouting tech vendors met with an up-and-coming research nonprofit to evaluate its applicability in the financial services industry."We were trying to figure out, how is this technology or capability going to support our business?" Sean Manahan, whose team took that meeting, told Business Insider. Reporting their findings back to then-wealth management leaders Andy Saperstein and Jeff McMillan, "We were able to show them, 'Here's something that's emerging that we've been monitoring and researching,' and they got it, and it clicked, and it took that next-level jump in terms of, this is something we realize is going to be important to us."Now, Manahan is looking to replicate that success as he settles into his new role as Morgan Stanley's head of firmwide innovation after a week meeting with technology leaders and the bank's top executives.In his new role, Manahan oversees the bank's innovation council, which launched at the beginning of the year. The council is dedicated to identifying the bank's technology focuses. These days, those areas include managing and governing data consistently across businesses rather than individually, AI and the impact of AI-driven agents, and the future of software engineering. This is to ensure Morgan Stanley can take advantage of external innovations, just as it did <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://x.com/MorganStanley/status/1136335503542968321">with Zoom</a> before the pandemic and OpenAI ahead of <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/wall-street-goldman-jpmorgan-bridgewater-using-ai-2023-12">Wall Street's generative AI push</a>."We understand how innovation occurs, we understand how market innovation happens, and we understand how to meet that moment and then mentor companies and help them grow," Manahan told BI in his first interview since his appointment in April.<h2 id="9f8e90b1-1fa5-4a28-be62-7692b085eb37">A week in Silicon Valley</h2>In September, Manahan and a slew of other Morgan Stanley execs touched down in Silicon Valley for Tech Week — from each business division, the innovation council, the firmwide AI team, cybersecurity, legal, compliance, and risk, to name a few.Morgan Stanley hosts the event to meet with tech companies of all sizes, from early-stage startups to established and growing companies and Big Tech giants, as well as people in the venture capital community. More than just learning about new advances in data governance, AI, and the future of engineering, Morgan Stanley execs are expected to align internally and with third parties about their priorities and desired outcomes."Coming out of three intense days inside the Valley and meeting with all these interesting companies and thought leaders like VCs, they now come back to Morgan Stanley with a whole new set of different ideas and outcomes that they want to drive as they think about 25, 26, 27," Manahan said of the event and its impact on the company's road map over the next three years.<div type="image" title="A man wearing a blue checkered shirt smiles into the camera." height="5464" width="8192" msid="114887040" hostid="261" sizebytes="1572518"></div><h2 id="fce6610b-931b-445f-ad0e-568d42600dd2">Getting down to business</h2>Upon returning to New York, Manahan now has to figure out how to ready the bank for emerging technology trends. He and his 50-or-so reports aim to bring alignment between the innovation council, the work in the lab, and the businesses and set a blueprint for how the bank will execute its technology initiatives.This also helps focus the work they do with the roughly 250 projects that go through Morgan Stanley's innovation lab, which are each tied to a business objective and sponsored by the business, Manahan said. Companies are identified through organic discovery and inbound referrals from other groups within the firm."We work with the business on experimenting, evaluating them, and then it's up to them, the business, to make a decision on how to take it forward," Manahan said.One theme he is keeping a close eye on is the evolution of generative AI."What we're starting to see a shift towards executive functions, that these tools can plan, they can create tasks themselves, they can interact with the humans to say: 'I've planned this, does this look right to you? I'm thinking about doing this next, is that right to you?' And then they execute based on this human guidance," Manahan said of AI agents.AI agents, which can execute task-based workflows that are human-approved, could be the next step after AI co-pilots, which are more like somebody helping you, sitting next to you, and assisting you, Manahan said.To be clear, AI agents aren't something the bank is currently adopting, Manahan said, "but it's where the market is evolving towards and where we see the next leap forward for this technology."

Morgan Stanley has a new innovation chief. Expect more OpenAI-like partnerships.

<ul class="summary-list"><li>South Korea says 1,500 North Korean troops have been sent to aid Russia in its war in Ukraine.</li><li>Its troops being deployed to Russia would mark a major shift in North Korea's foreign relations.</li></ul>South Korea's claims that North Korea is readying troops to send to fight in Ukraine have put the world on high alert for a major escalation.Experts on North Korea say the move would be a worrying upgrade to its relationship with Russia. They also said that North Korean troops could find themselves little more than cannon fodder.On Friday, South Korea's National Intelligence Service <a target="_blank" class="" href="https://www.nis.go.kr:4016/CM/1_4/view.do?seq=320">said</a> Russian ships had transported about 1,500 troops from North Korea, and that they were expected to be deployed to the frontline in Ukraine after training.A second transport is planned soon, it said.South Korean media, meanwhile, has reported that Pyongyang is readying up to 12,000 troops.The spy agency said its findings confirmed media reports in recent weeks that suggested the secretive state was readying to commit troops to the war.To back its claims, the South Korean spy agency released satellite imagery purporting to show one of the transport ships carrying troops, as well as further images of what it said were hundreds of North Korean troops at Russian training grounds.<div type="image" title="This black-and-white image released by South Korea's spy agency the National Intelligence service purports to show a view of a coast with lines representing what NIS says is a Russian vessel transporting North Korean troops to Russia to fight in Ukraine, published by NIS October 18, 2024." height="378" width="644" msid="114472698" hostid="261" sizebytes="25502"></div>On Monday, in a meeting with Russia's ambassador to Seoul, South Korea demanded the troops' withdrawal, <a target="_blank" class="" href="https://apnews.com/article/north-south-korea-russia-ukraine-27780e4b672ee638b96099ec5f5168e4">the Associated Press reported</a>.Footage <a target="_blank" class="" href="https://edition.cnn.com/2024/10/19/asia/north-korea-ukraine-russia-troops-uniform-intl/index.html">shared with CNN</a> by the Ukrainian government also appears to show North Korean troops being kitted out with uniforms and equipment in the far east of Russia.According to the NIS, the troops have even been <a target="_blank" class="" href="https://www.businessinsider.com/north-korean-special-forces-sent-russia-disguised-with-fake-identification-2024-10">given Russian uniforms and fake IDs</a>.Meanwhile, Ukraine's President Volodymyr Zelenskyy <a target="_blank" class="" href="https://www.ft.com/content/f862e970-e80b-4239-9b0d-a548ead24731">has also said</a> North Korea is preparing to join the fight.North Korea has denied the reports.<h2 id="4fb47d60-e42a-4ae4-a6e8-db969b766ca6">A 'dramatic' step</h2>If true, the movement of troops "represents a dramatic step in North Korea foreign relations," said Joseph S. Bermudez Jr., an expert in North Korean defense at the Center for International and Strategic Studies.There have been plenty of reports of North Koreans aiding Russia, but only in limited numbers and largely in a technical capacity — <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-military-officials-helping-russia-ukraine-win-for-kim-2024-10">advisors, engineers, and munitions experts</a> tasked with observing how North Korean munitions are faring. Few of them are likely to have crossed into Ukrainian territory.<div type="image" title="An estimated 400 North Korean personnel are gathered at a Russian military facility in Ussuriysk on October 16." height="351" width="646" msid="114472700" hostid="261" sizebytes="27814"></div>The possibility of training and potentially deploying large numbers of North Korean ground troops would be a major step.The use of North Korean troops to fight may well signal "that the recruitment and training system in Russia is under tremendous stress," Bermudez told Business Insider.<h2 id="a3963971-e39c-48b8-ae3e-c687e2bb0ad1">'Cannon fodder'</h2>North Korea experts told BI that the deployment of ground troops presents a logistical and cross-cultural challenge in terms of how they would operate."It is rather surprising that Russia would want such troops in combat, considering the probable logistic and other challenges that integrating such troops into Russian combat operations will likely entail," said Bermudez.He said the two states have some historical ties, but most North Koreans don't speak Russian, and vice versa."To conduct combat operations with an allied force that doesn't speak your language presents real problems," he said.<div type="image" title="North Korean leader Kim Jong Un observes special warfare training in September." height="415" width="637" msid="114472701" hostid="261" sizebytes="54742"></div>Bermudez also said that there is "a significant level of racism" within Russia's military, despite the country's wide ethnic diversity — and said the North Korean troops may start out at the bottom of the pecking order.Other experts said North Korean troops would experience the roughest end of <a target="_blank" class="" href="https://www.businessinsider.com/how-russia-uses-infantry-and-mercenaries-for-attacks-in-ukraine-2023-5">Russia's notoriously brutal military hierarchy</a>, which marks some as expendable."The grim reality is that the North Korean troops will likely simply be cannon fodder for Russia," said Edward Howell, a North Korea expert at the University of Oxford.Jim Hoare, a former diplomat for the UK in North Korea, agreed. "I think it's going to be a nightmare, actually," he said.Hoare also pointed to the risk of North Korean troops defecting, which would loom over any deployment.In a report this month that BI was unable to verify, Ukrainian state broadcaster Suspilne <a target="_blank" class="" href="https://suspilne.media/858583-vijskovi-kndr-vze-tikaut-z-pozicij-na-kordoni-iz-branskou-ta-kurskou-oblastami-dzerela/">cited</a> an anonymous intelligence official as saying that 18 North Korean servicemen had deserted so far.<h2 id="46461d5b-fc5c-4dad-99a1-b02ee84bbc0a">A dangerous partnership</h2>Troop deployments to Ukraine would be a sign that the relationship between Russia and North Korea is "much closer and more dangerous than we want," Bermudez said.Western officials have generally dismissed <a target="_blank" class="" href="https://www.businessinsider.com/russia-deals-north-korea-iran-no-laughing-matter-ukraine-experts-2024-3">the growing partnership between the countries</a> as a desperate arrangement between rogue states, each with nowhere else to turn.But in the short term at least, the partnership has worked for both sides.Pyongyang receives a trade lifeline and vital military insight. North Korean weapons have been a significant help for Russian advances in Ukraine in the last year, <a target="_blank" class="" href="https://www.thetimes.com/world/russia-ukraine-war/article/north-korea-supplies-half-of-the-shells-used-by-russia-in-ukraine-d3fkhppjs">according to The Times of London </a>.Kim Jong Un, North Korea's leader, seemingly upped the ante this summer, signing a "mutual-aid" agreement that confirmed "the full support and solidarity of the DPRK government and people to the Russian government and people as regards the special military operations in Ukraine," <a target="_blank" class="" href="http://kcna.co.jp/item/2024/202406/news20/20240620-02ee.html">per North Korean state media</a>.<div type="image" title="Russian President Vladimir Putin, left, and North Korea's leader Kim Jong Un pose for a photo during a signing ceremony of the new partnership in Pyongyang, North Korea." height="3062" width="4592" msid="114472702" hostid="261" sizebytes="434790"></div>According to Howell, the agreement said that each country would provide the other with mutual assistance in the event of an external attack, but it was "deliberately vague."In Howell's view, what was initially a purely "transactional" relationship with little ideological kinship has "escalated to new heights."Russia and North Korea don't care about being seen as delinquent actors in defying sanctions, said Howell."They don't care about their international status being lowered," he added. "And I think that's what makes this particularly concerning."

North Korea sending troops into Ukraine could supercharge an already-close partnership with Russia

<ul class="summary-list"><li>Mustafa Suleyman said Microsoft and Open AI are like "siblings" with a good relationship who sometimes "squabble."</li><li>Microsoft has increased its investment in OpenAI since first partnering in 2019.</li></ul>Microsoft may be gearing up to be less reliant on <a target="_blank" class="" href="https://www.businessinsider.com/gpt-4-predict-company-future-performance-better-than-humans-study-2024-5">OpenAI</a> by developing <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-training-ai-model-rivals-openais-gpt-4-2024-5">its own large language model</a>, but the company's AI boss, Mustafa Suleyman, said that the two companies enjoy more of a good-natured sibling rivalry.In <a target="_blank" class="" href="https://podcasts.voxmedia.com/show/on-with-kara-swisher">a recent episode</a> of the "On with Kara Swisher" podcast, the Microsoft AI CEO said that the company has a "good relationship" with OpenAI despite building competing products."We are siblings," Suleyman said. "Sometimes they squabble, but largely we're on the same team."Microsoft is now developing its own in-house AI model, reportedly dubbed MAI-1, and OpenAI has launched <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-gpt-4o-productivity-hacks-for-work-2024-7">GPT-4o</a> and <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-new-o1-model-capabilities-agi-2024-9">o1-preview</a>. But Suleyman dispelled any notion of ill will between the two and said competition is a "healthy and a natural part of things."Microsoft has been <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-openai-partnership-bet-cto-kevin-scott-chatgpt-2024-5">closely partnered</a> with OpenAI since 2019, when it first invested $1 billion into the ChatGPT maker — a move that Suleyman believes will go down "in corporate history.""It was also brave," he said. "I mean, a billion dollars in 2019 on a technology that was very, very far from doing anything in practice. It was pure research."Neither OpenAI nor Microsoft immediately responded to Business Insider's request for comment.Microsoft, which just invested hundreds of millions in <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">OpenAI's latest mega-funding round</a>, adding to its previously reported total of <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">$13 billion</a>, has fostered deep ties between the companies that have led to close collaboration "on everything from the research side to core infrastructure," Suleyman said.Microsoft CEO Satya Nadella prominently supported Sam Altman following the OpenAI founder's dramatic ousting last November, offering him and OpenAI president Greg Brockman roles at Microsoft. The two <a target="_blank" rel=" nofollow" class="" href="https://x.com/satyanadella/status/1726509045803336122?t=18eJK18Na-YM8X6uVr7TIw&amp;s=19">were briefly announced</a> to "lead a new advanced AI research team," a group now known as Microsoft AI.While Altman and Brockman ended up quickly returning back to OpenAI, <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-mustafa-suleyman-sam-altman-ai-2024-3">Suleyman was brought on instead</a> in March to head the new division alongside fellow <a target="_blank" rel="" href="https://www.businessinsider.com/inflection-ai-mustafa-suleyman-tells-openai-staff-come-run-us-2023-11">Inflection AI</a> cofounder Karén Simonyan.Suleyman said the ties between Microsoft and OpenAI aren't unique, but rather similar to other company relationships across the industry."I think one of the things people don't realize is that all the companies actually have deep partnerships with other companies," he said. "I mean, we have a deep relationship with Amazon, believe it or not, on a lot of fronts."

Microsoft AI boss likens OpenAI partnership to a sibling rivalry

<ul class="summary-list"><li>Home Depot cofounder and billionaire Arthur Blank joins business leaders supporting Harris.</li><li>Blank's fellow cofounder is a prominent Trump donor, reflecting the private sector's partisan split.</li></ul>A group of prominent business leaders supporting Vice President Kamala Harris is expanding its ranks to include Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons. <a target="_blank" href="https://www.businessinsider.com/mark-cuban-business-leaders-for-kamala-harris-2024-10">"Business Leaders for Harris"</a> launched earlier this month and already includes private sector titans like billionaire investor <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-tariffs-christmas-presents-china-prices-harris-2024-10">Mark Cuban</a>, LinkedIn cofounder Reid Hoffman, and Netflix cofounder Reed Hastings.Blank's participation is not surprising — he's a longtime Democratic donor who has donated to various congressional and presidential campaigns. Yet Blank's political participation puts him at odds with his former business partner and other Home Depot cofounder, <a target="_blank" class="" href="https://www.businessinsider.com/bernie-marcus-billionaire-founder-home-depot-trump-donor-2019-7">Bernie Marcus</a>, who is among former President Donald Trump's top donors.Marcus has <a target="_blank" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign#bernard-marcus-7">donated millions to the GOP</a> and was an early MAGA supporter. He and his wife have given $2.7 million to the former president's 2024 campaign, after giving $10 million in 2020 and $5 million in 2016 to Trump-related super PACS.Blank and Marcus are valued at $9.3 billion and $11.1 billion, respectively. The two founded Home Depot in 1978. Blank <a target="_blank" href="https://www.businessinsider.com/home-depot-cofounder-arthur-blank-on-politics-supporting-biden-2020-11">told Business Insider in 2020</a> that their political differences didn't interfere with their partnership or friendship.This election season, the larger corporate and tech worlds have undergone a similar public splintering. While some vocal figures like venture capitalist Marc Andreesen, billionaire hedge fund manager Bill Ackman, and<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-support-reflects-business-approach-tesla-2024-10"> Elon Musk</a> are vocal Trump supporters, Harris has worked hard to appeal to business leaders. She's scored endorsements from <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">nearly 90 top Wall Street and tech executives</a>, as well as a group of almost <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">900 venture capitalists</a>.In a statement about joining Business Leaders for Harris, Blank celebrated Harris' commitment to his core value of inclusion."Kamala Harris is a leader who understands this; will collaborate with <a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9">other leaders</a> and front-line workers to get the best ideas; and she will earnestly strive to be a unifier who drives policies that lift people and communities from all walks of life," he said in the statement.In addition to Blank, Fulbright Bank chairman and former Democratic congressman John Delaney joined Business Leaders for Harris. The group also announced that it launched its first paid ad campaign, which will run on YouTube in the <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-15-days-swing-states-polling-2024-10">Blue Wall states</a> of Pennsylvania, Michigan, and Wisconsin. The six-figure ad campaign features a <a target="_blank" href="https://www.businessinsider.com/small-business-entrepreneur-kamala-harris-tax-deduction-2024-10">small business owner</a> and former Trump supporter who explains why she's voting for Harris.

Arthur Blank joins 'Business Leaders for Harris' as his former business partner funnels money to Trump

<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul> When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages. He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet. With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation. <div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div> The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort. If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.

Nvidia eyes partnership with India to develop a new AI chip, all you need to know

<ul class="summary-list"><li>Goldman Sachs on Thursday promoted 95 executives to its partnership.</li><li>It's the largest class to be promoted under David Solomon since he took over as CEO in 2018.</li></ul>Goldman Sachs on Thursday dropped the names of its newest partner class, elevating 95 members to its highest designation of leaders outside the C-suite.The 2024 class is the largest since David Solomon took over as CEO in 2018 and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">reflects the bank's growth expectations</a> in dealmaking and asset and wealth management.This year's class is also one of Goldman's most diverse, representing a record 26 females and a record level of Hispanic executive promotions, a company executive said on Thursday."A spirit of partnership has been at the heart of Goldman Sachs' culture for more than 155 years, with the firm's partners exemplifying the best traditions of leadership," Solomon and President and COO John Waldron said in a joint statement on Thursday.The last time Goldman tapped new partners in 2022, it elevated 80 members. In the 2020 cycle, it appointed <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">just 60 new partners</a>, which helped reduce the size of the overall partnership to fewer than 440 members, down from 484 in 2018.While the bank does not break out the size of its partnership at any given time, it has generally hovered around 400 to 450 members, representing less than 1% of Goldman's workforce. As of the end of September, the Wall Street bank employed about 46,000 people, filings show.Since taking the top job in 2018, Solomon has been shrinking <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">the bank's partnership ranks</a> in a bid to increase its exclusivity. The Goldman executive said this year's larger size isn't an about-face from that goal, but rather a reflection of the firm's commitment to its key businesses like <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">investment banking</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tips-ipo-rich-founders-manage-wealth-according-to-goldman-sachs-2024-8">money management</a>. The executive said that the total size of the class has remained largely constant even as the firm has grown under Solomon.The bank has, in recent years, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">adjusted its course back to historic strengths</a> like trading and advising on <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">mergers</a>, after it fumbled the ball on its <a target="_blank" class="" href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">consumer-banking ambitions</a>. Goldman has also experienced <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-david-solomon-ceo-partners-departures-strategy-2023-9#:~:text=According%20to%20the%20former%20partners,they%20had%20no%20industry%20experience.">a slew of high-profile partner</a><a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"> exits</a> driven, in part, by demand for its executives at high-paying hedge funds and other buy-side firms.The process for becoming a partner is rigorous, requiring months of interviews across the firm in a process known internally as cross-ruffing, as <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-is-about-to-promote-another-round-of-partners-2022-10">Business Insider has reported</a>.The title, which opens the door to special perks and privileges, is a vestige of Goldman's history as a private company run by its partners, who often contributed their own capital to deals. Goldman is now a publicly traded company, but its partners maintain influence over the strategic direction of the 150-year-old firm.After several years of sluggish dealmaking across Wall Street, Goldman's investment-banking fees — from advising on mergers to debt and stock underwriting — shot up 24% at the end of September versus the first nine months of 2023.The bank has also grown its asset- and wealth-management business, with assets under supervision surging to more than $3 trillion for the first time at the end of the third quarter, fueled in part by growth in assets from high-net-worth clients.<div type="image" title="A bald man in a suit smiles" height="1917" width="3000" msid="115063726" hostid="261" sizebytes="224422"></div>Here are some key figures about Goldman's 2024 partner class:<ul><li>42% of the class started at Goldman as campus hires and 29% started as summer interns with the firm.</li><li>The average tenure of the partner class is 16 years at Goldman Sachs.</li><li>26 promotes are women, or 27% of the class.</li><li>The percentage of women promoted is not a record. In 2022, 23 women were promoted, representing 27% of the total class. (Goldman Sachs has seen a number of high-profile female exits in recent months, raising criticisms about the bank's commitment to its female executives in an article published by the Wall Street Journal. Among the exits have been Beth Hammack, the former treasurer and an unsuccessful contender for chief financial officer; Stephanie Cohen, <a target="_blank" class="" href="https://www.businessinsider.com/stephanie-cohen-leaving-goldman-sachs-cloudflare-2024-3">the former chief strategy officer</a> and head of its platform solutions group; and Katie Koch, the former chief investment officer of its public-equity business in asset management. <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">Executives have vowed to do better.</a>)</li><li>6% of the class is Hispanic, another record.</li><li>18% are Asian.</li><li>4% are Black, down from 7% in 2020. This is an area the Goldman executive acknowledged is a place the firm wants to improve.Here's the full list that Goldman released featuring all of its new partners.</li></ul>Marine Abiad, Global Banking &amp; Markets, ParisBenny Adler, Global Banking &amp; Markets, New YorkShahzad Ali, Controllers, New YorkAsh Ang, Global Banking &amp; Markets, SingaporeLucia Arienti, Global Banking &amp; Markets, LondonMatthew Armas, Asset &amp; Wealth Management, New YorkPatrick Armstrong, Asset &amp; Wealth Management, New YorkSebastian Ayton, Global Banking &amp; Markets, ParisAmitayush Bahri, Asset &amp; Wealth Management, LondonRob Barlick Jr, Asset &amp; Wealth Management, MiamiDavid Bear, Global Banking &amp; Markets, New YorkAmanda Beisel, Controllers, New YorkJeff Bernstein, Asset &amp; Wealth Management, New YorkLyla Bibi, Global Banking &amp; Markets, New YorkAnne Bizien, Global Banking &amp; Markets, ParisTristan Blood, Asset &amp; Wealth Management, LondonBrittany Boals Moeller, Asset &amp; Wealth Management, AtlantaMarc Boheim, Asset &amp; Wealth Management, LondonChris Bonner, Global Banking &amp; Markets, New YorkKevin Boova, Global Banking &amp; Markets, New YorkOonagh Bradley, Compliance, LondonTimothy Braude, Asset &amp; Wealth Management, New YorkSteven Budig, Asset &amp; Wealth Management, New YorkJacqueline Cassidy, Global Banking &amp; Markets, New YorkSorubh Chandani, Asset &amp; Wealth Management, New YorkPamela Codo-Lotti, Global Banking &amp; Markets, New YorkBracha Cohen, Asset &amp; Wealth Management, New YorkShaun Cullinan, Asset &amp; Wealth Management, New YorkMarc d'Andlau, Global Banking &amp; Markets, ParisAdam Davis, Global Banking &amp; Markets, New YorkMatthew Doherty, Asset &amp; Wealth Management, New YorkJason Eisenstadt, Global Banking &amp; Markets, New YorkAshley Everett, Global Banking &amp; Markets, New YorkAlex Finston, Global Banking &amp; Markets, New YorkAlison Flood, Global Banking &amp; Markets, New YorkArvind Giridhar, Global Banking &amp; Markets, New YorkAshwin Gupta, Asset &amp; Wealth Management, New YorkSonia Gupta, Global Banking &amp; Markets, San FranciscoTerry Hagerty, Global Banking &amp; Markets, New YorkRobert Hamilton Kelly, Asset &amp; Wealth Management, West Palm BeachAxel Hoefer, Global Banking &amp; Markets, FrankfurtDylan Hogarty, Global Banking &amp; Markets, New YorkTim Holliday, Corporate Treasury, LondonKazuya Iketani, Global Banking &amp; Markets, TokyoSumedh Jaiswal, Global Banking &amp; Markets, LondonKyle Jessen, Global Banking &amp; Markets, San FranciscoLotfi Karoui, Global Investment Research, New YorkFeroz Khosla, Global Banking &amp; Markets, New YorkLarry Kleinman, Tax, New YorkJared Klyman, Asset &amp; Wealth Management, New YorkDaniel Korich, Global Banking &amp; Markets, New YorkRebecca Kruger, Global Banking &amp; Markets, New YorkKosuke Kurosawa, Global Banking &amp; Markets, TokyoShane Lee, Global Banking &amp; Markets, CalgaryMichael Leister, Global Banking &amp; Markets, New YorkMatthew Leskowitz, Global Banking &amp; Markets, New YorkHilary Lopez, Asset &amp; Wealth Management, LondonCedric Lucas, Asset &amp; Wealth Management, New YorkMazen Makarem, Global Banking &amp; Markets, New YorkMatthew Mason, Global Banking &amp; Markets, Hong KongJans Meckel, Global Banking &amp; Markets, ParisPatrick Moran, Legal, New YorkLeonie Morel, Global Banking &amp; Markets, LondonJohn O'Connor, Global Banking &amp; Markets, New YorkSteve Orr, Global Banking &amp; Markets, New YorkLeke Osinubi, Engineering Division, New YorkElizabeth Overbay, Platform Solutions, New YorkJonathan Perry, Engineering Division, LondonThomas Plank, Global Banking &amp; Markets, SingaporeCaitlin Pollak, Global Banking &amp; Markets, New YorkLing Pong, Asset &amp; Wealth Management, Hong KongJoe Porter, Global Banking &amp; Markets, San FranciscoVishaal Rana, Global Banking &amp; Markets, New YorkAlexandre Reinert, Global Banking &amp; Markets, Hong KongMonique Rollins, Corporate Treasury, New YorkMarcos Rosenberg, Asset &amp; Wealth Management, RichardsonMarc Schaffer, Global Banking &amp; Markets, New YorkJan Scheffel, Global Banking &amp; Markets, LondonRahul Sharma, Engineering Division, Menlo ParkEric Sheridan, Global Investment Research, New YorkSalil Sheth, Global Banking &amp; Markets, New YorkJonathan Shugar, Global Banking &amp; Markets, New YorkAlyson Shupe, Asset &amp; Wealth Management, New YorkAaron Siegel, Global Banking &amp; Markets, New YorkAdam Siegler, Global Banking &amp; Markets, New YorkCraig Smart, Global Banking &amp; Markets, New YorkAndre Souza, Global Banking &amp; Markets, LondonThom Spoto, Asset &amp; Wealth Management, West Palm BeachLesley Steele, Risk, LondonTeppei Takanabe, Global Banking &amp; Markets, TokyoLaura van Alkemade, Global Banking &amp; Markets, LondonDennis Walsh, Asset &amp; Wealth Management, New YorkAlexandra Wilson-Elizondo, Asset &amp; Wealth Management, New YorkSylvia Yeh, Asset &amp; Wealth Management, New YorkPiotr Zurawski, Global Banking &amp; Markets, LondonThis post is breaking and will be updated with additional information.Emmalyse Brownstein contributed reporting.Are you an insider at Goldman Sachs or on Wall Street? Get in touch with this reporter. Reed Alexander can be reached at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a>, or SMS/the encrypted app Signal at <a target="_blank">(561) 247-5758</a>

See the 95 executives Goldman Sachs tapped to join its exclusive partnership — a record high under David Solomon

<ul class="summary-list"><li>A millennial with a doctoral degree and over $250,000 in <keyword id="419611" type="General" weightage="100" keywordseo="student-loan" source="Orion">student loan</keyword> <keyword id="44647" type="General" weightage="20" keywordseo="debt" source="Orion">debt</keyword> said she can't find a job.</li><li>She's looking for business jobs while working in a healthcare role to help pay the bills.</li></ul>Over the last decade, A. <keyword id="23550886" type="General" weightage="20" keywordseo="rasberry" source="keywords">Rasberry</keyword> has placed a great deal of value on <a target="_blank" href="https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it">higher education</a>. She's now come to regret it. Rasberry earned a bachelor's, master's, and doctorate degree in <a target="_blank" href="https://www.businessinsider.com/google-ibm-accenture-dell-companies-no-longer-require-college-degrees-2023-3">business management</a> from <keyword id="23550889" type="General" weightage="20" keywordseo="saint-leo-university" source="keywords">Saint Leo University</keyword> in Florida. However, she said she's <a target="_blank" href="https://www.businessinsider.com/job-market-unemployment-rate-interest-rates-fed-cuts-outlook-economy-2024-9">struggled to find a job</a> in her field of study over the last four years. Additionally, she has over $250,000 in student loan debt, according to a document viewed by <keyword id="19935969" type="General" weightage="20" keywordseo="business-insider" source="keywords">Business Insider</keyword>. "I graduated with my doctoral degree in 2020 and can't find a job to save my life," the Virginia-based 38-year-old told Business Insider via email. She asked for partial anonymity, only using the first initial of her first name and her last name, due to privacy concerns. Since earning her doctoral degree, Rasberry has applied for various business management roles but had little success. She said she's been forced to expand her job search and explore a new career in <a target="_blank" href="https://www.businessinsider.com/travel-nurse-earning-187k-salary-degree-works-9-months-2023-4">nursing</a> to help her make ends meet. "I thought <keyword id="6355445" type="General" weightage="20" keywordseo="education" source="Orion">education</keyword> was the road to financial freedom," she said. "But I was wrong." Rasberry is among the Americans who are having a tough time <a target="_blank" href="https://www.businessinsider.com/millennial-looking-job-cant-get-hired-college-degress-entry-level-2024-7">finding work</a>. In part, it's because businesses across the US have significantly <a target="_blank" href="https://www.businessinsider.com/jobs-recent-college-grads-hiring-slowdown-unemployment-higher-than-population-2024-9">scaled back on hiring</a> over the past two years. The ratio of <a target="_blank" href="https://www.businessinsider.com/cant-find-job-masters-degree-running-out-savings-gen-x-2024-9">job openings</a> to unemployed people — an indicator of job availability — has declined considerably. While the <a target="_blank" href="https://fred.stlouisfed.org/series/UNRATE">unemployment rate</a> and <a target="_blank" href="https://fred.stlouisfed.org/series/JTSLDR">layoff rate</a> remain low compared to historical levels, the hiring slowdown means that many job seekers are having a considerably harder time than they were a few years ago. Rasberry shared why she thinks her job search has been so challenging, how she made her career pivot, and her top piece of advice for people pursuing higher education. <h2>"Most organizations prefer experience over education"</h2>After receiving her doctorate degree, Rasberry's initial goal was to land an <a target="_blank" class="" href="https://www.businessinsider.com/college-adjunct-professor-salary-not-enough-live-student-loan-debt-2024-6">adjunct professor</a> position. However, after speaking with people in the education field, she decided to change course. "I've learned how difficult it is to get started in the field," she said. "Essentially, after earning a doctoral degree, I would have to go back to school to take more courses to support a teaching career." She said she was told she'd specifically need more education-related credits. As a result, Rasberry said she decided to give up on teaching and focus on finding other roles in her area of study: business management. But her job search has been challenging. Rasberry said she hasn't landed many interviews, and that when she does — and gets turned down — she's had a hard time figuring out what went wrong. She said she's expanded her job search to non-managerial bookkeeping, accounting, tutoring, and human resources roles, but that she hasn't had much luck with these either. Rasberry said she thinks the biggest obstacle in her job search is her lack of work experience. While pursuing her degrees, she said she gained some entry-level work experience in banking, human resources, and bookkeeping roles. However, she thinks this experience might be insufficient in the eyes of employers. "I am over qualified for most entry-level positions but I am under qualified for management or leadership positions," she said. "Ultimately, my degree has been both a blessing and a curse." Rasberry said her top piece of advice for people who pursue higher education is to do your homework. Before she pursued her degrees, she said she wished she had spent more time evaluating her school's job placement programs, internship partnerships, and the employment rates of recent graduates across different fields. Additionally, she recommended taking time to think about the value of a college degree and the best ways to use it to land a job. "I learned most organizations prefer experience over education," she said. "Had I known that I would not have spent so many years in college." <h2>A healthcare job is helping to pay the bills during her job search</h2>In recent years, Rasberry said she's worked various part-time jobs to pay the bills. "It feels next to impossible to work a single job and earn enough money to cover essentials like rent, fuel, electricity, etc. in the state of Virginia," she said. One analysis found Virginia was the <a target="_blank" class="" href="https://www.businessinsider.com/most-least-expensive-states-household-bills-hawaii-california-west-virginia-2024-6">13th-most expensive</a> state when it comes to overall cost-of-living. At the same time, she's also exploring another field: healthcare. Rasberry said that for roughly the past year, she'd been working as much as 80 hours a week as a direct care liaison. She said this involves reviewing the healthcare needs of patients and detailing the support they need. "I am new to nursing, but I find it rewarding and I like the shift flexibility," she said. Rasberry said she found a nursing role that provided free training and certification. However, she said the downside was that this certification wouldn't carry over to any other employers — limiting her opportunities in the industry. This is among the reasons she hasn't stopped applying for business-related jobs. Another reason is that she doesn't think she was paid particularly well in her direct care liaison role — she said she was earning $21.50 an hour. Despite the long hours, she said the low pay is why she didn't view it as a full-time job. "It doesn't come with full time pay," she said. In recent months, Rasberry said she began focusing more on looking for remote roles like the <keyword id="23550888" type="General" weightage="20" keywordseo="turbotax" source="keywords">TurboTax</keyword> opportunity. She said working remotely would make it easier to keep herhealthcare job, reduce her commuting costs, and care for her dog. Over the last month, Rasberry finally had some luck in the job market. She said she landed a remote plan consultant position in the nursing field that pays about $70,000 a year — equivalent to an hourly <a target="_blank" class="" href="https://www.gobankingrates.com/money/jobs/70000-a-year-is-how-much-an-hour/">rate</a> of over $30 an hour. While she views this as a positive development, she said she will "absolutely" continue searching for higher-paying roles in her field of study. "When I'm not working, I'm online, putting in applications for employment," she said. Correction: October 9, 2024 — An earlier version of this story misstated the type of degree Rasberry earned and her title. She earned a doctorate in business administration, not a Ph.D., and she's a care plan consultant, not a nurse.

A millennial with a doctoral degree and over $250k in student loan debt says she's been looking for a job for 4 years. She wishes she prioritized work experience over education.

<keyword id="19910508" type="General" weightage="20" keywordseo="Amazon-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon India" meta.hostid="261" meta.entityid="Amazon India">Amazon India</keyword> on Monday said that it has formed a strategic <keyword id="19900447" type="General" weightage="20" keywordseo="partnership" source="keywords">partnership</keyword> with electric mobility firm <keyword id="20992233" type="General" weightage="20" keywordseo="Gentari" source="keywords">Gentari</keyword> for its EV deployment programme as it targets a fleet of 10,000 <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> for last-mile deliveries by 2025. Under the collaboration, Gentari Green Mobility Business will procure and deploy electric vehicles for the company in the next three years besides providing comprehensive fleet management services to the delivery service partners (DSPs) to ensure the seamless operation and upkeep of the <keyword id="20475726" type="General" weightage="20" keywordseo="EV-fleet" source="keywords">EV fleet</keyword>, Amazon India said. The partnership will provide Delivery Service Providers (DSPs) access to more electric three-wheelers for Amazon deliveries, it added. "We aim to empower our delivery service partners by providing them access to the right electric vehicles, end-to-end vehicle life cycle management services, as well as charging and parking facilities," said Abhinav Singh, VP (Operations) at Amazon India. The company deployed more than 7,200 EVs in India at the end of 2023, and it remains well on track to achieve its goal of deploying 10,000 EVs in the domestic market by 2025, he said. Amazon India has operations across 400 cities in the country. "As we work together to deploy more EVs and contribute to India's net zero targets, I'm confident this collaboration will pave the way for a cleaner and electric future for India's transportation sector," said Nikhil Thomas, CEO of Gentari Green Mobility India. Gentari Green Mobility India offers a comprehensive suite of services including a wide network of EV charging points, EV subscriptions through Vehicle-as-a-Service (VaaS), and personalised value-added services. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Amazon India partners with Gentari for 10,000 EV fleet by 2025

<ul class="summary-list"><li>On Sunday, Stanley and Target released a collection of "Wicked"-themed Quencher cups.</li><li>Shoppers documented themselves waiting in line for hours to buy the pink and green cups.</li></ul>Target and Stanley released their latest limited-edition collaboration on Sunday, delighting water bottle enthusiasts and musical fans alike.<a target="_blank" class="" href="https://www.businessinsider.com/trader-joes-mini-tote-bags-stanley-cups-tiktok-consumerism-marketing-2024-3">Stanley's newest insulated cups</a> were inspired by the upcoming "Wicked" film, which will be released in theaters on November 22.The collection included the $55 40-ounce and $35 20-ounce Quenchers in <a target="_blank" class="" href="https://www.businessinsider.com/ariana-grande-cynthia-erivo-wicked-dresses-oscars-2024-3">Elphaba green and Glinda pink</a>. As of Tuesday, they were completely sold out on Target's website.Despite reports that <a target="_blank" class="" href="https://www.businessinsider.com/stanley-cup-trend-possible-peak-teen-survey-2024-10">customer interest in Stanely may be starting to wane</a>, shoppers flocked to <a target="_blank" class="" href="https://www.businessinsider.com/target-fall-clothes-shopping-on-budget-2024-9">Target</a> in hoards to get their hands on the cups before they sold out, indicating that Stanley should lean into buzzy partnerships to keep its momentum going.<h2 id="c2074deb-9175-403c-b75b-f75c8ee192c4">Hours of waiting</h2>After the Quenchers dropped, videos of shoppers lining up outside Targets and storming through stores to get the cups popped up on social media.The videos were <a target="_blank" class="" href="https://www.businessinsider.com/chaos-stampede-limited-edition-stanley-cups-target-vday-resale-2024-1">reminiscent of those</a> that appeared after Target and Stanley released their Valentine's Day collaboration in January.Some of those making videos appeared to be Stanley collectors, while others were made by "Wicked" fans. There were also shoppers who didn't fall into either category. <a target="_blank" class="" href="https://www.instagram.com/thebrownmamimelts">Alicia Briggs</a>, 36, has never seen "Wicked" or "The Wizard of Oz," but that didn't stop her from heading to Target at 5:20 a.m. on Sunday."I liked it because it didn't have anything overtly 'Wicked,'" Briggs said of the Quenchers, adding that she loves pink and green.Briggs decided to drive to two different Targets with her daughters on Sunday, waiting in line for two hours to get the cups. She secured the 40-ounce cup in both colors and the 20-ounce Glinda Quencher. Though she isn't familiar with "Wicked," Briggs said she loves the cups, sipping out of her Elphaba Quencher as she video chatted with Business Insider. They also made her more excited to see the film."The marketing, as well as the two leading actresses, are definitely making it something interesting that I want to see," she said.So far, the marketing for "Wicked" has been reminiscent of the strategies for projects like "<a target="_blank" href="https://www.businessinsider.com/how-much-did-barbie-spend-marketing-box-office-success-explained-2023-7">Barbie</a>" and "<a target="_blank" href="https://www.businessinsider.com/bridgerton-merch-brand-collaborations-netflix-marketing-regency-trends-2024-6">Bridgerton,</a>" with everything from suitcases and makeup to toys and, of course, cups promoting the film.<h2 id="17ae598d-26ae-4135-96be-3097a3f1a73d">Savvy marketing can help Stanley</h2>The enthusiasm over the "Wicked" Quencher collection comes after a banner year for Stanley.Love for its Quenchers has been steadily growing since 2020, with <a target="_blank" class="" href="https://www.cnbc.com/2023/12/23/how-a-40-ounce-cup-turned-stanley-into-a-750-million-a-year-business.html">CNBC reporting</a> that the cups made Stanley a $750-million-a-year business. The business seemed to reach a fever pitch in early 2024, with people <a target="_blank" class="" href="https://www.businessinsider.com/millennial-stanley-cup-wedding-day-harry-potter-books-quencher-collection-2024-1">collecting</a> and <a target="_blank" class="" href="https://www.businessinsider.com/woman-explains-why-she-collects-stanley-cups-2024-1">reselling the cups</a>.However, a new survey by Piper Sander found that some <a target="_blank" class="" href="https://www.businessinsider.com/stanley-cup-trend-possible-peak-teen-survey-2024-10">teens are losing interest in the cups</a>, opening the door for other buzzy water bottle brands like <a target="_blank" class="" href="https://www.businessinsider.com/stanley-cups-versus-owala-water-bottles-2024-1">Owala</a> to take its place.Owala and other Stanley competitors, like HydroFlask, have already capitalized on the momentum Stanley lost after some consumers grew concerned that <a target="_blank" href="https://www.businessinsider.com/stanley-tumblers-lead-owala-hydro-flask-seize-moment-2024-2">its bottles contained lead</a>, though experts said the amount of lead in the cups isn't a hazard to users.<div type="image" title="four stanley tumbler cups" height="887" width="1182" msid="114263132" hostid="261" sizebytes="36274"></div>But as the excitement around the "Wicked" collection indicates, Stanley can maintain its popularity with buzzy collaborations.For instance, in July, Stanley partnered with Olivia Rodrigo on a Quencher inspired by her album "Guts," and according to <a target="_blank" href="https://www.influencerintelligence.com/blog/TWR/how-olivia-rodrigo-caused-a-stanley-sell-out">Influencer Intelligence</a>, it sold out in a matter of hours.It also quickly sold out of the floral-patterned cups it made with LoveShackFancy in August and the eight cups it released in honor of Barbie's 65th anniversary in September. However, as of Tuesday, it was still releasing new batches of its hot-pink Barbie cup daily.By working with recognizable brands and public figures — particularly those that appeal to a female audience — Stanley can keep ahead of its competitors.

Target shoppers' excitement over the 'Wicked' Stanley cups shows buzzy partnerships are the way forward for the water bottle brand

<ul class="summary-list"><li>OpenAI has been snapping up media partnerships.</li><li>On Tuesday, the AI company announced a new deal with magazine giant Condé Nast.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> on Tuesday announced its latest partnership with a global media brand, this time inking a deal with magazine giant Condé Nast.Condé Nast owns publications such as Vogue, The New Yorker, Vanity Fair, and Wired."With the introduction of our SearchGPT prototype, we're testing new search features that make finding information and reliable content sources faster and more intuitive," OpenAI said in a <a target="_blank" class="" href="https://openai.com/index/conde-nast/">statement</a> announcing the partnership. "We're combining our conversational models with information from the web to give you fast and timely answers with clear and relevant sources. SearchGPT offers direct links to news stories, enabling users to easily explore more in-depth content directly from the source."The company plans to integrate these features directly into ChatGPT in the future, the statement added.The terms of the partnership were not announced — a common theme among deals signed between <a target="_blank" class="" href="https://www.businessinsider.com/openai-news-partnerships-media-future-le-monde-prisa-axel-springer-2024-3">OpenAI and publishers</a>, including Associated Press, The Atlantic, and Axel Springer, the parent company of Business Insider.The New York Times is among those not making deals with OpenAI. Late last year, the publisher filed a suit against the company for "billions of dollars in statutory and actual damages," accusing the AI leader of <a target="_blank" class="" href="https://www.businessinsider.com/nyt-sues-open-ai-microsoft-alleging-trained-chatgpt-off-content-2023-12">violating copyright law</a> through the "copying and use of The Times's uniquely valuable works."When reached for comment by Business Insider, a representative for Condé Nast shared an internal memo from CEO Roger Lynch sent to company employees. In it, the media executive acknowledged that AI is "rapidly changing" how audiences discover and consume information, which contributed to the need for the deal."Over the last decade, news and digital media have faced steep challenges as many technology companies eroded publishers' ability to monetize content, most recently with traditional search," Lynch wrote. "Our <a target="_blank" class="" href="https://www.businessinsider.com/openai-publishers-deal-explainer-peter-kafka-2024-6">partnership with OpenAI</a> begins to make up for some of that revenue, allowing us to continue to protect and invest in our journalism and creative endeavors."Lynch, in his memo, indicated OpenAI is "very committed" to working transparently with publishers "so that the public can receive reliable information and news through their platforms."<h2 id="350de12e-f91f-4059-a9cd-34d2c3198624">Lack of transparency in OpenAI's media deals</h2>But not everyone is convinced — including the writers who create the content training the AI."The growing encroachment of AI on journalism is a significant concern for our NewsGuild of New York members," Susan DeCarava, president of NewsGuild of New York, which represents unionized Condé Nast workers, said in a <a target="_blank" class="" href="https://x.com/nyguild/status/1825998587005649106?s=46">statement</a> after news of the Condé Nast deal broke. NewsGuild representatives directed BI to DeCarava's statement when reached for comment for this story.DeCarava continued: "We expect Condé management to be transparent with us about how this technology will be used and the impact it may have on our work. We are seeking additional details on Condé's OpenAI deal to ensure our members' rights are protected."In May, NewsGuild journalists reacted similarly to news of an OpenAI partnership with The Atlantic and Vox Media. They indicated that workers were troubled by the lack of transparency about what the agreement entails and how it will affect their work."Management should immediately make the terms of the deal available to Atlantic staffers and then convene an all-hands meeting to answer our questions honestly, clearly, and without spin," the union <a target="_blank" class="" href="https://newsguild.org/newsletter-trust-journalists-not-ai/">statement</a> read.When reached for comment, representatives for OpenAI directed BI to a statement by Brad Lightcap, the company's COO."We're committed to working with Condé Nast and other news publishers to ensure that as AI plays a larger role in news discovery and delivery, it maintains accuracy, integrity, and respect for quality reporting," Lightcap said.<h2 id="7a74c57e-0352-43d4-8e73-0b59a1570769">Is the AI bubble about to burst?</h2>The news of the OpenAI and Condé Nast partnership comes amid some on Wall Street worrying that the AI bubble may be about to burst. The concern has grown in recent weeks, garnering <a target="_blank" class="" href="https://www.inc.com/sam-blum/new-warnings-ai-bubble-when-could-it-burst.html">cautionary reports</a> from Goldman Sachs and VC firms, including Sequoia Capital, though many remain bullish on the industry.Investors in artificial intelligence have spent <a target="_blank" class="" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7">tens of billions of dollars</a> building data centers and developing semiconductors needed to run and train large language models. But the resulting product developments haven't come close to recouping their investments, and the path toward monetizing AI chatbots, search functions, and coding assistants — many of which remain fraught with bugs, errors, and <a target="_blank" class="" href="https://www.businessinsider.com/hallucinate-cambridge-dictionary-word-of-the-year-artificial-intelligence-2023-11">hallucinations</a> — remains murky."Many dot-com companies that drove the internet change went broke doing it," Erik Gordon, a professor at the University of Michigan's Ross School of Business, <a target="_blank" class="" href="https://www.businessinsider.com/ai-internet-dotcom-bubble-tech-stocks-nvidia-market-crash-gordon-2024-5">previously told BI</a>. "Many AI companies driving as big a change will go broke or lose half their value."Publishers have been especially hard hit by recent advancements in AI technology, with generative AI perceived as an existential threat to those who create content themselves.<a target="_blank" class="" href="https://apnews.com/article/journalism-layoffs-business-messenger-83afe18984c2a1fc78e78184dddee17d">The Associated Press</a> reported that the employment firm Challenger, Gray, and Christmas estimated 2,681 journalism jobs were lost in 2023, a number that has continued to climb this year.Jeff Jarvis, author of "The Gutenberg Parenthesis: The Age of Print and its Lessons for the Age of the Internet," told the outlet there is an "inevitability" to the impact of new tech on the publishing industry, which has long clung to its old business models and methods."I'm optimistic in the long run. But in the short run, it's going to be ugly," Jarvis said.

OpenAI snaps up another media partnership, this time with Condé Nast

<ul class="summary-list"><li>Don Lemon is suing Elon Musk and X over a canceled partnership deal.</li><li>Lemon accused Musk of fraud, misrepresentation, and breach of contract. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/don-lemon-elon-musk-interview-clips-shared-x-deal-scrapped-2024-3">Don Lemon is suing Elon Musk</a> over an X deal that turned sour in March.Lemon filed the lawsuit Thursday in the Superior Court of California in San Francisco against Musk and his company X, formerly known as Twitter.Lemon accuses Musk and X of committing fraud, negligent misrepresentation, misappropriation of Lemon's name and likeness, breach of express contract, and unjust enrichment when it abruptly canceled a planned partnership with Lemon in March."X executives used Don to prop up their advertising sales pitch, then canceled their partnership and dragged Don's name through the mud," Lemon's attorney, Carney Shegerian, said in a statement.Talks of Lemon striking an exclusive content deal with X began in 2023 after he parted ways with CNN. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-invites-don-lemon-twitter-show-tucker-carlson-2023-5">Musk publicly recruited Lemon</a> to X in a post, saying the partnership was "worth a try."In his complaint, Lemon said the Musk and X agreed to a guaranteed payment of $1.5 million for a one-year partnership with the option to renew the deal twice. Lemon would also be paid a percentage of the ad revenue from his content and earn money based on the number of followers he gained, the lawsuit says.When Lemon first announced <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-mad-over-don-lemon-interview-canceled-x-partnership-2024-3">"The Don Lemon Show" wouldn't be premiering on X</a>, he said a tense interview with Musk might have influenced the deal's termination.Lemon accuses X and Musk of using him to rehabilitate their reputations and "reneged on their express agreement" once they'd done so without paying him.When Business Insider requested a comment from X, the company replied, "Busy now, please check back later." Musk's attorney didn't immediately respond to the request.The official X Business account posted in March that "after careful consideration, X decided not to enter into a commercial partnership with the show."

Don Lemon sues Elon Musk over axed X partnership

<ul class="summary-list"><li>Trump said he called Elon Musk to discuss sending Starlink satellites to areas affected by Helene.</li><li>FEMA had already coordinated with Starlink to send satellites to North Carolina.</li></ul>Former President Donald Trump said that he had talked to Elon Musk, CEO of <a target="_blank" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a> and a <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-cabinet-election-x-2024-9">recent political ally</a>, about sending Starlink satellites to areas impacted by Hurricane Helene. But the federal government had already decided Sunday to send the satellites to<a target="_blank" href="https://www.businessinsider.com/hurricane-helene-slams-florida-power-outages-flooding-2024-9"> areas in need of internet access</a>.At an event in Valdosta, Georgia, Trump said <a target="_blank" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">some residents in North Carolina "don't have communication"</a> before mentioning his chat with Musk and Starlink, SpaceX's satellite internet service."I just spoke to Elon. I'm getting him — we want to get Starlink hooked up because they have no communication whatsoever. And Elon will always come through. We know that," Trump said Monday. "And so we're working on that, getting them hooked up. They asked me whether or not that would be possible. We're gonna try and get the Starlink in there as soon as possible."The White House, however, quickly pointed out that a Starlink partnership was already underway. <a target="_blank" href="https://x.com/AndrewJBates46/status/1840821476032717243">In a post on X</a>, which Musk owns, White House Spokesperson Andrew Bates said, "This is already happening."He linked to a statement from FEMA, which says 40 Starlink satellite systems are deployed in North Carolina to assist with "responder communications." According to the statement, 140 satellites are being sent to help repair communication infrastructure. The statement was published Monday, the same day Trump made his speech.FEMA told Business Insider that the federal government made the decision to send satellites Sunday. "Administrator Criswell made the decision yesterday to send Starlink down to North Carolina," Jaclyn Rothenberg, the director of public affairs, said on the phone, referring to FEMA administrator Deanne Criswell. Rothenberg told BI Trump was not involved in the decision-making process.As of Monday afternoon, the nature and timing of Trump's stated call with Musk remained unclear. When BI asked the former president's campaign for clarification, spokesperson Steven Cheung replied, "Where's Kamala?SpaceX did not immediately respond to a request for comment from BI.At least 119 people have died as a result of the storm. Relief efforts continue as survivors begin to come to terms with the<a target="_blank" href="https://www.businessinsider.com/florida-home-insurance-prices-premium-effect-from-hurricanes-2024-9"> scope of devastation</a>.

You Searched For "business partnerships" and got 12 results

Morgan Stanley has a new innovation chief. Expect more OpenAI-like partnerships.

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Microsoft AI boss likens OpenAI partnership to a sibling rivalry

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Arthur Blank joins 'Business Leaders for Harris' as his former business partner funnels money to Trump

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See the 95 executives Goldman Sachs tapped to join its exclusive partnership — a record high under David Solomon

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A millennial with a doctoral degree and over $250k in student loan debt says she's been looking for a job for 4 years. She wishes she prioritized work experience over education.

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Amazon India partners with Gentari for 10,000 EV fleet by 2025

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OpenAI snaps up another media partnership, this time with Condé Nast

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Don Lemon sues Elon Musk over axed X partnership

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Trump said he talked with Elon Musk to deploy Starlink after Hurricane Helene — but FEMA had the partnership in place since Sunday

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