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<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January.<br /><br />The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term.<br /><br />"People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August.<br /><br />For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age.<br /><br />"It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut.<br /><br />More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age.<br /><br />Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes.<br /><br /><h2><strong>Social Security tax cuts would hurt low-income retirees, younger generations</strong></h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career.<br /><br /><a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation.<br /><br />Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law.<br /><br />Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts.<br /><br />Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed.<br /><br />He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan.<br /><br />"It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income."<br /><br />Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings.<br /><br />To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person.<br /><br />As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>.<br /><br />With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan.<br /><br />"There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control."<br /><br /><em>Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at </em><a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com"><em>allisonkelly@businessinsider.com</em></a><em>.</em><br /><br />

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul class="summary-list"><li>Business Insider spoke to five experts about what a Trump and Harris presidency would bring for AI.</li><li>Neither has offered specifics on their AI policies, but Trump would likely ease back regulations.</li></ul><p>With <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">Silicon Valley executives</a> inserting themselves — and their wallets — into this year's presidential election, questions remain about how <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Vice President Kamala Harris</a> and <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">former President Donald Trump</a> would tackle AI regulation should they win the White House in less than one week.</p><p>Business Insider spoke to five experts with experience in government and the private sector about how each administration might regulate AI, which is evolving at breakneck speed and influencing nearly every factor of American life.</p><p>"There should be more attention paid to what the candidates do in the AI area, just because it's such an important space," Darrell West, a senior fellow in the Center for Technology Innovation at the nonpartisan Brookings Institute, told Business Insider. "But neither Trump nor Harris have been very detailed in outlining their policies. Neither has put out major position papers on the topic, so it's a little bit of a black box in terms of how each administration would handle AI."</p><p>"It's a shame that we're a week away from an election and we don't have a detailed AI policy agenda from either candidate," John Bailey, a nonresident senior fellow at the conservative think tank the American Enterprise Institute, said</p><p>The experts anticipate that, broadly speaking, Trump will take a more deregulatory approach to technology and AI, whereas Harris will continue with the Biden administration's approach of regulation. There remains room a degree of uncertainty with either candidate, though, as each juggles the desires of their <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">private sector supporters</a>.</p><h2 id="4254cad9-402b-4779-9f06-c89b327c70b8"><strong>The candidates differ over a recent key AI directive.</strong></h2><p>Between calling AI <a target="_blank" class="" href="https://www.businessinsider.com/trump-ai-dangerous-still-posts-ai-memes-truth-social-x-2024-8">"very dangerous" </a>and sharing AI-generated images of <a target="_blank" class="" href="https://www.businessinsider.com/trump-taylor-swift-image-shared-made-others-ai-very-dangerous-2024-8">Taylor Swift</a>, Trump hasn't offered many details on how he'd regulate the technology. He has, however, committed to rolling back a sweeping <a target="_blank" class="" href="https://www.businessinsider.com/white-house-advisor-catching-up-on-ai-biden-executive-order-2023-10">executive order that President Joe Biden</a> issued in October, 2023 regarding AI regulation.</p><p>The wide-reaching order generated significant political backlash, as some conservatives argued that certain provisions constituted government overreach and would hinder innovation. Supporters generally argue that regulation is necessary to ensure safety in the industry.</p><p>"The sticking point was really over the idea that we would create this big, monolithic AI regulation, not that we would create regulation at all, because there's already regulation around AI in those regulated industries," said Nicholas Reese, an adjunct professor at New York University and the Director of Emerging Technology at the Department of Homeland Security from 2019-2023.</p><p>"It was inclusive of certain perspectives and communities who helped shape it, but it did not reflect a lot of center-right thinking," Bailey told BI.</p><p>In late October of this year, the Biden administration published a national security memorandum telling the Pentagon and intelligence agencies to ramp up their use of AI. Earlier in the month, Biden's team issued guidance over how federal agencies overall should effectively use AI while appropriately contending with risk.</p><p>Megan Shahi, Director of Technology Policy at the liberal think tank the Center for American Progress, called the executive order "a good first step." Oren Etzioni, the founder of a nonprofit fighting political deepfakes and the former CEO of the Allen Institute on AI, thinks that the order is well-intentioned, but potentially too heavy-handed. </p><p>"I think that regulating a fast moving technology is challenging, and I would say that it's well intentioned, but the road to regulatory hell is paved with good intentions," Etzioni said.</p><h2 id="433b3791-3da2-4962-be9f-71fedfb9fe6a">Trump would take a more hands-off approach to AI — but his immigration policies could end up impacting the sector.</h2><p>Trump has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">inscribed his promise</a> to get rid of the order into the Republican party platform, which reads in part: "We will repeal Joe Biden's dangerous Executive Order that hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology."</p><p>Other than that, Trump hasn't offered many details on his plans for <a target="_blank" class="" href="https://www.businessinsider.com/cryptocurrency-bitcoin-influence-election-trump-harris-2024-10">AI policy</a> and his campaign did not respond to Business Insider's request for comment. Reese anticipates that he would repeal the new National Security Memorandum as well, but both he and Bailey said it's unclear what he would replace it with. The uncertainty could, Reese said, cause confusion among innovators.</p><p>"I haven't seen any other concrete policies on this, which tells me probably that they're not going to put forth a comprehensive AI strategy," said Shahi. She said that Trump hasn't committed to much regulation in any direction, and Etzioni described him as "pro-deregulation."</p><p>As president, Trump didn't spend a lot of time talking about AI, but did sign his own executive order in 2019 that instructed federal agencies to prioritize <a target="_blank" class="" href="https://www.businessinsider.com/trump-electric-vehicles-elon-musk-endorsement-2024-8">researching the technology</a> — Bailey described the order as "overlooked and under-appreciated."</p><p>Reese worked at the Department of Homeland Security during the final year of the Trump administration.</p><p>"When I worked under the Trump administration, there was actually quite a bit of activity, they were very active," he said. "And especially on AI, they were doing things that would be pretty hard to argue over, like creating a list of trustworthy principles for trustworthiness and AI." He described that administration's approach as "incremental."</p><p>Etzioni said the former president's impact on AI extended beyond narrow policy and that the same could go for another Trump term. In particular, he thinks that the immigration of skilled workers is crucial in the AI race against China, which Trump's immigration policies threaten.</p><p>"The impact on business is nuanced, but I think that it's trumped by the impact of the country," Etzioni said. "If Trump ends up being the agent of chaos that many of us anticipate he will be, that'll have the biggest impact on AI, more so than specific policies."</p><h2 id="22809d1a-7ad4-4a52-9d01-aaf471dd7cf4"><strong>Harris would build on Biden's executive order and likely maintain his overall approach to the AI industry.</strong></h2><p>With her California roots and deep ties to the tech industry — her brother-in-law <a target="_blank" class="" href="https://www.businessinsider.com/tony-west-wall-street-kamala-harris-cabinet-treasury-2024-10">Tony West is an executive at Uber </a>— Harris played a significant role in the Biden administration's efforts on AI. She met with the leaders of tech companies, helped introduce memos on AI use in the federal government, and represented the administration at a global summit on AI safety, which she flags on her campaign website.</p><p>After Biden took office, Reese said that the work on AI policy eventually became more ambitious than it had been under Trump.</p><p>"It felt like the major difference was that the Biden administration tried to pursue bigger pieces of policy," he told BI.</p><p>When asked for comment, the Harris campaign directed Business Insider to the vice president's policy handbook, which specifies Harris' intention to honor Biden's executive order and includes plans for an "America Forward" strategy that focuses in part on strengthening AI technology. The <a target="_blank" href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf">policy book </a>also outlines a plan to scale up the National AI Research Resource, which supports startups and researchers.</p><p>The experts that Business Insider spoke to don't know precisely what Harris would do as president. They all anticipate that she would take an approach generally consistent with Biden. Shahi said that Biden provided "a straightforward foundation to build on," but doesn't think that AI is necessarily a day one priority.</p><p>"I think that a Harris administration is likely going to take this kind of much more linear, much more predictable path that is based on a lot of the existing corpus of AI policies, like the National AI research resource," Reese said, describing such continuity as the healthiest approach.</p><p>Whether Trump or Harris wins the White House, Etzioni and Bailey said that having <a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9">AI experts in the administration</a> is crucial. Among the few upsides Bailey sees to Biden's executive order is the call to have agencies appoint AI directors.</p><p>"The bottom line is that neither of them is an AI expert, so it's a question of who they would hire," Etzioni said of the candidates.</p><h2 id="1e24d451-c0f3-45bd-a9d9-1f2ca945c4f1"></h2>

How a Trump or Harris presidency could impact the future of AI

<p><em>This article is part of "</em><a target="_blank" class="" href="https://www.businessinsider.com/category/behind-the-wheel"><em>Behind the Wheel</em></a><em>," a series about the highly competitive and high-tech world of Formula 1.</em></p><p>It's been an eventful year for Formula 1.</p><p>In addition to the drama that unfolds outside the track, F1 fans have been treated to competitive races and a legitimate battle for the drivers and constructors championships.</p><p>The season is entering the home stretch — this weekend's US Grand Prix kicks off the final six races of the year. Here are the seven major plotlines that have defined the season and how they could affect the sport for years to come.</p><h2 id="091f1e53-3661-4758-8045-1908afdd2e00">1. Lewis Hamilton joins Ferrari in a flashy partnership</h2><div type="image" title="Lewis Hamilton holding a trophy and winking at the camera." height="1435" width="2869" msid="114359550" hostid="261" sizebytes="373940"></div><p>Driver shake-ups were happening before the season even began. In early February, the Formula 1 champion <a target="_blank" class="" href="https://www.businessinsider.com/lewis-hamilton-net-worth-salary-wife-f1-mercedes">Lewis Hamilton</a> announced he would depart Mercedes at the end of the season to <a target="_blank" class="" href="https://www.formula1.com/en/latest/article/breaking-lewis-hamilton-to-make-shock-switch-from-mercedes-to-ferrari-for-2025.3U1mESEizCeJ096Qrhbkb6">join Ferrari in 2025</a>.</p><p>With Mercedes, the British driver captured six drivers championships, but a string of down years led him to take a risk by joining the famed Italian squad.</p><p>With Ferrari looking fairly competitive this season — and Hamilton having a resurgent year, capturing two race victories — the pairing could provide fireworks in 2025.</p><h2 id="3bc5042a-bc26-4cbf-befa-640b76730480">2. Red Bull is no longer dominant</h2><div type="image" title="Max Verstappen looking down and holding a towel wrapped around his neck." height="2551" width="5101" msid="114359559" hostid="261" sizebytes="401534"></div><p>For the past three seasons, Max Verstappen and Red Bull have annihilated the competition. This year started off similarly: The Dutch phenom captured five victories in the first seven races.</p><p>Things changed at the <a target="_blank" class="" href="https://www.businessinsider.com/miami-grand-prix-distinct-features-f1-race-marina-2024-5">Miami Grand Prix</a> in early May, when McLaren's Lando Norris comfortably bested Verstappen to capture his first career win. Since then, Red Bull has been on the back foot, and Verstappen hasn't stood on the top step of the podium for the past eight races.</p><p>Preseason harassment allegations against Red Bull's team principal, Christian Horner, and the departure of its chief engineer, Adrian Newey, have contributed to a downturn for the team. Though Verstappen still seems destined to win his fourth individual title, McLaren has taken the lead in the constructors championship, and Ferrari and Mercedes seem to have caught up.</p><p>With regulations staying put for 2025, next season seems poised to be an open battle for both championships.</p><h2 id="70839b11-67cb-4d7a-821a-3a0c4ba012fb">3. McLaren emerges as a legitimate contender</h2><div type="image" title="Andrea Stella and Lando Norris pose with trophies." height="512" width="1024" msid="114359553" hostid="261" sizebytes="48898"></div><p>No team has been hotter in Formula 1 than McLaren, which is having a remarkable turnaround.</p><p>Last season, the famously papaya-colored squad looked like a backmarker, finishing near the bottom of the pack in the first few races. But under the guidance of a <a target="_blank" class="" href="https://www.businessinsider.com/formula-1-team-principal-schedule-responsibilities-2024-6">new team principal, Andrea Stella</a>, McLaren has emerged as the team to beat. Its drivers Lando Norris and Oscar Piastri have collected a combined five race victories this year.</p><p>McLaren has leapfrogged Red Bull for first in the constructors championship and seems poised for continued success.</p><h2 id="18556560-249f-4159-9e72-15eff90fefeb">4. Aston Martin becomes a threat after signing the famed engineer Adrian Newey</h2><div type="image" title="Adrian Newey smiling at Fernando Alonso at a press conference." height="2916" width="5832" msid="114359554" hostid="261" sizebytes="636420"></div><p>Perhaps no name carries as much weight in Formula 1 as Adrian Newey. The 65-year-old British engineer wins everywhere he goes.</p><p>Since beginning his career in Formula 1 in 1980, he has designed cars that have won 13 drivers championships and 12 constructors championships. He became one of the most sought-after free agents when he announced this year that he'd depart Red Bull. Aston Martin, owned by the billionaire Lawrence Stroll, ultimately <a target="_blank" class="" href="https://www.youtube.com/watch?v=bY2ZVolYSJM">snatched him up</a>.</p><p>With new regulations set to take effect in 2026, Aston Martin is already a clear favorite to design a top-performing car. And with the two-time champion Fernando Alonso on its roster, the team could be poised for major success in two seasons' time.</p><h2 id="387cb3a1-7d04-40b0-bc9b-b2929cb87774">5. The Daniel Ricciardo era ends</h2><div type="image" title="Daniel Ricciardo, surrounded by people with cameras, holds his arms out before falling belly-first into a swimming pool." height="683" width="1024" msid="114359557" hostid="261" sizebytes="134708"></div><p>In a surprising midseason driver swap, Daniel Ricciardo was <a target="_blank" class="" href="https://www.instagram.com/p/DAYtY1FtSFP/">cut from RB F1</a>, Red Bull Racing's sister team.</p><p>The decision came after a mostly down year for Ricciardo, who could not seem to keep up with his teammate, the Japanese driver Yuki Tsunoda.</p><p>Ricciardo had come to represent the sport in many ways thanks to his <a target="_blank" class="" href="https://www.youtube.com/watch?v=AEYrgoKhzhA">outsize role in the Netflix docuseries "Drive to Survive."</a></p><p>Where Ricciardo goes next will be a hot topic of conversation. Other racing disciplines — such as the US-based IndyCar and NASCAR series — likely hope to snatch him up and capitalize on his international star power.</p><h2 id="71883a5a-bd8e-43a6-91ac-53ef3d7321a1">6. F1 embraces a youth movement</h2><div type="image" title="Andrea Kimi Antonelli and Oliver Bearman in an F1 garage." height="1750" width="3499" msid="114359558" hostid="261" sizebytes="274240"></div><p>Replacing Ricciardo is Liam Lawson, a 22-year-old from New Zealand. He's one of many young drivers primed for success.</p><p>Mercedes announced this year that it would replace Lewis Hamilton with Andrea Kimi Antonelli, an 18-year-old Italian driver who got his first taste of F1 action during a practice session at this year's Italian Grand Prix.</p><p>The Haas F1 team, meanwhile, will bring on Oliver Bearman next season. The 19-year-old English driver <a target="_blank" class="" href="https://www.youtube.com/watch?v=rLal7pRzAMk">impressed this year</a> while replacing Ferrari's Carlos Sainz for a race as he recovered from appendicitis.</p><p>The French team Alpine will enlist the 21-year-old Australian Jack Doohan next season — meaning there will be at least four full-time rookies on the grid next year.</p><h2 id="678dd8df-aefc-4708-a026-25d1037a79cd">7. More manufacturers join the sport</h2><div type="image" title="Two executives pull a black tarp off of a red Audi race car." height="2481" width="4961" msid="114359551" hostid="261" sizebytes="563580"></div><p>Last week, Toyota announced it would return to Formula 1, joining forces with the Haas F1 team.</p><p>The Japanese manufacturer previously competed for eight seasons in Formula 1 and has recently had a great deal of success in rally and endurance racing. Toyota could help revitalize a Haas team that has often struggled to score points consistently.</p><p>Other manufacturers have announced they're joining the pinnacle of motorsports.</p><p>Audi is poised to join Formula 1 in 2026, taking over the Stake F1 Team Kick Sauber. The American manufacturer Ford also plans to partner with Red Bull in 2026 to provide the team with power units.</p><p>The influx of manufacturers points to the sport's growing mainstream popularity, with big-name car companies eager to throw their hats into the ring.</p>

The 7 biggest storylines of this Formula 1 season — and their impact on the sport's future

We all know the pressure of meeting deadlines, but what if we told you that being late doesn’t just affect your calendar — it could actually tarnish how people see the quality of your <keyword id="6355058" type="General" weightage="20" keywordseo="Work" source="Orion">work</keyword>? According to researchers, that’s exactly the case. They found that work submitted late is seen as lower in quality than the same work submitted on time or early, no matter how great it actually is. It turns out, missing a deadline can make you and your work seem less competent and trustworthy, all because of the subtle judgments deadlines trigger in other people.<br /><h2>The deadly deadline dilemma</h2>Previous studies have focused on how deadlines affect employees’ productivity and stress levels, but lead researcher Sam Maglio’s team wanted to know how missing a deadline changes an outsider’s perception. To test this, the researchers conducted 18 different experiments with thousands of people, from managers and HR professionals to everyday folks, evaluating a wide range of creative and professional work. <br /><br />In the test, participants saw the same exact work samples — like photography, product pitches, news articles, and art — but they were told it was submitted either early, on time, or late. And guess what? The late submissions were consistently rated as lower quality, despite being identical to those submitted on time.<br /><div type="Article" hostid="261" msid="114883482" title="We heard from over 750 people who have recently struggled to find work. Here are their biggest frustrations with getting hired." mstype="2" mssubtype="0"></div>Maglio explains, “Everyone saw the exact same art contest entry, school submission, or business proposal, but they couldn’t help but use their knowledge of when it came in to guide their evaluation of how good it was.” In other words, once people knew something was late, it was hard not to think <em>less</em> of it.<br /><h2>Early birds don’t really get extra credit, but late birds do lose points</h2>Interestingly, turning in work early didn’t seem to earn extra praise. Evaluators ranked work that came in early and on time as equally good, which means there’s no major boost for those overachievers who submit work ahead of the deadline. But the real problem comes if you’re late — even by a little. In fact, it didn’t matter if the work was one day or one week late; the hit to quality ratings was the same.<br /><br />Late submissions were rated as poorly as work that objectively missed the mark, like not meeting word counts. And it turns out that advance warning doesn’t do much to soften the blow — one missed deadline still chipped away at the evaluator’s view of the employee’s competence and integrity, even if they were usually punctual.<br /><br />But here’s where it gets even trickier: evaluators didn’t just judge the work as poorer in quality — they also saw the latecomer as less reliable and were less likely to consider them for future tasks. One missed deadline could, in theory, limit your future opportunities to shine or earn promotions.<br /><div type="Article" hostid="261" msid="114915871" title="I did a remote internship while also side hustling at a national park. I worked all day but lived in a beautiful place." mstype="2" mssubtype="0"></div>The researchers even tested this with high school students in China, who were shown art entries with the submission dates marked as either early, on time, or late. Even though they were told to ignore everything except the artwork itself, the “late” pieces received lower grades. And that’s with peers evaluating peers, so it didn’t matter if a boss or manager had set the deadline — missing it still left a mark.<br /><h2>Let your manager know!</h2>Luckily, not all hope is lost for late submitters. Maglio’s team found that the reason behind a missed deadline actually mattered. If the delay was due to uncontrollable events — like jury duty or a medical emergency — people cut the submitter more slack. The same was true if the deadline was a “soft” one rather than a hard cutoff, or if the work wasn’t particularly critical.<br /><br />“Communication around deadlines is vital. If it’s a hard, and not a soft, deadline, you as the manager should let your employees know,” Maglio explained. “If the reason why you missed the deadline was beyond your control, you as the employee should let your manager know.”<br /><br />The findings of this study have been published in <em>Organizational Behavior and Human Decision Processes </em>and can be accessed <a href="https://dx.doi.org/10.1016/j.obhdp.2024.104365">here</a>.<br />

Missed a deadline? Here’s why it might cost you more than just a little extra time

<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. <br /><br /> Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. <br /><br /> "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. <br /><br /> During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments.  Developer companies led the total capital inflows with more than 41% share in this period. <br /><br /> Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. <br /><br /> Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." <br /><br /> With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. <br /><br /> "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. <br /><br /> Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

The <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> on Monday said the advent of <keyword id="19904566" type="General" weightage="20" keywordseo="Artificial-Intelligence" source="keywords">Artificial Intelligence</keyword> (AI) casts a "huge pall of uncertainty" with regard to impact on <keyword id="19938392" type="General" weightage="20" keywordseo="workers" source="keywords">workers</keyword> across all <keyword id="20525009" type="General" weightage="20" keywordseo="skill-levels" source="keywords">skill levels</keyword>. The Economic Survey 2023-24 tabled in Parliament predicted that the new-age technology, while turbocharging productivity, has the potential to disrupt employment in certain sectors. <br /><br /> The Survey described AI as "phenomenal in its rapid pace of innovation and ease of diffusion" but also cautioned that the the <keyword id="20205392" type="General" weightage="20" keywordseo="future-of-work" source="keywords">future of work</keyword> will be reshaped by it. <br /><br /> "... The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels -- low, semi and high," it said. <br /><br /> The biggest disruption for the future of work is the accelerated growth in AI, which is poised to revolutionise the global economy, the Survey noted. <br /><br /> "India would not remain immune to this transformation. AI is being recognised as a general-purpose technology, like electricity and the internet, which is phenomenal in its rapid pace of innovation and ease of diffusion. As AI systems continue to get smarter and adoption increases, the future of work will be reshaped," it said. <br /><br /> The Survey said AI has considerable potential for boosting productivity, but "also has the potential to disrupt employment in certain sectors". <br /><br /> "Routine tasks, including customer service, will likely witness a high degree of automation; creative sectors will see extensive usage of AI tools for image and video creation; personalised AI tutors can reshape education and sectors like healthcare can witness accelerated drug discovery," it said.<br /><br />SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank"></a><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-to-launch-in-india-on-august-14-alongside-the-pixel-9-series/articleshow/111855704.cms" target="_blank">Google Pixel 9 Pro Fold to launch in India on August 14 alongside the Pixel 9 series</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a></b><br />

AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey

The smartphone industry continuously pushes the boundaries of <keyword id="1658654" type="General" weightage="20" keywordseo="fast-charging" source="Orion">fast charging</keyword>, with companies launching new and improved charging technologies at an impressive pace. Recently, <keyword id="19985864" type="General" weightage="20" keywordseo="realme" source="keywords">Realme</keyword> announced a new system, called the 320W SuperSonic charge that can charge a 4,420 mAh battery from 1% to 100% in just 4 minutes and 30 seconds.<br /><br />This raises an important question: Do these fast chargers damage your phone’s battery, or are they totally safe to use? In this article, we'll explore the science behind battery function and the technologies that manufacturers are developing to protect your device's battery.<br /><br /><h2>How does a smartphone battery work?</h2>Smartphone batteries are typically made of lithium-ion or lithium-polymer cells, which operate through chemical reactions. When charging, lithium ions flow from the negative electrode (anode) to the positive electrode (cathode), generating energy that powers the device.<br /><br />Batteries absorb the most energy when they are almost empty. As they are near their full capacity, they absorb less power. This is why smartphone charging slows down once the battery reaches around 80%. With a fast charger, this process happens much faster, but it’s important to note that fast chargers don’t consistently operate at their peak output. The charger only delivers its maximum capacity for a brief period, while the power input adjusts depending on the battery’s current charge level.<br /><br /><h2>Fast charging explained</h2>Fast charging uses higher power levels to recharge a battery more quickly by increasing the voltage or current supplied. Modern fast-charging systems rely on specialised chargers and batteries that can handle the increased power without causing damage. Technologies such as <keyword id="22604355" type="General" weightage="20" keywordseo="usb-power-delivery" source="keywords">USB Power Delivery</keyword> (USB-PD and Qualcomm <keyword id="24069276" type="General" weightage="20" keywordseo="quick-charge" source="keywords">Quick Charge</keyword> help regulate power delivery by communicating between the charger and the device, adjusting based on battery capacity and charge level. Fast charging starts quickly when the battery is low, but slows as the battery nears full capacity to prevent overheating and protect battery longevity.<br /><br /><h2>Why Do Batteries Degrade Over Time?</h2>Repeated charging and discharging take a toll on batteries, but the primary factor behind battery degradation is heat. Excessive heat can cause the battery's internal structure to crystallise, reducing its efficiency. This is why the goal of many manufacturers is to minimise heat generation during the charging process. Over the years, companies have developed technologies to reduce heat in the battery and mitigate its negative effects on the overall battery health.<br /><br />While fast charging is convenient, it can degrade the battery over time if not managed properly. The higher power levels generate more heat, accelerating battery wear and reducing capacity over multiple charging cycles. Modern batteries and chargers are equipped with features, such as temperature sensors and power regulation systems, to minimise damage. Although fast charging can shorten battery lifespan when used frequently, devices often slow the charging speed as they approach full capacity to mitigate these effects. As a result, the battery may not last as long as with slower charging, requiring more frequent recharges over time.<br /><br /><br /><h2>Charging technologies over time</h2>Smartphone brands, especially in India, have been at the forefront of charging technology innovations:<br /><br />OnePlus launched <keyword id="24069277" type="General" weightage="20" keywordseo="warp-charge" source="keywords">Warp Charge</keyword> in 2019 with 30W charging, and now offers solutions up to 150W.<br />Xiaomi introduced <keyword id="24069278" type="General" weightage="20" keywordseo="hypercharge" source="keywords">HyperCharge</keyword> in 2021 with 120W, and is working on a 300W solution for full charges in under 10 minutes.<br />Oppo debuted SuperVOOC in 2018, starting at 50W, and is aiming for 300W charging.<br />Realme launched Dart Charge in 2020 with 65W and in 2024, showcased 320W SuperSonic charging.<br />Samsung has used <keyword id="24069279" type="General" weightage="20" keywordseo="adaptive-fast-charging" source="keywords">Adaptive Fast Charging</keyword> since 2014, and now focuses on wireless charging and long-term battery health.<br /><keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> introduced MagSafe in 2020, prioritising eco-friendly wireless charging advancements.<br /><br /><h2>Consumer perceptions and misconceptions</h2>Many consumers believe fast charging always damages batteries, but modern devices are designed with features to manage heat and voltage, minimising harm. Another common misconception is that using third-party chargers will destroy the battery, but reputable third-party chargers that meet safety standards are safe to use.<br /><br />Some people worry that fast charging is inherently unsafe, but certified chargers follow strict regulations to prevent damage. It’s also often assumed that fast charging continues at high speeds until the battery reaches 100%, but in fact, most systems slow down near full capacity to protect the battery.<br /><br />Lastly, people may believe that all chargers offer fast charging, but fast charging only works with devices and chargers that support the same technology, like USB-PD or Quick Charge.<br /><br /><h2>Best practices for charging</h2>To extend <keyword id="158949" type="General" weightage="20" keywordseo="battery-life" source="Orion">battery life</keyword>, it’s best to avoid letting your battery drop below 20% or charge above 80% frequently, as extreme charge levels can strain the battery. Always use certified chargers and cables to ensure stable power delivery. Keep your device cool while charging, as excessive heat can cause damage. Avoid heavy usage during charging, as it generates heat. Enable "optimised charging" feature, available on many devices, to regulate charging speed and patterns. If fast charging is necessary, use it sparingly and rely on slower charging for routine use. Finally, unplug the charger once the device is fully charged to prevent unnecessary trickle charging over time.<br /><br /><h2>The future of smartphone batteries</h2>Looking ahead, the future of smartphone batteries includes promising advancements in solid-state and graphene technologies, which could offer faster charging, longer battery life, and higher energy density. Additionally, sodium-ion and lithium-sulphur batteries are being investigated as eco-friendly alternatives. <keyword id="20016522" type="General" weightage="20" keywordseo="gan" source="keywords">GaN</keyword> (gallium nitride) technology is paving the way for ultra-fast chargers, and wireless and over-the-air charging innovations promise to provide smarter, greener, and more efficient solutions.<br /><br />By understanding how batteries work, the impact of fast charging, and best practices for maintaining battery health, consumers can make informed choices that balance convenience and long-term battery performance.<br /><br />

Speed vs. Longevity: The impact of fast charging on your smartphone battery life

<ul class="summary-list"><li>The presidential election has the potential to reshape the investment landscape.</li><li>Detailed below is what Wall Street is saying about investing implications across multiple asset classes.</li></ul><p>With the presidential election just over a week away, and the candidates in a dead heat in the polls, Americans are in suspense about how their lives will change under a new leader.</p><p>Business Insider has prepared a five-part refresher for the final stretch that will unpack the potential impact that both Donald Trump and Kamala Harris presidencies will have on US consumers. Today's first installment is focused on the investment landscape.</p><p>To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. Their varying platforms will also be crucial in determining the future path of interest rates, which will shape the bond market.</p><p>But they're not expected to have diametrically opposed impacts on everything, with both candidates seen as positive forces for crypto.</p><p>Detailed below is the latest research and commentary from top Wall Street strategists, outlining how the market and investing landscape will shift under potential Trump or Harris administrations.</p><p>The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each.</p><h2 id="40896f3b-9c3a-42aa-82ae-49a1761381ac">Stocks</h2><p id="40896f3b-9c3a-42aa-82ae-49a1761381ac">From the perspective of equities, it's helpful to look at the potential impact on both the micro (specific sectors set to be impacted) and the macro (how the broader market will respond).</p><h3 id="24c47698-0ee7-4a48-bb04-abe2a4f630c2"><u>Trump</u></h3><h4 id="51cc4655-bf14-43bc-b772-b54703215a1c">Sectors</h4><p>Much of the industry guidance for the stock market under Trump boils down to his proposed tax policies. Bank of America says his plan to cut the corporate tax rate to 15% from 21% will boost corporate earnings by 4%. How much it impacts each sector ultimately depends on sensitivity to changes in the tax rate.</p><p>To that end, BofA says the consumer discretionary and communication services sectors — the areas most beholden to tax-rate changes — will benefit the most. On the flip side, less exposed areas like utilities, real estate, and energy will get the smallest boost.</p><p>For energy specifically, Trump's pro-drilling stance — while supportive of industry activity — will likely lead to oversupply and lower oil prices, says BNY Wealth. That, in turn, will hurt corporate profitability in the sector and drag on stock prices.</p><p>It's also worth noting that energy was the worst-performing sector during Trump's previous presidential tenure.</p><p>Financials is another area of the stock market seen benefiting from a Trump win. <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/us/if-trump-wins-he-plans-free-wall-street-burdensome-regulations-2024-04-12/"><u>Allies of the former president have said</u></a> he aims to unburden banks from many of the regulations that were imposed following the 2008 financial crisis, something that his first administration tried to do with limited success.</p><p>Those looser regulations could could also ignite a fresh wave of mergers and acquisitions, which would increase advisory revenue for big banks and help drive up profits from dealmaking.</p><h4 id="08ac2f7c-0094-48df-8910-ca3b12ae746a">Broader market</h4><p>Zooming out and assessing the full equity-market landscape, views are divided, particularly along partisan lines. Trump's proposed tax and regulatory policies are seen by his supporters as pro-business, which would be good news for corporate profit growth and deal activity.</p><p>But Trump critics argue that his proposal for universal tariffs and steeper levies on Chinese imports — as well as a crackdown on immigration — will be inflationary, which could hold back stock prices. The nonpartisan Tax Foundation says the tariff plan in particular could <a target="_blank" class="" href="https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/">hurt profit margins and put pressure on consumer spending</a>.</p><p>Bank of America estimates that 60% tariffs on China and 10% on other countries would lower S&amp;P 500 earnings per share by 3.1%. That would be a problem since earnings growth has long been the stock market's primary driver of gains.</p><p>"The conventional wisdom is wrong: Trump is not going to substantially cut taxes once in office; he is going to raise taxes by jacking up tariffs. To the extent that this dampens economic activity, it is bad news for stocks," BCA Research chief strategist Peter Berezin said.</p><h3 id="fe116c39-7eef-494d-b923-93e68c7490b4"><u>Harris</u></h3><h4 id="82c14dd6-d54a-4af0-a6d6-b171c6d4ccd1">Sectors</h4><p>Just like with Trump, much of the guidance around the stock market under Harris involves her tax plan. Her proposal to hike the corporate tax rate to 28% from 21% would have an inverse effect on sectors.</p><p>That means consumer discretionary and communication services — the top beneficiaries under Trump — would be hit the hardest under a Harris regime, BofA says.</p><p>"Consumer discretionary stocks have underperformed the S&amp;P 500 modestly since Harris' presidential candidacy was announced, perhaps reflecting concerns that a Democratic President could result in higher corporate taxes and employee wages," BNY Wealth said.</p><p>Financial firms will also feel a negative impact of both higher taxes and Harris' proposed regulatory tightening.</p><p>But there are bright spots too. A Harris victory would likely benefit homebuilder stocks because of her proposal to build 3 million houses. Renewable-energy stocks should also see gains due to the favorable view of wind and solar energy by Democrats.</p><p>Both sectors have outperformed in recent months during periods when Harris saw positive momentum in election polls.</p><h4 id="27decf30-ab8c-4ed1-beaf-70dfe2073247">Broader market</h4><p>The stock market <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">has soared to records</a> during Joe Biden's presidency, up more than 50% since he was inaugurated, and a Kamala Harris win would likely be a continuation of many of the same policies that have been supportive of the market.</p><p>Those include infrastructure investments and tax incentives to bring manufacturing jobs back to the country, like in the semiconductor industry via the CHIPS and Science Act.</p><p>But BofA says Harris' proposed tax hike would also put downward pressure on corporate profits, which estimates a 5% earnings hit. Beyond that, a quadrupling of the stock buyback tax to 4% would also take 1% off S&amp;P 500 profits, the firm said.</p><p>With all of these cross-currents swirling, a neutral market outcome must also be assessed.</p><h3 id="cefe8193-23a0-4521-8119-4d27dde3396d"><u>A potentially muted impact</u></h3><p>Capital Economics believes neither a Trump nor Harris win will mean all that much for stock prices because bigger trends — specifically AI — will shape the market's direction.</p><p>"Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. Capital Economics has a 2025 year-end price target of 7,000 for the S&amp;P 500, regardless of which candidate wins the election.</p><p>Meanwhile, Bank of America said that as long as corporate profits continue to grow, the stock market will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">rise regardless of who wins</a> the White House.</p><h2 id="7a7d474f-4301-46c7-a48c-d475d0abd0a4">Bonds</h2><p>The performance of the US bond market largely hinges on the direction of interest rates.</p><p>As interest rates rise, bond prices generally fall, and vice versa. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.</p><h3 id="aa298578-a5d5-4e0a-ab3b-fcb78a88d8dc"><u>Trump</u></h3><p>A Trump win would is seen ushering in higher interest rates, which would push bond prices lower. It ultimately boils down to inflation.</p><p>Economists see Trump's double-whammy proposals of mass deportation and universal tariffs as inflationary. And since the Federal Reserve's primary tool for fighting inflation is raising interest rates, bond prices would suffer as yields rise.</p><p>"Our assessment is that a Trump win would lead to higher US yields," Capital Economics said.</p><p>Estimates from the <a target="_blank" class="" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a> — a non-profit think tank — say a wider deficit and an increasing pile of debt under a Trump presidency, compared to a Harris presidency, would also put upward pressure on interest rates. That would also hurt the performance of bonds.</p><h3 id="c267d16e-6b3a-4db4-8316-c599ab723494"><u>Harris</u></h3><p>Capital Economics said it expects interest rates to fall under a Harris win, which would be good news for bonds, as she wouldn't pursue certain inflationary policies like tariffs or immigration deportations, which could fuel wage inflation.</p><p>Harris' policies, considered to be less inflationary than Trump's, would also allow the Federal Reserve to continue on their path of cutting interest rates, which would boost bond prices.</p><p>A Bloomberg survey of institutional investors last month found that 30% of investors would add to their bond exposure if Harris wins, while just 17% said they would buy more bonds if Trump wins.</p><p>Additionally, 46% of respondents said they would reduce their bond exposure if Trump wins, compared to just 23% under a Harris win.</p><h2 id="648d1263-465a-44c9-b50e-97ea3cd444a7">Crypto</h2><h3 id="77a393b0-f8c1-49d8-b73b-e2f0119e53e1"><u>Trump</u></h3><p>A Trump win is seen as bullish for bitcoin and the broader cryptocurrency industry, as former President Donald Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">firmly embraced digital assets</a> in recent years.</p><p>According to Bernstein analyst Gautam Chhugani, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election, representing potential upside of about 37% from current levels.</p><p>"Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.</p><h3 id="58f9bbfb-d544-465f-8607-1b699202db17"><strong><u>Harris</u></strong></h3><p>Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">has also embraced the crypto industry</a> in recent months, though she's seen as slightly less bullish compared to Trump, given his public displays of support, including addressing crypto conferences and <a target="_blank" class="" href="https://www.businessinsider.com/trump-nfts-digital-cards-mahattan-trial-2024-5">launching his own NFTs</a>.</p><p>Yet, Wall Street seems to think that a big case for bitcoin will remain intact no matter who wins. The US government debt pile is expected grow regardless of who controls the White House. That scenario is among bitcoin's biggest bull theses.</p><p>"I'm not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets is going to become more and more of a reality worldwide," BlackRock CEO Larry Fink said during the company's third-quarter earnings call.</p><h2 id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">US dollar</h2><h3 id="0ae89f53-6e41-467c-8f2a-8aa885fcaf18"><u>Trump</u></h3><p id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">Trump's tax plan and protectionist trade policies are expected to strengthen the dollar. It's <a target="_blank" class="" href="https://www.businessinsider.com/us-dollar-trump-presidential-election-weaker-usd-policy-intervention-trillions-2024-7">the opposite</a> of what the presidential hopeful has said he wants, since a weaker currency makes a nation's exports more competitive in global trade.</p><p>These policies are expected to be inflationary, which would push interest rates higher and possibly prompt the Fed to tighten. Those climbing rates would then underpin dollar gains.</p><p>"Should he re-take the White House ... the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in recent research.</p><h3 id="e5ae53de-b9c3-4069-a7a1-5fc244dc29c6"><u>Harris</u></h3><p id="f4d6ff22-54cd-41c8-a04f-8a3ca31500d4">A Harris presidency would continue the trends of a weaker dollar due to "policy continuity" of the Biden administration, Capital Economics said.</p><p>Since Harris' overall platform is less expansionary, it's expected to drive less inflationary pressure, and therefore keep the coast clear for the Fed to cut rates and stimulate the economy as currently planned.</p><p>That likelihood of lower interest would, in turn, push the dollar lower.</p>

How a Trump or Harris presidency could impact your investments

Will AI take over humanity? Will it be a threat in the near future? Or Will it be a blessing in disguise and make our lives easier? These are some questions that are being asked today as the world adapts to the “AI way of life.” Ever since OpenAI launched its generative AI chatbot, ChatGPT, discussions around AI’s impact on humanity have been surfacing. While a set of people believe that AI will eventually take over humanity, others are more optimistic about its impact. Not just the people, even the “Godfathers of AI”, whose work made the likes of ChatGPT possible, have different views over its impact. <br /><br /><keyword id="20943380" type="General" weightage="100" keywordseo="geoffrey-hinton" source="keywords">Geoffrey Hinton</keyword>, <keyword id="21043756" type="General" weightage="20" keywordseo="yoshua-bengio" source="keywords">Yoshua Bengio</keyword>, and <keyword id="20082643" type="General" weightage="20" keywordseo="yann-lecun" source="keywords">Yann LeCun</keyword> together received the 2018 Turing Award for their impressive work in deep learning and got the title of “Godfathers of AI.” While they all played pivotal roles in creating the foundations of AI, their views on its future diverge sharply. <br /><br /><h2>Geoffrey <keyword id="23515511" type="General" weightage="20" keywordseo="hinton" source="keywords">Hinton</keyword> is afraid of his own creation</h2><br />Hinton recently made headlines for winning a Nobel Prize in Physics along with Professor John Hopfield for their work in machine learning. However, after winning the award, he had a warning for all. <br /><br />“Quite a few good researchers believe that sometime in the next 20 years, AI will become more intelligent than us, and we need to think hard about what happens then,” he said as per a report in Independent.co.uk.<br /><br />“If you look around, there are very few examples of more intelligent things being controlled by less intelligent things, which makes you wonder whether when AI gets smarter than us, it’s going to take over control,” he added. <br /><br />This wasn’t the first time that Hinton warned the world about his own creation. Last year, he left his job at Google to speak out about his growing concerns over AI’s trajectory.<br /><br />In an interview with MIT Technology Review, Hinton had explained his departure from Google as motivated by his desire to speak openly about these dangers: “I want to talk about AI safety issues without having to worry about how it interacts with Google’s business” .<br /><br />Since then, he has been candid about his anxieties surrounding the potential consequences of AI.<br /><br />During the same MIT Technology Review interview, he had also said referring to AI and people’s obsession with it, “Sometimes I think it’s as if aliens had landed, and people haven’t realised because they speak very good English.”<br /><br />In various other interviews, Hinton has time and again painted an increasingly alarming picture of AI’s rapid evolution. He believes that as these systems continue to develop, they may ultimately achieve a form of intelligence superior to human cognition. Hinton has also voiced concerns that we are on a path towards a reality where AI outpaces human control. <br /><br />While there have been ample discussions about the potential of people losing their jobs due to AI, for Hinton, AI poses threats that go much beyond that. He worries about the existential risk it might present.<br /><br />In an interview with CBS News’ 60 Minutes, Hinton had said that AI will be able to manipulate people in future as the technology has learnt from all the books that were ever written.<br /><br />"They will be able to manipulate people, right?" he had said and added, "And these will be very good at convincing people because they'll have learned from all the novels that were ever written — all the books by Machiavelli, all the political connivances, they'll know all that stuff. They'll know how to do it."<br /><br />At the same time, he has also said that the AI threat might not materialise at all.<br /><br />In response to an inquiry from Business Insider’s Jordan Hart, Hinton had said that it could be anywhere from five to 20 years before AI might pose a real risk. He also acknowledged the possibility that such a threat may never come to pass, depending on how advancements in AI are managed.<br /><br />Hinton has also drawn comparisons between AI’s threat and that of nuclear weapons, underscoring his conviction that a concerted, international regulatory approach might be essential for curbing AI’s potential dangers. <br /><br />In an interview with Reuters last year, Hinton described AI as a potential risk even more pressing than climate change. While he underscored the importance of addressing climate issues, he argued that AI’s potential hazards might demand faster action. He noted that climate change solutions are relatively well understood—cutting carbon emissions can gradually mitigate the problem. However, with AI, the path forward remains unclear, leaving scientists and policymakers without a straightforward solution.<br /><br /><h2><keyword id="19911549" type="General" weightage="20" keywordseo="meta" source="keywords">Meta</keyword>’s top AI scientist is in favour of AI<br /></h2><br />Yann <keyword id="21026889" type="General" weightage="20" keywordseo="lecun" source="keywords">LeCun</keyword> was also the recipient of the Turing award along with Hinton. Now working as Meta’s chief AI scientist, LeCun once used to be a student of Hinton. However, his views on AI’s impact are in stark contrast to that of his former teacher.<br /><br />LeCun has remained an outspoken advocate for AI, dismissing warnings of AI-induced existential threats and asserting that fears of AI surpassing humanity are “ridiculous.”<br /><br />LeCun, who joined Meta in 2013 as the founding director of its AI research lab, has been quick to dismiss the notion that AI will outpace human control or evolve into a “rogue intelligence.” He has argued that these fears stem more from human imagination than from technical reality. <br /><br />“If it were the case, we would have AI systems that could teach themselves to drive a car in 20 hours of practice, like any 17-year-old,” LeCun quipped in an X post in response to Elon Musk’s fears about AI surpassing human intelligence .<br /><br />LeCun’s optimistic outlook is shaped by his belief that current AI systems, including large language models like ChatGPT and Meta’s own Llama 2, are still far from developing a genuine form of understanding. <br /><br />According to LeCun, fears of a “hard take-off”—where AI suddenly achieves runaway intelligence—are misguided.<br /><br />In an interview with Wired last year, he said that fear around AI was being “exploited” and that every revolutionary technology is scary at first. <br /><br />He had said, “AI will bring a lot of benefits to the world. But people are exploiting the fear about the technology, and we’re running the risk of scaring people away from it. That's a mistake we made with other technologies that revolutionized the world. Take the invention of the printing press in the 15th century. The Catholic Church hated it, right? People were going to be able to read the Bible themselves and not talk to the priest. Pretty much all the establishment was against the wide use of the printing press because it would change the power structure. They were right—it created 200 years of religious conflict. But it also brought about the Enlightenment.”<br /><br />Moreover, speaking at a Meta event in Paris, LeCun termed fears around AI as “preposterously ridiculous” and said that AI is a promising tool, not an existential risk.<br /><br />According to him, while AI may eventually surpass human intelligence, this is likely decades away. He told BBC that it would be a “huge mistake” to restrict AI research, arguing that concerns stem from a lack of understanding on how to make AI safer.<br /><br />While LeCun dismisses the notion of AI becoming uncontrollably intelligent, he does support the development of open-source AI, which he believes could democratize the technology and mitigate risks associated with centralized control. <br /><br />In a letter to President Joe Biden, LeCun and other AI scientists advocated for an open-source approach, contending that AI should not be monopolized by a select few companies. <br /><br /><h2>The future of AI<br /></h2><br />Thus, the two Godfathers of AI have opposite views on AI and their views echo larger tensions in the tech industry. The rapid advancement of generative AI tools has rekindled discussions over whether governments should intervene to regulate AI’s development. The US, the EU, and other countries have proposed frameworks aimed at governing AI, with some leaders calling for bans on AI in military applications or strict controls on its use in sensitive sectors. <br /><br />While Hinton is a strong advocate for such restrictions, LeCun cautions against excessive regulation, arguing that too many constraints could stifle innovation. In an interview with <i>BBC</i>, LeCun had said that “keeping AI research under lock and key” would be a mistake. .<br /><br />The disagreement also extends to how AI’s impact on employment and societal roles is perceived. While Hinton warns of mass job displacement as machines take over increasingly complex tasks, LeCun remains unperturbed by such projections. He often argues that AI will complement rather than replace human work, citing past technological revolutions, like the industrial and digital ages, as examples of how new technology can create more opportunities than it displaces.<br />

Threat or not? The Godfathers of AI spar on their views about its impact

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

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