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<ul class="summary-list"><li>Investors are fretting about Japan's interest-rate hike and US economic outlook.</li><li>Japan's rate hike sent Asian markets sharply lower on Monday. US stock futures are also down.</li></ul>Global markets opened on Monday on a sour note, with Japan's interest-rate hike last week hurting assets ranging from stocks to Bitcoin.Japan's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> index fell as much as 8% by 1:45 p.m local time. Meanwhile, South Korea's <a target="_blank" class="" href="https://markets.businessinsider.com/index/kospi">Kospi</a> was 7% lower.Australia's <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_asx_200">ASX 200</a> was down 3.3%.Hong Kong's <a target="_blank" class="" href="https://markets.businessinsider.com/index/hang_seng">Hang Seng Index</a> was 0.9% lower while and China's <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> was little changed — but the Chinese stock markets have been under pressure this year due to the country's economic troubles.Investors are also on edge before the US markets open later in the global day. <a target="_blank" class="" href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500 futures</a> were down 1.7% at 11:57 p.m. ET on Sunday, while <a target="_blank" class="" href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones Industrial Average futures</a> were 0.8% lower. Nasdaq 100 futures were down 3.4%.<a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 13% over the past 24 hours.The negativity in US stocks ahead of the week's opening came after a recent <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7">selloff in tech stocks</a> as euphoria over artificial intelligence fizzled, with investors questioning when they would be seeing returns.A weak July jobs report from the US added to investor gloom, sparking a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8?utm_medium=ingest&amp;utm_source=markets">selloff in US stocks</a> on Friday, just days after the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-likely-september-federal-reserve-holds-steady-july-2024-7">Federal Reserve</a> kept interest rates steady again.But it's not just the US economy and the Fed that is weighing on the markets. It's also about Japan's interest-rate hike last Wednesday.<h2 id="510f7699-0441-41e8-a3ed-cfa1d6b52dd8">Global carry trade unwinding</h2>The Bank of Japan raised its interest rate from between 0% and 0.1% to 0.25% on Wednesday — the highest level in 15 years.Even though it appears tiny, it matters because the Japanese yen has been the focus of carry trade, where traders profit from a divergence in interest rates across the world. Since the turnover in global foreign exchange markets is massive — it reached a <a target="_blank" class="" href="https://www.reuters.com/markets/us/global-fx-trading-hits-record-75-trln-day-bis-survey-2022-10-27/">record $7.5 trillion per day</a> in April 2022, according to a triennial survey — the fallout can be huge.Japan kept interest rates ultra-low for decades following the implosion of an asset bubble in the 1990s that contributed to persistent deflation. It continued holding rates low after the pandemic, in contrast to other major central banks that started hiking them.This created a divergence in monetary policy that impacted the Japanese yen, which sank to a near four-decade-low against the strong US dollar last month.This divergence helped carry trade, which, as <a target="_blank" class="" href="https://think.ing.com/articles/jpy-peeling-back-the-carry-trade-onion/">ING analysts</a> explained on Monday, has been a dominant successful investment strategy this year.It involves "borrowing cheaply in yen — on the expectation that the yen will continue to fall — and investing in some high-yielding currency or asset preferably backed by a strong macro argument," the ING analysts added.However, this strategy is now hit with a hitch, as the BOJ's rate hike last week sent the yen up — it's 7.5% higher over the last five trading days and is 1.6% lower against the dollar so far this year.The hike has also fanned further risk-off sentiment in global stock markets."The unwinding of yen shorts is undoubtedly contributing to the global risk-off environment," wrote ING analysts in a separate July 25 note.There are still be choppy waters ahead, particularly for risk assets, warned Vishnu Varathan, Mizuho Bank's chief economist of Asia excluding Japan on Friday."The dark clouds of adverse feedback loop between 'carry' liquidation and 'risk off' contagion cannot be ignored," he added.

Global markets are starting the week off on a sour note, and Japan is partly to blame

<ul class="summary-list"><li>Vultr operates global data centers to enhance AI computing capabilities and speed.</li><li>Sovereign clouds ensure data is stored locally, aiding compliance and national security.</li></ul>Most of our online work <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nvidia-cloud-ai-anthropic-2023-10">happens in the cloud</a> these days, though we likely don't know where the computing is actually happening. The location of the <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-center-demand-nvidia-databank-2024-8">data center</a> that houses our spreadsheets and shopping lists doesn't matter much to most of us until it does.In the age of AI, where computations are becoming more complex by the day, some nations are looking to make sure some of that power is within their borders. It's good business, but it's also a matter of pride, practicality, and <a target="_blank" class="" href="https://www.businessinsider.com/openai-sam-altman-infrastructure-artificial-intelligence-data-centers-2024-9">national security.</a>Vultr is a cloud service provider and data center operator founded in 2014. The company started buying Nvidia GPUs in 2021, getting to the AI cloud computing business earlier than most. It operates data centers globally, with both traditional computing and AI servers for public cloud clients, along with companies and countries that want their own private clouds. CEO J.J. Kardwell describes the company as the largest privately-held cloud computing platform in the world.A large global footprint, with more than 30 data centers on six continents, helps with computing speed, especially for <a target="_blank" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">AI inference</a>. It also makes the Vultr boss well-positioned to explain a phrase frequently on the lips of AI luminaries like <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-countries-need-own-ai-systems-2024-2">Nvidia CEO Jensen Huang:</a> sovereign AI.This Q&amp;A has been edited for clarity and length.BI: What is a sovereign cloud?Sovereign cloud is the delivery of cloud infrastructure as a service, typically inside a country. It guarantees data is stored locally, which ensures it's used strictly for the intended purposes and not transferred outside of national borders without explicit authorization. That's the essence of it.The higher levels of sovereignty involve no communication, no information whatsoever, even at a control plane level, passing outside of a country. Every single interaction, even with a platform, happens in-country. This helps ensure data sovereignty, data residency, data governance, and compliance with local privacy laws.BI: If most companies simply rent computing capacity from a cloud provider, why would they care where the data centers are?In some cases, it's actual compliance with the law. For example, let's say it was a patient's medical records, personally identifiable information, or other sensitive data. They may have a compliance obligation regarding where they can store data.The second is that the lowest level of risk is if the chain of custody can be documented from end to end. So keeping data in-country and in a sovereign cloud enables the highest levels of accountability and avoids transferring data across international networks.BI: How does a sovereign cloud work?If you want true technological independence, you can deliver it with essentially an air gap deployment and a dedicated control plane where the customer is completely untethered from any other data centers or infrastructure.AI doesn't necessarily require interactions with data from many sources. Many training jobs are specific data sets that can be loaded onto a network in a sovereign deployment. And everything can quite easily be executed in-country.I think many countries realize that some of the most important applications of AI are around matters of national security, critical industries, and citizen data, where their local laws around consumer data and privacy may be very, very different from those in other countries. So it's quite important to them to be able to ensure for their citizens that anything that's being done, with AI is being done within the confines of the country and in compliance with their own laws.BI: What do people mean when they use the term "sovereign AI"?They are focused on capacity in a specific country, and typically they're talking about capacity sponsored by the government, whether it's at a state or federal level within that country.One of the challenges, or inequities, is the very uneven distribution of AI infrastructure around the world.Obviously, people are well aware of the transformative impact that AI can have across so many industries, but the infrastructure itself to perform that work, train models, and support inference is very unevenly distributed globally.Many countries are realizing that if they don't take an active role at the government level in helping sponsor, encourage, and incentivize the deployment of infrastructure locally, their businesses and populations will have less access to that technology.By definition, large language models are specific to a language. And the biggest portions of early innovation were done in US English. Only recently we're seeing the globalization of many of these models. You can't train on a US body of data, for example, for legal documentation then do simple translation into other languages.Obviously, you'd miss local conventions of law and language, and therefore, translations are not enough. You'd actually need to do training on local models, on local bodies of data. Every major language economy in the world wants to benefit from AI, yet the resource is not available proportionately to where the population or even the GDP of the world is, right now.BI: AI computing is extremely <a target="_blank" href="https://www.businessinsider.com/ai-data-centers-us-power-grid-gpu-nvidia-cerebras-amazon-2024-7">energy intensive,</a> and concerns about the US grid abound. Can you speak to how those dynamics are changing where data centers might be built?Given the significant growing power consumption of AI infrastructure and the importance of its efficient delivery, we will increasingly see capacity building in global markets that have a comparative advantage in supporting lower-cost data center capacity.We have a strategic partnership with <a target="_blank" class="" href="https://datacenternews.asia/story/vultr-singtel-enhance-cloud-gpu-capacity-in-southeast-asia">Singtel in Singapore</a>, and if you look at the way that they're building across the region, they're bringing up massive capacity in markets like Malaysia and others where we'll be able to very efficiently serve the region and much of the world where you see more efficient power and operating costs.The domestic military or Department of Defense equivalent in any country will want those deployments to be domestic, regardless of any cost.But for many enterprises, so long as the execution is done at world class compliance, privacy, and trust commitments, you will see more efficient distribution of those workloads that can be executed in other places in the world.

Sovereign AI explained: An AI cloud CEO unpacks what's behind the trend

<ul class="summary-list"><li>AWS hired Julia White as its new chief marketing officer, replacing Raejeanne Skillern.</li><li>White previously worked at SAP and Microsoft.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11">Amazon</a> Web Services has a new marketing chief.On Monday, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">AWS</a>'s CEO <a target="_blank" class="" href="https://www.businessinsider.com/amazon-matt-garman-aws-ceo-bulldozer-ai-competition-growth-2024-5">Matt Garman</a> told employees that the company has hired former SAP and Microsoft executive Julia White as its new chief marketing officer, according to an internal email obtained by Business Insider.White was most recently the chief marketing and solutions officer at SAP. Before that, she spent almost 20 years at Microsoft in various roles, including corporate vice president for the Azure cloud computing unit.White will replace Raejeanne Skillern, who will be leaving to spend more time with her family, the email said.White is the newest addition to AWS's senior executive group. The company recently added Colleen Aubrey, Amazon's former advertising executive, as SVP of AWS Solutions, and Baskar Sridharan, an ex-Google Cloud VP, as VP of AI/ML services.AWS has also seen a number of executive turnovers in the past year. Most notably, its former CEO, Adam Selipsky <a target="_blank" class="" href="https://www.businessinsider.com/aws-amazon-adam-selipsky-ceo-steps-down-2024-5">stepped down</a> in May. Matt Wood, VP of AI, also <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ai-executive-leaves-matt-wood-2024-10">left in October</a>.Here's the full email Garman sent to employees on Monday:Do you work at Amazon? Got a tip?Contact the reporter, Eugene Kim, via the encrypted-messaging apps Signal or Telegram (<a target="_blank" rel="noopener noreferrer nofollow" class="c-link">+1-650-942-3061</a>) or email (<a target="_blank" href="mailto:ekim@businessinsider.com">ekim@businessinsider.com</a>). Reach out using a nonwork device. Check out Business Insider's <a target="_blank" rel="" href="https://www.businessinsider.com/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10">source guide</a> for other tips on sharing information securely.

AWS hires former SAP and Microsoft executive as new marketing chief

<ul class="summary-list"><li>The Dow fell more than 600 points on Thursday, marking its worst day of 2024. </li><li>Nvidia's solid earnings and guidance boosted its stock but the broader market saw a sharp dip. </li></ul>US stocks closed sharply lower on Thursday, with Nvidia's earnings in the rearview and traders dealing with fresh fears of sticky inflation and high interest rates. <a href="https://markets.businessinsider.com/stocks/nvda-stock?miRedirects=1">Nvidia</a> shares soared on Thursday, a day after reporting earnings results that handily beat estimates and providing solid guidance for the current quarter. The stock rose as much as 12%, ultimately closing 9.3% higher at $1,037.99 per share. That was the extent of Thursday's bullishness, with the Dow Jones Industrial Average falling 605 points, while the S&amp;P 500 and the Nasdaq Composite retreated from recent record highs. The drop came after new services and manufacturing PMI data topped economists' estimates, hinting at more inflation pressure for the US economy. In addition, jobless claims were lower than expected, underscoring the continued strength of the labor market. Last week, they came in at 222,000, versus estimates of 220,000. Thursday's data pressured the outlook for rate cuts later this year. According to the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">CME FedWatch Tool</a>, market odds of a September cut have dropped below 50%, and June and July rate cuts are essentially off the table. The 10-year Treasury yield jumped four basis points to 4.475%. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,267.84, down 0.74% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,065.26, down 1.53% (-605.78 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,736.03, down 0.39%</li></ul>Here's what else happened today:<ul><li><a href="https://markets.businessinsider.com/news/currencies/ether-price-outlook-upside-spot-etf-approval-impact-crypto-rally-2024-5">Ether could surge 60%</a> after spot ETFs are approved in the US, a trading firm said. </li><li><a href="https://www.businessinsider.com/sports-bettor-cashes-100-parlay-nba-championship-oklahoma-city-thunder-2024-5?miRedirects=1">A sports bettor cashed out a Hail Mary bet</a> that netted him over $80,000 on a $100 bet. </li><li><a href="https://markets.businessinsider.com/news/stocks/technology-stocks-sp500-share-outlook-labor-shortage-ai-productivity-boom-2024-5">A global labor shortage will send the tech sector soaring</a>, pushing it to over 50% of the total S&amp;P 500, Fundstrat's Tom Lee said. </li><li><a href="https://www.businessinsider.com/us-recession-americans-believe-economic-downturn-new-poll-unemployment-2024-5?miRedirects=1">More than half of Americans wrongly believe the US is in a recession</a>, a Harris poll showed. </li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil slumped 1% to $76.82 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dropped 0.75% to $81.30 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 2.43% to $2,334.80 per ounce. </li><li>The 10-year Treasury yield rose five basis points to 4.482%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> dropped 2.63% to $67,306. </li></ul>

Stock market today: Dow plunges 605 points as fresh economic data clouds outlook for rate cuts

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

<ul class="summary-list"><li>MK Palmore worked in the FBI for 22 years and has been a director in Google's CISCO for about three.</li><li>He told BI that <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-cyber-security">cybersecurity</a> roles are in high demand and there's a shortage of talent.</li></ul>This as-told-to essay is based on a conversation with MK Palmore, a director in Google Cloud's office of the <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/google-announces-cybersecurity-action-team-to-support-the-security-transformations-of-public-and-private-sector-organizations-301396922.html">chief information security officer</a>. This essay has been edited for length and clarity.I'm a director in <a target="_blank" class="" href="https://www.businessinsider.com/google">Google</a> Cloud's office of the chief information security officer.I've been at <a target="_blank" class="" href="https://www.businessinsider.com/google-cloud-platform">Google Cloud</a> now for about three and a half years and Palo Alto networks before that. Before that I had a long and very extensive career in the US federal government comprised of <a target="_blank" class="" href="https://www.businessinsider.com/former-fbi-agent-shares-5-precautions-he-would-take-online-2024-9">22 years in the FBI</a> and another five years in the United States Marines.Cybersecurity is one of the most dynamic career fields in the industry right now across all business variables.Every company needs cybersecurity professionals. You will find a preponderance of us engaged in the technology space. You'll find cybersecurity leaders and practitioners working for agricultural companies, trucking companies, logistics, operations, and certainly in financial services.When you become a cyber security professional and you develop the skills, you basically make yourself the go-to person or persons across <a target="_blank" class="" href="https://www.businessinsider.com/what-to-know-about-sec-cybersecurity-rules-and-guidance">all business industries</a>. For those of us who have been trained and do have professional experience, because there are such small numbers of us, we've kind of had the lion's share of the opportunities presented to us.I've been a particular observer of both threat landscape issues and issues related to the cybersecurity workforce for about 10 to 15 years now. I've seen the relative importance of <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-pwnies-award-comms-masterclass-outage-vegas-2024-8">the role of cybersecurity practitioners gain tremendous traction</a> in all circles as we start to recognize the importance that our digital footprint and digital technology needs have on our ability to operate around the world.The information that we exchange is so important from a privacy standpoint that the protection of information and the assets for which the information traverses has become a <a target="_blank" class="" href="https://www.businessinsider.com/cyber-insurance-coverage-plan-benefits-costs">huge priority for businesses around the world</a>.As an entity, we want to make sure that we're positioned to help folks and protect these assets and the information that they have.<h2 id="db68d173-5635-4361-bd7d-f42450adf2ce">Cybersecurity demand isn't being met</h2>One thing is clear: there are hundreds of thousands of positions open here in North America, probably more than a million globally. As industry importance continues to rise, the <a target="_blank" class="" href="https://www.businessinsider.com/cybersecurity-jobs-openings-how-to-hire-2022-5">availability of talent continues to be a bit of a challenge</a> across all industries.What we're seeing right now in the industry is that we can't bring folks in fast enough. That means we're a little bit behind in terms of filling the pipeline with viable candidates.There's no clear direct path into cybersecurity unless you are one of the rare people who has actually majored in the newly available cybersecurity majors in our educational system. <a target="_blank" class="" href="https://www.businessinsider.com/relax-college-kids-ai-will-not-kill-computer-science-degree-2024-8">Computer science, of course, has been around</a> for a number of years but even that doesn't provide you a direct line to cyber security positions.Most cybersecurity professionals have started their careers as IT professionals and at some point transitioned over. But, the fact of the matter is there still aren't enough people to feed the robust pipeline or open positions that we have.Ideally, a candidate would be someone that has done the academic work associated with it or they gained certifications across the cyber security spectrum and have combined some level of practical experience. It doesn't have to be a ton, but there is a prejudice toward people who have hands-on experience.The challenge with our industry is that hands-on experience portion can be a bit of a challenge to get for new entrants. That's where the gap continues to increase in terms of available candidates.As an industry, we have to take a step back and start planning and making changes so that we're prepared for the challenges of the next three to five years, which means we need to make an investment in that pipeline.We have a team called Grow with Google and some of the other teams internally here that pay particular interest to what people need to learn in a future state, and we invest time in building out courses, certificates, and opportunities for people to learn.<h2 id="27f12508-6fec-4ba2-9215-0f451653a751">It's a field that's here to stay</h2>I believe that <a target="_blank" class="" href="https://www.businessinsider.com/why-you-may-want-to-rethink-ai-career-path-2024-8">cybersecurity roles will continue to flourish</a> in terms of their relevance for a decade-plus to come.We haven't even gotten to the point where we're talking about cryptographic challenges. In terms of post-quantum computing, cybersecurity is going to be relevant for a very, very long time.People who decide early on in their careers to invest in it will benefit — and even if they choose to veer off into things like operations, marketing, or other aspects of business, all they gain from a cybersecurity standpoint will make them better business leaders.I am certain that somewhere out there, there's a CEO-in-waiting who happens to come from a cybersecurity background because they understand the importance and role that technology plays in their ability to deliver business results.

I'm a Google Cloud director who spent decades in the FBI. If you want a tech job, cybersecurity is the place to be.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! With the holidays just around the corner, it might not hurt to earn a little extra cash. Four people with side-hustle experience <a target="_blank" href="https://www.businessinsider.com/side-hustle-recommendations-passive-income-content-creation-amazon-etsy-2024-10">shared tips on their top gig recommendations</a>.In today's big story, betting on the presidential election is all the rage. <a target="_blank" href="https://www.businessinsider.com/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">Can it keep the momentum going</a>?What's on deck:<ul><li>Markets: Blackstone's boss thinks Trump <a target="_blank" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">would be a better president the second time around</a>.</li><li>Tech: Google's earnings <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">were a big hit with investors</a>.</li><li>Business: What a Trump or Harris win <a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">means for the cost of housing</a>.</li></ul>But first, wanna bet?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Presidential bets</h2><div type="image" title="Kamala Harris and Donald Trump with dice" height="812" width="1083" msid="114782269" hostid="261" sizebytes="50032"></div>We're less than a week from election day, but one group can already claim victory: betting markets.Platforms allowing users to bet on the US presidential race have become the <a target="_blank" href="https://www.businessinsider.com/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">surprise star of election season</a>, writes Business Insider's Matthew Fox. And it could eventually change how we view any potential outcome, not just future elections.Kalshi, which has attracted more than $100 million in election-related bets, is currently one of the most popular apps in the Apple App Store. The trading app Robinhood also <a target="_blank" href="https://www.businessinsider.com/presidential-election-betting-robinhood-legal-odds-2024-10">got in on the action</a> on Monday.Kalshi's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/betting-us-election-cftc-kalshi-legal-battle-prediction-market-2024-10">legal victory in October over the CFTC</a> to offer election betting paved the way for the trend. But predictions markets are also spiking abroad where they've existed for years.Polymarket, which is not available to US citizens, has seen $2 billion in wagers this month, up from $533 million in September, according to The Block. Last year, the website averaged less than $20 million in monthly trading volume.The rise of election-betting markets hasn't been without controversy.A "whale" trader betting on former President Donald Trump to win the election grabbed headlines and drew conspiracy theories. Polymarket <a target="_blank" href="https://www.businessinsider.com/polymarket-donald-trump-betting-odds-whale-french-trader-harris-polls-2024-10">confirmed the user was a French national</a> with trading experience betting on Trump "based on personal views of the election."<div type="image" title="A young man in the center of a $100 bill" height="1500" width="2000" msid="114782272" hostid="261" sizebytes="563774"></div>The betting market's biggest tests might come after the election.Supporters of prediction markets say they're <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-harris-prediction-markets-polls-presidential-election-polymarket-024-8">more accurate than traditional polls</a>, citing their ability to quickly adapt to the latest news and the fact participants are invested in the outcome.This election will serve as a good test of that theory, as there's a wide gap between the two approaches. Betting markets have Trump as a heavy favorite, whereas traditional polls indicate a tight race.Should Trump win in a landslide, it could strengthen the case for using betting markets as a key tool for election analysis. Nate Silver, one of the most well-known polling analysts, is already an advisor to Polymarket.But a presidential race only happens once every four years. What about the rest of the time?If the past few years have taught us anything, <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">this country loves to gamble</a>. From crypto to meme stocks to sports, young men, in particular, are happy to bet on just about anything.Prediction markets' business model can lean into that theme. On Kalshi, you can currently wager on whether the Tesla robotaxi will be released before 2026 or if the US will ban TikTok before May.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Why Boeing's $21 billion share sale is <a target="_blank" href="https://www.businessinsider.com/boeing-capital-raise-ecm-bankers-bonuses-wall-street-comp-expert-2024-10">an early Christmas present for Wall Street</a>.</li><li>How Trump vs. Harris is <a target="_blank" href="https://www.businessinsider.com/wall-street-political-contributions-by-name-for-trump-vs-harris-2024-8">playing out on Wall Street</a>.</li><li>The Fed is likely to disappoint markets with just one more rate cut this year amid global inflation, <a target="_blank" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10">BlackRock CEO says</a>.</li><li>Microsoft just ramped up its cloud rivalry with Google by <a target="_blank" href="https://www.businessinsider.com/microsoft-google-shadow-campaigns-cloud-regulation-undermine-business-azure-2024-10">accusing it of 'shadow campaigns'</a>.</li><li>Snap <a target="_blank" rel="noopener" href="https://www.businessinsider.com/snap-surges-gets-major-boost-from-ai-push-paid-users-2024-10">surges 10%</a> as it gets a major boost from AI and paid subscribers.</li><li>Google's been on an efficiency drive. Its new CFO said it can '<a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-earnings-q3-2024-new-cfo-boost-efficiency-2024-10">push a little further</a>.'</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Mark Zuckerberg speaking on stage." height="1600" width="2870" msid="114782278" hostid="261" sizebytes="38034"></div><ol><li>Wall Street has high hopes for Meta. Thanks to the company's AI optimization, analysts generally <a target="_blank" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10">expect positive figures</a> from Meta's third-quarter earnings report today. Bank of America has said the stock is a top AI pick, and investors are keeping an eye on AI growth opportunities.</li><li>Citadel's playing the long game with its shorts. Justin Lubell, the hedge fund's global equities head, said the firm's longest-running equities group made more money shorting stocks than its long-term investments in recent years. Lubell said the strategy benefits from <a target="_blank" href="https://www.businessinsider.com/why-citadel-focuses-on-shorting-stocks-according-to-justin-lubell-2024-10">the lack of competition on the short side</a>.</li><li>Two of Wall Street's top executives speculate on Trump's bid for a second term. Blackstone CEO Steve Schwarzman, who has endorsed Donald Trump, thinks the former president <a target="_blank" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">would be "efficient and effective" during his second go around</a>. Fellow billionaire and Republican mega-donor Ken Griffin expects Trump to win next week.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A Linkedin logo sitting on a short stack of applications next to a large stack of applications" height="1500" width="2000" msid="114782270" hostid="261" sizebytes="192558"></div><ol><li>Can LinkedIn save us from hiring hell? The platform wants to help job-seekers apply smarter, not harder, by using AI to optimize the process. The goal is quality over quantity: LinkedIn hopes you'll apply to fewer jobs, but the ones you'll swing for <a target="_blank" href="https://www.businessinsider.com/hiring-broken-linkedin-ai-fix-fewer-jobs-resume-spammers-2024-10">will be better matches</a>.</li><li>Amazon Web Services' Graviton chips are thriving. In 2018, AWS launched Graviton, its own line of homegrown central processing unit chips for data-center servers. Now, <a target="_blank" href="https://www.businessinsider.com/aws-graviton-chips-used-by-90-percent-top-1000-customers-2024-10">90% of AWS's largest server customers have become Graviton users</a>, a company executive told BI.</li><li>Five Apple Intelligence features you can try out now on your iPhone. Some of the highly anticipated AI tools include one that helps summarize long messages, one that limits disruptions, and another that can <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-features-tested-on-iphone-16-pro-max-2024-10">edit randos out of your photos</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Harris and Trump." height="1600" width="2400" msid="114782274" hostid="261" sizebytes="312674"></div><ol><li>How a Trump or Harris presidency could impact what you pay for housing. Affordable housing is one of America's top economic concerns heading into the election. Here's how each candidate's proposed policies would affect housing supply, first-time home buyers, urban vs. rural housing, and <a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">action against big landlords</a>.</li><li>Alphabet surpassed its third-quarter earnings expectations. <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">Google's parent company delivered beats on revenue</a>, earnings per share, its advertising business, and Google Cloud revenue. The search giant is all-in on AI — <a target="_blank" href="https://www.businessinsider.com/google-earnings-q3-2024-new-code-created-by-ai-2024-10">CEO Sundar Pichai said</a> more than a quarter of the company's new code is created by AI and then checked by employees.</li><li>Is X being influenced by Elon Musk or its users? Musk is self-proclaimed "super MAGA." And X, the social media platform he owns, is more likely to show content from right-leaning accounts, according to reports by The Washington Post and The Wall Street Journal. But it's unclear whether the platform is showing users what they want to see or <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-twitter-x-wsj-washington-post-2024-10">what Musk wants them to see</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Meta, Microsoft, Starbucks, and other companies report earnings.</li><li>The Bureau of Economic Analysis publishes Q3 economic growth data.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London.

Betting on the election is the hottest new trend. But can prediction markets keep the momentum going?  

<ul class="summary-list"><li>Market analysts predicted choppy trading and sharp swings going into the US presidential election.</li><li>Donald Trump and Kamala Harris are locked in a tight race, fueling uncertainty among traders.</li></ul>Market analysts are braced for volatility ahead of Tuesday's presidential election as traders <a target="_blank" class="" href="https://www.businessinsider.com/the-trump-trade-stock-market-bonds-commodities-tariffs-fed-2024-7">shuffled their bets</a> on a Donald Trump or Kamala Harris victory.The Republican and Democratic candidates are neck and neck in many polls,<a target="_blank" class="" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11"> fueling uncertainty</a> in the finance world over who'll emerge triumphant, and clouding the outlook for everything from tax and trade policy to corporate regulation and geopolitics.One analyst underscored the<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-djt-bitcoin-harris-election-odds-betting-kalshi-polymarket-2024-11"> critical importance</a> of the election in research notes on Monday, while another touted economic fundamentals as more important to markets and predicted long-term investors would likely win over time. Meanwhile, the Federal Reserve is expected to <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">cut interest rates</a> by 25 basis points on Thursday, while China's central bank is set to unveil some form of economic stimulus measures later this week. Here's a roundup of analysts' comments:<h2 id="b051a4d3-ca66-47f5-83ad-6b65851acac1">Naeem Aslam, chief investment officer at Zaye Capital Markets</h2>"US and European stock futures are trading flat as traders continue to focus on one thing and one thing alone, and that is the US elections. Basically, there is nothing else that matters; it is not going to be earnings that would move things in the markets, and it won't be the US jobs noisy number that would make traders think about the US economy. The only thing that is going to keep them occupied is the US election and who will become the next president of the most powerful country in the world."<h2 id="f123d804-bdf0-46b3-b1b2-46b4a53ef227">Joshua Mahony, chief market analyst at Scope Markets</h2>"A shift in the polls seen over the weekend signal the potential for a Harris victory in Iowa; with a surge in the older female demographic signaling a shift that many believe could carry Harris to victory. Coming at a time when markets appeared to have taken a Trump victory as a given, the polls are a timely reminder that betting markets may not be the best indication of who will become the President of the United States."The election looks significantly more of a contest than many had been expecting, which could provide a more protracted and volatile period ahead as we see potential recounts and challenges to potentially drag out this process."<h2 id="4192d8db-abfb-4db3-8486-f24c3eb9af7b">Principal Asset Management</h2>"Despite short-term volatility, historical trends reveal that equities have consistently posted strong gains by the end of a presidential term, underscoring the benefits of maintaining a long-term investment perspective. The drivers of market performance — economic growth, corporate earnings, and innovation — ultimately outshine the impact of political changes."Investors should take caution. Those who allow their political opinions to cloud their investing decisions could miss out on the potential rewards that come with staying invested in the market over the long-term."<h2 id="5a32ad08-8e3d-45d5-a08a-4420d2d2de45">Hal Cook, senior investment analyst at Hargreaves Lansdown</h2>"With the election being an effective coin toss, betting on a specific outcome doesn't seem sensible. Instead, remember that diversification is your friend."<h2 id="989e296a-dd0f-43f5-90c6-c0bd1cc6ef19">Kathleen Brooks, research director at XTB</h2>"The main US blue-chip index is up 20% year-to-date, which does not suggest that the market is seriously pricing in the risk of civic violence after this election, which could rock financial markets and cause a global wave of risk aversion."An interesting development leading up to this election is that financial markets expect Trump to win, and the Trump trade has performed well in recent weeks, as you can see in the chart below. The Trump trade is a stronger dollar, weaker bonds/ higher bond yields and stronger crypto. With one day left of this campaign, the dollar is falling, and the dollar index is at a two-week low. Thus, if Harris does win on Tuesday we could see a rapid unwinding of this trade, a sharp weakening of the dollar and intense volatility in the FX and bond market."We expect Monday and Tuesday to be quiet for markets, however, once we get the first drip feed of results on Tuesday night and Wednesday morning, expect fireworks."

Prepare for market volatility but don't panic trade, analysts say ahead of Election Day  

<ul class="summary-list"><li>There's trouble brewing for world's corporations, according to S&amp;P Global.</li><li>The firm pointed to slower activity, profits, and demand amid tighter financial conditions.</li></ul>Trouble is brewing in the global corporate sector as borrowing costs rise, and earnings ground to a near-halt, according to S&amp;P Global Market Intelligence.The firm on Monday pointed to ailing global business activity in recent months, which could point to "storm clouds" on the horizon for companies. That's partly due to the pandemic-era <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-under-pressure-liquidity-sources-gone-rates-fed-2023-2">fiscal stimulus beginning to fade</a>, while the post-pandemic boom and travel and recreation begins to slow. Meanwhile, inflation has remained stubbornly high, despite easing somewhat across most of the world."Looking at these factors in aggregate, it isn't surprising that global corporations are confronting falling margins, demand and credit quality," the firm said in a note on Monday.Global business activity slumped in October as the Purchasing Managers' Index hit a level of 50, its lowest reading in about eight months. Global manufacturing also fell for the fifth straight-month, while consumer demand continued to ebb in areas like resources and technology.That's been a big hit for corporate profits. Earnings growth for global corporations slowed to a near-halt in the third quarter, according to a separate S&amp;P Global Ratings analysis, with earnings before interest, taxes, depreciation,and amortization down 4.4% year-over-year.That, combined with higher borrowing costs, has worsened the credit outlook for corporations. The global credit downgrade ratio surged to 54% in the third quarter, up from 52% in the second quarter, according to S&amp;P Global.US businesses have struggled over the past year amid tighter financial conditions and higher interest rates. <a href="https://markets.businessinsider.com/news/bonds/corporate-debt-defaults-recession-credit-crunch-financial-crisis-default-rate-2023-7">Corporate debt defaults in 2023</a> have already blown through last year's total, according to Moody's data, while bankruptcies have already surpassed levels seen in 2021 and 2022, according to S&amp;P Global data.Wall Street strategists have also issued grim warnings over the corporate sector as profits slow and borrowing costs edge higher. <a href="https://markets.businessinsider.com/news/bonds/us-corporate-debt-recession-outlook-defaults-bonds-bankruptcies-rates-fed-2023-10#:~:text=The%20US%20could%20see%20defaults,US%20economy%20into%20a%20recession.">Total corporate debt defaults and US bankruptcies</a> could continue to surge until the peak sometime in the first quarter of next year, according to Charles Schwab.

Storm clouds are forming over the global corporate sector as debt costs rise and earnings dwindle, S&P Global says

<ul><li>The return of El Niño later this year could spark downside volatility in the stock market, according to Charles Schwab.</li><li>The firm said extreme weather could exacerbate supply chain disruptions and lead to persistent inflation and a falling stock market.</li><li>The last El Niño event in 2015 coincided with a global stock market sell-off that extended into 2016.</li></ul>Extreme weather events could sabotage the economy and stock market later this year <a href="https://www.businessinsider.in/india/news/el-nino-on-the-way-could-wipe-out-3-trillion-of-world-economy/articleshow/100392049.cms" target="_blank" rel="noopener">as the world prepares for a possible El Niño event,</a> according to Charles Schwab chief global investment strategist Jeffrey Kleintop.The arrival of El Niño later this year has surged to a 90% probability, according to The World Meteorological Organization, which could lead to shifts in temperatures and global weather patterns. Already, it seems to be having an impact. Heat waves across the globe have led <a href="https://www.businessinsider.com/river-rhine-europe-energy-germany-heatwave-climate-water-shipping-coal-2022-7">to low water levels in certain rivers that facilitate the transport of goods via barges,</a> which in some cases could not traverse the drained rivers. In France, th Rhone river has been too hot to cool down the nuclear reactors for Electricite de France, which has led to shutdowns and lower power output. These extreme weather events can have a material impact on the economy and lead to persistent inflation, higher interest rates, and ultimately a lower stock market, according to Kleintop. "If these impacts continue to threaten agriculture, energy, and lives, or worsen — as forecasters expect — the economic impact could be significant for both inflation and economic activity," Kleintop said in <a href="https://www.schwab.com/learn/story/el-nino-could-bring-storms-to-markets" target="_blank" rel="noopener">a Monday note.</a>Higher energy prices could be exacerbated by low water levers in reservoirs due to extreme heat, which would curtail hydropower generation and put an additional strain on power supplies, putting upward price pressure on energy alternatives like coal and natural gas. And if water levels in key rivers are too low to facilitate the transfer of goods, that could lead to heightened freight transportation costs as trucking and rails are forced to pick up the slack.All of this potential inflation in energy and food costs, caused by extreme weather events, could force central banks to keep interest rates higher for longer to combat inflation."High food prices could filter through to wages if they persist, which could sustain core inflation at higher levels, and result in data-driven central banks to keep monetary policy tight," Kleintop said.There are more obvious risks to the economy sparked by extreme weather events, like hurricanes and the losses experienced by the people in the path of the storms and the insurance companies that have exposure to the area. Such exposure has recently forced big insurance companies <a href="https://www.businessinsider.com/personal-finance/farmers-insurance-florida-stops-home-auto-insurance-2023-7">to completely exit certain markets in Florida and California.</a>All of these factors sparked by El Niño and the extreme weather could ultimately lead to a lower stock market, as has happened in the past."Market volatility could increase if El Niño impacts accumulate. The last El Niño coincided with the market selling off 13% in 2015 to 2016, although other factors likely contributed to the volatility," Kleintop said.

There are storm clouds on the horizon for the stock market - literally

The enterprise spending on cloud infrastructure services reached $42 billion in the second quarter (Q2), increased by $2.7 billion from the previous quarter and up 39 per cent from the second quarter of 2020, according to a new report. <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>'s worldwide market share nudged back up to 33 per cent. <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> and <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> accounted for another 30 percent of the market and the next 20 cloud providers combined had a 28 per cent market share, the data from Synergy Research Group showed. "This market continues to be a runaway success story for Amazon, Microsoft, Google and some other cloud providers. You would not normally expect to see growth rates actually increasing in such a huge and rapidly developing market, yet once again that is what our research has shown," said John Dinsdale, a Chief Analyst at Synergy Research Group. Amazon, Microsoft and Google in aggregate are typically investing over $25 billion in capex per quarter, much of which is going towards building and equipping their fleet of over 340 hyperscale data centres. "There remains a wealth of opportunity for smaller, more focused cloud providers, but it can be hard to look away from the eye-popping numbers coming out of the big three," Dinsdale said in a statement. For the fourth successive quarter, the year-on-year growth rate increased, which is unusual for such a large, high-growth market. In previous quarters, Microsoft and Google had been slowly gaining ground on Amazon, but after achieving 10 per cent growth from the previous quarter, Amazon's worldwide market share nudged back up to 33 per cent, the report noted. Public IaaS and PaaS services account for the bulk of the market and those grew by 41 per cent in Q2. "The dominance of the major cloud providers is even more pronounced in public cloud, where the top five control 80 percent of the market. Geographically, the cloud market continues to grow strongly in all regions of the world," the report informed. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

Amazon, Microsoft and Google control nearly two-thirds of the global cloud infra market

New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

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