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India's investment ecosystem is undergoing a seismic shift, with index investing gaining unprecedented traction among investors, according to a report by Motilal Oswal. The younger generation, including Gen Z and Millennials, shows a stronger inclination towards index funds as compared to older investors. They also prefer index funds over ETFs for better returns and liquidity. A recent report by Axis AMC also highlighted the growing appetite for ETFs, which witnessed net sales of Rs 15,403 crore in October 2024. While 46% of younger investors favor index funds, only 35% of Gen X and Boomers do so. Millennials and Gen X investors also have a keen interest in factor or smart beta funds, reflecting their appetite for innovative, albeit aggressive investment strategies. Passive funds have become a core component of investor portfolios, with 80% of investors increasing their allocation to these funds in 2024, compared to 53% last year. The Axis report echoed similar sentiments, noting that net sales in the passive category inched up to Rs 8,025 crore in October 2024. The combined assets under management (AUM) of passive funds have surged from Rs 7 lakh crore in September 2023 to over Rs 11 lakh crore by September 2024—a 1.5x growth in just one year. The survey also noted a growing popularity of ETFs, with 57% of respondents investing in them, up from 41% in 2023. Of these, 26% invest solely in ETFs, while 31% have diversified between ETFs and index funds. This rising preference is matched by a commitment to long-term investment. A significant 81% of investors plan to hold their passive investments for over three years, highlighting sustained confidence in the growth potential of these funds. Sectoral indices like Nifty IT and Nifty Bank dominate as the top choice for passive fund investors, selected by 67% of respondents. Benchmark indices such as the Nifty 50 and Nifty 500 follow closely, preferred by 61% of investors. A recent, similar report by stock broker Angel One also throws a spotlight on how young India plans and prefers mutual funds when it comes to savings and investments. The report, titled "Young Indians' Saving Habits Outlook 2024," compiled by Fin One, stated that 45% of respondents aged 22-35 have made it a point to save up some of their savings in mutual funds. A year ago, this figure stood at just 32%. Most of these investors make their way into mutual funds via SIPs, or systematic investment plans. 52% of respondents in the age cohort of 22-35 are now using SIPs to invest in mutual funds, up from 44% in the previous year. As for what was the driving factor behind beginning their investment journey, 42% underlined the past performance of funds, while 38% noted that advice from financial advisors remained a key consideration. 38% of young Indians are now increasingly focusing on building an emergency corpus, compared to 28% the year before. This shift underscores the drastic change in financial sensibilities brought forth by the pandemic and the consequent desire for greater financial resilience. In fact, approximately 4 out of every 5 surveyed investors maintained a dedicated, separate savings account. Out of the 1,650 individuals studied under the FinOne survey, a staggering majority made their first foray into the stock market in their early twenties. Nearly 2 in every 5 investors pick stock as their preferred choice of investment, followed by mutual funds and then savings bank accounts. While 45% of those surveyed picked stocks as their chosen investment avenue, 20% preferred mutual funds, and 15% wanted to keep their money in a savings bank account.

Gen Z and Millennials prefer stocks and mutual funds; index funds trump over ETFs, say recent reports

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! The fast-moving, big business of weight-loss drugs is already shifting to its next stage. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/upcoming-glp1-weight-loss-drugs-to-watch-2024-11">five upcoming pills and injections</a> to keep an eye on.In today's big story, Microsoft's massive bet on AI with Copilot <a target="_blank" href="https://businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">has yet to live up to the hype</a>, potentially raising alarms for everyone else investing in the space.What's on deck:<ul><li>Markets: You can still bet on politics <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">even though the election is over</a>.</li><li>Tech: Why the Trump-Musk relationship is unlike anything <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">we've ever seen in US politics</a>.</li><li>Business: Spirit Airlines has filed for Chapter 11 bankruptcy protection, but <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">tells customers it'll keep flying</a>.</li></ul>But first, is this thing even worth it?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">A Copilot conundrum</h2><div type="image" title="Microsoft logo glitching" height="1000" width="1334" msid="115423174" hostid="261" sizebytes="160900"></div>Microsoft's challenges with its flagship AI product could be another red flag for an industry with high hopes for the tech.Business Insider's Ashley Stewart, our resident Microsoft expert, has a deep dive on Copilot <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">coming up short on the big expectations laid out for it</a> when it launched over a year ago.CEO Satya Nadella didn't hold back initially, describing Copilot as something that would "fundamentally transform our relationship with technology" when it was unveiled.But internally and among clients, that doesn't always feel like the case. One Microsoft executive told Ashley that Copilot offers useful results about 10% of the time."The rest of the time it's: Why do we even try?" they said.It's an unsettling realization considering the stakes of AI. Many companies — and arguably the entire US stock market — are banking on generative AI being revolutionary. And while Microsoft's bet on AI dwarfs almost everyone else's, its hangup with the tech is something a company of any size can relate to: Is this stuff worth it?It's also not the only challenge the generative AI space is navigating.Reports about OpenAI's newest AI model struggling to show big improvements raised questions about the <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">tech hitting a performance wall</a>. CEO Sam Altman appeared to address it with a cryptic tweet: "<a target="_blank" href="https://www.businessinsider.com/sam-altman-ai-wall-slowdown-openai-2024-11">there is no wall</a>."Still, it's feeding concerns about the timeline for artificial general intelligence. AGI is the concept that autonomous computer systems outperform humans at most economically valuable work, but it appears <a target="_blank" href="https://www.businessinsider.com/agi-predictions-looking-stretched-openai-sam-altman-google-ai-2024-11">harder to achieve than previously anticipated</a>, writes BI's Alistair Barr.<div type="image" title="AI robot hand gripping a time bomb, displaying a countdown timer set to expire in 2025" height="1500" width="2000" msid="115423171" hostid="261" sizebytes="122298"></div>The counterargument is straightforward: It's still the early innings.Microsoft is adamant its Copilot investment is already paying off. Jared Spataro, a vice president of marketing for Microsoft 365, pointed Ashley to Copilot success stories like Lumen Technologies, which projects $50 million in annual savings from its sales team's use of Copilot.Some customers aren't necessarily worried either, as they continue to plow money into AI. A Flexera survey found OpenAI ranked fourth among vendors that IT leaders plan to <a target="_blank" href="https://www.businessinsider.com/openai-top-vendor-it-leaders-2024-11">spend the most with next year</a>.But tech players won't have forever to figure things out. Earlier this year, analysts at Barclays highlighted an under-the-radar risk to AI bets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-risk-nvidia-gpus-blackwell-tech-outlook-depreciation-accounting-2024-8">the depreciation costs related to AI chips</a>. As firms look to stock up on GPUs, they run the risk of the tech no longer being relevant as new iterations emerge.And then there's the possibility of internal drama. Ashley previously reported on <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">the pay disparity at Microsoft</a> between AI-focused employees and everyone else."AI is great and it might be the future, but when are you going to focus on your billpayers?" one employee told Ashley.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Meet the top four candidates Trump is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-treasury-kevin-warsh-marc-rowan-howard-lutnick-scott-bessent-2024-11">considering for Secretary of the Treasury</a>.</li><li>Biden authorizes Ukraine to use powerful ATACMS to strike inside Russia. The move is a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-ukraine-russia-atacms-authorization-2024-11">significant shift in US policy</a>.</li><li>Trump, Musk, and new cabinet picks celebrate election victory with <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-musk-celebrate-election-victory-ufc-309-cabinet-picks-2024-11">surprise appearance at UFC</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of judge's gavel on colorfulbackground" height="960" width="1920" msid="115423175" hostid="261" sizebytes="501366"></div><ol><li>A lawsuit about trade secrets has a corner of Wall Street's data industry enthralled. Yipit, a Carlyle-backed provider of credit-card data, filed a lawsuit accusing two former salespeople of <a target="_blank" href="https://www.businessinsider.com/inside-yipits-lawsuit-against-2-former-employees-who-joined-mscience-2024-11">stealing intellectual property to use in their new roles at rival MScience</a>. The suit has the attention of the young, fiercely competitive industry that sells non-traditional data to investors looking for an edge.</li><li>Just because the election is over doesn't mean you need to stop betting on politics. Who will be the Republican nominee in 2028? Will Matt Gaetz be confirmed as attorney general? Will Trump create a national Bitcoin reserve? The prediction markets <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">have plenty of political outcomes</a> to scratch your gambling itch.</li><li>It's giving the year 2000 for one legendary investor. Rob Arnott compared the current market to the dot-com peak in 2000. Arnott told BI <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">why a bear market could be forthcoming in the next couple of years</a> thanks to high valuations and AI optimism that is largely priced in.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="900" width="1200" msid="115423177" hostid="261" sizebytes="159876"></div><ol><li>Elon Musk's incredible hold on US politics. Politics and money have always been intertwined, but the current relationship between the world's richest man and the president-elect is unprecedented. The result is Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">acting almost as a shadow president</a>.</li><li>A potential Trump trade plan beneficiary: US semiconductor jobs. If Trump's proposed trade plan is enacted, the American semiconductor industry could see hiring growth. Industry experts told BI that tariffs on foreign-made chips <a target="_blank" href="https://www.businessinsider.com/trumps-tariffs-chips-could-create-more-american-jobs-increase-prices-2024-11">could help level the playing field for US chipmakers</a>, which have faced tough competition from their global counterparts.</li><li>The OpenAI mafia swells its ranks. Nearly two dozen former employees have left the AI juggernaut and founded startups of their own. The latest defectors include OpenAI cofounder and former chief scientist Ilya Sutskever and former chief technology officer Mira Murati. <a target="_blank" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">See what they're up to now</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A $100 bill on top of a house" height="1500" width="1992" msid="115423179" hostid="261" sizebytes="339688"></div><ol><li>Four ways Trump's housing plans could hurt homebuyers and three ways it could help. Trump promised to make housing more affordable in part by deporting millions of immigrants, slashing construction regulations, and building houses on federal land. <a target="_blank" href="https://www.businessinsider.com/trump-high-home-prices-housing-mortgage-rates-deregulation-tariffs-immigration-2024-11">Here's how experts think that would actually pan out</a>.</li><li>Spirit Airlines has filed for Chapter 11 bankruptcy protection. The budget airline has struggled since a planned merger with JetBlue was called off in March. In an open letter to customers, it said people can continue to book tickets and fly as normal as it <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">undergoes financial restructuring</a>.</li><li>Walmart might be just fine under Trump's proposed trade plan. Target, not so much. As America's grocery king, Walmart US makes nearly 60% of its revenue from groceries, which are predominantly domestic. But Target often relies on imported merchandise, such as apparel and beauty. <a target="_blank" href="https://www.businessinsider.com/target-walmart-trump-tariffs-exposure-analysts-2024-11">Walmart also has another key advantage: scale</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Disney CEO Bob Iger is moving to cement his legacy <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-earnings-guidance-succession-legacy-chapek-media-analysis-2024-11">by undoing his biggest mistake</a>.</li><li>Shoppers and businesses are <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c30b8703d160410398dd34e9584c94a3&amp;_e=i25E5ONB4tMiXtE06VeSaaFdC9RBeKEf6Am3QwaEcB2E4JdSqnDqmYr-387ig-ruhUxPoPCaat-voaDbfD_6S9r_lRX7w-hriYUuLZLf0oBVVklUgTGSC4rQQEsaV2VrmBmyEJBbhb5t_4ii9kzf5mGNs24JHBU4kD2t77qvgLde0_hccfFyZJGyX-HSEOcVt3hm2j3fy4fJUboGG4PKvgV09z0iPgS9Sd9YYBa5vfJF0tPkg6nqTPSf_-4F-a8aB1csTjQJYq2n-O1Ho511puOlxNeZs4WzL5ZST0WJkZqjescVMWVojaLY68-GnLbrAONhAtYwR4sRYyo_gVAswrtOyO2OjgTQ7GPu_kEO5SvlrvfmHChZsIOFVxvPWR7cGcH5q-QsclhVCpi1tyVirT8OKMZUsBjylVY0fJJZOSkOO4NwglFhyDOfQDrbf0_ErXhpUTPhEJeNs9bRlNwOVGxCBs2oCYN7T81FPiuSVJw%3D">stockpiling to avoid potential price hikes</a> before Trump takes office.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>G20 summit begins in Rio de Janeiro.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.Milan Sehmbi, fellow, in London.

Microsoft Copilot's underperformance is the latest red flag for investments in AI

<ul class="summary-list"><li>The price of gold hit all-time highs this week.</li><li>Falling interest rates and rising geopolitical tensions boost gold's appeal as a safe haven asset.</li></ul>The price of <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">gold</a> has soared this year.The precious metal hit a record high of $2,772 per troy ounce this week and has risen in six of the past seven weeks.With year-to-date gains of about 33%, gold returns have outpaced the broader stock market, including the tech-heavy <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a>, by about 10 percentage points.And since the bull market in stocks began in October 2022, gold has outpaced equity gains, returning 67% compared to the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500's</a> return of about 63%, according to data from YCharts.Those superior returns make the metal one of the world's hottest investments.The largest gold ETF, the SPDR Gold Shares, has $78 billion in assets under management and has seen about $5 billion of inflows in the past six months, according to data from ETF.com.Physical gold is also having a moment. Costco has consistently sold out of gold bars when they become available on their website and Wells Fargo estimates that <a target="_blank" class="" href="https://www.businessinsider.com/costco-gold-bars-silver-coins-monthly-sales-wells-fargo-bullion-2024-4">Costco sells up to $200 million in gold bars</a> and silver coins to its members each month.It's been a perfect storm for the yellow metal, and the outlook suggests more gains ahead. Here's what's going on.<h3 id="5edb3548-699e-4d4d-ba18-d306c30fcf12">Demand from central banks</h3>Global central banks have been on a gold-buying spree over the past few years.According to the World Gold Council, central banks purchased a record 483 tons of gold in the first half of the year. Central banks from Turkey, India, and China topped the list of the biggest buyers.Part of the surge in demand is from countries that want to diversify their holdings away from the US dollar. "We believe that the tripling in central bank purchases since mid-2022 on fears about US financial sanctions and US sovereign debt is structural and will continue," <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-outlook-buy-continued-rally-next-year-2025-goldman-2024-9">Goldman Sachs said</a> in a note last month.This dynamic has been on display since Russia invaded Ukraine in 2022, as America sought to inflict maximum economic damage on Russia via sanctions. But it's harder to implement sanctions against a country that is less reliant on the dollar, and one way to be less reliant on the dollar is to buy gold.It is a dynamic that the US should be closely monitoring, according to economist Mohamed El-Erian.El-Erian wrote <a target="_blank" class="" href="https://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b?utm_source=substack&amp;utm_medium=emailhttps://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b?utm_source=substack&amp;utm_medium=email">in an op-ed for the FT</a> this week that the persistent rise in gold "captures an increasingly persistent behavioural trend among China and 'middle power' countries.""There is also interest in exploring possible alternatives to the dollar-based payments system that has been at the core of the international architecture for some 80 years."Russia has had some success with this, as it's managed to navigate its economy away from a full-fledged downturn after the US imposed wide-ranging sanctions in 2022.Russia's ability to steer its de-dollarized economy away from a crisis could give other countries confidence to lessen their dependence on the dollar, which ultimately benefits gold."What is at stake here is not just the erosion of the dollar's dominant role but also a gradual change in the operation of the global system," El-Erian said. "As it develops deeper roots, this risks materially fragmenting the global system and eroding the international influence of the dollar and the US financial system.<h3 id="8959c97e-7efe-42f8-a1a3-3fa362c5ac51">Geopolitical tensions</h3>Gold is <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-safe-haven-treasurys-us-national-debt-bofa-fiscal-expansion-2024-10">considered a safe haven asset</a> due to its long-standing history as a stable store of value.So when geopolitical tensions rise, investors tend to flock to the shiny metal, and right now, there is no shortage of reasons to be worried.From Russia's war against Ukraine to the escalating clashes in the Middle East to China's long-running threat against Taiwan's independence, geopolitical tensions are rising, not falling.What's more, soaring US debt means that Treasurys—another historical safe haven asset—might not be so risk-free anymore."Gold looks to be the last 'safe haven' asset standing, incentivising traders including central banks to increase exposure," <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-safe-haven-treasurys-us-national-debt-bofa-fiscal-expansion-2024-10">Bank of America said</a> in a note this month. <h3 id="29ec9208-7951-47bd-89c8-75f2d6320ca9">The Trump trade</h3>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">Trump trade has picked up steam recently</a> as the former president's odds of winning the election have risen, and gold has been a big beneficiary.That's because a potential Trump presidency is expected to be accompanied by a soaring government deficit and a fast-growing pile of debt, which would further drive concerns about a rebound in inflation and the sustainability of the US dollar."If you're worried about fiscal profligacy, financial repression, and attacks on Fed independence, gold would be an attractive asset," economist Davix Oxley of Capital Economics said on Friday.Even if Trump doesn't win the election, the deficit is likely to grow, setting gold up well for more gains, according to Interactive Brokers chief strategist Steve Sosnick."It's not as though either candidate is preaching fiscal discipline, and the Fed seems willing to keep cutting even if inflation remains a bit above target. So there is a thought that gold could be a viable alternative if rates rise and the economy remains sound. And if the economy isn't sound it could still be a good store of value," Sosnick told Business Insider."<h3 id="dadb04c2-defd-4fe4-a269-2b48d277b4de">Interest rates</h3>According to data from the World Gold Council, falling interest rates have historically benefited gold prices, with the commodity rising as much as 10% in the six months after the Federal Reserve's first rate cut.With the Fed expected to cut interest rates multiple times over the next year, lower rates should serve as a tailwind for gold prices.While interest rates<a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10"> actually jumped since the Fed's first rate cut</a> last month, with the 10-year Treasury yield hitting its highest level since July this week, gold prices have continued to rise.That's a sign that gold investors are more focused on the global interest-rate path, which is pointing lower as global central banks look poised to loosen monetary policy.The People's Bank of China cut rates by 25 basis points this week, while the Bank of Canada cut by 50 basis points. The European Central lowered rates by 25 basis points last week, and economists say they see the Bank of England <a target="_blank" class="" href="https://www.cnbc.com/2024/10/22/why-economists-see-the-uk-cutting-interest-rates-more-substantially.html">set to deliver bigger rate cuts</a> than previously expected by markets.

How gold became one of the world's hottest investments

Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

<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>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.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.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.But they're not expected to have diametrically opposed impacts on everything, with both candidates seen as positive forces for crypto.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.The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each.<h2 id="40896f3b-9c3a-42aa-82ae-49a1761381ac">Stocks</h2>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).<h3 id="24c47698-0ee7-4a48-bb04-abe2a4f630c2">Trump</h3><h4 id="51cc4655-bf14-43bc-b772-b54703215a1c">Sectors</h4>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.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.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.It's also worth noting that energy was the worst-performing sector during Trump's previous presidential tenure.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/">Allies of the former president have said</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.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.<h4 id="08ac2f7c-0094-48df-8910-ca3b12ae746a">Broader market</h4>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.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>.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."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.<h3 id="fe116c39-7eef-494d-b923-93e68c7490b4">Harris</h3><h4 id="82c14dd6-d54a-4af0-a6d6-b171c6d4ccd1">Sectors</h4>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.That means consumer discretionary and communication services — the top beneficiaries under Trump — would be hit the hardest under a Harris regime, BofA says."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.Financial firms will also feel a negative impact of both higher taxes and Harris' proposed regulatory tightening.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.Both sectors have outperformed in recent months during periods when Harris saw positive momentum in election polls.<h4 id="27decf30-ab8c-4ed1-beaf-70dfe2073247">Broader market</h4>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.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.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.With all of these cross-currents swirling, a neutral market outcome must also be assessed.<h3 id="cefe8193-23a0-4521-8119-4d27dde3396d">A potentially muted impact</h3>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."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.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.<h2 id="7a7d474f-4301-46c7-a48c-d475d0abd0a4">Bonds</h2>The performance of the US bond market largely hinges on the direction of interest rates.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.<h3 id="aa298578-a5d5-4e0a-ab3b-fcb78a88d8dc">Trump</h3>A Trump win would is seen ushering in higher interest rates, which would push bond prices lower. It ultimately boils down to inflation.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."Our assessment is that a Trump win would lead to higher US yields," Capital Economics said.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.<h3 id="c267d16e-6b3a-4db4-8316-c599ab723494">Harris</h3>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.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.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.Additionally, 46% of respondents said they would reduce their bond exposure if Trump wins, compared to just 23% under a Harris win.<h2 id="648d1263-465a-44c9-b50e-97ea3cd444a7">Crypto</h2><h3 id="77a393b0-f8c1-49d8-b73b-e2f0119e53e1">Trump</h3>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.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."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.<h3 id="58f9bbfb-d544-465f-8607-1b699202db17">Harris</h3>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>.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."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.<h2 id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">US dollar</h2><h3 id="0ae89f53-6e41-467c-8f2a-8aa885fcaf18">Trump</h3>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.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."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.<h3 id="e5ae53de-b9c3-4069-a7a1-5fc244dc29c6">Harris</h3>A Harris presidency would continue the trends of a weaker dollar due to "policy continuity" of the Biden administration, Capital Economics said.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.That likelihood of lower interest would, in turn, push the dollar lower.

How a Trump or Harris presidency could impact your investments

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Turns out the name-calling in "Dumbo" isn't that far off. Scientists discovered <a target="_blank" href="https://www.businessinsider.com/ai-elephants-discovery-call-each-other-by-name-study-2024-6">elephants might have unique names for each other</a>. Hopefully, they're not mean ones!In today's big story, we're looking at Microsoft considering a pricing overhaul of its suite of software tools. It's <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-software-bundle-365-copilot-e7-e5-e3-2024-6">a bid to get a return on its AI investments</a>.What's on deck:<ul><li>Markets: The words of wisdom <a target="_blank" href="https://www.businessinsider.com/inside-goldman-sachs-summer-internship-and-david-solomons-advice-2024-6">David Solomon offered Goldman's new interns</a>.</li><li>Tech: The best angel investors <a target="_blank" href="https://www.businessinsider.com/these-are-the-60-top-angel-investors-for-b2b-startups-2024-6">backing enterprise startups</a>.</li><li>Business: Wall Street <a target="_blank" href="https://www.businessinsider.com/abercrombie-and-fitch-stock-turnaround-millennials-weddings-wall-street-sales-2024-6">likes girls who wear Abercrombie &amp; Fitch</a>.</li></ul>But first, let's talk pricing.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="06f47f45-1627-419f-a1b9-8bef6bafa7e6">The big story</h3><h2 id="182e3f21-7212-467b-a273-d1ee2f3badba">Microsoft's ROI on AI</h2><div type="image" title="Microsoft CEO Satya Nadella." height="900" width="1200" msid="110944896" hostid="261" sizebytes="48432"></div>Microsoft wants to get a return on its AI investments, and it's looking to you to help foot the bill.The tech giant is <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-software-bundle-365-copilot-e7-e5-e3-2024-6">considering overhauling the pricing plans for Microsoft 365</a> — its widely used suite of productivity tools — by including AI features and creating a more expensive bundle, Business Insider's Ashley Stewart writes.Microsoft executives are set to discuss plans this summer. The goal is to decide before September, when sales ramp up.The potential changes stem from Microsoft's desire to see a return on the billions of dollars it has invested in AI. From <a target="_blank" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">millions of pricey AI chips</a> to an ambitious plan to <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">expand its data center footprint</a>, Microsoft has bet big on the future of AI.Its AI investments have already paid off to a certain degree. Microsoft hit a $3 trillion valuation for the first time this year and is the world's most valuable company. An early investment in OpenAI gave Microsoft a massive advantage with the onset of the generative AI boom.But AI tools <a target="_blank" href="https://www.businessinsider.com/big-tech-ai-spend-capex-1-trillion-2024-5">aren't cheap to maintain</a>, so figuring out a way to drive revenue from them, and fast, remains key.Microsoft 365, one of the company's crown jewels, is an obvious place to start. Users can already add the Copilot AI assistant tool to the Microsoft 365 suite for an additional cost. Packaging it together could save users the headache of managing multiple software licenses.<div type="image" title="satya standing" height="1304" width="2000" msid="110944899" hostid="261" sizebytes="38986"></div>Microsoft's RFP for AI's ROI shows tech's shifting motivations.Microsoft might have been comfortable pouring more cash into AI bets during the <a target="_blank" href="https://www.businessinsider.com/zirp-end-of-cushy-big-tech-job-perks-mass-layoffs-2024-2">zero interest rate phenomenon</a>. But in the wake of Big Tech's "<a target="_blank" href="https://www.businessinsider.com/tech-firms-laying-off-employees-again-efficiency-amazon-google-2024-1">Year of Efficiency</a>" in 2023, the purse strings have gotten considerably tighter.Now, even a company near the top of the AI hierarchy closely monitors the bottom line. Case in point: <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">Microsoft made cuts in its Azure cloud business</a> due to its <a target="_blank" href="https://www.businessinsider.com/microsoft-exec-blames-azure-layoffs-on-ai-wave-leaked-memo-2024-6">AI pivot</a>.And this is the most valuable company in the world!What about the AI startups that raised millions in funding without much more than a hunch of a good idea? How much grace will they be given before investors expect returns?Some seem to realize runways are getting shorter. Take OpenAI, which made two high-profile hires <a target="_blank" href="https://www.businessinsider.com/sam-altman-new-colleagues-openai-sarah-friar-kevin-weil-2024-6">to serve as chief financial and chief product officers</a>.<h2 id="20015ccf-dc0c-4cf4-90ac-c5c479decb9f">3 things in markets</h2><div type="image" title="Graphic depicting Wall Street, the Wall Street bull, dollar signs, people walking, and people shaking hands" height="1000" width="2000" msid="110944893" hostid="261" sizebytes="198844"></div><ol><li>Inside Goldman's summer internship program. Celebratory photos outside 200 West Street. A letter from CEO David Solomon. BI got an exclusive look at <a target="_blank" href="https://www.businessinsider.com/inside-goldman-sachs-summer-internship-and-david-solomons-advice-2024-6">the first day of Goldman's internship program</a>.</li><li>China puts the brakes on its gold-buying spree. The country's central bank bought gold for 18 straight months. But as the commodity reached record-high prices, <a target="_blank" href="https://www.businessinsider.com/gold-price-expensive-china-central-bank-stopped-buying-spot-pboc-2024-6">China held off on scooping up more</a>.</li><li>Boring stocks are poised for a "renaissance" rally. Large-cap value stocks are set to outperform growth stocks for the first time in a long time, Bank of America predicts. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-boring-value-stocks-renaissance-rally-buy-etfs-2024-6">They recommended four sector ETFs</a> to take advantage of the opportunity.</li></ol><h2 id="42214bea-21e8-407a-877a-e021054fcfca">3 things in tech</h2><div type="image" title="top 60 angel investors backing B2B startups" height="900" width="1200" msid="110944898" hostid="261" sizebytes="180562"></div><ol><li>Meet the top 60 angel investors backing B2B startups. Angel investors provide startups with the vital first checks to try growing an idea into the next big thing. With the help of Wing VC, BI identified <a target="_blank" href="https://www.businessinsider.com/these-are-the-60-top-angel-investors-for-b2b-startups-2024-6">60 of the top angel investors who invest in business-to-business startups</a>.</li><li>Nvidia is going on the defensive. Big Tech and startups are trying to get a slice of Nvidia's market dominance. According to a note from Morgan Stanley analysts, <a target="_blank" href="https://www.businessinsider.com/nvidia-defends-dominance-competition-increases-2024-6">Nvidia is "clearly focused on defending market share."</a></li><li>OpenAI and Sam Altman might be the biggest winners of WWDC. Apple's AI announcements <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-needs-more-than-ai-to-get-new-customers-2024-6">may not be enough</a> to attract new Apple customers — but ChatGPT's integration is a <a target="_blank" href="https://www.businessinsider.com/why-sam-altman-openai-might-biggest-winners-apple-ai-plan-2024-6">huge endorsement for OpenAI and its CEO</a>, providing it access to a massive new user base.</li></ol><h2 id="5e94280e-c67d-4f32-83d2-c24c8e1cef3a">3 things in business</h2><div type="image" title="Upward trending arrow emerging from an Abercrombie &amp; Fitch shopping bag filled with clothes" height="900" width="1200" msid="110944894" hostid="261" sizebytes="68038"></div><ol><li>Abercrombie is having its Lazarus moment. The clothing company, once the "It" brand for early 2000s teenagers, had been languishing for the past decade. But <a target="_blank" href="https://www.businessinsider.com/abercrombie-and-fitch-stock-turnaround-millennials-weddings-wall-street-sales-2024-6">Abercrombie came back from the dead</a>, and now investors are eating it up.</li><li>Elon Musk wants to win over advertisers (again). Musk has had a tenuous relationship with advertisers since giving them the proverbial middle finger last year. He's now set to speak at the Cannes Lions ad summit, <a target="_blank" href="https://www.businessinsider.com/elon-musk-advertising-cannes-twitter-x-2024-6">where Big Tech firms go to woo advertisers</a>.</li><li>We're witnessing the biggest AI deal yet. While Apple has announced its integration of ChatGPT with Siri, one Apple exec said there could be a similar deal with Google Gemini. BI rounded up <a target="_blank" href="https://www.businessinsider.com/apple-openai-google-biggest-deal-ai-whos-getting-paid-2024-6">what we know on who's paying who</a> — and what's at stake.</li></ol><h2 id="1fd02f68-604a-4e24-80d4-7d3e0a43d4b7">In other news</h2><ul><li><a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c9c9fc7956834c989c482cc5b677f64f&amp;_e=rQFLcpUp3MPy2Cr8nj68Pi6Y1rV3tTG_05NwYvOTWFTlBA9awYMElyPsbEyxwIsJ3Le4CbF9-_JU6LPfmIdbSBaovaVFCdiYcKwSi5gTsSYrTFKXT7-doCEsmZVzmZjZ6iSML4aCltpbqpX1N6S_Yl8mc2kf1xztuGKg64FauyILC-jrjGhcpqG_RO1jO8ygR34y9GNeaquQXhvAcdmY4xCQpJSH4x7qKcBYJK5y0ksBqxGn3Tg2rNeby9tJqL9L-FpcRmdgcqtqLDt-UknNS_QAKhsfVxek0uHs8LG5evABfiorUwvZ3pB04QJCPmBTNjV5rKuGbvP05P9-K_BHnmi7J-c1tSOE4ARIEXfOTEnzeStYWY41Et6J_oLR1Vv5Jn5QoLleTkG1llOLze2jTRXgkDAELOz0c7KClnIgRGKspLPhM_RXFShye1zJ_brn">Clarence Thomas raised him 'as a son.' Now he's facing 25-plus years on weapons and drug charges</a>.</li><li><a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c9c9fc7956834c989c482cc5b677f64f&amp;_e=rQFLcpUp3MPy2Cr8nj68Pi6Y1rV3tTG_05NwYvOTWFRB5w2soNfu6JpRtYJ-ra_7iqOs_3cMOtL5VBxdyTxtJ46CGTT6G1tweH25TXhLt634nBgp2JgBNhIxmraz6kJZoPL8hO1qP47azWdvf4t-3sGqP_VBZafHMFR0MZUvUHQCIOtRkFbsPb82Mu73hullCKNdiuBN3sXx2TZvJUpZYQE-lEiWHQg1oS-NXiTm1gOvq2sioYTBCe8A4bxQ_s2XiQ-6Xcz91O1gwpeoTnzKHrGORzB1wd3uc8_jXHJqxvGfrpQ6EWRLoHCOkqeWpy7MWgFQmXHSoy3QzLVW5AP03ZTejS8q4Q0F7-U0Jl9SlEgKMItP7ea-9XWyJxoALEiuQfoYUcIgmbxTBWnmFf9jbur2yAepE9mdMC_hJJLICXgvrGSvO6gMpXK-JLwT2_vz">Chinese EV makers are hit with new EU tariffs</a>.</li><li><a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c9c9fc7956834c989c482cc5b677f64f&amp;_e=rQFLcpUp3MPy2Cr8nj68Pi6Y1rV3tTG_05NwYvOTWFR2iNVI3C4XovBx4bBjBxT7CU7jgAH7b_TVsv4JHxWPozFBy3RmjKqxdJJn3RCZLRfD8ddV7fe0mOu7xHXQjsp0OpvwlnFhk0kqTM3c9FREOMdr3h33VJpEF751wkbAVTza4xgwHFeIgKNNwh2LJ_ssZDsAEh0aRQ_OJJHQYLZD-X8rm4UvQfJXwnsqoC_aca4AbEGPmJTxWUBFYy_mbP9NwiKs2gLCE3jVKvJuROj4-h_cYTS0Nk0oKV_6wKL7DcC-ADRdhzf3zto6Sgcsl9nLHL-cJPBw80N3eOOxujcH_wnu7oZ8KvSQd7wU273l9GwyZwO4ZieZXPKJ34LDrvoTOXDPCm5m3fIK4VO4-678og8BkMws9BzcFt8PyCjcY5pY3g6M-sXZnjyHYcVDPEK_">Forget red and blue: America's real geographic divide is between bosses and their employees</a>.</li><li><a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c9c9fc7956834c989c482cc5b677f64f&amp;_e=rQFLcpUp3MPy2Cr8nj68Pi6Y1rV3tTG_05NwYvOTWFSwhm1EIUBDw-LOfaTW3lw6RRHDmSDrsF7idtbUOQMN7e7SDO7ViXTSyMnQW29ziaz1hSSp0xqjWRdtPFIzR031Q7XafidXM3ZpDDkPi8GFko0aiwc_bkHpjO4U-DTWJOM_gCY-NNXZtbR2ZCEAdmGw7AnvGZeo9e9bClZAEFJBgFh67gVQY0GNa1GMGYK-pBvAHeD6TlDH9ZIio1hMYqqrAE--wx3fQa3aNJBmDpbtBT-mSBJONDEniqQaZAxAftaQ9yj_Iby4xY_uwsr75iAyjfVah1H5GZHEPnIBzGcaWBplQCrZBK3bEYzuPHUEbIJ4y1Qn94SA_17cd-yJbIDD45mZeckwBs7ucVbvJ-Rm2tQMOP3O00El4VS6Ih3JLuo%3D">BeReal is being acquired and its CEO is stepping down</a>.</li><li><a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c9c9fc7956834c989c482cc5b677f64f&amp;_e=rQFLcpUp3MPy2Cr8nj68Pi6Y1rV3tTG_05NwYvOTWFREDGp0NY_kOjxozJh4CEIXlwlDr4jxiM0Co-l1U6p2Y-jZ0spzliQJfAfImXFlRXlnU2t_z-rYVxKvgBi6o95th-6d1duFRULzucPyc4cjqvlMQ-nrCHwAmimjQ2JXXdqkHLS-C8ZYBUd7piMeszPcDQWuKbQ6kQKwGhrgzxoEi67Ob6e_qOkTHqPjVhp48cj-KetW8BhjILMQOub_VX8bmIrPEZxSM4g1gFxnAM0Mu0lt9EqGxtLh6PU22CMsoRe61MnzMix1OH-Yq24sS8P__vQaB8lsv57qepMcdBxaVVcY4tb54hfC0LDZgpFow89NuqiGFgktf7LTb3PncIvR6DAomArSAC_ZrbDso3bQtHhzCcRwHNw0R5RyIKuLJ25ILxrPtokEenK5P1goK1z-">Elon Musk dropped his Open AI lawsuit, but he isn't done with Sam Altman and the AI race yet</a>.</li></ul><h2 id="189fb491-916d-4655-a5de-b06f767369d2">What's happening today</h2><ul><li>Today's earnings: The Federal Open Market Committee will make its decision on interest rates.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

Microsoft's focus on monetizing its AI investments is a sign of tech's shifting strategy

Who does not love to travel? Most of us would give anything to take a long break from our regular work life and travel the world! And if the vacation rental behemoth <keyword id="19900375" type="General" weightage="20" keywordseo="Airbnb" source="keywords" meta.keywordsubtype="org" meta.entityname="Airbnb" meta.hostid="261" meta.entityid="Airbnb">Airbnb</keyword> is to be believed, Indians are taking to traveling with renewed vigor. When it comes to international travel right now, most Indians are traveling to Tokyo, largely to witness the momijgari (red leaf hunting), or the autumn tradition where leaves turn red, which makes for a breathtaking sight. For those seeking a little peace and quiet, the Amalfi Coast, off the Mediterranean Sea is in vogue. Baku, the capital of Azerbaijan and Kazakhstan are also being increasingly making their way on the travel wish list of most Indian travellers. Per Airbnb, other countries on this list include Montenegro, Norway, Luxembourg, and Georgia. Closer home, the bustling city of Kanpur in Uttar Pradesh is amongst the top travel destination for most Indians, along with the tropical Lakshadweep. People are also flocking to Ujjain and the hilly, quaint town of Munsiyari in Uttarakhand to take a well deserved break from their hectic lives. Says Vinay Bagri, Co-founder and CEO, Niyo, a travel banking platform"India’s growing middle class and increasing incomes are driving the rise in outbound travel. Additionally, India’s soft power diplomacy is shaping global travel industry trends. According to the Henley Passport Index, there are 62 countries where Indian passport holders can travel visa-free". "Niyo has seen a 60% growth in international travel over the past year. 55% among leisure travelers, 70% in student travel, and 25% in business travel. Interestingly, 40% of the customers we onboarded were first-time international travellers”, he continued. <h2>Be financially prepared</h2>But while it is great to travel, or take that dream vacation or overseas trip, setting aside money for the same can certainly be a herculean task. That's why, the key to a stress-free getaway, irrespective of it being a short break or an extended adventure, lies in making strategic investment choices. Here are some ways in which you can create a healthy corpus for your travelling, all from your savings: Creating a Vacation Budget Establish a comprehensive budget that covers expenses such as travel, currency exchange rates, time off from work, and the number of travelers. Conducting in-depth research on your destination, the best time to visit, and other relevant details can also lead to significant savings. A good idea is to plan in advance the number of vacations you wish to take each year. Deciding and booking your tickets ahead of time can help you save costs. Also, having a dedicated <keyword id="23343124" type="General" weightage="20" keywordseo="Travel-Fund" source="keywords">travel fund</keyword>, separate from your daily expenses, helps you stay focused. Consider using a fixed deposit or a liquid mutual fund to watch your money grow faster. Per Swati Bhargava, Co-Founder of CashKaro and EarnKaro, building a travel fund not only allows you to experience your dream vacation, but also fosters healthy financial habits that prevents debt and maximizes the value of your hard-earned money. Short-term Gains for Quick Access Says Bhuvan Rustagi COO &amp; Co-founder of Per Annum, "By exploring options such as recurring deposits, liquid funds and short-term bonds, individuals can enhance their financial flexibility, which can also help them plan any spontaneous adventures". Don't let your travel fund sit idle in a savings account. You can invest it in various short-term instruments, depending on your risk appetite. In case you want to play it safe, a recurring deposit or liquid funds are a good option. For people willing to take on more risk, P2P lending can also be a good option. Automate your way By setting up recurring transfers from your primary account to a dedicated travel savings account, you can ensure that a portion of your income is automatically saved each month. This disciplined approach will eliminates the temptation to spend impulsively, and will also help you stay committed to your travel goals. During the festive season, which will set in from next month, most online platforms, websites, and aggregators abound with enticing discounts on flights and hotels. Keep a keen eye on these deals, and you can significantly reduce travel expenses and plan your trip more efficiently. During the sales, travel portals often offer exclusive discounts tied to specific banks or release flash sales. That is also a great way to maximize your savings on travel. Many Indians are also turning to <keyword id="23343125" type="General" weightage="20" keywordseo="Cashback-Platforms" source="keywords">cashback platforms</keyword> to maximize their savings on travel bookings. According to reports, the travel sector sees an average cashback rate of 8%, the highest of all sectors. Further clubbed with credit cards you save a lot more on your hotels &amp; flights. No wonder, travel credit cards emerged as the frontrunners, experiencing a remarkable 27% YoY growth in 2023. "For those planning a festive season getaway, combining multiple offers can lead to substantial savings, making your dream destination more affordable”, continues Bhargava So, what are you waiting for? Start planning your next travel destination now. With smart investments and budgeting, it might happen for you, sooner than you think!

World Tourism Day: Here's where India is travelling to, and how you too, can join the bandwagon

Dear reader, Another week comes to an end, and with it, a fresh roundup of stories shaping the business and finance landscapes. This week, we explored data that challenges the idea that large IPOs automatically lead to large returns—18 of India’s biggest IPOs fell short of expectations. On the investment front, experts debunked the popular advice of ‘<keyword id="23577643" type="General" weightage="20" keywordseo="buying-the-dip" source="keywords">buying the dip</keyword>’ and suggest a better approach for long-term success. And in the world of <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword>, recent incidents like bizarre notifications and uncalled-for freebies piqued social media's interest. For stargazers and romantics, the upcoming <keyword id="22852367" type="General" weightage="20" keywordseo="Hunters-Moon" source="keywords">Hunter’s Moon</keyword> offers a beautiful setting for a moonlit night. And for career climbers, we have insights from a <keyword id="21560867" type="General" weightage="20" keywordseo="product-manager" source="keywords">product manager</keyword> who landed a $180,000 role at <keyword id="19904352" type="General" weightage="20" keywordseo="Cisco" source="keywords" meta.keywordsubtype="org" meta.entityname="Cisco" meta.hostid="261" meta.entityid="Cisco">Cisco</keyword>, sharing <keyword id="21767233" type="General" weightage="20" keywordseo="resume-tips" source="keywords">resume tips</keyword> to help you stand out. Dive in, and enjoy this week’s highlights! <h2>Top stories of the week</h2> Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns A study of India’s top 30 IPOs reveals that a majority—18 of them—failed to deliver substantial returns to investors. Despite the hype surrounding large public offerings, data shows that a company’s size or popularity doesn’t always correlate with strong post-IPO performance. Investors are urged to manage their expectations and conduct thorough research before jumping into large IPOs, as high-profile launches don’t guarantee hefty returns. <a href="https://www.businessinsider.in/finance/news/do-large-ipos-guarantee-large-returns-data-suggests-that-18-of-indias-biggest-30-ipos-did-not-generate-hefty-returns/articleshow/114302378.cms" data-type="tilCustomLink" target="_blank">Read more</a> Free tomatoes to i-pill notification, recent quick commerce incidents that sparked outrage Recent incidents in India’s quick commerce sector have sparked widespread outrage, ranging from offering free tomatoes as promotional giveaways to sending unsolicited I-Pill notifications to customers. These occurrences highlight issues around <keyword id="19999043" type="General" weightage="20" keywordseo="consumer-privacy" source="keywords">consumer privacy</keyword>, safety, and inappropriate marketing strategies. As rapid delivery services continue to expand, so do concerns about their ethical and operational practices. <a href="https://www.businessinsider.in/business/news/free-tomatoes-to-i-pill-notification-recent-quick-commerce-incidents-that-sparked-outrage/articleshow/114315992.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why "buying the dip" is not always good advice, and the right time to start is now The age-old investment advice of ‘buying the dip’ may not always hold true, especially in unpredictable markets. Experts argue that waiting for stocks to drop before investing could result in missed opportunities, as market timings are nearly impossible to predict. Instead, the best strategy for long-term investors may be to focus on consistent investing, with the right time to start being now. <a href="https://www.businessinsider.in/stock-market/news/why-buying-the-dip-is-not-always-good-advice-the-right-time-to-start-is-now/articleshow/114253456.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why this week's Hunter's Moon is the ultimate backdrop for the perfect moonlit date night The upcoming Hunter’s Moon, which will grace the skies this week, offers the perfect opportunity for a romantic, moonlit night. This full moon is not only visually stunning but also holds cultural significance, symbolizing harvest and abundance. For those seeking an atmospheric, nature-infused experience, this celestial event promises to be the ultimate backdrop for a memorable date night. <a href="https://www.businessinsider.in/science/space/article/why-this-weeks-hunters-moon-is-the-ultimate-backdrop-for-the-perfect-moonlit-date-night/articleshow/114317181.cms" data-type="tilCustomLink" target="_blank">Read more</a> A product manager shares the résumé that helped him transition from consulting and land a $180,000 role at Cisco Transitioning from consulting to a high-paying role as a product manager at Cisco, one professional shared the resume that helped him land the $180,000 job. His strategic approach included tailoring his CV to highlight relevant skills and experiences, positioning himself as the perfect candidate for the tech giant. Aspiring product managers can take notes on crafting resumes that stand out in competitive job markets. <a href="https://www.businessinsider.in/careers/news/a-product-manager-shares-the-rsum-that-helped-him-transition-from-consulting-and-land-a-180000-role-at-cisco/articleshow/114232654.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2><h2>Web Stories </h2> <a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank">India-Canada Tussle: A timeline of escalating tensions under Trudeau’s regime</a><a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank">The weirdest Guinness World records ever set</a><a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/travel/india/webstories/from-amber-to-gagron-indias-unesco-world-heritage-forts-to-explore/slidelist/114282776.cms" data-type="tilCustomLink" target="_blank">Amber to Gagron: India’s UNESCO world heritage forts to explore</a> </h2>

Weekend wrap: IPO myths, quick commerce gone wrong and more

<ul class="summary-list"><li>Saudi Arabia's wealth fund has pumped billions into global entertainment, sports, and infrastructure.</li><li>Now the Kingdom plans to cut its foreign investment to prioritize domestic spending.</li></ul>Saudi Arabia is pulling back on its <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">global spending spree</a> to focus on domestic investments.Yasir Al Rumayyan, governor of the Public Investment Fund (PIF), said on Tuesday the kingdom planned to reduce the proportion of foreign investments made by the sovereign wealth fund from 30% to about 18% of its portfolio."We're more focused on the domestic economy and we've been achieving and doing so many big things," Al Rumayyan told delegates at the <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">Future Investment Initiative</a> in Riyadh. Saudi Arabia's annual business conference has been dubbed "Davos in the desert" in a nod to the World Economic Forum meeting in Switzerland each January.The absolute dollar amount for overseas deals was still increasing, the PIF chief said.<div type="image" title="Governor of Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan on a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024." height="3822" width="5366" msid="114781319" hostid="261" sizebytes="297336"></div>In recent years, the PIF has pumped billions into high-profile assets, including global sports teams, entertainment, airport infrastructure, and <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Uber</a>. The fund's assets are worth about $925 billion.The spending is part of Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to reduce its economy's dependence on oil and transform the country into a significant global economic player.Investors have flocked to the FII conference in previous years to take advantage of the multi-billion dollar deals struck at the event. The total at last year's conference reached almost $18 billion, the Saudi Press Agency reported.The kingdom has already been slowing its cash flows and telling foreign fund managers to invest more in Saudi Arabia if they want to secure deals.The PIF's traded stocks in the US fell from about $35 billion at the end of 2023 to $20.6 billion at June 30, The Financial Times reported.Al Rumayyan said that investors were already changing their approach. "People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest."The PIF governor also spoke about Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">ambitions to become a top destination</a> for AI companies and investors, saying that the technology's economic impact made it a driver of national power."We either have discussions or initial discussions to invest in AI and the reason why we are investing in AI is Saudi Arabia is very well positioned to be a global hub, not only a regional hub," Al Rumayyan said.The technology could add nearly $20 trillion to the global economy by 2030, he added.In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The PIF is also in talks to partner with prestigious venture capital firm Andreessen Horowitz on an AI fund, with a potential value of $40 billion, Bloomberg reported.The new focus on domestic investment comes as Saudi Arabia's spending on <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">Neom</a>, its futuristic megacity in the desert, hit $1 trillion.Neom's scope appears to have been scaled back as the financial realities of the ambitious project hit home. Experts say Saudi has struggled to attract the foreign investment needed to fund the project's lofty goals.A <a target="_blank" class="" href="https://www.businessinsider.com/neom-sindalah-saudi-arabia-crown-prince-the-line-beach-party-2024-10">select group of guests</a> were recently invited to visit <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-sindalah-island-dubai-resort-tourism-2024-4">Sindalah</a>, a luxury island resort in the Red Sea that is one of the first parts of Neom to become reality.

Saudi Arabia is pulling back on a global spending spree to focus on its own projects

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Are you a fan of the "John Wick" franchise? If so, you owe a big thank you to Eva Longoria. <a target="_blank" href="https://www.businessinsider.com/eva-longoria-producer-john-wick-2024-10">She provided $6 million in gap financing</a> when the first movie ran out of money and was at risk of shutting down.Our sale on a Business Insider subscription also kicks off today. <a target="_blank" href="https://www.businessinsider.com/subscription/limited-offer">Check out the details here</a>.In today's big story, Boeing's new CEO has big plans for the company's turnaround, <a target="_blank" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">including executives rolling up their sleeves</a>.What's on deck:<ul><li>Markets: Breaking down some theories about <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">what's motivating the Trump "whale"</a> in the betting markets.</li><li>Tech: Tesla trounced Wall Street's <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Q3 earnings expectations</a>.</li><li>Business: McDonald's E. coli outbreak has a key difference <a target="_blank" href="https://www.businessinsider.com/mcdonalds-ecoli-outbreak-investigation-update-compared-chipotle-2024-10">from the one that plagued Chipotle in 2015</a>.</li></ul>But first, let's get this flight back on track.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">Boeing's comeback pitch</h2><div type="image" title="Collage of Boeing's Ceo and Airplane factory imagery" height="1500" width="2000" msid="114551156" hostid="261" sizebytes="127052"></div>Boeing's new CEO is looking to navigate a turnaround that includes rethinking the aerospace giant's culture.Boeing <a target="_blank" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">reported a $6.1 billion loss in the third quarter</a>, the latest knock for a company that's faced constant setbacks this year, writes Business Insider's Pete Syme.But new CEO Kelly Ortberg has some ideas for how to fix Boeing's "festering of issues." In a memo to employees, he <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">detailed a four-part plan</a> for how Boeing can regain its place as an "iconic company and aerospace leader," BI's Benjamin Zhang reports.You might think a nearly $100 billion company that builds airplanes needs a specific solution. But at its core, Ortberg's plan is something any business can appreciate: focus on the culture and the work being done.For Boeing that means <a target="_blank" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">putting executives on factory floors</a> with the hope it will address safety, communication, and employee trust issues, writes BI's Taylor Rains.Whether you're making sandwiches or 737s, having a front-row seat to how the work is being done often provides a better view of a company's inefficiencies than any boardroom can.Of course, Boeing's problem's are slightly more complicated than perfecting a BLT.Just a few days into 2024, a Boeing 737 Max suffered a blowout incident that tanked the company's stock and drew the attention of Congress. Since then, it has also been dealing with a costly strike and a struggling space program.Plenty of business turnarounds include talking to those in the thick of it.Starbucks' new CEO Brian Niccol, who is trying to stop the coffee chain's sales slide, is looking to <a target="_blank" href="https://www.businessinsider.com/starbucks-new-ceo-looking-to-baristas-as-part-of-turnaround-2024-10">baristas</a> for help.He mentioned fixing some of the biggest problems Starbucks' "green-apron partners" have flagged to executives, like devising a <a target="_blank" href="https://www.businessinsider.com/starbucks-workers-requested-store-changes-new-ceo-2024-10">better way to manage mobile orders</a>.The effort to get direct feedback from the people doing the work is evident in Big Tech, too. The "year of efficiency" has become more of an era as tech giants like Meta and Amazon continue to flatten their organizations.Those efforts have downsides, though. Tech giants' focus on the work has meant a steady stream of layoffs as they keep removing layers. The end result could have an impact on morale.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Boeing workers <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a8298a7e576b433ea0f7196984a4f62c&amp;_e=qqkmy_Hf1u4jsRXi5OF3USks99Ou68JR3jOdssDRPlgguwdPNY2mS8X3mZIZw5GpyEphrA7hNkNpMdudvCZFnc_DtbV52OwvzBXeV10FXS-rxriu37KsrNumkYx7GpyEL1iG8t4vugjKZjOLrdXxM0CLgNk9LteWKrsthcJe1z7crzeVNAWdlut7kM1xMAFW5nhrkL8jtNAFWa5fh-iebr33_1psA8fQsEpdp7triLcB1FjnwsV78sZDwxxmmw1tdJmeVvncdG_G00EAqIrzFJRQkTXy1w4CEM8KJDPIIt1XJ0NmntpKWVIyCUUPrxhgqeT7UQrc4hvIwxnpN313tZo_nAofCQsG-52PFa0tX9de7r9-SdjyK_wXwt3kFcJF29p-vBs1U8wKNWIJEq-HVWpER8grZe3IsBD4n208Jx2yKS09TlaDyP-fZhUv9lBvwPBigN0PlUJ-VNy7tIq-Lg%3D%3D">reject the company's latest proposal</a>, which included a 35% wage hike.</li><li>WPP's former dealmaker is joining investment bank Canaccord Genuity — <a target="_blank" href="https://www.businessinsider.com/canaccord-genuity-hiring-former-wpp-dealmaker-lance-maerov-2024-10">a sign advertising M&amp;A could heat up</a>.</li><li>This staid software company is kicking butt in AI. <a target="_blank" href="https://www.businessinsider.com/servicenow-ceo-bill-mcdermott-ai-software-2024-10">The CEO explains how</a>.</li><li>The US is facing a drugstore graveyard as stores close. <a target="_blank" href="https://www.businessinsider.com/pharmacies-drugstores-closing-leaves-empty-locations-real-estate-challenge-2024-10">Filling the leftover spaces</a> is the next challenge.</li><li>The CEO of Perplexity said the AI-powered search engine <a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-lawsuits-tensions-dow-jones-2024-10">isn't trying to replace the news</a>.</li><li>Americans are quitting their jobs at the lowest rate in years. <a target="_blank" href="https://www.businessinsider.com/raises-promotions-harder-get-low-quit-rates-interest-rates-2024-10">It's making it harder to get raises and promotions</a>.</li><li>Life after Intel: After rounds of layoffs and buyouts, some Intel insiders are <a target="_blank" href="https://www.businessinsider.com/intel-buyouts-new-ventures-philanthropy-wedding-planning-2024-10">abandoning the corporate grind altogether</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Donald Trump in front of a green upward-trending line" height="900" width="1200" msid="114551160" hostid="261" sizebytes="69384"></div><ol><li>What's going on with the "whale" betting on a Trump win? Here are some theories. Someone has bet roughly $46 million on former President Donald Trump reclaiming the White House on Polymarket. Political and betting-market commentators have speculated it's either an influence campaign, a pump-and-dump scheme, <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">or simply a bullish view on Trump's prospects next month</a>.2. Whether it's Trump or Harris, Steve Schwarzman isn't worried about a post-election recession. The billionaire Blackstone CEO has publicly backed the former president, but he doesn't see Vice President Kamala Harris winning as a recession risk. "The economy is pretty strong and both of the candidates <a target="_blank" href="https://www.businessinsider.com/us-economy-recession-outlook-schwarzman-blackstone-trump-harris-election-inflation-2024-10">keep mentioning a lot of stimulative policies</a>," Schwarzman said.3. Apple stock dips on reports of dimming demand for the new iPhone. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">Apple stock dropped as much as 3% on Wednesday</a> after analyst Ming-Chi Kuo of TF International Securities said Tim Cook's company cut orders by 10 million units. Kuo also saw "no evidence" AI features were boosting demand. Meanwhile, the production of the Vision Pro <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-production-weak-demand-2024-10">is reportedly in flux</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Gif of various floating shapes in blue, green and orange" height="540" width="1080" msid="114551164" hostid="261" sizebytes="39602"></div><ol><li>Introducing AI's power players. Now in its second year, Business Insider's 2024 AI Power list maps out who wields real power in artificial intelligence and machine learning. <a target="_blank" href="https://www.businessinsider.com/ai-power-list-2024">This year's list honors people</a> hoping to effect change and solve problems across the industry, from Groq CEO Jonathan Ross to Google DeepMind COO Lila Ibrahim.2. Tesla did better than expected in Q3. The electric carmaker reported earnings per share of $0.62 — <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">a big beat over analysts expectations</a> of $0.51. It also announced <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">the Cybertruck turned a profit</a>, marking a major win for Elon Musk as he enters the electric pickup market. Analysts saw the latest numbers as a clear sign that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-earnings-analyst-reactions-basics-selling-electric-vehicles-robotaxi-2024-10">Tesla shouldn't neglect its roots</a>.3. A ban on celebrity jet-tracking isn't a bad idea. But Meta still has some explaining to do. This week, the company suspended Threads accounts that shared flight data of figures like Taylor Swift and Donald Trump, citing safety concerns. That seems reasonable, but it doesn't explain why <a target="_blank" href="https://www.businessinsider.com/meta-ban-celebrity-flight-tracker-private-jet-elon-musk-threads-2024-10">Meta chose to wait until now</a> to apply the three-year-old recommendation.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of person having anxiety dreams about burning money" height="1000" width="2000" msid="114551161" hostid="261" sizebytes="197872"></div><ol><li>Millennials are making a massive financial mistake. If you came of age against a backdrop of two major crises, you might be left a little more risk-averse in your investments. But sitting on your cash <a target="_blank" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">will come back to bite you</a> in the long run.</li><li>McDonald's doesn't think its E. coli outbreak will be like Chipotle's in 2015. Execs said Chipotle's cases involved the handling and preparation of food while <a target="_blank" href="https://www.businessinsider.com/mcdonalds-ecoli-outbreak-investigation-update-compared-chipotle-2024-10">McDonald's outbreak was related to potentially contaminated ingredients</a> from a supplier. But that hasn't stopped victims of the recent outbreak <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-lawyers-lawsuits-quarter-pounder-2024-10">from getting ready to sue the Golden Arches</a>.</li><li>Hollywood's star is fading. Los Angeles is losing ground as the center of the film industry, as the high cost of living and labor drives entertainment jobs to other locales. New York isn't doing too well either — the country's No. 2 entertainment job market also saw its share of jobs dip. The industry's center of gravity <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">appears to be shifting south</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Southwest Airlines, Barclays, Capital One, and other companies report earnings.</li><li>G20 finance ministers and central bank governors meet.</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. Amanda Yen, fellow, in New York.

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