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The State Bank of India (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) in its latest report has asked for <keyword id="20213295" type="General" weightage="20" keywordseo="tax-reforms" source="keywords">tax reforms</keyword> after concerns were flagged over the recent decline in <keyword id="20202062" type="General" weightage="100" keywordseo="bank-deposits" source="keywords">bank deposits</keyword>. The report says tax Reforms for Deposits can accentuate the banking system's stability and resilience to the next level. SBI attributed the fall in deposits to the varied rates of return offered by different <keyword id="20139443" type="General" weightage="20" keywordseo="investment-options" source="keywords">investment options</keyword> for similar time frames and different tax rates on <keyword id="22837794" type="General" weightage="20" keywordseo="returns-on-deposits" source="keywords">returns on deposits</keyword>. The <keyword id="20352499" type="General" weightage="20" keywordseo="SBI-report" source="keywords">SBI report</keyword> said that "<keyword id="20658792" type="General" weightage="20" keywordseo="tax-treatment" source="keywords">Tax treatment</keyword> of bank and non-bank channels are non-uniform, even as bank deposits have a wider and denser pass-through effect across the populace sensitivity of Deposits on Tax is as much as 7 per cent" The report noted that a bank deposit of Rs 10 lac in a Savings Bank (SB) account at an investment return of 3 per cent would generate Rs 30,000 in returns and after accounting for taxes and exemptions, the <keyword id="22837795" type="General" weightage="20" keywordseo="net-return" source="keywords">net return</keyword> would be Rs 16,000. The report adds that the net returns vary significantly if deposits are made in different instruments like <keyword id="21041176" type="General" weightage="20" keywordseo="term-deposits" source="keywords">term deposits</keyword>, short and long-term investments in debt funds, liquid funds or bonds. The tax rates on these deposits also favour saving banks or term deposits. The report illustrates a term deposit of up to one year with the same principal amount of Rs 10 lac at a yield of 6.25 per cent would result in a net return of Rs 50,000 after taxes. But for term deposits exceeding one year the interest rate is higher and with an interest rate of 7.25 per cent, the gross return would be Rs 72,500. After taxes, the net return would be Rs 58,000. The data highlights that similar type of investments for the same period generates significantly different returns because of different tax treatment by the government. Similar variations are observed in other <keyword id="20105084" type="General" weightage="20" keywordseo="investment-plans" source="keywords">investment plans</keyword> as well. For instance, investments in equity and mutual funds with a 2 per cent dividend income of Rs 10,00,000 generate Rs 20,000, which after taxes the net return is Rs 16,000. However, Short-term investments of less than one year in equity and mutual funds, offering an 11 per cent return generate Rs 1,10,000, with a net return of Rs 88,000 after taxes. This investment if made in Long-term investments of more than one year the return increases to 15% on Rs 10,00,000 and generates Rs 1,50,000 annually. With a lower tax bracket of 12.5 per cent tax on long-term investments and applicable exemptions, the net return is Rs 1,43,750. These variations in returns across different deposits and investment options highlight the complexity and thus investors are choosing the higher return options over the bank deposits which in turn poses a threat to the deposit growth in the banking sector.

Decline in bank deposits because of non-uniform tax treatment on various investment options: SBI report

Top monthly income investment plans in India

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

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

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

<ul class="summary-list"><li>Chris Mott, a veteran, decided to retire at 57 after he became unemployed and couldn't find a job.</li><li>Mott and his wife sold their California home, downsized, and invested in a travel trailer.</li></ul>I'm a veteran who has worked for various organizations and government jobs, including, at times, building and running companies. Like most people, I didn't really start <a target="_blank" class="" href="https://www.businessinsider.com/planned-retirement-until-discovered-fire-2024-04">thinking about retirement</a> until I was past my mid-40s. My plan was to work until I was 65 or 70, but my wife apparently had a different idea.When I became unemployed in 2022, my wife saw this as an opportunity for us to retire and live on the road full time. This had been her dream since we bought a small camping trailer in 2002. We spent many summers and holidays <a target="_blank" class="" href="https://www.businessinsider.com/how-to-plan-perfect-american-road-trip-across-southwest-region">traveling the Western United States</a> and Canada with our son.At 57, I was too young to start <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">drawing from Social Security</a> or our retirement accounts, so our finances were at the forefront of my mind, but I decided we could make her dream a reality. Almost a year later, my portfolio has generated almost as much as I made at my last job.Here's how I managed my early retirement.<h2 id="a9c4091b-1102-4746-b4f1-8c7cb984913a">I didn't realize my life was about to change</h2>We <a target="_blank" class="" href="https://www.businessinsider.com/tarek-el-moussa-says-he-cant-make-money-on-california-starter-homes-2024-2">owned a house in California</a> on a large lot in the Orange County city of Yorba Linda. When my granddaughter was just a year old, my wife went up to Vancouver, Washington, for a visit by herself. A few days into that trip, my daughter-in-law sent me some photos of my wife with the baby, and she was smiling like I'd not seen her smile in a very long time. I knew then that my life was about to change. I just didn't realize how much.<div type="image" title="Chris Mott and his wife Kim at Bryce Canyon National Park." height="3060" width="4080" msid="114773505" hostid="261" sizebytes="1113370"></div>When she returned from that trip, we started making plans to move. Our house was nice but wasn't quite ready to put on the market. I was still employed at the time. I made arrangements to work remotely for my company, and my wife's sister had agreed to move in with their mother to provide care. After several months of <a target="_blank" class="" href="https://www.businessinsider.com/should-you-sell-your-house-now-bank-of-america-2024-7">getting the house ready</a> to show, we got the house listed and in escrow within a week. Things were really starting to move fast.Somewhere in the middle of all of this, my mother-in-law became gravely ill and passed. Then my employers had buyer's remorse on the remote-work arrangement, and I ended up unemployed.<h2 id="8480490b-cd82-4817-8cc9-cc2067e79c2d">We sold our home, and I created a budget for our travels</h2>After we settled my mother-in-law's estate with my wife's siblings and closed escrow on our Orange County home, I added those proceeds to our <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ira-accounts">other savings and IRAs</a>. Most of our money is professionally managed, but I have a small amount in a self-directed account plus a savings account.We spent $200,000 buying a new 30-foot Grand Design fifth-wheel trailer and a Dodge Ram 2500 truck to tow it. We have downsized from a 2,400-square-foot house on ¾ acres to a 290-square-foot trailer. We are now houseless but not homeless.<div type="image" title="A silver Dodge Ram truck parked with a small trailer home attached to it." height="3024" width="4032" msid="114773507" hostid="261" sizebytes="1678006"></div>I created a <a target="_blank" class="" href="https://www.businessinsider.com/road-trip-national-parks-camping-budget-for-a-week-2023-3">budget for our travels</a> using our home accounting software. We have 20 years of camping experience, so I was able to create an all-inclusive budget. Even costs like using a coin laundry every few weeks or paying for a campground shower. We also pay for Starlink internet, so we can always stay connected.With no house or vehicle payments, utilities, or property taxes, our investment income exceeds our budgeted monthly living expenses. So we are living off the income, not the principal.<h2 id="3c18eb25-9e36-407e-9a0e-de34622aaab6">Paying For Retirement</h2>The one thing I didn't want to do in retirement was become a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-stock-trading-apps">full time investment broker</a>, so I hired one. The bulk of our investments are professionally managed in various municipal bonds and a mix of moderate-growth equities. My goal for the portfolio was income and asset retention. It costs about $6,000 a year in brokerage fees but is worth not having to personally manage all those transactions.Much of the income from this portfolio is non-taxable, which helps our bottom line. Outside of that, we have our IRAs, savings accounts, and a small <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/investment-portfolio">self-directed investment portfolio</a>.I communicate regularly with my broker and keep a close watch on everything. I've set up automatic monthly disbursements from the portfolios sufficient to cover our living expenses. I even make a few bucks with my writing. It's not a fortune, but we live comfortably.Eventually, we'll have to start thinking about <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/ira-early-withdrawal-without-penalty">taking draws from our IRAs</a> and when to apply for Social Security. But we've got a few years for that.<h2 id="33429322-fea5-4e8f-bef5-d911e60c8658">Life Is What You Make It</h2>Looking back, I wish I'd started sooner, but I was fortunate. Despite my late start at planning for retirement, I ended up OK.Every morning when I wake up, I open the shade next to my bed. Partly to see the morning light and partly to remember where I am. It changes all the time. We <a target="_blank" class="" href="https://www.businessinsider.com/van-life-road-trip-convinced-nomadic-lifestyle-is-for-me-2024-3">travel from place to place</a>, one campground to the next. We hike in new places, try local cuisine, and go to museums, exhibits, national monuments, parks, and special events like the Hot Air Balloon Festival in Lake Havasu. We also manage to pick up a gift or book for our granddaughter and mail them to her.<div type="image" title="Chris Mott and his wife Kim hiking." height="1592" width="3264" msid="114773508" hostid="261" sizebytes="312364"></div>No matter where we are or what we are doing, one thing is the highlight of every week: our weekly video call with our granddaughter. She is always excited to see Gigi and Papa and always has something to show or tell us about something special that happened that week.There is <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">life in retirement</a>, and it's pretty good.If you have a unique retirement experience and want to share your story, please email Manseen Logan at mlogan@businessinsider.com.

I was laid off and forced to retire in my 50s. I wish I'd started planning sooner, but my investment portfolio helped — and life is good.

<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.

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