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The <keyword id="23960239" type="General" weightage="100" keywordseo="Leonid-Meteor-Shower" source="keywords">Leonid meteor shower</keyword>, one of the most iconic celestial events, is currently active. If you missed its peak on the nights of November 17-18, don’t worry; the shower should still retain some razzle dazzle over the next few days. For stargazers in India, this cosmic show promises a breathtaking experience if the skies remain clear and moonlight isn’t too bright. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">What makes the <keyword id="24047570" type="General" weightage="20" keywordseo="leonids" source="keywords">Leonids</keyword> special?</h3>The Leonids are famous for their speed and brilliance, with meteors zipping through the atmosphere at an astonishing 70 km/s. They originate from debris left behind by <keyword id="24047566" type="General" weightage="20" keywordseo="Comet-55P/Tempel-Tuttle" source="keywords">Comet 55P/Tempel-Tuttle</keyword>, which orbits the Sun every 33 years. Occasionally, the shower transforms into a spectacular meteor storm, with thousands of meteors per hour. Though this phenomenon won’t occur this year, the Leonids remain a treat for skywatchers. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">Best time and how to watch in India</h3>To watch the showers, you have to stay up somewhat late into the night, as the radiant point in the constellation Leo becomes visible after midnight. Under ideal conditions, observers might spot around 10 meteors per hour, disappearing sometime after dawn breaks the next day. However, the waning gibbous moon may reduce visibility, so patience is key. To view the shower effectively, find a dark spot away from city lights and allow your eyes to adjust to the dark for at least 30 minutes. Don’t focus directly on Leo (the radiant point), as meteors will streak across the entire sky. You can also use apps or star maps to locate Leo, marked by its bright star Regulus and a sickle-shaped pattern representing the lion’s mane. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">Fun and practical tips for stargazing</h3>Pack warm clothing, a reclining chair, and a thermos of hot tea to stay cozy while watching. No binoculars or telescopes are needed — just the naked eye and a sense of wonder. If you're a photography enthusiast, a DSLR with a wide-angle lens can help you capture the meteor trails. The Leonids’ fiery streaks and occasional fireballs make them an unmissable celestial event. Even if the moonlight dims their intensity this year, the experience of lying under the stars and marveling at this cosmic spectacle is well worth it. For the best results, keep checking local weather forecasts for clear skies and head out to dark rural areas if possible. Happy stargazing!

Leonid Meteor Shower at peak: How to watch it in India

I had never been to Inglewood, but it felt familiar. After watching the sun-drenched city, nestled on the southwestern side of Los Angeles, on five seasons of <a target="_blank" class="" href="https://www.businessinsider.com/insecure-finale-why-issa-and-lawrences-ending-was-realistic-2021-12">Issa Rae's award-winning series, "Insecure,"</a> I came to know a few landmarks around town.The show itself had created one in The Dunes, a two-story apartment complex where Rae's eponymous character, Issa Dee, navigated life and love. It's now the backdrop to countless photos on Instagram, the platform of choice for the show's target audience — millennials.I stepped out of my Uber Comfort in front of Hilltop Coffee and Kitchen, a Black-owned restaurant co-owned by Rae that was also featured in season four, episode two of<a target="_blank" class="" href="https://www.businessinsider.com/details-you-missed-insecure-series-finale-references-callbacks-2021-12"> "Insecure," a series documenting Dee's awkward experiences</a> as a twentysomething woman trying to find her footing. Inside, the smell of freshly brewed espresso-based drinks wafted in the air as I tried to decide what I'd eat for lunch. As I looked up at the menu, my eyes caught these words painted on the walls: "We're all in this together," a nod to the communal seating that ran down the length of the bar.Hilltop is just one of the many businesses that Rae has authentically branded in recent years. Rae said coffee shops are where she's most innovative.<div type="image" title="Still from &quot;Insecure&quot; of Thug Yoda and The Dunes" height="1597" width="2880" msid="113988994" hostid="261" sizebytes="185948"></div>"I'm a coffee shop girl," the LA native told Business Insider in September during <a target="_blank" class="" href="https://www.businessinsider.com/status-symbols-people-at-new-york-fashion-week-see-everywhere-2024-2">New York Fashion Week</a>. "I love to people-watch."The multihyphenate was promoting another business, her new collaboration with Cast Jewelry, when I sat down with her inside the swanky 11 Howard Hotel. We discussed why she's getting into fine jewelry on a picturesque rooftop terrace in SoHo — far away from where her career started on the left coast, in Los Angeles.Rae came of age online, YouTube specifically, during its gold rush era. Back around the 2010s, it seemed that anyone could turn on a camera and become a star. <a target="_blank" class="" href="https://www.businessinsider.com/justin-biebers-net-worth-and-how-he-makes-his-money-2018-9">Justin Bieber</a> did it. Chloe and Halle did it. Issa Rae did it.So we rooted for them in a way that "Star Search" could never enable that level of intimacy. We thought Rae was a friend in our group chats, and in some cases, she was. Before baby boomers took over Facebook, Rae friended many of us, appearing on our timelines as just one of our friends, populating her feed with her own life updates, just like the kid in science class we rarely spoke to IRL.<div type="image" title="Issa Rae looking toward the camera wearing a purple blazer" height="3750" width="2500" msid="113988997" hostid="261" sizebytes="576386"></div>"The Misadventures of Awkward Black Girl," her award-winning YouTube series launched in 2011, eventually led Rae to create and star in "Insecure," which followed four besties as they came of age in Los Angeles, and later a few roles in<a target="_blank" class="" href="https://www.businessinsider.com/spider-man-across-the-spider-verse-shameik-moore-issa-rae-interview-2023-6"> box office-busting films</a> such as "The Hate U Give," "American Fiction," and "Barbie."Despite staying busy onscreen, behind the camera, Rae seemed even busier. She partnered with Atlanta Records to launch a record label, Raedio, in 2019 and created a <a target="_blank" class="" href="https://www.businessinsider.com/issa-rae-launching-new-creator-marketing-company-ensemble-2024-5">production company, Hoorae</a>, two years later, eventually expanding it into an entertainment company. In 2021, Rae inked a $40 million deal with WarnerMedia, ensuring Hoorae's content found a home on any of its properties — from New Line to Max. Her investment in Hilltop, helping the company expand to an Inglewood location, was made alongside a few others, including the prosecco brand Viarae, a partnership with California-based E. &amp; J. Gallo Winery, and the hair care company Sienna Naturals, which she founded with her sister-in-law Hannah Diop.Rae tells BI that her foray into fine jewelry was, in part, due to her desire to embrace her femininity as she's a "very casual girly.""As my career started to evolve, jewelry was a symbol of showing up," she said."It became my armor in a way. I'm braving myself for the day," Rae continued. "Even though I don't feel luxurious, even though I don't feel like I'm worthy to show up here, what I'm wearing makes it seem like I am." Rae said <a target="_blank" class="" href="https://castjewelry.com/collections/braeve">the Braeve Collection, her collaboration with Cast</a>, a San Francisco-based jewelry company, had to be approachable for it to make sense. The 22-piece collection, ranging in price from $250 to $5,900, features a variety of geometric hoops, cuffs, rings, necklaces, and pendants in finishes ranging from sterling silver to 14K gold.The actor said she hoped the price range "was right in the middle for the girl who's just like, 'I deserve. I wanna treat myself. I'm ready to level up,' and that's — across the board — the girl I want to approach, the girl that I'm talking to in my work."For an entrepreneur with her hand in many pots, I wanted to understand the mindset that propels Rae in business — to what she credits her success, the red flags she looks out for in entrepreneurship, and how she can create so effectively. Here's what she said.<h2 id="eb154b90-d1e9-41ba-a912-9fc99fdf3cad">Rae credits this one skill to her success</h2>The 39-year-old writer said waking up at 4 a.m. is her cheat code. "I started by saying I'm gonna get up at 7 today; I'm going to get up at 6, and then it became 4 — and 4 has been a game changer, honestly. Nobody else is up," she continued. "So much of the pressure is I'm always behind, and it was the first time I felt like I'm not behind anymore, and I get my own self-care time in."Rae also noted that she didn't have any other time that was her own, "so now it's become the only part of my day that I could fully control."She uses it to work out, which she considers her own form of active meditation, in her garage gym. She then journals."I'm waking up for me and not for other people."<h2 id="483591e5-5422-48ca-ad70-ab6807366633">The actor says a creative's first hire should be a TV producer</h2>When you look at a successful actor, there are so many people standing behind, beside, and in front of them who make their achievements possible. Rae said when building her team, her first hire was her most essential."When I first met Deniese, that's all she wanted to do was produce. That changed the game for me because that's a person who's just interested in executing and making things happen, pulling the people together to make your ideas happen," she explained, referring to producer Deniese Davis. Davis produced Rae's hit shows, "Awkward Black Girl" and "Insecure." She's also the cofounder of the management company ColorCreative, which she created with Rae and producer Talitha Watkins in 2014 to support women and minority writers.<div type="image" title="Issa Rae wearing yellow while holding her hand up" height="3750" width="2500" msid="113989001" hostid="261" sizebytes="650090"></div>"I say, 'I wanna do this project, and she's like, 'Cool. This is how we make this happen' because I can't do it myself — the 'how' person, the 'these-are-the-steps' person. To someone else outside the entertainment industry, maybe that's a project manager."<h2 id="357b153d-96bd-4e91-a24f-e5ce9f357324">Rae's biggest red flag when it comes to participating in collaborations is based on honesty</h2>Even though Rae has signed onto many collaborations and partnerships, she's also learned when to say no."When they're just solely driven by money, and if I feel like I can't be fully honest in the criticism aspect, and they can't be honest with me, I'm like, 'Oh, this won't work,'" she detailed."I need to know you think my ideas suck, and I need to be able to tell you your ideas suck, and we need to be able to not feel a way about that to make it the best it can be," Rae explained."A red flag is just the sensitivity; you can always tell when people aren't being honest with you."<h2 id="1ad95735-010b-4225-b8d2-8c65b6d87a7b">The actor broke down her formula for peak creativity</h2>Having created so many shows that have gained cult-like audiences, from "Insecure" to "The Sweet Life," a reality show following Gen Z creatives in LA, to "Rap Sh!t," a series about two rappers trying to make it big in Miami, Rae seems to know what audiences want to see on the small screen.Although she's been pretty tight-lipped on the plot details, <a target="_blank" class="" href="https://time.com/collection/closers/6564918/issa-rae-hollywoods-unkept-promises">Time reports</a> Rae is now working on two new shows as part of her WarnerMedia partnership.She told Business Insider that to write and craft TV shows that speak authentically to her audiences, she has to leave the confines of her home for at least 72 hours."I can't fully dream in my home. I always have to leave, and sometimes I will…it really is just a logistical thing," she began. "I need three days in a row to be able to start to be creative. I've discovered that's my formula.""The first day will always be spent procrastinating or finding things wrong and reasons I can't start, and I need to allow for that day," Rae added. "The second day, I feel bad for the first day."She said she isn't concerned about her first two days because "in procrastination, you're still thinking; it's still in the back of your mind.""Ideas are still gestating, so by that second day, you're ready, and by the third day, it's like, 'This is all I have, so I have to get it down,'" she continued. "So, I recognize the perfect amount of time is three days, and by that third day, I'm off."

Issa Rae breaks down her success mindset and her formula for peak creativity 

<ul class="summary-list"><li>On Tuesday, Mark Zuckerberg hit the interview circuit to promote Meta's latest AI model, Llama 3.1.</li><li>The Meta CEO had a very visible sunglasses tan in one of his interviews.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-makeover-reason-email-2024-7">Mark Zuckerberg</a> sure had a lot of fun in the sun this summer.Zuckerberg gave an <a target="_blank" class="" href="https://x.com/rowancheung/status/1815763595197616155">interview</a> to AI newsletter writer Rowan Cheung on Tuesday, after Meta released its latest AI model, <a target="_blank" class="" href="https://ai.meta.com/blog/meta-llama-3-1/">Llama 3.1,</a> on Tuesday.While the Meta CEO was there to hype his company's latest AI offering, the interview was just as notable for Zuckerberg's visible sunglasses tan.Zuckerberg's new bronzed look is right on brand. In the past year, he has embraced a style glow-up. The billionaire has ditched his <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-same-t-shirt-2014-11">uniform of gray T-shirts</a> for <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-priscilla-chan-mob-chic-jeff-bezos-lauren-sanchez-2024-4">gold chains</a> and <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-enjoyed-visit-to-japanese-mcdonalds-during-asia-tour-2024-2">shearling brown jackets</a>.The hydrofoil enthusiast also seems to have cut down on his sunscreen usage. Back in 2020, Zuckerberg was <a target="_blank" class="" href="https://www.businessinsider.com/photos-mark-zuckerberg-surfing-with-tons-of-sunscreen-memes-2020-7">mocked and memed</a> after the <a target="_blank" class="" href="https://x.com/nypost/status/1284947338847563776">New York Post</a> snapped a photo of him surfing with a face full of sunscreen."I'm not a person who's under the illusion that I look particularly cool at any point with what I'm doing," Zuckerberg <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-addresses-surfing-photo-sunscreen-leaked-audio-2020-9">said</a> of the photo during a companywide Q&amp;A with Meta employees, per leaked audio obtained by <a target="_blank" class="" href="https://www.theverge.com/21444203/facebook-leaked-audio-zuckerberg-trump-pandemic-blm">The Verge</a>.The Zuckerberg of today, however, is paying a lot more attention to whether he looks cool. The billionaire released an Instagram video of himself <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-celebrates-july-4th-surfing-tuxedo-beer-flag-springsteen-2024-7">hydrofoiling while wearing a tuxedo and a pair of Meta Ray-Bans</a> on Independence Day.The video, scored to Bruce Springsteen's "Born in the USA," featured a beer-sipping Zuckerberg riding the waves while clutching an American flag.To be sure, Zuckerberg's style evolution isn't just about aesthetics.The social media mogul's reputation was left in tatters after the <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-deposition-sec-facebook-user-data-cambridge-analytica-2022-12">2018 Cambridge Analytical scandal</a>, in which Facebook was accused of allowing the political analytics firm to improperly access some 87 million users' data.That, coupled with Meta's ambition of winning over more millennial users, has driven Zuckerberg toward an <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-makeover-reason-email-2024-7">image makeover that may win him some fans</a>."While our company has a special role in the lives of this generation, this is likely particularly important for how I show up because I am the most well-known person of my generation," Zuckerberg said in an email to Meta colleagues and board members on January 4, 2020."I think this overall shift is something we should consider for how our company communicates and shows up more broadly, but it's something I'm definitely going to think about more in terms of how I communicate," he added.Representatives at Meta for Zuckerberg didn't immediately respond to a request for comment from Business Insider sent outside regular business hours.

Meet peak summertime Zuck

<ul class="summary-list"><li>There are signs across AI models, chips, and new form factors that the market is getting frothy. </li><li>OpenAI will need to generate big returns to justify its record funding round. </li></ul>In years to come, Silicon Valley may view the events of the past few weeks as the moment the generative AI boom got too frothy. Investors spent the summer wondering if top AI stocks could continue to justify soaring valuations in the face of absent returns from their massive AI spending. Now, signs have emerged that they're not yet done with generative AI mania.As September rolled into October, some of the most significant investment areas in AI received fresh votes of confidence — be it in the chip space, the large language model arena, and devices. But there could be reason to feel cautious about the latest developments.<h2 id="8762485c-f284-4cce-bb0b-d0a9fc3e804e">The Nvidia rival with just one main customer</h2><div type="image" title="Andrew Feldman sits on a stage in casual clothes speaking and gesticulating wearing a head mic in front of a purple background that say &quot;Collision.&quot;" height="4067" width="6192" msid="113963114" hostid="261" sizebytes="1252132"></div>Cerebras, a chip startup, included an eyebrow-raising detail in its <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm#i6a62fccbc8aa4fa39c22dbb7af1721b1_159">IPO prospectus</a>. But first, here's a quick primer on the Sunnyvale-based company. Founded in 2015, Cerebras aims to accelerate AI development by designing processors to train and deploy smarter LLMs. It believes these processors, among other offerings, can compete with the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">powerful chips sold by Nvidia.</a>That's no walk in the park. Nvidia has emerged as one of the biggest winners of the generative AI boom, having grown from a market capitalization of $364 billion at the start of 2023 to over $3 trillion.As things stand, however, Cerebras' plan to take it on involves generating the vast majority of its revenue from just one customer: Abu Dhabi-based AI firm G42.According to its IPO prospectus, Cerebras — backed by investment firms such as Altimeter, Benchmark, and Coatue — generated 83% of its $78.6 million revenue in 2023 and 87% of the $136.4 million revenue generated in the first half of 2024 from G42.Founded in 2018, G42 has emerged as one of the Middle East's biggest AI opportunities. Abu Dhabi's sovereign wealth fund, Mubadala, owns a stake, <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">as do Microsoft and the private equity firm Silver Lake</a>. There appears to be reason to work with G42, then, but by Cerebras' admission, an "adverse" change in the relationship could harm the chip firm.While Cerebras has sought to strengthen its customer base — it reached an <a target="_blank" href="https://cerebras.ai/press-release/aramco-and-cerebras-sign-a-mou-to-accelerate-the-deployment-of-ai">agreement with oil giant Saudi Aramco</a> in September — its revenue concentration will weigh on investors as it aims to raise $1 billion in its public listing at a $7 billion to $8 billion valuation, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/cerebras-systems-targets-raising-up-to-1-billion-in-ipo">per Bloomberg.</a><h2 id="8dead263-a80c-43a0-8d82-0b8327f3078f">OpenAI reaches dizzying new heights</h2><div type="image" title="OpenAI" height="4235" width="6352" msid="113963111" hostid="261" sizebytes="339146"></div>Warning signals emerged elsewhere as OpenAI shook up the market for LLMs on Wednesday by closing the most valuable funding round in Silicon Valley history.While the ChatGPT maker announced that it had raised $6.6 billion at a $157 billion valuation from a series of new and existing investors, it did so with a few notable asterisks.For one, <a target="_blank" href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a?accessToken=zwAAAZJOTf4Kkc9m4GU-xEZHstOKf7qlTMv7mg.MEUCIEJBi-VbRpNb9MIo2y24cDg8XwZ1lH2wIV_Kc-UGHtCBAiEA8JUYYonEqynzl_Wyz-3pPnT4q23D5MCTtg0M0CZ25ak&amp;segmentId=e95a9ae7-622c-6235-5f87-51e412b47e97&amp;shareType=enterprise&amp;shareId=b484077e-9f3e-4aef-a08b-93a56609306a">per the Financial Times</a>, OpenAI has asked its investors not to back its rivals, which include Anthropic, Elon Musk's xAI, and Safe Superintelligence (SSI), the startup founded in June by OpenAI's former chief scientist, Ilya Sutskever.While it has the right to do this, the ask is unusual in the world of startup investing, where venture capitalists often spread their bets. Gary Marcus, a professor who testified next to OpenAI's Sam Altman at a Congress hearing in 2023, described the move as OpenAI <a target="_blank" href="https://x.com/GaryMarcus/status/1841923594324246947">"running scared."</a> David Sacks, general partner at Craft Ventures, called the ask a "shady" one. "The mask is really coming off," <a target="_blank" href="https://x.com/DavidSacks/status/1841561582918332869">he wrote on X.</a>It is also worth taking a closer look at some of the investors in its latest round. As my colleague <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-softbank-ark-tiger-global-2024-10">Darius Rafieyan noted earlier this week</a>, some of the most "prolific bubble chasers" — investors with a track record of betting on companies close to their peak — now count themselves as OpenAI backers. Think SoftBank, the Japanese conglomerate that burned billions of dollars on WeWork, and Tiger Global, an investment fund that <a target="_blank" href="https://www.businessinsider.com/tiger-global-hedge-fund-cut-back-fundraising-2023-7">suffered brutal losses in recent years</a> after going on huge startup betting sprees.This has taken place against a backdrop of wider challenges. OpenAI no longer has a chief technology officer after Mira Murati quit the firm late last month, becoming the latest top-tier executive to depart.The company has also been battling to reverse its lossmaking operations. According to a September report from <a target="_blank" href="https://www.nytimes.com/2024/09/27/technology/openai-chatgpt-investors-funding.html">The New York Times</a>, OpenAI's monthly revenue grew to $300 million in August —but it has projected $5 billion in losses this year.<h2 id="56ba4bee-c3d5-4e63-9a9e-123f8061e53d">AI's new form factors get a Meta push</h2><div type="image" title="Mark Zuckerberg wearing Orion glasses" height="3189" width="4791" msid="113963106" hostid="261" sizebytes="566084"></div>The other notable sign of market frothiness came as Mark Zuckerberg unveiled a bold new wearable device for the AI era: <a target="_blank" class="" href="https://www.businessinsider.com/meta-orion-quest-vr-headset-wearable-mark-zuckerberg-analysts-explained-2024-9">Meta's Orion.</a>The augmented reality glasses, introduced at the company's Connect conference in late September, put AI front and center by embedding the technology in a way that "can sense and understand the world around you," <a target="_blank" class="" href="https://about.fb.com/news/2024/09/introducing-orion-our-first-true-augmented-reality-glasses/">according to Meta.</a>While they have impressed — Nvidia CEO Jensen Huang gave a glowing endorsement of the wearables in a promotional video, and <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-impressed-wall-street-with-meta-connect-2024-9">Meta's stock responded positively after the event</a> — there are a few matters to consider beyond the hype for it.The first is cost. <a target="_blank" href="https://www.theverge.com/24253908/meta-orion-ar-glasses-demo-mark-zuckerberg-interview">According to The Verge's Alex Heath</a>, who spoke to Meta executives, the cost of building a single Orion unit at present is a steep $10,000.Even if that cost can be brought down — something Orion lead Rahul Prasad told The Verge would be a focus of the device's next development phase — Meta will need to contend with the fact that appetite for these wearables hasn't exactly impressed in the past.Meta rival Snapchat took a go at introducing glasses to the market in the mid-2010s but failed to make a splash after <a target="_blank" href="https://www.businessinsider.com/snap-is-doing-something-i-havent-seen-since-the-1970s-2016-9">incurring a $40 million loss on them</a>. It is taking another crack with AI-embedded eyewear, <a target="_blank" href="https://newsroom.snap.com/sps-2024-spectacles-snapos?lang=en-US">announcing a partnership last month with OpenAI</a> to embed its tech.Other form factors for AI that have emerged recently, such as the Humane AI pin that launched in April and the pocketable rabbit R1 introduced in January, have largely flopped, too.Where does this leave us? In short, a lossmaking startup must justify its $157 billion valuation. A chip firm worth up to $8 billion must persuade investors not to worry about its undiversified revenue streams. Meta will need to convince consumers to switch to another way of interacting with AI entirely. All of these things may come to pass. If so, this will be seen as a juncture where AI goes on to truly revolutionize the industries it touches — and repay the faith of investors. But if history is anything to go by, the high-stakes tech world is rarely plain sailing.

There are 3 signs that generative AI might be reaching peak market froth — and it's not just OpenAI

<ul class="summary-list"><li>The bull market could be in its final days, according to Calamos Investments' Michael Grant.</li><li>The CIO said the market has suffered from "invincibility syndrome."</li></ul>The bull market in stocks looks like it's close to the top, according to an investment chief.Michael Grant, the co-CIO of Calamos Investments, thinks large-cap stocks could be on track for one of the best years over the last century, before the market tips into a period defined by subpar returns. That's because stocks are flashing signs of "invincibility syndrome," with investors falsely believing that nothing can stop further gains, he said in a <a target="_blank" class="" href="https://www.calamos.com/blogs/voices/2024-invincibility-syndrome/">note</a> this week."The most significant feature of this investment year is the perception that US equities are virtually invincible. This 'Invincibility Syndrome' historically signals a crescendo when markets are in the process of summiting a major peak," Grant wrote."In our view, the paradox of this rewarding year is its underlying warning of low future returns for 2025 and beyond," he later added.The precarious state of the market can be seen in a slew of data points that measure valuation, sentiment, and positioning, he noted.A handful of <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-prediction-bubble-overvalued-stifel-outlook-2024-10">valuation</a> measures suggest stocks are at historically expensive levels, Grant said. For instance, the median <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-pe-ratio">price-to-earnings</a> ratio of the S&amp;P 500 is 28, the most expensive stocks have been relative to earnings since around the dot-com bubble.Meanwhile, the standard Shiller cyclically adjusted price-to-earnings ratio — which <a target="_blank" class="" href="https://www.businessinsider.com/sp500-index-funds-stock-market-valuations-cape-ratio-future-returns-2024-8">smooths out outlier P/E data</a> — has climbed past 35, the highest level on record.Sentiment and position indicators are also flashing signs investors are overexcited about the stock market, Grant said.Households appear to be the most bullish on stocks since the dot-com era. The percentage of consumers who expect stock gains over the next year has climbed to its highest levels recorded since 1987, according to the three-month moving average of responses to the Conference Board's monthly survey.<div type="image" title="Graph showing stock price expectations among US consumers" height="1108" width="1483" msid="114356707" hostid="261" sizebytes="45468"></div>Households also have a lot of cash allocated to investments. US households held a <a target="_blank" class="" href="https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:139;series:Corporate%20equities%20and%20mutual%20fund%20shares;demographic:networth;population:1,3,5,7,9;units:levels;range:2011.3,2024.2">record $42.43 trillion</a> in corporate equities and mutual fund shares over the second quarter, Federal Reserve data shows.<div type="image" title="Graph showing household wealth in corporate equities and mutual fund shares" height="800" width="1200" msid="114356710" hostid="261" sizebytes="37288"></div>Meanwhile, the amount of cash held by non-bank investors as a percentage of equity mutual funds has dropped to nearly 30%, around historic lows. That suggests there's little "cushion" in the event the stock market declines or experiences a shock, Grant said.<div type="image" title="Graph showing cash allocations by global investors" height="1158" width="1469" msid="114356709" hostid="261" sizebytes="57444"></div>"What is striking today is how positioning measures corroborate the diagnosis of extended confidence and valuation for the leading categories of US equities. What remains to drive a market higher if everyone is already bullish?" Grant said.Investors have felt pretty optimistic about stocks so far this year, thanks largely due to optimism on the US economy and expected rate cuts. But if the economy is headed for a soft landing or no landing at all, that suggests interest rates won't move significantly lower, Grant noted."Put simply, the decline of long-term risk-free yields appears complete, unless the soft-landing assumption is badly wrong. The landscape taking shape represents the final stages of the bull market and a prelude to a much more disturbed period ahead, perhaps for many years," he said.Grant added that the push toward 6,000 for the S&amp;P 500 suggests that 2024 will mark the strongest year for large-cap stocks of the century so far, but that doesn't mean the future will be as bright. "And yet, this thought pales in comparison with the growing evidence that we are witnessing a crescendo— a summit for equities that could prove durable."

Stocks are nearing a major peak and a more 'disturbed' period of weak returns is ahead for investors, CIO says

<ul class="summary-list"><li>Rob Arnott warns of a potential bear market in the next couple of years.</li><li>He said comparisons to the dot-com peak in 2000 are fair.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/where-to-invest-inflation-recession-stock-market-trades-rob-arnott-2024-5">Rob Arnott</a> says he's usually early when calling a bull market top. So when he says the current market environment reminds him a lot of the dot-com bubble peak, it doesn't mean he thinks a significant pullback is imminent.It does mean, however, that he sees a big decline somewhere not too far off."This looks and feels like the year 2000 to me," Arnott told Business Insider on November 11. "Are we likely to see a bear market in the next two years for large-cap growth? Yeah."Arnott's comments came as the S&amp;P 500 — a large-cap index dominated by mega-cap growth firms known as the Magnificent Seven — jumped 5% within a week following the election of Donald Trump, closing above 6,000 for the first time. The explosive move was the latest advance in a torrid 66% rally that's lasted more than two years.A robust economy and excitement about artificial intelligence and business-friendly policies from the future Trump administration have propelled the market to all-time highs. But Arnott believes AI optimism, which has driven the lion's share of the rally, is already fully priced in.Those high expectations are visible in the S&amp;P 500's Shiller cyclically adjusted price-to-earnings ratio, Arnott said, which sits at levels that rival the dot-com bubble peak. At 37 times earnings, just below the late-2021 peak of 38, before the market fell by 25%, and the 2000 peak of 43, right in front of a 50% loss.<div type="image" title="s&amp;p 500 cape ratio" height="943" width="1242" msid="115360049" hostid="261" sizebytes="38380"></div>The problem with high expectations is that the results eventually have to live up to them. But a couple of factors threaten the market's bullish narrative, he said.One is that companies like Nvidia will be able to keep their 90% market share as competition rises and the cost of chips eventually comes down."If you posed the question five years ago, the presumption would have been that Intel would be the dominant player," Arnott said. "Well, Intel is teetering perilously close to irrelevance, and Nvidia wasn't on anyone's radar screen five years ago. So disruptors get disrupted."There's also the possibility that the pace of AI adoption is slower than expected, Arnott said. He said internet use in 2005 wasn't all that different from its use in 2000, but that today, things have completely changed. A longer timeline may play out for AI as well, he said.Arnott joins a long list of strategists and money managers who have recently expressed lackluster outlooks about forward return prospects, given the state of stock valuations.Goldman Sachs' Chief US Equity Strategist <a target="_blank" class="" href="https://www.businessinsider.com/sp500-outlook-next-decade-forecast-david-kostin-goldman-stocks-strategist-2024-11">David Kostin</a> made waves in October when he said the S&amp;P 500 would deliver 3% annualized returns over the next 10 years. In an interview with Business Insider, he also made a similar point to Arnott in that the valuations of some of the market's most-loved names are much higher than the rest of the pack, similar to what happened during the dot-com bubble.<div type="image" title="Goldman Sachs chart showing 10 largest stocks trading at 31x P/E compared to 19x for the rest of the market." height="730" width="882" msid="115360050" hostid="261" sizebytes="38416"></div>Bank of America's Global Chief Equity Strategist Michael Hartnett said in a client note on Friday that US stocks have outperformed relative to equities in the rest of the world to the most extreme degree in at least 75 years. Relative performance levels have reached elevated levels in prior asset bubbles like the so-called Nifty Fifty and dot-com peaks.<div type="image" title="us stocks vs rest of the world" height="669" width="1154" msid="115360043" hostid="261" sizebytes="39832"></div>While Hartnett said it's difficult to call the top in investor sentiment, the strategist known for his short-winded writing simply said: "sell hubris, buy humiliation."Like both Arnott and Hartnett say, it's hard to call the top. As short-term interest rates fall and the market-friendly policies of the Trump administration on the way, the rally could continue for months or years.But history shows there will likely eventually be cheaper times to buy into the market, said David Einhorn, founder of hedge fund Greenlight Capital, at CNBC's Delivering Alpha conference on Wednesday."This is a really, really, really pricey environment, but it doesn't necessarily make me bearish. Asset prices can trade at the wrong price and they can trade at the wrong price for a long period of time," Einhorn said. "I just observe that it's a really expensive market that if you buy and hold for a very long period of time, I doubt that this is a great — you'll look back and say this was a great entry point of all of the entry points that you could have."The way Arnott sees things, that better entry point could come in the next couple of years.

'This looks and feels like the year 2000 to me': Investing legend Rob Arnott says the stock market's record rally reminds him of the dot-com bubble peak

<ul class="summary-list"><li>Ned Davis Research says investors should watch for signs of a potential peak in the S&amp;P 500.</li><li>The secular bull market, which began in 2009, is in a mature stage according to NDR's Tim Hayes.</li></ul>With the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> in its 15th year of a secular bull market that started in 2009, Ned Davis Research says investors should watch for warning signs of a potential peak.In a Friday note, NDR chief global investment strategist Tim Hayes said the secular bull rally is in its mature stage, so investors should keep an eye out for warning signs like sentiment extremes."What will warn that it's ending? The answer comes down to sentiment — so much positive news for so long that it has become the new normal," Hayes said.He added: "The risk is that the lack of risk aversion would leave investors exposed to a degree of sustained macro deterioration yet to be experienced since the bull got underway."Hayes isn't calling for an imminent peak in the stock market, especially with falling interest rates historically acting as a tailwind for stock prices, but he's aware that it could happen."The last two secular bulls lasted 24 years (1942 - 1966) and 18 years (1982 - 2000). But with the secular bull mature, we're watching out for signs that it may be at risk," Hayes said.The first warning sign of a near-term peak in the stock market is worsening breadth among the underlying issues of the US stock market.In other words, if only a handful of companies drive the stock market higher, that would be a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-rally-broadens-small-caps-another-win-for-bulls-2024-7">bad sign,</a> as it was at the secular top in 2000.Investors don't have to worry about that signal flashing just yet, with recent data showing a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/rare-bull-signal-perfect-track-record-just-flashed-stock-market-2024-9">surge in market breadth.</a>Extreme valuations would be another warning sign to watch for, according to Hayes, who added that high valuations price in a perfect macro environment, and if something goes wrong, those valuations can fall apart rather quickly."Expensive valuations appear justified when earnings growth is coming through, but that also leaves the market vulnerable when earnings turn lower," Hayes said.Long-term peaks in the stock market also typically occur when earnings growth and economic growth hit extreme levels, as the other side of that boom is typically a swift deceleration in growth.The secular stock market peaks of 1929, 1966, and 2000 all coincided with a peak in S&amp;P 500 earnings growth, "after which prices dropped on the growing realization that the valuations were not justified," Hayes said.While valuations and earnings growth are currently at high levels, they could have more room to grow, according to the note."The current level of earnings growth has yet to reach its levels at the peaks in 1929 and 2000 but has already closed in on its levels of 1966," Hayes said.He added: "For a downturn in earnings growth, we would expect to see a downturn in economic growth."Finally, Hayes said investors should keep an eye on bond yields and commodities, as they will reflect a potential rebound in inflation. And a rebound in inflation, coupled with rising interest rates, would be an unwelcome warning sign for the current bull rally in stocks."If that would start to change with a severe cyclical bear, the secular bear warnings would strengthen, and we would be likely to see reversals from extremes in valuations, earnings growth, and economic performance," Hayes concluded.

Watch these warning signs for a potential peak in the stock market's long-term bull rally, NDR says

<ul class="summary-list"><li>Bill Smead warns of a stock market bubble made worse by the market's recent surge.</li><li>Smead compares current market conditions to past bubbles, citing high equity ownership.</li></ul>When Bill Smead took his first job as a broker at Drexel Burnham Lambert in 1980, his dad asked him to place a trade that would benefit from a Ronald Reagan win later that year.So he did, and after Reagan won, the investment jumped the day the results were announced — a continuation of the 29% rally that had endured since March of that year.Unfortunately for his father, however, that was as good as the returns were for the next 18 months.From November 1980 to July 1982, stocks entered a bear market, dragging the S&amp;P 500 down 27% as a recession gripped the US economy. That was despite the market's trailing 12-month price-to-earnings ratio sitting at a cheap 7.5 in 1980 versus a more expensive 24 today.While no two market environments are the same, Smead — the founder of Smead Capital Management — cites the example as a cautionary tale to investors who have eagerly jumped into stocks following the election of Donald Trump to a second term earlier this week.Just like Reagan, Trump touts a regulation-slashing, tax-cutting agenda that should boost the market in theory. But other factors are at play.Smead warns market conditions are setting the market up for dismal returns going forward, and that stocks are in a bubble only made more extreme by the so-called 'Trump bump' this week, which saw the Dow jump 3.5% in a day."You've got an expensive market that just exacerbated itself," Smead told Business Insider."It's a disaster waiting to happen," he continued. "We have put the icing on the financial euphoria cake and lit the candle on top."There is plenty of evidence that the market is historically expensive.For instance, <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-why-sp500-decade-weak-returns-goldman-jpmorgan-2024-11">Goldman Sachs said last month</a> that current levels of the Shiller cyclically adjusted price-to-earnings ratio (the dark blue line in the chart below) — rivaling prior bubbles — lead them to believe that the S&amp;P 500 will deliver 3% annualized returns over the next 10 years. That's less than the risk-free return that 10-year Treasury notes offer.<div type="image" title="cape ratio and forward returns" height="613" width="882" msid="115114980" hostid="261" sizebytes="46444"></div>Beyond valuations, however, Smead points to signs of historically high investor enthusiasm, like the level of household equity ownership. Stocks make up around 42% of all household assets at the moment, the highest level in history.Some of the most elevated levels of equity ownership came at the height of the dot-com bubble, the stock market top of 2007 before the Great Recession, and in 2021 before the market fell 25%.<div type="image" title="household equity ownership" height="450" width="1320" msid="115114974" hostid="261" sizebytes="23442"></div>Equity ownership levels also show that a lot of cash has come off of the sidelines, Smead said, a sign that dry powder may not be enough to help stave off a market decline. And much of the remaining funds in cash equivalents are held by Baby Boomers, who need the income and have too low of a risk profile to get back into stocks, he said.In recent months, Smead has said that investing icon <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-warren-buffett-dot-com-bubble-apple-smead-2024-9">Warren Buffett's behavior — significantly trimming his stock positions</a> and building a cash pile — resembles his approach leading up to the dot-com bust. Smead himself compared to the dot-com bubble earlier this week in a note, noting that chip giant Intel was added to the Dow Jones Industrial Average just four months before the peak in 2000. Dow Jones announced earlier this week that Nvidia would be added to the blue-chip index.<div type="image" title="intel stock" height="460" width="751" msid="115114977" hostid="261" sizebytes="13110"></div>In Smead's opinion, today's bubble is worse than the dot-com era because of how far-reaching it is."Back then, it was mainly tech that was egregious. This time, it's tech and almost anything growthy," he said. "I promise you, Costco wasn't trading at 53x earnings at the end of '99."He added: "Anybody that's been able to perpetuate their success trades at 30x-60x earnings."Goldman Sachs' Chief US Equity Strategist <a target="_blank" class="" href="https://www.businessinsider.com/sp500-outlook-next-decade-forecast-david-kostin-goldman-stocks-strategist-2024-11">David Kostin told Business Insider</a> in late October that the level of concentration in the largest stocks and the gap between their PE ratios and the rest of the market's were last seen to this degree during the dot-com bubble. Both measures are shown below.<div type="image" title="Goldman Sachs US equity market concentration" height="642" width="689" msid="115114988" hostid="261" sizebytes="44834"></div><div type="image" title="Goldman Sachs chart showing 10 largest stocks trading at 31x P/E compared to 19x for the rest of the market." height="730" width="882" msid="115114982" hostid="261" sizebytes="38416"></div>It's debatable whether or not stocks are in a bubble. Many bears, including Jeremy Grantham, have warned of significant downside over the last couple of years while the market has catapulted to all-time-highs on a strong economy, falling inflation, and optimism about AI.A fully Republican Congress next year may also provide enough fiscal stimulus through tax cuts to keep the rally going.But like Smead, Dave Sekera, a senior US market strategist at Morningstar, said on Wednesday that <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-election-investing-stock-market-strategy-sp500-valuations-morningstar-2024-11">investors should avoid making rash decisions amid the post-election rally</a> and that current valuations are still likely to impact returns. Morningstar's valuation model has the S&amp;P 500 more expensive right now than it has been during 80% of the time since 2010, Sekera said.In the short term, that might not matter. But over the next 10 years or so, as Goldman Sachs warned recently, valuations are likely to be a drag on returns, Smead said. And Smead's long-term track record is nothing to scoff at. Over the last 15 years, his Smead Value Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/smead-value-fund-investor-class-us83178c8819?miRedirects=1">SMVLX</a>) has beaten 97% of similar funds, according to <a target="_blank" href="https://affiliate.insider.com?h=f3d8d9acb3650494a8a05384eb83d68d8095d6aaddf214a8457abddb36fdffb7&amp;postID=672d01b7d057d3e5c5c92cf1&amp;postSlug=stock-market-crash-trump-trade-dot-com-bubble-sp500-smead-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2Fxnas%2Fsmvlx%2Fperformance">Morningstar data</a>."You will not get rich from investing in the fourth huge financial euphoria episode in the last 100 years, in the S&amp;P 500," he said. "You will get poor, you will not get rich."

'A disaster waiting to happen': A top 3% investor warns the 'Trump bump' is the icing on the cake of a euphoric stock market bubble that's worse than the dot-com peak

We Earthlings are all too familiar with frost. That crisp, white layer we see on cold mornings, which forms when atmospheric water vapour condenses and freezes on surfaces, is a signature characteristic of Earthly winters. But on <keyword id="47638" type="General" weightage="100" keywordseo="Mars" source="Orion">Mars</keyword>, where the atmosphere is about 100 times thinner and contains 10,000 times less water vapour than Earth, such icy phenomena are extremely unlikely. Against all odds, scientists have detected water frost at Mars' equator for the first time ever! Even more astonishing, this discovery occurred in a Martian region where frost was once thought to be an impossibility. <cmsannotation type="cmsannotation" annotationid="Space cameras peek at Martian peaks, unveil their frosty secrets" comment="subhead" text="Space cameras peek at Martian peaks, unveil their frosty secrets">Space cameras peek at Martian peaks, unveil their frosty secrets</cmsannotation> The frosty revelations come from observations of the Tharsis region on Mars, which includes some of the solar system's tallest volcanoes: Olympus Mons, Arsia Mons, Ascraeus Mons and Ceraunius Tholus. Here, deposits of transient morning frost were detected on the volcanoes' summits, regions previously assumed to be too warm for frost to form. This breakthrough began with the detection of lighter, bluish areas on the volcanoes' peaks by the Colour and Stereo Surface Imaging System (CaSSIS) on ESA’s ExoMars Trace Gas Orbiter (TGO). Initially puzzling, these light patches appeared consistently only in early morning observations during Mars' cold seasons. <div type="image" title="mars volcano frost top" msid="110933695" hostid="261" sizebytes="15376" caption="&amp;lt;p&amp;gt;A bird&amp;#39;s eye view of frost on Olympus Mons.&amp;lt;/p&amp;gt;"></div> Further investigation confirmed that these lighter areas were indeed water frost, as the High-Resolution Stereo Camera (HRSC) on ESA's Mars Express also recorded these features. Yet, the origin of this phenomenon remained elusive until researchers conducted numerical simulations to replicate the microclimate of Mars' volcanoes. These simulations, similar to those used in predicting Earth’s weather but tailored for Martian conditions, revealed that the clear zones corresponded with conditions suitable for water condensation. They confirmed that these icy patches were the result of frost forming overnight under the right climatic conditions on Mars. The simulations also showed that surface temperatures on these Martian volcanoes are conducive to the existence of frozen water. However, the intense solar exposure at the equator causes the frost to dissipate rapidly each morning, explaining its transient nature. The frost layer itself is extraordinarily thin, just 10 micrometres thick, reflecting Mars' limited atmospheric water vapour. In terms of volume, the frost could cover about 60 Olympic-sized swimming pools if harvested. Though this seems substantial, it's a minuscule quantity compared to Mars’ total surface area. Nonetheless, it represents a potential resource for future astronauts, who could use it for drinking water or converting it into rocket fuel. This discovery not only enhances our understanding of Mars' current water cycle, but also offers clues about its past climate and potential habitability. By refining our knowledge of Martian weather patterns, we can better prepare for future exploration and continue unravelling the mysteries of the Red Planet. These findings were recently published in the journal Nature Geoscience and can be accessed <a href="https://www.nature.com/articles/s41561-024-01457-7">here</a>.

Scientists have found frost on Mars’ volcano peaks, enough to fill 60 Olympic-sized swimming pools!

<ul class="summary-list"><li>Stock market highs are expected to continue into 2025, according to Oppenheimer's Ari Wald.</li><li>In a note, Wald highlighted strong market breadth and healthy signs across various sectors.</li></ul>Record highs in the stock market are set to continue, as few signals suggest a top in equity prices is near.That's according to Oppenheimer managing director and technical analyst Ari Wald, who said in a note over the weekend that there are bullish "inflection points" in the underlying market."We continue to balance seasonal headwinds against our view that evidence of a major top is not compelling," Wald said.Wald said he is encouraged by the fact that the number of stocks on the New York Stock Exchange above their 200-day moving average is above 60%, which is a healthy sign for a market advance, as it shows that it's not just a handful of mega-cap tech companies driving the gains.<div type="image" title="A chart of the S&amp;P 500" height="502" width="894" msid="113605545" hostid="261" sizebytes="40934"></div>"We stress that market breadth remains constructive, and defensive leadership may represent a 'catch-up' into previous underperformers," Wald said.Wald said that based on the chart, traders can buy last week's breakout to new cycle highs in the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>, with a stop-loss set at the 5,650 level on a closing basis.A stop-loss is a risk management tool used by traders to automatically sell a security when a certain price is hit.For the S&amp;P 500, the 5,650 level represents potential downside of just 1%, while Wald's upside price target of 6,000 in the first half of 2025 represents potential upside of 5%.Wald's 6,000 price target for the S&amp;P 500 is based on the median bull market cycle."The S&amp;P 500 is up 64% over the 23 months between October 2022 and September 2024. Since 1932, the median bull cycle has gained 73% over a 32-month period," Wald said.Meanwhile, the average bull market cycle gain is 102% over a 34-month period.And if the current bull market follows the path of the average bull market, stocks could continue to rise through the end of 2025 with the S&amp;P 500 rising to around the 7,000 level.That 7,000 target aligns with <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-price-target-bullish-high-6000-yearend-bubble-2024-6">a bullish prediction from Evercore ISI,</a> which said in June that the AI craze could push stocks higher in 2025.Beneath the surface of the broad market, Wald said he is encouraged by the "right" leadership making new highs, including the Industrials sector."We view the cycle high for Industrials as confirmation of an intact bull market," Wall said.Record highs in the financials sector is another positive sign for the broader stock market, while the technology sector could be gearing up for its next big move higher, according to Wald."Technology is coming off an all-time high on both an absolute and relative basis in July. While the sector's relative trend has moderated, we still believe Technology represents one of the strongest long-term structures in the market," Wald said.Finally, Wald highlighted the healthcare sector as another area of the market that is showing resilience, even as it lags other sectors.While the healthcare sector is breaking out to new all-time highs, on a relative basis it is falling to new multi-year lows compared to the S&amp;P 500."We think the divergence between Health Care's absolute and relative trend speaks to the broadness of market breadth — even lagging sectors are rallying," Wald said.Similar scenarios are playing out in the communication services and materials sectors, according to the note.

Why stocks have a lot more room to rally before hitting a peak, according to a technical analyst

<ul class="summary-list"><li>Meta CEO Mark Zuckerberg has promised that AI will revolutionize the company's ad services.</li><li>But Meta's use of AI for moderating ads may already be putting the company in hot water.</li></ul>During July's earnings call, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg">Meta CEO Mark Zuckerberg</a> laid out a vision for his company's valuable ad services once they are further bolstered by artificial intelligence."In the coming years," he said, "AI will be able to generate creative for advertisers as well and will also be able to personalize it as people see it."But as the trillion-dollar company hopes to revolutionize its ad tech, <a target="_blank" class="" href="https://www.businessinsider.com/meta-earnings-mark-zuckerberg-ai-spending-tech-investors-stock-2024-4">Meta's usage of AI</a> may already have put the company in the hot seat.On Thursday, a bipartisan group of lawmakers, led by Republican Rep. Tim Walberg of Michigan and Democratic Rep. Kathy Castor of Florida, sent a <a target="_blank" class="" href="https://walberg.house.gov/sites/evo-subsites/walberg.house.gov/files/evo-media-document/Congressional%20Letter%20to%20Meta%20-%20Illicit%20Drug%20Advertising.pdf">letter</a> to Zuckerberg demanding the CEO answer questions about Meta's advertising services.The letter comes in light of a March <a target="_blank" href="https://www.wsj.com/tech/u-s-is-investigating-meta-for-role-in-drug-sales-574944cb?mod=Searchresults_pos4&amp;page=1">Wall Street Journal</a> report that revealed how federal prosecutors are probing the company for its role in the illicit sale of drugs on its platforms."Meta appears to have continued to shirk its social responsibility and defy its own community guidelines," the letter said. "Protecting users online, especially children and teenagers, is one of our top priorities. We are continuously concerned that Meta is not up to the task and this dereliction of duty needs to be addressed."Zuckerberg already faced senators who grilled the CEO about <a target="_blank" class="" href="https://www.businessinsider.com/tech-ceos-face-senate-in-hearing-over-child-sexual-exploitation-2024-1">safety measures for children</a> who use Meta's social media sites. During the senate hearing, <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-faced-families-online-child-safety-senate-hearing-2024-1">Zuckerberg stood up and apologized</a> to families who felt that social media use harmed their kids.In July, the <a target="_blank" class="" href="https://www.techtransparencyproject.org/articles/meta-allows-drug-ads-selling-everything-from-opioids-to-cocaine">Tech Transparency Project</a>, a nonprofit watchdog group, reported that Meta continued to make money from hundreds of ads that promoted the sale of illegal or recreational drugs, including cocaine and opioids, which Meta prohibits in its <a target="_blank" class="" href="https://transparency.meta.com/policies/ad-standards/">policy</a> regarding ads."Many of the ads made no secret of their intentions, showing photos of prescription drug bottles, piles of pills and powders, or bricks of cocaine, and encouraging users to place orders," the watchdog group wrote."Our systems are designed to proactively detect and enforce against violating content, and we reject hundreds of thousands of ads for violating our drug policies," a Meta spokesperson told Business Insider, reiterating a statement shared with the Journal. "We continue to invest resources and further improve our enforcement on this kind of content. Our hearts go out to those suffering from the tragic consequences of this epidemic — it requires all of us to work together to stop it."The spokesperson did not address how Meta uses AI to moderate ads.<h2 id="ba53f796-1957-4bf8-ad47-88fce5b82bce">Ads poke holes in Meta's AI system</h2>The exact processes for how Meta approves and moderates ads are not public information.What is known is that the company, in part, relies on artificial intelligence to screen content, as reported by <a target="_blank" href="https://www.wsj.com/tech/meta-cocaine-opioids-ads-dea8e0fc">the Journal</a>. The outlet reported that using photos to display the drugs may allow the ads to slip past Meta's moderation system.Here's what <a target="_blank" class="" href="https://www.facebook.com/business/help/204798856225114?id=649869995454285">Meta</a> has revealed about its "ad review system":The company also said it's continuously working to automate the review process further to rely less on humans.But the revelation of ads promoting drugs on Meta's platforms shows how policy-violating content can still slip through its automated system, even while Zuckerberg paints a picture of a <a target="_blank" href="https://www.businessinsider.com/meta-adds-new-generative-ai-to-advertising-tools-details-2024-5">sophisticated ad service</a> that promises improved targeting and creates content for advertisers with generative AI.<h2 id="9e49470f-e2c3-4a18-991f-08d1db0db08d">Meta's bumpy AI rollout</h2>Meta has experienced a bumpy rollout of its AI-powered services outside ad tech.Less than a year after Meta introduced <a target="_blank" href="https://www.businessinsider.com/meta-ai-chatbots-assistants-tom-brady-mr-beast-kendall-jenner-2023-9">celebrity AI assistants</a>, the company <a target="_blank" href="https://www.businessinsider.com/meta-scraps-kendall-jenner-tom-brady-celebrity-ai-chatbots-2024-8">discontinued the product</a> and focused on allowing users to create their own AI bots.Meta also continues to work out kinks for Meta AI, the company's chatbot and AI assistant, which has been shown to <a target="_blank" class="" href="https://www.businessinsider.com/we-asked-ai-chatbots-about-trump-shooting-chatgpt-meta-claude-2024-7">hallucinate answers</a> or, with BI's Rob Price, <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-tells-strangers-it-owns-my-phone-number-whatsapp-2024-8">act like a user and hand out his phone number</a> to strangers.The technical and ethical issues that pervade AI products — not just Meta's — concern many top US companies.A survey by Arize AI, which conducts research around AI technology, showed that 56% of Fortune 500 companies view AI as a "risk factor," <a target="_blank" class="" href="https://www.ft.com/content/5ee96d38-f55b-4e8a-b5c1-e58ce3d4111f">The Financial Times</a> reported.Sifting by industry, 86% of technology groups, including Salesforce, said that AI presents a business risk, according to the report.Those concerns, however, conflict with tech companies' evident push to implement AI into every corner of their products, even as the <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">path toward profitability also remains murky</a>."There are significant risks involved in developing and deploying AI," Meta said in a 2023 annual report, "and there can be no assurance that the usage of AI will enhance our products or services or be beneficial to our business, including our efficiency or profitability."

You Searched For "peak" and got 11 results

Leonid Meteor Shower at peak: How to watch it in India

BI India Bureau

Issa Rae breaks down her success mindset and her formula for peak creativity

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Meet peak summertime Zuck

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There are 3 signs that generative AI might be reaching peak market froth — and it's not just OpenAI

Hasan Chowdhury

Stocks are nearing a major peak and a more 'disturbed' period of weak returns is ahead for investors, CIO says

Jennifer Sor

'This looks and feels like the year 2000 to me': Investing legend Rob Arnott says the stock market's record rally reminds him of the dot-com bubble peak

William Edwards

Watch these warning signs for a potential peak in the stock market's long-term bull rally, NDR says

Matthew Fox

'A disaster waiting to happen': A top 3% investor warns the 'Trump bump' is the icing on the cake of a euphoric stock market bubble that's worse than the dot-com peak

William Edwards

Scientists have found frost on Mars’ volcano peaks, enough to fill 60 Olympic-sized swimming pools!

Kunal Kambli

Why stocks have a lot more room to rally before hitting a peak, according to a technical analyst

Matthew Fox

Meta's use of AI has far from peaked. But the technology may already be getting the company in trouble.

Lloyd Lee

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