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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! The fast-moving, big business of weight-loss drugs is already shifting to its next stage. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/upcoming-glp1-weight-loss-drugs-to-watch-2024-11">five upcoming pills and injections</a> to keep an eye on.In today's big story, Microsoft's massive bet on AI with Copilot <a target="_blank" href="https://businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">has yet to live up to the hype</a>, potentially raising alarms for everyone else investing in the space.What's on deck:<ul><li>Markets: You can still bet on politics <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">even though the election is over</a>.</li><li>Tech: Why the Trump-Musk relationship is unlike anything <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">we've ever seen in US politics</a>.</li><li>Business: Spirit Airlines has filed for Chapter 11 bankruptcy protection, but <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">tells customers it'll keep flying</a>.</li></ul>But first, is this thing even worth it?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A Copilot conundrum</h2><div type="image" title="Microsoft logo glitching" height="1000" width="1334" msid="115423174" hostid="261" sizebytes="160900"></div>Microsoft's challenges with its flagship AI product could be another red flag for an industry with high hopes for the tech.Business Insider's Ashley Stewart, our resident Microsoft expert, has a deep dive on Copilot <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">coming up short on the big expectations laid out for it</a> when it launched over a year ago.CEO Satya Nadella didn't hold back initially, describing Copilot as something that would "fundamentally transform our relationship with technology" when it was unveiled.But internally and among clients, that doesn't always feel like the case. One Microsoft executive told Ashley that Copilot offers useful results about 10% of the time."The rest of the time it's: Why do we even try?" they said.It's an unsettling realization considering the stakes of AI. Many companies — and arguably the entire US stock market — are banking on generative AI being revolutionary. And while Microsoft's bet on AI dwarfs almost everyone else's, its hangup with the tech is something a company of any size can relate to: Is this stuff worth it?It's also not the only challenge the generative AI space is navigating.Reports about OpenAI's newest AI model struggling to show big improvements raised questions about the <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">tech hitting a performance wall</a>. CEO Sam Altman appeared to address it with a cryptic tweet: "<a target="_blank" href="https://www.businessinsider.com/sam-altman-ai-wall-slowdown-openai-2024-11">there is no wall</a>."Still, it's feeding concerns about the timeline for artificial general intelligence. AGI is the concept that autonomous computer systems outperform humans at most economically valuable work, but it appears <a target="_blank" href="https://www.businessinsider.com/agi-predictions-looking-stretched-openai-sam-altman-google-ai-2024-11">harder to achieve than previously anticipated</a>, writes BI's Alistair Barr.<div type="image" title="AI robot hand gripping a time bomb, displaying a countdown timer set to expire in 2025" height="1500" width="2000" msid="115423171" hostid="261" sizebytes="122298"></div>The counterargument is straightforward: It's still the early innings.Microsoft is adamant its Copilot investment is already paying off. Jared Spataro, a vice president of marketing for Microsoft 365, pointed Ashley to Copilot success stories like Lumen Technologies, which projects $50 million in annual savings from its sales team's use of Copilot.Some customers aren't necessarily worried either, as they continue to plow money into AI. A Flexera survey found OpenAI ranked fourth among vendors that IT leaders plan to <a target="_blank" href="https://www.businessinsider.com/openai-top-vendor-it-leaders-2024-11">spend the most with next year</a>.But tech players won't have forever to figure things out. Earlier this year, analysts at Barclays highlighted an under-the-radar risk to AI bets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-risk-nvidia-gpus-blackwell-tech-outlook-depreciation-accounting-2024-8">the depreciation costs related to AI chips</a>. As firms look to stock up on GPUs, they run the risk of the tech no longer being relevant as new iterations emerge.And then there's the possibility of internal drama. Ashley previously reported on <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">the pay disparity at Microsoft</a> between AI-focused employees and everyone else."AI is great and it might be the future, but when are you going to focus on your billpayers?" one employee told Ashley.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Meet the top four candidates Trump is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-treasury-kevin-warsh-marc-rowan-howard-lutnick-scott-bessent-2024-11">considering for Secretary of the Treasury</a>.</li><li>Biden authorizes Ukraine to use powerful ATACMS to strike inside Russia. The move is a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-ukraine-russia-atacms-authorization-2024-11">significant shift in US policy</a>.</li><li>Trump, Musk, and new cabinet picks celebrate election victory with <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-musk-celebrate-election-victory-ufc-309-cabinet-picks-2024-11">surprise appearance at UFC</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of judge's gavel on colorfulbackground" height="960" width="1920" msid="115423175" hostid="261" sizebytes="501366"></div><ol><li>A lawsuit about trade secrets has a corner of Wall Street's data industry enthralled. Yipit, a Carlyle-backed provider of credit-card data, filed a lawsuit accusing two former salespeople of <a target="_blank" href="https://www.businessinsider.com/inside-yipits-lawsuit-against-2-former-employees-who-joined-mscience-2024-11">stealing intellectual property to use in their new roles at rival MScience</a>. The suit has the attention of the young, fiercely competitive industry that sells non-traditional data to investors looking for an edge.</li><li>Just because the election is over doesn't mean you need to stop betting on politics. Who will be the Republican nominee in 2028? Will Matt Gaetz be confirmed as attorney general? Will Trump create a national Bitcoin reserve? The prediction markets <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">have plenty of political outcomes</a> to scratch your gambling itch.</li><li>It's giving the year 2000 for one legendary investor. Rob Arnott compared the current market to the dot-com peak in 2000. Arnott told BI <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">why a bear market could be forthcoming in the next couple of years</a> thanks to high valuations and AI optimism that is largely priced in.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="900" width="1200" msid="115423177" hostid="261" sizebytes="159876"></div><ol><li>Elon Musk's incredible hold on US politics. Politics and money have always been intertwined, but the current relationship between the world's richest man and the president-elect is unprecedented. The result is Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">acting almost as a shadow president</a>.</li><li>A potential Trump trade plan beneficiary: US semiconductor jobs. If Trump's proposed trade plan is enacted, the American semiconductor industry could see hiring growth. Industry experts told BI that tariffs on foreign-made chips <a target="_blank" href="https://www.businessinsider.com/trumps-tariffs-chips-could-create-more-american-jobs-increase-prices-2024-11">could help level the playing field for US chipmakers</a>, which have faced tough competition from their global counterparts.</li><li>The OpenAI mafia swells its ranks. Nearly two dozen former employees have left the AI juggernaut and founded startups of their own. The latest defectors include OpenAI cofounder and former chief scientist Ilya Sutskever and former chief technology officer Mira Murati. <a target="_blank" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">See what they're up to now</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A $100 bill on top of a house" height="1500" width="1992" msid="115423179" hostid="261" sizebytes="339688"></div><ol><li>Four ways Trump's housing plans could hurt homebuyers and three ways it could help. Trump promised to make housing more affordable in part by deporting millions of immigrants, slashing construction regulations, and building houses on federal land. <a target="_blank" href="https://www.businessinsider.com/trump-high-home-prices-housing-mortgage-rates-deregulation-tariffs-immigration-2024-11">Here's how experts think that would actually pan out</a>.</li><li>Spirit Airlines has filed for Chapter 11 bankruptcy protection. The budget airline has struggled since a planned merger with JetBlue was called off in March. In an open letter to customers, it said people can continue to book tickets and fly as normal as it <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">undergoes financial restructuring</a>.</li><li>Walmart might be just fine under Trump's proposed trade plan. Target, not so much. As America's grocery king, Walmart US makes nearly 60% of its revenue from groceries, which are predominantly domestic. But Target often relies on imported merchandise, such as apparel and beauty. <a target="_blank" href="https://www.businessinsider.com/target-walmart-trump-tariffs-exposure-analysts-2024-11">Walmart also has another key advantage: scale</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Disney CEO Bob Iger is moving to cement his legacy <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-earnings-guidance-succession-legacy-chapek-media-analysis-2024-11">by undoing his biggest mistake</a>.</li><li>Shoppers and businesses are <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c30b8703d160410398dd34e9584c94a3&amp;_e=i25E5ONB4tMiXtE06VeSaaFdC9RBeKEf6Am3QwaEcB2E4JdSqnDqmYr-387ig-ruhUxPoPCaat-voaDbfD_6S9r_lRX7w-hriYUuLZLf0oBVVklUgTGSC4rQQEsaV2VrmBmyEJBbhb5t_4ii9kzf5mGNs24JHBU4kD2t77qvgLde0_hccfFyZJGyX-HSEOcVt3hm2j3fy4fJUboGG4PKvgV09z0iPgS9Sd9YYBa5vfJF0tPkg6nqTPSf_-4F-a8aB1csTjQJYq2n-O1Ho511puOlxNeZs4WzL5ZST0WJkZqjescVMWVojaLY68-GnLbrAONhAtYwR4sRYyo_gVAswrtOyO2OjgTQ7GPu_kEO5SvlrvfmHChZsIOFVxvPWR7cGcH5q-QsclhVCpi1tyVirT8OKMZUsBjylVY0fJJZOSkOO4NwglFhyDOfQDrbf0_ErXhpUTPhEJeNs9bRlNwOVGxCBs2oCYN7T81FPiuSVJw%3D">stockpiling to avoid potential price hikes</a> before Trump takes office.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>G20 summit begins in Rio de Janeiro.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.Milan Sehmbi, fellow, in London.

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

<ul class="summary-list"><li>Chinese leader Xi Jinping has outlined his "four red lines" to US President Joe Biden.</li><li>The hot-button issues concern democracy and China's development.</li></ul>It will be another two months before US President-elect Donald Trump takes office, but China is already setting boundaries between the two countries.On Saturday, Chinese leader Xi Jinping outlined his "four red lines" in US-China ties at a meeting with US President Joe Biden.The four hot-button issues are Taiwan, democracy and human rights, China's path and system, and the country's rights to development."They must not be challenged," said Xi, according to a <a target="_blank" class="" href="https://www.fmprc.gov.cn/mfa_eng/xw/zyxw/202411/t20241117_11527672.html">statement</a> after the two leaders' meeting on the sidelines of the 31st APEC Economic Leaders' Meeting in Lima, Peru."These are the most important guardrails and safety nets for China-US relations," said Xi.Of the four issues, Taiwan is the most sensitive issue between the two countries, as Xi has repeatedly said <a target="_blank" class="" href="https://www.reuters.com/article/us-trump-asia-china-taiwan/taiwan-the-most-important-issue-in-sino-u-s-ties-chinas-xi-tells-trump-idUSKBN1D90YI/">over the years.</a>Beijing claims Taiwan as its territory and has said recently that it will never commit to renouncing the use of force over the island. The area is strategically important to the US as the world's semiconductor chip-producing hub and a key security hub.But Trump's presidency is already raising <a target="_blank" class="" href="https://www.businessinsider.com/what-second-trump-term-could-mean-for-taiwan-2024-11">risks for Taiwan.</a>In June, Trump told<a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/features/2024-trump-interview-transcript/"> Bloomberg Businessweek</a> that Taiwan should pay the US for defense.<h2 id="a340296e-7545-4970-8338-15f7aaef55dc">Trump could start his trade war on his first day</h2>Xi's comments came amid concerns that the world's two largest economies are set to head into conflict after Trump takes office on January 20.The incoming American president has already <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11#marco-rubio-4">nominated</a> Florida Sen. Marco Rubio, a China hawk, as Secretary of State. Trump has also threatened to hit China with tariffs of 60%.Despite signs that the two superpowers could be headed for rockier times, Xi and Biden sought to strike a conciliatory tone on bilateral ties during their Saturday meeting.The two leaders "stressed the importance of responsibly managing competitive aspects of the relationship" as well as preventing conflict and maintaining open lines of communication, according to a White House readout of the meeting.Even so, Trump's impending presidency is likely to bring about fresh uncertainties, starting with trade."Trump means what he says when it comes to tariffs," wrote Josh Lipsky, the senior director at the <a target="_blank" class="" href="https://www.atlanticcouncil.org/blogs/new-atlanticist/the-trump-trade-wars-are-coming-back-heres-what-to-expect-this-time/">Atlantic Council's</a> GeoEconomics Center, in a note last week.Lipsky expects Trump to start his new trade war during his first day on the job by trying to revive the trade deal he signed with China in January 2020.China committed to purchasing $200 billion of American goods over two years, including $32 billion in agriculture products. The deal expired at the end of 2021 with the Chinese <a target="_blank" class="" href="https://www.businessinsider.com/charts-china-60-percent-trump-trade-deal-agriculture-services-energy-2021-12">not meeting their commitment,</a> said Sarah Bianchi, then the deputy US trade representative, in February 2022.Trump is likely to try to revive the trade deal once he takes office as a "useful starting point" before the new tariffs come into effect, wrote the Atlantic Council's Lipsky.Lipsky said he doesn't expect Trump to impose 60% tariffs on Chinese imports to the US across the board. But he wrote that there will be "real and tangible new tariffs," the effects of which will spill over to the global economy.

China's Xi sets boundaries for Trump with 4 'red lines'

<ul class="summary-list"><li>Voters elected Republicans across the country while also supporting policies typically touted by Democrats.</li><li>Minimum wage hikes passed in two red states, and one voted against pay cuts for tipped workers.</li></ul>In 2024, voters elected a Republican president while embracing policies touted by Democrats.Minimum wage hikes, in particular, were victorious in states that went soundly for President-elect Donald Trump.In Missouri, Trump raked in just over <a target="_blank" href="https://enr.sos.mo.gov/">58% of the vote</a>. The same share of the state's voters opted to hike the minimum wage to $15 an hour by 2026 and mandate some paid sick leave. A slim majority also voted to enshrine abortion rights.In Alaska, where <a target="_blank" href="https://www.elections.alaska.gov/enr/">Trump seems poised to trounce Kamala Harris</a>, a measure to hike the minimum wage to $15 by 2027 and mandate paid sick leave <a target="_blank" href="https://www.washingtonpost.com/elections/results/2024/11/05/alaska-measure-1/">also looks like it's on track to win</a>.In <a target="_blank" href="https://www.nbcnews.com/politics/2024-elections/arizona-ballot-measures">Arizona</a>, a measure to allow employers to reduce base pay for tipped workers did not pass, and voters similarly voted to enshrine abortion rights.It's happened before: In 2020, Florida voters wholeheartedly embraced Trump — and voted to <a target="_blank" href="https://www.businessinsider.com/florida-minimum-wage-rise-vote-amendment-15-tipped-employees-workers-2020-11">hike the minimum wage to $15 by 2026</a>.It's further proof that this election really was all about the economy."People are right now still feeling the effects of high inflation," Yannet Lathrop, a senior researcher and policy analyst at the National Employment Law Project, said, adding, "When they have before them an opportunity to raise the wage of themselves or their family members or friends, they are going to choose to do that because they still are feeling the effects of high inflation. "David Cooper, the director of the Economic Analysis and Research Network at the left-leaning Economic Policy Institute, told BI there's been a "real sea change" in people's <a target="_blank" href="https://www.businessinsider.com/jobs-labor-market-federal-minimum-wage-raise-small-business-2024-8">understanding of the impact of hikes</a>. Both he and Lathrop have observed a move away from the belief that higher minimum wages would lead to fewer jobs and toward <a target="_blank" href="https://www.businessinsider.com/what-a-15-minimum-wage-would-mean-businesses-workers-employment-2021-1">research</a> showing that pay hikes mean higher pay with <a target="_blank" href="https://www.businessinsider.com/the-fed-raising-the-minimum-wage-doesnt-kill-jobs-2019-9">minimal job loss</a>."Raising the minimum wage almost always has bipartisan support except among elected Republican officials. So there is a disconnect between what elected Republicans want to do around minimum wage policy and what their voters overwhelming — at least by and large — tend to want them to do," Cooper said.When Democrats brought a bill that would raise the minimum wage to $15 in 2021, it received <a target="_blank" class="" href="https://www.politico.com/news/2021/03/05/democrats-15-minimum-wage-hike-473875">zero GOP support</a>, with <a target="_blank" class="" href="https://www.businessinsider.com/8-democrats-voted-against-raising-minimum-wage-worth-43-million-2021-3?utm_source=reddit.com">8 moderate Democrats</a> also voting the measure down.Trump has <a target="_blank" class="" href="https://www.npr.org/2024/11/01/nx-s1-5173819/2024-election-trump-harris-workers-overtime-wages">signaled</a> he'd be open to a minimum wage hike. Vice President-elect JD Vance cosponsored <a target="_blank" class="" href="https://www.romney.senate.gov/wp-content/uploads/2023/09/Higher-Wages-for-American-Workers-Act-2023.pdf">a GOP bill</a> to raise the federal minimum to $11 an hour, but it never made it to a vote.Georgetown University Professor Jason Brennan told BI that it isn't strange many Americans who vote Republican also vote for a higher minimum wage.Brennan said that most partisan voters don't actually have a strong sense of policies they favor; they favor a party rather than its ideology. Swing voters tend to vote for both right-wing and left-wing ideologies. In a high-price environment, that can lead to a voter opting for both Trump and higher pay."They're looking at the fact that things are expensive, and they're just trying to think of what policies they think might address that," Brennan said.After all, getting paid more matters to Americans across the <a target="_blank" class="" href="https://www.businessinsider.com/2024-election-democrats-republican-opinions-abortion-guns-climate-childcare-marijuana-2024-8#but-americans-are-united-in-believing-that-the-country-spends-too-little-on-childcare-2">political spectrum.</a>"My takeaway would be regardless of what party you are, if you are not speaking to people's pay and job conditions and not supporting measures that will clearly improve job quality for people, then you're missing an opportunity to generate support," Cooper said.Did you vote for Trump and a higher minimum wage? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

Red, blue, and green: US voters elected minimum wage increases

<ul class="summary-list"><li>Photographers shared <a target="_blank" class="" href="https://www.businessinsider.com/red-flags-bad-makeup-artist-signs-from-professionals-2024-9">red flags</a> couples should look out for when hiring someone for their big day.</li><li>When <a target="_blank" class="" href="https://www.businessinsider.com/wedding-photographer-shares-2-secrets-avoid-stress-weddings-lydia-koh-2024-10">choosing a photographer</a>, be sure to look at full galleries instead of curated portfolios.</li></ul>One of the most important decisions a couple can make leading up to their <a target="_blank" class="" href="https://www.businessinsider.com/unique-ideas-for-wedding-according-to-photographer-2022-1">wedding day</a> is who will capture every special moment.<a target="_blank" class="" href="https://www.businessinsider.com/award-winning-wedding-photos-around-the-world-2023-12">Weddings photos</a> are a memory you'll be able to look back on forever, so it's important to find a photographer who will document the big day perfectly.Although there are plenty of talented professionals out there, the excitement of <a target="_blank" class="" href="https://www.businessinsider.com/answers-to-wedding-questions-guests-too-scared-to-ask-2021-6">planning a wedding</a> can sometimes make it easy to overlook details — like a photographer's communication, editing style, or business decisions — that should give you pause.That's why Business Insider asked wedding photographers <a target="_blank" href="https://karenkhucphoto.com/">Karen Khuc</a> and <a target="_blank" href="https://brinicolephotoco.com/">Bri McClure</a>, who are based out of Los Angeles and Nashville, respectively, to share the red flags to look out for when hiring a photographer. Here's what they said.<h2 id="abd0aca7-99aa-410f-b925-82ab7980a080">Be cautious of photographers who refuse to share a full wedding gallery</h2><div type="image" title="A bride places a wedding ring on the groom's finger." height="4378" width="6566" msid="115340397" hostid="261" sizebytes="996938"></div>Khuc told BI that couples should always ask to look at a full wedding gallery to get an idea of the photographer's shooting and editing styles.She said that because the images photographers display on their websites and Instagram pages are often curated, they may not be accurate representations of their work.She also said to be wary if a photographer isn't willing to share a full gallery, because it may mean they don't have enough work to share.McClure agreed, adding that couples should move on to the next potential photographer if the one they're eyeing won't show them a full gallery.However, before ruling the photographer our completely, be sure to ask if there's a reason they're unwilling to share the gallery, such as a non-disclosure agreement or client confidentiality.<h2 id="c32282db-cb3f-412d-abc9-9eeedf5c7048">A lack of communication can be concerning</h2>Couples should be wary of photographers who take four or more days to respond to inquiries, have vague email responses, or don't fully explain their services and offers."Ask questions about their communication style, their process, and how often they touch base with their couples," Khuc said.If they have no answers or vague responses, Khuc recommended considering other options."Look for wedding photographers who have a streamlined process. They make it very clear what the next steps are and what to look forward to next," she told BI. "That way, you are never left wondering."<h2 id="e7a84cde-a2e5-41ed-9a0b-d6df87322c98">Make sure their editing style is consistent</h2><div type="image" title="A bride and groom looking out upon a cliff holding hands as the light shines on them." height="2736" width="3648" msid="115340399" hostid="261" sizebytes="182920"></div>It's important to research potential wedding photographers based on the aesthetic and feeling you want reflected in the photos. Therefore, take note if a photographer is inconsistent in their style."When a photographer's portfolio varies drastically in editing style, lighting, and overall aesthetic, it can indicate a lack of consistency, which could impact the quality and cohesiveness of your wedding photos," McClure said. "Look for a photographer whose work has a distinct and steady style that resonates with what you want for your day."Khuc said that the coloring of photos can vary due to the time of day or venue, but couples should still be able to grasp a general feeling of the photographer's style.<h2 id="c6c1ee99-044f-4fc1-ba02-1590c3610df6">Photographers should have contracts ready for clients</h2>"A reputable wedding photographer should have a detailed contract covering everything from deliverables, payments, terms, timelines, and policies," McClure told BI.She added that the contract should protect both parties — not just the photographer."Avoid any photographer who isn't willing to provide a written agreement or contract," McClure said.<h2 id="ba4ec14f-34e6-431c-a4af-c1698fc008c1">Look for professionalism and a service-minded attitude</h2><div type="image" title="Someone buttoning up a bride's dress in a hotel room." height="3696" width="4928" msid="115340393" hostid="261" sizebytes="1499034"></div>Reconsider working with photographers who aren't willing to listen to your vision or be mindful of your concerns."Be on the lookout for photographers that will tell you it has to be a certain way or that the couple cannot do certain things," Khuc said. "A good photographer will try to understand what it is you're looking for."It's important to find a photographer who caters to your vision rather than their own preferences.<h2 id="938a542d-f349-437a-b4c5-e91cc3ea6399">Be wary of photographers with no reviews or testimonials</h2>Couples should also look for reviews when hiring a photographer for their <a target="_blank" class="" href="https://www.businessinsider.com/what-to-remember-month-before-wedding-details-couples-forget">wedding day</a>."Established photographers should have client feedback, whether on social media, their website, or review platforms," McClure told BI. "If they have very few or no reviews, it may indicate a lack of experience or a history of unsatisfied clients."Khuc suggested asking all potential photographers for reviews or testimonials from past clients if there aren't any listed on their website, Instagram page, or Google. If a lack of public feedback is a concern for you, find a different photographer."Remember, a photographer can make their social media look great, but client reviews will tell you what the experience and photos are really like," McClure added.

6 red flags to look out for when hiring a wedding photographer

Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="3704207" type="General" weightage="100" keywordseo="SME-IPOs" source="Orion">SME IPOs</keyword> have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2>So, what's an SME <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an IPO, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft <keyword id="12225712" type="General" weightage="20" keywordseo="Red-herring-prospectus" source="Orion">red herring prospectus</keyword>) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous <keyword id="10663340" type="General" weightage="20" keywordseo="Pump-and-Dump" source="Orion">pump and dump</keyword> schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2>So, should I stay away? </h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

Why investing in SME IPOs should not be on top of your adventure to-do list!

<ul class="summary-list"><li>Jamie Dimon says bankers are "dancing in the street" because they expect Donald Trump to cut regulations.</li><li>The JPMorgan CEO said he supports wider deregulation that could make life easier for businesses.</li></ul>Jamie Dimon says Wall Street is <a target="_blank" class="" href="https://www.businessinsider.com/trump-election-citi-jane-fraser-regulators-frc-occ-2024-11">whooping with joy</a> at the prospect of Donald Trump tearing up regulations and revitalizing the banking industry in his second term.The JPMorgan CEO told the APEC CEO Summit in Lima, Peru on Thursday that regardless of who they voted for, "a lot of bankers, they're like <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">dancing in the street</a> because they've had successive years and years of regulations, a lot of which stymied credit.""You could have kept the banks equally safe but had them do more credit," Dimon said, per a Bloomberg video of the event. The average US bank used to hold $100 of deposits for every $100 of loans it made, but now it only lends $65 for every $100 of deposits, he said."And if that's what you want, if for some reason the regulators think they're geniuses and that's the best way to run the banking system, so be it," Dimon said, adding that they likely didn't anticipate the credit impact.The billionaire banker said every industry could benefit from reduced regulations that would make it easier for them to operate without harming the environment, national security, or other public priorities.Excessive regulation in the US is "a shame, and we're doing this to ourselves, and it's a mistake," Dimon said. "I applaud any government that says, 'I'm going to make government more efficient'."Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">announced</a> this week that Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> and <a target="_blank" class="" href="https://www.businessinsider.com/vivek-ramaswamy-antiwoke-entrepreneur-challenging-trump-for-president-gop-2023-2">Vivek Ramaswamy</a> would head up a new Department of Government Efficiency that would operate outside the government.The president-elect wrote that DOGE's goal would be to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."At the summit, Dimon cautioned inflation could <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-inflation-consumer-spending-interest-rates-government-debt-2024-5">prove stubborn</a>, and warned that Trump will be responsible for the "most complicated geopolitical, military, and geoeconomic <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-letter-war-inflation-recession-rates-economy-ai-2024-4">situation</a> that the world has faced since World War II."

Jamie Dimon says bankers are 'dancing in the street' because they expect Trump to  cut red tape

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<ul class="summary-list"><li>Californians voted for some GOP-backed propositions and against some liberal ones.</li><li>They voted in favor of increased criminal penalties and seemed poised to reject a minimum wage hike.</li></ul>Even the bluest states in the US were not immune from a significant <a target="_blank" class="" href="https://www.businessinsider.com/trump-margins-democratic-states-harris-underperform-2024-11">move to the right on Election Day</a>That was evident in California, the most populous US state, which has voted Democratic in every presidential election since 1988. Well-known for its liberal politics, California has often drawn the ire of Republican politicians and some pro-business billionaires such as <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-calls-zelenskyy-erdogan-influence-2024-11">Elon Musk</a>. Musk moved Tesla to Texas in 2021 and said this year he would also move X and SpaceX out of California, citing laws that he said attack "families and companies.""Paradise Lost" is how <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">Donald Trump</a>, now president-elect, referred to California during a campaign stop in the Coachella Valley last month, adding: "Whether you're a Democrat, Republican or independent, this election is your chance to send a message to the world, the people of California are not going to take it any longer."While Vice President <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-addresses-nation-following-donald-trump-big-win-election-2024-11">Kamala Harris</a> easily won California over Trump, a closer look at the numbers and votes at the state and local level tells a more nuanced story than the progressive reputation the Golden State has earned.<h2 id="60ad22dd-63fa-417a-a285-572a5d49a543">California voted for increased criminal penalties and against rent control</h2>California overwhelmingly voted to increase penalties for certain drug and theft crimes despite Democratic Gov. <a target="_blank" class="" href="https://www.businessinsider.com/gavin-newsoms-golden-opportunity-presidency-2024-6">Gavin Newsom</a>'s opposition to the measure, which he called a step back toward "mass incarceration." Around 70% voted in favor of the proposition as of Friday.Voters also rejected a proposition giving local governments more power to enact rent control, with 61% voting against it. Landlords, realtors, and some pro-housing groups opposed the measure, but the California Democratic Party, tenant groups, and some unions supported it.Though the races had not been called as of Friday, voters in California seemed poised to reject two propositions supported by liberal groups: raising the <a target="_blank" class="" href="https://www.businessinsider.com/map-minimum-wage-by-state-pay-going-up-with-election-2024-11">state's minimum wage</a> and outlawing forced labor in prisons.California voters did, however, vote to enshrine a state constitutional right to marry regardless of sex or race and to issue bonds for natural resource conservation.<div type="image" title="Trump supporters on boat" height="4000" width="6000" msid="115102539" hostid="261" sizebytes="1062486"></div><h2 id="e1f2d128-5fc2-4452-8447-b2901f265897">Local races also suggested a move to the middle</h2>Incumbent San Francisco Mayor <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-opinion-elon-musk-x-relocation-texas-california-2024-8">London Breed</a> lost reelection to Daniel Lurie, a moderate Democrat and political outsider. Lurie, heir to Levi Strauss, spent more than $8 million of his own money on his campaign.Though Lurie is a Democrat, he received the support of some Republican groups in San Francisco who have criticized Breed's handling of crime, drug use, and homelessness in the city. The San Francisco Republican Party had Lurie and candidate Mark Farrell as their top picks for mayor.In <a target="_blank" class="" href="https://www.businessinsider.com/lyle-and-erik-menendez-updates-brothers-appeal-miss-out-monsters-2024-10">Los Angeles County</a>, voters rejected incumbent District Attorney George Gascón, a prosecutor known for being among the most progressive in the country. Gascón was elected in the wake of the 2020 racial justice protests.Los Angeles voters instead elected former federal prosecutor Nathan Hochman, a former Republican who ran as an independent and has promised to roll back Gascón's policies, which he said made it difficult to combat crime.<h2 id="950a7c55-f82c-4f8d-bf24-d47d3f7aec40">Other signs California was turning more red</h2>Before Election Day, there were some signs the state's electorate had shifted to the right. A survey by the Public Policy Institute of California said the number of registered Democrats this year was about the same as 2020, while the share of registered Republicans increased by a few hundred thousand.Though the share of Californians switching parties from Democrat to Republican was small, the PPIC found it was most common among Black, Latino, and younger voters — all <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">groups Trump picked up support</a> with in other places as well.California is still tallying its votes, so exactly how much the presidential vote changed from 2020 to 2024 is unclear. As of Friday, with around 63% of the vote counted, it appeared some inland counties were poised to flip from blue to red.Other blue states with a greater share of their vote counted as of Friday also showed a consistent trend to the right.Harris easily won Illinois, New Jersey, New York, Connecticut, and Maryland — but by significantly smaller margins than President Joe Biden won them by in 2020.

California took a surprisingly red turn on key issues, upending its ultraliberal reputation

<ul class="summary-list"><li>Bob's Red Mill became employee-owned in 2020 with an Employee Stock Ownership Program or ESOP.</li><li>CEO Trey Winthrop said when founder Bob Moore died, the ESOP helped with the transition.</li></ul>When 94-year-old <a target="_blank" class="" href="https://www.businessinsider.com/bob-moore-bobs-red-mill-founder-employee-owned-company-2024-2">Bob Moore</a> died in February, Bob's Red Mill not only lost its founder but also the face of the company, literally — he's on every package.But in 2010, the natural foods company initiated a process that would help prepare it for Moore's eventual passing. Moore, who founded the whole-grain food company in 1978 and turned it into a global empire, decided to transfer ownership to its more than 700 employees. By 2020, Bob's Red Mill was entirely employee-owned."By becoming 100% employee-owned, we knew that when Bob passed that we would control our future," Trey Winthrop, the company's CEO since 2022, told Business Insider. "I didn't have to think about external problems. I got to focus internally on all the people here and how we were going to grieve together."Moore said he frequently fended off large corporations that wanted to buy them out. But because of the employee-ownership program, Winthrop, who has worked at Bob's Red Mill for 17 years, said he did not have to worry about an external threat coming in and trying to buy up shares.Bob's Red Mill is one of about 6,500 American companies that operate with an Employee Stock Ownership Plan, or ESOP, according to the <a target="_blank" rel=" nofollow" href="https://www.nceo.org/articles/employee-ownership-by-the-numbers#:~:text=Employee%20Stock%20Ownership-,How%20Many%20ESOPs%20Are%20There%3F,assets%20of%20over%20%242.1%20trillion.">National Center for Employee Ownership</a> (NCEO). The largest majority employee-owned company in the US as of November is Publix, a Florida-based supermarket chain with more than 225,000 employees, according to the NCEO. <div type="image" title="Man smiling in suit jacket" height="4016" width="6016" msid="115314190" hostid="261" sizebytes="1535308"></div>When an ESOP is formed, ownership shares are distributed to employees, giving them a financial stake in the success of the company. When an employee retires, the company buys back those shares at market price within a set number of years. ESOPs, which are technically retirement plans, are governed by some of the same laws that apply to 401(k) plans, according to <a target="_blank" class="" href="https://www.esopassociation.org/what-is-an-esop">The ESOP Association</a>.Though financial equity is important, Winthrop said it's not really the reason people join ESOPs, adding that the real benefit comes from how being employee-owned impacts the company culture."We own our jobs. We don't rent them," he said, calling it the company's "guiding principle."<h2 id="7f0e4967-61a2-478a-a33a-27994ffb7976">ESOPs boost employee engagement and can lead to hefty payouts</h2>Winthrop, who was at Bob's Red Mill long before the ESOP, said being employee-owned boosts employee engagement and retention. He said it creates a two-way street of communication, where the company can share financials with employees and workers are given a voice, in part through being active in committees."It's really getting people engaged culturally so they understand what success is, and then getting them juiced about that equity once they understand how they can grow it," he said.As a CEO, Winthrop said he thinks being employee-owned actually makes his job easier as it creates a higher level of trust between him and other employees.Having an ESOP does not prevent a company from being sold. But it can ensure that if the board does choose to sell it, for instance, employees will share in the profits, Winthrop said.When Clif Bar sold to food giant Mondelez for $2.9 billion in 2022, the company was 20% employee-owned, which amounted to $580 million shared among 1,300 people — an average payout of $488,000 per employee.But rather than think of an ESOP as a retirement tool, Winthrop said it's better thought of as an employee engagement tool. Still, he said it might not be for everyone."If you're trying to maximize your price when you're selling your company, an ESOP doesn't always pay top dollar," he said, but, "if you have employees that you believe in and you want them to be part of the financial success of their work and promote the middle class, then you should heavily look at being an ESOP."Have a news tip or a story to share? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

Bob's Red Mill is owned by its 700 employees. Its CEO says that is key to its success.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Tired of having to check your email when you're supposed to be off the clock? A growing number of countries are implementing laws that make those <a target="_blank" href="https://www.businessinsider.com/ban-after-hours-work-calls-emails-could-bring-trouble-peace-2024-11">late-night emails from your boss illegal</a>.In today's big story, OpenAI's next big AI model <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">isn't showing massive improvement over previous versions</a>, and it could be a sign of a new era.What's on deck:<ul><li>Markets: Prediction markets were one of the big winners of the election. <a target="_blank" href="https://www.businessinsider.com/polymarket-kalshi-trump-victory-future-prediction-markets-2024-11">So now what</a>?</li><li>Tech: The key role YouTube played <a target="_blank" href="https://www.businessinsider.com/youtube-donald-trump-podcasts-joe-rogan2024-11">in helping Trump get elected</a>.</li><li>Business: These companies <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">have signaled they might increase prices</a> because of Trump's trade plans.</li></ul>But first, not so fast.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">Big leaps to baby steps</h2><div type="image" title="Image of Sam Altman" height="1355" width="1920" msid="115221991" hostid="261" sizebytes="24236"></div>The fastest-growing sector of tech is facing a serious speed bump.OpenAI's next artificial intelligence model, Orion, reportedly isn't showing the massive leap in improvement previous versions have enjoyed. That's leading to bigger questions about how quickly <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">we can expect future generative-AI models to keep getting better</a>, writes Business Insider's Hasan Chowdhury and Beatrice Nolan.Some OpenAI employees who have used and tested Orion told The Information its improvements are only moderate and smaller than what users saw going from GPT-3 to GPT-4.It's an astounding revelation when you consider the stakes. OpenAI is considered the leading AI company, and we're learning that its most important new product may not be that much better than something it released about 20 months ago — a lifetime in the AI industry.It also undermines a core assumption about the future of generative AI: If you add more data and computing power, you get smarter and more powerful AI models. This "scaling law" is the consensus view now, yet OpenAI is reportedly struggling with it.Top AI players have eye-popping valuations based on the promise that AI models will keep getting smarter and better with time. If that growth trajectory slows, it could lead to difficult questions, particularly from investors bankrolling the hundreds of billions of dollars companies are pouring into these projects.<div type="image" title="An eye in the center while abstract swirls, numbers and chat bubbles surround it" height="1080" width="2160" msid="115221987" hostid="261" sizebytes="520698"></div>So what's holding AI models back from making another big jump?AI models are already burning through text, with one estimate predicting they'll run out of material by 2028. Companies are trying to circumvent the issue with synthetic data, <a target="_blank" href="https://www.businessinsider.com/ai-synthetic-data-industry-debate-over-fake-2024-8">but that might not be a viable solution</a>.Using more computing also comes with limitations and has the added hurdle of <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">needing significant power</a>. The biggest companies in the world are struggling to find cost-efficient energy sources for the massive data centers they're building as part of their AI strategy.There was always an expectation that things might slow down a bit. In July, one OpenAI customer told BI he thought the newest iteration <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">would be like going from undergrad to a PhD program</a>, as opposed to the jump from GPT-3 to GPT-4, which was like "grade school to undergrad."More resources can help address those issues to a degree, but the improvements still might not mirror what we saw in the early days of generative AI. If that's the case, investors might be unwilling to open their wallets for something they view as having diminishing returns.Even if they shell out the cash, companies will likely price their products accordingly to recoup those investments. That's a tricky proposition, as <a target="_blank" href="https://www.businessinsider.com/for-ai-models-good-enough-is-good-enough-2024-5">"good enough" is fine for plenty of users</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>New York Times tech workers are <a target="_blank" href="https://www.businessinsider.com/the-new-york-times-tech-workers-ending-their-labor-strike-2024-11">ending their strike</a>.</li><li>Anthony Scaramucci tells BI Trump's economic plans could cause a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/stock-market-crash-risk-outlook-trump-deportation-tariff-anthony-scaramucci-2024-11">1920s-style stock-market crash</a>.</li><li>Bitcoin hits fresh record near $85,000 as investors keep <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-record-price-outlook-crypto-trump-election-digital-assets-altcoins-2024-11">cheering 'crypto president' Trump</a>.</li><li>The winners of Wall Street bonus season this year: <a target="_blank" href="https://www.businessinsider.com/wall-street-bonus-season-alan-johnson-associates-report-underwriters-2024-11">the underwriters</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Dice with the faces of Trump, Musk, RFK, and Zelensky" height="1500" width="2000" msid="115221989" hostid="261" sizebytes="103426"></div><ol><li>Betting markets are taking their victory lap and already thinking about what's next. Besides Donald Trump — and maybe Elon Musk — betting markets were arguably one of the biggest winners on election night, having predicted a resounding Trump victory. Insiders spoke to BI about how the betting markets' success <a target="_blank" href="https://www.businessinsider.com/polymarket-kalshi-trump-victory-future-prediction-markets-2024-11">could impact traditional polls and the media</a>.</li><li>Morgan Stanley teams up with Carta on the eve of an IPO boom. Carta, which helps startups and investors track company ownership, will refer clients looking to go public to Morgan Stanley. Jed Finn, the bank's wealth boss, explained how the partnership will benefit both sides <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-partners-with-carta-startup-ipos-wealth-2024-11">in an exclusive interview with BI</a>.</li><li>Putting a number on the impact of Trump's potential tax cuts. Goldman Sachs said the S&amp;P 500 earnings could rise more than 20% over the next two years <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tax-cuts-tariffs-stock-market-sp500-inflation-china-trade-war-2024-11">if Trump cuts corporate taxes like he said he would</a>. The president-elect's blanket tariff proposal could have the opposite effect, but Wharton professor Jeremy Siegel said Trump's so focused on appealing to investors <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-policies-tax-cuts-inflation-government-debt-deficit-jeremy-siegel-2024-11">he might soften his economic agenda to suit them better</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Distorted Youtube logo with election imagery." height="900" width="1200" msid="115221994" hostid="261" sizebytes="215788"></div><ol><li>This election, social media killed the TV star. Donald Trump spent a lot of time on the campaign trail with podcasters like Joe Rogan, <a target="_blank" href="https://www.businessinsider.com/youtube-donald-trump-podcasts-joe-rogan2024-11">who have huge YouTube followings</a> and benefit from the platform's content-recommendation algorithm. Now, the Trump administration might turn away from TV and <a target="_blank" href="https://www.businessinsider.com/twitter-donald-trump-elon-musk-2024-11">embrace new media even further</a>, given the president-elect's bromance with X owner Elon Musk.</li><li>A $3 billion healthcare startup just cut some physical therapists as it turns to AI. Sword Health, which provides virtual care for problems like muscle and joint pain, laid off more than a dozen of its clinical workforce in October, three former employees told BI. <a target="_blank" href="https://www.businessinsider.com/3-billion-sword-health-cuts-physical-therapists-2024-11">The cuts came as the startup ramps up its AI platform to treat patients</a>.</li><li>Trump's trade plan could make things muy difícil for Elon Musk. Tesla's planned $10 billion gigafactory in Mexico will hit a major roadblock if Trump pursues the massive tax he's discussed putting on vehicles imported from Mexico. Musk isn't alone — analysts warned <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-threaten-elon-musk-tesla-mexico-factory-limbo-2024-11">tariffs on imported cars from Mexico would seriously hurt US automakers</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of a lightbulb with the globe painted on it" height="960" width="1920" msid="115221992" hostid="261" sizebytes="26616"></div><ol><li>Trailblazing for a sustainable future. Solving the climate crisis will take innovation and action across industries like energy, transportation, agriculture, and finance. BI identified <a target="_blank" href="https://www.businessinsider.com/climate-action-15-global-leaders-innovating-climate-solutions-2024-11">15 entrepreneurs, policymakers, organizers, and academics</a> around the globe confronting the crisis head-on.</li><li>Expect the price of these goods to go up if Trump enacts his trade plan. Three executives have already warned they plan to raise prices if the president-elect implements the aggressive tariff proposal he campaigned on. "<a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">It's going to be very, very difficult to keep products affordable for Americans</a>," one CEO said.</li><li>Key players in Trump administration 2.0. From the wily campaign strategist who will be the first female presidential chief of staff to the ex-ICE director tapped to be "border czar," <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">these are the people shaping key policies</a> for the next 4 years.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>New York judge Juan Merchan rules on claims of presidential immunity in Donald Trump's hush-money case. Trump's defense has argued that the prosecution should not have been allowed to use some evidence in the case.</li><li>Jack Teixeira, the national guardsmen who pled guilty to leaking sensitive military documents on Ukraine online, is sentenced in Massachusetts court.</li><li>Home Depot and other companies report earnings.</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.

OpenAI reportedly facing issues with its new AI model is a red flag for the entire industry

Most of the stuff in the night sky will appear indistinguishable from each other to the vast majority of us. However, most of us will also be able to consistently point out the <keyword id="23153097" type="General" weightage="20" keywordseo="Orion-constellation" source="keywords">Orion constellation</keyword> after someone brings it to our notice, primarily because of how recognisable the cluster is. Despite <keyword id="20227335" type="General" weightage="20" keywordseo="orion" source="keywords">Orion</keyword>’s apparent stardom and popularity, scientists may have gotten something terribly wrong about the character of one of its brightest constituents, it turns out. <keyword id="23153096" type="General" weightage="100" keywordseo="Betelgeuse" source="keywords">Betelgeuse</keyword>, the left “shoulder” of Orion, has always been a star of intrigue. Look at it long enough (and we mean generations-long), and you’ll notice its strange pattern: dimming and brightening over a roughly 400-day cycle. Astronomers chalk this up to the star’s swelling and shrinking, a standard practice among stellar beings driven by the turbulent bubbling of gas near its core. This was all fine and well until something else came into view — a much slower heartbeat pulsing every 2,170 days, leaving scientists scratching their heads. This "long secondary period" (LSP), as the experts call it, doesn’t quite fit with the usual behaviour of Betelgeuse. Was it dusty clouds? Strange magnetic fields? None of the usual suspects seemed to fully explain what was going on. That’s where things get interesting. <h3 style="line-height:1.38;margin-top:14pt;margin-bottom:4pt;">Enter "<keyword id="23153098" type="General" weightage="20" keywordseo="Betelbuddy" source="keywords">Betelbuddy</keyword>"</h3>Co-author Meridith Joyce and her team have proposed an out-of-this-world theory: Betelgeuse may have a partner, affectionately dubbed "Betelbuddy." This sun-sized <keyword id="23153100" type="General" weightage="20" keywordseo="companion-star" source="keywords">companion star</keyword> could be responsible for Betelgeuse’s mysterious LSP. According to the team’s calculations, Betelbuddy occasionally passes through the thick clouds of dust surrounding Betelgeuse. When it does, it clears the dust away, making Betelgeuse appear brighter from Earth. <div type="Article" hostid="261" msid="113313546" title="NASA astronaut Sunita Williams to address Earth from orbiting international Space Station" mstype="2" mssubtype="0"></div>What’s especially tantalising about this theory is that, while Betelbuddy could be a typical companion star, there’s also the wild possibility that it might be something much denser — perhaps a collapsed <keyword id="19910169" type="General" weightage="20" keywordseo="neutron-star" source="keywords">neutron star</keyword>. But if Betelbuddy were indeed a neutron star, we’d expect to see X-ray emissions, which haven’t been observed yet. So, the jury’s still out. <h3 style="line-height:1.38;margin-top:14pt;margin-bottom:4pt;">A <keyword id="23153099" type="General" weightage="20" keywordseo="stellar-mystery" source="keywords">stellar mystery</keyword> waiting to be solved</h3>While the notion of Betelgeuse being part of a <keyword id="21270287" type="General" weightage="20" keywordseo="binary-star-system" source="keywords">binary star system</keyword> is still a hypothesis, it’s not entirely far-fetched. Many stars are known to have companions, and Betelgeuse might just be one more addition to this interstellar family. <div type="Article" hostid="261" msid="113248021" title="Meet SpaceX&amp;#39;s Polaris Dawn crew: The daring 4 who are in space on the most ambitious private space mission in history" mstype="2" mssubtype="0"></div>Verifying the existence of Betelbuddy won’t be easy. The technology to detect such a companion is still being refined, but astronomers are gearing up for some key observations later this year. Perhaps we’ll soon know if this iconic <keyword id="23153101" type="General" weightage="20" keywordseo="red-supergiant" source="keywords">red supergiant</keyword> is truly sharing the stage. The study has been published in a pre-print journal and can be accessed <a href="https://arxiv.org/abs/2408.09089">here</a>.

You Searched For "red" and got 12 results

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

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Bob's Red Mill is owned by its 700 employees. Its CEO says that is key to its success.

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OpenAI reportedly facing issues with its new AI model is a red flag for the entire industry

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The Orion constellation star Betelgeuse might actually be two separate stellar bodies, a shocking new study has suggested

Ankush Banerjee

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