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Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

The ongoing <keyword id="20168812" type="General" weightage="20" keywordseo="sell-off" source="keywords">sell-off</keyword> by <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">foreign investors</keyword> continues to loom large on <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword>. In October so far, <keyword id="19950996" type="General" weightage="100" keywordseo="FIIs" source="keywords">FIIs</keyword> (foreign institutional investors) have already withdrawn Rs 74,732.20 crores. Not for a single day this month have FIIs poured money into <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. The sell-off started on October 1, when foreign investors withdrew Rs 5,579.35 crore. The highest withdrawal of this month came on October 3. 2024, when FIIs sold Rs 15,243.27 crore worth of assets. Yesterday, i.e. on October 17th, FIIs pulled out Rs 7,421.40 crore from the markets. Experts state that FIIs are continuously putting pressure on Indian stocks, but the situation is expected to improve in the coming weeks with a sharp recovery anticipated. "We remain optimistic as the FII selling may have crossed the half way mark already and as it tones down, the domestic flows will help a recovery. When the recovery happens it will sharp and concentrated, giving long term investors motivation to stay put during the harrowing volatility of a roller coaster market that has repeatedly tested support levels but remains oversold, hence ripe for a bounce sometime in the next few weeks" said Ajay Bagga, Banking and Market Expert to ANI. Between January and October 2024, foreign investors have invested a net of 1,87,298 crore in India. This year, apart from the current sell-off, January, April and May also saw <keyword id="23593694" type="General" weightage="20" keywordseo="investment-outflows" source="keywords">investment outflows</keyword> by FIIs. The intense selloff comes right after September, when foreign investors invested a record Rs 93,538 crore in the Indian markets. June, July and August 2024 had also seen positive inflows from foreign investors of about Rs 41,757 crore, Rs 48,796 crore and Rs 25,493 crore respectively. However, a resilient, strong domestic investor base is keeping Indian markets afloat. <keyword id="21714171" type="General" weightage="20" keywordseo="DIIs" source="keywords">DIIs</keyword> (domestic institutional investors) have been consistent buyers throughout this month, largely balancing the outflows prompted by FIIs. In October so far, DIIs have invested about Rs 68,961.37 crore in the market, with the highest monthly inflow coming in on October 7th. While DIIs invested Rs 13,245.12 crore in Indian markets on that day, foreign investors withdrew Rs 8,293.41 crore. Yesterday i.e. on October 17, 2024, DIIs invested Rs 4,979.83 crore in the markets. At present, experts note that DIIs are flush with cash at the moment, with <keyword id="20052797" type="General" weightage="20" keywordseo="mutual-fund-inflows" source="keywords">mutual fund inflows</keyword> reaching an all-time high of Rs 24,509 crore in September 2024, a record 52.78% jump from the corresponding year ago period, where they stood at Rs 16,042 crore. Generally, keeping around 3-5% of their assets in cash is considered an acceptable practice amongst mutual fund houses. As per reports, mutual funds are currently in possession of Rs 1.86 lakh crore worth of cash, which constitutes 5.03% of their total AUM as of September 2024.

Exodus of foreign investors from Indian markets continues unabated in October. But DIIs are holding the fort steady

<ul class="summary-list"><li>Bitcoin has declined 8% in the past two days amid selling by Mt. Gox bitcoin recipients and government wallets.</li><li>The bankrupt Mt. Gox still holds about 140,000 bitcoin and has started to repay creditors and former customers.</li></ul>Bitcoin has plunged 8% over the past two days, is down 12% since the start of July, and is trading at its lowest level since February.The sharp decline has been accompanied by a wave of selling by notable bitcoin holders, including the defunct Mt. Gox cryptocurrency exchange and the governments of Germany and the US.Mt. Gox, which at one point was the largest cryptocurrency exchange, went bankrupt in February 2014 after <a target="_blank" href="https://www.businessinsider.com/mt-gox-ceo-mark-karpeles-hacked-i-was-about-to-die-2018-3">a series of hacks stole nearly one million bitcoin from its customers.</a>A decade later, Mt. Gox on Friday has started to repay some of the $9 billion it owes to its creditors and customers via bitcoin and bitcoin cash, according to <a target="_blank" href="https://www.mtgox.com/img/pdf/20240705_01_announcement_en.pdf">a statement from the company.</a>Cryptocurrency wallets tied to Mt. Gox show the defunct exchange still holds nearly 140,000 bitcoin that have yet to be repaid, according to data provider Arkham Intelligence.Meanwhile, recent bitcoin transfers from wallets associated with the German and US governments suggest both are liquidating some of their bitcoin stash.Arkham Intelligence <a target="_blank" href="https://x.com/ArkhamIntel/status/1808796101975175473">said the German government sold up to $175 million</a> in seized bitcoin on Thursday. The government still holds about 40,000 bitcoin worth more than $2 billion.According<a target="_blank" href="https://blockworks.co/news/us-german-governments-selling-bitcoin"> to Blockworks,</a> both the US and German governments have sent a combined $738 million to bitcoin exchanges over the last two weeks, suggesting that they will imminently be sold.All of this selling pressure has sent the price of bitcoin below key technical support levels.Bitcoin is <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-drop-cryptocurrency-crypto-market-downturn-correction-58000-2024-7">trading below its 200-day moving average</a> of around $59,500, suggesting more downside ahead.Fairlead Strategies <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-sell-off-support-level-downside-crypto-btc-2024-6">highlighted $60,000 as a key support level that has since been broken.</a> The decisive breakdown puts bitcoin's next support level target at around $51,500.

Bitcoin plummets as $9 billion Mt. Gox payout begins and government selling adds pressure

<ul class="summary-list"><li>Chinese Tesla rivals Zeekr, Xpeng, and Li Auto announced record monthly deliveries this week.</li><li>That puts pressure on Tesla, which is also expected to announce strong numbers on Wednesday.</li></ul>3 of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> Chinese EV rivals have had a very good month — and they've thrown down a gauntlet for <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.Chinese <a target="_blank" class="" href="https://www.businessinsider.com/china-tesla-electric-vehicle-market-dominance-competition-byd-aion-wuling-2024-4">EV makers Li Auto, Zeekr, and Xpeng</a> all announced record September deliveries this week, putting pressure on Tesla as it prepares to release its own numbers on Wednesday.Zeekr reported sales of 21,333 electric vehicles in September, up 77% from the previous year, while Xpeng's sales rose 39% to hit 21,352.Li Auto, which sells electric cars that can include a range-extending fuel tank, announced it had delivered 53,709 vehicles in September.Meanwhile, another key rival, Nio, reported a new quarterly record for its deliveries with an 11.6% year-over-year leap. Zeekr and Xpeng's numbers remain below Tesla's most recent figures, with Musk's company selling 63,000 cars in August 2024, per Reuters.But both companies have unveiled EVs that compete directly with Tesla's vehicles at a lower price point in recent months.<a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">Xpeng announced the Mona M03 in August</a>, the cheapest version of which is nearly half the price of Tesla's Model 3, while Zeekr's new 7X SUV is priced lower than the best-selling Model Y.The red-hot results from local rivals come as Tesla prepares to report what are expected to be strong delivery numbers on Wednesday.Wall Street analysts polled by the London Stock Exchange Group expect Tesla to announce an 8% boost in global EV deliveries from the previous year in September, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/teslas-quarterly-deliveries-set-rise-china-incentives-lure-wary-ev-buyers-2024-09-30/">according to Reuters</a>, on the back of strong performance in China.Tesla has wooed Chinese customers with various incentives and favorable financing plans recently and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-waging-price-war-against-chinese-rivals-2024-4">cut prices aggressively</a> at the start of the year.While the US automaker will be watching Zeekr, Xpeng, and Li Auto closely, it is also <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-byd-selling-record-cars-tesla-competition-deliveries-2024-7">playing catchup to global rival BYD</a>, which dominates EV sales in China.It also temporarily overtook Tesla as <a target="_blank" class="" href="https://www.businessinsider.com/china-byd-evs-beats-tesla-rewards-car-dealers-1-2024">the world's largest EV producer in the last quarter of 2023</a>, with Counterpoint research analysts suggesting BYD could do so again this year.Tesla did not respond to a request for comment, sent outside normal working hours.

3 of China's Tesla rivals had a record month, putting pressure on Elon Musk

<ul class="summary-list"><li>54% of baby boomer households don't plan on moving, a new survey reported.</li><li>That contrasts with what some people saw as a "silver tsunami" of boomers giving up their houses.</li></ul>From <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/will-mortgage-rates-go-down-this-year">falling mortgage rates</a> to slipping home prices, things are starting to look a bit more upbeat for younger homebuyers.But one generation of owners is standing in the way of things getting too sunny. Most baby boomers, who own <a target="_blank" href="https://www.businessinsider.com/boomer-greed-ruined-economy-gen-z-millennials-labor-shortage-inflation-2023-3">well over a third</a> of the housing market, are unwilling to sell.That's according to a <a target="_blank" href="https://listwithclever.com/research/baby-boomers-housing-market-2024/#never">survey from Clever</a>, a real estate firm that asked older Americans about their plans to move. 54% of these households indicated they would remain at their current homes for life, while 15% cited plans to sell in the next five years.The finding dents hopes for a quick turnaround in housing supply. A lack of homes has been a leading culprit for high prices nationwide, made worse by the fact that homeowners have stayed put amid high borrowing costs.Although cooling mortgage rates were forecast to undo this, existing home sales in August <a target="_blank" href="https://www.businessinsider.com/home-sales-buyers-rate-cuts-federal-reserve-mortgage-redfin-interest-2024-9">slumped to their lowest since May 2020</a>. With total homes for sale at 1.33 million at the end of July, inventory stands well below the six-month supply that indicates a balanced market, <a target="_blank" href="http://Realtor.com">Realtor.com</a><a target="_blank" href="http://realtor.com"> said</a>."Any additional pinch on the supply of existing homes that results from older generations holding on to them for longer would be unwelcome news," <a target="_blank" href="http://Realtor.com">Realtor.com</a>'s senior economist Joel Berner said in a report about Clever's survey.These trends run counter to what experts predicted: older Americans were supposed to drive a supply boom, some have said.For instance, famed analyst Meredith Whitney outlined that aging households would <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-mortgage-home-prices-supply-boomers-2008-crash-2023-12">start downsizing quicker</a>. This so-called "silver tsunami" would help bring prices down, she said last year.In 2019 Zillow projected that over a quarter of owned homes would hit the market on account of boomers turning older.Not according to Clever's findings.Most surveyed cited plans to remain in place due to financial security, while a quarter said they could not purchase a new property. Lifestyle needs and emotional attachments also factored into these decisions.The survey parallels a similar report from Redfin earlier this year, which also found that boomer households were <a target="_blank" href="https://www.businessinsider.com/housing-market-inventory-supply-shortage-crisis-baby-boomer-impact-prices-2024-4">more entrenched than expected</a>.With limited existing homes on the market, pressure has fallen on new construction. According to the US Commerce Department, single-family housing starts surged 15.8% in August. However, rising supply may restrict construction momentum through the coming months, as suggested by last month's <a target="_blank" href="https://www.reuters.com/markets/us/us-single-family-housing-starts-surge-august-2024-09-18/">moderate rise in building permits</a>.

Don't bet on a 'silver tsunami' of boomers selling their houses

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. The FBI said it is investigating "<a target="_blank" href="https://www.businessinsider.com/trump-shots-fired-florida-golf-course-2024-9">what appears to be an attempted assassination</a>" of former President Donald Trump. Trump was uninjured following shots that were fired near his golf course in West Palm Beach, Florida, on Sunday, according to his campaign and the US Secret Service.<a target="_blank" rel="noopener" href="https://www.businessinsider.com/who-is-ryan-wesley-routh-second-trump-assassination-attempt-suspect-2024-9">Here's what we know about the shooting suspect</a>, who is in law enforcement custody.Meanwhile, in today's newsletter, we're looking at how AWS is ramping up its sales team <a target="_blank" href="https://www.businessinsider.com/amazon-ai-sales-machine-aws-google-microsoft-pressure-pay-speed-2024-9">to pitch customers on AI</a>.What's on deck:<ul><li>Markets: It's not legal, but that doesn't stop the rich from doing it to <a target="_blank" href="https://www.businessinsider.com/white-collar-fraud-wealthy-class-tax-evasion-insider-trading-2024-9">keep their fortunes growing</a>.</li><li>Tech: He oversees a Google cofounder's fortune. <a target="_blank" href="https://www.businessinsider.com/larry-page-family-office-koop-ceo-wayne-osborne-wealth-management-2024-9">Now his playbook is for sale</a>.</li><li>Business: Welcome to a new era of jobs: <a target="_blank" href="https://www.businessinsider.com/what-is-portfolio-career-pros-cons-income-streams-side-hustles-2024-9">the portfolio career</a>.</li></ul>But first, coffee is for closers.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">Sell, sell, sell</h2><div type="image" title="Amazon Web Services CEO Matt Garman surrounded by AWS Logo, and graph with upward trending line" height="1000" width="2000" msid="113399088" hostid="261" sizebytes="117946"></div>When it comes to the AI revolution, building is only half the battle.After drawing scrutiny from investors about their massive investments in generative AI, tech companies are prioritizing getting returns on their big bets.At Amazon Web Services, that's meant a new <a target="_blank" href="https://www.businessinsider.com/amazon-ai-sales-machine-aws-google-microsoft-pressure-pay-speed-2024-9">internal sales campaign focused on its AI offerings</a>, writes Business Insider's Eugene Kim.The three-pronged strategy, dubbed "Find One, Launch One, Ramp One," is about selling, installing, and generating revenue for Amazon's AI assistant, Q, and AI platform, Bedrock.A key piece of the plan is obviously AWS' salespeople, who are being incentivized with performance bonuses tied to Q and Bedrock and even a pizza party at an executive's home for top performers. (I'd probably just opt for the cash.)But it's not just salespeople getting in on the action. Staffers meant to implement tools with customers or craft the right cloud service for a client are now being encouraged to get more involved in the sales process.An AWS spokesperson told Eugene the company is merely responding to their customers' needs, and that the lines between salespeople and non-salespeople are still clear.<div type="image" title="Amazon, OpenAI and Microsoft logo." height="900" width="2000" msid="113399092" hostid="261" sizebytes="52140"></div>AWS' pressure to ramp up AI sales isn't just focused on ROI.While it's long been a leader in the public cloud space, Amazon hasn't held the same dominance in the AI race. In particular, it's faced stiff competition from rival Microsoft, which benefited from its early bet on OpenAI.As a result, AWS has become more aggressive with its AI strategy, <a target="_blank" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">spreading doubts about its competitors to customers</a>.But apart from all the fighting over customers and the push to create cutting-edge tools, a bigger question remains: Does anyone even want this stuff?It's still early days, but <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">Microsoft</a>, <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">Amazon</a>, and <a target="_blank" href="https://www.businessinsider.com/google-gemini-woke-images-ai-chatbot-criticism-controversy-2024-2">Google</a> have all previously gotten some not-so-great feedback on their tools. And while these companies can't afford not to pitch their customers on AI tech, they also risk turning them off to the idea by selling them products that might not live up to expectations.I don't mean to sound naive. I am well aware this is a business that needs to make money. And sometimes not doing something can be just as risky as rushing into something.But it's a fine line to balance for tech companies banking on AI being the industry's next gold mine.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Welcome to interest-rate cut week: Here's how the Fed's next move will impact <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-decision-this-week-federal-reserve-powell-inflation-2024-9">everything from home prices to new cars loans</a>.</li><li>Here are the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/2024-emmy-winners-list-nominees-76th-primetime-awards">2024 Emmy winners</a>.</li><li>Trump's favorite hobby presents a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-golf-course-shooting-secret-service-challenges-assassination-attempt-2024-9">'nightmare' security challenge</a>, former Secret Service agent says.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A collage showing a businessman along with the definiition of embezzlement and tax evasion." height="1000" width="2000" msid="113399097" hostid="261" sizebytes="219896"></div><ol><li>What's hot in white collar crime. These are the <a target="_blank" href="https://www.businessinsider.com/white-collar-fraud-wealthy-class-tax-evasion-insider-trading-2024-9">most common illegal maneuvers</a> the rich use to get richer, according to defense attorneys. The top of the list may not surprise you — after all, Martha Stewart, Al Capone, and "The Situation" got busted for the same one.</li><li>Clouds roll over the Sunshine State's housing market. It's getting harder and harder to enjoy living in Florida. Once among the pandemic's hottest housing markets, the state is increasingly expensive, hot, and crowded, residents say. <a target="_blank" href="https://www.businessinsider.com/florida-housing-market-sales-weather-climate-change-retirement-pandemic-costs-2024-9">Expect gray days for Florida's real estate</a>.</li><li>Starting a hedge fund? Don't do this. Hedge fund launches are on the rise, but the funding environment is mixed. Two top Morgan Stanley bankers broke down common early mistakes <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">and what to do instead</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo collage of Wayne Osborne and Google co-founder Larry Page, surrounded by Google search elements, the Google logo, falling money, yachts, and private islands" height="1500" width="2000" msid="113399090" hostid="261" sizebytes="172450"></div><ol><li>For sale: the sacred playbook of Larry Page's money man. Wayne Osborne has been the keeper of the keys to the Google cofounder for years. Now, he's stepping out of the shadows with his own wealth management company to put his trade secrets to work for other clients. Insiders say the goal is to <a target="_blank" href="https://www.businessinsider.com/larry-page-family-office-koop-ceo-wayne-osborne-wealth-management-2024-9">dominate wealth management</a> the way Page dominated online search.</li><li>How Elon fumbled Twitter — and apparently gave Grimes' baby name to his other child. A new book by Ryan Mac and Kate Conger unearths new details about the chaotic period in 2022 when Musk decided to buy Twitter, and its descent into ~whatever it is now~. <a target="_blank" href="https://www.businessinsider.com/elon-musk-grimes-baby-name-new-book-character-limit-2024">They spoke to BI about what they found</a>.</li><li>Google's feeling lucky. The online search giant dodged a jury trial in its big adtech case, thwarting the Justice Department's hopes. The juryless trial came with a price tag, though: <a target="_blank" href="https://www.businessinsider.com/google-dodged-jury-advertising-antitrust-trial-with-check-damages-2024-9">$2,289,751, to be exact</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A smaller and duller city next to a bright and shiny larger city" height="1500" width="2000" msid="113399086" hostid="261" sizebytes="433752"></div><ol><li>Why you probably hate your downtown. There are two versions of the American downtown: one is designed to serve office workers and tourists, and the other is more local-centric, with plenty of housing, schools, and local businesses. Ironically, <a target="_blank" href="https://www.businessinsider.com/2-kinds-of-cities-explains-why-you-hate-your-downtown-2024-9">tourists prefer the latter</a>, but many cities are still depending on the former to revive their economies.</li><li>Meet the portfolio career. We've entered a new era of work where more people are becoming overemployed and diving into multiple sides of hustles instead of the traditional 9-to-5. There's a lot of flexibility and earning potential when it comes to a portfolio career, but <a target="_blank" href="https://www.businessinsider.com/what-is-portfolio-career-pros-cons-income-streams-side-hustles-2024-9">it's not for everyone</a>.</li><li>Hollywood's bleeding under post-strike pressures. Despite gains in wages and benefits won after last year's Hollywood writers' and actors' strikes, <a target="_blank" href="https://www.businessinsider.com/tv-shows-bounce-back-new-rules-bring-pain-hollywood-points-2024-9">the industry is still struggling</a>. Spending on new content has significantly declined, and everyone's biting their nails over AI.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>I went to Big Lots and saw why the chain is <a target="_blank" href="https://www.businessinsider.com/big-lots-felt-like-stepping-back-in-time-retail-discount-2024-9">closing stores and filing for bankruptcy</a>.</li><li>How Bear Grylls spends his 5 to 9 — <a target="_blank" href="https://www.businessinsider.com/bear-grylls-daily-routine-barefoot-walks-cold-plunges-plenty-meat-2024-9">from walking barefoot outdoors to cold plunges</a>.</li><li>Meet the 10 biggest wealth gainers this year — <a target="_blank" href="https://www.businessinsider.com/wealth-gain-rich-list-billionaires-nvidia-huang-meta-zuckerberg-buffett-2024-9">who've added a combined $360 billion to their fortunes in 2024</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Kamala Harris meets with Teamsters leaders.</li><li>Court hearing in TikTok's challenge to a Biden administration law forcing the app's sale or ban.</li><li>The Booker Prize for Fiction shortlist nominees are announced.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

The race in Big Tech to sell customers on AI products is heating up

In a twist that sounds straight out of a sci-fi thriller, some of the UK's most beloved TV <keyword id="20000183" type="General" weightage="20" keywordseo="doctors" source="keywords">doctors</keyword> are now finding their faces hijacked by <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> to hawk dubious products online. According to a startling report by The BMJ, these digital doppelgangers are being used to peddle everything from miracle cures for high blood pressure and diabetes to hemp gummies. The phenomenon, known as deepfaking, uses artificial intelligence to map a real person’s likeness onto another video. The results can be uncannily realistic — so much so that a <a href="https://dx.doi.org/10.1016/j.chb.2023.107917">recent study</a> found up to half of viewers couldn't distinguish <keyword id="19896285" type="General" weightage="100" keywordseo="deepfakes" source="keywords">deepfakes</keyword> from authentic videos. Some of the <keyword id="22457749" type="General" weightage="20" keywordseo="medical-influencers" source="keywords">medical influencers</keyword> targeted have amassed millions of followers with large spheres of influence, such as Hilary Jones, <keyword id="20264833" type="General" weightage="20" keywordseo="michael-mosley" source="keywords">Michael Mosley</keyword> and <keyword id="22457750" type="General" weightage="20" keywordseo="rangan-chatterjee" source="keywords">Rangan Chatterjee</keyword>. While the study does not mention the following names, another podiatrist and influencer Dana Brems, aka <keyword id="22457751" type="General" weightage="20" keywordseo="footdocdana" source="Orion">FootDocDana</keyword> on Instagram, had recently expressed concern after deepfakes surfaced of the personality recommending a “ear-cleaning” product. <div type="Article" hostid="261" msid="110567448" title="Fake AI images now contributing to misinformation spread nearly as much as traditionally altered media: Research" mstype="2" mssubtype="0"></div>John Cormack, a retired doctor from Essex, partnered with The BMJ to uncover the extent of this digital deception. “The bottom line is, it's much cheaper to spend your cash on making videos than it is on doing research and coming up with new products and getting them to market in the conventional way,” Cormack explains. The proliferation of fake content featuring familiar faces is an inevitable side effect of our current AI revolution, says Henry Ajder, a deepfake technology expert. “The rapid democratisation of accessible AI tools for voice cloning and avatar generation has transformed the <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> and impersonation landscape.” The issue has reached such proportions that even the targeted doctors are fighting back. Hilary Jones, for instance, employs a social media specialist to search for and take down <keyword id="20197919" type="General" weightage="20" keywordseo="deepfake-videos" source="keywords">deepfake videos</keyword> misrepresenting his views. “Even if you do, they just pop up the next day under a different name,” Jones laments. Meta, the company behind Facebook and Instagram where many of these videos have been found, has promised to investigate. "We don't permit content that intentionally deceives or seeks to defraud others, and we're constantly working to improve detection and enforcement," a Meta spokesperson told The BMJ. <div type="Article" hostid="261" msid="110627770" title="How scammers use deepfakes of celebs to steal millions from fans" mstype="2" mssubtype="0"></div>Deepfakes prey on people's emotions, notes journalist Chris Stokel-Walker. When a trusted figure endorses a product, viewers are more likely to believe in its efficacy. This emotional manipulation is precisely what makes deepfakes so insidious. Spotting deepfakes has become increasingly challenging as the technology improves. Additionally, the recent tsunami of non-consensual deepfake videos would suggest that they might be having some commercial success, despite being illegal. For those who find their likenesses being used without consent, there seems to be little recourse. However, Stokel-Walker offers some advice: scrutinise the content for telltale signs of fakery, leave a comment questioning its authenticity, use the platform's reporting tools, and report the account responsible for sharing the post. As AI continues to blur the lines between reality and digital deception, it's crucial for users to remain vigilant. The faces we trust most could be the very ones leading us astray — at least, digitally speaking. The findings of this research can be accessed <a href="https://dx.doi.org/10.1136/bmj.q1319">here</a>.

Deepfakes of trusted and popular doctors are being used to illegally sell marijuana products online

<ul class="summary-list"><li>Apple stock plunged as much as 11% on Monday on news that Berkshire Hathaway sold about 50% of its stake.</li><li>Warren Buffett's conglomerate sold about 390 million Apple shares in the second quarter.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock?miRedirects=1">Apple</a> stock plunged as much as 11% on Monday, leading the tech rout lower amid a global stock market panic.The decline in Apple shares, which was double the Nasdaq 100's decline of about 5%, came after it was revealed over the weekend that <a target="_blank" class="" href="https://www.businessinsider.com/berkshire-hathaway-apple-stake-second-quarter-earnings-report-2024-8#:~:text=Warren%20Buffett's%20Berkshire%20Hathaway%20is,by%20nearly%2050%25%20last%20quarter.">Warren Buffett's Berkshire Hathaway sold about 50% of its Apple stake.</a>The stock pared the deepest losses shortly after the opening bell, with shares trading about 4.8% lower at $209.73 at 10:14 a.m. ET.According to its second-quarter earnings report, Berkshire Hathaway sold about 390 million Apple shares during the quarter, which is on top of the 115 million Apple shares it sold during the first quarter of the year.Berkshire Hathaway first purchased Apple stock in 2016. The conglomerate still owned about 400 million shares of the iPhone maker worth about $84 billion as of June 30, still making it the largest investment holding for the company.The sales catapulted Berkshire Hathaway's cash position to a record $277 billion, which is up 47% from the first-quarter. The massive cash position has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-record-cash-pile-stock-market-crash-signal-berkshire-2024-5">some investors concerned that Buffett has turned sour on stocks.</a>"If you look at the entire Berkshire picture and the macroeconomic data, a safe conclusion is that Berkshire is getting defensive," said Cathy Seifert, CFRA Research analyst <a target="_blank" class="" href="https://www.reuters.com/business/finance/berkshires-cash-hits-277-bln-buffett-slashes-apple-stake-operating-profit-sets-2024-08-03/">Cathy Seifert said.</a>Wedbush analyst Dan Ives called the Apple sale "eye-popping" and said "it's going to add to pressure here" in an interview with CNBC on Monday.Yet, Ives remained constructive on the company ahead of its upcoming iPhone 16 launch."It's still his number one holding. He is a huge supporter of Cupertino, number one holding almost double of BofA. This is not the time to sell Apple despite some of the nervousness here. This is an opportunity, especially going into what I view as a really historic upgrade cycle for Apple," Ives said.

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