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<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul class="summary-list"><li>Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO.</li><li>Lehot gave his suggestions for how to prepare, like hires to make and risks to consider pre-IPO.</li></ul>The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley &amp; Lardner, for advice on how startups should prepare for life as public companies.Lehot has more than 25 years of experience advising businesses, financial sponsors, venture capitalists, investors, and investment banks on topics including equity offerings, mergers, acquisitions, and spinoffs. His work often involves helping startups prepare for initial public offerings.The following has been edited for brevity.What's the environment like for IPOs?2023 was the toughest year for IPO activity in more than two decades. The IPO outlook for the second half of 2024, or at least the first half of 2025, can only get better.Riskier assets, such as Bitcoin, have rebounded strongly, suggesting risk appetite is a lot higher. The Fed is expected to make at least one rate cut later this year. The after-market performance of some recent IPOs has been stronger. Earnings reports from public companies are improving.There's a substantial backlog of companies preparing to go public as soon as the window opens, and the outcome of important federal and state election races should bring greater clarity.Which sectors are most likely to be successful in an IPO?<ul><li>Healthcare and Biotech: These companies go public as part of their venture financing path, often before they have a product in the market. As a result, they are heavily risk-driven, and the opportunity to make alpha with smaller amounts of capital invested is real. If risk appetite is truly back, we can expect investors to pile into biotech, life sciences, and medical device IPOs. New tech, enabled by CRISPR and AI, should increase the speed and accuracy of clinical trials.</li><li>Green Energy: As the effects of climate change spread, we expect industrial policy to favor renewable energy companies and the ecosystem that they enable, maybe even nuclear energy. Renewables and related technologies are gaining traction with a growing focus on sustainability.</li><li>Enterprise software and fintech: There's a solid backlog of late-stage private companies whose venture capital and private equity investors require a public market exit to return capital to limited partners and raise new funds. As a result, we expect a bumper crop of enterprise software (B2B solutions, cloud services, and cybersecurity) and fintech companies (digital banking, payments, and financial services) to come to market when the window opens later this year or next.</li></ul>Are public market investors generally keen to invest in IPOs, or are they focused elsewhere?Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. Many investors are diverting their attention to safer, more predictable assets due to market volatility and economic concerns.What are IPO investors expecting in the current climate?<ul><li>Profitability, or a clear path to profitability: Unlike previous periods focused solely on growth, profitability is now critically correlated to a successful IPO.</li><li>Sustainable revenue growth: Consistent and predictable growth trajectories</li><li>Robust metrics: Strong KPIs and unit economics</li><li>Valuation discipline: More conservative valuations compared to the frothy markets of past IPO booms</li></ul>Should tech startups want to go public right now?If you have a choice, you stay private.For example, if you're the CEO of a successful startup with more than $100 million in revenue that's growing in excess of 30% at over 40% gross profit margins, every door is open to you.There's ample private capital to finance your company's scaling needs. There is likely a robust secondary market for your personal shares if you need to take some chips off the table. You have no obligation to report your compensation and equity holdings publicly or your company's quarterly results, much less live under the public microscope and the constant glare of Wall Street analysts who are focused on reporting on any short-term event that might drive trading.Fringe benefits include more control over business decisions, fewer regulatory requirements, and the ability to focus on long-term growth.The choice is not even close. Any CEO-founder would want to stay private. Look no further than the example of the <a target="_blank" class="" href="https://www.businessinsider.com/how-collison-brothers-built-stripe-most-valuable-us-startup-2021-3">Collison brothers at Stripe</a>.However, the characteristics that drive a transformational CEO-founder to achieve this level of commercial success are not necessarily driven by the same logic.The vision of a transformational CEO extends far beyond the perceived short-term benefits of a quick exit. I'm surrounded by mission-driven CEO's with the burning ambition to achieve global market ubiquity, which usually means an IPO is a necessary step on their long road.What are the most important hires to make before an IPO?<ul><li>Chief Financial Officer: A CFO with public company experience is crucial for navigating financial reporting and investor relations.The CFO of a public company is the first or second line of communication with Wall Street, key long-term investors, auditors of your financial statements, and financial regulators. In addition, the finance department will quickly need someone who can manage internal controls over financial reporting and write public financial reports. This person is usually a "controller."The CFO will also need someone who can forecast, model, and plan ahead and ensure that the company, when going public and forever thereafter, accurately telegraphs its future performance on a forward-looking, one-quarter, and one-year-ahead basis. This is usually a vice president for forecasting, planning, and analysis, or FP&amp;A. For larger public companies, a chief accounting officer is also on the road map.</li><li>General Counsel: Whereas 20 years ago, a general counsel was not hired until just before an IPO, nowadays, a company with $10 million of revenue or more may consider hiring a head of legal in-house to control costs, particularly for rote, repeatable tasks. But an IPO puts the company under a microscope of regulatory, investor, employee, and public scrutiny where the stakes get large enough that an experienced general counsel is usually hired, and if large enough to support the cost, even a deputy general counsel for securities law compliance to manage the more hours intensive processes of making the company ready for IPO and maintaining compliance thereafter.</li><li>Investor Relations Officer: About a year ahead of the big day, a forward-thinking CFO will try to hire a vice president of investor relations who has been through the process of managing a syndicate of analysts before, during, and after an IPO. Particularly for larger companies who garner analyst coverage from six or more sell-side and buy-side analysts, making sure the analysts are getting adequate information to build quality models will ensure higher quality coverage and greater liquidity for the company once public, which is a critical indicator of success.</li><li>Audit Committee Chair: While a pre-IPO company will seek to hire a majority-independent board of directors, the audit committee chair is one key role to fill on the board.The audit committee chair is usually a former CFO who has deep knowledge of the IPO process and the interplay of a board of directors and its independent registered public accounting firm, which is a critical relationship at every stage of an IPO and beyond.The audit committee's role is to oversee the production and auditing of the financial statements and the financial integrity of the company's public disclosures and compliance with regulatory standards. The audit committee chair will want to make sure there are at least two other directors who can serve independently on the audit committee who are financially literate and expert enough to assist them.</li></ul>What are the biggest changes startups must go through to be IPO-ready?To consider a successful IPO, a tech company will need to have line of sight to $100 million in revenue with eight quarters of historical growth and line of sight to eight quarters in the future of predictable growth. For a tech business, annual growth in GAAP revenue will need to be in excess of 20% (and ideally double this amount) at gross margins of 40% or more. These are herculean feats that few businesses will ever achieve.There also has to be some other ingredient, which some call the "sizzle," to inspire long-term fundamental investors to believe that growth can be significantly greater than what the models show over the next eight quarters.Historically, that sizzle could be explained by exposure to international markets that would be enabled by the scaling capital provided by the IPO.Today, revenue from a US tech business may well be evenly split between US and international markets from the outset, so the "sizzle" will need to come from planned advances in technology, new product releases, and new product enhancements that will unlock new and significant branches of growth.What are the key process changes companies need to make ahead of an IPO?<ul><li>Leveling up the company's financial reporting function: Enhanced accuracy and transparency in financial statements is an absolute necessity, both historically and forward-looking for eight quarters in both directions.</li><li>Corporate governance: Companies need to recruit an experienced, independent, and supportive board that can provide wisdom to management during the IPO process and beyond.</li><li>Operational scalability: Ensuring systems and processes can support growth and compliance requirements. Have you installed a world-class ERP software system? Do you have a contract management system and CRM software? Do they all work together?</li><li>Compliance and risk management: Implementing robust controls to meet regulatory standards is a playbook that a new CFO and new General Counsel can implement with the help of outside advisors.</li></ul>

How startups can get in top shape for an IPO, according to Silicon Valley lawyer Louis Lehot

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Who says you can't teach an old dog new tricks? A millennial manager details <a target="_blank" href="https://www.businessinsider.com/millennial-4-important-lessons-managing-genz-no-burnout-emotional-2024-4">what they learned from their young employees</a>.We've also got a limited-time deal for a <a target="_blank" href="https://www.businessinsider.com/subscription/limited-offer">Business Insider subscription</a> worth checking out.Today's big story examines how recruitment for AI talent is ramping up <a target="_blank" href="https://www.businessinsider.com/ai-talent-wars-big-tech-ceos-recruiting-paying-huge-packages-2024-4">in the tech industry</a> and <a target="_blank" href="https://www.businessinsider.com/top-recruiters-hiring-staffing-tech-job-wall-street-headhunters-2024-4">on Wall Street</a>.What's on deck:<ul><li>Markets: The AI bubble is popping, just <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-bubble-crash-2026-artificial-intelligence-ai-interest-rates-2024-4">not as soon as you think</a>.</li><li>Tech: Bill Gates has played <a target="_blank" href="https://www.businessinsider.com/bill-gates-still-pulling-strings-microsoft-ai-copilot-chatgpt-2024-4">a key role in Microsoft's AI strategy</a> behind the scenes.</li><li>Business: More Gen Zers are struggling to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/disconnected-youth-a-tale-of-2-gen-zs-in-america-2024-4">stay connected to school or work</a>.</li></ul>But first, we've got an opening.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>AI job feeding frenzy</h2><div type="image" title="Sam Altman (left) and Mark Zuckerberg (right)." height="900" width="1200" msid="109699652" hostid="261" sizebytes="133022"></div>AI might ultimately take all our jobs. But right now, it's minting plenty of high-paying roles.Eager to understand how to leverage the tech, companies are racing to scoop up AI specialists.The fight for talent has tech companies pulling out all the stops. That includes calls from high-profile CEOs and <a target="_blank" href="https://www.businessinsider.com/ai-talent-wars-big-tech-ceos-recruiting-paying-huge-packages-2024-4">seven-figure pay packages</a>, writes Kali Hays and Ellen Thomas.But Big Tech companies aren't just competing with each other. Wall Street is throwing <a target="_blank" href="https://www.businessinsider.com/hottest-wall-street-tech-jobs-and-pay-according-recruiters-2024-4">big money</a> at AI specialists. Banks, hedge funds, and private equity are all getting in on the fun.And then there are startups. But it's not just about joining a young company. With so many venture capitalists <a target="_blank" href="https://www.businessinsider.com/ai-investments-vcs-startups-valuations-2024-3">eager to fund AI ideas</a>, some AI talent are starting their own companies.<div type="image" title="A person looking at numbers and graphs on a green background." height="1000" width="2000" msid="109699654" hostid="261" sizebytes="178186"></div>The AI hiring frenzy comes during a massive spending spree in the space.Microsoft's chief financial officer, Amy Hood, <a target="_blank" href="https://www.businessinsider.com/microsoft-plans-spend-more-ai-infrastructure-capex-earnings-azure-chips-2024-4">said on the tech giant's earnings call</a> that capital expenditure would increase "materially."Mark Zuckerberg told Meta investors it's <a target="_blank" href="https://www.businessinsider.com/meta-earnings-report-ai-increasing-cost-2024-4">investing more in AI than it initially realized</a>. And it might be a while <a target="_blank" href="https://www.businessinsider.com/meta-q1-results-ai-investment-payoff-mark-zuckerberg-2024-4">before it pays off</a>. (Zuckerberg does have a plan to <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-plan-meta-make-money-from-ai-2024-4">eventually make money</a> from the AI investments.)But <a target="_blank" href="https://www.businessinsider.com/meta-earnings-mark-zuckerberg-ai-spending-tech-investors-stock-2024-4">not everyone is convinced</a>, as investors sent Meta's shares tumbling in the wake of earnings.The dynamic puts incredible pressure on the AI talent being brought in. With shareholders keen on these AI investments to payoff, companies will be expected to find revenue streams quickly.But operating at such speed, especially as <a target="_blank" href="https://www.businessinsider.com/us-copyright-office-proposed-changes-copyright-law-ai-2024-3">regulators keep a close eye</a>, won't be easy.A new FTC rule <a target="_blank" href="https://www.businessinsider.com/ban-noncompete-agreements-approved-ftc-challenges-await-2024-4">banning non-competes</a> adds another wrinkle to a market that prides itself on secrets. (Non-competes are banned in California, but remain <a target="_blank" href="https://www.businessinsider.com/wall-street-quant-battle-to-lock-up-traders-with-noncompetes-2022-7">prevalent in certain corners of Wall Street</a>.)Businesses are already fighting the rule, but if it survives the courts it could mean even more movement of AI talent.<h3>News brief</h3><h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" href="https://www.businessinsider.com/desantis-trump-presidential-campaign-fundraising-meeting-florida-musk-reports-2024-4">DeSantis makes nice with Trump in Miami: reports</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/supreme-court-mark-meadows-trump-just-following-orders-immunity-defense-2024-4">Mark Meadows asked the Supreme Court to recognize his 'just following orders' defense. A right-wing justice wasn't buying it</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-worth-2-trillion-2024-4">Google hits a new milestone: $2 trillion</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/russian-forces-advance-unopposed-due-to-ukrainian-troops-blunder-2024-4">Russian troops advanced and captured large parts of village after apparent Ukrainian blunder left front line unmanned</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mint-butterfield-teen-child-tech-founders-found-safely-police-2024-4">Mint Butterfield, teen whose dad cofounded Slack and mom cofounded Flickr, found safe, police say</a>.</li></ul><h2>3 things in markets</h2><div type="image" title="An image of a trader blowing a bubble." height="650" width="1300" msid="109699657" hostid="261" sizebytes="44078"></div><ol><li>It's gonna take some carnage to get rate cuts. Black Swan investor Mark Spitznagel said the Federal Reserve will only consider lowering interest rates <a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-stock-market-crash-recession-outlook-economy-investing-2024-4">when a recession is imminent or the stock market is crashing</a>. "Be careful what you wish for," Spitznagel told Reuters.</li><li>The AI-fueled stock market bubble has a few years left. Research firm Capital Economics said 2026 is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-bubble-crash-2026-artificial-intelligence-ai-interest-rates-2024-4">when things will come crashing down for AI</a>. It has a glum prediction for the markets, anticipating returns from equities will be weaker over the next decade than the previous one.</li><li>David Einhorn has a theory about why gold prices have spiked. In his latest letter to investors, published this week, the Greenlight Capital founder said there's been a "secular trend" of countries from the East <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-china-reserves-dedollarization-consumers-commodities-einhorn-2024-4">buying the precious metal from Western nations</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="Bill Gates keeps track of all the businesses that Microsoft is involved in." height="1500" width="2000" msid="109699661" hostid="261" sizebytes="674180"></div><ol><li>Bill Gates never left. Since 2021, Gates has largely been out of the picture at Microsoft — at least publicly. Current and former executives told BI Gates stayed intimately involved in the company's operations. While CEO Satya Nadella might be the face of Microsoft's AI success, <a target="_blank" href="https://www.businessinsider.com/bill-gates-still-pulling-strings-microsoft-ai-copilot-chatgpt-2024-4">insiders say Gates has been the one quietly pulling the strings</a>.</li><li>No For You Page, no problem. The ink has dried on the "TikTok ban" bill, and many are concerned about the app's future. Selling TikTok without its infamous algorithm seems like an inevitable doom for a new owner. <a target="_blank" href="https://www.businessinsider.com/tiktok-ban-bill-algorithm-byetdance-2024-4">But what if it's not</a>?</li><li>Shopify is back. The e-commerce giant's stock <a target="_blank" href="https://www.businessinsider.com/shopify-stock-growth-after-post-pandemic-slump-2024-4">surged 200% in the 18 months after October 2022</a>. Analysts credit Shopify's rebound to several well-timed decisions, including selling off a money-losing business and making two big cuts to its head count.</li></ol><h2>3 things in business</h2><ol><li>A tale of two Gen Zs in America. There are young people who have followed traditional milestones in life and then there are those who are getting left behind. Meet the "disconnected youth" — they want education and a good job, but circumstances outside of their control are getting in the way. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/disconnected-youth-a-tale-of-2-gen-zs-in-america-2024-4">And that might cost them</a>.</li><li>The sudden demise of ComplYant. A tax-compliance startup abruptly closed its doors in September, despite raising over $10 million in venture funding. It took employees two months to receive their final paycheck. <a target="_blank" href="https://www.businessinsider.com/tax-compliance-startup-raised-millions-then-it-abruptly-shut-down-2024-4">Then the CEO cut off all contact</a></li><li>Guys literally only want one thing… a $7,000 chair. The <a target="_blank" href="https://www.businessinsider.com/rich-young-men-herman-miller-eames-chair-trend-2024-4">Herman Miller Eames lounge chair and ottoman</a> has become a status symbol for a certain type of young, newly rich American man. BI set out to find out why finance and tech guys are treating a chair like it's a Rolex or a Porsche.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/gen-z-boomers-what-each-generation-talks-about-in-therapy-2024-4">From Gen Alpha to boomers, we asked 6 therapists what each generation is speaking about in therapy</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/walmart-heir-rob-walton-retiring-from-board-2024-4">Walmart heir Rob Walton is stepping down from the retailer's board after four decades</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sundar-pichai-google-mckinsey-ceo-factory-james-gorman-jane-fraser-2024-4">Sundar Pichai, James Gorman, and Sheryl Sandberg have all worked for McKinsey. Here's why the consultancy is a CEO factory</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/catholic-priest-ai-defrocked-2024-4">A Catholic 'priest' has been defrocked for being AI</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Paramount and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/grace-lett">Grace Lett</a>, associate editor, in Chicago.

From Wall Street to Silicon Valley, AI specialists are a hot commodity

<ul><li>The 17 former branches of <keyword id="16953072" type="General" weightage="20" keywordseo="silicon-valley-bridge-bank" source="Orion">Silicon Valley Bridge Bank</keyword>, <keyword id="220723" type="General" weightage="20" keywordseo="national-association" source="Orion">National Association</keyword>, will open as FirstCitizens Bank &amp; Trust Company on Monday, March 27, 2023, FDIC said.</li><li>Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from <keyword id="16953457" type="General" weightage="20" keywordseo="first-citizens-bank" source="Orion">First Citizens Bank</keyword> &amp; Trust Company, the regulator said. </li></ul> San Francisco, March 27 (IANS) The US Federal Deposit Insurance Corporation (FDIC) has announced that First Citizens Bank and Trust Company of Raleigh, North Carolina entered a purchase agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association. "The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as FirstCitizens Bank &amp; Trust Company on Monday, March 27, 2023," Fox Business quoted the FDIC as saying in a statement. "Customers of Silicon Valley Bridge Bank, National Association, should continue to use their current branch until they receive notice from First Citizens Bank &amp; Trust Company that systems conversions have been completed to allow full service banking at all of its other branch locations," the statement continued. Depositors of the Santa Clara, California-located bank will automatically become depositors of First�Citizens Bank &amp; Trust Company, according to the statement, and all deposits will be assumed and insured by First�Citizens Bank &amp; Trust Company, up to the insurance limit, Fox Business reported. The FDIC said: "As of March 10, 2023, Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits. Today's transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association's assets at a discount of $16.5 billion." In addition, approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC, Fox Business reported.

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Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

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From Wall Street to Silicon Valley, AI specialists are a hot commodity

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First Citizens Bank reaches deal to purchase deposits, loans of Silicon Valley Bank

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