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<ul class="summary-list"><li>Tesla stock is a buy as it builds up its energy business, says William Blair.</li><li>Analyst Jed Dorsheimer said Tesla's "underappreciated" energy business could represent 25% of its revenue by 2028.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a> stock is a buy as it builds out an energy ecosystem that is "Apple-esque," according to Wall Street research firm William Blair.William Blair analyst Jed Dorsheimer initiated coverage of Tesla with an "Outperform" rating on Thursday, calling the EV maker's energy business "underappreciated" amid growing power demand from data centers and the rise of renewables."We view Tesla Energy as the most underappreciated component of the Tesla story and expect the narrative will shift toward the energy storage business in light of tempered EV expectations in the near term," Dorsheimer explained.Three key drivers for Tesla's energy storage business include data center buildout, efforts to stabilize America's power grid, and the integration of renewable energy."Combined with the auto business and longer-term opportunities like AI, robotaxi, and robotics, we see Tesla as a technology leader with an 'Apple-esque' ecosystem for the future of energy," Dorsheimer said.Tesla products have long been compared to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a> products, with its cars sometimes being called an <a target="_blank" class="" href="https://www.washingtonpost.com/technology/2021/05/14/tesla-apple-tech/">"iPhone on wheels."</a>And Tesla CEO Elon Musk himself sought to sell the company to Apple during its production woes with the initial Model 3 launch in 2018, according to <a target="_blank" class="" href="https://x.com/elonmusk/status/1341485211209637889?lang=en">a tweet from 2020.</a>But the focus of William Blair's research on Tesla is its energy business, which includes solar panels, charging stations, and battery packs for both residential homes and utility companies.Dorsheimer estimates that Tesla's energy business could grow at a compounded annual growth rate of 50% through 2028, quadrupling the unit's revenue contribution to 25% from 6%."We view Tesla's Megapack as the standalone leader in energy storage and believe it will capture significant market share in each of those areas," Dorsheimer said.According to the note, Tesla's Megapack could turn into the company's fastest-growing business with superior profit margins compared to its EV business. The Megapack is a large-scale network of rechargeable batteries that provides energy storage capabilities geared toward utilities and large-scale commercial projects."Our analysis forecasts that Megapack will be Tesla's fastest growing product and meaningfully increase the EPS contribution from $0.14 in 2024 to $2.35 in 2028," Dorsheimer said.While Dorsheimer is bullish on the potential for Tesla's energy business, not everyone is convinced, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-outlook-elon-musks-cars-sales-robots-ross-gerber-2024-8">including longtime Tesla investor Ross Gerber.</a>In a recent interview, Gerber said Tesla is a car company at the end of the day, and it's recent struggles to grow its car sales has led the investor to start selling Tesla stock."That's just a distraction from the fact that they need to sell cars, this year, and next year, and the year after, because none of this is coming anytime soon," Gerber said of Tesla's robotic and self-driving efforts.Shares of Tesla traded higher by about 2% on Thursday following the bullish report.William Blair did not assign a price target to Tesla, but said its premium valuation is justified."We believe the halo effect created by Musk, the company's culture of first principles, and the technology advantages it has established warrant its significant valuation premium," Dorsheimer concluded.

Buy Tesla because it's 'Apple-esque' energy ecosystem is underappreciated, Wall Street analyst says

<ul><li>SolRazr, a crypto startup based out of India, plans to build the first-ever developer ecosystem around the <keyword id="1905050" type="General" weightage="20" keywordseo="solana" source="Orion">Solana</keyword> blockchain.</li><li>In its seed funding round, the venture platform raised $1.5 million from investors like Moonrock Capital, Ascensive Assets, and Morningstar Ventures. </li><li>In an exclusive interview with Business Insider India, the co-founders explain how they plan to take Solana-based decentralised applications (DApps) to the next level by launching a university, hiring new talents and pushing on sales.</li></ul> Solana may be the next big ‘smart contract’ blockchain with its tokens having nearly quadrupled in value during August. Investors can pump in money, but developers to drive innovation and develop use cases are few and far in between — venture platform SolRazr, based out of India’s Silicon Valley, plans to change the status quo. The startup just raised $1.5 million in seed funding for the promise of setting up the world’s first developer ecosystem for Solana. The company will take in projects being built on the Solana blockchain and help them find capital, provide them with developer tools as well as get them off the ground. “It’s kind of like Alchemy for Ethereum,” one of the co-founders, Sreekant Kalapur, told Business Insider India in an exclusive interview. Alchemy, <a href="https://twitter.com/AlchemyPlatform">based out of the US, </a>helps burgeoning enterprises build reliable DApps by providing the ‘fundamental building blocks’ to harness the potential of Solana's biggest competitor, the Ethereum blockchain. <div type="ExtQuote" text="“Not only is Solana cheaper than Ethereum to use, but it’s also faster… We’re definitely bullish on Solana.”" auname="Sreekant Kalapur, SolRazr co-founder, told Business Insider"></div> Funding was led by blockchain advisory firm Moonrock Capital, Ascensive Assets, and Morningstar Ventures. Angel investors including Frax Finance’s Sam Kazemian, a decentralised stablecoin cryptocurrency protocol, and the inventor of flash loans, Leo Cheng were also in the mix. The startup managed to attract 14 backers overall. On the road to building an ecosystem around Solana, the company’s first move is going to be to launch a university within the next couple of weeks. “We plan to bring in developers and experts to teach coders about the Solana blockchain. This will help developers quickly learn Rust and help them deploy Solana programs faster,” disclosed Vijay Kalangi, SolRazr’s other co-founder. <cmsannotation type="cmsannotation" annotationid="SolRazr’s Solana University" comment="subhead" text="SolRazr’s Solana University">SolRazr’s Solana University</cmsannotation> The company plans to launch a university — dubbed the Solana University — to educate and train developers about the Solana blockchain. “There isn’t any shortage of talent in India. We have some very good engineers,” explained Kalangi. The company plans to bring in experts on Solana to teach, increase awareness, and provide inputs to those starting out or just looking to up their game. <div type="ExtQuote" text="“Developers who have worked on Solana are a rare find. Not a lot of people know how to code in RUST, the programming language used to build DApps on the Solana blockchain.”" auname="Sreekant Kalapur, SolRazr co-founder, told Business Insider"></div> <cmsannotation type="cmsannotation" annotationid="Putting the ‘soul’ into Solana DApps to drive crypto adoption and sales" comment="subhead" text="Putting the ‘soul’ into Solana DApps to drive crypto adoption and sales">Putting the ‘soul’ into <keyword id="12057113" type="General" weightage="20" keywordseo="solana-dapps" source="Orion">Solana DApps</keyword> to drive crypto adoption and sales</cmsannotation> A part of the $1.5 million seed fund will go towards SolRazr hiring more developers, bringing in community managers, and onboarding business development experts. “We want to focus on design-first applications. And, we want to provide developer tools, which allow the code to be written in plain English and is easy to interact with,” Kalangi. His primary complaint right now is that a lot of DApps out there are clunky and far from being user friendly. Going design-first ensures that the Solana-based DApps are user-first in order, which, in turn, will drive adoption. That is why another key role that they’re looking at is public sales. While the larger goal goes beyond money, there’s no denying its importance especially since, as a launchpad, acquiring capital is a part of SolRazr’s diktat. <cmsannotation type="cmsannotation" annotationid="SolRazr is jumping on NFTs and cautious of DeFis" comment="subhead" text="SolRazr is jumping on NFTs and cautious of DeFis">SolRazr is jumping on NFTs and cautious of DeFis</cmsannotation> The startup is still in the process of finalising which projects that will be nurtured under its umbrella but three big categories it’s focusing on are decentralised finance (DeFi), NFTs and Web 3.0. An NFT-focused solution is most likely first on its list, according to the founders. However, negotiations are still ongoing. And, while the DeFi space is an attractive opportunity, SolRazr is taking things one step at a time given that India is still in the regulatory grey zone when it comes to crypto. <cmsannotation type="cmsannotation" annotationid="Solana quadrupled in value during August" comment="subhead" text="Solana quadrupled in value during August">Solana quadrupled in value during August</cmsannotation> There are currently over 400 projects within the Solana ecosystem globally — from decentralised exchanges (DEXs) like LunaDEX to digital games like Stardust. The cryptocurrency has been grabbing headlines with its massive jump in value during the last month. It <a href="https://www.businessinsider.in/investment/news/ethereum-killer-solana-surges-hits-all-time-high-net-worth-surges-to-30-billion/articleshow/85802473.cms">quadrupled</a> in value during August to hit a market capitalisation of $30 billion alongside the hype around <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">NFTs</a>. Platforms like OpenSea as well as projects like CryptoPunks, Mutant Apes, and others were seen hitting <a href="https://www.businessinsider.in/cryptocurrency/news/daily-sales-of-cryptopunk-nfts-are-hitting-record-levels-with-one-rare-zombie-token-selling-for-5-3-million/articleshow/85603863.cms">record levels</a>. Even as the crypto market <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-bomb-as-el-salvador-opens-its-doors-to-bitcoin/slidelist/86029365.cms">crashed</a> on September 7 — deemed ‘Bitcoin Day’ in celebration of <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">El Salvador</a> becoming the first country in the world to declare Bitcoin as legal tender — Solana was among the few to <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crash-saw-solana-quant-litecoin-and-algorand-price-remain-stable/slidelist/86038623.cms">preserve</a>. As of 10:30am Indian Standard Time (IST), Solana’s price is at $207.33, having recuperated from the minor hit in the took of around 2% during the dip to being 20% in the green. And, its market capitalisation is at a whopping $61.33 billion — ranked as the sixth biggest player in the crypto market, according to <a href="https://coinmarketcap.com/">CoinMarketCap.</a> SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crash-saw-solana-quant-litecoin-and-algorand-price-remain-stable/slidelist/86038623.cms">While Bitcoin bombed, here’s what remained in the green</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-ethereum-and-other-cryptocurrencies-crash-after-el-salvadors-bitcoin-law-launch/articleshow/86040661.cms">Remember, remember the 7th of September — Bitcoin, El Salvador, and the crypto drop</a>

INTERVIEW: Here's how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket

<ul class="summary-list"><li>TikTok Shop is preparing for the holiday season as it crosses one year since its US launch.</li><li>The company is pushing live shopping, influencer partnerships, and other selling tactics.</li></ul>TikTok is laser-focused on shopping.Its e-commerce feature, <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-is-betting-its-future-on-e-commerce-should-it-2024-7">Shop,</a> which launched in the US about a year ago, has <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-tied-instagram-social-shopping-among-gen-z-adults-survey-2024-6">grown steadily</a> as users have become more accustomed to buying products via short videos and livestreams — though some <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-is-bad-boring-fyp-2024-2">still get the ick</a> from shopping content.The company has courted a <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-creators-earning-thousands-affiliate-commissions-2023-7">roster of creators</a> to promote products in exchange for a commission on sales. It works with hundreds of agency partners to coordinate live selling sessions and give out free samples to influencers. It has its own logistics business with six US warehouses, and is in the early stages of <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-is-matching-creators-with-manufacturers-to-make-custom-products-2024-10">connecting creators with manufacturers</a> to make custom products.It's doing all of this because the business opportunity in social shopping could be huge.Social commerce drives hundreds of <a target="_blank" href="https://affiliate.insider.com?h=e54b484532789f314b635c6d0830451432638ce3089beed16d5b0b23d8dfe87c&amp;postID=671a6f33e5b54083006885df&amp;postSlug=tiktok-shop-exec-hopes-americans-embrace-holiday-live-shopping-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Ftiktok-parent-bytedances-e-commerce-volume-surged-in-2022-internal-data-show">billions</a> in sales annually on TikTok's sister app in China, <a target="_blank" class="" href="https://www.businessinsider.com/whats-next-for-tiktok-look-at-china-douyin-2022-1">Douyin</a>. If TikTok can <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10">replicate</a> even a fraction of Douyin's e-commerce prowess in the US, it would be a money-making machine.In a Wednesday interview with Business Insider at a company event in New York, TikTok Shop's head of US operations Nico Le Bourgeois talked about how the company plans to get more US consumers to embrace live shopping, how he thinks about the role of influencers in e-commerce, and what the company hopes will happen on Shop this holiday season.Prior to joining TikTok, Le Bourgeois spent nine years at Amazon where he oversaw its seller marketplace and other parts of its retail operations.Below are excerpts from that conversation, which have been edited for length and clarity:When you think about this holiday season, what does success look like?Obviously, we want to sell a lot. There's a lot of businesses that rely on us for Q4, so we want to make them proud. I think more importantly, we want to make sure that we are true to our mission of product discovery. We want people to discover new products. To be surprised. To feel like shopping can be different. And as a part of that, if we can have many customers shop in live and realize that this is really cool, I think we will have done a good job.How do you think about introducing TikTok users to live shopping?It's a lot of work. We have to build a complete ecosystem from scratch with the right agencies, the right brands. Not everybody's ready for it. We have to educate customers.I know that you have some studios that your partners can use to do live selling. Not everyone can set up a studio to participate, but how important is the look?Retail is detail, and I would say that applies to live, too. There's a lot of details to be very good at live shows, starting with quality. The cameras, the studio, the environment, selecting the products, et cetera. We have studios in LA. We have studios in Seattle. We have studios in New York. There's a lot of agencies now having built their own capabilities, so we are not short of capability for live shows now in the US.I am really curious about this idea of the <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-trying-turn-shopping-creators-into-stars-2024">TikTok Shop creator </a>... How do you think about working with that cohort and using them to help grow the platform?When we started, there weren't millions of creators doing shopping content. People came, they were interested, they came naturally, and they registered, and step by step, they learned how to do it. We also brought a lot more products. So we have this flywheel of the more creators you have, the more products you have, and the more creators are excited.You find people that you never knew they could actually be great sellers on TikTok. They find their career. They find their thing, and they become huge.You have agency partners that help with creators, help with sellers. How do you feel about that strategy? Is that going to continue to be a focus?Yeah, it's an amazing strategy and big focus for us. This week, I was in New York for the whole week meeting a lot of partners. Decentralizing and having independent companies working with us in partnership fosters so much creativity and amazing ideas that our team could not have. I feel so energized by the model.When you think about competitor set, do you think of yourself more in the category of like a Walmart, Amazon, Shopify? Where do you place yourself?We think we have a unique positioning. If we come in the US to fight against Amazon, I don't think it's going to work. So we are deeply focused on product discovery, which is a completely different way of shopping. Customers don't search, they naturally go on TikTok to be entertained, and then they find products that at some point they find interesting, useful, and then they end up buying it. So they see it. They like it. They buy it. That's what we are trying to develop.Are you planning to do more expansion on the logistics side?Yeah. It's actually super important for us.We want to be fun. But we also know that you need to get delivered to pretty fast. We need to have a solid experience. So, as we scale, we're investing more there.How do you think about international coordination? Are you working a lot with folks in other markets?We are heads down in the US developing the business, bringing more brands, and I think we're trying to develop a real US-centric business. Probably UK is going to be different. China is very different.If the <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-ban-bill-is-first-amendment-disaster-may-survive-courts-2024-4">law to ban or divest TikTok</a> goes through, I think January 19th is the deadline unless something happens in the courts, is this on your mind at all? Does it affect investment at all?For us, we're so much into our mission to develop discovery e-commerce. Just focused on everybody — the teams, the creators, the brands. Everybody is focused on developing the business.

A top TikTok shopping exec explains its US growth strategy, from partnering with agencies to building up livestreaming

The Alliance of Digital <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> Foundation (ADIF) on Wednesday hailed the action taken by the Competition Commission of India (CCI) against Google for unfair use of its dominant position with respect to Play Store policies, especially in regard to In-app payment systems. As Google's unfair practices in regards to In-<keyword id="235499" type="General" weightage="100" keywordseo="app" source="Orion">app</keyword> purchases and subscription fees are established through the CCI verdict, the lasting way out is to have a legislative frame to restrain such practices of excessive charging by the App Aggregators platforms, it said. An ADIF spokesperson said that this payments decision, along with the <keyword id="6355645" type="General" weightage="50" keywordseo="android" source="Orion">Android</keyword> app bundling decision by the CCI last week, will set a new precedent globally against the anti-trust practices followed by any dominant tech organisation in India. ADIF, an over 500-member alliance working relentlessly for easing the operating ecosystem for startups, said that there is a strong need to back the CCI decision with appropriate legislation, so as to stop App Aggregator platforms from charging excessively from App developers. "A price regulatory authority and framework in Digital India Act or Competition Act, in line with DMA act in the UK for digital markets may be the imminent step in the right direction, which would help in restraining such anti-competitive practices by Significant IT intermediary organisations," said the organisation. Charging to the tune of 30 per cent for payment services is excessive by any means and the CCI noted that mandatory imposition of <keyword id="15347289" type="General" weightage="50" keywordseo="gpbs" source="Orion">GPBS</keyword> (Google Play Billing System) limits technical advancement in the market for in-app payment processing services because it disturbs the incentives for innovation and the capacity of payment processors and app developers to innovate and build new technologies. "Also, other than payment processing services, Google play store does not provide any additional service which justifies the imposition of its supra-competitive fees, hence their commission of 15 per cent or 30 per cent is without any commercial justification," it added. There is a strong need to stop this abusive practice, and as has been established by CCI of this unfair practice, there needs a legislative framework to restrict the In-app payment charges in line with PG charges (up to 3 per cent). "The time is ripe to replicate the same for the app developers also, as this would usher a new paradigm in the Start-up space in India, with consumers getting innovative app-based solutions for their professional and business needs," said the ADIF. The CCI fined Google Rs 936.44 crore on October 25 for abusing its dominant position with regard to its Play Store Billing and payment policy, a few days after the regulator slapped a fine of Rs 1,338 crore for abusing its dominant position in multiple markets with its Android mobile operating system (OS), may be considered as the resilient footing to set up the legislative framework. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/this-xiaomi-12s-ultra-concept-is-a-hope-to-take-smartphone-photography-to-the-next-level-lets-you-attach-dslr-lenses-to-the-phone/articleshow/95252403.cms">This Xiaomi 12S Ultra Concept is a hope to take smartphone photography to the next level — lets you attach DSLR lenses to the phone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/crypto-exchange-binances-ceo-invests-500-mn-in-twitter-to-support-free-speech/articleshow/95256055.cms">Crypto exchange Binance's CEO invests $500 mn in Twitter to "support" free speech</a>

CCI action against Google to bring in fair play in Indian app ecosystem: ADIF

<ul class="summary-list"><li>Lily Wu is a 30-year-old Australian entrepreneur who started her career in accounting at just 18.</li><li>She quit her first corporate job after a year and said everyone called her crazy.</li></ul>This as-told-to essay is based on a conversation with Lily Wu, a 30-year-old entrepreneur who quit her first corporate role at age 19 and spent a decade working in the startup ecosystem in various roles. She now works for a digital marketing agency.The following has been edited for length and clarity.I joined the accounting firm BDO at age 18, and it was just everything that did not suit my personality. I am a very artistic and creative person, and accounting is not.I felt extremely constricted by the time and type of work. It was: Here's how you balance your sheets. Here's how you input this number and output this thing. It was very rules-based and very process-driven. So I quit after a year.Everyone called me crazy.A lot of people said to me: "You're so lucky to get this out of high school. You don't know how competitive it is to try to get one of these positions even in your penultimate year or when you've just majored in accounting."<h2 id="14dc5ae9-a07c-4422-b3ff-84e4104b0241">I didn't know myself</h2>My parents had always said, "When you're 18, you're going to be living by yourself."So when I got into college, I was thinking of ways I could support myself. I was interested in business at the time, and there were these paid accounting cadetships.Those are basically accounting firms hiring you straight out of high school, where they basically give you a four-year contract and you work on a rotating basis, like full-time the first year and part-time the next.A lot of it was also very vanity-driven, right? You're 18, you get to wear corporate clothes, and you get to go to the office.So much of that was driven by that image of how cool it would be if I were this person already working out of the office.<div type="image" title="Lily Wu outside BDO's Sydney headquarters in 2013." height="890" width="890" msid="112925653" hostid="261" sizebytes="63154"></div>I think that, at that point, I didn't really understand myself.<h2 id="75b2b7ef-c5c2-4cda-9691-7d7f717e0895">Testing my career</h2>I felt like I really needed to explore and try out different options to see what resonated with me.After that accounting experience, I co-founded an education startup at 19, running global career boot camps for university students. That ended up being a seven-figure business. I was 24 when I exited it.At that point, I thought about whether I wanted to join a company like Facebook or Google, but something I really wanted to do was to learn five languages in a year.It was 2019, there was no Covid, and there was no such thing as remote work, or it was very, very rare, and so working at Google or Facebook would limit my freedom.I ended up choosing to work for a very young startup, and I helped them raise their Series A.It was minimal pay, but it meant that for that year, I could travel and work remotely. I ended up meeting my husband at a hostel in Singapore.We went together to 17 cities across 9 months, and I took Spanish and Korean lessons.<div type="image" title="Lily Wu and her husband in Mexico (top left), Vietnam (top right), Warsaw (bottom left), and Yosemite Park (bottom right)." height="480" width="640" msid="112925670" hostid="261" sizebytes="39228"></div><h2 id="db743a35-8e05-42f4-b337-bff37d01f729">Finding freedom in corporate roles</h2>When I returned to Singapore after Covid, aged 27, I realized that now every company is remote. I could now work for a Big Tech company.I joined Stripe. They're not humongous, but they are considerably larger than what I was used to.In that role, I had so much freedom and creativity to design it how I wanted. Even though it was a completely different choice, it still matched my values of curiosity, creativity, freedom, and relationship-building.<div type="image" title="Lily Wu at Stripe in Jakarta" height="858" width="1144" msid="112925666" hostid="261" sizebytes="49280"></div>Finally, I pitched my own role at a Chinese cross-border digital marketing agency — again, a completely different industry from what I'd done before. But it fulfilled my curiosity because digital marketing gives a lot of exposure to wider companies and people.<h2 id="d8b4ec27-a4ae-4c26-8801-3391b02ba3e9">Values guide my career</h2>I've definitely had periods where I didn't have a lot of self-confidence, especially when I switched from a startup to a Big Tech company.I didn't know whether it was possible to get the job, scope, pay, and experiences I was looking for.Whenever I start a job, I list all the experiences that I want to learn from it. Before I joined Stripe, a startup, or my current company, I knew there were certain skills I wanted to get out of those roles.I left Stripe after two and a half years because I felt like, in that specific role, I had learned everything that I had set out to learn.I don't have any regrets.I have no certainty about what I want to do in the future.But, to me, understanding what my values are makes me feel like this is the person I want to become and will be in 10 years, regardless of what I choose to do.I know that if I have this North Star metric and that is my compass — do my actions match up to those values — I know I'll be OK in 10 years' time. I'll be a curious creative, and have a strong relationship with freedom.

I quit my first corporate job at 19. Everyone called me crazy, but starting young helped me find my values.

<ul><li>71% of <keyword id="16562257" type="General" weightage="20" keywordseo="founders-of-early-stage" source="Orion">founders of early-stage</keyword> companies plan to raise <keyword id="549785" type="General" weightage="100" keywordseo="venture-debt" source="Orion">venture debt</keyword> in 2023. </li><li>74% of VCs surveyed said they would recommend their portfolio companies to take on venture debt in 2023. </li><li>Venture debt disbursed increased 2.6 times from 2019 to 2022.</li></ul>A lot has changed in the last one year in the <keyword id="1948071" type="General" weightage="80" keywordseo="Indian-start-up" source="Orion">Indian start-up</keyword> landscape. In per a survey by India Venture Debt Report by <keyword id="9353689" type="General" weightage="50" keywordseo="Stride-Ventures" source="Orion">Stride Ventures</keyword>, 82% of founders said they will strive for <keyword id="6515078" type="General" weightage="20" keywordseo="profitability" source="Orion">profitability</keyword> and prioritize scaling their startups in 2023. Also, 79% of VCs want to focus on profitability, while only 21% want to focus on growth. This is in contrast to 2022 when 68% of founders and 55% of VCs focused on growth rather than profitability. The survey also revealed that 71% of founders of early-stage companies plan to raise venture debt in 2023, compared to 50% of late-stage founders and 20% of growth-stage founders. Says Ishpreet Singh Gandhi, founder and managing partner, Stride Ventures, “Venture debt has become one of the key growth enablers for Indian startups.” Additionally, 74% of VCs surveyed would recommend their portfolio companies to take on venture debt in 2023. The survey results also highlighted that 62% of founders and 44% of VCs consider "engaging with bank limits" as the most important value-added service offered by a venture debt fund, with "advisory on corporate financial services" being the second most preferred service for 28% of founders and 33% of VCs. Bank limits are defined by a bank to set up amount and duration based restrictions on the transactions that can be carried out by the user. This is a change from 2022, where advisory on corporate financial services was considered the most important value-added service. <cmsannotation type="cmsannotation" annotationid="Agritech, healthtech, SaaS receive fewer venture debt prospects" comment="subhead2" text="Agritech, healthtech, SaaS receive fewer venture debt prospects">Agritech, healthtech, SaaS receive fewer venture debt prospects</cmsannotation> Finally, the survey indicated that agritech, healthtech, and SaaS sectors are receiving fewer venture debt prospects according to founders and VCs. Out of a total of 170-180 venture debt deals recorded in 2022, the fintech sector emerged as the leading sector with 31% of the share, followed by consumer and agritech sector startups. The report also highlights the potential of B2B replacing fintech in 2023 for the most attractive sector for venture debt, closely followed by consumer and EV. The report also reveals that the venture debt ecosystem in India is thriving, with a 2.6 times increase in the debt amount disbursed from 2019 to 2022. The report indicates that Series D and startups beyond that stage raised the most debt in 2022, while pre-Series A stage startups completed the highest number of debt deals. Geographically, the report recorded Delhi NCR as the most active location for venture debt deals in 2022, followed by Bangalore and Mumbai. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-ports-jsw-steel-indusind-bank-top-the-nifty50-list-with-highest-promoter-pledges/slidelist/98008939.cms">Adani Ports, JSW Steel, IndusInd Bank top Nifty50 list with highest promoter pledges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/sell-off-in-adani-group-shares-resumes-after-george-soros-comments/articleshow/98008647.cms">Sell-off in Adani group shares resumes after George Soros’ comments</a>

As profitability takes priority, venture debt finds favour with startup founders: Strides report

<ul class="summary-list"><li>'Personality hires,' employees who excel in interpersonal dynamics, are being celebrated on TikTok.</li><li>Even those who can't relate say it's a valuable quality in their colleagues.</li></ul>Corporate workers are discovering whether or not they're "personality hires" as the term has gained steam on social media in recent weeks.<a target="_blank" href="https://www.tiktok.com/@bellarosemortel">Bella Rose Mortel</a>, a 22-year-old social media strategist at newsletter platform Beehiiv, went viral this week labeling herself a <a target="_blank" href="https://www.tiktok.com/@bellarosemortel/video/7301562914736098606">personality hire</a>, and suggesting that other Gen Zers might embrace a more <a target="_blank" href="https://www.tiktok.com/@bellarosemortel/video/7301502746304253227">"playful" attitude</a> at work.The term "personality hire" refers to an employee beloved for bringing a positive attitude and seamless interpersonal skills to the office — usually to compensate for a lack of hard skills or productivity. In a <a target="_blank" href="https://www.tiktok.com/@viennaayla/video/7298827824964586798">viral skit with 6.2 million views</a> shared last month by the creator <a target="_blank" href="https://www.tiktok.com/@viennaayla">@viennaayla</a>, two coworkers stress over a looming deadline, whereupon the personality hire arrives to work late and offers to call the CEO, who promptly offers her an extension — and a lunch invitation.Even those who couldn't identify cheered the group as being essential to the office ecosystem."The personality hire is also the client whisperer," one top commenter, with 12,500 upvotes, wrote. "Omg I may have been the personality hire at several jobs," another viewer added. "I once went shopping with my boss' wife. Mid work day.""I'm the opposite of a personality hire," a third commenter wrote. "I'm unapproachable but I get stuff done lol." In her series of TikToks, Mortel suggested Gen Z viewers might lean into a more playful approach at work. She said she interacts with her managers by using slang terms like "Hey king, "Slay," and "Y'all ate." (Being a startup, she acknowledged to Business Insider her workplace is a bit more lax than most. She also said she built rapport with her manager first, and now he's even started to reciprocate, greeting her with, "Hey queen.")In another video, Mortel emerged from a meeting where a 48-hour deadline was set <a target="_blank" href="https://www.tiktok.com/@bellarosemortel/video/7301094431275502890">wondering why everyone had been so serious</a>. "Why didn't we hang out longer? Why didn't we laugh enough?" she said in the video, which has 373,000 views."Another reason I know I'm not old enough to be in the workforce," she said."Being a personality hire is tough work but someone's gotta do it," the TikTok account for <a target="_blank" href="https://www.tiktok.com/@microsoft365?lang=en">Microsoft 365</a> commented. (Mortel insisted to BI she brings a solid skillset to the table in addition to good vibes.) After the video blew up, she shared it with her manager, who thought the whole thing was hilarious. "In a team call yesterday, he was like, 'Before we get started, Bella Rose, do you want to set the vibes today for our call?'""A lot of my previous managers have told me that they really like the energy I bring," she said, "and that's the nicest compliment I could ever get in my whole life."

Are you a 'personality hire'? The internet is convinced that slackers with soft skills are still critical to the office ecosystem. 

<ul class="summary-list"><li>Neal Mintz beat over 500 applicants to get his dream job at Wischoff Ventures.</li><li>Mintz said that during the hiring process, he offered to set up the firm's payroll for free.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/nealmintz/">Neal Mintz</a>, 26, a senior associate at Wischoff Ventures. The following has been edited for length and clarity. Business Insider has verified his education and employment history.I have wanted to pursue a career in the venture capital ecosystem since I was in college.While pursuing my bachelor's degree at Washington University's Olin Business School, I spent two summers living and working in Tel Aviv, which has an incredible startup ecosystem.It was difficult to break into venture capital straight out of college. Instead, I started my career in consulting with Ernst &amp; Young, where I spent two years in their digital strategy consulting practice.At EY, I worked with clients that included Fortune 500 companies. I did everything I could to align my interests with my work, but I recognized that it would be harder to jump into an investing role as I became more senior.That was when I knew that I really needed to start looking elsewhere.After EY, I landed a role at a venture studio working with start-ups. That was where I learned how to perform due diligence on early-stage business opportunities.I then moved on to Ground Up Ventures, an early-stage venture capital firm. I was the only employee there besides the fund's four partners, so I had to learn quickly on the job.After nearly two years at Ground Up Ventures, I wanted to try working at another fund to see if there was room for upward mobility.That's how I ended up at my current job at Wischoff Ventures, a firm started by a woman whose work I admired — Nichole Wischoff.<h2 id="915a9294-61f5-4d9f-ad32-d1378e4b0470">I went through three weeks of interviews and pulled out all the stops</h2><div type="image" title="Nichole Wischoff and Neal Mintz sitting on a sofa." height="3610" width="4284" msid="114100622" hostid="261" sizebytes="487094"></div>I wanted to work for Nichole because I knew that as the fund's first full-time hire, I would have the opportunity to work with her directly and learn the ropes.The competition for the role was intense, and Nichole said I'd beaten over 500 candidates to get hired.The interview process took about three weeks, including three one-hour calls and an in-person meeting. In addition to the interviews, Nichole also asked me to weigh in on some due diligence opportunities and startup investments.Throughout the process, I did everything I could to show Nichole I knew how to do this job and that she wouldn't need to handhold me.At one point, Nichole mentioned she would need to set up a payroll provider for her first hire. Even though we were still in the interview process then, I offered to do it for her for free.<h2 id="7157d802-6f42-4e22-a400-78ccc7ae1135">People think I'm a try-hard, but that's just what it takes</h2>Some people have criticized my approach to securing the job at Wischoff Ventures.I recognize that the prospect of putting in so much effort to get a job may be discouraging. But we must remember that venture capital is an extremely competitive industry. The interview process is indicative of what working in venture capital is really like.If you want to succeed as a junior investor, you'll get a lot of rejections from founders all the time. If you want to thrive, you have to think creatively about how to get in front of founders. On top of that, you have to do your due diligence and research if you want to land a deal.Even after spending dozens of hours with a prospect, you could still get rejected, but that's just how deals work. So, for better or for worse, there are just so few roles within this industry. And you will have to go above and beyond if you want to make a mark.I offered to set up payroll for Nichole because I wanted her to know I was willing to do whatever it took. So whether it's implementing a customer relationship management system or planning happy hours — I'm all in.Breaking into venture capital is a long game. It took five years of my career to get in the door. But while the journey may sound intimidating, it's attainable for anyone who's excited and committed to what they're doing.

I landed my dream job at a VC fund after I offered to set up payroll for free. People called me a try-hard but that's just what it takes.

<ul><li>Space taken up by enterprises, when measured on a per seat basis, has grown by 3.2 times from FY2021 to FY2023, reaching an all-time high. </li><li>Since 2018, Bengaluru has consistently been at the forefront of the flexible office space market, commanding an average share of around 39%. </li><li>From FY2021 to FY2023, Bengaluru, Pune, Delhi NCR, and Mumbai emerged as the leading cities for large flexible office space deals. </li></ul>India's operational flexible office space (flex stock) is expected to double in size to reach 106 million sq ft over the next five years. Currently, the country's operational flex stock stands at 53 million sq ft, spread across the top seven cities, providing about 839,250 <keyword id="42492" type="General" weightage="20" keywordseo="seats" source="Orion">seats</keyword>. This translates to an overall <keyword id="6773950" type="General" weightage="20" keywordseo="office-stock" source="Orion">office stock</keyword> penetration level of about 4.7%, according to a report by real estate services firm JLL, and managed and <keyword id="12685716" type="General" weightage="20" keywordseo="flex-space" source="Orion">flex space</keyword> provider Smartworks. Enterprises across scales, and industry segments are increasingly incorporating flexible office spaces into their portfolios. The space taken up by enterprises, when measured on a per-seat basis, has grown by 3.2 times from FY2021 to FY2023, reaching an all-time high. Additionally, the enterprise seat uptake in FY2023 has surpassed the combined numbers from FY2021 and FY2022, indicating a significant rise in demand for flexible office solutions. Among the top cities, Bengaluru, Pune, and Delhi NCR have emerged as the three dominant markets in the past three financial years, jointly accounting for around 60% of all enterprise seats taken up during that period. <cmsannotation type="cmsannotation" annotationid="Start-ups make a beeline for flex space" comment="subhead" text="Start-ups make a beeline for flex space">Start-ups make a beeline for flex space</cmsannotation> Between FY2021 and FY2023, Indian start-ups have shown a significant increase in leasing flexible office spaces, second only to the technology sector. Their share has surged to a noteworthy 31% in FY2023, making it the second-highest for the past two financial years. The start-up ecosystem in India is increasingly adopting flexible office solutions as these offer the perfect balance of cost-effectiveness, convenient locations, and flexible lease terms, while also creating modern and flagship workplaces for their employees. Start-ups from diverse sectors, including manufacturing/industrial, banking, financial services &amp; insurance (BFSI), and consulting, are now embracing flexible office formats in a big way. <cmsannotation type="cmsannotation" annotationid="Bengaluru on top, while Pune and Hyderabad surpass Mumbai" comment="subhead" text="Bengaluru on top, while Pune and Hyderabad surpass Mumbai">Bengaluru on top, while Pune and Hyderabad surpass Mumbai</cmsannotation> Since 2018, Bengaluru has consistently been at the forefront of the flexible office space market, commanding an average share of around 39%. Following closely is Delhi NCR with an average share of approximately 17%. In the same period, Hyderabad and Pune have surpassed Mumbai to become the cities with the next highest flex stock among the top 7 cities. Pune experienced the highest compounded annual growth rate (CAGR) of 49% since 2018, closely followed by Hyderabad at 40%. Chennai and Delhi NCR also demonstrated substantial growth with a CAGR of 30% each during the same period. These figures highlight the shifting dynamics in the flexible office space sector, with certain cities witnessing significant expansion and increased adoption of flexible workspace solutions. <cmsannotation type="cmsannotation" annotationid="Large flex spaces with over 500 seats most in demand" comment="subhead" text="Large flex spaces with over 500 seats most in demand">Large flex spaces with over 500 seats most in demand</cmsannotation> In the period from FY2021 to FY2023, Bengaluru, Pune, Delhi NCR, and Mumbai emerged as the leading cities for large flexible office space deals, with a combined share of 75-80% for deals comprising more than 500 seats. The demand for larger, managed solutions from large enterprises is evident, as enterprise deals with over 500 seats hold the highest share among all deal size segments. On the other hand, for smaller deal sizes of less than 100 seats, Delhi NCR and Chennai dominated the market, capturing a combined share of 55-60% during the same period. This trend indicates that smaller businesses or organisations prefer flexible office space solutions tailored to their specific needs. <cmsannotation type="cmsannotation" annotationid="Flex space demand across deal sizes" comment="subhead" text="Flex space demand across deal sizes">Flex space demand across deal sizes</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal Size </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">&lt;100 seats </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100-200 seats </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">201-300 seats </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">301-500 seats </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">&gt;500 seats </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY 2023, Total seats leased 139,000 plus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.4% </td></tr></tbody></table> Source: JLL- Smartworks report

Start-ups account for almost ⅓ flex place adoption, second only to technology sector

The demand for office spaces during the first quarter of 2024 has been strong, registering total leasing of 13.6 million square feet across the top six cities. It is a remarkable 35 per cent increase compared to the same period last year, according to professional services and investment management company Colliers. Although this is a significant drop from the record office space take-up in the last quarter of 2023, the remarkable annual increase is indicative of upbeat occupier sentiment, given the fact that the first quarter is typically slower, Colliers said in a report. Bengaluru and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> emerged as frontrunners for demand of Grade A office space in the first quarter of 2024, cumulatively accounting for more than half of the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> leasing activity. The office market of Hyderabad saw 2.2x space uptake in Q1 2024 as compared to the corresponding quarter last year. This demand was driven by healthcare and pharma and technology sectors. Amongst other major office markets, Mumbai too experienced a notable surge in leasing activity, an impressive 90 per cent yearly rise in Q1 2024. "Hyderabad continues to strengthen its role as a prominent commercial office market in the country. The city offers occupiers including <keyword id="20942407" type="General" weightage="20" keywordseo="global-capability-centers" source="keywords">Global Capability Centers</keyword> considerable price arbitrage compared to other markets. Furthermore, proactive government policies, continuous infrastructure upgrades and a favorable business ecosystem makes Hyderabad a compelling destination for investors, occupiers, and leading developers of commercial real estate in India," said Arpit Mehrotra, Managing Director, <keyword id="21062240" type="General" weightage="20" keywordseo="office-services" source="keywords">Office services</keyword>, India, Colliers. "Within Hyderabad, the trifecta of Hi-Tec City, Gachibowli and <keyword id="19948349" type="General" weightage="20" keywordseo="madhapur" source="keywords">Madhapur</keyword> continued to drive leasing activity in Q1 2024. Of the 2.9 million square feet of Grade A space uptake in the first quarter, over 80 per cent of the demand was concentrated in these three localities," said Mehrotra. During Q1 2024, new supply across top six cities remained steady, at 9.8 million square feet, almost at par with the level seen in Q1 2023. According to Colliers, Bengaluru witnessed significant new project completions, contributing to 45 per cent of the total new supply, followed by Hyderabad at 27 per cent share. With demand outpacing supply, average rentals saw up to 8 per cent uptick on a yearly basis across most of the major markets. "As business sentiments and economic outlook remains positive, domestic occupiers, especially will continue to drive the office market of the country," said Vimal Nadar, Senior Director and Head of Research, Colliers India. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

Office space leasing in India off to a strong start in Q1-2024

<ul class="summary-list"><li>UBS's head of asset allocation in the US said AI could fuel a new Roaring '20s.</li><li>The question may not be whether there's a Goldilocks scenario, but a red-hot AI-fueled economic surge.</li></ul>Nvidia may not only be the "most important stock in the world," as Goldman Sachs says, but its financial results could mark the turning point for the broader economy to enter a new Roaring '20s, according to Jason Draho, head of asset allocation Americas for UBS Global Wealth Management.In a Monday note, Draho said AI megatrends and an absence of negative supply shocks could generate higher productivity without sparking a rebound in inflation. <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-earnings-short-interest-tech-stocks-ai-nvda-2024-2">Nvidia's earnings beat last week</a> in particular could push the economy past a mere Goldilocks, <a href="https://www.businessinsider.com/economic-outlook-fed-interest-rate-hikes-cuts-larry-summers-recession-2024-2">no-recession scenario</a> and into a new boomtime. "It wasn't simply that the company beat expectations, it was the possibility of an even faster-than-expected AI-related spending and adoption ramp up," Draho said, highlighting Jensen Huang's acknowledgment that demand for AI is surging worldwide. A ramp-up in AI spending supports the existing upbeat data for productivity growth. Labor productivity jumped 3.2% in the fourth quarter to <a href="https://www.businessinsider.com/recession-outlook-fed-interest-rate-cuts-wall-street-markets-investors-2024-2">cap off a strong year</a>. The five-year rolling average of 2.1% puts it at the highest level in over a decade, per UBS, excluding stretches of the pandemic.<div type="image" title="US labor productivity in the US" height="677" width="1019" msid="108022568" hostid="261" sizebytes="19948"></div>"[T]he combination of a tight labor market, increased capex, and AI all directionally support this productivity surge continuing," Draho said. "If it does for at least another year, then the argument for structurally higher trend growth, i.e., a Roaring '20s regime, should strengthen, providing a tailwind for a market narrative shift."Nvidia saw a 16% one-day gain last Thursday, the day after its <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-nvidia-earnings-indexes-wall-street-record-highs-2024-2?_gl=1*12zj4z9*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwODcwMTYzOS4xNjU4LjEuMTcwODcwMTcyMS41Mi4wLjA.&amp;utm_medium=ingest&amp;utm_source=markets">huge earnings beat</a>. It cost short sellers <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-earnings-short-interest-tech-stocks-ai-nvda-2024-2">$3 billion in paper losses</a>, data from S3 Partners shows, and the results fueled a market-wide rally. Wall Street firms continue to share what's effectively become a consensus bullish view on the stock, and that's helped power Nvidia's market cap to record highs. To Draho's point, Wedbush's Dan Ives, who calls Jensen Huang the "godfather of AI," has reiterated his bullishness on the stock over recent weeks and its impact on the macroeconomic landscape."[T]his is a 1995 Moment as now the AI Revolution and $1 trillion of incremental spending over the next decade is hitting the software ecosystem and rest of tech sector," Ives wrote in a recent note. "Nvidia and the golden GPUs are the start of the spending wave."<h3>Shifting market expectations</h3>The distinction between a Goldilocks scenario — strong growth and disinflation — and a Roaring '20s — above-trend growth and disinflation — may seem subtle, but markets are starting to reflect a shift toward the latter, in Draho's view.The market-implied neutral fed funds rate has climbed 40 basis points since December and it's now hovering near levels last seen in the early 2010s. It's also 100 basis points above the Fed's own estimate for the long-term neutral rate of 2.5%, Draho said, which suggests that investors are indeed "warming up to a Roaring '20s outcome.""If they weren't, it would be hard to square the market pricing a higher neutral rate with growth returning to pre-pandemic levels," he explained.Draho believes both a Goldilocks and Roaring '20s outcome remain possible, but the latest upside earnings surprise from Nvidia affirms the momentum in generative AI and raises the likelihood for multi-year, above-trend growth."Consequently, the Goldilocks market narrative is likely to prevail for the time being, assuming the data cooperates," Draho said. "But it may have to acquiesce to the Roaring '20s sooner rather than later if AI developments continue to accelerate."

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