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Domestic <keyword id="21999883" type="General" weightage="20" keywordseo="passenger-vehicle-retail-sales" source="keywords">passenger vehicle retail sales</keyword> declined 1 per cent year-on-year in May, as blistering <keyword id="21177616" type="General" weightage="20" keywordseo="summer-heat" source="keywords">summer heat</keyword> and elections impacted demand, <keyword id="21580028" type="General" weightage="20" keywordseo="automobile-dealers" source="keywords">automobile dealers</keyword>' body <keyword id="20108734" type="General" weightage="20" keywordseo="FADA" source="keywords">FADA</keyword> said on Monday. Passenger vehicle registrations dipped to 3,03,358 units last month, as compared with 3,35,123 units in May 2023. "Dealers cited the impact of elections, extreme heat and market liquidity issues as major factors for the dip in sales last month," the Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said. Despite better supply, some pending bookings and discount schemes, the lack of new models, intense competition and poor marketing efforts by original equipment manufacturers (OEMs) also affected sales, he added. Additionally, the month saw increased customer postponements and low enquiries, Singhania stated. Due to the extreme heat, the number of walk-ins to showrooms dropped by around 18 per cent, he said. Two-wheeler sales rose 2 per cent to 15,34,856 units in May, as against 14,97,778 units in the same month last year. Singhania said positive rural demand on account of good rains in some regions and improved finance availability kept the counters ticking. Three-wheeler retails rose 20 per cent year-on-year to 98,265 units last month. While commercial vehicle sales witnessed an increase of 4 per cent at 83,059 units last month, as compared to 79,807 units in May 2023. "Despite growth due to a low base from last year and increased bus orders, the industry faced challenges due to wholesale pressures, government policy effects, and negative market sentiment," Singhania said. He noted that the near-term outlook for automobile retail is 'cautiously optimistic', influenced by a mix of positive and challenging factors across various segments. Government formation is expected to bring stability and improve market sentiment, Singhania said. Dealers are hopeful about better supplies and positive movement in key sectors like cement, coal and iron ore, he said. Above normal rains during monsoon, is expected to enhance rural demand and support economic activities, he added. "However, extreme weather, such as heatwaves and heavy rains, along with the reopening of schools in July, might delay purchase decisions," Singhania said. Challenges persist, including intense competition, lack of new model launches and poor marketing efforts by OEMs, he said. FADA, which represents over 15,000 automobile dealerships having over 30,000 dealership outlets, collated sales data from 1,360 out of 1,503 RTOs across the country. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank">Tata Altroz Racer hatchback launched in India starting at ₹9.49 lakh</a><a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank">Nvidia beats Apple, becomes second most valuable company: Top 10 companies by market cap</a><a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, annual shipments expected to end in a decline</a>

Passenger vehicle retail sales dip 1% in May as excessive heat, elections impact demand: FADA

The state of the job market has been worrisome for people across the country ever since companies started carrying out large scale layoffs. In 2022, Twitter (now called X) laid off thousands of employees and eventually, companies like Meta, Google, Amazon, Microsoft and so on also began handing the pink slip to employees. Thousands of people took to social media platforms to share their ordeals. While some have successfully moved on to new roles now, many are still searching for opportunities, elevating competition in the job market. However, the situation isn't so grim everywhere. <keyword id="78512" type="General" weightage="100" keywordseo="iim-calcutta" source="Orion">IIM Calcutta</keyword> students bagged offers worth nearly 2 lakh per month for their summer internship programme. Curious? Read on to know more. The 61st batch of IIM Calcutta's flagship MBA programme saw all 475 students secure internships during the recent placement season. The numbers also speak volumes: a staggering median stipend of ₹2 lakh per month, a record-breaking achievement, and an average of ₹1.89 lakh that closely follows. And it doesn’t stop there—the highest domestic offer came in at ₹3.67 lakh, while international placements soared with top offers of ₹6.75 lakh per month. For many, this success story from IIM Calcutta is a reminder that when it comes to premium talent, there’s always a demand, even when the world feels uncertain. Professor Ritu Mehta, Chairperson of Placement Activities at IIM Calcutta, said as per a report in ET, "The outcome of the <keyword id="23806452" type="General" weightage="20" keywordseo="summer-internship-offers" source="keywords">summer internship offers</keyword> has yet again demonstrated the future readiness of our students in a highly competitive landscape. Globally, there is an ongoing recalibration of managerial jobs and pullback of job postings, hence we are very grateful to our recruiters to repose their trust in our students and our academic processes." Meanwhile, IIM Calcutta said, "The cluster-cohort placement process that involved various policies such as ‘dream offer’ enabled recruiters to find a better student-recruiter fit, making the overall process a win-win for both recruiters and students." For the unversed, IIM Calcutta, established in 1961 as the first Indian Institute of Management, is one of the most prestigious business schools in India and is globally renowned for its academic excellence. Known for its rigorous MBA programme, it has built a reputation for producing leaders equipped with strong analytical and strategic thinking skills. The institute has consistently attracted top-tier recruiters across various industries, and people across the industry keep a close eye during its placement season.

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

<ul class="summary-list"><li>Some luxury travel agencies say more travelers are vacationing in the fall instead of summer.</li><li>One company now sees more bookings for September than June, July, and August.</li></ul>Planning where to go for your next summer Euro trip?No need to stop by Portugal to try some sardines. Just head to cities like <a target="_blank" href="https://www.businessinsider.com/things-to-know-visiting-rome-busy-season-first-time-tips">Rome</a> and Athens to experience the next best option — being packed against other tourists like tinned fish.Summer is historically the most popular time to travel. The weather is warm, school is out, serotonin levels are high, and <a target="_blank" class="" href="https://www.businessinsider.com/venice-tourism-group-cap-overtourism-2024-8">vacation getaways are jam-packed</a>. So much so that many travelers are now opting instead for a fall respite.A growing number of vacationers have been replacing their summer vacations with ones during <a target="_blank" href="https://www.businessinsider.com/what-is-shoulder-season-2017-8#:~:text=Shoulder%20season%20is%20the%20period,in%20Europe%20and%20the%20Caribbean.">shoulder season</a> (the time between high and low travel, such as autumn) — to the extent that luxury travel agency and consortia Virtuoso saw a 23% increase in bookings for fall 2024 compared to the year prior, Misty Belles, its vice president of global public relations, told BI.Forget asking <a target="_blank" href="https://www.businessinsider.com/vacation-destinations-popular-ultra-wealthy-unexpected-countries-travel-agents-2024-10">where your friends "summer"</a> — now, it's all about where you autumn.<h2 id="020bc067-5732-485a-9efa-4786c00798c6">Fall vacations are becoming trendy</h2><div type="image" title="acadia national park fall leaves" height="3327" width="4436" msid="114474003" hostid="261" sizebytes="1526938"></div>Autumn travel often goes hand-in-hand with leaf-peeping excursions. (That's still true — AirDNA, which tracks vacation rental listings on platforms like Airbnb and Vrbo, told BI that demand in October for the popular fall foliage hot spots of rural New York and the coast of Maine is up 19.7% from 2023.)Many of these offseason vacationers are also seeking out classic overseas summer destinations like Europe.Travel-booking company Hopper told BI that in 2023, 23% of European vacations reserved on the platform were for September and October of that year, up 5% from 2019.Jackie Roth — a travel manager for Scott Dunn Private, the invite-only subsidiary of travel agency Scott Dunn — told BI that all its clients have been requesting fall travel. And likely not for some quick, dirt-cheap getaways — Scott Dunn Private's members must spend a minimum of $100,000 on travel annually.<div type="image" title="Paris" height="1414" width="1885" msid="114474007" hostid="261" sizebytes="614860"></div>The ultra-luxury team now fields more requests for vacations in September than in the traditional ultra-peak travel months of June, July, and August, often to European countries like Italy, France, and the United Kingdom, Roth said.Italy, in particular, reported a 15.5% increase in foreign visitors between September and November 2023 compared to the previous year."People are willing to trade going to the beach for their umbrella so they can experience some of the popular destinations without quite the crowds," Julie Durso, a Scott Dunn Private travel manager, told BI, adding that the team works with several Tuscany properties that are now trying to stay open through November.<h2 id="2c2fe6f1-1b61-4115-aa8e-0def0e4b0fe7">Why they're falling for fall</h2><div type="image" title="Colorful buildings in Sardinia" height="1414" width="1885" msid="114474005" hostid="261" sizebytes="588208"></div>Autumn can be a great time to travel if you're looking to avoid peak-season crowds and costs. Most children are back in school. And <a target="_blank" href="https://news.airbnb.com/2024-fall-trends-revealed/">Airbnb said</a> its vacation rentals are generally the cheapest from September through November.According to data from travel booking platform Kayak, the average nightly cost of three- and four-star hotels in Italy dropped 3% from the summer to fall of 2024. In Cagliari, Sardinia, the dip was closer to 22%.It's easier for families who aren't beholden to a school calendar to globetrot during the week. Or, they could just skip class.Kelly Grumbach, senior vice president of travel for concierge service Quintessentially, told BI that about 20% to 25% of the company's clients pull their children out of school for a weeklong shoulder-season vacation to avoid being "surrounded by American tourists" and "ripped off" by peak-season rates.<div type="image" title="Boats in the water at a port in Nice, France. There are lots of colorful buildings on the coast." height="1414" width="1885" msid="114474013" hostid="261" sizebytes="490282"></div>She said the company books most of these trips to European destinations like the Amalfi Coast and Sicily, adding that trips to the latter at the end of September and early October are a "fraction" of July and August's prices.Plus, the weather is generally still great."Savvy travelers have realized that they can go to Capri, Italy, or the south of France in September and October and experience warmer waters, fewer crowds, and lower prices," Melissa Biggs Bradley, CEO of luxury travel agency Indagare, told BI in an email. "Our clients are being more selective about when to splurge on a special property and when to save." (The company has two membership options, the priciest at $2,850 a year.)Melissa Krueger, CEO of luxury travel wholesaler Classic Vacations, is especially partial to October, calling it the "best time to travel worldwide." In late September, 20% of Classic Vacations' bookings were for the final three months of the year, 7% for October specifically.<h2 id="b38b1d9a-1b49-4e94-a1ce-ba78aef6f31f">Italy's Amalfi Coast has seen a late-season boost</h2><div type="image" title="pool of Anantara Convento di Amalfi Grand Hotel" height="1366" width="2732" msid="114474014" hostid="261" sizebytes="723650"></div>According to Belles, of Virtuoso, some seasonal resorts have been extending their operating months to accommodate the growing number of late-season visitors.Estelle Vassallo, the general manager of Anantara Convento di Amalfi Grand Hotel, told BI that occupancy levels along the region have seen a "significant shift" in recent years, dipping in July and August while increasing in the traditional offseason months of May, June, September, and October.<div type="image" title="A view of Italy's Amalfi Coast cityscape on the coastline of the Mediterranean Sea." height="3200" width="4267" msid="114474010" hostid="261" sizebytes="1441388"></div>Her hotel has seen a "consistent" number of travelers throughout the year, which she expects will continue into November.Many hotels in the region close for winter breaks from <a target="_blank" class="" href="https://www.cntraveler.com/gallery/best-amalfi-coast-hotels">November to March</a>. Anantara Convento di Amalfi has instead opted to break from mid-January to mid-March.In 2024, the nightly hotel costs along this slice of coastal Italian paradise dipped as much as 23% from summer to fall, according to Kayak — except for Positano, where hotel costs have increased "slightly."<div type="image" title="Positano, Italy" height="1200" width="1600" msid="114474009" hostid="261" sizebytes="241030"></div>Before the rise of shoulder-season vacations, travelers wanted to chase the best weather, Grumbach said.Now, she's hearing more say: "I am fine with clouds and maybe a little rain. I just want to be able to eat at this restaurant and not have to get on a waitlist or go to this nice hotel but not have to pay double the amount.""We have some of the wealthiest clients in the world, and they're still like, 'I don't want to be ripped off," she added.

For some wealthy travelers, fall is the new summer

<ul class="summary-list"><li>Europe's hottest summer on record didn't stop tourists from visiting en masse.</li><li>Some luxury travel agents say more vacationers are seeking summer trips to cooler climates.</li></ul>Few summertime Instagram posts are as FOMO-inducing as the perfectly posed candid in front of the Eiffel Tower or Sagrada Familia, complete with a perfectly dewy makeup look.But as global temperatures continue to rise, that glowy finish could more likely be from sweat than a shimmery highlight.The summer of 2024 was the <a target="_blank" href="https://climate.copernicus.eu/c3s-seasonal-lookback-summer-2024">hottest on record</a> in Europe. Heat waves soared beyond 100 degrees in countries like Italy, Greece, Portugal, and Spain — all while the tourist-beloved destinations contended with <a target="_blank" class="" href="https://www.cnbc.com/2024/06/01/italy-braces-for-record-wave-of-tourists-but-is-having-trouble-handling-them.html">record levels of travelers</a>.<div type="image" title="crowds of tourists in Greece" height="3327" width="4436" msid="114705585" hostid="261" sizebytes="963708"></div>Likely, no vacationer wants to spend their precious summer break wading through sweltering heat waves and throngs of sweaty crowds.Thus, the growing preference for "coolcations" — a portmanteau of "cool" and "vacations" — is born. And with it, a 44% increase in bookings to the milder-weathered destinations of northern Europe and Canada from the summer of 2023 to 2024, according to luxury travel agency Virtuoso.Move aside, wet, hot American summer. Now, it's all about cold Finnish summers.<h2 id="daf5314f-2892-4288-b044-2afc61cd5241">Wealthy travelers are seeking out chill summers</h2><div type="image" title="Blue lagoon geothermal bath near Reykjavik, Iceland." height="1306" width="1741" msid="114705584" hostid="261" sizebytes="181436"></div>"The stifling hot places you don't think of as being really hot and muggy have become that way," Jackie Roth, a travel manager for Scott Dunn Private, told BI, calling out examples like Rome, Paris, and the UK.Roth has planned summer trips to the latter. But if the timing coincides with a heat wave and her client's hotel doesn't have air conditioning, they "absolutely panic," she said. "Americans are used to a bit more pampering."A growing number of travelers are pushing their <a target="_blank" href="https://www.businessinsider.com/summer-travel-vacation-now-fall-autumn-instead-2024-10">"Euro summer" trips to the fall</a> to beat peak summer crowds and temperatures.Others are opting for cooler-weather getaways to destinations like Scandinavia.<div type="image" title="Stock photo shows Helsinki, Finland." height="1414" width="1885" msid="114705587" hostid="261" sizebytes="449000"></div>Misty Belles, Virtuoso's vice president of global public relations, attributed the trend to two global warming-related factors: the increasing intensity of heat waves and recent wildfires in Maui, Hawaii, Greece, and Spain.The latter "really rattled" people," she told BI.Europe, as a whole, endured a sweltering summer. However, some western European countries — specifically Iceland, Ireland, and parts of the UK and Norway — experienced cooler-than-average summers.<div type="image" title="Oslo, Norway at night" height="3800" width="5700" msid="114705583" hostid="261" sizebytes="2595740"></div>Previously beloved for wintertime <a target="_blank" href="https://www.businessinsider.com/holland-america-line-longest-133-day-pole-to-pole-cruise-2023-6">aurora borealis hunting</a>, more travelers (especially those who've already done classics like Italy and France) are realizing these destinations' midnight sun, crisper weather, and smaller crowds could make for a fun summer getaway, too."You get a lot of people saying, 'I went to Italy or Greece in the height of summer, and it was too hot, so where can I go now that's not so hot?'" Julie Durso, a Scott Dunn Private travel manager, told BI. "It's one thing to be in a place with that heat, but to have it with a lot of crowds as well."<h2 id="0fa2af76-edf1-44fd-8f5a-46ba30212781">Where coolcationers are headed</h2><div type="image" title="ice cream in front of colorful houses in copenhagen" height="1414" width="1885" msid="114705586" hostid="261" sizebytes="193006"></div>The "<a target="_blank" href="https://www.voguebusiness.com/story/fashion/what-is-scandi-style-today">Scandi style</a>" fashion aesthetic, inspired by Copenhagen and Stockholm's minimalist street style, has retained its grip on #FashionTok.Now, the public's love of Scandinavia is bleeding into travel, too.Melissa Biggs Bradley, CEO of luxury travel agency and media company Indagare, told BI in an email that more of the company's clients have been "gravitating north" to major Nordic cities.For those who prefer less urban trips, she called out the "great restaurants and beautiful beaches" of the Stockholm archipelago and the "dramatic landscapes" of the Faroe Islands and Norway's fjords.<div type="image" title="Streymoy Island of Faroe Islands" height="3420" width="4560" msid="114705589" hostid="261" sizebytes="2156128"></div>In the summer of 2024, Virtuoso saw an up to 17% uptick in vacations to Sweden and Denmark compared to the prior summer, it said. Looking westward, Belles said the company was "blown away" by the 62% and 89% growth in trips to Iceland and Norway, respectively.Like Virtuoso, luxury tour operator Abercombie and Kent told BI in an email that Norway has become a "top choice" for its customers.The company saw "immediate interest" when it launched its first summertime small-group tour of Norway and Denmark in 2023. Amid sustained demand, the itinerary is now annual. (The 10-day tour starts at $16,900 per person in 2025.)<div type="image" title="The village of Reine on the water of the fjord in the Lofoten Islands, Norway." height="853" width="1137" msid="114705588" hostid="261" sizebytes="114420"></div>Norway's upstairs neighbor, Finland, also piqued the interest of Virtuoso's clients this summer — to the tune of a 150% balloon in bookings. "That's not someplace we were typically sending clients," Belles said.The <a target="_blank" class="" href="https://www.businessinsider.com/moved-finland-happiest-place-on-earth-what-its-like-2024-1">world's happiest country</a> accommodated about 89,700 US travelers from June through August, a 7.7% increase from 2023.Even <a target="_blank" href="https://www.businessinsider.com/united-airlines-new-international-routes-2025-list-fifth-freedom-2024-10">United Airlines</a> is riding the coolcations trend, too. In October, the company announced it would launch its first summer route from New Jersey's Newark Liberty International to Nuuk, Greenland's soon-to-be-completed international airport, in June 2025."The savvy traveler has been to Paris, Rome, and Madrid so many times that they're looking for something different," Patrick Quayle, United Airlines' SVP of global network planning and alliances, told reporters at the time. "Our nonstop flights to Greenland will provide new access to the world's most northern capital and gateway to Arctic adventures and midnight sun."

Some wealthy travelers are replacing their hot summer trips with 'coolcations'

To ensure the convenience of <keyword id="19915258" type="General" weightage="20" keywordseo="passengers" source="keywords">passengers</keyword> and manage the anticipated surge in travel demand during summers, <keyword id="19909154" type="General" weightage="100" keywordseo="Indian-Railways" source="keywords">Indian Railways</keyword> is operating a record-breaking 9,111 trips during summer season. This marks a substantial rise compared to the summer of 2023, where a total of 6,369 trips were offered. The additional trains have been planned to connect key destinations across the country, ensuring seamless travel on major <keyword id="21357069" type="General" weightage="20" keywordseo="railway-routes" source="keywords">railway routes</keyword>. All <keyword id="20617985" type="General" weightage="20" keywordseo="Zonal-Railways" source="keywords">zonal railways</keyword> spread across India have geared up to operate these additional trips, catering to the summer <keyword id="21357806" type="General" weightage="20" keywordseo="travel-rush" source="keywords">travel rush</keyword> from states like Tamil Nadu, Maharashtra, Gujarat, Odisha, West Bengal, Bihar, Uttar Pradesh, Karnataka, Andhra Pradesh, Telangana, Jharkhand, Madhya Pradesh, Rajasthan and Delhi. Planning and running of additional trains is a continuous process for which inputs are taken from all the communication channels 24x 7 like media reports, Social media platforms, Railway Integrated helpline number 139, apart from details of waitlist passengers in PRS system, to assess demand of trains on a particular route. Based on this requirement, number of trains and number of trips are augmented. Neither the number of trains nor the number of trips run by additional train(s) is static for the entire season. During the summer season, Zonal Railways have been instructed to ensure availability of drinking water at Railway stations. Elaborate crowd control arrangements are made at all major and important railway stations. <keyword id="49492" type="General" weightage="20" keywordseo="rpf" source="Orion">RPF</keyword> personnel have been deputed at originating stations to ensure Queue system for entry in General Class coaches. Skilled RPF staffs are deployed in CCTV Control Room to keep a close watch on the crowded areas and render real time assistance to passengers. Government Railway Police (GRP) &amp; Railway Protection Force (RPF) staffs are deployed at foot-over bridges to regulate crowd smoothly in order to avoid stampede like situation during the heavy rush period. Passengers can book their ticket in these additional trains through Railway Ticket counters or IRCTC website/app.

Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023

<ul class="summary-list"><li>The latest bump in the AI road was a downbeat earnings report from ASML that sent its shares tumbling.</li><li>But ASML's biggest customer, Taiwanese chipmaker TSMC, posted blockbuster results Thursday.</li></ul>Two days is a long time in the chip world. On Tuesday, the semiconductor market was downbeat following disappointing earnings from ASML, the Dutch company making the machines that make chips. By Thursday, Taiwan Semiconductor Manufacturing Company, the world's largest chip maker, had painted a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">different picture with its earnings</a>: the AI-driven chip boom is far from over. The roller coaster earnings can be explained by several factors. Chief among them is TSMC and ASML's respective customers. ASML sells large lithography machines — which print circuit patterns onto silicon wafers — to chip manufacturers, including TSMC, Samsung, and Intel. The latter two companies have faced struggles of their own that are impacting the wider chip market. Intel, once the world's biggest chipmaker, <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">has mounted a bid to turn the business around,</a> including 15,000 layoffs. And in early October, Samsung issued an apology for its poor financial performance."Intel and Samsung are falling behind TSMC from a technological point of view," Javier Correonero, equity analyst at Morningstar, told Business Insider. "This is just customer-specific problems as Intel and Samsung cannot ramp up new nodes properly, but this has nothing to do with demand."Meanwhile, TSMC is a competitor to Intel and Samsung. Its customers include Nvidia, the GPU designer spearheading the AI chip boom, along with AMD and Qualcomm. This makes TSMC a good bellwether for AI chip demand.TSMC reported a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">54% rise in third-quarter net profit</a> to a record 325.3 billion New Taiwan Dollars, or $10.1 billion. The forecast-beating results were driven by strong demand for AI despite lingering questions over the <a target="_blank" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">technology's return on investment</a>.By contrast, ASML, Europe's most valuable tech company, slashed guidance for next year, sending its stock plunging by 16% in its biggest single-day drop since 1998. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">Other chip stocks followed</a>, with Nvidia dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday. Their shares steadied on Wednesday. Another factor at play is that chipmakers increased their manufacturing capacity to meet rising demand during the pandemic. Now, chipmakers such as Intel, Samsung, and TSMC have pulled back on ASML orders because they realize they have plenty of capacity, Dan Hutcheson, vice chair at analyst firm TechInsights, told Reuters. It's also key to distinguish that not all chips are for AI — and weaker demand for other areas like PCs can drag growth. "It is important to notice that semis have many subsegments, and while some subsegments can be in a bottom (like PCs), others can be on a top (AI), so it's difficult to predict where overall demand will be in 18 months," Correonero said.<h2 id="4de96bdb-cb04-4a05-9ac5-6a389f3025a7">Demand for AI remains high </h2>In a conference call on Thursday, TSMC's chief executive, CC Wei, reassured investors that the company's growth was real and rejected that AI was in a bubble."This is a tangible ROI benefit," he said in response to a question from JPMorgan analyst Gokul Hariharan. "We cannot be the only one company that have benefited from this AI application. So, I believe a lot of companies right now are using AI and further on improving productivity, efficiency, and everything."For now, investors seem to favor faster-growing companies like TSMC."It looks like TSMC seems to be in the better place for the time being, bolstered by its faster growth rate," Correonero said."TSMC seems more aligned with Nvidia and others, where demand has held up much better in recent months, and indeed shows signs of recovering after a mixed summer," he added.While a slowdown at ASML might suggest some caution, the bigger picture still points to a continued surge in AI demand."In the short to medium term, AI applications, data centers, and advanced chips are still driving strong demand," said Kate Leaman, chief market analyst at <a target="_blank" href="http://avatrade.co.uk/">AvaTrade</a>. "So, while ASML might be experiencing a temporary slowdown, companies like TSMC could continue delivering strong results thanks to these high-growth areas."As other chip firms such as Qualcomm and Intel publish earnings in the coming weeks, a clearer picture of the market will emerge. "For now, the AI boom seems to be sustaining solid growth for chipmakers," Leaman added.

What the roller coaster earnings at ASML and TSMC tell us about demand for AI chips

<ul class="summary-list"><li>Deloitte and EY are trimming employee numbers as the consulting sector faces a slowdown in demand.</li><li>EY's latest financial report showed performance and hiring fell to their lowest levels in 14 years.</li></ul>Deloitte and EY have trimmed staff as demand for professional services provided by the two Big Four firms declines.In the UK, 250 employees working on advisory services have been fired from Deloitte in recent weeks, <a target="_blank" class="" href="https://www.ft.com/content/c6c83d6d-505d-4d41-87c7-b41ff21acf84?accessToken=zwAGJTUewe1AkdPGyD1tUF1NQdOHx7Qf8hrPhA.MEUCIGd8bE8IuIvMTake0_-aZzM_Mv-Cfutx9xqi5I9luWaUAiEAkzeuXXlkfmq9JMk3JCAM4Pg7a7sh0m0toIpNriMtp5s&amp;sharetype=gift&amp;token=136ca422-d562-4f29-9b6c-1e3b0d9c4520">The Financial Times</a> reported.A source with knowledge of the matter told Business Insider that about 1% of the UK workforce had left the company as part of internal "performance management processes."It was the third time in 13 months that the Big Four firm had laid off workers, the FT reported. Deloitte declined to comment on the latest layoffs.Deloitte is the world's largest professional services firm in the world by revenue and employees. Its most recent financial report, published in September, revealed that hiring and earnings have slowed in the last year.Deloitte's global workforce expanded to 460,000 in the 2024 financial year, an increase of 3,000. Tens of thousands of new hires were made in the previous two years.Global revenue was up 3.1% to $67.2 billion. In the 2023 fiscal year, the firm reported a 14.9% increase.Consulting revenues contracted significantly, with year-on-year growth falling from 19.1% in the 2023 fiscal year to 1.9% in 2024.Big Four counterpart EY has been headed in a similar direction, its <a target="_blank" class="" href="https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/value-realized/documents/ey-gl-value-realized-report-latest-10-2024.pdf">annual report</a> published Thursday showed. It showed employee numbers fell by 2,450 in the year to June 30 — the first decrease in 14 years.Revenue was up 3.9% on the previous year to $51.2 billion. This amounted to the firm's poorest performance since 2010.<div type="image" title="Brit weather" height="4000" width="6000" msid="114554164" hostid="261" sizebytes="650946"></div>Major consulting firms are experiencing a <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">slowdown in demand</a> for advisory services. Professional services firm Accenture cut its revenue forecast for 2024 from between 2% and 5% to between 1% and 3%. The firm cited the "uncertain macro environment" for its reduced expectations and said that clients continue to cut back.The trend has hit particularly hard given many of the firms went on a hiring spree during the pandemic as businesses looked for advisory support to handle to the impacts of the pandemic. In the 2023 fiscal year, Deloitte expanded its UK team alone by 7,000 employees.Aside from workforce reductions, consulting firms are also introducing new policies as they face up to an industry slowdown.PwC has <a target="_blank" class="" href="https://www.businessinsider.com/pwc-reduces-half-day-friday-benefit-for-uk-staff-2024-7">ended</a> its "Summer Fridays" perk that allowed UK staff to take Friday afternoons off for three months of the year. They were only permitted to do so for two months in 2023 and six weeks in 2024.In March, Deloitte launched "the biggest overhaul of its global operations in a decade," the FT reported. The overhaul will take a year to implement and will see the business cut itself down from five to four divisions in an effort to slash costs.For the second year running, EY has <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delayed start dates </a>for some new hires. The firm has also reduced the number of internships available next summer and cut pay by roughly 2% for some of its US partners.<h2 id="5e979be9-8ab7-4413-ac9d-f18c1186eab5">The worst may be over</h2>The firm told Business Insider that the decision to delay was made to help ensure new joiners would have "the quality and breadth of assignments to ensure a successful start and strong professional trajectory."The worst of the slowdown in the sector is likely already over, said James Callander, managing director of Freshminds, a UK-based consulting recruitment firm.Callander said the policies and workforce reductions that have been implemented will balance the amount of talent with the amount of work. He added that there's often a lag between the data on workforce numbers and the reality of the business.Callander was optimistic that the market would pick up by 2025: "Companies and businesses going through change and growth will always require professional advice."Do you work at Deloitte or another Big Four firm? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Deloitte and EY trim staff amid slowing demand following years of rapid growth for Big Four firms

I spent my summer afternoons as a tween at my local public pool in Milwaukee with a gaggle of neighborhood kids. I was there for Marco Polo, water tag, and proudly modeling the matching purple nose plugs and goggles that I'd bought with my allowance. My girlfriends, a year or two older, were most interested in catching the eye of the male lifeguards.I would gamely follow along as they made conversation with our tanned and fit overseers. The teenage and 20-something guards held celebrity status in our eyes. And, as far as I can remember, they were reasonably good sports about getting pestered by a bunch of hormonally charged grade schoolers. By the time school started back up at the end of August, my dark-brown hair would be tinged with orange, proudly earned proof of my participation in the storied summer tradition of chlorine and sun.Too many kids growing up in America today, however, won't know what any of that was like — the <a target="_blank" href="https://www.businessinsider.com/lifeguard-labor-shortage-pools-cutting-opening-hours-closing-work-jobs-2022-6">lifeguard is now on life support</a>. The American Lifeguard Association reported last year that one-third of the country's 309,000 public swimming pools would either close for the summer season or operate in a limited capacity, marking the third year in a row for dramatically <a target="_blank" href="https://www.businessinsider.com/hire-lifeguards-ymca-pools-florida-staff-shortage-2022-8">reduced pool access</a> nationwide. My childhood pool — where my grandfather worked as a locker-room attendant in the 1940s and my dad learned to swim in the 1960s — has been closed to the public since 2020. Public beaches share the struggle.This year, the predicament continues. Some cities have <a target="_blank" href="https://www.businessinsider.com/lifeguard-shortage-large-signing-bonus-job-retention-hourly-pay-2022-6">turned to creative measures</a> such as recruiting and training retirees for seasonal positions or lowering age requirements for certification. In many cases, it hasn't been enough.Once an emblem of summer — and the object of poolside fawning — <a target="_blank" href="https://www.businessinsider.com/hamptons-lifeguard-luxury-homes-pool-parties-job-diary-2021-7">the American lifeguard</a> has somehow become an endangered species.The national lifeguard crisis isn't entirely unprecedented: Intermittent <a target="_blank" href="https://www.theatlantic.com/health/archive/2023/06/lifeguard-shortage-pools-history/674340/">shortages</a> have befallen the nation's pools and beaches since at least the '20s. But my peak pool patronage took place in the late '90s, which happened to coincide with an unusually long stretch of high lifeguard recruitment and retention. And somehow this was happening at a time when many US cities were prioritizing public spending on law enforcement at the <a target="_blank" href="https://www.nytimes.com/interactive/2020/06/12/upshot/cities-grew-safer-police-budgets-kept-growing.html">expense of</a> other public services, including recreational amenities such as parks and pools.What brought on this age of lifeguard plenty? Cue the opening montage to "<a target="_blank" href="https://www.businessinsider.com/people-who-were-on-baywatch-2017-5">Baywatch</a>."<div type="image" title="The Girls Of &quot;Baywatch&quot; in red swimsuits holding a surfboard." height="1683" width="2583" msid="111458061" hostid="261"></div>The popular syndicated TV series, which centered on a crew of <a target="_blank" href="https://www.businessinsider.com/baywatch-cast-actors-then-and-now-2019-9">impossibly good-looking Southern California lifeguards</a> saving lives and breaking hearts in high-cut, tomato-red swimsuits, aired from 1989 to 2001. "It showed lifeguarding as a glamorous lifestyle and made it look like a great profession," Wyatt Werneth, a spokesperson for the American Lifeguard Association, said. Werneth became a professional lifeguard in the early '90s — aka peak "Baywatch" — and told me that the show had a direct impact on the public's perception of his industry: "It was prestigious. You wore your lifeguard uniform with pride."The people I spoke with who lifeguarded in their teens and 20s remembered it fondly. "I enjoyed lifeguarding because it was what I considered a 'professional job,'" said Jessi Adler, who lifeguarded at various pools throughout her high-school and college years in Michigan between 1995 and 2003. "While many of my friends were working at a fast-food joint, I had learned a real skill and was responsible for people's lives."Now a public-relations director in Central Texas, Adler and her husband were recently volunteering as tour guides and maintenance workers at Lyndon B. Johnson State Park when park officials offered to pay for her lifeguard recertification so she could pitch in with an occasional pool shift. The request was deferred because of pool renovations, but the need hasn't gone away: The park issued a plea for lifeguard applicants on its community Facebook page in early June.The scenario presents a sharp departure from Adler's youth, when lifeguarding seemed like the ultimate summer job. "I remember being so excited when I was old enough to be eligible to take the certification test," she said. Most lifeguards in the US are under the age of 25. Jason Russell, a professor of history and labor studies at SUNY Empire State, told me that the idea of lifeguarding as a young person's job keeps it from becoming professionalized — which makes it more prone to ebbs and flows. Instead of a career with long-term advancement opportunities that's compensated accordingly, it's seen as entry-level service work for kids. This poses a variety of staffing challenges. In beach-resort communities, for example, there's often a lack of nearby housing available to low-wage seasonal workers who may or may not have the means of getting to work from more-affordable accommodations further afield."On 'Baywatch,' they never had any problems finding places to live," Russell said. "They were driving around in cars. The material circumstances of their lives were much different than the average actual lifeguard."Despite its glossy portrayal of the job, the "Baywatch" effect could only last so long. By the 2010s, lifeguard shortages had resurfaced as a widespread concern. When the pandemic came along, the predicament ratcheted up to a full-blown crisis.Werneth told me that when pools shut down in 2020, prospective lifeguarding recruits missed out on training and certification opportunities and found work elsewhere. Others say the shortages stem from an increased demand for lifeguards at commercial aquatic facilities — waterparks have grown by nearly 50% in the US and Canada since 2014, according to the World Waterpark Association, a global trade group. But those explanations ignore the fact that a lot of <a target="_blank" href="https://www.businessinsider.com/water-swim-safety-tips-prevent-drowning-parents-kids-2024-4">Americans simply can't swim</a>; according to the American Red Cross, more than half of Americans either can't swim at all or lack the basic water skills to swim safely. That's a startling plummet from the 93% of men and 74% of women who said they knew how to swim in a 1991 <a target="_blank" href="https://ajph.aphapublications.org/doi/pdf/10.2105/AJPH.86.1.93">survey</a> published by the American Journal of Public Health. Fewer swimmers means fewer prospective lifeguards. And this problem feeds on itself: A lot of Americans can't swim because of poor access to <a target="_blank" href="https://www.marketplace.org/2023/09/18/public-swimming-pools-by-the-numbers/">public swimming facilities</a> and lessons, and those training opportunities get harder to find thanks to the shortage of qualified lifeguards.The crisis is a stark contrast to our nation's past when swimming was seen as a beloved pastime. In his 2007 book, "Contested Waters: A Social History of Swimming Pools in America," Jeff Wiltse cited a 1933 survey that found that many Americans prized swimming in public pools as much as going to the movies. "Pools became emblems of a new, distinctly modern version of the good life that valued leisure, pleasure, and beauty," Wiltse wrote. "They were, in short, an integral part of the kind of life Americans wanted to live." Between 1933 and 1938, some 750 public pools were constructed under the New Deal. The art-deco splendor of some surviving pools of this era such as the grand Astoria Park pool in New York City, serve as poignant reminders of this public-swimming heyday.<div type="image" title="Astoria Park swimming pool in New York City" height="683" width="1024" msid="111458059" hostid="261"></div>But the romance did not last. As white Americans moved to the suburbs in the middle of the 20th century, <a target="_blank" href="https://www.businessinsider.com/abandoned-swimming-pools-2018-6">public pools began their long and steady decline</a>. In the wake of the Civil Rights Movement, many cities opted to close public swimming facilities instead of complying with desegregation mandates, which sharply reduced <a target="_blank" href="https://www.businessinsider.com/mom-shares-how-hard-sign-up-kids-for-swim-lessons-2023-1">access to swimming lessons</a>. Suburbanites, meanwhile, preferred the privacy of backyard pools and private clubs. By the second half of the 20th century, a person's race, socioeconomic status, and whether they lived in a city or suburb became key predictors of their ability to swim. That pattern persists to this day, narrowing the pool of prospective lifeguards to draw from.The swim disparities also influenced the <a target="_blank" href="https://www.businessinsider.com/lifeguards-reveal-worst-experiences-2018-4">scope of a lifeguard's job</a>. My younger brother, who worked as a lifeguard at several Milwaukee city pools in the late 2000s and early 2010s, recalled having to make numerous rescues at one particularly high-traffic pool and waterpark. Adler, meanwhile, recounted her rescues in suburban Michigan as "very minimal and never serious." (Though she did notice that people's swimming skills were more of a mixed bag at her college pool, where patrons came from a variety of backgrounds, than at her community's country club and high school.)"There's a problem, period, with a decline in swimming lessons," Russell, the labor historian, told me, adding that the inability to swim was more pronounced in communities of color because of a legacy of segregation and diminishing access to public facilities. While the lack of qualified lifeguards may partly stem from this problem, getting more lifeguards on stands could turn things around.Russell has some ideas. "As a labor academic, I tend to think that paying more money helps," he told me. "Employers lament, 'Nobody wants to work.' But there is a solution: <a target="_blank" href="https://www.businessinsider.com/labor-shortage-solution-pay-workers-higher-wages-2021-4">Pay more money</a>." In fact, wage bumps have already helped curb lifeguard shortages in several US cities, including Chicago, Denver, Baltimore, and San Antonio.As we enter our fourth year without enough lifeguards, it's hard to imagine them retaking the podium as the cultural idol of American summer. Even Hollywood's <a target="_blank" href="https://www.businessinsider.com/baywatch-review-2017-5">2017 "Baywatch" revival film</a> couldn't respark a love affair with the red suit. But while times and tastes may change, the attributes that make a summer job worthwhile stay more or less the same. When more cities prioritize safe water access for the masses — and pay lifeguards accordingly — the mighty lifeguard just may rise again.<a target="_blank" rel="" href="https://www.businessinsider.com/author/kelli-maria-korducki">Kelli María Korducki</a> is a journalist whose work focuses on work, tech, and culture. She's based in New York City.

America's favorite summer pastime is dying

<ul class="summary-list"><li>Short-term rental listings in Paris have surged 44% since last summer.</li><li>That's because of the Olympic Games, which Paris is hosting between July 26 and August 11.</li></ul>Millions of visitors will descend on Paris over the next two weeks for the Olympic Games. Many will stay in the French capital's <a target="_blank" class="" href="https://www.costar.com/article/1507555447/hotel-rates-surge-for-2024-paris-olympics">tens of thousands</a> of hotel rooms, but many others are opting for short-term rentals, including Airbnbs.That's in part because short-term rental listings during the Games have soared. There are 44% more short-term rentals listed in Paris than there were last summer, according to AirDNA, a collector of industry data. The French capital had the fastest-growing short-term rental market in the EU over the last year, according to Lighthouse, a firm that analyzes the hotel market.This isn't by accident. Airbnb, the dominant rental platform and an official sponsor of the Olympics, has made a big push to get Parisians to rent their homes during the Games, which go from July 26 to August 11. In a <a target="_blank" href="https://skift.com/2024/07/08/airbnb-debuts-olympics-ad-why-stay-in-a-hotel-on-the-touristy-side-of-paris/">recent ad campaign</a>, Airbnb urged visitors to avoid hotels on the "touristy side of Paris" and opt for short-term rentals "on the Paris-y side of Paris." The company has also plastered ads around the city promoting itself as a way for entrepreneurs and others to make extra income. The company's efforts appear to be paying off.The number of Airbnb listings in the Paris region during the games spiked by 40% in the first quarter of this year, according to data Airbnb shared with Business Insider. The company says the average host in the Paris region will make about €2,000 in revenue during the Olympics."This will be the largest hosting event on the Airbnb platform ever, and the demand has only increased," Airbnb's Chief Business Officer, Dave Stephenson, said in a statement to Business Insider. "Just last week we saw the highest amount of searches for future stays in France to date."But Paris is one of the most <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-12-01/cost-of-living-tel-aviv-paris-singapore-are-world-s-most-expensive-cities?embedded-checkout=true">expensive cities</a> in the world, and it's facing a serious housing shortage and affordability crisis. When Parisians turn their homes into short-term rentals, that can further restrict the supply of housing and inflate rents and home prices. For this reason, Paris — like <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6">cities and tourist destinations around the world</a> — has attempted to regulate short-term renting.Airbnb <a target="_blank" class="" href="https://www.reuters.com/business/airbnb-ceo-urges-parisians-put-homes-up-rent-olympics-2023-09-26/">argues</a> it's playing a crucial role in providing accommodation to Olympics-goers, who far outnumber available hotel rooms. Now, there's such a glut of short-term rental listings that occupancy rates for short-term rentals both in Paris and its surroundings are far below what they were at the same time last summer, according to AirDNA. In the city, the occupancy rate during the Games, measured on July 15, was 46% — down from 59% during the same time period last year.But, unlike hotels, average booking rates are rising. As of July 15th, the average booked rate was $337 — 12% higher than on July 1. And the average available rate on July 15 was $393 — 39% higher than on July 1, AirDNA said.<div type="image" title="Tourists with suitcases in front of an apartment looking for their Airbnb in Paris, France." height="853" width="1280" msid="112014514" hostid="261" sizebytes="86494"></div>That surge in the supply of short-term rentals has brought down accommodation costs for everyone, said Blake Reiter, director of research at Lighthouse."The rate discounting that's happened, the occupancy levels, they're definitely being suppressed and compressed by the short-term rental market, without question," Reiter told Business Insider.While hotel room prices in the City of Light are much higher than they were last year at the same time, they're not nearly as pricey as they would be without so much short-term rental availability, he argued.Average hotel rates in Paris for the weeks of the Olympics peaked about 335 days before the Games, according to Lighthouse data. In just the past three months, prices for hotel stays during the Games have fallen about 30% as of July 16. That's a relatively bleak position for hoteliers to be in. Weeks before an event like the Olympics, they hope to be jacking prices up as room availability falls, Reiter said."Hoteliers are being forced to discount rate in order to actually get their hotels full," Reiter said. "which is interesting considering the breadth and magnitude and grandeur of an event like the Olympics."<h2 id="680a5df4-ce25-4d73-9b0c-089371e681ca">Paris is facing a housing crisis</h2>The availability of short-term rentals has made attending the Olympics more affordable for visitors and is helping some Parisians make extra cash. But the surge in new short-term rentals could further restrict the city's housing supply. The future of short-term renting in France is unclear as lawmakers impose new restrictions on Airbnb and its competitor platforms in an effort to boost the housing supply and bring down prices.<div type="image" title="An Airbnb advertisement in the Paris Metro reads: &quot;My apartment helps finance my start-up.&quot;" height="871" width="1280" msid="112014516" hostid="261" sizebytes="129072"></div>Anne Hidalgo, the mayor of Paris since 2014, has made boosting housing affordability a top priority. Her administration has <a target="_blank" class="" href="https://www.nytimes.com/2024/03/17/realestate/paris-france-housing-costs.html">spent billions of Euros</a> on the construction of new affordable housing, with <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2022-11-09/paris-targets-new-homes-to-make-one-of-most-expensive-cities-more-affordable">ambitious goals</a> of making 40% of the city's housing affordable for people with lower incomes by 2035.As part of this effort, Hidalgo has overseen new restrictions on short-term renting. She <a target="_blank" class="" href="https://time.com/collection/time100-leadership-series/6972036/paris-mayor-anne-hidalgo-olympics-interview/">called</a> Airbnb a "powerful" opponent in the fight to keep housing costs down in an interview with Time in May."It's a daily struggle to ensure that this is not a city of the very, very rich," she added.In recent years, France passed a law allowing homeowners to rent only their primary residences on platforms like Airbnb for a maximum of 120 days a year. Paris has enforced the law, <a target="_blank" class="" href="https://shorttermrentalz.com/news/paris-illegal-rental-adverts/">suing Airbnb</a> for allowing illegal rentals on its platform and <a target="_blank" class="" href="https://www.barrons.com/news/paris-says-tough-airbnb-rules-working-as-violations-fall-1a7685ef">fining thousands for violating the rules</a>. And Paris is considering joining several other French cities in <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-01-17/airbnb-vrbo-paris-may-ban-key-boxes-in-battle-against-short-term-lets">banning the public placement of lockboxes</a> hosts use to store their keys for guests.National lawmakers are also <a target="_blank" class="" href="https://www.thelocal.fr/20240522/french-politicians-agree-on-tighter-airbnb-rules#:~:text=Local%20restrictions,to%20120%20days%20per%20year.">poised to raise taxes</a> on income from short-term rentals as a way to encourage homeowners to rent out their properties long-term.Airbnb, which dominates the short-term rental market in France, has leveraged the Olympics to <a target="_blank" class="" href="https://www.wired.com/story/airbnbs-olympics-push-paris/">expand its roster of hosts and guests</a> in France. In 2019, the company announced a $500 million sponsorship of all of the Olympic Games through 2028 — a move Hidalgo <a target="_blank" class="" href="https://www.theguardian.com/world/2019/nov/19/olympic-committee-deal-airbnb-angers-paris-authorities">opposed</a>. It has also <a target="_blank" href="https://www.theguardian.com/technology/2019/nov/18/olympic-athletes-to-sell-experiences-on-airbnb-after-500m-tie-up">urged athletes to sell experiences</a> on Airbnb, including opportunities to go on runs with them or workshops on how to quell nervousness while competing.The effort might have lasting effects on the tourist accommodation market. Because so much of the recent growth in the short-term rental market was a function of the Olympics, it's unclear whether Airbnb will maintain its expanded presence in the city going forward. Reiter said he wouldn't be surprised to see a contraction in the short-term rental market, but it's unlikely the city will go back to last year's numbers."I don't think it's going to shrink back to what it was last year," Reiter said.

Parisian Airbnb hosts are raking it in this summer as hotels suffer

<ul class="summary-list"><li>A manufacturer said in a survey by the Dallas Fed that its seen "modest growth" in its sausage category.</li><li>Greater demand for sausage could signal that US households are aiming to save more on food costs.</li></ul>Americans replacing steaks with sausage on their shopping list could be a sign that the economy is slowing down. The Dallas Federal Reserve's <a target="_blank" href="https://www.dallasfed.org/research/surveys/tmos/2024/2408#tab-comments">Texas Manufacturing Outlook Survey</a>, released Monday, shared comments from one food manufacturer that said its seen "modest growth" in its dinner sausage category.The manufacturer added that greater demand for sausage often signals a slowing economy. As US households work to save on groceries, they often look to sausage as a cheaper alternative to beef or chicken."This category tends to grow when the economy weakens, as sausage is a good protein substitute for higher-priced proteins and can 'stretch' consumers' food budgets," the producer said.Grocery prices have skyrocketed in the post-COVID era of high inflation. A Wall Street Journal report in February showed that in 2022, Americans spent 11.3% of their disposable income on food, marking the <a target="_blank" href="https://www.businessinsider.com/why-youre-still-spending-much-of-your-budget-on-food-2024-2">largest portion of their budgets used on groceries since 1991</a>.With inflation straining consumers' wallets, Americans are increasingly focusing on value, according to recent earnings reports from some of the largest consumer-facing companies including McDonald's and Amazon.In its July earnings call, McDonald's executives said lower income customers are turning away from eating out amid high prices, leading the fast food giant to focus on its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/mcdonalds-stock-price-soaring-big-q2-earnings-miss-value-meals-2024-7">$5 value meal</a>. Meanwhile, Amazon executives said deal-hunting shoppers have <a target="_blank" href="https://www.businessinsider.com/amazon-prices-rising-shoppers-cautious-economy-outlook-earnings-2024-8">hurt its sales</a>.Sausage <a target="_blank" class="" href="https://www.businessinsider.com/recession-signs-unusual-clues-lipstick-underwear-index-2023-4#lipstick-index-1">isn't the only under-the-radar recession indicator </a>out there.The ebb and flow of demand for other products, such as lipstick, underwear, <a target="_blank" class="" href="https://www.businessinsider.com/cardboard-box-recession-indicator-demand-prices-consumer-spending-rise-bofa-2024-6">and cardboard boxes</a>, can also be a gauge of general economic health. Inflation has come down sharply since peaking in the summer of 2022, falling to 2.9% in July. It marked the first time inflation was below 3% since March 2021.The Federal Reserve continues to target a 2% inflation rate, and will likely cut interest rates in September, offering some relief. Investors are pricing in a 25 basis point cut, with smaller odds for a 50 basis point cut.

Why higher demand for sausage might be the latest sign the US economy is slowing

<ul class="summary-list"><li>The 2024 Olympic Games begin in Paris on July 26 and run until August 11.</li><li>Over 10,000 athletes who play 32 different sports will compete at the Summer Olympics.</li></ul>In the words of Taylor Swift, baby, let the Olympic Games begin.The 2024 Olympic Games will begin in Paris, France, on July 26 and run through August 11. This will be the third time the city has hosted the Olympic Games. London is the only other city with three Summer Olympic Games.The city has been preparing to host the Olympics for years, from building new sporting venues to designing a mascot.Paris settled on the Phryges for its mascot. The red Phrygian caps — also known as Phrygian hats — have historically been used to symbolize freedom. The cone-like caps have ancient roots, but were also used by French revolutionaries to show allegiance to the cause. The mascot demonstrates the 2024 <a target="_blank" class="" href="https://olympics.com/en/paris-2024/the-games/the-brand/mascots">Olympics' goal</a> to "drive a revolution through sport."<div type="image" title="The Olympic mascot — a red Phrygian cap — displaying the Paris 2024 logo stands next to the Olympic torch." height="1334" width="2000" msid="111938120" hostid="261" sizebytes="67168"></div>Paris will be taking advantage of much of its existing infrastructure throughout the Olympics, which helped the city win its bid to host this year's games back in 2017.For instance, the opening ceremony will take place on Paris' iconic River Seine, making it the first summer Olympics to open outside a stadium. The opening ceremony will set the tone for the Games, giving competitors and attendees new ways to explore the city.Triathlon competitors will also swim across the River Seine, bike on the iconic Champs-Élysées, and then run through the streets of Paris before ending up at the Pont Alexandre III bridge. Marathon swimming will start and end at the Pont Alexandre III bridge as well. Likewise, marathon runners will take a route from Paris to Versailles and back, honoring the path protesters took during the Women's March on Versailles in 1789.The closing ceremony will be held at the Stade de France, a stadium that can hold over 77,000 guests. Paris' expansive public transportation system will help athletes and sports fans move throughout the city for the duration of the Olympics.Paris has also invested billions in new infrastructure for the Olympic Games. The developments include the Olympics Aquatics Centre and the Adidas Arena, both of which can seat thousands of spectators.<div type="image" title="The empty Adidas Arena in Paris shows three badminton courts set up, surrounded by &quot;Paris 2024&quot; Olympics logos." height="1333" width="2000" msid="111938130" hostid="261" sizebytes="244748"></div><h2 id="7220da6b-cf1e-4ca0-b699-a6bb90e33c22">The athletes and sports at the 2024 Olympics</h2>According to the International Olympic Committee, the 2024 Olympics will feature some 10,500 athletes.All the athletes competing are the best at their sports, and some will be sure to draw attention at the 2024 Olympic Games.Decorated swimmer <a target="_blank" class="" href="https://olympics.com/en/news/kevin-durant-to-katie-ledecky-individual-and-team-records-that-could-be-broken-at-the-olympic-games-paris-2024">Katie Ledecky</a> could secure the record for the most gold medals for an athlete in the women's category if she wins three more medals at the 2024 Games.Likewise, the US men's and women's athletics teams are favorites in the 100 and 200-meter sprints thanks to Noah Lyles and Sha'Carri Richardson. Lyles ranks No. 1 in the men's 200m going into the Olympics, while Richardson is first in the women's 100m.Simone Biles' return to the Olympics stage will be one of the most exciting moments of the Games. She's the most decorated gymnast in history but withdrew from multiple events at the 2020 Tokyo Olympics after <a target="_blank" class="" href="https://www.businessinsider.com/why-simone-biles-getting-the-twisties-was-so-terrifying-and-what-recovery-could-look-like-2021-7">Biles got the "twisties."</a> But she seems more ready than ever for the Olympics.Biles won the all-around title at the US Gymnastics Championships on June 2, and she led the US Olympic Gymnastic Trials later the same month. She'll compete at the 2024 Olympics alongside her teammates Jordan Chiles, Suni Lee, Jade Carey, and Hezly Rivera.<div type="image" title="Simone Biles wearing a red, white, and blue leotard" height="1667" width="2500" msid="111938125" hostid="261" sizebytes="137894"></div>The 2024 Olympic Games will feature 32 sports in its program, some of which have different disciplines within them, like artistic gymnastics versus rhythmic gymnastics.The 2024 program includes the following sports:<ul><li>Aquatics — Swimming, Marathon Swimming, Diving, Water Polo, and Artistic Swimming</li><li>Archery</li><li>Athletics</li><li>Badminton</li><li>Basketball — 3x3 and Basketball</li><li>Boxing</li><li>Breaking</li><li>Canoe — Canoe Sprint and Canoe Slalom</li><li>Cycling — BMX Freestyle, BMX Racing, Road Cycling, and Track Cycling</li><li>Equestrian — Equestrian Eventing, Equestrian Dressage, and Equestrian Jumping</li><li>Fencing</li><li>Football</li><li>Golf</li><li>Gymnastics — Artistic Gymnastics, Rhythmic Gymnastics, and Trampoline Gymnastics</li><li>Handball</li><li>Hockey</li><li>Judo</li><li>Modern Pentathlon</li><li>Rowing</li><li>Rugby — Rugby Sevens</li><li>Sailing</li><li>Shooting</li><li>Skateboarding</li><li>Sport Climbing</li><li>Surfing</li><li>Table Tennis</li><li>Taekwondo</li><li>Tennis</li><li>Triathlon</li><li>Volleyball — Beach Volleyball and Volleyball</li><li>Weightlifting</li><li>Wrestling — Greco-Roman Wrestling and Freestyle Wrestling</li></ul>The 2024 games will feature new sports like <a target="_blank" class="" href="https://www.businessinsider.com/breaking-world-championships-olympics-korean-breakers-2023-9">breaking</a> — also known as breakdancing — and kayak cross, which is a new event in the canoe slalom.On the flip side, the 2024 Olympics has dropped some sports from its program; baseball, softball, and karate have all been cut this year. The IOC has not given any official reasons for why these sports were dropped.<h2 id="7457e8dd-f0da-4e3b-add0-7c73ab469c0c">How to watch or attend the 2024 Olympics</h2>You can watch the 2024 Olympics on NBC and Telemundo in the US, and they can also be streamed on Peacock and <a target="_blank" href="http://NBCOlympics.com">NBCOlympics.com,</a> though you'll need a login or cable verification to stream.Many tickets for the Paris Olympics sold out months ago. But the IOC released new <a target="_blank" class="" href="https://tickets.paris2024.org/en/search/?affiliate=24R">tickets</a> on July 18 for events, including the Opening Ceremonies, ranging in price from €15 to €2700, or about $16 to $2,938 USD.<div type="image" title="A boat full of tourists passes by a series of empty stands along the banks of the Seine in Paris, where the 2024 Olympics opening ceremony will be held." height="1333" width="2000" msid="111938133" hostid="261" sizebytes="263800"></div>If you can snag last-minute tickets, you will still have to find somewhere to stay during your trip to Paris unless you live locally. Most of the hotels in the area are already sold out, but some places have last-minute availability.For instance, Airbnb is a worldwide partner of the 2024 Olympics, and it has a <a target="_blank" class="" href="https://affiliate.insider.com?h=8ef5538bf983b7705b84ca82bb7f60e4da1aaafbb3eabb76ed5b3c7f2bb3b7de&amp;postID=66880963cbc59e61ceb7ffa4&amp;postSlug=paris-summer-olympics-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.airbnb.com%2Fe%2Fparis2024stays">landing page</a> set up to specifically help people find lodging for the games. The Paris Olympics also has a list of <a target="_blank" class="" href="https://olympics.com/en/paris-2024/spectator/accomodation">preferred hotel groups</a> on its website as well as recommendations on affordable lodging like hostels.Visitors will also need to plan ahead for traveling within Paris during the games. The price of metro tickets during the Olympics will be higher than normal, but the city is making <a target="_blank" class="" href="https://www.iledefrance-mobilites.fr/en/tickets-fares/detail/paris2024-pass">Paris 2024 travel cards</a> available that offer unlimited metro access. The passes can provide access for between one and seven days and will be available from July 20 to September 8. A seven-day card costs €70, which is about $76.<h2 id="f6ffc5ec-a6ab-4785-991e-64cb0f489440">Controversies leading up to the 2024 Olympics in Paris</h2>Although the Olympics are an exciting endeavor for Paris, the lead-up to the Games hasn't been stress-free for the city.Parisians have been widely critical of how much money has been invested in the games — the <a target="_blank" class="" href="https://www.businessinsider.com/paris-olympics-costs-tickets-stadiums-2024-7">2024 Olympics will cost France</a> an estimated $8.2 billion.Others have raised concerns about pollution in the notoriously filthy Seine, where several Olympic events are set to occur. Some French activists even threatened to protest by pooping in the Seine.Despite swimming being banned in the Seine since 1923 due to the extensive pollution, athletes for the triathlon and marathon swimming events will be testing the murky waters.The French government invested more than $1.5 billion over roughly a decade to make the Seine clean enough for Olympic competition, but data from the city of Paris showed that levels of <a target="_blank" class="" href="https://www.businessinsider.com/seine-river-paris-still-too-polluted-olympics-city-officials-2024-6">E. coli and other bacteria in the Seine</a> were too high just weeks ahead of the Olympics. However, E. coli levels dropped as the games approached, and on July 17, Paris Mayor Anne Hidalgo swam in the Seine with other French officials to send the message that clean-up efforts were a success.<div type="image" title="Paris Mayor Anne Hidalgo swims in the River Seine." height="1333" width="2000" msid="111938136" hostid="261" sizebytes="179344"></div>Paris has also been criticized for not providing athletes with air conditioning in their rooms at the Olympic Village, instead opting for an eco-friendly cooling system.Paris hoped to promote sustainability with their design. But many countries were concerned about the lack of AC, as Paris will be extremely hot during the games. Heat can pose risks to the athletes' health and performance, so some nations are even providing their teams with portable AC units, using more energy than Paris had hoped. Team USA is among them.France has also been scrutinized for barring its athletes from competing in a hijab or any other religious headwear during the Olympic Games. Athletes from other countries can wear hijabs while they compete because they will adhere to International Olympic Committee rules, not French regulations.Both the UN and Amnesty International have condemned France's stance. Amnesty International said hijab bans "undermine efforts to make sports more inclusive and mean that Muslim players and athletes who wear a hijab in France will continue to be discriminated against."To top it off, three aviation unions threatened to strike just before the games were set to begin. The aviation workers demanded bonuses for all airport staff ahead of the busy pre-Olympics travel season. The unions struck a deal with airport management and called off the strike just in time, however.Despite the setbacks, it's finally time for the Olympic Games to start.

Paris 2024 Olympics: What to know about the athletes and sports at the summer games

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Democrats are <a target="_blank" href="https://www.businessinsider.com/joe-biden-debate-performance-reaction-democrats-2024-6">freaking out</a> following Joe Biden's performance in the first US presidential debate last night. Donald Trump fired off a number of<a target="_blank" href="https://www.businessinsider.com/trump-lied-biden-lost-who-won-first-presidential-debate-2024-6"> lies and misleading statements</a>, but the debate was still a <a target="_blank" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">complete disaster for Biden</a>.In today's big story, we're looking at how <a target="_blank" href="https://www.businessinsider.com/genz-millennials-going-into-debt-summer-vacation-travel-taylor-swift-2024-6">young people are booking their summer vacations</a>, finances be damned.What's on deck:<ul><li>Markets: Imposter syndrome is <a target="_blank" href="https://www.businessinsider.com/qatalyst-partners-banker-rob-chisholm-on-overcoming-imposter-syndrome-2024-6">an asset for this tech banker</a>.</li><li>Tech: Tech CEOs explain <a target="_blank" href="https://www.businessinsider.com/ceos-explain-the-tech-layoffs-mark-zuckeberg-sundar-pichai-2024-2024-6">why layoffs are plaguing the industry</a>.</li><li>Business: It turns out <a target="_blank" href="https://www.businessinsider.com/some-truth-nice-guys-finishing-last-work-personality-business-promotions-2024-6">nice employees finish last</a>.</li></ul>But first, just charge it.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="b012ed35-86e0-4b52-b362-685a555cedae">The big story</h3><h2 id="72cf1d62-f60f-410a-839d-48192f492c70">Destination debt</h2><div type="image" title="A woman laying on a $100 bill" height="1500" width="2000" msid="111345933" hostid="261" sizebytes="357924"></div>Buy the ticket, take the ride… go into crippling debt?Summer is in full swing, and Independence Day is approaching. That means plenty of people are entering vacation mode. But these trips also put a good chunk of <a target="_blank" href="https://www.businessinsider.com/genz-millennials-going-into-debt-summer-vacation-travel-taylor-swift-2024-6">young people into debt</a>, writes Business Insider's John Towfighi.Surveys from Credit Karma, Bankrate, and Bank of America show Gen Zers and millennials are willing to go on summer vacation at all costs… literally.Almost half of millennials surveyed (47%) were willing to take on debt to fund their travel plans, with Gen Z not far behind (42%). (However, it's not just young people. A third of Americans were happy to swipe their way to their next trip, according to Bankrate's report.)Multiple surveys also found young people are willing to put travel plans ahead of their financial goals. In fairness, you'll always be saving for something, but you can't frolic on the Amalfi Coast in your 20s forever.To be clear, we're not talking about a couple of overdraft fees to make it through a long weekend on the beach.Almost a quarter of young people surveyed by Credit Karma expected to rack up $2,000 in debt this summer. And about 10% of that group were willing to push it even further, surpassing $4,000 in summer debt.<div type="image" title="Woman photographing another woman who is posing on a lakeside" height="1280" width="1920" msid="111345927" hostid="261" sizebytes="201444"></div>Fueling your summer vacation with debt isn't a great idea, but it's easy to see how young people can fall into that trap.This is, after all, a country built on debt. When the government <a target="_blank" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">can't stop borrowing money</a>, it's no wonder its citizens feel so comfortable doing it.The summer is also prime time for the bane of most people's finances: weddings. Bachelor and bachelorette parties can be a particular drag. In 2023, one app estimated the <a target="_blank" href="https://www.businessinsider.com/how-much-average-bachelorette-party-costs-supplies-experiences-travel-2023-3">typical bachelorette attendee spends $1,200 per party</a>.But even if exercising your credit limit might feel like a necessary evil these days, it's a particularly bad time to do it.The average credit card interest rate <a target="_blank" href="https://www.lendingtree.com/credit-cards/study/average-credit-card-interest-rate-in-america/">is above 24% right now</a>! So what happens in Vegas stays in Vegas, but the charges you piled up to get there will stay with you for a while, <a target="_blank" href="https://www.businessinsider.com/parents-taught-important-lesson-about-credit-cards-college-2024-6">thanks to interest</a>.That's not to say you should be a homebody this summer. There are plenty of ways to travel on a budget. Maybe you do <a target="_blank" href="https://www.businessinsider.com/how-dont-pay-for-accommodations-traveling-trusted-housesitters-review-2024">a tiny bit of work while you're there,</a> or perhaps you don't pay to pick your seat (<a target="_blank" href="https://www.businessinsider.com/airplane-middle-seat-not-bad-aisle-window-travel-2024-1?utm_source=linkedin&amp;utm_medium=social&amp;utm_campaign=insider-author-post">the middle's not so bad</a>).Whatever the case, just be able to afford it.<h2 id="50d87113-b67d-4da5-918a-564fbf844939">3 things in markets</h2><div type="image" title="Photo of Rob Chisholm on a green square with an upward-trending arrow in the background" height="900" width="1200" msid="111345937" hostid="261" sizebytes="64354"></div><ol><li>How imposter syndrome fueled a tech banker's rise on Wall Street. As a college kid, Rob Chisholm was turned off by Wall Street's cutthroat reputation. But today, he's at the center of some of the biggest deals shaping the tech landscape. <a target="_blank" href="https://www.businessinsider.com/qatalyst-partners-banker-rob-chisholm-on-overcoming-imposter-syndrome-2024-6">He got candid about dealing with imposter syndrome</a> and offered advice for bankers trying to stay true to themselves.</li><li>TIMBER! Lumber prices are dropping. With peak home-building season coming up flat due to a lack of demand, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/lumber-prices-plunge-home-building-season-demand-falls-flat-2024-6">lumber prices are down 24% from their mid-March peak</a>. It's a sharp 180 from the start of the year when lumber brokers thought business would boom to address the housing shortage.</li><li>Trump's policies could be disastrous for the economy, experts warn. A group of Nobel Prize-winning economists led by Joseph Stiglitz sounded the alarm on the economic consequences of a second Trump administration. Stiglitz told BI exactly how Trump's second coming could result in <a target="_blank" href="https://www.businessinsider.com/trump-presidency-policies-inflation-economy-americans-joseph-stiglitz-letter-2024-6">higher inflation, worse inequality, and a broader economic slowdown</a>.</li></ol><h2 id="8d999e75-50e5-4f2c-a7cb-68e3c05ef6ab">3 things in tech</h2><div type="image" title="sam altman" height="950" width="1440" msid="111345935" hostid="261" sizebytes="167996"></div><ol><li>OpenAI's head start fizzles. Though ChatGPT launched OpenAI to the forefront of an intense AI arms race, <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-sam-altman-agi-race-rivals-chatbots-2024-6">the company has struggled to maintain that momentum</a>. It's getting harder to match the buzz created by ChatGPT's initial launch — and OpenAI's rivals are catching up.</li><li>What's driving Big Tech's relentless cuts, according to its CEOs. Leaders like Mark Zuckerberg and Sundar Pichai are <a target="_blank" href="https://www.businessinsider.com/ceos-explain-the-tech-layoffs-mark-zuckeberg-sundar-pichai-2024-2024-6">blaming tech layoffs on overhiring and a shift toward a smaller workforce</a>. Others say they're restructuring to prioritize AI development.</li><li>AI will help — not hurt — livestreaming, Twitch CEO says. Contrary to the fear that AI could displace creators, <a target="_blank" href="https://www.businessinsider.com/twitch-ceo-dan-clancy-generative-ai-boon-for-live-streaming-2024-6">Twitch's Dan Clancy is confident AI will actually help them</a>. He said it's because viewers are looking for a human connection, something AI alone can't deliver.</li></ol><h2 id="f1bbd9ce-e77a-4470-abf1-96b22479b86c">3 things in business</h2><div type="image" title="A ball and chain with a smiley face" height="1500" width="2000" msid="111345931" hostid="261" sizebytes="225250"></div><ol><li>Nice workers finish last. A TikToker went viral after sharing a work theory: people who are both good at their jobs and a pleasure to work with will never get promoted past junior levels. Cynical as that sounds, she may be onto something. <a target="_blank" href="https://www.businessinsider.com/some-truth-nice-guys-finishing-last-work-personality-business-promotions-2024-6">Experts say "performance punishment" is a real thing</a>.</li><li>Amazon Prime + Gigi = advertising win. Gigi, a new adtech startup, wants to help brands with streaming TV ads on Amazon. Working together could help <a target="_blank" href="https://www.businessinsider.com/startup-gigi-helps-brands-buy-and-measure-amazon-tv-ads-2024-6">boost Amazon's rise in TV advertising</a>.</li><li>The Supreme Court had a big week. In a ruling on Thursday, the country's highest court dealt a blow to the SEC by <a target="_blank" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">severely limiting the way it pursues financial fraud cases</a>. It also nixed a $7 billion bankruptcy plan for Purdue Pharma that <a target="_blank" href="https://www.businessinsider.com/supreme-court-rejects-bankruptcy-plan-protecting-sacklers-2024-6">protected the Sackler family from further lawsuits</a>.</li></ol><h2 id="fdd9eba7-4e3c-4b2e-af90-1530bd7866a1">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/gavin-newsoms-golden-opportunity-presidency-2024-6">A crisis comms expert says now is Gavin Newsom's chance to get what he wants: the presidency</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">Summer camps are cracking down on 'Sephora Kids' by banning luxury skincare products</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chevy-chevrolet-dealer-the-office-parody-viral-tiktok-marketing-2024-6">I'm delighted by this car dealership's parody of 'The Office'</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/billionaire-joe-ricketts-wyoming-luxury-resort-upsets-locals-wildlife-2024-6">Billionaire Joe Ricketts' latest drama is right out of 'Yellowstone.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/tesla-driver-crashed-new-cybertruck-says-brakes-did-not-work-2024-6">A Tesla driver says he crashed his brand new Cybertruck after the brakes stopped working</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sam-altman-worst-moment-in-openai-ousting-airbnb-chesky-2024-6">The 'worst moment' of Sam Altman's OpenAI ousting happened just before midnight, Airbnb CEO said</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/patagonia-cx-staff-told-to-relocate-or-leave-california-2024-6">Patagonia gave 90 staff a choice — relocate across the US or leave the company. They've got 3 days to decide</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/arizona-iced-tea-founder-don-vultaggio-never-raised-99cent-price-2024-6">Arizona Iced Tea founder explains why he's bucked the inflation trend and never raised its iconic 99-cent price in 32 years</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chewy-petco-stock-price-roaring-kitty-keith-gill-gamestop-dog-2024-6">Roaring Kitty post of a dog sparks brief rally in shares of Chewy and Petco</a>.</li></ul><h2 id="7c65b5c5-89bd-4854-8df3-6c044ed2189c">What's happening today</h2><ul><li>Iranian presidential election: Four candidates vie to succeed former President Ebrahim Raisi, <a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-dead-helicopter-crash-2024-5">who was killed in a plane crash in May</a>.</li><li>Glastonbury festival begins in the UK with Dua Lipa, Coldplay, and SZA headlining.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Gen Zers and millennials are willing to go on summer vacation at all costs. Literally.

<ul class="summary-list"><li>Current and former employees at top AI companies are speaking out about the risks of AI.</li><li>At least nine <a target="_blank" href="https://www.businessinsider.com/openai-insiders-describe-sam-altmans-leadership-2023-12">OpenAI insiders</a> signed a letter calling for more protection for whistleblowers.</li></ul>A group of nine current and former <a target="_blank" href="https://righttowarn.ai/">OpenAI employees signed a letter</a> calling out tech firms over major concerns about the risks of artificial intelligence.In their letter, the tech workers called for more transparency in AI companies and better protections for whistleblowers who <a target="_blank" href="https://www.businessinsider.com/ai-godfather-geoffrey-hinton-universal-basic-income-2024-5">raise concerns about AI's power</a>."We are current and former employees at frontier AI companies, and we believe in the potential of AI technology to deliver unprecedented benefits to humanity," the letter said."We also understand the serious risks posed by these technologies. These risks range from the further entrenchment of existing inequalities, to manipulation and misinformation, to the loss of control of autonomous AI systems potentially resulting in human extinction," it continued. "AI companies themselves have acknowledged these risks, as have governments across the world, and other AI experts."A total of 13 people signed the letter, and they come from some of the top companies in AI, including <a target="_blank" href="https://www.businessinsider.com/openai-jan-leike-joins-rival-anthropic-days-after-leaving-2024-5">OpenAI, Anthropic</a>, and DeepMind. It was also endorsed by two men known as the "Godfathers of AI," Yoshua Bengio and Geoffrey Hinton."I decided to leave OpenAI because I lost hope that they would act responsibly, particularly as they pursue artificial general intelligence," Daniel Kokotajlo, a former OpenAI employee who signed the letter, said in a statement."They and others have bought into the 'move fast and break things' approach and that is the opposite of what is needed for technology this powerful and this poorly understood," he added.The AI employees outlined four demands they said would help mitigate existing issues of inequality and misinformation in AI.Here are the four principles the 13 employees said they want OpenAI and other AI companies to adopt:<ol><li>That the company will not enter into or enforce any agreement that prohibits "disparagement" or criticism of the company for risk-related concerns, nor retaliate for risk-related criticism by hindering any vested economic benefit;</li><li>That the company will facilitate a verifiably anonymous process for current and former employees to raise risk-related concerns to the company's board, to regulators, and to an appropriate independent organization with relevant expertise;</li><li>That the company will support a culture of open criticism and allow its current and former employees to raise risk-related concerns about its technologies to the public, to the company's board, to regulators, or to an appropriate independent organization with relevant expertise, so long as trade secrets and other intellectual property interests are appropriately protected;</li><li>That the company will not retaliate against current and former employees who publicly share risk-related confidential information after other processes have failed. We accept that any effort to report risk-related concerns should avoid releasing confidential information unnecessarily. Therefore, once an adequate process for anonymously raising concerns to the company's board, to regulators, and to an appropriate independent organization with relevant expertise exists, we accept that concerns should be raised through such a process initially. However, as long as such a process does not exist, current and former employees should retain their freedom to report their concerns to the public.</li></ol>An OpenAI spokesperson told Business Insider that the company was "proud of our track record providing the most capable and safest A.I. systems and believe in our scientific approach to addressing risk.""We agree that rigorous debate is crucial given the significance of this technology, and we'll continue to engage with governments, civil society and other communities around the world," the statement continued.Several OpenAI employees have departed over the past several weeks, including Ilya Sutskever, an OpenAI cofounder and former board member who voted to remove Sam Altman as CEO before expressing regret, and Gretchen Krueger, a policy researcher who shared concerns about transparency and <a target="_blank" href="https://www.businessinsider.com/another-openai-employee-quits-over-safety-concerns-2024-5">accountability at the ChatGPT maker</a>.After The Economist last week published an op-ed article by the <a target="_blank" href="https://www.businessinsider.com/openai-bret-taylor-larry-summers-op-ed-defend-sam-altman-2024-5">former OpenAI board members</a> Helen Toner and Tasha McCauley criticizing Altman and his company's safety practices, current board members came to his defense.In their own op-ed article, Bret Taylor and Larry Summers pushed back on the claims and said the board was "taking commensurate steps to ensure safety and security."Representatives for Google DeepMind and Anthropic did not immediately respond to a request for comment from Business Insider ahead of publication.

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