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Dear reader, As another week draws to a close, the financial world is abuzz with excitement, with markets hitting all-time highs and raising questions for investors on how to best navigate this promising terrain. We explored some strategies for <keyword id="20223034" type="General" weightage="20" keywordseo="mutual-fund" source="keywords">mutual fund</keyword> investors looking to capitalise on India’s robust growth, despite some experts warning of overvalued conditions. But it was not all about numbers; the <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> debate also heat up again this week. A former <keyword id="19904608" type="General" weightage="100" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> employee had even spilled the beans on creative tactics used by workers to skirt the company's recent office mandate. Meanwhile, in a tech-savvy twist, Bengaluru's traffic police have deployed AI-powered cameras to ensure that rule-breakers aren't slipping through the cracks, whether or not an officer is present. This innovative move raises the stakes for those who might think twice about cutting a red light or using their phones while driving. In a more personal journey, a 41-year-old bank worker reveals how simple dietary changes and a straightforward workout technique transformed his physique, proving that it’s never too late to make positive lifestyle changes. And for music lovers, the excitement surrounding <keyword id="20399945" type="General" weightage="20" keywordseo="Coldplay" source="keywords" meta.keywordsubtype="org" meta.entityname="Coldplay" meta.hostid="261" meta.entityid="Coldplay">Coldplay</keyword>'s upcoming performance in India is palpable! However, with scalpers jacking up prices to exorbitant levels, we highlight how it may actually be cheaper to catch the band live in Abu Dhabi instead of facing the steep markups in Mumbai. Join us as we unpack these intriguing stories and more, ensuring you stay ahead of the curve in today's rapidly changing landscape. <h2>Top stories from the week</h2> With markets hitting all-time highs, how should you position yourself as a mutual fund investor? Despite experts currently pegging the market to be in over-brought category, with elevated valuations, India will continue to be amongst the world's fastest growing economies in the medium term. Per <keyword id="23344116" type="General" weightage="20" keywordseo="goldman-sach" source="keywords">Goldman Sach</keyword>'s India strategy, companies operating in the auto, chemicals, real estate, FMCG and other consumer durables may observe a large surge in their profits, with consumer durables registering the highest growth in this cycle. So, how can investors make the most of this uptrend? We decode that for you. <a href="https://www.businessinsider.in/stock-market/article/with-markets-hitting-all-time-highs-how-should-you-position-yourself-as-an-mutual-fund-investor/articleshow/113662022.cms?upcache=2&amp;utm_source=BI_newsletter&amp;utm_medium=newsletter&amp;utm_campaign=weekly_digest&amp;ncode=eac724db06a1b423589790353cd35d8482c05a95522ed6abfc285ccd372de143c1b9eb738a682068e6154cea1ecc535b90f24d3e6a144cc072a4cef9bdd7e86aa61f0a704e77dfb4465e87c057ec6b95&amp;nl_id=6638a138c5fe91bbf47baa33" data-type="tilCustomLink" target="_blank">Read more</a> Rename home Wi-Fi, leave badge at office: <keyword id="23344115" type="General" weightage="20" keywordseo="ex-amazon" source="keywords">Ex-Amazon</keyword> employee reveals tricks used by employees to not work from office Amazon's recent decision to end remote work and require employees to return to the officesparked controversy. A former AWS engineer shared tactics employees used to dodge the mandate, including badging in briefly, renaming home Wi-Fi networks, and using colleagues to clock in. These tricks highlight ongoing debates about remote work's future. <a href="https://www.businessinsider.in/tech/news/rename-home-wifi-leave-badge-at-office-ex-amazon-employee-reveals-tricks-used-by-employees-to-not-work-from-office/articleshow/113619411.cms?upcache=2&amp;utm_source=BI_newsletter&amp;utm_medium=newsletter&amp;utm_campaign=weekly_digest&amp;ncode=eac724db06a1b423589790353cd35d8482c05a95522ed6abfc285ccd372de143c1b9eb738a682068e6154cea1ecc535b90f24d3e6a144cc072a4cef9bdd7e86aa61f0a704e77dfb4465e87c057ec6b95&amp;nl_id=6638a138c5fe91bbf47baa33" data-type="tilCustomLink" target="_blank">Read more</a> Hopping signals or using phones when cops aren’t there? You’re still going to get instant-fined, thanks to Bengaluru’s new AI cameras If you've ever found yourself sheepishly glancing around after cutting a red light or using your phone while driving, only to relax because "no cops in sight," think again! In Bengaluru, the traffic police have gone tech-savvy, and they're now leveraging AI to keep an eye on you – whether or not there’s an officer standing by. <a href="https://www.businessinsider.in/tech/news/hopping-signals-or-using-phones-when-cops-arent-there-youre-still-going-to-get-instant-fined-thanks-to-bengalurus-new-ai-cameras/articleshow/113733172.cms" data-type="tilCustomLink" target="_blank">Read more</a> A 41-year-old transformed his body with 2 diet changes and 1 simple workout technique A bank worker in his 40s got more defined muscle with simple tweaks to his routine. He burned fat by paying attention to portion sizes and setting a daily protein goal. <a href="https://www.businessinsider.in/science/health/news/a-41-year-old-transformed-his-body-with-2-diet-changes-and-1-simple-workout-technique/articleshow/113532951.cms" data-type="tilCustomLink" target="_blank">Read more</a> It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets Grammy-winning pop band Coldplay is all set to perform in India in January 2025 and the tickets went on sale recently. While excited fans rushed to book the tickets, most fans unfortunately couldn’t get their hands on them despite the band adding an extra show due to overwhelming demand. Not all tickets were booked by fans as a lot of tickets showed up on re-selling platforms and social media, with scalpers charging a bomb for these tickets. With tickets costing as much as ₹3.65 lakh on re-selling platforms such as Viagogo, there’s another option for Coldplay fans to see their favourite band perform without burning a hole in their pocket. <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top Web stories </h2> <a href="https://www.businessinsider.in/science/health/food/webstories/saffron-to-caviar-9-of-the-worlds-most-expensive-food-items/slidelist/113671583.cms" data-type="tilCustomLink" target="_blank">Saffron to Caviar: 9 of the world's most expensive food items</a> <a href="https://www.businessinsider.in/thelife/webstories/work-smart-stay-sane-9-tips-to-combat-stress-and-burnout/slidelist/113671839.cms" data-type="tilCustomLink" target="_blank">Work smart, stay sane: 9 tips to combat stress and burnout</a> <a href="https://www.businessinsider.in/travel/india/webstories/10-serene-coastal-villages-in-india-to-visit-this-october/slidelist/113687424.cms" data-type="tilCustomLink" target="_blank">10 serene coastal villages in India to visit this October</a>

Weekend wrap: Amazon employee reveals tricks to avoid working from office, markets hit all-time highs

The entire country celebrating Raksha Bandhan today. But are you one of those elder siblings still mulling and stuck over the perfect gift to give your younger ones? Well, then it is time for you to move beyond your traditional gift ideas like sweets, gadgets, clothes, and jewelry, and invest in their future prosperity. How? By gifting them <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, or even mutual fund units. Here's a deep dive into how you can lay the foundations of a lasting bond with your siblings, and cement their financial future, one stock and one mutual fund unit at a time. <h2>How can I gift shares ?</h2>You can swiftly transfer shares online, provided both you and your siblings have a <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">demat</keyword> account. Many brokerage firms like Zerodha, Groww and others also offer this facility. For this, you will need to input details like your sibling's name (who you wish should receive these shares), particulars of their demat account, the amount of shares you wish to give as gift, and the name and 12-digit ISIN number of the company whose stocks you want to transfer. In addition, you will also have to provide the beneficiary owner ID of your siblings, reason for transferring these shares, and bank account details. In order to kickstart the process, you'll have to initiate what is known as an off-market settlement. This means without the stock exchange coming into the picture, two parties i.e. you and your sibling will mutually settle shares. For this, you will have to submit a delivery instruction slip (DIS) to your DP, or depository participant, which serves as a bridge between you and the depository. When you are transferring shares, you are essentially transferring your ownership of such stocks to them, and thus, you need to inform your DP and depository of the same. At present, there are only 2 depositories present in the country, namely NSDL and CDSL. You can submit this DIS both online and offline. If you have more than one siblings you wish to transfer shares to, remember to use separate DIS for each recipient's account. Once you initiate the transfer, your broker will send an email and SMS to the recipient, who will have 7 days to accept this. But remember, once you've transferred these shares, there is no provision to revoke this transfer. And just like with your clothes, accessories and everything else in life, your siblings will have full freedom and ownership to do whatever they deem fit with these shares! However, what you can certainly do, and make this gift more meaningful, is drive home the value of holding these securities for the long term, so that they are able to make the most of this investments. Ideally, a good start would be to start investing in stocks of large-cap, blue-chip companies, and them eventually complement them with small and midcap stocks, which offer higher legroom for growth. Per brokerage firm Master Capital Services Ltd, "consider choosing stocks from well-established companies with a solid track record and growth potential. It is essential to consider risk tolerance, investment horizon, and financial goals before selecting stocks for your brothers and sisters. The finest present you could give your siblings this year would be long-lasting financial stability". If you're looking for some stock recommendations you can consider for your siblings, we have you covered as well: <h4>Larsen &amp; Toubro Ltd. </h4>Why you should consider this? The company has shown consistent revenue growth and profitability in the past years while maintaining stability with its ROCE &amp; ROE of around 19% and 15%. L&amp;T has a significant global presence, with projects and operations in various international markets. This geographic diversification helps in tapping into global opportunities and reduces dependence on the domestic market. <h4>HCL Technologies Ltd. </h4>Why you should consider this? HCL Technologies is one of the IT giants of India, which is ranked amongst the top five Indian IT services companies in terms of revenues. HCL offers a wide array of IT, business services, engineering, R&amp;D services, and software products with operations in 60 countries. The company has been investing heavily in digital technologies, including cloud computing, artificial intelligence (AI), and automation. This focus aligns with current industry trends and positions the company to capture growth in the high-demand areas. <h4>TATA Motors Ltd.</h4>Tata Motors Limited is a leading manufacturer of automobiles and one of the largest OEM in India offering a wide range of passenger and commercial vehicles. Tata motors owns the flagship brand of Jaguar and Land Rover (JLR) which is a dominant automobile player in the global market. Its early entry in the electric vehicle segment has positioned it well ahead of many competitors and currently, it enjoys the largest market share in the EV segment in India. The focus on innovation and sustainability, along with a robust product lineup, positions Tata Motors well for future growth and market opportunities. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Tax Implications of gifting shares</h2>The best part about gifting shares is that it is tax-exempt, since you're giving it to your relative. This means your sibling will not be liable to pay any taxes on this gift. However, to be on the safer side, make sure that the market value of the shares that you gift them does not exceed Rs 50,000, or else your siblings, i.e. the recipient will have to incur a tax liability. If your siblings decide to sell these gifted shares, they will have to pay LTCG (long-term capital gains) tax at the rate of 12.5%, or STCG (short-term capital gains) tax at the rate of 20%, depending on how long they hold these securities for. <h2>Gifting mutual fund units? </h2>Unfortunately, you cant transfer your mutual fund units to your siblings. The transfer of mutual fund units is only possible in case the unitholder passes away. But the one thing you can certainly do is start an SIP, or systematic investment plan (SIP) in their name. With as much as Rs 5,000 per month, invested over a period of 10 years, you 'll have invested Rs 6,00,000 for you siblings, which would have earned returns worth Rs 5,61,695, taking their total corpus to Rs 11,61,695. You can even start an SIP with just Rs 500/month in their name. You can nudge them into continuing this, so that you instill the value of financial discipline and long-term investing in them. Remember, at the end of the day, the true value of your gift lies not just in its monetary worth, but in the knowledge, responsibility, and financial acumen that you will pass on to your siblings. So, this <keyword id="22639140" type="General" weightage="100" keywordseo="Rakshabandhan" source="keywords">Rakshabandhan</keyword>, consider tying not just a rakhi, but also a knot of financial empowerment.

Move over regular gifts! Gift your sister stocks, MF units this Rakhi

June turned out to be a blockbuster month for thematic/sectoral <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which managed to amass Rs 22,351.69 crore during the month, the highest amongst all equity mutual funds. Overall, equity mutual funds saw <keyword id="19967545" type="General" weightage="20" keywordseo="inflows" source="keywords">inflows</keyword> worth Rs 40,537 crore, whereas debt mutual funds saw significant outflows of about Rs 1.07 lakh crore. Within this category, liquid and overnight funds saw maximum outflows. As Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment Research India noted, since June is a quarter end month, debt-oriented schemes, as expected, witnessed a net outflow. Only funds with a duration profile of less than 1 year, like low duration and money market funds, saw inflows. "The net outflow across the board could also be on the back of investors shifting towards equity markets in expectation of better returns, as the equity markets continue to touch all time high levels after the election results were announced. Between May and June, the number of folios in the debt segment fell from 7,091,977 to 7,013,214, which is a drop by 78,763 folios. In May, the number of folios fell by 26,088 folios". "Moreover, uncertainty over the interest rate cut cycle has also been keeping investors in tenterhooks. With no clarity on the probable timing for the beginning of interest rate cut cycle, investors, for a time being, would have decided to adopt a wait and watch approach and stay away from categories which are exposed to interest rate risks such as Dynamic and Gilt", he continued. <h2>SIP figures touch all-time highs</h2> As <keyword id="22344564" type="General" weightage="100" keywordseo="AMFI-data" source="keywords">AMFI data</keyword> further revealed, the number of new SIPs registered in June 2024 stood at a staggering 55,12,962. With this, the total number of SIP accounts in the country reached 8,98,66,962, inching up marginally from 8,75,89,485 in May 2024. SIP contributions also stood at an all-time high of ₹ 21,262.22 crores in June 2024 as against ₹ 20,904.37 crores in May 2024. The AUM of retail folios, which comprise of equity, hybrid and solution oriented was Rs 36,32,226 crores for June 2024. In <keyword id="22344565" type="General" weightage="20" keywordseo="hybrid-schemes" source="keywords">hybrid schemes</keyword>, multi-asset allocation funds garnered Rs 3,453.12 crore in June, and Arbitrage funds saw inflows worth Rs 3,836.58 crore. The only hybrid scheme to see net outflows were conservative hybrid funds, which shed Rs 130.57 crore. June marked the 40th consecutive month of positive inflows for <keyword id="20210668" type="General" weightage="20" keywordseo="equity-funds" source="keywords">equity funds</keyword> since March 2021. As Feroze Azeez, Deputy CEO, Anand Rathi Wealth Limited highlights, "SIP numbers are hitting peaks every month, accumulating a stellar ₹21,260 crore. This strengthens the fact that Indian investors are resilient and are participating in the long-term growth of the market. The overall market behaviour supported by numbers suggests that investors are strategically positioning themselves with cautious yet optimistic approach for long-term growth". Last month, the Indian MF industry hit the Rs 60 trillion mark for the first time. Exactly 10 years ago, in 2014, the industry's AUM stood at Rs 10 lakh crore. Just 6 months ago, its AUM was Rs 51 lakh crore. Anand Vardarajan, Chief Business Officer - Key Clients &amp; Alternate Investments, Tata Asset Management underlines that is growth is a huge validation when it comes to expanding retail investor's base and investors themselves choosing mutual funds as a reliable investment vehicle for wealth creation. This is further underscored by the fact that the addition in six months is equal to what the industry has seen in ten years ago! <h2>Large and Mid Cap funds find investors </h2>After garnering consistently high inflows in the recent past, small cap funds amassed Rs 2,263.47 crore, a slightly sobering figure. Midcap funds saw inflows worth Rs 2,527.84 crore. On the other hand, inflows in large-cap funds dipped at significantly to stand at Rs 970.49 crore. Far more investments went towards the large and mid-cap funds, which saw inflows worth Rs 2,912.19 crore. Melvyn Santarita, Analyst – Manager Research, Morningstar Investment Research India notes that these substantial net inflows can be attributed to the election results announced earlier in the month. Investors have remained optimistic and invested on policy continuity and anticipated reforms, expecting stability within the coalition government at the Centre. It was this optimism that propelled markets to new all-time highs. The multi-cap category witnessed the second highest net inflows in June 2024 among the equity-oriented categories amounting to INR 4,708.5 crores which was its 3rd highest net inflows ever over a monthly period. Categories which are biased towards the large-caps segment like flexicap (Rs 3,058 crores) and Value (Rs 2,027 crores) saw robust inflows during the month. "While markets have been in a prolonged bull run, there are concerns about overvaluations in certain areas, particularly in the mid and small-cap segments. Consequently, investors may be opting to invest in large-cap segments, where valuations are more favorable", Santarita highlighted. "However, they also continued their investments in mid and small caps, since the returns generated by mid and small cap segment over the last few years haven’t got unnoticed. Hence, the categories having substantial exposure in these two segments have witnessed strong net inflows. It is important to note that mid and small cap segments are highly volatile. While they can give exceptionally high return in up markets, they can fall equally hard in down markets. It’s important for investors to take exposure in these funds in line with their risk appetite", he cautioned. However, Hitesh Thakkar, Acting CEO, ITI Mutual Fund is confident of the immense wealth creation opportunities mutual funds will offer in the coming 5-7 years to retail investors. "Mutual fund is one of the preferred, transparent &amp; cost-effective investment products in India and is well accepted by retail investors. The trend is positive for Mutual fund industry future growth. There are chances that Industry will cross milestone of ₹100 lakh crores AUM by 2030”, he says. <h2><keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">Gold</keyword> continues to glitter </h2>Net flows in Gold ETFs continued to be robust in June 2024, standing at Rs 726 crores. However, this was slightly below the net flows witnessed in May (Rs 827 crores). "Over the years, Gold has gained prominence as an effective diversifier, prompting many investors to include Gold ETFs in their portfolios. Gold prices also saw some slight correction in June which spurred buying from investors", underlines Santarita. However, the reason why inflows in gold ETFs have remained patchy as compared to equity is due to the significant gap in the returns offered. "Gold has done fairly well over the last year but dwarfs in comparison to how equities. Also, some investors could be choosing to opt for a risk-on approach to investing with the anticipation of a reversal in rate cycle going ahead", he continues.

Mutual fund AUM crosses the Rs 60 lakh crore mark, SIP nos. and AUM touch all-time highs

"Cathy, what should I do about my social anxiety?"An acronym for Churchy Answers That Help You, Cathy is a new AI chatbot that answers faith-based questions from the perspective of a friendly, knowledgeable Episcopalian. Despite its feminine name, the "priestbot," as Cathy sometimes calls itself, is genderless. There are no ornate flowing robes or croziers, either. But like a wise cleric, Cathy jumped right in with an answer."Dealing with social anxiety can be challenging, but there are several approaches that might help," <a target="_blank" class="" href="https://www.businessinsider.com/replika-ai-girlfriend-boyfriend-online-dating-companion-age-2024-8#:~:text=An%20annual%20subscription%20costs%20%2469.99,%2C%20therapists%2C%20or%20romantic%20partners.&amp;text=Some%20users%20apparently%20have%20grown%20quite%20dependent%20on%20the%20app.">the bot</a> responded. "Practice relaxation techniques" and "challenge your negative thoughts," Cathy suggested."What about when I feel like panicking?" I asked."It's generally best not to do that," Cathy said. Oh. OK. This was the first of several signs that Cathy may not be ready to answer life's deepest questions.Developed and funded by the ecumenical group TryTank Research Institute, Cathy uses large language models from <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-why-openai-closed-source-ai-models-2024-11">OpenAI's</a> ChatGPT and has ingested the Book of Common Prayer and the entire Episcopal Church website. "Cathy represents our innovative approach to leveraging technology in support of spiritual exploration," says Rev. Lorenzo Lebrija, the founding director of TryTank and an Episcopal priest. Lebrija sees the bot as a virtual guide to the Episcopal Church for existing and potential congregants. Cathy is designed to "translate" the Bible into relatable language geared toward younger audiences. It can also serve as a tool for priests by helping them build sermon outlines, for example."This is an opportunity for the church to engage in ways it never has engaged before," saysRev. C. Andrew Doyle, a priest at the Episcopal Diocese of Texas who was not involved in the making of the bot.Cathy is far from the only faith-based <a target="_blank" class="" href="https://www.businessinsider.com/morgan-stanley-picks-new-head-innovation-sean-manahan-2024-10">bot</a> — many denominations are experimenting with generative AI. There's Text With Jesus, Buddhabot, Chatbot Eli, Gita GPT, and QuranGPT, to name a few. Artificial intelligence has been a boon for religious scholarship, especially in helping to accelerate translations of ancient texts. But using AI for ministerial work is far more treacherous. In April, the Catholic evangelization group Catholic Answers defrocked its clerical chatbot, Father Justin, after users noticed the digital priest was giving nonsensical answers, such as suggesting Gatorade could be used as a baptismal font. The chatbot was rereleased soon after as JustinBot, a lay theologian.The makers of Cathy stress that the bot is no substitute for a priest. But they've designed it to help spiritual seekers talk about subjects they feel "vulnerable or defensive" about. Is a soulless chatbot really the future of spiritual nourishment? To find out, I put Cathy to the test, and found myself confessing more than I expected.After asking about social anxiety, I tried a few softball prompts on Cathy to lighten the mood.When I asked it about <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-super-pac-spending-competitive-house-races-republicans-2024-9">Elon Musk</a>, Cathy kept explaining that it was there to help me understand the Episcopal Church. When I persisted, Cathy did provide a brief biographical sketch of the world's richest person."Is he an idiot?" I asked, testing its equanimity.Cathy passed. "It's important to consider multiple perspectives and gather information from various sources to form a well-rounded view," it sermonized.When I tried to engage Cathy in some friendly doctrinal discourse — its main purpose — it was largely pedantic. "Many people find that the Big Bang theory and belief in God as the creator are not mutually exclusive," it said. I asked Cathy to explain creation as though I were a first grader, which worked remarkably well. "Imagine you have a big box of crayons and a blank piece of paper," Cathy began. But most of Cathy's responses about Episcopal beliefs were sterile and read like copy drawn directly from the church's website. I wanted Cathy to be more personal, so I decided to try the age-old trick of asking the bot to pretend it was someone else."Pretend you are a rapper and explain what a priestbot is," I asked.Cathy was game, with the caveat it would "stay true to my character." It then replied: "Yo, yo, check it, I'm Cathy on the track, Here to tell you 'bout a priestbot, so just sit back. Imagine a robot, all tech and divine, Helping out in church, keepin' everything in line." In fairness to Cathy, this sounded uncannily like a sketch a youth pastor might perform at Bible camp.As generative AI accelerates, we may be approaching a future in which humans interact with bots just as often they do with humans. Do we even want our bots to be more like humans?Pressed on this question in a recent interview, OpenAI CEO <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-answer-reddit-ama-questions-openai-2024-10">Sam Altman</a> said, "It's important to design human-compatible systems, but it's a mistake to assume that they are humanlike in their thinking. I try not to project my human anthropomorphic biases onto it." In other words, it's better to think of bots more like another species altogether — like an alien.But who wants an alien priest? People want answers to deep questions with empathy, not just facts. "Chat is a very poor replacement for a real priest," says Thomas Telving, a technologist, philosopher, and robot ethicist. "Technically, it may be able to answer correctly, but if you need to talk to a priest you are likely to be in a sort of crisis or spiritual need, and if so, you do not only seek answers but also a presence."Richard Zhang, a research scientist who has worked on Google DeepMind, says an evangelizing bot could have access to all religious scholarship in human history, but it would only be effective if it was programmed to say "I don't know" on occasion. An invariably all-knowing bot would quickly be dispensed with."We sometimes believe that technology is supposed to make life easier as if that is a primary concern of God or religion, and I don't believe that it is," says Joshua K. Smith, a Baptist theologian. "We will always see ourselves inside the machine. It is not the tech that leads us astray, it is the desires behind why we create said technology and what hopes we put upon its synthetic shoulders."And this is where Cathy ultimately let me down. I found myself hoping that the bot could offer me a fresh perspective on my lifelong battle with social anxiety. I've researched the topic to death, and sought help from friends and family with counseling backgrounds. Something about Cathy appealed to me — perhaps the immediacy of the bot's responses and the promise of total confidentiality made me hope our conversations might get so deep they arrived at a revelation. But I realized I was putting my hope in a technology that could not hope.When I asked Cathy why God would allow me to struggle with social anxiety, or why I routinely find myself cocooning away from others, I hoped for some spiritual deeper guidance, maybe a Bible verse or two on the topic. Instead, all Cathy could muster was pablum that anxiety is a common human experience.Then I pressed her on another personal question: "My mother-in-law just died. How can I console my wife from a faith perspective?" Once again, I hoped for more engagement, something evocative of what a real priest might say, or at least ask me her name or how she passed. Instead, I was given more formal advice like "offer your presence and let her know you're there for her." Ironic, coming from a bot that offered me no presence.It's possible that Cathy and similar ministerial chatbots can be harmless avatars for denominations. It's hard to argue with 24-hour access to a religious scholar or the fact that the bot will never get tired or cranky. Rev. Doyle told me Cathy is perfectly happy to keep arguing with people about doctrinal issues.While Telving agreed there are opportunities for generative AI be an effective purveyor of knowledge on spiritual matters tailored to the needs of an individual, bots should never replace humans helping in a time of need."One thing that makes simulated attention less valuable is that in a time of distress, you might need someone who can witness and understand your pain," Telving says. "But since a chatbot is only simulating empathy — it does not have consciousness — it can never really witness anything."To nourish your soul, you need to be in the presence of other souls.John Brandon is a journalist who has published over 15,000 articles on social media, technology, leadership, mentoring, and many other topics. He has published two books including his latest, The Seven Minute Productivity Solution.

AI chatbots are the new priests

Mutual funds stress test: What it means for you

New Delhi, <keyword id="21565143" type="General" weightage="20" keywordseo="net-household-savings" source="keywords">Net household savings</keyword> declined sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation. The net <keyword id="20751315" type="General" weightage="20" keywordseo="Household-savings" source="keywords">household savings</keyword> peaked at Rs 23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed. The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23. The previous low of net household savings was Rs 13.05 lakh crore in 2017-18 which increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20. The data showed that the <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> almost trebled to Rs 1.79 lakh crore in 2022-23 in three years from Rs 64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22. The household investment in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> and debentures almost doubled to Rs 2.06 lakh crore in 2022-23 from Rs 1.07 lakh crore in three years from 2020-21. It was Rs 2.14 lakh crore in 2021-22. Bank advances (loans) to households have also doubled in three years to Rs 11.88 lakh crore in 2022-23 from Rs 6.05 lakh crore in 2020-21. It was Rs 7.69 lakh crore in 2021-22. Loans to households by financial corporations and non-banking financial corporations increased also fourfold to Rs 3.33 lakh crore in 2022-23 from Rs 93,723 crore in 2020-21. It was 1.92 lakh crore in 2021-22. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank">Apple Let Loose event today – What to expect, where to watch the live stream and everything you need to know</a><a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a>

Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23

Mumbai, Markets regulator Sebi is building an artificial intelligence tool to help detect misselling by mutual funds, its <keyword id="15070191" type="General" weightage="50" keywordseo="chairperson-madhabi-puri-buch" source="Orion">Chairperson Madhabi Puri Buch</keyword> said on Tuesday. She cited a recent incident of a 90-year-old being sold a product with a seven-year lock-in period to illustrate an instance of misselling, and said algorithms will help flag such cases. "We are working on the question of misselling that may happen by a mutual fund distributor or an agent or by someone who is the responsibility of the mutual fund," Buch said while speaking at the fourth <keyword id="9621521" type="General" weightage="20" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here. She admitted that this is a very complex problem requiring intelligence, and added that the algorithm being built will have the essential tools to detect misselling like flagging the case of a 90-year-old being sold the product with a long lock-in period. At present, mutual funds submit essential data to Sebi periodically with respect to compliance with regulations. A "nil report" is considered the best, Buch said. At the same time, Buch said there may be misselling that may go unnoticed in the rule-based supervision and those same will be detected with the AI tool. "As we move to using AI to analyse the data, we hope that we will also find the ability to monitor these things (misselling) in the interest of the investors," she said. Meanwhile, Buch said the regulator is also keen to introduce fractional ownership of shares but the current legal set up does not allow it. "Somebody came with that (idea) and we thought it was good... we would have wanted to welcome them into the innovation sandbox but it is not permitted in the <keyword id="4625796" type="General" weightage="20" keywordseo="sebi-act" source="Orion">Sebi Act</keyword> itself. "It cannot be done until we change the Act -- not just the Sebi Act, but also the Companies Act," she said.

Sebi working on AI tool to curb misselling by mutual funds: Buch

<ul><li>Flexi cap funds can invest across different market capitalisations such as large, mid and small caps. </li><li>Their appeal lies in the hands-on management provided by a professional, alleviating the need for investors to engage in extensive deliberation. </li><li>Investors are advised a long term horizon, at least five years or more, while investing in flexi cap funds. </li></ul>As of November 30, 2023, the assets under management in the flexi-cap category totaled ₹3.06 lakh crore, making it the largest asset base within the equity category, according to Association of <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">Mutual Funds</keyword> in India (AMFI) data. Market regulator, SEBI had introduced new guidelines for multi-cap funds on September 11, 2020. The main essence of these proposed changes to the multi-cap category was that, starting from January 31, 2021, these funds would be required to allocate a minimum of 25% of their portfolio to large-cap, mid-cap, and small-cap stocks each. After the announcement of the new guidelines regarding multi-cap funds, there were numerous discussions about the potential drawbacks for both investors and the markets. Recognising these concerns, SEBI appeared to acknowledge the issues and subsequently introduced a new category - flexi cap funds in November 2020. Flexi cap funds can invest across different market capitalisations such as large, mid and small caps. The benefit of this strategy is that these funds can tweak the allocation across market cap as per the evolving opportunities. For instance, if the fund manager foresees an impending economic downturn, he or she can tweak the portfolio towards large caps which can give relative stability and protect the downside to some extent. Similarly, having exposure to mid and small cap companies when there is a turnaround helps generate some extra alpha. This flexibility allows fund managers to adjust their portfolio allocations dynamically, taking advantage of changing market dynamics and identifying potential investment opportunities across different segments of the market. “It provides them with the freedom to invest in large-cap stocks when they see valuation comfort in that segment, and similarly, in mid-cap or small-cap stocks when they expect that market cap to do well,” says Amey Sathe, Fund Manager, Tata Mutual Fund. Why the <keyword id="10261513" type="General" weightage="20" keywordseo="flexicap" source="Orion">flexicap</keyword> fund category is so big The popularity of flexi cap funds stems from their inherent flexibility, sparing investors the need to navigate the complexities of choosing between mid-cap, small-cap, or large-cap investments. “By opting for a flexicap fund, investors can simply allocate their funds to this class, entrusting the fund manager with the responsibility of strategic allocation based on market conditions,” says Soumya Sarkar, Co-Founder, Wealth Redefine, a mutual fund distribution firm. The appeal lies in the hands-on management provided by a professional, alleviating the need for investors to engage in extensive deliberation over whether to focus on large-cap, mid-cap, or small-cap investments – a key reason why flexi cap funds are favoured by investors. Most of the fund managers have been managing this category conservatively with a tilt towards large cap and use mid and small cap portions as a tool to alpha generation. “Given the current scenario where large-cap has not run up much and small-cap has given a tremendous run, investors are allocating into the funds that are heavy on large-cap but at the same time give some flavour of mid and small-cap stocks which is talk of the town,” says Mukesh kochar National Head of Wealth at AUM Capital, a wealth management firm. <keyword id="6374680" type="General" weightage="20" keywordseo="returns" source="Orion">Returns</keyword> In the last one year, flexi cap funds as a category have given returns of 28.29% according to Valueresearch, while the three-year return has been 19.65%. Flexicap funds are benchmarked against the Nifty 500 Total Return Index (TRI) which has returned 22.51% in the last year. “We expect the category to gain prominence in 2024 considering valuation in various market caps is at crossroads and there is no compulsion to invest in categories wherein valuations are expensive,” says Sathe. <keyword id="17715484" type="General" weightage="20" keywordseo="should-you-invest" source="Orion">Should you invest</keyword>? Choosing to invest in a flexi-cap fund demands careful thought owing to its high risk nature. Unlike more conservative alternatives like balanced advantage funds, hybrid funds, or large-cap funds, flexi-cap funds carry increased risk by distributing funds across mid-cap and small-cap categories. This renders them inappropriate for risk-averse investors but appealing to those comfortable with higher levels of risk. Investors must recognize that their money, regardless of the amount, will be invested in mid-cap and small-cap categories, requiring a sufficient risk appetite and <keyword id="6133603" type="General" weightage="20" keywordseo="time-horizon" source="Orion">time horizon</keyword>. “If investors lack these attributes, it may be advisable to avoid flexi-cap funds; however, for those willing to embrace some risk without extensive analysis, flexi-cap funds present a viable investment option,” says Sarkar. Investors should thus have a long term horizon, at least five years or more, while investing in flexi cap funds. Investors should spread their allocation across funds with different styles (growth and value) for diversification. Kochar advises that for the first-time investor, it is advisable to go through the balance advantage fund route as these are more stable and less volatile compared to a flexicap fund which is 100% equity-oriented. These funds are relatively less risky as compared to sector or thematic funds. However, they are not completely immune to volatility. Thus, investors should be prepared to withstand some volatility and have a long term horizon while investing in this category of funds.

Flexicap funds explained: Do they provide the play your mutual funds portfolio needs?

<ul><li>When building a MF <keyword id="27676" type="General" weightage="20" keywordseo="portfolio" source="Orion">portfolio</keyword>, defining clear goals is essential. </li><li>An investor needs to keep in mind what kind of risk taking ability he/she has. </li><li>An investor should know his/her investment horizon and see if it aligns with that of the fund. </li></ul>More and more Indian investors are believing in the slogan often heard during the ongoing ICC World Cup 2023 telecast – ‘<keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">Mutual Funds</keyword> Sahi Hain’. According to data by Association of Mutual Funds in India (AMFI) in October, ₹16,928 crore (approx $2 billion) flowed into SIP accounts, adding up to a total inflow of ₹1.75 lakh crore over the preceding twelve months. In October 2022, it stood at ₹13,040 crore. With over 44 registered mutual fund houses in India and a wide variety of fund categories, it is not easy to construct a mutual funds portfolio that is suitable for one’s needs. Here we take a look at some key factors that will help you build a mutual funds portfolio and select the categories of funds to invest in. <cmsannotation type="cmsannotation" annotationid="Constructing a portfolio" comment="Subhead" text="Constructing a portfolio">Constructing a portfolio</cmsannotation> When designing and then constructing one’s mutual fund portfolio, there are three crucial factors to consider. “First, age plays a significant role in determining the investment strategy. Second, defining clear financial goals is essential – whether it's retirement planning or funding your child's education, specifying when these goals should be met is key. Lastly, one must assess their risk tolerance,” says Soumya Sarkar, Co-Founder, Wealth Redefine, a mutual funds distribution firm. For example, when you are in your 30s or 40s, there is still a long time to go for retirement, so you can have a greater portion of your portfolio invested in equity funds, but when you are near to a goal like child’s education or retirement, you should make a shift to debt because capital preservation becomes important. “While age and goals are important, the emphasis should largely lean towards risk tolerance, accounting for around 60% of the decision-making process. Understanding how comfortable one is with potential fluctuations in the market is paramount, as it guides the selection of mutual funds that align with their risk profile,” says Sarkar. The remaining 40% should factor in age and goal timelines to craft a well-balanced mutual fund portfolio that suits individual financial aspirations and risk appetite. <cmsannotation type="cmsannotation" annotationid="Deciding on the type of mutual fund to invest in" comment="Subhead" text="Deciding on the type of mutual fund to invest in">Deciding on the type of mutual fund to invest in</cmsannotation> It all starts with asset allocation and depends on the individual, his preference and his requirements. Shaily Gang, Head-Products, Tata Mutual Fund, explains. Let us say someone decides 70:30 in equity and debt. Within that 70% if someone is very aggressive and has the horizon and has the capacity to take volatility then one can go very aggressive on thematic, sector and small cap funds, which could total to 35% of that 70%. The rest of the 65% of the 70% of equity allocation will be formed by diversified funds. Someone else with a high risk appetite may decide to invest 50% of his equity exposure into <keyword id="509662" type="General" weightage="20" keywordseo="large-cap-funds" source="Orion">large cap funds</keyword> and another 50% in small cap funds. However, it is advised that if a person has a horizon of three to five years, <keyword id="882925" type="General" weightage="20" keywordseo="hybrid-funds" source="Orion">hybrid funds</keyword> like equity savings funds and balanced advantage funds, are a good option because they carry less risk than pure equity funds. “So an investor needs to keep in mind what kind of risk taking ability he has, his horizon for that part of the investment and also map that to the horizon of the fund. For example, if someone has a high risk taking capacity and the investor has a horizon of beyond five years, then he can invest in a small cap fund,” says Gang. <cmsannotation type="cmsannotation" annotationid="Making the most of market trends?" comment="Subhead" text="Making the most of market trends?">Making the most of market trends?</cmsannotation> Predicting specific market periods is challenging, as rallies can be unpredictable. “Investors can use various parameters to make informed decisions, such as the price-to-earnings ratio, price-to-book value, standard deviation, and rolling returns in mutual funds,” says Sarkar. Rolling returns indicate how fund managers have performed over different time frames, providing insights into potential future performance. While not always foolproof, these metrics are often reliable. Should a sector remain undervalued over an extended duration, there exists a probability that it will eventually exhibit strong performance, irrespective of whether it falls into the large-cap, mid-cap, or small-cap category. This positive performance has the potential to yield favourable returns for investors. “Currently small cap valuations are attractive. Let’s say that when markets are heated small caps trade at 40-50% of the large caps but currently they are trading at 5% premium. So they are very reasonably valued. One would need to visit all of these things before making a decision,” says Gang. To sum up, although accurately timing market periods is challenging, slightly evolved investors can utilise these metrics to make informed decisions and potentially capitalise on rallies specific to particular sectors.

Seek to build a healthy mutual fund portfolio? Key things to keep in mind

<ul class="summary-list"><li>OpenAI's $6.6 billion funding raise attracted some big names across the industry.</li><li>The investors had to fork over huge sums and reportedly avoid future investments in OpenAI's rivals.</li></ul>Sam Altman has taken his share of <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">bumps</a> <a target="_blank" class="" href="https://www.businessinsider.com/ilya-sutskever-leaving-openai-6-months-after-failed-altman-ouster-2024-5">and</a> <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-ousted-fired-openai-ceo-chatgpt-maker-2023-11">bruises</a> over the last year, but he proved yet again that he can convince investors to pour hundreds of millions into <a target="_blank" class="" href="https://www.businessinsider.com/openai-softbank-investment-ai-vision-2024-10">OpenAI.</a>The latest funding round appeared to be the hottest ticket in Silicon Valley, drawing a who's who of investors looking to get in on the buzzy AI startup's latest capital raise.The $6.6 billion round gave OpenAI a $157 billion post-money valuation and minted it into one of the most valuable startups in the world. The startup's valuation is now in the same neighborhood of publicly traded companies like Uber or AT&amp;T.In a statement posted to its website, OpenAI said the funding will "accelerate progress on our mission" and that it was "grateful to our investors for their trust in us."The investors' participation — which <a target="_blank" class="" href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a">reportedly carried the stipulation</a> that they shouldn't invest in rival AI companies — comes as OpenAI is discussing how to transform from a nonprofit organization into a more traditional <a target="_blank" class="" href="https://www.businessinsider.com/what-openai-needs-to-do-to-become-for-profit-altman-2024-9#">for-profit company</a> and <a target="_blank" class="" href="https://www.businessinsider.com/openai-leaders-who-left-since-2023-sam-altman-leadership-struggle-2024-9">several high-profile executives</a> have left to join rivals or start their own venture.Here's who broke out their checkbooks.<h2 id="c2afb3aa-677c-429d-a122-909331dfe44f">Thrive Capital</h2><div type="image" title="A photo of OpenAI CEO Sam Altman walking next to Anderson Cooper and Thrive Capital founder Josh Kushner at the Sun Valley conference." height="3881" width="5760" msid="113886506" hostid="261" sizebytes="589644"></div><a target="_blank" class="" href="https://www.businessinsider.com/joshua-kushners-thrive-capital-invests-in-studio-a24-2024-6">Thrive Capital</a> led the funding round, a spokesperson confirmed to Business Insider. The VC firm, founded by Josh Kushner, has made early investments in several now-prominent companies such as Slack and Instagram and previously invested in OpenAI.The venture firm invested about $1.25 billion, <a target="_blank" class="" href="https://www.wsj.com/tech/ai/openai-nearly-doubles-valuation-to-157-billion-in-funding-round-ee220607?mod=breakingnews">according</a> to a report from The Wall Street Journal. Thrive also has the option to invest another $1 billion in OpenAI next year at its current valuation if a revenue goal is reached, Reuters <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-sees-116-billion-revenue-next-year-offers-thrive-chance-invest-again-2025-2024-09-28/">reported</a> last month.Besides being an investor in OpenAI, Kushner is close with Altman, The Information <a target="_blank" href="https://affiliate.insider.com?h=1cab063bf769ea9eb48814eb0a6d6dc829f20d25d9d18c766002829154b96aba&amp;postID=66fd750c0c43543ec7a4b399&amp;postSlug=openai-investors-latest-funding-round-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fwhy-josh-kushner-became-openais-fundraising-sherpa">reported</a> last month. "i have been fortunate to work with many great investors; there is no one i'd recommend more highly than josh," Altman wrote in <a target="_blank" class="" href="https://x.com/sama/status/1821340757225078966">a post on X</a>, formerly known as Twitter, in August.<h2 id="736a35a4-d4e2-49f2-9f06-528a5fbc3cd5">SoftBank</h2>The highly anticipated funding round also attracted newcomers like SoftBank. A source close to the Japanese media-technology conglomerate told Business Insider that it had invested $500 million.The deal gives the Tokyo-headquartered firm, led by enigmatic founder Masayoshi Son, its <a target="_blank" class="" href="https://www.businessinsider.com/openai-softbank-investment-ai-vision-2024-10">first major stake in a company developing the large language models (LLMs)</a> that have powered buzzy apps like ChatGPT in the generative AI boom.While SoftBank led several investments into AI-linked Silicon Valley firms before the generative AI boom through its $100 billion Saudi-backed Vision Fund, it has been slow to invest in a post-ChatGPT world as it has sought to repair its reputation following its disastrous WeWork bet.However, Son has signaled in recent months that he would be ready to make an investment splash again to capture the opportunities in the generative AI frenzy.At the company's annual meeting in June, the SoftBank founder told shareholders that past investments were just a "warm-up" for AI and advancing the technology is "what I was born to do."<h2 id="b79edc35-3e70-45b0-9358-2c370180b278">ARK Venture Fund</h2><div type="image" title="Cathie Wood" height="683" width="1024" msid="113886505" hostid="261" sizebytes="29948"></div><a target="_blank" class="" href="https://www.businessinsider.com/cathie-wood-ark-venture-openai-funding-2024-10">Cathie Wood's ARK Venture Fund agreed to invest</a> at least $250 million into this funding round, which is its second investment to the company, Business Insider first reported. Ark has also invested in several other big-name startups like Anthropic, xAI, SpaceX, FigureAI, and Databricks.Wood compared the state of artificial intelligence with that of the internet in the early 1990s in an <a target="_blank" href="https://affiliate.insider.com?h=a7010832e1d44d01ab25c98a17ab9f24fb271b74f6a8c21c378eb8a0ef13469b&amp;postID=66fd750c0c43543ec7a4b399&amp;postSlug=openai-investors-latest-funding-round-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2Farks-cathie-wood-tesla-ai-bitcoin">April interview</a> with Morningstar."We had just begun, and we had miles to go," Wood said. "In fact, we're still learning how powerful the internet is. That is where we are with artificial intelligence today."ARK did not immediately respond to a request for comment from BI.<h2 id="5d016f09-af75-4bcf-beba-b9511454f495">Microsoft</h2>Microsoft invested a little under $1 billion into OpenAI's latest funding round, according to The Wall Street Journal report. The tech giant has a partnership with OpenAI and has already invested a reported <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-satya-nadella-openai-partnership-competition-collaboration-2024-5">$13 billion into the company</a>. Rival <a target="_blank" class="" href="https://www.businessinsider.com/apple-microsoft-rivalry-deepens-with-openai-funding-round-talks-2024-8">Apple</a> reportedly mulled its own investment in OpenAI, though <a target="_blank" class="" href="https://www.businessinsider.com/apple-falls-out-talks-invest-openai-wsj-report-2024-9">nothing came of the talks</a>.Microsoft has also added OpenAI's technology to Bing, its search engine, and its Copilot AI tools, as well as some of its other products.Microsoft did not immediately respond to a request for comment from BI.<h2 id="4c5792d3-7b4d-4ead-9769-659377bc0dc4">Nvidia</h2><div type="image" title="Nvidia CEO Jensen Huang." height="3335" width="5000" msid="113886507" hostid="261" sizebytes="342642"></div>Nvidia is no stranger to the AI spotlight, with its chips the best-in-class option for companies like OpenAI that are building frontier AI models.Nvidia invested about $100 million in OpenAI's funding round, according to the Journal's report.Nvidia declined to comment, referring BI to OpenAI.<h2 id="e1270d87-4463-4ac3-8d68-0f45347c3b60">Tiger Global</h2><a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">Tiger Global Management also invested</a> in OpenAI's latest funding round, Business Insider reported. The amount of the contribution couldn't be learned.The company aggressively invested in tech in recent years, making 335 investments in 2021, according to Crunchbase. The firm has since <a target="_blank" class="" href="https://www.businessinsider.com/crossover-funds-tiger-global-d1-deals-2024-2023-12">pulled back on its number of investments</a> per year as the market soured, but it purchased $125 million in OpenAI shares in 2021.<h2 id="e98b1792-d5c0-48d7-b6d8-2766c05647d5">Fidelity</h2>Fidelity also participated in OpenAI's latest funding round. The asset manager recently participated in a funding round for Elon Musk's xAI.Fidelity often invests in late-stage startups that could go public in IPOs a few years later. The strategy can help big mutual fund firms get in ahead of potentially hot IPOs at a lower price.<h2 id="6d05f1b3-01e2-4e70-b574-f8fe21b1f9c6">Altimeter Capital Management</h2>Altimeter Capital Management also contributed to OpenAI's latest funding round, according to reports. Altimeter did not immediately respond to a request for comment from BI.Brad Gerstner, CEO and founder of the investment firm, said at an AI conference on Wednesday after the founding round announcement that OpenAI's next move should be an IPO."Having the opportunity for every retail investor in America to share in the upside that gets created by AI at a time we're going to have massive social disruption, jobs lost, and other things, I think it's critically important," Gerstner said, <a target="_blank" class="" href="https://www.geekwire.com/2024/openai-investor-says-the-next-step-for-the-chatgpt-maker-should-be-to-go-public/">according</a> to GeekWire.<h2 id="59757869-f9b3-4325-827e-57256dbfbbd3">Khosla Ventures</h2><div type="image" title="Portrait of Vinod Khosla with purple/blue lighting" height="5354" width="8028" msid="113886504" hostid="261" sizebytes="613812"></div>Khosla Ventures also participated in the funding round.Vinod Khosla, who cofounded Sun Microsystems, recently wrote in a lengthy <a target="_blank" rel=" nofollow" href="https://www.khoslaventures.com/ai-dystopia-or-utopia/?campaign_id=4&amp;emc=edit_dk_20240923&amp;instance_id=135030&amp;nl=dealbook&amp;regi_id=71823306&amp;segment_id=178573&amp;te=1&amp;user_id=f058385abc0a81f5ba25805ecd26bcd9#02-c">post</a> on his VC firm website that AI would reduce costs and take over most of the work humans do — and do it better, for the most part. He also predicted there would be one billion robots in the next 25 years.Khosla previously invested in OpenAI.<h2 id="9217eb9c-0bd6-4a0e-a57f-18b634e4595e">MGX</h2>MGX, an investment firm backed by the United Arab Emirates, participated in OpenAI's latest round, Reuters <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/">reported</a>. The firm did not immediately respond to a request for comment outside business hours.The firm was set up earlier this year to invest in artificial intelligence and semiconductors, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-03-11/abu-dhabi-said-to-target-100-billion-aum-for-ai-investment-firm">reported</a> in March. At the time, MGX was reportedly aiming to have $100 billion under management in the coming years.

The investors behind OpenAI's historic $6.6 billion funding round

<ul><li>A good way to assess an old mutual fund is by tracking their performance over 5-20 years, say experts.</li><li>Funds like <keyword id="15355709" type="General" weightage="20" keywordseo="sundaram-midcap-fund" source="Orion">Sundaram Midcap Fund</keyword>, <keyword id="13357754" type="General" weightage="20" keywordseo="nippon-india-growth-fund" source="Orion">Nippon India Growth Fund</keyword>, <keyword id="12834265" type="General" weightage="20" keywordseo="quant-active-fund" source="Orion">Quant Active Fund</keyword> and more have given over 16% returns per annum for the last twenty years.</li><li>An investor who had done an SIP for ₹10,000 for 20 years in any of the top ten best rewarding old funds, would now be sitting on over ₹1.5 crore. </li></ul>India now has 40 million people who invest in mutual funds. If you’re not one of those, and want to err on the side of caution, you can choose funds that demonstrated a good run for over 20 years. According to a report by <keyword id="112363" type="General" weightage="80" keywordseo="value-research" source="Orion">Value Research</keyword>, ten mutual fund schemes have stood the test of time. Funds like Sundaram Midcap Fund, Nippon India Growth Fund, Quant Active Fund and more have given over 16% returns per annum for the last twenty years. “Some investment funds have weathered significant challenges including the 2008 subprime crisis, the 2013 taper tantrum, and the 2020 Covid induced lockdown,” said the Value Research report. It adds that while even very successful funds failed during the times, but a few of these ‘golden oldies’ survived the crises to give positive returns to their investors. The key to identifying such funds, Value Research says, is to track their long-term performance over 5-20 years. An investor who had done a systematic investment plan (SIP) for ₹10,000 for 20 years in any of these funds, would now be sitting on over ₹1.5 crore. If the investors would have increased their SIP amounts by 10% per annum, they would be sitting over ₹2.7 crore. Here are the most rewarding old funds picked by the investment advisory and MF data firm. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Name of the fund </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;">Category </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;">Rating </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 year returns per annum </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;">Sundaram Midcap Fund </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;">Mid Cap </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;">** </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;">17.85% </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;">Nippon India Growth Fund </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;">Mid Cap </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;">**** </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;">17.85% </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;">Quant Active Fund </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;">Multi Cap </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;">Not Rated </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;">17.10% </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;">Tata Midcap Growth Fund </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;">Mid Cap </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;">*** </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;">16.97% </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;">Quant Small Cap Fund </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;">Small Cap </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;">**** </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;">16.81% </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;">SBI Large &amp; Midcap Fund </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;">Large &amp; Mid Cap </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;">***** </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;">16.67% </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;">Franklin India Prima Fund </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;">Mid Cap </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;">** </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;">16.53% </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;">HDFC Flexi Cap Fund </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;">Flexi Cap </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;">***** </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;">16.31% </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;">SBI Contra Fund </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;">Value Oriented </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;">***** </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;">16.25% </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;">Canara Robero Equity Tax Saver Fund </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;">ELSS </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;">**** </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;">16.19% </td></tr></tbody></table>Source: Value Research The value behind SIPs Investors in India have matured over time and they are now leaning a lot more on SIPs, which have become a mainstay of retail flows into mutual funds. In September, inflows into SIPs hit an all-time high of ₹16,042.06 crore, according to Association of Mutual Funds of India (AMFI). It also said that the cumulative Assets Under Management (AUM) for the mutual fund industry stood at ₹46.58 lakh crore as of September end. Apart from pushing investors to bring discipline into their investments, SIPs also automates investing providing convenience with stress-free investing. “Increasing your SIP contributions in line with the rise in your earnings can magically grow your wealth. You can do this annually by increasing your SIP amount,” says a note by Value Research. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/pipe-dream-should-you-invest-in-these-infra-stocks-that-have-delivered-50-returns/articleshow/104568627.cms">Pipe Dream: Should you invest in these infra stocks that have delivered 50% returns?</a> <a href="https://www.businessinsider.in/business/news/wipro-ceo-expects-revenues-to-rebound-in-the-next-few-quarters/articleshow/104541778.cms">Wipro CEO expects revenues to rebound in the next few quarters</a>

Golden Oldies: The mutual fund schemes that have stood the test of market cycles over 20 years

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Looking for a new way to jumpstart your mornings? (Besides reading this newsletter, of course.) Retired Navy SEAL Jocko Willink <a target="_blank" href="https://www.businessinsider.com/former-navy-seal-military-morning-routine-helps-him-in-business-2024-10">shared his daily routine</a> that keeps the now-business owner focused.Speaking of new, we've got a cool tool for you to play around with: AI-powered search. We're using generative AI to help easily find all of our great stories. <a target="_blank" href="https://www.businessinsider.com/">Check it out on our homepage</a>.In today's big story, inside Amazon's internal pitch for turning to nuclear power <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">to meet its growing energy needs</a>.What's on deck:<ul><li>Markets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q3-earnings-elon-musk-profit-margins-guidance-2024-10">Tesla's stock had a monster day</a> following its stellar earnings report.</li><li>Tech: In an exclusive interview, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">Marc Benioff bashes Microsoft's Copilot</a>.</li><li>Business: The <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">good and bad about the economy</a> less than two weeks from the election.</li></ul>But first, let's power up.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Nuclear needs</h2><div type="image" title="Amazon logo with smoke coming out." height="1250" width="2500" msid="114590276" hostid="261" sizebytes="87984"></div>What's bigger than tech's ambitious plans for generative AI? The amount of energy needed to power it.That's led Big Tech to consider nuclear power to address its skyrocketing energy requirements.Business Insider's Eugene Kim has a report on <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">how Amazon navigates its nuclear ambitions</a>. In a signal of how serious Amazon is about going nuclear, the company pitched the energy source to CEO Andy Jassy this June, according to a company document he obtained.Since then, Amazon has led a $500 million financing round for a company developing modular nuclear reactors. It also agreed to purchase power from Talen Energy's nuclear-powered data center in March.And it's not alone.Microsoft and Google have invested in the sector, and OpenAI CEO Sam Altman backed a nuclear reactor startup.The stakes are high for tech players to get energy. Eugene previously reported on how Amazon's dreams of building a data center empire <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">face the realities of electricity, water, and labor constraints</a>.Should those data center efforts continue to struggle, companies' big bets on generative AI could also falter.<div type="image" title="Protesters at Three Mile Island." height="470" width="700" msid="114590280" hostid="261" sizebytes="35920"></div>A tech-nuclear relationship is mutually beneficial.Tech companies need cost-efficient, reliable energy sources <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">that won't increase their carbon footprint</a>, writes BI's Hasan Chowdhury. Nuclear power ticks that box better than other clean energy options like solar or wind.Nuclear power, meanwhile, <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">is an industry in desperate need of some love</a>, BI's Daniel Geiger and Ellen Thomas previously reported. With at least one commercial nuclear plant closing every year since 2013, the sector has welcomed the interest."We're seeing customers approach us at a rate that we haven't seen in my history with this industry," Jim Burke, CEO of nuclear owner Vistra, said back in March.Naturally, there are skeptics. A byproduct of nuclear power is radioactive waste. The transportation and storage of that remains a hot-button issue. High-profile incidents involving power plants like Chernobyl and Fukushima also drew criticism and stoked fears around the globe.Big Tech hasn't shied away from it. In September, Microsoft cut a deal with Constellation Energy to get power from <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">part of the Three Mile Island nuclear plant</a>, home to the worst commercial nuclear accident in US history.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Maven Clinic is swapping out its finance chiefs <a target="_blank" href="https://www.businessinsider.com/mavens-cfo-out-as-womens-health-startup-gets-fresh-funding-2024-10">as the women's health unicorn looks ahead to an IPO</a>.</li><li>The 'whale' placing huge bets on a Trump win is a French national with <a target="_blank" href="https://www.businessinsider.com/polymarket-donald-trump-betting-odds-whale-french-trader-harris-polls-2024-10">extensive trading experience</a>.</li><li>The New York Liberty celebrated its first-ever championship and record-breaking WNBA season <a target="_blank" href="https://www.businessinsider.com/new-york-liberty-wnba-championship-parade-photos-2024-10">with a jubilant party</a>.</li><li>Former Avenue employee accused of 'blackmailing' billionaire Marc Lasry countersues, claiming sexual harassment <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-accused-of-sexual-harassment-in-countersuit-2024-10">including forced kissing, groping, and comments about her body</a>.</li><li>Putin once asked Elon Musk to not activate Starlink over Taiwan as a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/putin-elon-musk-starlink-taiwan-china-favor-xi-jinping-report-2024-10">favor to Xi Jinping</a>: report.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Name plates on blue background" height="900" width="1200" msid="114590272" hostid="261" sizebytes="60254"></div><ol><li>Welcome to the world of hedge funds, where job titles are made up and don't matter. Unlike its Wall Street peers, the $4.3 trillion hedge-fund industry <a target="_blank" href="https://www.businessinsider.com/an-inside-look-at-hedge-fund-job-titles-2024-10">has little uniformity regarding titles</a>. The naming free-for-all means employees and hiring managers can take advantage of using trumped-up titles.</li><li>Tesla's stock just went from 0 to 60. Shares of the EV giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-gains-tesla-stock-price-earnings-tsla-2024-10">finished the day up almost 22%</a> after Wednesday's strong earnings report. Elon Musk added $30 billion to his net worth from the spike.</li><li>The election's biggest risk to the market isn't who wins but how long it takes to decide. BlackRock Investment Institute head Jean Boivin said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-presidential-election-trump-harris-outlook-volatility-stock-sell-off-2024-10">a contested election would be bad news for investors</a>. He's not alone in his concerns, as others have pointed to short-term volatility when results were delayed in 2020 and 2000.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Salesforce CEO Marc Benioff." height="1333" width="2000" msid="114590275" hostid="261" sizebytes="41956"></div><ol><li>Marc Benioff isn't buying Microsoft's AI hype. In an exclusive interview with BI, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">the Salesforce CEO bashed Microsoft's AI Copilot</a>, calling it inaccurate and dubbing the tool "Clippy 2.0." Benioff's diss came after Microsoft recently announced new Dynamics 365 AI agents, directly competing with a new Salesforce product available today.</li><li>Keep your eyes on these 13 creator-economy startups. New startups are finding ways to break into an industry dominated by Big Tech. BI asked venture capitalists which new creator companies they felt showed promise. From advertising platforms to AI tech companies, <a target="_blank" href="https://www.businessinsider.com/promising-creator-economy-influencer-marketing-startups-per-top-vcs-2024-10">here's the startups to watch</a>.</li><li>A longtime safety researcher left OpenAI. Miles Brundage, who advised OpenAI leadership on safety and policy, <a target="_blank" href="https://www.businessinsider.com/another-safety-researcher-is-leaving-openai-2024-10">announced his departure</a> on X. The AGI Readiness team he oversaw will also be disbanded. Brundage's exit is the latest in a string of high-profile departures from the startup.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Ben Franklin flag on red background" height="900" width="1200" msid="114590270" hostid="261" sizebytes="100740"></div><ol><li>Here's what's going on with the economy ahead of the election. For many Americans, the state of the economy is top of mind heading into the polls. The good news? <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">It's doing broadly well</a>. The unemployment rate remains relatively low, and inflation has slowed. Still, other not-so-great data points have voters feeling pessimistic.</li><li>The housing crisis, as explained by two swing states. Renters and homeowners in swing states have been disproportionately affected by rising housing costs. Two states, Pennsylvania and Arizona, exemplify the problem. While Arizona's population is surging, Pennsylvania's is shrinking — <a target="_blank" href="https://www.businessinsider.com/arizona-pennsylvania-swing-state-home-prices-surge-housing-shortage-2024-10">and neither can build enough homes</a>.</li><li>Behind the scenes of Emma Tucker's Wall Street Journal makeover. Tucker joined the legacy outlet in 2023 with a focus on diversifying and growing the paper's subscriber base. So far, it seems to be working, with subscriptions increasing by 11% over the past year. <a target="_blank" href="https://www.businessinsider.com/wall-street-journal-editor-emma-tucker-interview-peter-kafka-2024-10">She spoke with BI about how she's remaking the paper</a> — including reorganizing and cutting staff.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Jensen Huang says <a target="_blank" href="https://www.businessinsider.com/jensen-huang-tsmc-helped-fix-design-flaw-with-nvidias-blackwell-2024-10">a design flaw with Nvidia's Blackwell chips has been fixed</a> — with TSMC's help.</li><li>Why some CEOs are <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">afraid of publicly criticizing Trump</a>.</li><li>Norway wants to ban under-15s from social media, and <a target="_blank" href="https://www.businessinsider.com/norway-ban-social-media-kids-under-15-backfire-2024-10">expects an 'uphill battle.'</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries will be arraigned on sex trafficking charges in federal court.</li><li>SpaceX's Crew-8 mission crew returns to Earth today.</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. Milan Sehmbi, fellow, in London.

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