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<ul class="summary-list"><li>US stocks hit record highs as investors cheered Trump's election victory and market gains.</li><li>The Fed cut interest rates, Nvidia replaced Intel in the Dow, and the S&amp;P 500 briefly crossed 6,000.</li></ul>US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump's election victory.It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&amp;P 500 briefly cross 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia replaced Intel</a> in the index. On Thursday, traders had more to cheer with the Federal Reserve cutting interest rates again by 25 basis points. Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">bond markets repriced</a> this week in anticipation of higher borrowing costs under Trump's second term. At Friday's closing bell, stocks ended with their best weekly gain of 2024, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> jumping about 5%.Bitcoin, meanwhile, was continuing a record-setting run on Friday in the wake of Trump's win, with the token climbing past $76,500. "The Trump rally isn't over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation. and Made in America policies to power future gains. Market participants are also catching a tailwind from a dovish Federal Reserve," said José Torres, senior economist at Interactive Brokers.Also helping push stocks to record this week were solid earnings, with third-quarter results starting to wrap up.So far, 90% of S&amp;P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,995.54, up 0.38% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,988.99, up 0.59% (+259.65 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,286.78, up 0.09%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11">Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/clean-energy-stocks-short-sellers-trump-us-election-renewables-evs-2024-11">Traders betting against clean-energy stocks have made $1.3 billion since Trump's election win.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/big-tech-winners-losers-trump-election-win-according-to-market-2024-11">Here are mega-cap tech's winners and losers from Trump's election win, according to the stock market.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">CEOs worldwide are already talking about the potential impact of tariffs on their businesses.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">The Polymarket 'whale' actually made $85 million on his Trump election bet, nearly double than originally thought.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil declined 2.52% to $70.54 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.09% to $74.05 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 0.40% to $2,695.10 an ounce.</li><li>The 10-year Treasury yield declined 3 basis points to 4.313%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 0.94% to $76,636.</li></ul>

Stock market today: Indexes end the week at records as investors cheer Trump's victory

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition, a roundup of some of our top stories. Hopefully, you're unwinding from work this weekend and avoiding looking at emails or answering calls. That is unless you work for "Shark Tank" star Kevin O'Leary, who <a target="_blank" href="https://www.businessinsider.com/kevin-oleary-right-to-disconnect-laws-crazy-dumb-2024-9">has a real problem with Australia's new "right to disconnect" law</a>.On the agenda today:<ul><li>They're millionaires, but you probably wouldn't know it <a target="_blank" href="https://www.businessinsider.com/millionaire-investing-saving-spending-financial-independence-retire-early-fire-2024-9">based on how they live</a>.</li><li>The healthcare startup with <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">a blank check from General Catalyst</a>.</li><li>It's the biggest debate on LinkedIn: <a target="_blank" href="https://www.businessinsider.com/linkedin-open-to-work-banner-badge-job-pros-cons-2024-9">Are you #opentowork?</a></li><li>Amazon's big AI product <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">has some employees concerned</a>.</li></ul>But first: Are you ready for some football?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><div type="image" title="A photo of last season's playoff game between the Detroit Lions and the Tampa Bay Buccaneers." height="683" width="1024" msid="113168701" hostid="261" sizebytes="77782"></div><h2 id="e5d29f05-9c4b-43c5-aa93-c452b34204a7">Ready for kickoff</h2>It's the most wonderful time of the year: football season.The NFL returns in full force today after primetime games aired on Thursday and Friday. America's favorite pastime has plenty of interesting storylines to follow on the field.Can the Kansas City Chiefs be the first team to win three Super Bowls in a row? How will Los Angeles Chargers coach Jim Harbaugh do in his return to the NFL after winning a national championship with the University of Michigan? Will Aaron Rodgers play more than four snaps for the New York Jets? (Dear God, I hope so.)Off the field, the action is pretty good, too. (And I'm not talking about <a target="_blank" href="https://www.businessinsider.com/taylor-swift-drawing-up-plays-kansas-city-chiefs-patrick-mahomes-2024-9">you-know-who</a>.)As the crown jewel of live TV, the NFL remains <a target="_blank" href="https://www.businessinsider.com/nfl-tv-ratings-younger-viewers-moffettnathanson-2024-9">a key piece of media deals</a>. Three media giants were set to launch a sports-focused streamer that would have shaken up the landscape, <a target="_blank" href="https://www.businessinsider.com/venu-fubo-tv-cable-bundle-cord-cutting-disney-fox-wbd-2024-8">but that's been put on hold</a>. However, one new face is streaming games this season: <a target="_blank" href="https://www.businessinsider.com/netflix-nfl-football-streaming-deal-explained-peter-kafka-2024-5">Netflix</a>.Speaking of new entrants, private equity has gotten a <a target="_blank" href="https://affiliate.insider.com?h=8870e6c4686187864ed99d431eae00a3ff5167c320e8846b43b625f81c2cb6ee&amp;postID=66db69cf229d65a83d520bf2&amp;postSlug=insider-today-millionaire-status-symbol-football-season-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.nfl.com%2Fnews%2Fnfl-owners-vote-to-allow-private-equity-funds-to-buy-stakes-in-teams">(minority) seat at the NFL ownership table</a>. Some <a target="_blank" href="https://www.businessinsider.com/nfl-owners-meeting-private-equity-ownership-rules-2024-3">firms are positioned to win big</a> now that the league has finally opened its doors to institutional investors.And while we're on the topic of winning, it's only right to mention gambling. ESPN Bet hopes a New York launch coupled with the football season <a target="_blank" href="https://www.businessinsider.com/sports-betting-legalization-hurts-americans-finances-credit-score-investing-stocks-2024-8">can help turnaround its business</a>.Bettors aren't faring much better from an economic perspective, <a target="_blank" href="https://www.businessinsider.com/sports-betting-legalization-hurts-americans-finances-credit-score-investing-stocks-2024-8">according to some studies</a>. And differing state laws and partnerships between sportsbooks and leagues have <a target="_blank" href="https://www.businessinsider.com/sports-gambling-weird-quirks-bets-nfl-nba-draftkings-fanduel-2024-9">made the industry feel a bit weird</a>.<div type="image" title="Three small houses next to one large one" height="1500" width="2000" msid="113168698" hostid="261" sizebytes="188372"></div><h2 id="95f549ef-b043-44aa-9df8-8eb83c446a45">Status symbols ≠ wealth</h2>Not all millionaires are living the flashy lifestyle you think they are. And circumstances like family wealth or a superstar career aren't the only ways to catapult yourself into a higher tax bracket.In fact, Business Insider spoke with several millionaires who achieved their riches without using get-rich-quick tricks. Instead, they grew their wealth by investing wisely and being frugal with their spending for a decade or more.<a target="_blank" href="https://www.businessinsider.com/millionaire-investing-saving-spending-financial-independence-retire-early-fire-2024-9">They shared their strategies</a>.<div type="image" title="A figure hiding shamefully from pointer cursors" height="1500" width="2000" msid="113168702" hostid="261" sizebytes="113168"></div><h2 id="a85b5140-76bd-46df-b496-dff8fba34c54">To banner, or not to banner</h2>The LinkedIn Open to Work banner makes some job seekers feel embarrassed. But can it actually land you a job?Although there's some worry that displaying the banner might turn recruiters away from you, those fears are mostly unfounded. Several recruiters who spoke to BI's reporter said they actively seek people who publicize that they are #opentowork. You may be better off bannering, even if you have to swallow your pride.<a target="_blank" href="https://www.businessinsider.com/linkedin-open-to-work-banner-badge-job-pros-cons-2024-9">Let the flag fly</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/how-linkedin-got-weird-work-life-blurred-lines-of-oversharing-2023-9">It's not just you. LinkedIn has gotten really weird</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/linkedin-cringe-how-to-post-new-job-hiring-resume-2024-3">Why posting on LinkedIn feels so embarrassing — and how to overcome the cringe factor</a>.</li></ul><h2 id="9f1bd810-8e8d-484b-ad5f-8f4cca5b789c">Event invite</h2>Join Fidelity on September 19 at noon ET for a conversation with top minds from finance, legal, and strategy who take every step with companies through their IPOs. <a target="_blank" href="https://events.insider.com/the-road-to-ipo?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2024-09_IPO_Fidelity">Register now.</a><div type="image" title="Amazon Q logo in a speech bubble cracking" height="1500" width="2000" msid="113168700" hostid="261" sizebytes="94766"></div><h2 id="2ccee781-7b0a-4514-95ba-fe195bcdc876">Amazon's AI conundrum</h2>Amazon's big new AI product is off to a rocky start.Messages and an internal memo seen by Business Insider show AWS employees raising concerns about the AI chatbot's performance. The issues range from a lack of features to trouble integrating with software.But what's worse: Q could be losing customers to Microsoft's Copilot.<a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">Concerns over Q.</a>Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/ai-frontier-crowded-winners-losers-2024-8">It's getting harder to make big leaps at the frontier of AI. There will be huge winners and losers.</a></li></ul><div type="image" title="Photo illustration of Hemant Taneja." height="1500" width="2000" msid="113168704" hostid="261" sizebytes="249928"></div><h2 id="cb49f3fb-142f-4c3f-a787-28fe52e74d4a">A VC's passion project</h2>Launching a startup in the venture capital world is far from a walk in the park. But if you're healthcare startup Commure, cofounded by Hemant Taneja, CEO of a major venture firm, that's a different story.Commure has made six acquisitions since the startup's 2020 launch and was recently valued at $6 billion. At the same time, it has pivoted from its initial mission and cycled through four CEOs. Regardless, it appears that Taneja won't allow Commure to fail.<a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">Inside his determination for success.</a>Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/22-most-promising-healthcare-ai-startups-2024-8">These are the 22 most promising healthcare AI startups of 2024, according to top VCs.</a></li></ul>This week's quote:"I'm not going out of my way to predict the end of the world when I don't see the end of the world."— "Big Short" investor Steve Eisman on <a target="_blank" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">his refusal to peddle negativity about a financial system</a> he's no longer overly worried about.More of this week's top reads:<ul><li>Inside the hard-partying world of <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">America's wildest lawsuits</a>.</li><li>Feeling stuck at a job you hate? <a target="_blank" href="https://www.businessinsider.com/what-to-do-when-you-feel-stuck-at-work-2024-8">Here are 4 ways to unstick your career</a>.</li><li>Longtime Tesla bull Ross Gerber details his journey from <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-stock-crash-tsla-price-outlook-ross-gerber-2024-8">Elon Musk's biggest believer to his loudest critic</a>.</li><li>You don't have to be a millionaire to retire before 50, accountant says. <a target="_blank" href="https://www.businessinsider.com/accountant-retired-before-50-without-1-million-savings-2024-9">Here's how she did it</a>.</li><li>AI won't kill the billable hour in the legal world — <a target="_blank" href="https://www.businessinsider.com/ai-impact-billable-hour-lawyers-legal-world-2024-9">it'll just reinvent it</a>.</li><li>Gen Z men and women spend their money and free time <a target="_blank" href="https://www.businessinsider.com/gen-z-men-women-leisure-spending-habits-differ-report-shows-2024-9">very differently</a></li><li>I was 'stealth' laid off from my Silicon Valley job 9 months ago. <a target="_blank" href="https://www.businessinsider.com/laid-off-tech-job-hunt-given-up-2024-8">After over a hundred applications, I've given up and moved home.</a></li><li>A Gen Xer who grew her savings from $50k to $350k in 10 years shares <a target="_blank" href="https://www.businessinsider.com/how-grow-savings-one-million-using-fire-methods-investing-saving-2024-9">the FIRE methods she's using to get to $1 million</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

Insider Today: Undercover millionaires

Insider Today: The unstoppable Sam Altman

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! If you've made it this far without getting on the TikTok bandwagon, don't sweat it. The emphasis on its shop and ads means <a target="_blank" href="https://www.businessinsider.com/tiktok-is-bad-boring-fyp-2024-2/">the app has gotten kind of bad</a>, writes Katie Notopoulos.In today's big story, we're looking at how a new sports streamer from a trio of media titans <a target="_blank" href="https://www.businessinsider.com/sports-streaming-app-disney-warner-fox-pay-cable-tv-nfl-2024-2">is set to change how we all watch TV</a>.What's on deck:<ul><li>Markets: Xi Jinping fired the boss of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">China's top market regulator</a> as Beijing tries to put an end to a recent stock market rout.</li><li>Tech: Here's everything you get if you <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-unboxing-what-comes-with-headset">shell out $3,500 for Apple's Vision Pro</a>.</li><li>Business: The ex-banker behind the Instagram meme account that <a target="_blank" href="https://www.businessinsider.com/litquidity-anonymous-wall-street-meme-account-identity-2024-2">dominates Wall Street's rumor mill</a>.</li></ul>But first, what channel app is the game on?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>TV's new era</h3><div type="image" title="LA Lakers player Anthony Davis" height="1333" width="2000" msid="107532841" hostid="261" sizebytes="173054"></div>The Super Bowl is still a few days away, but something even more impactful to the world of sports is already underway.ESPN, Warner Bros., and Fox announced plans this week for <a target="_blank" href="https://www.businessinsider.com/espn-warner-disney-fox-launch-sports-streaming-platform-change-tv-2024-2">a new sports streaming service set to launch this fall</a>. The to-be-named streamer could ultimately upend how we all watch TV.Live sports have long been TV's crown jewel. They justify paying for a TV bundle with channels you mostly don't watch.The new streaming service, which includes access to networks like ESPN, ESPN2, ABC, FOX, and FS1, changes that equation by breaking off the most valuable pieces of the bundle.That could <a target="_blank" href="https://www.businessinsider.com/espn-wbd-new-sports-streaming-service-could-kill-cable-tv-2024-2?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_8971065">put an end to cable TV as we know it</a>, Nathan McAlone, Business Insider's deputy media editor, writes.Of course, it's still early days. (We don't even know the price, although it will reportedly be around $50 a month.) Ashley Rodriguez, BI's media editor, has a breakdown of the <a target="_blank" href="https://www.businessinsider.com/big-questions-espn-fox-and-wbd-new-sports-streamer-2024-2">six biggest questions about this new sports streamer</a>.Reactions are starting to pour in as pay-TV companies and sports leagues digest news they didn't get much advance notice of, Peter Kafka, BI's chief correspondent, writes. Peter spoke to industry execs <a target="_blank" href="https://www.businessinsider.com/sports-streaming-app-disney-warner-fox-pay-cable-tv-nfl-2024-2">to get their initial thoughts</a>.<div type="image" title="Sideline reporter Lisa Salters talks to Dallas Cowboys wide receiver CeeDee Lamb in December." height="1333" width="2000" msid="107532842" hostid="261" sizebytes="227016"></div>So, who are the biggest winners and losers from this deal? (We are talking about sports, after all.)I initially thought about gambling companies and their live-betting feature.Games on YouTubeTV, for example, are <a target="_blank" href="https://finance.yahoo.com/news/youtube-tv-adds-option-thats-225621344.html">noticeably delayed compared to cable TV broadcasts</a>. If this new service has latency issues, will people be less likely to place live wagers? (Although, some <a target="_blank" href="https://www.businessinsider.com/sports-betting-industry-predictions-top-execs-2023-12#sportradars-andrew-bimson-says-streamers-will-become-even-bigger-players-in-media-rights-conversations-leading-to-more-live-betting-opportunities-8">view the streamers as a big opportunity</a>.)I turned to the experts — Peter, Nathan, and Ashley — to get their take on how things could shake out.WinnersPeter: Media business nerds like myself. We've been wondering for a decade what it would take for someone to pull sports out of the pay-tv bundle. Now we get to find out what happens next.Nathan: Consumers. We can debate how much of a market there is for this new streamer, but choice is generally a great thing — especially when the default is the ever-worsening world of cable TV.Ashley: Fox. It's a smaller company than ESPN and Warner Bros. Discovery and wouldn't make sense for its own streamer. This gives it a chance to bundle with the bigger dogs to reach streaming viewers it probably couldn't have otherwise.LosersPeter: NFL fans. Following America's most popular sport already requires fans to navigate four broadcast channels, a couple of cable channels, and Amazon prime video. This new package, which will include about half of the nationally televised games, adds yet another thing to keep track of.Nathan: Cable news. If this is the start of the long journey of sports splitting off from the cable bundle, TV news has to start figuring out its post-cable future. The clock is ticking!Ashley: Comcast and Paramount. They were left out and may now face pressure to figure out their own strategies for sports streaming.<h2>3 things in markets</h2><div type="image" title="Leon Cooperman" height="2404" width="3500" msid="107532843" hostid="261" sizebytes="255224"></div><ol><li>Leon Cooperman sounds off on stocks being too expensive, Elon's salary, and more. The billionaire investor said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/leon-cooperman-stock-market-outlook-national-debt-elon-musk-recession-2024-2">the S&amp;P 500's price-to-earnings ratio is too high</a>. He's not suggesting a full-blown recession, but he does expect stocks to slide this year.</li><li>NYCB's stock crash is an example of the risks of growing too fast as a bank. The Long Island-based bank acquired assets from the defunct Signature Bank <a target="_blank" href="https://www.businessinsider.com/nycb-stock-price-crash-commercial-real-estate-growth-risk-regulation-2024-2">that pushed it above a threshold that requires more stringent regulations</a>. "The irony is that if it wasn't for the regional banking crisis, New York Community Bancorp may never have triggered the $100 billion asset threshold at all," economist Marc Rubinstein said.</li><li>China fired its top financial watchdog. Securities Regulatory Commission boss Yi Huiman was ousted after a high-profile meeting with <a target="_blank" href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">leader Xi Jinping</a>. Beijing is trying to put an end to a stock market rout that's wiped out over <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-markets-mainland-hong-kong-stocks-losses-economy-woes-2024-1">$6 trillion in valuation</a> since the start of 2021.</li></ol><h2>3 things in tech</h2><div type="image" title="The author wearing the Vision Pro (left); The Vision Pro box." height="975" width="1300" msid="107532844" hostid="261" sizebytes="112316"></div><ol><li>Everything you get when you buy the $3,500 Apple Vision Pro. We got our hands on the brand-new mixed-reality device. It comes with seven accessories, a soft cover, and a battery pack, among other things. <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-unboxing-what-comes-with-headset">Here's what else you can expect from the device</a>.</li><li>Tech layoffs are way down from last year. Why does it still feel so grim? This year's cuts are far less than in 2023, which saw more than 20,000 jobs eliminated in a matter of months. Still, there are small, continual layoffs by many tech companies this year, making <a target="_blank" href="https://www.businessinsider.com/tech-layoffs-way-down-from-2023-why-so-grim-2024-2">it feel like a constant stream of bad news</a>.</li><li>Microsoft is rolling out a generative AI tool to employees. The tech giant is bringing its workers up to speed with its <a target="_blank" href="https://www.businessinsider.com/microsoft-rolls-out-365-copilot-to-internal-teams-leaked-message-2024-2">Microsoft 365 Copilot</a> product, according to an internal message viewed by BI. It's also hosted a "hackathon" in a bid to get more developers to use AI.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of multiple TV screens depicting a mysterious persona." height="1000" width="2000" msid="107532845" hostid="261" sizebytes="274534"></div><ol><li>Who is behind Litquidity? When Litquidity's Instagram page launched in 2017, it was just supposed to be a funny meme account. In the years since, the account's followers and industry influence grew — as did its owner's ambitions. <a target="_blank" href="https://www.businessinsider.com/litquidity-anonymous-wall-street-meme-account-identity-2024-2">Now, we finally know who's behind the account</a>.</li><li>See how much private-equity employees are making. Business Insider analyzed data from the US Office of Foreign Labor Certification to determine how much top firms like Blackstone, Apollo, KKR, and Bain Capital <a target="_blank" href="https://www.businessinsider.com/private-equity-salaries-at-blackstone-apollo-kkr-bain-others">are paying their employees</a>. Analysts at KKR, for example, can earn a base salary of up to $150,000.</li><li>Disney takes a W. Disney posted better-than-expected earnings Wednesday, driving its shares up 7% in premarket trading. The entertainment giant also announced a $1.5 billion bet on <a target="_blank" href="https://www.businessinsider.com/disney-fortnite-maker-epic-games-investment-iger-2024-2">'Fortnite' maker Epic Games</a> and an exclusive deal to stream <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-stream-disney-plus-bonus-songs-2024-2">Taylor Swift's Eras Tour</a>. It feels like returning CEO <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-strong-earnings-taylor-swift-espn-streaming-fortnite-2024-2">Bob Iger is back on top</a>.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/layoffs-normal-business-cycle-amazon-health-chief-leaked-email-2024-2">In a leaked email, Amazon's healthcare boss tells employees not to believe 'speculation' about its business one day after announcing layoffs</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/king-charles-cancer-diagnosis-monarchy-vulnerable-collapse-destruction-william-kate-2024-2">The British monarchy has never been more vulnerable to destruction</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tesla-managers-identify-key-roles-potential-layoffs-sign-report-2024-2">Tesla is reportedly asking managers to identify which roles are most important in a sign layoffs may be coming</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/deep-sea-vision-vs-nauticos-amelia-earhart-wreckage-2024-2">2 ocean-tech companies are competing in a multimillion-dollar race to find Amelia Earhart's wreckage. One says it may be near the finish line</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Pinterest, ConocoPhillips, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li><li>The US Supreme Court will hear a case to decide whether Donald Trump is eligible to run for president.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

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As the AI tsunami sweeps across the white-collar working world and fundamentally disrupts <a href="https://www.businessinsider.com/ai-radically-reshape-job-market-global-economy-employee-labor-innovation-2023-8">hundreds of millions of jobs</a>, nearly 1 billion knowledge workers worldwide will be affected, and 14 million jobs will be wiped out. Disruption from artificial intelligence is just one of the major structural shifts that will define the American economy over the next few decades. But while white-collar professionals stare down a turbulent job market and declining wages, a large, unexpected segment of the workforce may be safely on high ground: blue-collar jobs. The likes of skilled trades, intensive manual labor, and jobs that require a combination of physical, knowledge, and social work will not be upended. In fact, as other long-term trends take hold, many of these working-class roles are poised for a job explosion.As older Americans <a href="https://www.businessinsider.com/baby-boomer-retirement-surge-spark-forever-labor-shortage-jobs-workers-2023-5">retire</a> in massive numbers and leave behind open jobs, and as demand for healthcare, green energy, high-tech manufacturing, and construction increases, blue-collar jobs are going to see a substantial boom. ChatGPT will not replace the nurse who tends to you at the hospital or the construction worker who remodels your kitchen. The winners of the AI revolution will be the technicians, nurses, and plumbers who keep the new economy running after the machines have taken over the office.<h2>The new economy could be a boon for the working class </h2>Describing the nature of factory work in the '90s, the American poet Philip Levine wrote, "We stand in the rain / in a long line waiting at Ford Highland Park. For work. / You know what work is." At the time, factory jobs in the Rust Belt had dwindled, job-seeking became undignified, and the nature of work grew monotonous and alienating. <a href="https://www.oecd.org/unitedstates/us-manufacturing-decline-and-the-rise-of-new-production-innovation-paradigms.htm" target="_blank" rel="noopener">The decline of manufacturing sped up</a> precipitously in the early 2000s as globalization pushed jobs overseas, low-skilled work was automated away, and the economy shifted toward desk jobs with the advent of the internet. Today, there's a hopeful reversal for American blue-collar jobs. While cognitive workers fight over rapidly disappearing <a href="https://www.businessinsider.com/remote-wfh-jobs-application-odds-tech-market-rto-2023-9">remote jobs</a>, industries such as <a href="https://www.businessinsider.com/semiconductor-certification-program-chipmaker-manufacturing-jobs-new-career-intel-tsmc-2023-8#:~:text=Programs%20like%20the%20one%20enrolled,to%20be%20delayed%20until%202025.">semiconductor manufacturing</a> have the opposite problem — too many jobs to fill. And that's true across working-class industries. Two years of a historically tight labor market and low unemployment have pushed wages up for lower- and middle-income workers, stimulating a working-class job boom that has seen <a href="https://www.bls.gov/jlt/" target="_blank" rel="noopener">9.6 million job openings</a> nationwide and <a href="https://twitter.com/arindube/status/1715101591995371585?s=46&amp;t=2AJsaTiROqndjHD0Z5WOlw" target="_blank" rel="noopener">what economists are calling "full employment."</a> Over the next decade, <a href="https://www.bls.gov/news.release/pdf/ecopro.pdf" target="_blank" rel="noopener">the US Bureau of Labor Statistics</a> forecasts that the fastest-growing occupations will be in healthcare, transportation, renewable energy, and high-tech manufacturing.Nearly half of all job gains will come from the healthcare and social-support sectors. By 2032, one out of six new workers will be a home-health or personal-care aide. Construction, which has <a href="https://finance.yahoo.com/news/construction-job-market-is-red-hot-amid-persistent-inventory-shortages-184303806.html" target="_blank" rel="noopener">added 15,000 jobs a month over the past year</a>, also has room to keep expanding.While manufacturing jobs as a whole are expected to stay flat, spending in this industry has boomed to <a href="https://fred.stlouisfed.org/series/TLMFGCONS" target="_blank" rel="noopener">$200 billion</a> each year, tripling in the past five years. And certain sectors are expected to grow: The electrical-equipment and semiconductor industry is projected to reach <a href="https://www.bls.gov/news.release/pdf/ecopro.pdf" target="_blank" rel="noopener">3% annual growth over the next decade</a>. Chip manufacturing will continue to be a national priority, and that means a lot of well-paid jobs that require only a high-school education. "There's going to be significant demand in manufacturing for the sorts of non-BA technician jobs," Mark Muro, an expert on technology and workforce development and a policy director at the Brookings Institution, told me. Within chip manufacturing, <a href="https://www.brookings.edu/articles/with-high-tech-manufacturing-plants-promising-good-jobs-in-ohio-workforce-developers-race-to-get-ready/" target="_blank" rel="noopener">roughly 50% of entry-level workers</a> have only a high-school or equivalent education level, compared with 38% for all other industries. Over the next 10 years, as the global semiconductor industry is <a href="https://www.mckinsey.com/industries/semiconductors/our-insights/the-semiconductor-decade-a-trillion-dollar-industry" target="_blank" rel="noopener">primed to reach $1 trillion</a>, another 50,000 American jobs will be added for roles such as electrical assemblers and industrial technicians.While not all working-class jobs will be safe from automation — retail workers, for instance, do not have a rosy outlook — there has been improvement across the board for lower-income workers. The initial shock of the pandemic hit low-wage workers the hardest, but the recovery since has been more auspicious. Wages have grown <a href="https://www.epi.org/publication/swa-wages-2022/" target="_blank" rel="noopener">nearly three times as fast as in any other </a>recovery period. <a href="https://www.politico.com/news/2023/05/29/low-income-wages-employment-00097135" target="_blank" rel="noopener">The wages of the lowest 10th percentile of the workforce</a> — earning an average of $12.50 an hour — grew only 3.9% from 2009 to 2017. But from March 2020 to March 2022, wages grew by 5.7%. Despite inflation, real wages are higher for blue-collar, nonmanagerial, and lower- and middle-wage workers than they were before the pandemic.Other economic barometers also show steady improvements that are likely to continue. Over the past decade, the <a href="https://www.census.gov/library/publications/2023/demo/p60-280.html#:~:text=Highlights-,Official%20Poverty%20Measure,and%20Table%20A%2D1)." target="_blank" rel="noopener">poverty rate</a> in America has fallen from 14.8% to 11.5%. The net worth of the average household in the bottom 50% of Americans is <a href="https://fred.stlouisfed.org/graph/?graph_id=1101676" target="_blank" rel="noopener">up more than 45%</a> from before the pandemic. If a recession is averted, the continuation of a tight labor market will continue to drive wages up, further reduce the poverty rate, and boost household income and net worth. Adding to the tailwinds is AI's adoption, which is likely to augment these jobs, leading to higher productivity growth over the coming decade. Increased labor productivity in the construction industry would be a boon for economic growth since housing scarcity remains one of the most pressing issues for Americans. <h2>Who's safe from AI?</h2>In the <a href="https://www3.weforum.org/docs/WEF_Jobs_of_Tomorrow_Generative_AI_2023.pdf" target="_blank" rel="noopener">World Economic Forum's recent joint report</a> with Accenture, 19,000 individual tasks across nearly 900 occupations were analyzed for how much they could be affected by AI. The findings were pretty straightforward: Jobs with a high degree of personal interaction and nonroutine physical tasks faced the least amount of disruption from AI. Other recent projections by the Bureau of Labor Statistics and McKinsey have come to similar conclusions."What characterizes the physical labor jobs that are safe for the next five or 10 years are things that are in an unpredictable physical environment," Kweilin Ellingrud, a McKinsey Global Institute director, told me. "If it's in a predictable physical environment, and it's repetitive, then either a robot — likely even before generative AI — or some sort of generative AI can create the automation to do that well."One influential explanation for this is <a href="https://ide.mit.edu/wp-content/uploads/2019/08/Identifying-the-Multiple-Skills-in-SBTC-8-2-19.pdf" target="_blank" rel="noopener">known as skill-biased technological change</a>, a theory that says routine roles that are susceptible to automation and computerization will see declining wages, while nonroutine roles that require dexterity or human interaction will see increased demand and wages. That's what recent research has found: Jobs such as air-conditioning installer, teacher, and hairdresser — jobs that are not routine — will be relatively unscathed over the next five to 10 years. Research led by <a href="https://www.nytimes.com/2023/08/24/upshot/artificial-intelligence-jobs.html" target="_blank" rel="noopener">OpenAI</a> found that 4% of workers, including painters, carpenters, and roofers, had zero tasks that could be influenced by AI. And even though technology could infiltrate more of these roles, they fundamentally cannot be replaced by machines. Ellingrud said, "Even though we have Roombas, we still have house cleaners because the Roomba can only do so much and isn't all that effective." Instead of replacing these jobs, AI will likely benefit specific roles by making it easier to do the most routine parts of the job. Nurses, for example, could spend less time collecting and entering information into a medical-record system. For an industry notorious for high hourly billing rates, <a href="https://www.mckinsey.com/featured-insights/mckinsey-explainers/whats-the-future-of-generative-ai-an-early-view-in-15-charts" target="_blank" rel="noopener">allowing nurses to redeploy their time</a> on more critical tasks — such as taking care of patients — would save Americans billions in annual healthcare costs. Similarly, the construction industry could benefit from new technology such as AI drones to do inspections or AI sensors that measure things, freeing up workers to do more."You may get a bifurcation within these groups where the hands-on physical work remains, but generative AI picks up and substitutes for a lot of the management supervising," Muro told me. He added: "There are these jobs that are in a middle ground where the physical work may remain but the supervision might be more exposed." But instead of replacing workers, this kind of integration could help these types of roles be more productive, have more demand, and earn more money. <h2>Safe ground</h2>Blue-collar jobs are not only safe from AI's impact but also physically safer with the tech. AI's adoption in the workplace can help improve safety via real-time monitoring of risks and alerts for equipment issues or injuries. <a href="https://www.bls.gov/opub/ted/2023/a-look-at-workplace-deaths-and-nonfatal-injuries-and-illnesses-for-workers-memorial-day.htm" target="_blank" rel="noopener">Each year in the US, there are 2.7 million workplace injuries</a> and over 5,000 deaths as a result of workplace accidents, so any improvements would be significant. Though many of these working-class jobs may be physically or emotionally laborious, they are durable for the future. Broadly speaking, the jobs that will come out on top of the AI shuffle are <a href="https://www.aspeninstitute.org/wp-content/uploads/2016/04/Restore-the-Promise-of-Work-The-Aspen-Institute-2016.pdf" target="_blank" rel="noopener">good-quality jobs</a> that provide steady work hours, upward mobility, and career support, as well as "fair compensation and a degree of voice," Muro said. As the economy gets increasingly precarious because of AI, the winners of this AI revolution will not need to swim a technological triathlon against oncoming waves — they will already be on elevated terrain, safely and skillfully working away.<a href="https://www.businessinsider.com/author/emil-skandul" rel="">Emil Skandul</a> is a writer on technology and urban economics, and a Tony Blair Institute fellow.

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