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Many people around the world invest their hard-earned money in order to increase its value. Investments can be carried out through various channels and online investments are quite popular as they are a convenient way to earn some extra cash. However, the world of online investments is full of <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> as well who constantly look out for unsuspecting victims. In many cases, these scammers pose as financial advisors and lure people in their trap. They might even let the victim earn some money to prove their authenticity. Once the victim begins trusting them, the fraudsters show their true colourrs. Something similar happened with a man from Hyderabad, who fell victim to a <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, losing Rs 8.17 lakh in a deceptive <keyword id="22852878" type="General" weightage="20" keywordseo="online-trading-scheme" source="keywords">online trading scheme</keyword>. The incident highlights the growing menace of <keyword id="19971937" type="General" weightage="20" keywordseo="cybercrime" source="keywords">cybercrime</keyword>, especially in the form of <keyword id="21250548" type="General" weightage="100" keywordseo="investment-scams" source="keywords">investment scams</keyword> that prey on unsuspecting individuals seeking quick profits. <h2>How the scam unfolded</h2>As per a report in New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was lured into joining a group that claimed to offer profitable trading opportunities. The scammers added him to social media groups where they showcased the supposed success stories of others who had invested and made significant profits. Encouraged by these (false) success stories, the victim began by investing a small amount of money. To his surprise, he quickly received returns on his initial investment, which further convinced him of the scheme’s legitimacy. This early success was part of the scammers' strategy to build trust and encourage the victim to invest larger amounts. As the victim's confidence grew, he decided to invest more money, even going as far as taking bank loans and borrowing from friends to increase his trading capital. The scammers, posing as experienced traders, provided him with tips and advice, which seemed to be leading to profitable trades. However, as time passed, the victim started noticing irregularities. Despite his trades showing profits, the system would automatically close them, resulting in losses. When he questioned this, the scammers blamed the system’s automated processes and reassured him that his losses could be recovered by investing more. The situation reached a tipping point when the victim was unable to withdraw any funds from the trading app. Growing increasingly concerned, he approached a friend for a loan, explaining his predicament. It was this friend who first alerted him to the possibility that he was being scammed. Realizing the gravity of the situation, the victim immediately filed an online complaint with the cybercrime police. <keyword id="22852879" type="General" weightage="20" keywordseo="Hyderabad-Cyber-Crimes-police" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad Cyber Crimes police" meta.hostid="261" meta.entityid="Hyderabad Cyber Crimes police">Hyderabad Cyber Crimes police</keyword> have registered a case and are currently investigating the matter. According to an official statement, the scammers had manipulated the trading app from the backend, deliberately causing the victim’s trades to close in losses even when they were in profit. The fraudsters continued to pressure the victim to transfer more funds, promising that he could recover his losses by making additional investments. <h2>How to protect yourself from such scams</h2>This incident serves as a stark reminder of the dangers of online investment schemes, particularly those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to build trust with their victims, only to deceive them into losing substantial amounts of money. Thus, if you receive random calls or messages offering investment opportunities, approach them with caution. Scammers often use high-pressure tactics to convince you to invest quickly. If you do decide to invest, before going ahead, research the platform or group thoroughly. Check for reviews, and verify if the platform is registered with relevant financial authorities. In addition to this, be cautious about sharing your financial details or personal information with unknown parties, especially through unsecured communication channels. Also, if you are considering a new investment opportunity, seek advice from trusted friends, family members, or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.

Hyderabad man uses online trading app to try and earn some extra money, loses Rs 8 lakh

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.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">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</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. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

<ul class="summary-list"><li>Some shoppers and businesses are stockpiling goods to avoid potential price hikes from tariffs.</li><li>President-elect Donald Trump has proposed sweeping tariffs on imported goods.</li></ul>Kristen Hull bought a new car last weekend.The 38-year-old accountant had been planning to do it in six months. But following Donald Trump's <a target="_blank" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">presidential election victory</a>, Hull heard that car costs could surge if his <a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">tariff plans</a> are enacted."I was just thinking, if not now, maybe in six months it might be way out of my price range," Hull told Business Insider. She's also looking into buying a new laptop and stocking up on winter clothing."I'm really concerned about the cost of things, and so I just went ahead and took the jump."On the campaign trail, Trump proposed a 60% tariff on imports from China and 10% to 20% on goods from other countries. It's still unclear how and when he will <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">enact the tariffs</a> and how big he will go."Companies have made clear in many cases that they will pass the higher prices on to consumers," said Indi Dutta-Gupta, a fellow at both Georgetown University and the Roosevelt Institute, a left-leaning think tank.Firms, including AutoZone and Columbia Sportswear, <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">have already indicated</a> they will raise prices if tariffs are enacted.Some shoppers and small businesses told BI they are also preparing. <a target="_blank" class="" href="https://www.tiktok.com/@antiplasticlady/video/7435678703147076910?amp%3Bt=1731358479116&amp;q=tariffs%20under%20trump">TikTok videos</a> recommending viewers stock up on certain goods like hair, makeup, and clothing products are racking up thousands of views, and panicked comments.Karoline Leavitt, a Trump-Vance transition spokeswoman, told BI, "Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation."Considering the larger scale of Trump's proposals this time around, trade experts have identified goods, including car parts, apparel, and electronics, as <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-tariffs-will-impact-prices-technology-clothes-appliances-furniture-2024-11">products at risk of getting more expensive</a> under Trump's tariff proposals."It's going to be a big shift if that does come to fruition," Hull said. "We pay tariffs on some things anyway, but the talk of the massive increase is a little bit alarming to me."<h2 id="55855a54-34f3-4348-894e-b4b4454ea037">Adopting "prepper" methods and stocking up on groceries</h2>One 42-year-old mother of three in Southern Indiana, whose identity is known to BI but withheld over privacy concerns, is leaning back into her prepper roots. Before the pandemic and Trump's second run, she tried to forget the "craziness" of her old-school <a target="_blank" class="" href="https://www.businessinsider.com/what-are-doomsday-preppers-why-are-they-right-wing-2019-8">doomsday prepper</a> background. She was raised by "one of the original conspiracy theorist guys who had serious distrust of the government," she said.But she's leaned back into it. She estimates that her family has spent upwards of $2,800 to $3,000 slowly preparing and stockpiling goods, including everything from buying meats from a local butcher and deep-freezing them to dehydrating food for a longer shelf life. She got started early: As soon as she had a "gut feeling" Trump was running again, her family began their slow stockpile."We aren't like the ones you used to see on Discovery Channel with bunkers and huge stashes of stuff, but we have enough to get through 3-5 years at least of hard times," she said.Dutta-Gupta said it's reasonable for families to want to stock up on imported goods, as trade wars and tax changes could reduce incomes and raise the cost of living.Marissa Garcia, 38, said she didn't pay much attention to tariffs prior to the election.After Trump's victory, she said, "I started making a list of the potential items that could be affected, and then narrowing them down to the actual things that would affect my family, the things that I would be sad about if we couldn't afford next year."She said that the week after the election, she "went to the store and made my first of hopefully many shopping trips to start stocking up on them."Items on Garcia's list include frozen fruits and vegetables, garlic, coffee, tea, and bread, all of which would be subject to tariffs. She also said she's planning to stock up on hygiene supplies like sanitizer and masks. These purchases are costing around an additional $50 on her grocery trips, and although money is tight — she got laid off last year and is freelancing as she looks for a permanent role — she said she anticipates an even greater financial strain under Trump's proposed policies.An <a target="_blank" class="" href="https://www.americanprogressaction.org/article/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year/">analysis</a> from the left-leaning Center for American Progress found that Trump's tariff plans would cost the average household an extra $1,500 a year, and the nonpartisan Peterson Insitute <a target="_blank" class="" href="https://www.piie.com/sites/default/files/2024-09/wp24-20.pdf">estimated</a> that Trump's proposed 60% tariff on Chinese goods would boost inflation by 0.4 percentage points in 2025.Garcia said that learning of those estimates alarmed her. "My family cannot afford that. This year was rough enough, and that was really surprising and also just a scary feeling," she said.<h2 id="d8a08791-1bb1-4d36-b97a-e72031c68494">Small business owners are trying to stock up, too</h2>Worries about potential tariffs are already taking a financial toll on Beatrice Barba, 39, who owns a small business that produces plastic-free cups.Barba said she imports most of the materials she needs to produce her cups from China. She's considering purchasing a year's worth of inventory now, which she estimates would cost up to $200,000 plus the price of additional warehouse space.She said taking that risk is worth it because she wants to do everything she can to ensure she does not have to raise the price of her goods down the road.As a longer-term solution, she's working with a developer to build a health advice app — a business she plans to prioritize because an app would not be subject to tariffs.Lisa Evans, a 43-year-old salon owner in Jacksonville, Florida, is examining where her products are sourced. Even hair color dyes manufactured in the US might contain ingredients from abroad, and their prices could surge.Much of the hair in already-costly extensions is sourced from China, and she worries how much more expensive that will get. At this point, she's focusing on padding inventory going into the next year."It's like hope for the best, but prepare for the worst," she said.Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, told BI that even though it's still unclear what exactly Trump will implement, it's not a bad idea for both companies and consumers to prepare for any impacts."We're in a very different economy now than when we were back in 2018 when the initial China tariffs were put in place, and the scale and scope of what is being proposed is going to impact everything," Gold said. "Unfortunately, companies aren't able to absorb all of that, so they're going to have to pass on some of those costs to consumers."Javon Ford, a 30-year-old chemist in Los Angeles, said that tariffs can create a "roadblock" to procuring raw materials. Ford is considering stocking up on color pigments for cosmetics and is gearing up to contact suppliers and order materials before January 2025. But it's impossible to stock up on everything or know what might be in demand over the next four years — so tariffs could still mean adjusting prices to keep profit margins consistent.With so much uncertainty regarding Trump's tariff proposals, it's difficult to plan. For Hull, the recent car buyer, all she said she can do is budget and hope she's prepared for if and when higher tariffs come."It's mostly just waiting to see what happens," she said, "and just trying to get my savings account back up a little bit."Are you stocking up on goods or changing your spending habits because of potential tariffs? Contact these reporters at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a> and <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a>.

Meet the Americans stocking up on cars, skincare, and toilet paper ahead of Trump's potential trade restrictions

<ul class="summary-list"><li>The AI boom is still in its infancy, following the path of the internet in the 1990s, BofA said.</li><li>AI's impact will be felt sooner than past tech booms, the bank says.</li></ul>Bank of America says the artificial intelligence boom is in its early stages and it following the trajectory of the internet in the 1990s. The bank's view comes as AI skepticism has been mounting after a long run of investors pouring money into the trade as they hope to see companies reap the efficiency and productivity gains promised by the technology. "Skeptics declare that GenAI's revenue potential doesn't justify the current level of AI infrastructure investment," the report says."But remember that far more significant than the internet's initial consumer use cases were the thousands of use cases and companies that emerged because of the internet," the report adds.The report from the bank, released Thursday, draws on a survey of equity analysts and macro strategists across more than 3,000 companies.Those strategists say AI is the third major tech cycle in the past 50 years, and it started with the launch of ChatGPT in November 2022. AI follows the innovation waves of personal computing in 1981 and the internet in 1994.But unlike those tech booms, which took 15-30 years to reach mainstream adoption, AI's impact will likely materialize sooner, the report says."GenAI may catalyze a technological evolution that disrupts every sector and transforms the global economy over the next five to 10 years," the report says.Yet, investors are underestimating the long-term impact of the technology—and overestimating its near-term potential—which is typical of tech booms, the report says."AI capex could reach $1 trillion+ over the next several years, but we're only in 1996 relative to the internet," the report says.It adds that the current level of investment in companies like OpenAI, Anthropic, and Inflection AI is merely a prerequisite for making GenAI apps, which are largely still in beta and will take time to develop and grow.The strategists forecast AI will drive margin expansion for a majority of industry groups. Semis and software will see particularly large gains, with around 4.8% and 5.2% margin growth in the next five years, respectively.The report comes amid mounting skepticism around AI as investors have yet to see meaningful returns on huge investments into the tech by companies.On Tuesday, Morgan Stanley chief US equity strategist Mike Wilson said the AI investment theme has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-overcooked-nvidia-seminconductors-morgan-stanley-mike-wilson-2024-9">"overcooked,"</a> and suggested investors should retreat into defensive stocks.

'We're only in '1996': Why the AI boom is still in its earliest days, according to Bank of America

<ul class="summary-list"><li>Goldman Sachs last week promoted 95 people to partner — its largest class under CEO David Solomon.</li><li>Partners from Goldman's banking and markets and asset management units shared how they got the news.</li></ul>First came the calls. Then came the Champagne.Wall Street may be known for its long hours — but last week, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-revealed-see-full-list-names-diversity-women-2024-11">95 of Goldman Sachs' top executives</a> pressed pause (briefly) to revel in a professional milestone: making partner.The role — Goldman's top designation outside the C-suite — <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">represents a zenith</a> at the prestigious Wall Street bank. Goldman Sachs is a leading investment bank for <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-share-investment-banking-oral-histories-2024-7">corporate dealmaking</a> and trading, and its partners represent less than 1% of roughly 46,000 employees. On average, Goldman's newest partners have spent 16 years rising in the ranks, the bank said last week.Business Insider spoke to nine partners from the 2024 class about their big day, including how they celebrated with their families and teams. For some, the day raced by in a blur after getting the call from top bosses <a target="_blank" class="" href="https://www.businessinsider.com/goldman-ceo-david-solomon-memo-trump-presidential-victory-policies-2024-11">CEO David Solomon</a> or President and COO John Waldron. Many described an outpouring of support from inside the halls of Goldman Sachs, including balloons, congratulatory notes, applause from staff, and toasts with fellow members of their partner class.One trader told BI he sat in his office quietly to digest the news and not disturb the work of others, while another executive told BI she shouted across the trading floor, "We did it, team! We did it!" to hugs and applause. "It's like a wedding and birthday wrapped up in one amazing moment that you keep reliving," one new partner said.Here's a glimpse inside the big day of nine of Wall Street's up-and-coming executives, including what they did to mark the occasion. Answers have been edited for length and clarity and are ordered alphabetically by last name.<h2 id="7149a354-e3d3-4f1e-b8a4-c63d3a189018">Rob Barlick, region head for Florida and Latin America private wealth management</h2><div type="image" title="Robert Barlick" height="1125" width="1500" msid="115225868" hostid="261" sizebytes="83670"></div>David called me on my cell at 8:54 a.m. My team sits outside my office so they knew what had happened. They all rushed in to offer their congratulations, and we had a celebratory dinner later in the evening.One of the most remarkable things about being named partner is the flood of emails, texts, and calls you get after the announcement. I received literally hundreds of messages from colleagues, clients, alumni, and friends. It's a joyful rush of congratulations that's deeply moving.<h2 id="e22683da-a145-42f7-aa1e-cae0392d86b9">Lyla Bibi, head of the US healthcare equity-capital-markets group within investment banking</h2><div type="image" title="Lyla Bibi Goldman Sachs partner" height="1125" width="1500" msid="115225871" hostid="261" sizebytes="70364"></div>As someone who spent most of her professional career at GS, getting "the call" from John Waldron was a moment I imagined for decades (and was still woefully underprepared for it!).I called my husband first (and by extension my two youngest kids). My parents were my second call.I'd love to say it was a full day of celebrating, but there was a day job in between the incredible outpouring of congratulatory calls, hugs, visits, texts, and emails.There were some wonderful celebrations and tributes across the healthcare team — various women's groups as well as an intimate dinner hosted by the financing group partners with our spouses and partners. And coming home to flowers, Champagne, and cards — it's like a wedding and birthday wrapped up in one amazing moment that you keep reliving.<h2 id="71b7cc8f-c9bf-4944-b5b9-4ab9705296d1">Bracha Cohen, managing director in engineering within Goldman Sachs Asset Management, global head of client servicing and public portfolio servicing</h2><div type="image" title="Bracha Cohen" height="1501" width="2001" msid="115225878" hostid="261" sizebytes="56022"></div>I first got a call from John Waldron and then received a second call from our chief information officer, Marco Argenti. When my assistant saw who had called, she ran into my office to give me a hug. The first person I called was my husband, who told me he never doubted me for a minute.We had three celebrations at work over cake and Champagne – first for the teams I manage and work most closely with, then with all of the engineering managing directors in New York, and then with all of the existing and new asset-and-wealth-management partners. My husband took me to dinner and I suspect he's scheduling a "surprise" party with our seven children for this weekend.One of the things that made it possible for me to get to this point is the incredible support the firm provides to employees to enable them to grow their families. For example, I felt incredibly supported to be on leave for several months when I had triplets just two years after joining the firm, and on top of that got promoted to vice president in my first year of eligibility.Additionally, as an Orthodox Jew, I've never felt anything other than respect and understanding for my commitment to religion, including being unreachable over the Jewish Sabbath and holidays.<h2 id="a0810c31-5f56-47ac-98d9-402bbead7ef4">Matt Doherty, head of alternative capital markets, Americas</h2><div type="image" title="Matt Doherty Goldman Sachs partner" height="1607" width="2143" msid="115225873" hostid="261" sizebytes="70440"></div>It's interesting that David ended up calling me because I haven't interacted as much with David. That was actually our first conversation, which was nice.My team and I went to drinks with Kristin Olsen, the asset-and-wealth-management partner who leads the group, and a whole bunch of other folks at around 4 o'clock.Marc Nachmann runs our division — he put together an event for the current partners in AWM and the new partners at 200 West. I got to meet all my new partners, which was really fun.I didn't manage to see my kids before they went to bed, but I saw my wife, which was fun. We had a nice dinner together.The next morning, my 3-and-a-half-year-old and 1-and-a-half-year-old had made me breakfast and a card, which was really cute. The card said, "Congrats, Dada."I don't think day to day it will change my role too much, although I think this is a step up at the leadership level, being involved in helping weigh in on broader cultural issues or how we should evolve and change our practices as a firm.<h2 id="22771a02-3a57-4753-864e-273d29d226d7">Shane Lee, natural gas trader</h2><div type="image" title="Shane Lee, Goldman Sachs trader" height="1125" width="1500" msid="115225876" hostid="261" sizebytes="88144"></div>I got the call from John Waldron around 7 a.m. local time. Though it was a very exciting call, more than anything, I felt overwhelmingly humbled — almost embarrassed. I kept myself locked in my office away from the trading floor for a couple hours out of respect for the fact many others in the process were nervously awaiting their own news, and my teammates were at their busy peak of the day. I told my wife of 23 years and my parents, and then contemplated how I would break the news to the office without interrupting their days too much.We kept things tame at the office — brought in some lunch at work, and then I took the team out for a couple of drinks. I wanted to make sure I could get in some family time before the end of the night, and take the time to individually thank everyone who had reached out.My wife and I agreed we would celebrate by taking some nice formal family pictures soon. We haven't done that for many years. I know that sounds super boring, but the little family things are important to me. These days it's not easy to get my kids to spend time with me, so this will be a good excuse!I think I made it to partner because my teammates propelled me there. They need to want to work for you, and that's what I spend time on. I try and operate every day with empathy and humility and a healthy dose of fear of the market.<h2 id="d8943d85-886f-4f13-b464-fa1548ae9a39">Vishaal Rana, cross markets consumer retail investment banker</h2><div type="image" title="Vishaal Rana" height="1125" width="1500" msid="115225875" hostid="261" sizebytes="70632"></div>David Solomon called me. The call was short but one of the most consequential I've had over the years. It was surreal and, honestly, still has not completely sunk in.The first person I told was my wife, who was standing right next to me. She was so happy for me, and I could not have done this without her support over the years.I celebrated in a low-key way at home with my family. We had dinner and my wife and I enjoyed a toast. I even still did the dishes. I think that we will probably do a bigger celebration at some point in the future with family and friends, but I don't have one currently planned. This may be superstitious, but it felt like bad karma to plan a celebration too early.Joining the partnership represents the culmination of long-term persistence, being nimble throughout my career, always looking at opportunities and challenges through the lens of what's best for the firm, and the flexibility to work with founders at high-growth companies to boards of large-cap companies.<h2 id="b4b1dea0-ba6c-424e-bd97-84df4e42e837">Aaron Siegel, global head of entertainment investment banking</h2><div type="image" title="Aaron Siegel Goldman Sachs partner" height="1122" width="1497" msid="115225867" hostid="261" sizebytes="66452"></div>I joined GS over 20 years ago, just days after meeting my wife, Hayley, while moving to New York City. John Waldron was the first person I met at 85 Broad Street — it was a meaningful, full-circle moment to get the partnership call from him. I called Hayley right after to share the moment – and to reflect on how many colleagues, mentors, and clients have become like family.I happened to be stepping into a meeting with the Arthur Miller Foundation — an amazing nonprofit that supports theater teachers in schools across NYC and beyond — just as John called. I spent the rest of the day appreciating the transformative impact of great teachers and mentors and had the opportunity to thank many of mine throughout the day.I did celebrate with my wife and two sons – making sure my youngest stayed up well past his bedtime for us to all be together.<h2 id="fccc57f3-4c42-4681-af99-b91faf3bd4c0">Craig Smart, healthcare banker covering healthcare services and technology companies</h2><div type="image" title="Craig Smart Goldman Sachs partner" height="1125" width="1500" msid="115225877" hostid="261" sizebytes="75166"></div>I was on my way to the office after walking my daughter to school. My phone rang while I was on the subway. I quickly decided to get off the train and answer the call, having a feeling for what it might be about. There was a nervousness at the beginning of the call as John began speaking, which transformed into pure bliss and excitement once he delivered the news.I took the rest of my commute to process the magnitude of the moment. As soon as I got above ground, I called my wife, Kristin. It was the pinnacle of my professional career to date and a moment I'll never forget.The excitement and energy at the office was palpable. All day was filled with heartfelt congratulatory remarks from several members of the partnership and colleagues from across the firm. Marshall Smith, global head of healthcare, gathered the entire healthcare team and hosted a celebration for us on the 42nd floor, where he spoke about each of the newly promoted partners from our group individually and toasted the seven of us who are part of the 2024 class.After work, I went to an early dinner with Kristin and our three girls. It was a school night and my children are young, so we were home early, but we plan to find some time to celebrate properly with family and friends over the holiday season — specific plans still TBD.<h2 id="e3d88e7b-bfc7-42e4-b964-4175cd08db11">Sylvia Yeh, cohead of Goldman Sachs Asset Management's municipal fixed-income business</h2><div type="image" title="Sylvia Yeh Goldman Sachs partner" height="1125" width="1500" msid="115225870" hostid="261" sizebytes="139210"></div>I sit with my team on an open trading floor and we're known to be a bit of a fun and outspoken bunch. Not on Thursday, however – you could hear a pin drop even after people hit the desk. We were all just waiting, hoping, for that call to come in.Around 9:40 a.m., our turrets lit up – John Waldron was calling! I felt my heart just stop. And a montage of the last 25 years I've spent at the firm quickly flashed. I took a moment to just shake it off (literally) in my chair before picking up the line. All eyes were on me.John said, "Good morning." We exchanged "how are you's," and then I asked if he was calling because he wanted to open up a Muni Account. We laughed and he said that he was calling to welcome me to the partnership.When our call ended, I did another quick little happy dance, this time swung my chair around, and shouted, "We did it, team! We did it!" knowing that I could not have gotten here without the strong bench I have on my team. The rest is a bit of a blur — applause, cheers, confetti, streamers, balloons, and hugs.It felt like we celebrated all day. Asset-and-wealth divisional management hosted a new partner reception. It was such a wonderful opportunity to connect with current partners and raise a glass to my classmates — an extraordinary group of individuals. And, unbeknownst to me, my husband reserved a location for us to celebrate later that evening and coordinated with my team to make sure that all of my people were there.The only way to celebrate this achievement was to do it with the people who helped make it happen — my team.Are you a Goldman Sachs or Wall Street insider? Get in touch with these reporters with your story. Reed Alexander can be reached via email at ralexander@businessinsider.com or via the encrypted messaging app Signal 561-247-5758 , and Emmalyse Brownstein can be reached at ebrownstein@businessinsider.com or or via the encrypted messaging app Signal 305-857-5516.

How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office

<ul class="summary-list"><li>Apple will surpass Nvidia as the top AI stock in 2025, Citi predicts.</li><li>The AI trade is shifting to devices from infrastructure, benefiting Apple's upcoming iPhone 16 cycle, Citi said.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a> will overtake <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> as the top AI stock in 2025, according to a Thursday note from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/c-stock">Citi.</a>The bank said the AI trade is about to enter its third and final stage, which is devices, and which should be a key win for Apple and <a target="_blank" class="" href="https://www.businessinsider.com/apples-iphone-16-heres-what-we-know-ai-battery-i2024-7">its upcoming iPhone 16 product cycle.</a>The AI trade is now in the infrastructure stage, highlighted by chips and servers as the first stage, and networking and storage as the second stage.While Nvidia has dominated much of the infrastructure stage, it appears to be prime time for AI technologies to transition to on-device capabilities that will lead to large-scale consumer and enterprise adoption, according to the note.Apple is setting the stage for this transition with <a target="_blank" class="" href="https://www.businessinsider.com/apple-betting-ai-reverse-iphone-sales-samsung-google-apple-intelligence-2024-7">its upcoming release of "Apple Intelligence,"</a> which brings AI capabilities to the iPhone lineup. Citi analyst Atif Malik said early indications suggest the features are strong enough to drive a big upgrade cycle for the next-generation iPhones."Developer feedback on iOS18 beta AI features including the recently launched new photo feature to remove unwanted objects points to AI as a compelling upgrade for iPhone refresh next year," Malik said.Apple is expected to unveil its iPhone 16 lineup at <a target="_blank" class="" href="https://www.businessinsider.com/apples-iphone-16-heres-what-we-know-ai-battery-i2024-7">a September 9 event called "It's Glowtime."</a>Along with on-device AI capabilities, the iPhone 16 family is expected to include A18 chips with an enhanced neural engine, improved cameras and microphones, and better battery life.All of those hardware upgrades should prove essential in enabling a new generation of AI-capable software features."Apple's Sep event is generally all about hardware updates, but we believe the company will put a lot of focus on how the hardware updates for the iPhone 16 family can better support its Apple Intelligence features that is expected to roll out officially later in the fall," Malik explained.While the iPhone 16 will kick off Apple's AI-era, it's really the 2025 release of the iPhone 17 that will drive a coming sales boom."As AI features are going to be released gradually over the next year and it takes time for developers to develop apps and for Apple to win customers recognition, we expect major refresh on iPhone 17 next year," Malik said.Malik estimates Apple will sell 85 million iPhone 16 units in 2024 and 92 million iPhone 17 units in 2025. As a whole, Malik expects Apple to sell 228 million total iPhone units in 2024 and 241 million iPhone units in 2025."We view Apple as in the best position to make it possible given its leading position in the premium smartphone market and seamless integration of software and hardware," Malik said of consumers' adoption of AI technologies.Malik rates Apple at a "Buy" with a $255 price target, representing potential upside of 13% from Wednesday's close.

Apple will eclipse Nvidia as the top AI stock in 2025, Citi says

<ul class="summary-list"><li>Klarna is assembling a team to build a stock-trading tool to compete with Robinhood, according to an internal message seen by BI.</li><li>Klarna said it was at "the very early stages of exploring this concept" and that it might decide not to take it to market.</li></ul>Swedish fintech firm Klarna is hiring a team to build a product that would compete with Robinhood's trading platform by letting customers buy and sell stocks through its app.The company internally advertised four roles to create a team to build the new product, according to an internal Slack message seen by Business Insider.The potential move into trading, which comes as Klarna prepares for a widely anticipated IPO, is a deviation from its core business of providing financial services for consumers to pay for goods in installments, known as buy-now, pay-later services, or BNPL."Our mission is to obliterate the barriers to consumer investing and empower every Klarna user to build their financial future in a single place - the Klarna App," the internal message said. "Think Trade Republic, Robinhood, N26… but with a Klarna-size upgrade."The post, written by Klarna director and domain lead Ludo Lombaard, was shared in the company's "general" Slack channel on October 6.Lombaard said the company is exploring the possibility of "offering customers the opportunity to buy and sell stocks" and exchange-traded funds, or ETFs, in the Klarna app. The message said that Klarna plans to add "the world of consumer investments to our product offering."The company is internally recruiting engineering and trading roles to work on the product, according to the post."We are starting from the ground up. So it is a good time to get involved," the message said, adding that the challenge "is not for everyone.""Expect long days and the exhilarating rush of building something that matters," the post continued.It ended with a quote from the movie "Sister Act 2: Back in the Habit": "If you wanna be somebody, if you wanna go somewhere, you got to wake up and pay attention."A spokesperson for Klarna told BI: "Klarna continuously explores new product concepts to serve our customers. This exploration does not mean that such a product will eventually go to market."The spokesperson added: "We are at the very early stages of exploring this concept and are putting in place a small team to validate our hypotheses. There are no firm plans for the product and it is possible that, after the team's exploration, we decide not to go ahead."<h2 id="7ad06694-e764-4b62-b50d-d858f1af71fe">Klarna gears up for US IPO</h2>Founded in 2005, Klarna offers short-term financing to customers online and in-store at checkout. It has partnered with more than 600,00 merchants, including Apple, Adidas, and Airbnb.The model has been a mainstay for Klarna, which in 2021 was valued at $45.6 billion — making it the most valuable startup in Europe at the time. Its valuation fell to $6.7 billion in 2022 during a wider market downturn for startups.Klarna is in talks with banks to IPO in the US, at a $20 billion valuation, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-02-27/klarna-said-to-sound-out-banks-for-us-ipo-at-20-billion-value">reported</a> in February.This year Klarna has ramped up its activity in the US, including a partnership with Uber and the launch of a cashback card.In August, Klarna said its <a target="_blank" class="" href="https://www.klarna.com/international/regulatory-news/klarna-h1-earnings-compounding-growth-generates-27-revenue-rise-sek-11-billion-profit-improvement-and-over-sek-1-trillion-annualized-gmv/">US gross profits</a> increased by 93% for the first half of 2024 on a year-over-year basis.Do you work for Klarna? Got a tip? Contact the reporter Jyoti Mann via the encrypted messaging app Signal at jyotimann.11 or via email at <a target="_blank" href="mailto:jmann@businessinsider.com">jmann@businessinsider.com</a>. Reach out through a nonwork device.

Klarna, the buy-now, pay-later firm, is looking to make a Robinhood-like product for trading stocks, an internal job ad shows

<ul class="summary-list"><li>Elon Musk's net worth soared to $274 billion after Tesla stock's 10-day stock win streak.</li><li>Tesla shares have risen 44% since late June, driven by better-than-expected second-quarter deliveries.</li></ul>Elon Musk's net worth soared by $67 billion amid a long winning streak for <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Tesla</a> stock through Tuesday's trading session, once again making him the world's richest person.Shares of Tesla closed higher on Tuesday to notch <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7">a 10-day win streak,</a> rising 44% since late June.The 10-day surge propelled Musk's net worth to $274 billion, according to <a target="_blank" href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">data from Bloomberg.</a>Tesla stock was down about 0.5% at 10:00 a.m. ET on Wednesday.The reversal of fortunes for Musk has been dramatic. As Tesla stock hit its 52-week low in April, Musk's net worth declined by $65 billion on a year-to-date basis.But since Tesla stock bottomed, Musk's net worth has zoomed higher by $110 billion.The gains for Tesla have come amid the company <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7">reporting better-than-expected second-quarter vehicle deliveries</a> and as hype grows around the company's planned robotaxi unveiling on August 8."Perhaps the biggest factor is growing excitement around Tesla's 'robotaxi', a fully self-driving fleet of cars that could see the company challenge Uber and other ride-sharing apps. Musk has said the robotaxi will be unveiled on August 8 - with less than a month to go, traders appear to be betting big on it," Stocklytics analyst Neil Roarty told Business Insider.Musk's $274 billion fortune makes him $53 billion richer than Jeff Bezos, who is now the world's second-richest person.Musk still has a ways to go to reach his record net worth of $338 billion, reached in November 2021.The bulk of Musk's wealth is tied up in Tesla stock, with his stake currently worth about $108 billion, followed by his $82 billion stake in SpaceX.Other companies owned by Musk include xAI, the social media company X, The Boring Company, and Neuralink.

Elon Musk's net worth grew by $67 billion during Tesla's 10-day win streak       

<ul class="summary-list"><li>Apple has reclaimed the top spot as the world's largest company with a $3.31 trillion valuation.</li><li>The AI boom has driven Apple, Microsoft, and Nvidia stocks to record highs.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> reclaimed the top spot as the world's largest company by market cap on Wednesday. Apple stock soared more than 4% in Wednesday trades, bringing its total market valuation to $3.31 trillion.Meanwhile, shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> rose just over 1% to a $3.26 trillion valuation, while shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> soared about 4% to a nearly $3.1 trillion valuation.The AI boom has catapulted all three mega-cap tech stocks higher, with Apple the latest company to join the AI party with its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-soars-new-record-high-ai-focused-wwdc-2024-6">unveiling of "Apple Intelligence" at its WWDC event on Monday.</a>Since then<a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-soars-new-record-high-ai-focused-wwdc-2024-6">, shares of Apple have soared 12%.</a>According to Dan Ives, the three tech giants are now in a race to a $4 trillion valuation, which should be reached over the next year thanks to the continued adoption of AI technologies."The AI Revolution starts with Nvidia and in our view the AI party is just getting started as it's 9 pm in a party going till 4 am with the rest of the tech world now joining," Ives said in a note on Wednesday.A $4 trillion valuation would represent potential upside of 21%, 23%, and 29% for Apple, Microsoft, and Nvidia, respectively.For Apple specifically, Ives said the iPhone maker has a "holy AI grail" opportunity in the form of its massive 1.5 billion installed base of smartphones, with an estimated 270 million iPhones <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-upside-outlook-ai-iphone-cycle-bofa-upgrade-2024-1">not having been upgraded in more than four years.</a>"This will catalyze a long awaited super cycle in Cupertino," Ives said, pointing to its new AI product features as something that consumers will want.Ives also argued that Apple's WWDC release of AI software will allow developers to start building hundreds of AI-focused apps to build upon Apple's AI tech stack, "in essence creating a new AI App Store over the coming years that will be the main way that consumers interact with generative AI.""Taking this a step further, we believe eventually this will lead to a bundled subscription service for Apple around higher end AI capabilities that will be another major catalyst for the Services segment over the coming years," Ives said.But don't count Microsoft and Nvidia out of the race to $4 trillion."Nvidia and Microsoft are the first derivatives of the AI Revolution," Ives said.

Apple reclaims title as world's biggest company as it races against Microsoft and Nvidia to a $4 trillion valuation

<ul class="summary-list"><li>Duolingo has posted its fifth straight profitable quarter.</li><li>Its user growth in the past year could be attributed to its marketing tactics.</li></ul>Gen Z's favorite language-learning app is on a streak of its own.<a target="_blank" class="" href="https://www.businessinsider.com/duolingo-lays-off-workers-ai-tools-2024-1">Duolingo</a> just posted its fifth straight profitable quarter. It posted a net income of $24.4 million, an over 500% increase compared to the same period last year. Daily active users, one of the company's most important metrics, grew 59%, while paid subscribers grew by 52%, the company said in its second-quarter earnings report."We also achieved two milestones: surpassing 100 million monthly active users, and reaching 8 million paying subscribers," Luis von Ahn, the company's CEO, said in an earnings call on Wednesday.The company's stock gained about 5.5% in after hours trading.<h2 id="a3485be3-7784-4c46-9f78-e7ce779a2049">A very specific marketing approach</h2>Duolingo's user growth in the past year could be attributed to its <a target="_blank" class="" href="https://www.businessinsider.com/duolingo-will-run-its-first-super-bowl-ad-2023-12">marketing tactics.</a>The company is famous for its guilt-inducing in-app and email marketing messages, asking users to continue their learning on the app. Despite their controversial nature, experts think it's the right approach for gen Z users."They're looking for something that comes across more like a person," Brian Honigman, a marketing consultant based in Philadelphia, told <a target="_blank" class="" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">Business Insider last month</a>. "Duolingo does a fantastic job of not coming across like many other brands."The <a target="_blank" class="" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">app's iconic green owl mascot</a> is also perceived as authentic and consistent by users. Whether it's on TV or Youtube ads, or on TikTok, where Duolingo has over 12.5 million followers, the owl displays its smug and hilarious personality.The mascot and the Duolingo app alike have become a cultural icon, making appearances in user-generated content and even <a target="_blank" class="" href="https://www.businessinsider.com/barbie-details-references-easter-eggs-missed-2023-7">Hollywood</a>."Our signature 'ding' was featured in the '<a target="_blank" class="" href="https://www.businessinsider.com/how-much-did-barbie-spend-marketing-box-office-success-explained-2023-7">Barbie' movie</a>, providing an incredible brand boost, and in many ways, that was indicative of our commanding presence in the zeitgeist last year," Matt Skaruppa, Duolingo's chief financial officer, said in the call.The brand is also doubling down on country-specific marketing.Duolingo's social media accounts in India, Germany, and France feature content based on viral memes, news events, and social media trends, amassing <a target="_blank" class="" href="https://www.instagram.com/duolingodeutschland/?hl=en">hundreds of thousands</a> of followers in each country.But the app's success on social media has not been enough to calm investors.It beat analyst expectations when it reported fourth-quarter 2023 earnings in February, but missed them in the March quarter and saw shares slip because it gained new users at the slowest rate since 2022.Duolingo stock is down over 24% year to date.

One of Gen Z's favorite apps just had a very strong quarter

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello, and it's Emmy-nominated Business Insider to you! Our docuseries "<a target="_blank" href="https://www.businessinsider.com/dan-schneider-nickelodeon-toxic-work-environment-docuseries-2024-2">Quiet on Set: The Dark Side of Kids TV</a>" was nominated for two Emmy awards: Outstanding Picture Editing For A Nonfiction Program and Outstanding Documentary Or Nonfiction Series. The docuseries was based on <a target="_blank" href="https://www.businessinsider.com/dan-schneider-nickelodeon-empire-massages-hostile-workplace-allegations-inappropriate-costumes-2022-8">BI's reporting</a> of toxic work settings on Dan Schneider's Nickelodeon shows.In today's big story, we're looking at why reports of more potential trade restrictions <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7">have chip companies on their heels</a>.What's on deck:<ul><li>Markets: There's <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">nowhere to hide</a> in the commercial real estate market these days.</li><li>Tech: Some of Silicon Valley's heaviest hitters have backed Trump. <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">Will other VCs follow</a>?</li><li>Business: Spotify <a target="_blank" href="https://www.businessinsider.com/spotify-tiktok-taylor-swift-beyonce-muse-streaming-quantity-over-quality-2024-7">killed the album star</a>.</li></ul>But first, you can't trade with them!If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="43d9d746-ef4f-46a8-8e26-2f316dc89b7e">The big story</h3><h2 id="ff1aba9d-e717-4785-b35c-89cf649d1c67">Chipping away</h2><div type="image" title="semi conductor chip covered in red tape" height="882" width="1180" msid="111840553" hostid="261" sizebytes="75152"></div>One of the buzziest sectors of the stock market faced a noticeable setback.Chip companies like Nvidia and AMD saw their share prices drop Wednesday off a report that President Joe Biden is considering <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7">further tightening China trade restrictions</a>, writes Business Insider's Kelly Cloonan.As part of its ongoing trade war with China, the Biden administration is mulling leveraging a rule allowing it to control foreign products that use American-made tech, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-17/us-considers-tougher-trade-rules-against-companies-in-chip-crackdown-on-china">according to Bloomberg</a>.The immediate impact of such a move would be felt by foreign players like Netherlands-based ASML, which would have to alter its business with China. It finished down almost 13%.But even US companies not directly impacted felt the sting of the report. Shares in AI chipmakers Nvidia and AMD were down more than 6% and 10%, respectively.Even if November's election brings a new administration, chipmakers might not get relief. Trump recently complained about Taiwan taking away the US's chip-manufacturing business and suggested <a target="_blank" href="https://www.businessinsider.com/donald-trump-taiwan-took-chip-business-pay-us-protection-manufacturing-2024-7">it should pay the US for protection against China</a>. Shares in Taiwan-based TSMC dropped more than 8%.<div type="image" title="Emma Cosgrove, BI reporter" height="538" width="1112" msid="111840554" hostid="261" sizebytes="69856"></div>I prefer chips you can dip in guacamole — so I turned to BI's senior reporter Emma Cosgrove, who covers chip companies, to help make sense of it all.Does the reaction to more potential trade restrictions seem overblown, or is there real concern here?Trade restrictions are certainly real concerns for chip companies. Restricting any company from selling its products in a market as large as China is enough to cause understandable angst. Combine that with the expectation that the peak for these stocks is imminent, or maybe behind us, and the result is the market reaction we've seen. But there are no immediate industry-wide shifts here.What about Trump's comments regarding Taiwan? Is that an even bigger issue for the industry?The supply-chain base for most of the chip industry is in Taiwan, specifically TSMC. Since China claims Taiwan, TSMC's location is an ever-present source of uncertainty in this industry to which <a target="_blank" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">no one really has an answer</a>. It's a major reason, among others, that politicians are interested in bringing more chip manufacturing to the US.What's the knock-on effect for those relying on these chips for their AI plans?Politicians and regulators have no interest in making American AI companies less competitive and demand is still extremely high. My sources tell me supply is improving and that's likely to continue.With so much geopolitical tension, is it possible the chip industry becomes more regionalized?Short-term: no. To oversimplify, the more impressive the chip, the more complicated it is to make. It's not just a matter of investment in US manufacturing. It's specialized equipment, talent, and expertise <a target="_blank" href="https://www.businessinsider.com/us-ai-chip-production-manufacturing-nvidia-labor-china-taiwan-korea-2024-4">that's really difficult to replicate</a>. There is more US chip manufacturing on the way, but not to the scale that it will tip the geopolitical balance in a major way any time soon.<h2 id="344f2a44-2131-4174-8b70-1121a56f8ebc">3 things in markets</h2><div type="image" title="down arrow city skyscraper" height="550" width="1110" msid="111840555" hostid="261" sizebytes="99972"></div><ol><li>Even the safest corners of commercial real estate are reeling. Single-asset, single-borrower bonds, which aren't considered risky investments, <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">have seen a spike in defaults</a>. The percentage of those types of bonds that were in or approaching default was 8.7%, roughly triple what it was a few years ago.</li><li>Economists say we're ready for rate cuts. But is the Fed? The end of the month brings another interest-rate meeting, but a cut seems unlikely despite improving economic conditions. Experts weigh in on <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-timeline-federal-reserve-inflation-powell-economists-forecast-2024-7">why the central bankers need to consider offering relief</a>. According to one Fed official, rate cuts could come in the "<a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-outlook-inflation-target-economy-waller-barkin-williams-2024-7">not-too-distant future</a>."</li><li>Stocks set to boom from the AI revolution. Longtime tech analyst Dan Ives predicts positive Q2 earnings will inject life into the sector, predicting a 15% rise in 2024. <a target="_blank" href="https://www.businessinsider.com/tech-stocks-to-buy-q2-earnings-ai-artificial-intelligence-wedbush-2024-7">These 11 AI and cloud-spending stocks look particularly promising</a>.</li></ol><h2 id="4b4251c4-96d6-4a20-9ede-4f9ef9ac6b7c">3 things in tech</h2><div type="image" title="The Youtube logo spinning" height="1500" width="3000" msid="111840560" hostid="261" sizebytes="22376"></div><ol><li>Social media's once and future king. Although YouTube once dominated the creator economy, it lost ground during the rise of short-form video platforms like TikTok. But <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">YouTube has once again cemented itself</a> as influencers' favorite among all creative options.</li><li>Will tech experience a red wave? Billionaires are coming out in full force to support Donald Trump, whose running mate is venture capitalist-turned-senator JD Vance. That attitude could make <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">more startups openly supportive of the former president</a>, as investors anticipate a Trump administration to be startup-friendly.</li><li>Advice from a Gen Z data scientist on getting a job in the industry. Although AI jobs are all the rage, most colleges don't have AI-specific degrees yet. To land a job, this JPMorgan data scientist says to <a target="_blank" href="https://www.businessinsider.com/gen-z-data-scientist-personal-ai-project-important-land-job-2024-7">prioritize hands-on experience over formal education</a> and advises building AI projects.</li></ol><h2 id="2fa3bedc-3fca-4f91-9b0c-0ffedc5963ce">3 things in business</h2><div type="image" title="Two record players with drastically different sized vinyls" height="1500" width="2000" msid="111840552" hostid="261" sizebytes="396200"></div><ol><li>Spotify rewards quantity over quality (Business Insider's Version) (From the Vault) (Insider Today Remix). Streaming apps like Spotify and Apple Music have changed the way users interact with music. That incentivizes artists to keep dropping iterations of the same songs and albums — <a target="_blank" href="https://www.businessinsider.com/spotify-tiktok-taylor-swift-beyonce-muse-streaming-quantity-over-quality-2024-7">or simply make more</a>.</li><li>Men's insecurities are big business. As the direct-to-consumer health industry has boomed, so have men's health startups. Companies like Hims and Ro <a target="_blank" href="https://www.businessinsider.com/online-health-hims-young-men-prescriptions-doctors-shame-fears-2024-7">promise to help with everything from hair loss to fertility</a>. They have men right where they want them: insecure and ready to pay for a solution.</li><li>Elon Musk is embracing Texas. Will other business leaders follow suit? The Tesla CEO <a target="_blank" href="https://www.businessinsider.com/elon-musk-wants-move-spacex-x-headquarters-texas-tesla-california-2024-7">seems to think so</a>, but many tech companies that moved there in the past have faced a lot of problems. A lot of their workers <a target="_blank" href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">just don't like it</a> as much as California.</li></ol><h2 id="b4826f7d-247a-4490-a12c-22536b4ab327">In other news</h2><ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/biden-tests-positive-for-covid-19-2024-7">Biden tests positive for COVID-19</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/official-partners-brokerage-exit-alexander-brothers-scandal-2024-7">Star luxury broker is leaving firm shaken by rape allegations against Alexander brothers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/steve-bannon-filmed-jeffrey-epstein-trump-friendship-documentary-tapes-2024-7">Steve Bannon filmed Jeffrey Epstein for 15 hours. His 'documentary' has never surfaced</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/bob-iger-willow-bay-majority-owners-of-angel-city-fc-2024-7">Bob Iger and his wife ink a deal with the world's most valuable women's sports team</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/smartphones-ban-gen-z-school-12-hour-day-social-media-2024-7">This school has 12-hour days, 'relaxing' meals — and no smartphones</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/newsom-jabs-musk-endorsing-trump-saying-he-bent-the-knee-2024-7">Gavin Newsom slams Elon Musk for endorsing Donald Trump, saying he 'bent the knee.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/biden-virtual-roll-vote-explainer-democratic-nomination-drop-out-election-2024-7">Most Democrats want Biden to step aside, making a plan to crown him the nominee early even more controversial</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-wbd-zaslav-struggles-streaming-media-strategy-analysis-2024-7">David Zaslav's Warner Bros. Discovery experiment has failed, Bank of America's top media analyst says. Here are the company's 3 best paths forward</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amd-ai-vp-gpu-shortage-nvidia-lock-in-2024-7">AMD's AI head explains how it's tackling Nvidia's 'lock-in' and the GPU shortage with an open-source approach</a>.</li></ul><h2 id="93f8f0c9-60f7-40da-abdb-59a901e27bce">What's happening today</h2><ul><li>Donald Trump will give his acceptance speech at the Republican National Convention. It's his first public speech since last weekend's assassination attempt, which <a target="_blank" href="https://www.businessinsider.com/donald-trump-new-speech-rnc-assassination-attempt-2024-7">he said he rewrote</a> after the shooting.</li><li>Netflix, KeyCorp and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Chip stocks suffer a mini-meltdown as more potential trade restrictions threaten the industry

<ul class="summary-list"><li>US stocks dipped as traders waited for Nvidia's first-quarter earnings results. </li><li>The bar is high, as Wall Street analysts are looking for solid indicators that the AI market is booming. </li></ul>US stocks dropped on Wednesday as traders headed for <a href="https://markets.businessinsider.com/news/stocks/hedge-stock-market-risk-nvidia-q1-earnings-report-nvda-options-2024-5">Nvidia's first-quarter earnings report</a> and took in the latest Fed minutes.Major stock averages traded lower, with Nvidia shares declining by more than 1% heading into its hotly anticipated earnings call. Investors are anticipating another <a href="https://markets.businessinsider.com/news/stocks/nvidia-q1-earnings-preview-wall-street-expects-continued-ai-momentum-2024-5?utm_medium=ingest&amp;utm_source=markets">big quarter</a> for Nvidia, which has become one of the biggest beneficiaries of Wall Street's frenzy for anything related to artificial intelligence. Analysts expect the firm to report $24.6 billion in revenue and earnings per share of$5.34 for the first three months of 2024, according to Bloomberg data, more than double what it reported for both metrics last year.Nvidia's first-quarter results come at a critical moment for investors as they look for a fresh catalyst to drive the next lef of the latest stock market rally. With the company valued at over $2 trillion, NVDA shares have helped carry the market higher all year, and <a href="https://markets.businessinsider.com/stocks/nvda-stock">shares are now up 94% from levels in January</a>."It may sound overzealous, but if you get another blowout quarter from NVDA, coupled with the market's current posture of new all-time highs and no resistance to our left, we could really start to see parabolic mode again. Nvidia would certainly take the rest of the semiconductor industry with it," Ken Mahoney, the CEO of Mahoney Asset Management, said in a note this week.Investors on Wednesday also took in the minutes from the Federal Reserve's May policy meeting. Short-term inflation expectations "rose some," and recent inflation prints didn't increase central bank's confidence inflation is firmly heading in the right direction. The minutes pressured stocks heading into the closing bell, with major indexes logging a pronounced decline in late afternoon trades. Some market watchers were quick to note that the latest meeting minutes reflect the Fed's mood before the April consumer price index showed inflation easing from the prior month. "Markets could get nervous about committee members willing to entertain tighter policy but remember, the committee did not have April CPI data yet," Jeffrey Roach, the chief economist of LPL Financial, said in a note on Wednesday."Although inflation in April eased a bit, Fed officials need more confirmation that the trajectory is favorable for their two percent target. In general, the committee believes policy is restrictive and so the next move for the Fed will likely be a cut later this year," Roach added. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday: <ul><li><a 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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,307.00, down 0.27%</li><li><a 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&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,671.04, down 0.51% (-201.95 points)</li><li><a 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&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,801.54, down 0.18%</li></ul>Here's what else happened today:<ul><li><a href="https://www.businessinsider.com/citi-trader-fat-finger-flash-crash-trade-78-million-fine-2024-5">Citi was fined $78 million after a European trader's fat-finger trade</a> caused a flash crash in stocks.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-massive-upside-prediction-dow-60000-roaring-20s-yardeni-2024-5?_gl=1*md29ph*_ga*MTYzMDI3ODk2Ny4xNzE2MjEyNjkz*_ga_E21CV80ZCZ*MTcxNjM4NjQ3NC4xNS4xLjE3MTYzODgzMjguMjUuMC4w">The Dow is set to surge 50% by 2030</a> as the "roaring 20s" are alive and well for stocks, according to market veteran Ed Yardeni.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-outlook-inflation-economy-government-debt-levels-2024-5?_gl=1*9vu278*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcxNjM5ODY2NC4xLjEuMTcxNjM5ODg3OS41OC4wLjA.">Stocks are "going nowhere" for the next decade</a> as inflation is here to stay, one CIO warns.</li><li><a href="https://www.businessinsider.com/us-recession-baby-boomer-consumer-spending-downturn-retirement-hard-landing-2024-5">Baby boomers may be the economy's secret weapon for fending off a recession</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/apple-stock-outlook-ai-investing-apps-software-nvidia-new-iphone16-2024-5?_gl=1*wku1eu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcxNjM5ODY2NC4xLjEuMTcxNjM5ODc4MC41OC4wLjA.">Apple is a "hidden AI play" as its products will be central hubs for AI apps</a>, "Big Short" investor Steve Eisman says.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil slumped 1.14% to $77.76 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dropped 0.28% to $81.67 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 1.82% to $2,377.86 per ounce. </li><li>The 10-year Treasury yield ticked higher by one basis point to 4.426%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> edged slightly higher to $69,631. </li></ul>

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