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<ul><li>Apple Maps and Weather apps on iPhones in Russia now show Crimea as a part of Russian territory.</li><li>Ukraine’s foreign minister, Vadym Prystaiko, reacted with a tweet saying Apple ‘doesn’t give a damn’ that Ukraine’s heart was stolen.</li><li>According to the Russian government, Apple was only fulfilling its ‘obligations’.</li></ul>Apple is in the midst of a new controversy after mapping the region East European peninsula of Crimea as a part of Russia on its Maps and Weather apps — and Ukraine’s not happy about it. It may have bought it goodwill with Russia but the action has gotten strong disapproval from the Ukrainian government. The country’s foreign minister, Vadym Prystaiko, tweeted that it was as though Apple ‘didn’t give a damn’ that Ukraine had its heart stolen by Russia. 
	
	<div type="twitter" handle="VPrystaiko" handlename="Vadym Prystaiko" image="http://pbs.twimg.com/profile_images/1169145206899380226/9-va9lPH_normal.jpg" favoritecount="1128" retweetcount="469" status="Let me explain in your terms, @Apple. Imagine you're crying out that your design &amp; ideas, years of work &amp; piece of… https://t.co/CWpcpetQP7" createdat="1574872360000" id="1199727752468930562"></div>





 The Ukrainian embassy in the US also tweeted its displeasure stating that they wouldn’t be giving Apple any ‘thanks’ this Thanksgiving. 
	
	<div type="twitter" handle="UKRintheUSA" handlename="UKR Embassy in USA" image="http://pbs.twimg.com/profile_images/865719683470639105/1se5mjle_normal.jpg" favoritecount="731" retweetcount="457" status="We guess Ukrainians not giving any thanks to @Apple this #Thanksgiving! So let’s all remind Apple that… https://t.co/9Gri9kdt5P" createdat="1574878169000" id="1199752117474545665"></div>





 The <a href="http://duma.gov.ru/en/news/47107/">Russian government</a> claims that it was an Apple representative that pointed out the “inaccuracy in displaying the Republic of Crimea and the city of Sevastopol”. In correcting that mistake, Apple was only fulfilling its “obligations”. 
 
 <div type="ExtQuote" text="[Committee on Security and Corruption Control head] Vasilii Piskarev noted that Apple fulfilled its obligations and brought the applications on its devices in compliance with the requirements of the Russian legislation." auname="Statement by Russian government"></div>





 The fight over Crimea The region of Crimea has been disputed territory between the two nations since 2014 when Russian troops invaded the peninsula. The act was condemned internationally. Russia then called for a referendum to decide whether Crimea should be reintegrated into Russia — since the majority of its population speaks Russian — or whether the Crimean constitution of 1992 should be reinstated, which gives the region more autonomy from Ukraine. The international community cried foul yet again pointing out that the referendum was illegal and illegitimate. As a result of these incursions, Russia was ousted from the G8 and many countries imposed sanctions as a way to retaliate. The <a href="https://www.bbc.com/news/technology-50573069">BBC</a> has pointed out that only iPhones in Russia that display the map modification. iPhones in the rest of the world don’t assign Crimea a country. See also: <a href="https://www.businessinsider.in/finance/news/facebooks-ex-security-boss-alex-stamos-slams-apple-as-shameful-for-changing-its-maps-to-suit-a-demand-from-the-russian-government/articleshow/72266920.cms">Facebook's ex-security boss Alex Stamos slams Apple as 'shameful' for changing its maps to suit a demand from the Russian government</a>

Apple 'doesn't give a damn' that Russia stole Ukraine's heart

<ul class="summary-list"><li>As <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s attack on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> hits <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, <keyword id="11985019" type="UNKNOWN" weightage="60" keywordseo="wedbush" source="Orion">Wedbush</keyword> analysts said investors can bet on large-cap, oversold <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> stocks and cybersecurity stocks. </li><li>They shared 14 stocks to buy, including Apple, Microsoft, Palo Alto Networks, and Salesforce.</li></ul>Large-cap tech stocks and cybersecurity companies should reward investors as the Russia-Ukraine war <a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-invasion-financial-markets-stocks-energy-prices-strategists-analysts-2022-2">throttles global markets</a>, according to Wedbush analysts led by Dan Ives.While popular tech stocks will see "significant pain" during the war-induced sell-off, Ives said this is an opportunity to buy oversold stocks. "We view these geopolitical shock events as times not to panic (knee jerk reaction this morning is always very scary watching the red screens) but instead selectively focus on defensive tech stocks," wrote analysts in a Thursday research note.As Russian forces invaded Ukraine early Thursday morning, <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-dow-futures-oil-russia-ukraine-tension-escalates-2022-2?utm_medium=ingest&amp;utm_source=markets">global equities</a> plunged, <a href="https://markets.businessinsider.com/news/commodities/oil-price-russia-brent-crude-natural-gas-military-attack-ukraine-2022-2?utm_medium=ingest&amp;utm_source=markets">oil jumped above $100</a>, and <a href="https://markets.businessinsider.com/news/commodities/gold-surges-highest-level-over-a-year-russia-attacks-ukraine-2022-2?utm_medium=ingest&amp;utm_source=markets">gold rallied</a> as investors sought out traditional havens.The tech-heavy Nasdaq sank into bear market territory early in the session, but later came sharply off its lows, even turning positive briefly. Cybersecurity stocks helped lead the rebound effort and were among the top gainers.Ives noted that an increase in Russian cyberattacks could "catalyze an increase in spending" that could benefit cybersecurity stocks. The names most likely to benefit from war in Ukraine include <a href="https://markets.businessinsider.com/stocks/panw-stock">Palo Alto Networks</a>, <a href="https://markets.businessinsider.com/stocks/zs-stock">Zscaler</a>, <a href="https://markets.businessinsider.com/stocks/crwd-stock">Crowdstrike</a>, <a href="https://markets.businessinsider.com/stocks/tenb-stock">Tenable</a>, <a href="https://markets.businessinsider.com/stocks/vrns-stock">Varonis</a>, <a href="https://markets.businessinsider.com/stocks/ftnt-stock">Fortinet</a>, <a href="https://markets.businessinsider.com/stocks/tls-stock">Telos</a>, Mandiant, and <a href="https://markets.businessinsider.com/stocks/cybr-stock">CyberArk</a>.Wedbush also shared other top tech names to own, including <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/orcl-stock">Oracle</a>, <a href="https://markets.businessinsider.com/stocks/adbe-stock">Adobe</a>, and <a href="https://markets.businessinsider.com/stocks/crm-stock">Salesforce</a>."While each geopolitical shock event is different and unique, our playbook since 2000 has been to use these periods of global chaos to buy the tech winners that we view as way oversold in a panic-like sell off," he said.

Mega-cap tech is oversold and cybersecurity stocks will soar as firms beef up against Russian threats, Wedbush's Dan Ives says

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Today we remember the thousands who lost their lives in the September 11th attacks. But for some younger people, the darkest day in American history <a target="_blank" href="https://www.businessinsider.com/how-9-11-become-gen-z-favorite-internet-meme-joke-2024-9">has become fodder for memes</a>.In today's big story, we're <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-presidential-debate-takeaways-2024-9">recapping the big presidential showdown</a> that was followed by <a target="_blank" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">one very big celebrity endorsement</a>.What's on deck:<ul><li>Markets: JPMorgan's Jamie Dimon offers an update on <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-succession-planning-priority-2024-9">how his succession planning is going</a>.</li><li>Tech: These AI startups can help you start a side hustle <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-from-ai-startups-tiktok-youtube-2024-9">on YouTube and TikTok</a>.</li><li>Business: How Wall Street's bogeyman came for <a target="_blank" href="https://www.businessinsider.com/megabus-coach-usa-bankruptcy-what-happened-greyhound-private-equity-debt-2024-9">the millennial-favorite Megabus</a>.</li></ul>But first, the candidates are taking the stage.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">Under my skin</h2><div type="image" title="Photo collage of Donald Trump and Kamala Harris" height="1437" width="1917" msid="113265045" hostid="261" sizebytes="164688"></div>Kamala Harris and Donald Trump sure made the most of their first time together.The vice president and former president squared off in a wide-ranging discussion that touched on everything from the economy to immigration to foreign policy. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-presidential-debate-takeaways-2024-9">the biggest moments from the night</a>.However, a key exchange during the debate wasn't about either candidate's policies. When discussing immigration, Harris took a shot at Trump's rallies, saying that people leave them early "<a target="_blank" href="https://www.businessinsider.com/kamala-harris-trolled-donald-trump-about-rally-crowd-size-2024-9">out of exhaustion and boredom</a>."Trump seemed rattled by the jab, which Jon Stewart described as an attack on "<a target="_blank" href="https://www.businessinsider.com/jon-stewart-kamala-harris-donald-trump-debate-crowd-size-rage-2024-9">Trump's most cherished family member</a>." Trump responded with his own attack about Harris' rallies, but his demeanor also took a noticeable turn for the remainder of the debate.Ultimately, Harris' strategy of baiting Trump <a target="_blank" href="https://www.businessinsider.com/harris-trump-rage-presidential-debate-strategy-reaction-election-2024-9">to get strong reactions out of him and throw him off his game seemed to work</a>, writes Business Insider's Brent D. Griffiths.However, Trump supporters quickly criticized ABC moderators David Muir and Linsey Davis for what they described as a "3-on-1 debate," citing their fact-checking of some of Trump's statements but none of Harris' comments.It wasn't just about Harris trying to get under Trump's skin.Another big topic of the night was abortion. Harris made clear her intention to <a target="_blank" href="https://www.businessinsider.com/harris-trump-abortion-presidential-debate-women-reproductive-rights-2024-9">restore Roe v. Wade if she were to win the White House</a> and pressed Trump on if he'd support a national abortion ban.And while the two candidates basically don't agree on anything, Harris took one page out of Trump's book. The vice president <a target="_blank" href="https://www.businessinsider.com/kamala-harris-facical-expressions-lauhging-at-trump-debate-2024-9">had some noticeable facial expressions during the debate</a>, something the former president has been known for.To be clear, the debate likely won't change the mind of a good chunk of voters — but even Elon Musk said that Harris' performance "<a target="_blank" href="https://www.businessinsider.com/elon-musk-kamala-harris-exceeded-expectations-debate-versus-trump-2024-9">exceeded most people's expectations</a>." (He still thinks Trump will do a "far better job," though.)In a race as tight as this one, it might not take much to swing the election one way or another.Which is why it might not be the last time we see these two on stage together. The Harris campaign said following the debate the vice president would <a target="_blank" href="https://www.businessinsider.com/harris-campaign-wants-second-debate-with-donald-trump-2024-9">participate in another one in October</a>.One debate, however, was enough for one very influential potential voter. Shortly after the debate, Taylor Swift <a target="_blank" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">endorsed Harris in a post on Instagram</a> — and it took just one hour for the Harris-Walz campaign to <a target="_blank" href="https://www.businessinsider.com/harris-walz-campaign-sells-taylor-swift-inspired-friendship-bracelets-2024-9">start selling friendship bracelets</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Women's health unicorn Maven Clinic is <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qjhuvov2Fvxwq451CdRhmQ64EoO__deayDfAcQ9RxKR0h2pPOhnUMCFYuOrXjIiYE83M7d9sHR24BZRD5rq7lK4Avy1NwqVa0-7HhpGUKlnPf469d4YUcBRZmRjge2MpLLOxkUbBmXMRGWj-ESuAcgJdJkEfJWVGuq_GFVc7b0_9CnXc-xRsbEAXsY8zlZCDypEWahmqwPuT7jHll055svUXaYU-N5US4B3MfpM-ZgOOBQ0Ls1iXirbyCFTVCRfEOvo1KdRCuanTYk1HA-sh2ZmZtkLJh4X64cU6Ht2u4Hhf1Rd0GaKeiRdv3riM5qsX4hXzuK8AU2g-FogKTRVdEqwfwiNw7mj2En1NEn8P4ruSHYiVUhLtxwz0g51gSbh6P6NJiFrCm6Yc-w1f05EhqwoJs8CStx4Cmxaqwm5HuEr7w%3D%3D">raising over $100 million from PE firm StepStone</a>.</li><li>Two Delta planes collide on Atlanta airport taxiway, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qjQdlYWrD2EbFbJCnw3iut2UpX_-cF4svHjxJZKk9w3aCtLBOPuE-hJjQuMCEU7orrstGt1ZHcQd0cVpnUBXcabgP8pXyHRWTeoOS5xKCKOvaEwFGO1sSbFbSf0qi9l9xXyQvtHhs8zuj5Dsaf3hb3N7gyuvaseNgqZTjUjopAmtLhD1zbMGcvIajEtpJ58VOUScFZjZHSxBPLW0Mj1HlNhLGR3EtKM0xlYp7bQcdvLcG-zeWKUBfYc8FMGF7hvs9Wi3luy2tJCnmx_Ry5CvvThJulvrRgl05KG_8Mh7BkG8eJESWZJpWFrjCR8ff_EvT1-ImhnNYdeUOkEnl2mDllahG5kdnEUB0o5uIXbZmbVvSc0Wjp9eNIIPeBBQyMzOHSoSUR2B7PbZsLWn4ASlMDH">knocking the tail off one of the jets</a>.</li><li>An ex-Sony exec said laid-off employees should <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qgysOLaAn5KO-0pnxUiouHaSH_T66bff8tMYxRKotB6r5RMRC2p6mhjt7U15XGlkwDrlWjiGgTTu-gRhGolhuCjPtXjq3LckTBQ4Fff6gCGFJqpXxYTGhrgCEKJU4TURGB88mYhhQVtj0KuWluc7PoqhfzB39UKHBzY08XsUQ0r21b0kcFzqbvtpQi6T8ZKd03ajjak-eEU_hVzDSUawl-hdgWC1ZliBi22M1marQoneTN1n14xtxxPjkYP20nsCvbvFFjqkmj3FPQOMP6Pf4FefiSOcM__7m99RysWRKCtO8J3KHM8oiitFAa7BCGq4EUBBuMJe7JOQBSk7nPUFTWGvqTTDcxOGnIdcas4q1qTXZ7AcgHi0rvoB7dLgwn_Kis7LP7B4-xIwjtavg0Y_KXH8e1oYztpq-4-I4dmHqUyFA%3D%3D">'go to the beach for a year' or 'drive an Uber.'</a></li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Jamie Dimon" height="1000" width="2000" msid="113265258" hostid="261" sizebytes="206188"></div><ol><li>Jamie Dimon's top priority: finding his replacement. The JPMorgan boss is extremely focused on <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qgfA-92mOtqEvcy2dX_XJan09zYqGVqWwlPEHocEl_JmNM7rrfbmQ2TZxCpMbP6l5xyMnt3cG3ryyj-3H_t9ZIaGsb2pz_avJRnOnEpo6vs79GMi9hsCCFPIGiSJqEWaZmk6yTMbRpAA8wN3DKZIPe88VCEXJdi_B3N2nFH21DlK3g-hbWYZoYUp5SyhHYM2WaHCjcAK7Bq9qj0oWvYD36w4E4G0UIO9yUte5MeC78JgDVkMajHDFPaEO6EfR2HARYRKmpVriGYn0WyV4kenbUqTQ2vgPcMZsdk3mZkHeObwxI8j14iXpv_l-pJjTQK3u3-o8wU_2-PPd-v6cDMXOGqe73O08rhxzwdtw32DSA83AH5Sj4zLoO_oAhxvMyUZXD7N7PaXdiiBdQBHShBsQpv">finding a successor to lead the bank</a>, as his name's been floated by both Harris and Trump for a spot in the White House.</li><li>Goldman Sachs sees greenlights for the bull market. Yes, macro and policy uncertainty pose some risk to stocks. But the bank is still optimistic that the <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBhseQoothe89F0G8k5X6JWyEI8xOcEg1Jj9ydXJOe3WmayVN_nxE6MsyRg2eRqJqkt5zhtPYEK-le8DWzhs1o63PcF2AlEaoxBbqCdPK6samlu90SM12PYRsMU9BHSQwAvrzepd9Oz4qgrP-fqSADRf3bmToATTr7TDCxS-dXq4Ou5ivkHIi_Df3rw750g5O-MJg9peDhdiVJbqYH3x4v6izEkdt8BZ5ZXs_cT4N-rYAIf8vMxV1RIf2NF_S8Mgtlv1WLJ3HrZI3fwPp5wwMbl9iCDNFtHX0X7AYcAF2jh1faqmJaqR9tsEPE3yU2atKC2l8zf1BxzjtPv07wABEaLa2Ulrlg1gPp9tvgS-C972OMHwsu0pKa-WGB27hbaCl2PZSqpSHWuzogPD75xjxb-WcwXMHBhgN_Cm2gfzX3l0sJh1KYWHHfnJrnUSvp_UybCvJgxeY5W7mMaB0eB5wddQ%3D">chance of a bear market returning are low</a>.</li><li>Apple to $4 trillion? Wedbush analyst Dan Ives believes the <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBhseQoothe89F0G8k5X6JWyEI8xOcEg1Jj9ydXJOe3Wm8vl5CAvVP2PTLDKdawiK3de115_Mo-Eoy9Tr3mSk1W9hlxbg8vdPPYo9EDXu0CJ1ywjZcqHgvOSSL6wwTXzu6mxV7NgtgGHjma42j5E9FllDdpMsztV7QT2V9OgGYzrz-cytFgkQY_lWkCqnusx217aAFNIGpE9CDD1bYP5ufz7aQeN2leAO-Am9y7iCbpSGiyQkomp4qkYzRAyrpRruDidX7YKx8_2buBq5ShOzZCG688WiZI8YsejkLT3a-MHQUiaIkSYdCBAKdXBG_cyHBQnhnVxtKi5OO1yppEXVdLaHmbTcaxm_O2SY7lMMFHR-0x3rEMK55EeW4YIWNOCpa8dAnsdueiwzg_DbCzE-YRjmnwzvo6Y_tg4C3nS-KxqFBzNg6C9DvnFyf_NEyRyMnrhpztQL0yz9Y_KqnEgodxY%3D">tech giant's market cap could reach $4 trillion next year</a> after getting a look at the iPhone 16's AI features. "Apple launching AI coupled by a massive pent up upgrade cycle is creating this new era of iPhone growth," Ives said.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of smartphone with chat bubbles and like buttons around it" height="1500" width="2000" msid="113265044" hostid="261" sizebytes="565864"></div><ol><li>How to succeed on TikTok and YouTube without really trying. AI startups are pitching a new passive-income side hustle: revenue-generating automated videos for YouTube and TikTok. They may clog up social media with <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-from-ai-startups-tiktok-youtube-2024-9">even more generic AI videos</a>.</li><li>Apple just made geriatric tech a whole lot cooler. The new AirPods 2 will soon be able to <a target="_blank" href="https://www.businessinsider.com/appls-airpods-may-have-just-killed-the-hearing-aid-2024-9">serve as a hearing aid</a>, a move that could cut both costs and stigma associated with hearing loss.</li><li>EV infrastructure is improving, but drivers still won't switch. Despite improvements in electric-vehicle range and expansion of charging infrastructure, <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">the EV industry can't entice potential new buyers</a>. Hybrids are still the top choice for green-car enthusiasts.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Megabus falling off a cliff" height="1500" width="2000" msid="113265256" hostid="261" sizebytes="319492"></div><ol><li>How Megabus went mega-bust. Millennials' once and former favorite budget travel option hit a bump in the road in the mid-2010s when the bus market slowed. Throw in an ill-timed private equity buyout and a pandemic, and <a target="_blank" href="https://www.businessinsider.com/megabus-coach-usa-bankruptcy-what-happened-greyhound-private-equity-debt-2024-9">those blue double-deckers became a thing of the past</a>. (The rest of the intercity bus industry isn't doing too hot, either.)</li><li>Costco's app finally got a key upgrade for shoppers. The wholesaler has been quietly rolling out a new feature on its app and website that lets shoppers check a product's in-store availability. <a target="_blank" href="https://www.businessinsider.com/costco-app-update-in-stock-items-warehouse-availability-2024-9">Find out if an item is in stock near you</a>.</li><li>Work meeting anxiety is real. Here's where it comes from — and how to beat it. Confidence and speaking up are key to career advancement, and not doing so can hold you back. A career expert shared <a target="_blank" href="https://www.businessinsider.com/how-to-beat-meeting-anxiety-according-to-a-recruiter-2024-9">key strategies to beat the nerves</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>The best week of the year to <a target="_blank" href="https://www.businessinsider.com/housing-market-when-to-buy-home-prices-competition-supply-mortgage-2024-9">buy a home</a> is coming up.</li><li>TikTok could be banned from the US in months. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tiktok-ban-app-american-us-not-worried-2024-9">TikTok doesn't seem worried</a>.</li><li>Apple failed to mention one pretty big iPhone concern at its Glowtime event — <a target="_blank" href="https://www.businessinsider.com/apple-iphone-16-here-but-china-questions-remain-2024-9">and that's a problem</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Secretary of State Antony Blinken and the UK Foreign Minister meet with Ukrainian president Volodymyr Zelenskyy in Ukraine.</li><li>The MTV Music Video Awards, hosted by Megan Thee Stallion, airs on MTV.</li><li>Monthly CPI data is released.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

A debate with bad blood

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you're like me, you might not eat the healthiest on weekends. But a dietitian highlighted some <a target="_blank" href="https://www.businessinsider.com/healthy-snacks-dietitian-eats-instead-of-ultra-processed-foods-2024-6">healthy snacks you can substitute for ultra-processed foods</a>.In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">how AI could completely upend venture capitalism</a> amid <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">a wider shakeup for the industry</a>.What's on deck:<ul><li>Markets: Bobby Jain's highly anticipated hedge fund is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">finally ready for primetime</a>.</li><li>Tech: OpenAI's GPT Store developers are finding creative <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">ways to get paid for their work</a>.</li><li>Business: Jeff Bezos' plan for <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">The Washington Post is imploding</a>.</li></ul>But first, how the tables have turned.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">AI comes for VCs</h2><div type="image" title="Photo illustration of a robot hand with money floating" height="882" width="1654" msid="111237229" hostid="261" sizebytes="180536"></div>Like turkeys setting the table for Thanksgiving dinner, VCs are backing tech that might lead to their demise.The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from).But the transformative technology <a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-is-coming-for-venture-firms-2024-6">could greatly impact the people bankrolling it</a>. The result could be a reduction of roles and changes to how the job is done, writes Business Insider's Ben Bergman.Some of the adjustments aren't novel to the VC industry. Back-office roles everywhere are ripe for automation from AI, and venture capital is no different.But things get really interesting when it comes to actual investing. Finding and assessing new startups — often key responsibilities of junior employees — is the type of work large-language models could do more efficiently at a large scale.VCs won't get entirely automated away by AI — after all, how could they still justify all those fees if they only relied on AI? But a human-AI hybrid approach seems like the future, according to some insiders Ben spoke to.However, balancing between man and machine for investment decisions isn't easy. Just ask hedge funds.Long before the generative AI boom, funds dreamed of combining the best of machine-based quantitative strategies and human-led fundamental approaches. The concept — known as "quantamental" — <a target="_blank" href="https://www.businessinsider.com/man-group-bridgwater-schonfeld-explain-quantamental-and-how-it-works-2020-5">struggled to find success</a> as the two cultures often clashed.Now consider venture investing, where ultimately, a singular decision needs to be made: invest or don't. When push comes to shove, does man or machine reign supreme?<div type="image" title="Scott Stanford, ACME Capital's cofounder, believes major changes are coming for the venture-capital industry." height="2202" width="2936" msid="111237239" hostid="261" sizebytes="401568"></div>The VC industry might be doomed with or without AI.Scott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that <a target="_blank" href="https://www.businessinsider.com/venture-capitalism-funding-market-contraction-scott-stanford-acme-2024-6">half of today's VC firms will shutter in the next decade</a>.Stanford's theory is pretty simple: There are too many VCs and not enough exit opportunities. And this isn't a knee-jerk reaction to how chilly the IPO market has been the past few years.VCs' explosive growth over the past few decades created an "overcrowded, overcapitalized, and overvalued market," Stanford and ACME's cofounder Hany Nada told investors in a recent letter shared with BI.The writing is already on the wall. Look no further than the rise of "zombie" VCs, or <a target="_blank" href="https://www.businessinsider.com/2024-year-of-vc-reckoning-2024-2">investors running out of money</a>.But if anyone can fix things, maybe it's… VCs? After all, venture investors tout themselves as disruptors who pride themselves on finding and helping to grow solutions for big problems.Now, VCs might have their toughest task yet: Saving themselves.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News Brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/ukraine-needs-to-stop-fighting-the-war-russia-wants-2024-6">Ukraine needs to stop fighting the war Russia wants</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/prosecutors-recommend-doj-federal-criminal-charges-against-boeing-report-2024-6">Prosecutors recommend DOJ file criminal charges against Boeing: report</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-starts-new-beef-with-lucasfilm-chief-kathleen-kennedy-2024-6">Elon Musk starts new beef with Lucasfilm chief Kathleen Kennedy</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-openai-ilya-sutskever-ai-revolution-2024-6">Nvidia CEO Jensen Huang shouts out OpenAI cofounder Ilya Sutskever for sparking 'the big bang of deep learning'</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="bobby jain" height="975" width="1300" msid="111237241" hostid="261" sizebytes="45284"></div><ol><li>A top Jain Global executive explains how the firm will stand out on the eve of its massive launch. Bobby Jain's hedge fund launch has been the talk of Wall Street. Jonathan Barton, Jain Global's chief operating officer, spoke to BI about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">how the fund is built to quickly grow once it starts trading on July 1</a>.</li><li>The end of a US-Saudi deal could dent dollar dominance. Saudi Arabia chose not to renew the landmark "petrodollar" deal that ensured the use of US dollars in the oil trade. That's <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-petrodollar-saudi-crude-greenback-china-yuan-brics-2024-6">bad news for the dollar's supremacy</a>. The move is part of the kingdom's grand plan to diversify trade and expand beyond US and European partners.</li><li>There is a light at the end of the interest-rate tunnel. A July rate cut, while still a longshot, could be on the table, according to one economist. Jobless claims and housing data show an economic slowdown, which <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-july-economy-recession-forecast-housing-jobs-2024-6">could lead the Fed to finally offer some relief next month</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A red electric car on a spinning globe" height="1500" width="2000" msid="111237234" hostid="261" sizebytes="247238"></div><ol><li>Chinese EV makers are slowly taking over the world. Despite efforts from the US and Europe to shut them out, <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">Chinese EV firms are expanding rapidly in developing markets like Brazil and Southeast Asia.</a> This poses a major problem for legacy automakers like Ford, who risk being left behind.</li><li>OpenAI's GPT Store developers are finding new ways to get paid. OpenAI has yet to widely roll out plans to pay developers making applications for its GPT Store — <a target="_blank" href="https://www.businessinsider.com/developers-adding-ads-and-affiliate-links-to-their-chatgpt-apps-2024-6">so some are getting creative</a>. They're turning to ads, affiliate links, and "freemium" models to get paid.</li><li>Apple accused of breaching EU rules. The European Commission has accused Apple of <a target="_blank" href="https://www.businessinsider.com/european-regulators-accuse-apple-of-breaching-new-rules-2024-6">stifling competition with its App Store</a>. Regulators said the company breached new tech rules by preventing app developers from steering customers to alternatives.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jeff Bezos distraught on top of Washington Post logo" height="900" width="1200" msid="111237236" hostid="261" sizebytes="111624"></div><ol><li>Jeff Bezos' plan to revamp The Washington Post is imploding. Incoming newsroom editor Robert Winnett pulled out of the job Friday morning after a slew of revelations about his past as a writer in London. Meanwhile, Will Lewis, the Washington Post's publisher, has also come under fire. <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-plan-for-washington-post-imploding-winnett-lewis-2024-6">That's bad news for Bezos</a>, who needed the two men to breathe new life into the newsroom.</li><li>The American dream of home ownership is becoming an American fantasy. A recent Harvard study found monthly payments for a median-priced home after taxes and insurance have hit about $3,100. <a target="_blank" href="https://www.businessinsider.com/home-prices-housing-costs-market-affordability-crisis-harvard-mortgage-payment-2024-6">That's the highest level it's been in more than three decades</a>. That payment requires a household income of at least $120,000 a year, which only 6% of renters have.</li><li>The silver lining of sports betting scandals. The series of high-profile gambling scandals that recently rocked the sports world thrust the long-overlooked issue into the spotlight. Leagues are now focusing on educating athletes who may be betting-prone, and the industry's gotten <a target="_blank" href="https://www.businessinsider.com/why-more-betting-scandals-are-pervading-us-sports-2024-6">a lot better at catching bad actors</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-third-child-with-neuralink-exec-shivon-zilis-2024-6">Elon Musk confirms 3rd child with his Neuralink executive Shivon Zilis.</a></li><li><a target="_blank" href="https://www.businessinsider.com/yellowstone-timeline-of-controversy-criticism-conflict-kevin-costner-2023-4">Kevin Costner is leaving 'Yellowstone' before the final season is over. Here's a complete timeline of the behind-the-scenes drama</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-advice-startup-founders-2024-6">Perplexity CEO explains why you need to understand your 'dopamine system' if you want to start your own company</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nvidia-jensen-huang-ai-demand-chips-microsoft-apple-2024-6">Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/who-timothy-mellon-robert-kennedy-donald-trump-billionaire-2024-6">The reclusive billionaire who's spent $75 million on Trump and $25 million on RFK Jr</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/alpine-investors-ceo-training-program-application-interview-tips-2024-6">This exclusive CEO training program doesn't care about your 4.0 GPA</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-democrats-republicans-etf-performance-demz-vs-maga-2024-6">Companies that give money to Democrats are beating Republican donors in the stock market.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Paris Fashion Week begins.</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. Grace Lett, associate editor, in Chicago. Amanda Yen, fellow, in New York.

Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs

<ul><li>US stocks jumped on Wednesday after Alphabet and Microsoft delivered second-quarter earnings that impressed investors.</li><li>Mega-cap tech firms Amazon, Meta Platforms, and Apple are on deck for quarterly results later this week.</li><li>The Fed is expected to hike interest rates by another 75 basis points at its meeting today.</li></ul>US stocks jumped on Wednesday as investors navigate a busy week of mega-cap tech earnings and a highly anticipated Fed meeting.<a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> and <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> reported earnings late Tuesday that showed resilience amid a highly uncertain macro period that includes worries of an imminent recession. Both stocks were up more than 3% in Wednesday trades. While missing revenue and profit estimates, Microsoft offered strong guidance that included double-digit revenue and income growth for its upcoming fiscal year. "MSFT bullish guidance for FY23 will be heard around the world and Street. Rock of Gibraltar in an economic storm," Wedbush analyst Dan Ives said.Alphabet's earnings also missed analysts' revenue and profit estimates, but the results showed that its digital ad business is "not falling off a cliff and relatively stable," Ives said, essentially calming fears sparked last week by Snap's warning on the digital advertising market.Here's where US indexes stood shortly after 2:00 p.m. ET on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,975.25, up 1.38%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 31,8762.10, up 0.35% (110.51 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,862.20, up 2.59%</li></ul>Investors are now shifting their earnings focus towards <a href="https://markets.businessinsider.com/stocks/fb-stock">Meta Platforms</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, all of which are expected to report results after the market close today (Meta) and on Thursday (Apple, Amazon). Stocks held onto their gains after The Federal Reserve raised interest rates by another 75 basis points to a range of 2.25% to 2.50%. The decision was unanimous among Fed members highlighted their continued objective of taming inflation."The announcement of a 75-basis point hike would not surprise investors. Instead, the market's focus will be on searching for clues to the Fed's reaction function and how it may respond to upcoming data releases on inflation and economic activity," MSCI's head of portfolio management research Andy Sparks said. Meanwhile, Russia's war against Ukraine continues to have an outsized impact on Europe, as it struggles with rising gas prices and shortages. On Wednesday, <a href="https://markets.businessinsider.com/news/commodities/europe-power-prices-russia-cuts-natural-gas-supplies-ukraine-sanctions-2022-7">European power prices jumped to a record high</a> as Russia slashed the supply of natural gas to the continent. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil rose 0.32% to $95.01 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, edged up 0.28% to $104.69. Bitcoin rallied 1.16% to $21,308. Ether prices rose 3.12% to $1,469.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> fell 0.12% to $1,715.50 per ounce. The yield on the 10-year Treasury fell three basis points to 2.78%.

US stocks surge as investors digest mega-cap tech earnings and prepare for another Fed rate hike

August's Consumer Price Index data will have key implications for the Fed's next move. Today, I'm breaking down what to look out for — and sharing what I learned from some of the sector's best and brightest market-watchers.The data is out at 8:30 a.m. EDT, so let's get started. This post first appeared in 10 Before the Opening Bell, a newsletter by Insider that brings you the inside scoop on what traders are talking about — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-driving-summer-crude-energy-biden-aaa-2022-9"></a>1. There's been lots of chatter that inflation has peaked, and the broad consensus seems to be that today's data will show inflation cooled for the second month in a row. Markets expect headline CPI to see its first monthly decline since May 2020, dragged down by <a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-driving-summer-crude-energy-biden-aaa-2022-9">declining gas prices</a>. But even if CPI eased in August, New York Stock Exchange senior market strategist Michael Reinking said that doesn't mean the Fed's going to steer away from an outsized rate hike next week. "They have been guiding markets to rates being close to 4% by year-end," Reinking told me. "And it seems the preference is to take the medicine at this point as opposed to dragging out the process." But Fed officials have signaled since last week that even if Tuesday's data is better than anticipated, a 75 basis point move remains likely. Janet Yellen said, too, it'll be tough for the Fed to <a href="https://markets.businessinsider.com/news/stocks/janet-yellen-fed-needs-good-luck-great-skill-soft-landing-2022-9">pull off a soft landing</a>. Analysts this weekend told Insider's Carla Mozée something similar, saying to expect a <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-august-cpi-federal-reserve-inflation-rate-hikes-2022-9">"knee jerk" reaction in the stock market</a> if CPI is lower than expected, but investors shouldn't expect a pivot from the Fed.Reinking added that the report will likely <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investor-sentiment-the-most-bullish-factor-2022-9">dictate which direction stocks move</a> looking ahead."If we get a hot number, we could quickly see a retest of last week's low," he said. "However if there's a beat on both headline and core, I would expect a re-test of the mid-August highs."Brendan Playford, co-founder of data platform Masa Finance, said a hotter-than-expected report could bring more downward pressure, but that's not what he's expecting. "Stepping back, if you look at commodities and energy, prices have been coming down," Playford told me in an email. "I would be surprised if this was not reflected in the upcoming CPI data."What do you think today's inflation data will tell us about the next rate hike and the Fed's policy stance? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>. In other news:<a href="https://markets.businessinsider.com/news/commodities/russian-oil-exports-europe-energy-crisis-sanctions-eu-tankers-asia-2022-9"></a><div type="image" title="Oil ship tanker" height="1500" width="3000" msid="94176306" hostid="261" sizebytes="484152"></div>2. US stock futures rise early Tuesday, as investors brace for the release of the key CPI data. Meanwhile, <a href="https://markets.businessinsider.com/news/commodities/energy-crisis-europe-uranium-price-outlook-ukraine-war-nuclear-power-2022-9">uranium prices soared</a> toward their highest level since Russia invaded Ukraine. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves.</a>3. On the docket: NortonLifeLock, Wizz Air, and more all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>4. A value investor in the top 1% this year details the strategic changes that catalyzed his market-crushing performance. Even after a brutal 2021, the Frank Value Fund has made a dramatic turnaround this year — <a href="https://www.businessinsider.com/stock-picks-to-buy-now-value-growth-investing-strategy-frank-2022-9">and its lead manager said he loves these 8 stocks highlighted by his new approach. </a>5. S&amp;P 500 companies could see the smallest earnings growth in two years as recession chatter from corporate executives hit the highest level in a decade. Wall Street's top analysts have been slashing earnings estimates for the third quarter. FactSet said 240 companies cited recession in second-quarter calls — <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-earnings-estimates-recession-growth-profit-inflation-factset-2022-9">compared with the five-year average of 52</a>. 6. The long-awaited Ethereum merge is coming this week. The switch from a proof-of-work to a proof-of-stake blockchain is meant to resolve high traffic and transaction fees through improved energy efficiency. <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">Experts broke down what the merge means and the risks that might remain afterwards. </a>7. Russian oil exporters are scrambling to buy up special ships that can sail around Europe once fresh sanctions kick in this winter. Bloomberg reported that purchases of secondhand ice-class tankers rose to $1 billion in May to August. <a href="https://markets.businessinsider.com/news/commodities/russian-oil-exports-europe-energy-crisis-sanctions-eu-tankers-asia-2022-9">Those long-distance vessels are expected to play a pivotal role once the EU imposes its new restrictions on Russian crude. </a>8. These books will help you understand investing and conquer bear markets. Top Wall Street investors shared which books have taught them the most about money and economics, and where to seek returns. <a href="https://www.businessinsider.com/stock-market-book-recommendations-recession-investing-wall-street-big-short-2022-7">See the list of 20 reads here.</a>9. Goldman Sachs recommended this batch of fast-growing stocks that are cheaply valued and forging a path to profitability. Stable or falling interest rates and a slow but growing economy could lead to a scenario where growth outperforms value, the bank's analysts wrote in a note to clients. <a href="https://www.businessinsider.com/stocks-to-buy-now-cheap-growth-profitability-goldman-sachs-2022-9">These are the 17 names they're watching right now.</a><a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-upside-iphone-14-thousand-dollar-pro-model-2022-9"></a><div type="image" title="apple stock" height="975" width="1128" msid="94176308" hostid="261" sizebytes="41294"></div>10. Apple stock could soar 38% as consumers opt in for the higher-priced iPhone 14 Pro ahead of Friday's launch. That's according to Wedbush analyst Dan Ives. He said internal checks suggest 80%-90% of coming orders will be for the Pro models — <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-upside-iphone-14-thousand-dollar-pro-model-2022-9">which sell for over $1,000 a pop.</a>Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>).Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

August inflation data holds key implications for the Fed's next move – here's everything you want to know.

Welcome back to <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">10 Things in Politics</a>. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">Sign up here to receive this newsletter</a>. Plus, download Insider's app for news on the go — click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>. Send tips to <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.Here's what we're talking about:<a href="https://www.businessinsider.com/fauci-guidance-trick-or-treat-celebrate-halloween-covid-coronavirus-mask-2021-10"></a><ul><li><a href="https://www.businessinsider.com/us-officials-diplomatic-boycott-beijing-winter-olympics-over-xinjiang-genocide-2021-12">US officials plan to boycott the Beijing Winter Olympics</a></li><li><a href="https://www.businessinsider.com/school-board-threats-masks-critical-race-theory-doj-domestic-terrorism-2021-12">An important school-board group is unraveling after it sent a letter to Biden likening threats against school officials to 'domestic terrorism and hate crimes'</a></li><li><a href="https://www.businessinsider.com/de-blasio-vaccine-mandate-announcement-private-employer-msnbc-morning-joe-2021-12">New York is set to impose a sweeping vaccine mandate</a></li></ul>1. FROM THE WHITE HOUSE: President Joe Biden won't be cheering Team USA on in Beijing. In 2008, President George W. Bush traveled to China's capital, the first time a sitting US president attended the Olympic Games abroad, but relations between the world's two largest economies have cratered in recent years. Now, the US is <a href="https://www.businessinsider.com/us-officials-diplomatic-boycott-beijing-winter-olympics-over-xinjiang-genocide-2021-12">staging a full diplomatic boycott of the Winter Games that begin in February</a>.Here's where things stand as China approaches another moment on the world stage:This is about China's human-rights record: "US diplomatic or official representation would treat these games as business as usual in the face of the PRC's egregious human-rights abuses and atrocities in Xinjiang — and we simply can't do that," the White House press secretary, Jen Psaki, told reporters. She is referring to the Chinese Communist Party's repression of Uyghur Muslims, which human-rights groups <a href="https://www.businessinsider.com/china-committing-crimes-against-humanity-against-uighurs-in-xinjiang-hrw-2021-4">have called crimes against humanity</a>.<ul><li>And it's not a 1980s reboot: Psaki made clear Team USA athletes would still compete, a departure from President Jimmy Carter's decision not to send the team to the Summer Olympics in Moscow over the Soviet Union's invasion of Afghanistan. <a href="https://2001-2009.state.gov/r/pa/ho/time/qfp/104481.htm">Sixty-five nations refused to send athletes</a>, but Carter's decision remains controversial. Just last year, the US Olympic and Paralympic Committee said the affected athletes "<a href="https://www.nytimes.com/2020/07/27/sports/olympics/1980-boycott.html">deserved better</a>."</li></ul>China and the US continue to be at loggerheads: Before the White House formally announced its decision, the Foreign Ministry spokesman Zhao Lijian vowed that Beijing would take "resolute countermeasures." So far, no other nation has explicitly joined the diplomatic boycott. New Zealand is not sending government officials, but Reuters reports their absence is mainly because of the COVID-19 pandemic. <a href="https://www.usnews.com/news/top-news/articles/2021-12-05/u-s-officials-to-boycott-beijing-olympics-cnn">Japan, Australia, and some European countries are all mulling boycotts</a>.<ul><li>At the same time, China is said to be eyeing major advances: "Classified American intelligence reports suggest China intends to establish <a href="https://www.wsj.com/articles/china-seeks-first-military-base-on-africas-atlantic-coast-u-s-intelligence-finds-11638726327">its first permanent military presence on the Atlantic Ocean</a> in the tiny Central African country of Equatorial Guinea," The Wall Street Journal reported over the weekend.</li></ul><div type="image" title="Loudoun county school board meeting" height="1267" width="1689" msid="88145568" hostid="261"></div>2. A national school-board group is reeling after a controversial letter: Twenty-seven states have distanced themselves from the National School Boards Association since the association sent a September letter to Biden asking federal officials to step in against threats against school-board members that the national group compared to "a form of domestic terrorism and hate crimes." The NSBA has since apologized for the letter. Republicans, hoping to be viewed as the party of parents in the midterm elections, have seized on the controversy, especially the Justice Department's swift response to the letter. <a href="https://www.businessinsider.com/school-board-threats-masks-critical-race-theory-doj-domestic-terrorism-2021-12">Read more about how the school-board group launched itself into a culture war</a>.3. Biden is set to tell Putin he'll pay a steep price if Russia invades Ukraine: Biden is expected to warn Russian President Vladimir Putin later today that the West may move to cut Russia off from the global financial system and sanction Putin's close allies if an invasion occurs, The New York Times reports. Some Biden advisors are skeptical the president can persuade Putin not to try to further destabilize Ukraine, which has already been bombarded with Moscow's tool chest of disinformation, cyberattacks, and military escalation. <a href="https://www.nytimes.com/2021/12/06/us/politics/biden-putin-call-ukraine.html">More on what's expected to come from a closely watched call between the two world leaders</a>.<div type="image" title="New York City Mayor Bill de Blasio and Wife Chirlane McCray speak onstage during the 2021 Soul Train Awards presented by BET at The Apollo Theater on November 20, 2021 in New York City." height="779" width="1559" msid="88145569" hostid="261"></div>4. New York City is imposing a sweeping vaccine mandate: Mayor Bill de Blasio announced that all private-sector employees who work in person would need to be vaccinated by December 27, which would be the most stringent local mandate in the US. De Blasio made the announcement with his term winding down; its enforcement is scheduled to kick in just five days before he's set to leave office, prompting speculation that Mayor-elect Eric Adams may nix it once he's sworn in. <a href="https://www.businessinsider.com/de-blasio-vaccine-mandate-announcement-private-employer-msnbc-morning-joe-2021-12">More on the mandate that "blindsided" local business leaders</a>.5. DOJ says Texas' new voting maps discriminate against Black and Latino voters: Attorney General Merrick Garland said the Department of Justice found that Republican-backed plans "deny Black and Latino voters an equal opportunity to participate in the voting process and to elect representatives of their choice in violation of the Voting Rights Act." This is the Biden administration's <a href="https://www.washingtonpost.com/national-security/texas-maps-garland-latinos-justice/2021/12/06/4011ce78-56aa-11ec-9a18-a506cf3aa31d_story.html">first</a> major redistricting case. Texas' attorney general, Ken Paxton, called the suit "absurd." <a href="https://www.businessinsider.com/doj-files-lawsuit-texas-redistricting-plan-voting-rights-act-2021-12">More on the case</a>.6. Justice Department ends its renewed investigation into Emmett Till's murder: The DOJ said there "remains considerable doubt" about whether Carolyn Bryant Donham, the woman who told the FBI that Till grabbed her and made sexually suggestive remarks, was truthful with agents, the Associated Press reports. Till's lynching became a seminal moment in the US civil-rights movement, and no one has ever been convicted over it. The two white men who were tried later admitted after their acquittals to killing the Black teenager. They died long ago. Officials reopened the case after a 2017 book quoted Donham, <a href="https://www.nytimes.com/2021/12/06/us/emmett-till-investigation-closed.html">whose encounter led to Till's death</a>, saying she lied to the FBI. <a href="https://apnews.com/article/mississippi-emmett-till-a889b20258fa92496ee8a4e4e53575e5">"For 66 years we have suffered pain," the Rev. Wheeler Parker Jr., Till's cousin, told reporters in Chicago</a>.7. Rep. Devin Nunes is leaving Congress to help Trump: Nunes, who rose to fame as the House Intelligence chairman and is in line for another powerful post, is said to be leaving the Hill to run former President Donald Trump's new social-media company. The California Republican, per The San Joaquin Valley Sun, plans to step down from his position at the end of the year. <a href="https://www.businessinsider.com/gop-congressman-devin-nunes-retiring-reports-2021-12">More on Nunes' rise and his relationship with Trump</a>.8. Democrats still want Biden's spending plan to pass by Christmas: Senate Majority Leader Chuck Schumer cited the looming expiration of the expanded monthly child tax credit as one of the reasons Senate Democrats should stick by his ambitious timeline. Sen. Joe Manchin of West Virginia, one of the chamber's key swing votes, still has not signaled his support of the massive $2 trillion proposal. <a href="https://www.businessinsider.com/chuck-schumer-biden-bill-timeline-christmas-child-tax-credit-checks-2021-12">An estimated 9 million kids could slip into poverty if Congress fails to step in</a>.<ul><li>Schumer wants Biden to extend student-loan pause: <a href="https://www.businessinsider.com/chuck-schumer-biden-extend-student-loan-payment-pause-omicron-2021-12">The Education Department previously said it wouldn't be extending the pause past February 1</a>.</li></ul>9. Elon Musk unloads on Biden's spending plan: The Tesla CEO told The Journal that his recommendation was to just "can this whole bill." Musk specifically targeted a provision that would authorize a tax credit if Americans bought an electric vehicle assembled by unionized workers with batteries constructed in the US. <a href="https://www.businessinsider.com/elon-musk-says-dems-can-entire-biden-spending-bill-2021-12">More on his reaction</a>.<div type="image" title="30 rock christmas tree and ice skating rink" height="2274" width="3024" msid="88145570" hostid="261"></div>10. How to get lost in New York just like Kevin McCallister: New York City is one of the most popular settings of holiday films and TV shows. Insider's Gabbi Shaw ventured out to some of the city's locations immortalized in classics like "Miracle on 34th Street" and their more modern counterparts like "Elf." <a href="https://www.insider.com/iconic-holiday-movie-locations-nyc-real-life-photos-2021-12">See how you can take on the Big Apple just like one of your favorite Christmas classics</a>.Today's trivia question: In which year was the first Olympic boycott? Email your answer and a suggested question to me at <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.<ul><li>Yesterday's answer: Mark Twain famously called the Washington Monument a "hollow, oversized chimney" during the period <a href="https://www.history.com/this-day-in-history/washington-monument-completed">when construction was halted just before the Civil War</a>.</li></ul>

10 Things in Politics: Biden boycotts China's Olympics

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersEmployees work at the headquarters of Kaspersky Labs in Moscow</div></div></div>The US government's decision this week to <a href="https://www.washingtonpost.com/world/national-security/us-to-ban-use-of-kaspersky-software-in-federal-agencies-amid-concerns-of-russian-espionage/2017/09/13/36b717d0-989e-11e7-82e4-f1076f6d6152_story.html?utm_term=.c4d283109956" target="_blank" rel="noopener noreferrer">ban all federal agencies</a> from using software developed by elite cybersecurity firm Kaspersky Labs could be the first salvo in a broader effort to take aim at Russia's cyber industry. The order came from Elaine Duke, the Acting Secretary of Homeland Security, who gave federal agencies 90 days to get rid of all Kaspersky software from their networks, The Washington Post reported on Wednesday. "The Department is concerned about the ties between certain Kaspersky officials and Russian intelligence and other government agencies, and requirements under Russian law that allow Russian intelligence agencies to request or compel assistance from Kaspersky and to intercept communications transiting Russian networks," the DHS said in a statement. "The risk that the Russian government, whether acting on its own or in collaboration with Kaspersky, could capitalize on access provided by Kaspersky products to compromise federal information and information systems directly implicates U.S. national security," the statement continued. The US intelligence community has long been wary of Kaspersky and its possible ties to the Kremlin. The company is currently under active FBI counterintelligence investigation, and the Senate Intelligence Committee is <a href="http://abcnews.go.com/Politics/classified-senate-briefing-expands-include-russian-cyber-firm/story?id=47619783" target="_blank" rel="noopener noreferrer">probing</a> the nature of its relationship to the Kremlin, calling it an "important national security issue."The FBI also <a href="http://www.businessinsider.com/fbi-interviewing-kaspersky-employees-russia-2017-6" target="_blank" rel="noopener noreferrer">interviewed</a> at least a dozen employees of the firm in late June, visiting them at their homes on the East and West Coasts to gather information about how Kaspersky works. Kaspersky's products are widely used across the US, and officials worry that Russian state actors could exploit Kaspersky's software and gain access to sensitive user data as well as critical infrastructure. Alex McGeorge, the head of threat intelligence at Immunity Inc., told Business Insider that the US government's decision to ban federal agencies from using Kaspersky products could be part of an effort to punish Russia for its increasingly aggressive behavior in the cyber arena, and will likely be more effective than more traditional avenues for recourse, like imposing economic sanctions. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated Press/Dmitry LovetskyRussian President Vladimir Putin addresses the St. Petersburg International Economic Forum in St.Petersburg, Russia, Friday, June 2, 2017.</div></div></div><h2>A central figure in the cyber space</h2>Russia has increasingly <a href="http://www.businessinsider.com/trump-putin-meeting-experts-cybersecurity-election-hacking-2017-7" target="_blank" rel="noopener noreferrer">emerged as a central figure</a> following a slew of high-profile cyberattacks carried out across the globe over the past few years. In addition to interfering in the US election, Russia is also thought to be the culprit behind an elaborate effort to turn Ukraine into a cyber-weapon testing ground.In 2015, a <a href="https://www.wired.com/2016/03/inside-cunning-unprecedented-hack-ukraines-power-grid/">massive cyberattack</a> leveled against the country's power grid cut electricity to almost 250,000 Ukrainians. Cybersecurity experts linked the attack to IP addresses associated with Russia.Since then, <a href="https://www.wired.com/story/russian-hackers-attack-ukraine/">Wired magazine's Andy Greenberg reported</a>, Ukraine has seen a growing crisis in which an increasing number of corporations and government agencies have been hit by cyberattacks in a "rapid, remorseless succession."Officials also believe Russia may have been <a href="http://www.businessinsider.com/petya-cyber-attack-who-is-responsible-russia-europe-ukraine-2017-6" target="_blank" rel="noopener noreferrer">behind this summer's "Petya" cyberattack</a> that crippled countries and corporations across the globe.Investigators have additionally linked Russia to <a href="http://www.businessinsider.com/officials-believe-russia-hacked-us-nuclear-power-sites-2017-7" target="_blank" rel="noopener noreferrer">attacks</a> on at least a dozen US nuclear facilities. The hacks, though confined to the enterprise side of the nuclear plants, raised red flags as they could be a preliminary step toward an attack against the US power grid, cybersecurity experts previously told Business Insider.Perhaps most notably, the US intelligence community concluded that Russia was behind an <a href="http://www.businessinsider.com/evidence-russia-meddled-in-us-election-2017-6" target="_blank" rel="noopener noreferrer">elaborate and multi-faceted influence campaign</a> aimed at tilting the 2016 election in Donald Trump's favor. That effort included, among other things, cyberattacks against the Democratic National Committee and breaching US voting systems in as many as 39 states in an attempt to target and manipulate voter data. <h2>'A continued trend'</h2>The US' actions against Kaspersky could be "just the beginning" of its retaliation against Russia and could prompt a chain reaction "we're only just beginning to see," McGeorge said. Greg Martin, the CEO of cybersecurity firm JASK, echoed that assessment, telling Business Insider that the US' apparent shift toward targeting key players in Russia's cyber industry will likely be "a continued trend."Federal agencies are not the only ones who have cut ties with Kaspersky. Last week, it emerged that Best Buy, the country's largest electronics retailer, had <a href="http://www.businessinsider.com/bestbuy-stops-kaspersky-products-2017-9" target="_blank" rel="noopener noreferrer">pulled all Kaspersky products</a> from its shelves and its website. A source told Star Tribune, which first broke the <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword>, that Best Buy felt there were "too many unanswered questions" about Kaspersky's dealings, which prompted its decision to end its relationship with the firm. In addition to federal agencies banning Kaspersky, the US' largest brick-and-mortar electronics company's decision to cut ties with the Russian firm will also likely impact its revenue from the home user stream, McGeorge noted. Kaspersky is registered with the FSB, Russia's spy agency, but it claims it has no connection to Russian intelligence. "Kaspersky Lab doesn't have inappropriate ties with any government," the firm told Business Insider in a statement last month. The company said no credible evidence has established ties to ties between Kaspersky and the Kremlin, and that it's merely "caught in the middle of a geopolitical fight" and being treated unfairly.It did not return a request for comment about the US government's latest move against it, though Putin's spokesperson, Dmitry Peskov, said Russia "regrets" the decision.Peskov told journalists on Thursday the US' action "cast a shadow over the image of our American colleagues as reliable partners" and was designed to cripple Kaspersky's competitive advantage on the international market.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersFILE PHOTO - An employee works near screens in the virus lab at the headquarters of Russian cyber security company Kaspersky Labs in Moscow</div></div></div><h2>'There is something more afoot' vis-a-vis Kaspersky's Russia ties</h2>The government's decision to penalize Kaspersky could also bear implications for the US cybersecurity industry, which sells plenty of software to Russian companies and banks, as well as other foreign corporations. "These types of actions can sometimes have consequences," Martin said, adding that Russia could theoretically "turn around and ban Russian companies from buying US cybersecurity software."Indeed, a similar event occurred in 2015, when China removed Apple and Cisco from its approved list of technology vendors after Edward Snowden disclosed that the National Security Agency regularly accessed US company data and hardware to spy on foreign adversaries. Despite the risks, however, cybersecurity experts were unequivocal in their assessment that the US government made the right call in blacklisting Kaspersky. There is no concrete evidence available to the public indicating that Kaspersky engaged in any wrongdoing as far as working with the Russian government goes. That said, "there may very well be classified intelligence showing that there's some collusion" between Kaspersky and the Kremlin, Martin said, adding that if that were the case, "it wouldn't be totally surprising."Key figures in the US intelligence community, as well as President Donald Trump's cybersecurity adviser and Democratic and Republican lawmakers, have repeatedly warned against using Kaspersky's products. Rob Joyce, the Trump's administration's cybersecurity coordinator, <a href="http://www.businessinsider.com/trump-administration-warns-kaspersky-labs-cyber-security-kremlin-2017-8" target="_blank" rel="noopener noreferrer">said last month</a> that he does not use the firm's products. "I worry that as a nation state Russia really hasn't done the right things for this country and they have a lot of control and latitude over the information that goes to companies in Russia," Joyce said. "So I worry about that."Michael Morell, the former deputy director of the CIA, also reiterated the intelligence community's belief of a link between Kaspersky and the Kremlin. "There is a connection between Kaspersky and Russian intelligence, and I'm absolutely certain that Russian intelligence would want to use that connection to their advantage," Morell <a href="https://www.cbsnews.com/news/kasperksy-lab-software-suspected-ties-russian-intelligence-rob-joyce/" target="_blank" rel="noopener noreferrer">told CBS News</a>.McGeorge said that whatever evidence the intelligence community has of Kaspersky's involvement in Russia's cyber campaign has motivated the US government "to significantly degrade Kaspersky's ability to do effective business in the US."The frequent warnings from US lawmakers, "combined with the decision by Best Buy, who is not an arm of the US government, suggests that there is something more afoot" regarding Kaspersky's ties to the Kremlin, he added. Eugene Kaspersky, the firm's founder, <a href="http://www.reuters.com/article/us-usa-security-kaspersky/kaspersky-lab-co-founder-accepts-invitation-to-testify-to-u-s-congress-idUSKCN1BP2UV" target="_blank" rel="noopener noreferrer">accepted an invitation</a> on Thursday to testify before the House Committee on Science, Space, and Technology over the security of his company's products. His appearance before the US Congress will mark the highest-profile attempt yet to address longstanding accusations that Kaspersky could be working as an arm of the Kremlin. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-8-vs-iphone-x-guide-comparison-video-2017-9">Apple announced an iPhone 8 and iPhone X - here are the most important differences</a></h3> <div> </div> </div>

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