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<ul><li>Chinese EV maker Xpeng unveiled a new <keyword id="183866" type="General" weightage="20" keywordseo="flying-car" source="Orion">flying car</keyword> that can also operate on roads.</li><li>It has a folding rotor mechanism that makes it a land and air vehicle.</li><li>The company plans on launching it as early as 2024.</li></ul><keyword id="489845" type="General" weightage="20" keywordseo="flying-cars" source="Orion">Flying cars</keyword> are expected to launch and start running as early as 2023. One of the companies preparing to have its flying car up in the air is Chinese smart EV maker Xpeng-backed HT Aero. The company unveiled a <a href="https://www.businessinsider.in/science/news/hondas-futuristic-plans-include-flying-taxis-rockets-and-robots-that-can-roam-on-the-moon/articleshow/86675013.cms">flying car</a> that can also drive on roads. It isn’t commercially available yet but HT Aero has a rollout timeline planned for 2024. HT Aero’s flying car will feature a lightweight design and a folding rotor mechanism, according to a <a href="https://techcrunch.com/2021/10/23/top-highlights-from-xpengs-2021-tech-day/">report</a> by TechCrunch. The rotor folds away so that the car makes it possible to be driven on roads. The vehicle will have a steering wheel for on-ground driving, and a single lever for air mobility. When it’s ready to fly, the rotors will expand for the flying car to get back up in the car. The current prototype is 18 feet in length but the company plans on making it shorter. The company demonstrated its latest innovation at the <keyword id="12381378" type="General" weightage="20" keywordseo="xpeng-tech-day" source="Orion">Xpeng Tech Day</keyword> where it showed a very futuristic looking car driving on the road and rotors expanding out of the two doors to convert into a flying car. <div type="Youtube" id="zUAVYNxyf6I" title="Here's how a flying car may look" thumbUrl="https://i.ytimg.com/vi/zUAVYNxyf6I/mqdefault.jpg"></div> This flying car is also said to be capable of fully evaluating the surrounding environment and weather conditions so that it can conduct safety assessments before taking off. Even before landing, the vehicle’s system will evaluate the data it picks up against driving objectives, the report added. It also uses advanced perception and flight control algorithms to detect and avoid obstacles when flying in the air. The flying car also features a number of safety features including parachutes. Xpeng plans to start mass-producing the flying car with HT Aero soon, and it should be available for commercial sale by 2024. The company is also planning to price the hybrid flying car lower than RMB 1 million ( ₹1,17,35,424). SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tesla-urges-indian-government-to-slash-import-taxes-on-electric-vehicles/articleshow/87177793.cms" data-type="tilCustomLink">Tesla urges Indian government to slash import taxes, requests a meeting between Elon Musk and Prime Minister Modi</a> <a href="https://www.businessinsider.in/business/auto/news/ola-s1-and-s1-pro-test-rides-to-begin-on-november-10/articleshow/87157790.cms" data-type="tilCustomLink">Ola S1 and S1 Pro test rides to begin on November 10</a>

Chinese EV maker unveils flying car planned to be launched by 2024

It's a new week, readers! Today we're looking at how a facial recognition company with a $7.2 million ICE contract <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">exposed dozens of peoples' data</a>, and explaining why <a href="https://www.insider.com/pwn2own-hacking-tesla-contest-cybersecurity-tesla-2022-5">the world's best hackers are competing to break into a Tesla</a>.Let's get started.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – 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>.<a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5"></a>1. Trust Stamp exposed dozens of people's information in a data breach. Insider has learned that the government contractor, which provides facial recognition and surveillance tools for agencies like Immigration and Customs Enforcement, left the personal information of <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">several dozen people exposed on a breached database</a>. <ul><li>The breach — which included names, birthdays, home addresses, and driver's license data — comes shortly after Trust Stamp won a <a href="https://www.businessinsider.com/ice-7-million-contract-trust-stamp-facial-recognition-location-tracking-2022-5">lucrative $7.2 million annual contract with ICE</a>.</li></ul><ul><li>Trust Stamp's CEO, Gareth Genner, said the exposed database was for prospective customers to test its product, and that most entries were "clearly invented data."</li></ul><ul><li>However, Insider independently authenticated the data and discovered <a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">several dozen entries were of real people</a>. </li></ul><a href="https://www.businessinsider.com/trust-stamp-ice-data-breach-facial-recognition-contractor-demo-app-2022-5">Read more about the data breach here.</a> In other news:<a href="https://www.businessinsider.com/amazon-testing-program-flex-drivers-deliver-from-mall-retailers-reports-2022-5"></a><div type="image" title="An Amazon Flex sign is shown with vehicles behind." height="3993" width="5325" msid="91742601" hostid="261"></div>2. Amazon tests having drivers make deliveries from local malls. As per Bloomberg, the trial involves using Amazon Flex drivers to pick up packages from retail locations instead of Amazon delivery stations. <a href="https://www.businessinsider.com/amazon-testing-program-flex-drivers-deliver-from-mall-retailers-reports-2022-5">Here's what we know.</a> 3. Leaked Slack messages show Bolt's head of talent is out after just 5 months. Jennifer Christie, one of the <a href="https://www.businessinsider.com/how-bolt-made-change-4-day-work-week-top-exec-2022-1">pioneers of the company's 4-day workweek</a>, is leaving Bolt to "pursue another opportunity more aligned with her career." <a href="https://www.businessinsider.com/bolt-chief-people-officer-leaving-after-less-than-5-months-2022-5">Here's what we learned from the leaked messages.</a>4. Hackers are competing to break into a Tesla. Pwn2Own's 15th anniversary hacking competition is taking place this week, with $600,000 up for grabs and a Tesla — for those who manage to hack it. <a href="https://www.insider.com/pwn2own-hacking-tesla-contest-cybersecurity-tesla-2022-5">Many of the world's top hackers have gathered in Vancouver for the contest</a>.5. VCs are doubling down on Web3, despite billions of dollars lost in the crypto market. As the <a href="https://www.businessinsider.com/bitcoin-crypto-stock-market-crash-bubble-price-prediction-valkyrie-investments-2022-5">crypto market plunged</a>, VC funding to Web3 startups boomed. <a href="https://www.businessinsider.com/vc-investing-web3-startups-funding-crypto-market-crash-2022-5">This is why investors believe the future of crypto is still ripe for opportunity. </a>6. Meta told employees they can't discuss abortion at work in groups of more than 5 people. As per The Verge, Meta has told employees they can only discuss abortion at work with a single "trusted" colleague in a private setting. <a href="https://www.businessinsider.com/meta-restricts-abortion-discussion-five-people-roe-wade-2022-5">Here's everything we know about the directive</a>.7. Industries seem shaky at the moment, but experts believe <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> talent has a reason to stay calm. <a href="https://www.businessinsider.com/leaked-facebook-memo-details-hiring-freeze-negative-business-impacts-2022-5">With news of layoffs across the industry</a>, the landscape appears precarious. However, slowing growth can also present opportunities. <a href="https://www.businessinsider.com/what-to-know-about-tech-jobs-landscape-2022-5">Here's what job candidates need to know.</a>8. YouTube takes down more than 70,000 videos and 9,000 channels related to the war in Ukraine. As per the Guardian, YouTube has removed videos that described the war as a "liberation mission" for violating content guidelines, and suspended channels associated with Russia's Ministries of Defence and Foreign Affairs. <a href="https://www.theguardian.com/technology/2022/may/22/youtube-ukraine-invasion-russia-video-removals">This is why YouTube took the unprecedented action.</a>Odds and ends:<a href="https://www.businessinsider.com/f150-lightning-electric-ford-truck-tour-walkaround-coolest-parts-2022-5"></a><div type="image" title="F-150 Lightning" height="2249" width="3000" msid="91742602" hostid="261"></div>9. All the coolest features of Ford's F-150 Lightning. From a fold-down work surface to a little Easter Egg only hawk-eyed owners will spot, the F-150 is packed with great features. With a lot to choose from, <a href="https://www.businessinsider.com/f150-lightning-electric-ford-truck-tour-walkaround-coolest-parts-2022-5">here are our favorite parts of Ford's revolutionary electric pickup.</a>10. 50 cryptocurrency and NFT terms you to know. Sharding? Rugpull? Polygon? The latest Web3 jargon often seems like a different language, but we've got a guide that will help you translate all the latest news. <a href="https://www.businessinsider.com/bitcoin-nft-crypto-web-3-terms-you-should-know-2022-5">These are the terms you need to know.</a>What we're watching today:<ul><li>Zoom Video Communications, XPeng Inc., and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here. </a></li><li>The ARPA-E Energy Innovation Summit is getting <a href="https://www.arpae-summit.com/">underway in Colorado</a>.</li><li>Forbes' CIO summit is <a href="https://www.forbes.com/connect/event/2022-cio-summit/">set to begin today</a>.</li><li>The 5th International Conference on Energy Production and Management is <a href="https://www.wessex.ac.uk/conferences/2022/energy-production-and-management-2022">beginning virtually</a>.</li></ul>Keep updated with the latest tech 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 Hallam Bullock in London (Feedback or tips? Email hbullock@insider.com or tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>.)

10 Things in Tech: Trust Stamp data breach

Happy Thanksgiving week. Employees told us about a <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">panic at Spring Health</a>, and we're giving you an inside look at the <a href="https://www.businessinsider.com/rise-and-fall-of-clubhouse-poster-child-pandemic-hype-2021-11">rise and fall of Clubhouse.</a>Let's jump in.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – 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>.<a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11"></a>1. Insiders say Spring Health's hard-charging culture fueled a staff exodus. Founded by April Koh, the $2 billion mental-health startup offers therapy and coaching to corporations like Instacart — but some employees said <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">their own mental health suffered</a> because of the company's culture.<ul><li>Some said the intense environment trickles down from Koh — now the youngest woman running a multibillion-dollar startup — and that "she could be less of an instigator for mental-health issues at a mental-health organization."</li><li>Workers described a culture of workaholism: one said he joined a meeting from a hospital bed while being treated for COVID-19, while another said she worked through a paid "mental-health day" at her manager's direction. </li><li>The pressure-cooker environment has sparked a staff exodus at Spring Health. The company, which has about 250 employees, has seen more than 40 staff members leave since March 2020. </li></ul>More on the <a href="https://www.businessinsider.com/spring-health-april-koh-mental-health-startup-culture-burnout-quitting-2021-11">"mental health unicorn where everyone's mental health went to shit."</a>In other news:<a href="https://www.businessinsider.com/best-black-friday-tech-deals-sales"></a><div type="image" title="Insider Reviews Black Friday 2021 collage image featuring gifts like Instant Pot, Sardel 12-inch Skillet, Apple Watch, TV and Nike SuperRep Go" height="1250" width="1667" msid="87870088" hostid="261"></div>2. We rounded up the best early Black Friday deals for tech lovers. Samsung is kicking off the holiday shopping season early with <a href="https://www.businessinsider.com/black-friday-samsung-deals">up to 35% off gadgets</a> like TVs and smartphones, and Amazon has sales on Apple Airpods Max, Roku Streaming Sticks, and more. <a href="https://www.businessinsider.com/best-black-friday-tech-deals-sales">Check out some of the best tech deals you can snag right now. </a>3. What happened to Clubhouse? Known for being the must-have audio app amid the pandemic, Clubhouse is losing its luster — hobbled by "drama rooms," unhappy creators, dwindling users, and dubious advertisers. <a href="https://www.businessinsider.com/rise-and-fall-of-clubhouse-poster-child-pandemic-hype-2021-11">We take you inside the rise and fall of Clubhouse.</a>4. Facebook researchers wanted to block hate speech — but execs reportedly dismissed the motion to avoid backlash. Employees sought to crush racist and hateful posts on the social media platform, but executives rejected their plan, per The Washington Post. <a href="https://www.businessinsider.com/facebook-meta-employees-hate-speech-dismissed-2021-11">See the details of the internal report, called "Worst of the Worst."</a>5. Google Cloud salespeople are worried about layoffs. Employees at <a href="https://www.businessinsider.com/google-cloud-org-chart-reveals-most-powerful-people-2021-4">Google's growing cloud unit</a> told us they're frustrated about a new compensation structure that could make many of them ineligible for 25% of their cash bonuses — and some are worried the new structure could be a prelude to layoffs. <a href="https://www.businessinsider.com/google-cloud-salespeople-layoffs-worry-bonuses-2021-11">Here's what they told us.</a>6. Chinese <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> competitor XPeng just revealed a sleek SUV. The G9 is Xpeng's fourth vehicle, but it is the first built specifically to sell internationally and take on Elon Musk's <keyword id="11938291" type="UNKNOWN" weightage="60" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> sales in Europe. The car has a high-end look and sports a sizable center touchscreen on its dash. <a href="https://www.businessinsider.com/chinese-tesla-rival-xpeng-g9-suv-europe-electric-cars-2021-11">Here's what we know so far.</a>7. Crypto startup MoonPay scored a $3.4 billion valuation on the back of its latest funding round led by Tiger Global. The Miami-based company, which describes itself as PayPal for crypto, plans to go on a hiring spree with the extra cash. Within two years, MoonPay has processed $2 billion worth of digital transactions — <a href="https://markets.businessinsider.com/news/currencies/moonpay-scores-valuation-as-paypal-for-crypto-plans-hiring-spree-2021-11">and it plans to lead the way for widespread crypto adoption.</a>8. Walmart will be the first retailer to test Twitter's new livestream shopping platform. On Nov. 28, Walmart will host a live Cyber Deals event on Twitter, where users will be able to buy products they see on a livestream. <a href="https://techcrunch.com/2021/11/22/walmart-will-be-the-first-retailer-to-test-twitters-new-livestream-shopping-platform/">More on that here.</a>9. Elon Musk's mother took a dig at Biden on Twitter. Maye Musk mocked Biden for saying GM "electrified the entire automobile industry," skirting over the fact that Tesla cars account for nearly 80% of the EV market in the US. <a href="https://www.businessinsider.com/elon-musk-mom-mocks-biden-gm-electrified-entire-auto-industry-2021-11">See the tweets here.</a>10. Jeff Bezos just donated $100 million to the Obama Foundation. The donation, the largest individual donation in the organization's history, will go to two youth organizations within the foundation. <a href="https://www.businessinsider.com/jeff-bezos-obama-foundation-donation-2021-11">Get the rundown here.</a>Compiled by Jordan Parker Erb and Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 things in tech you need to know today

<ul class="summary-list"><li>Tesla's Chinese rivals are building their own humanoid robots to rival Tesla.</li><li>EV startup Xpeng unveiled its Iron humanoid robot at its AI day event this month.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> is facing fierce competition in China from local EV makers — and now they're building their own versions of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk's</a> Optimus robot.Electric vehicle startup Xpeng unveiled its Iron robot last week, a nearly 6-foot tall robot that the company said was already working in its factories and stores.<div type="image" title="Xpeng's Iron robot demonstrates walking." height="897" width="1196" msid="115332389" hostid="261" sizebytes="19508"></div>Iron, which Xpeng said had been in development for five years, shares AI technology with the company's EVs, and has over 60 joints with more than 200 degrees of freedom.It's the latest foray into science fiction from Xpeng, which has taken the fight to Tesla in China with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-rival-china-xpeng-launches-cheap-ev-self-driving-tech-2024-8">its array of high-tech electric vehicles</a>.The company also unveiled a new hybrid system that promises 1,400km or 870 miles in combined range, as well as its latest intelligent driving systems and the "Land Aircraft Carrier," a modular flying car that goes on sale in December.Xpeng is <a target="_blank" class="" href="https://www.businessinsider.com/teslas-chinese-rivals-use-humanoid-robots-to-help-build-cars-2024-6">not the only Tesla rival turning to mechanical workers</a>. In June, Automaker Dongfeng Motors struck a deal with Chinese robotics firm Ubtech to deploy its human-like robots on production lines.Ubtech said its Walker S robots would be used to inspect seat belts and door locks, perform quality checks, and assemble car axles.Ubtech's robots have also been piloted by EV startup Nio, which uses them as " interns" assisting with car production. The robots are training in the factories of arch-Tesla rival BYD too, per local reports. Another of Ubtech's robots, the Cruzr commercial service robot, has helped <a target="_blank" class="" href="https://www.commercial.ubtrobot.com/ubtech-assists-in-the-launch-of-byds-first-pickup-truck-ushering-in-a-new-era-of-automotive-retail.html">launch BYD's products</a> and has been deployed and tested as a mechanical salesperson in the company's South American stores.The scramble to incorporate humanoid robots comes as Elon Musk touts Tesla's Optimus robot.The billionaire has described <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robot-business-optimus-most-important-new-product-2022-1">Optimus as Tesla's most important product</a>.The robot played a starring role at Tesla's robotaxi unveiling in October, with a fleet of Optimus bots, partly controlled by humans, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-optimus-robot-serves-drinks-dances-2024-10">serving drinks and interacting with attendees</a>,Away from the robot arms race, Tesla's electric vehicle business is coming under increasing pressure in China, with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-china-sales-drop-byd-hybrids-2024-11">sales declining year over year in October</a> even as rivals <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a>, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">Zeekr, and Xpeng boom</a>.

Tesla's Chinese EV competitors are racing to build their own Optimus rivals

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Europe just had its largest auto show of the year, but out-of-towners nabbed the spotlight. China's EV giants like BYD, Xpeng, and Leapmoter <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">showed off new models that turned heads</a>.In today's big story, Netflix's earnings report comes as Wall Street wonders <a target="_blank" href="https://www.businessinsider.com/netflix-questions-from-wall-street-growth-ads-future-earnings-2024-10">if the king of streaming can keep its crown</a>.What's on deck:<ul><li>Markets: BNPL Klarna is exploring <a target="_blank" rel="noopener" href="https://www.businessinsider.com/klarna-stock-trading-robinhood-bnpl-app-ipo-2024-10">adding stock-trading features to its app</a>.</li><li>Tech: Both Trump and Harris support homegrown semiconductors, <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">but that doesn't mean they won't impact the industry</a>.</li><li>Business: NYC's short-term rental ban was supposed make housing cheaper. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nyc-short-term-rental-airbnb-ban-housing-market-impact-data-2024-10">Did it</a>?</li></ul>But first, skip intro.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">Next on Netflix</h2><div type="image" title="Netflix and Wall street bull hug" height="1000" width="2000" msid="114320003" hostid="261" sizebytes="147320"></div>Netflix won the streaming crown. Now, it has to keep it.The gap between Netflix and its fellow streamers is more of a chasm these days. (I'm not exaggerating. Just look at this chart <a target="_blank" href="https://www.businessinsider.com/netflix-stock-historic-high-chart-streaming-2024-9">comparing Netflix's stock price with its rivals</a>.)But life at the top just means the expectations are that much higher. Business Insider's Lucia Moses outlined <a target="_blank" href="https://www.businessinsider.com/netflix-questions-from-wall-street-growth-ads-future-earnings-2024-10">investors' key questions about Netflix</a> ahead of its third-quarter earnings call this afternoon.One thing we do know is the subscription gravy train is slowing down. After enjoying a bump in subscribers from its password-sharing crackdown, executives have telegraphed a year-over-year drop in net additions for Q3.But Netflix has other levers to pull for growth.Games are one interesting avenue the streamer is pursuing. It's unclear if the investment is paying off, but new games president Alain Tascan recently shook things up by <a target="_blank" href="https://www.businessinsider.com/netflix-shakes-up-gaming-division-new-epic-hire-layoffs-2024-10">bringing in a former Epic Games executive and cutting some staff</a>.Netflix's other options range from straightforward (raising subscription prices) to complex (creating events tied to popular shows).<div type="image" title="Photo of two players in a football game" height="1333" width="2000" msid="114320008" hostid="261" sizebytes="131216"></div>We'll get a preview of one new growth opportunity for Netflix this quarter.The NFL is coming to the streamer this Christmas, with Netflix showing two games on the holiday. It's part of a <a target="_blank" href="https://www.businessinsider.com/netflix-nfl-football-streaming-deal-explained-peter-kafka-2024-5">three-year deal it inked with the NFL</a>, joining rival streamers in buying the rights to show America's new favorite pastime.Football games can come with an initial boost in users — Peacock reportedly nabbed <a target="_blank" href="https://www.businessinsider.com/peacock-nfl-playoff-stream-drew-millions-subscribers-report-2024-1">2.8 million subscribers for its NFL playoff game</a> last season — but they <a target="_blank" href="https://www.businessinsider.com/peacock-subscriber-loss-first-comcast-churn-olympics-nfl-2024-7">don't always stick around</a>, as BI's Peter Kafka has previously covered.There's also a touch of reputational risk among fans who complain about needing to subscribe to yet another streamer <a target="_blank" href="https://www.businessinsider.com/netflix-new-nfl-deal-some-sports-fans-crying-foul-2024-5">to watch their beloved football</a>.The NFL isn't really about adding more subscribers for Netflix, though. The games, <a target="_blank" href="https://www.businessinsider.com/why-netflix-pro-wrestling-wwe-deal-makes-sense-2024-1">along with its $5 billion pro wrestling deal</a>, are about building out its ads business.Netflix has already tested the waters with live events with varying degrees of success. (Remember the <a target="_blank" href="https://www.businessinsider.com/netflix-love-is-blind-live-reunion-delayed-apology-technical-2023-4">"Love Is Blind" reunion debacle</a>?)But games featuring the league's biggest stars (Patrick Mahomes, reigning MVP Lamar Jackson) meant to help the NFL overtake a holiday dominated by the NBA mean the stakes are higher than ever.Then again, Netflix is used to the spotlight.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Liam Payne, <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/one-direction-liam-payne-dead-buenos-aires-2024-10">former One Direction star, dead at 31</a> in Buenos Aires.</li><li>Kamala Harris defends her economic plan and insists she won't be more of Joe Biden in a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/kamala-harris-fox-news-interview-economic-plan-donald-trump-2024-10">tense interview with Fox News</a>.</li><li>Apple's chief people officer, who reports directly to Tim Cook, is<a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-chief-people-officer-leaving-carol-surface-executive-2024-10"> leaving the company after less than 2 years</a>.</li><li>A quant research leader from Two Sigma's vaunted 'techniques' squad <a target="_blank" href="https://www.businessinsider.com/two-sigma-exec-kan-huang-techniques-unit-joins-cubist-2024-10">is leaving for Cubist</a>.</li><li>Elon Musk hits the campaign trail in a key swing state <a target="_blank" href="https://www.businessinsider.com/elon-musk-campaign-trail-pennsylvania-donald-trump-key-swing-state-2024-10">after donating $75 million to a pro-Trump super PAC</a>.</li><li>AI sales startup Clay is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-sales-startup-clay-raising-new-vc-round-2024-10">raising a new funding round at a $1.3 billion valuation</a>, sources say.</li><li>What's next in Diddy sex-trafficking case: <a target="_blank" href="https://www.businessinsider.com/diddy-case-sean-combs-next-court-date-2024-10">possible gun and drug charges, a gag order, and a bail decision</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A Louis Vuitton store" height="683" width="1024" msid="114320004" hostid="261" sizebytes="62718"></div><ol><li>Luxury stocks are looking like knockoffs. LVMH, the French luxury conglomerate that includes Louis Vuitton and Christian Dior, reported a Q3 sales decline that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/lvmh-stock-price-earnings-lucury-sales-china-economy-demand-stimulus-2024-10">sent its stock tumbling</a> along with competitors. The main culprit: China's recent stimulus won't be enough to boost the country's waning consumer demand.</li><li>AI mania latest: Taiwanese chip giant TSMC <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">posted blockbuster Q3 results</a> Thursday. It comes after one of its suppliers, Dutch chip equipment maker ASML, posted a downbeat earnings report that triggered a sell-off. TSMC's CEO insisted demand for AI "is real" during the earnings call.</li><li>Buy now, pay later, trade whenever. BNPL giant Klarna is exploring building a tool for users to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/klarna-stock-trading-robinhood-bnpl-app-ipo-2024-10">buy and sell stocks through its app</a> and compete with Robinhood, according to an internal Slack message seen by BI. The Swedish company is building out its product offerings as it reportedly looks to IPO in the US.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="semiconductor chips" height="1500" width="2000" msid="114320001" hostid="261" sizebytes="251438"></div><ol><li>Trump or Harris? For chip investment, it doesn't matter. The US's push into semiconductors will prevail, regardless of who wins the White House in November. Both candidates think chip production is key for economic and national security reasons — but their stances on other issues, like taxes and immigration, <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">could still affect the semiconductor industry</a>.</li><li>Help wanted: Elon Musk's xAI is looking for "AI tutors." <a target="_blank" href="https://www.businessinsider.com/elon-musk-xai-hiring-spree-ai-tutors-2024-10">The startup is on a hiring spree</a>, having recently opened a spate of AI tutor roles. The job pays between $35 and $65 an hour and is focused on helping train language algorithms.</li><li>What SpaceX needs to win its lawsuit against a California commission. Elon Musk's company sued the California Coastal Commission after it denied a request for more frequent SpaceX flights. Musk's lawyers accuse the commission of regulatory overreach because commissioners have criticized Musk's politics. To win their case, they'll have to show the <a target="_blank" href="https://www.businessinsider.com/elon-musk-free-speech-lawsuit-california-coastal-commission-spacex-2024-10">flights would've been approved otherwise</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The Statue of Liberty torch with an Airbnb logo in the flame" height="1000" width="2000" msid="114320005" hostid="261" sizebytes="428036"></div><ol><li>NYC banned short-term rentals last year. It's unclear if it's helped the city's housing crisis. The ban was supposed to make housing cheaper. So far, the results are mixed: While rent-price growth has slowed and home inventory has increased modestly, <a target="_blank" href="https://www.businessinsider.com/nyc-short-term-rental-airbnb-ban-housing-market-impact-data-2024-10">it's not clear how much of that is directly correlated to the ban</a>.</li><li>Amazon goes Hollywood. Under the leadership of former Paramount exec Amy Powell, <a target="_blank" href="https://www.businessinsider.com/inside-amazon-branded-entertainment-playbook-amy-powell-2024-10">Amazon is looking for ways to market itself</a> outside the traditional TV spot. Part of that includes a new show with the creator of the hit social-media series "Recess Therapy," which Amazon hopes will help portray it as a force for good.</li><li>Inside the LinkedIn laugh factory. America's favorite social media app for humblebragging and exaggerated corporate enthusiasm has become a surprise source of corporate trolling. Comedians are satirizing workaholism so well that it can be hard to tell what's ironic and what's not. But while LinkedIn comedy might be refreshing new content, <a target="_blank" href="https://businessinsider.com/americas-hottest-comedy-club-linkedin-satire-unhinged-ceos-2024-10">it's unlikely to change the platform's culture</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Netflix and other companies report Q3 earnings.</li><li>NATO defense ministers meet.</li><li>"El Mayo," head of the Sinaloa cartel, is charged in US court with conspiracy and money laundering.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Netflix airing NFL games on Christmas will be the streaming giant's biggest test for its next area of growth

<ul class="summary-list"><li>Tesla's stock dropped as much as 13% on Wednesday after reporting weak second-quarter earnings.</li><li>The drop pulled down other EV stocks, including Rivian and Lucid.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock tumbled as much as 13% on Wednesday after the company's second-quarter results offered limited reassurance to eager investors.The leading electric-vehicle maker <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-7">reported</a> adjusted earnings per share of $0.52 a share, missing the consensus estimate of $0.60. It marked the fourth straight quarter of Tesla falling short of analyst forecasts.CEO Elon Musk also said the company's much-anticipated Robotaxi event would be postponed until October 10. The taxi's unveiling, seen by many on Wall Street as a <a target="_blank" href="https://www.businessinsider.com/tesla-stock-price-prediction-tsla-deliveries-demand-robotaxi-elon-musk-2024-07">major AI-driven catalyst for Tesla</a>, was originally scheduled for next month."Tesla's muddling through the EV recession," Adam Jones, a Morgan Stanley analyst, wrote, citing a quarter-over-quarter drop in capital expenditures.The sharp loss dragged other EV stocks lower on Wednesday. Tesla's fellow US manufacturers <a target="_blank" href="https://markets.businessinsider.com/stocks/lcid-stock?miRedirects=1&amp;utm_medium=ingest&amp;utm_source=markets">Lucid</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian</a> fell as much as 6.6% and 8.3%, respectively. Other companies in the red included Polestar (-4.6%), Zeekr (-6.9%), VinFast (-5.9%), Workhorse (-3.4%), and Nikola (-5.2%).The losses extended to Chinese names, with XPeng, Nio, and BYD falling at least 2%.While the EV sector saw a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_Insider%20Today,%20July%2010,%202024">vehicle-delivery resurgence</a> earlier in the quarter, the environment is getting increasingly difficult as consumer demand shifts toward <a target="_blank" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*en54f7*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyMTgzNjIxMC40NjYuMS4xNzIxODQwMDQ2LjU4LjAuMA..">cheaper hybrid models</a>.This week offered more clues about the so-called EV recession after General Motors announced it would delay plans for an <a target="_blank" href="https://www.cnbc.com/2024/07/23/gm-slows-its-ev-plans-again-even-as-sales-grow.html">all-electric-vehicle manufacturing plant</a> and its new Buick EV model. Its stock is down nearly 5% this week, despite beating second-quarter estimates.According to the Barclays analyst Dan Levy, Tesla's report should persuade investors to focus on its fundamentals once again. The stock is up <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-meme-bill-gross-tsla-fundamentals-win-streak-2024-7">20% from a month ago</a> as the company's <a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-ride-hailing-app-video-2024-6">tech ambitions</a> fall back into the spotlight.This run-up is why the Cantor Fitzgerald analyst Andres Sheppard has downgraded the stock to neutral.<a target="_blank" href="https://www.businessinsider.com/experts-love-tesla-q2-earnings-bullish-bearish-ark-wedbush-deepwater-2024-7#:~:text=Munster%20said%20he%20is%20optimistic,that%20league%2C%22%20he%20said.">But not everyone</a> on Wall Street has soured over the Tesla report. For instance, Gene Munster of Deepwater Asset Management cited long-term bullish catalysts, including Tesla's pledge to create fully self-driving cars and humanoid robots.Wedbush Securities' Dan Ives echoed the optimism, saying the firm's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-earnings-ai-robotaxi-self-driving-dan-ives-2024-7">upcoming Robotaxi day should trigger a new wave of growth</a>. He continued to hold a $300 price target on Tesla.Even Sheppard lifted Tesla's price target from $230 to $245, citing record growth in the company's energy-storage and -deployment segment. This battery sector deployed 9,400 megawatt-hours in the second quarter.

Tesla tanks 13% after earnings, dragging other EV stocks lower

<ul class="summary-list"><li>A former <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> engineer was sentenced to prison after pleading guilty to stealing trade secrets.</li><li>Apple accused him of planning to sell trade secrets from when he worked on a car project from 2015 to 2018.</li></ul>Former Apple employee Xiaolang Zhang has been sentenced to prison after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ex-apple-engineer-accused-of-stealing-trade-secrets-pleads-guilty-1031701645">pleading guilty to all charges of stealing trade secrets </a>in August 2022.Zhang formerly worked on Apple's secretive self-driving car efforts, called <a target="_blank" href="https://www.businessinsider.com/apple-car-ev-autonomous-level-two-design-delays-2024-1">"Project Titan."</a> He served as an engineer on the compute team, which created circuit boards for auto sensors.Court documents show that Zhang first sparked concerns when he left his job as an Apple engineer and joined Chinese auto company, Guangzhou Xiaopeng Motors Technology, also known as XPeng in 2018. According to a statement from the US Attorney's Office, his network activity in the three days prior to his leave surpassed any of his activity over the past two years.Apple found the behavior suspicious and filed an investigation, alleging that Zhang had downloaded various classified files that he was planning to sell to Chinese auto companies. Some of the confidential items included a hard drive, semiconductor manuals, and 25 pages of documents detailing engineering schematics of a circuit board, according to court documents.Zhang first pleaded not guilty but entered a confidential plea deal with the US government and pleaded guilty to all charges in August 2022, according to court filings. The charge could have led to a maximum of 10 years in prison and a $250,000 fine.Apple's "Project Titan" autonomous car effort is years in the making and has faced numerous delays and pivots. An Apple car was initially rumored to <a target="_blank" href="https://www.businessinsider.com/everything-we-know-about-apples-project-titan-electric-car-2016-8">come out in 2021</a>, with speculation surrounding secret labs in Berlin and California.When asked about the project in a New York Times podcast in 2021, Apple CEO Tim Cook didn't confirm a car was in the works, but said that the company pursues <a target="_blank" href=" https://www.businessinsider.com/apple-car-electric-vehicle-autonomous-tim-cook-project-titan-2021-4#:~:text=Tim%20Cook%20hinted%20that%20Apple,see%20the%20light%20of%20day'&amp;text=CEO%20Tim%20Cook%20has%20hinted,is%20making%20an%20electric%20vehicle">many ideas that never "see the light of day."</a>More recently the tech giant reportedly <a target="_blank" href="https://www.businessinsider.com/apple-car-ev-autonomous-level-two-design-delays-2024-1">downgraded the vehicle</a> currently in the works from a more ambitious design to one with Level 2+ autonomy, similar to a standard Tesla, meaning a driver wouldn't be able to take their hands off the wheel for extended periods of time. Apple also delayed the target launch to 2028, according to the report.Apple did not respond to requests for comment.Zhang now faces 120 days in prison, three years of supervised release, and a fine of $146,984. His prison sentence will begin on June 24, 2024, according to the Northern District of California court order.

Ex-Apple engineer sentenced to prison after pleading guilty to stealing trade secrets about self-driving car project

Today's the day. Netflix's lower-priced subscription tier, <a href="https://www.businessinsider.com/netflix-with-ads-plan-cost-launching-november-details-2022-10">Basic with Ads</a>, is now available, so you can spend less to watch your favorite shows. Apparently it's also <a href="https://www.thrillist.com/news/nation/national-sandwich-day-free-food-deals">National Sandwich Day</a>, so kick your feet up, eat a sandwich, and binge watch some of the <a href="https://www.insider.com/netflix-new-movies-shows-november-titles-2022-10">new series</a> that hit the streamer this week. And if you have some spare time between Netflixing and sandwiching, go ahead and nominate someone for our <a href="https://www.businessinsider.com/seeking-nominations-for-the-2022-rising-stars-of-venture-capital-2022-10">2022 list of venture capital's rising stars</a>. We'd love to hear from you.I'm your host, Jordan Parker Erb. Let's get to today's stories.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/apple-pauses-hiring-freeze-2023-economic-fears-recruiting-tim-cook-2022-11"></a>1. Hiring freezes are underway at Apple. Since the summer, the company has touted its "deliberate" decisions about investment and hiring. But three sources with close knowledge of conversations at the company told Insider <a href="https://www.businessinsider.com/apple-pauses-hiring-freeze-2023-economic-fears-recruiting-tim-cook-2022-11">it has paused almost all hiring</a>.<ul><li>Staff across divisions, the sources said, have been told the company won't be onboarding new hires for a number of months — and that the pause could last through September 2023. </li><li>The hiring stall affects full-time employees inside the company, one person said, with divisions such as retail still likely to add sales staffers at Apple locations in advance of the holiday gifting rush.</li><li>Officially, Apple has said it's taking a cautious approach to onboarding new recruits. In a statement to Insider, a spokesperson said the company wants to make "smart decisions that enable us to continue fueling innovation for the long term."</li></ul><a href="https://www.businessinsider.com/apple-pauses-hiring-freeze-2023-economic-fears-recruiting-tim-cook-2022-11">An inside look at what we know so far.</a>In other news:<a href="https://www.businessinsider.com/elon-musks-twitter-identifies-thousands-who-will-be-laid-off-2022-11"></a><div type="image" title="Elon Musk." height="1345" width="1793" msid="95278316" hostid="261" sizebytes="55172"></div>2. Musk's Twitter has a list of thousands of employees who will be laid off, representing about 50% of the company's workforce. According to two sources and an internal message, the list, which identifies those who may get severance, had about 3,700 people on it when it was <a href="https://www.businessinsider.com/elon-musks-twitter-identifies-thousands-who-will-be-laid-off-2022-11">being finalized Wednesday</a>.3. In a leaked recording, Cerebral execs explain their rationale for mass layoffs. The audio recording, obtained by Insider, reveals executives telling workers that they blew through too much money too quickly. <a href="https://www.businessinsider.com/cerebral-leaked-audio-execs-say-startup-grew-unsustainably-2022-11">How the embattled mental-health startup is changing course.</a>4. Google searches for excuses to skip work increased nearly 1,900% since 2020. Amid return-to-office mandates, people Googled excuses to skip work more than 2 million times this year. <a href="https://www.businessinsider.com/google-searches-excuses-skip-work-increase-great-resignation-office-return-2022-11">Why more people are looking to play hooky.</a>5. A "magic" new AI tech has become the hottest thing in Silicon Valley. VCs are keeping their eyes on "generative artificial intelligence," or AI that can generate text, images, videos, code, and more — but some are raising concerns over its ethics and safety. <a href="https://www.businessinsider.com/generative-artificial-intelligence-hot-ethical-safety-concerns-funding-venture-capital-2022-10">We break down why everyone's watching generative AI.</a>6. A Twitter employee shared a picture of his boss sleeping on the office floor. The photo shows his boss in a sleeping bag and eye mask on the floor — illustrating Elon Musk's new hardcore work culture. <a href="https://www.businessinsider.com/elon-musk-twitter-employee-photo-boss-asleep-office-floor-deadlines-2022-11">See the photo here.</a>7. Jack Ma's former assistant reveals the "secret sauce" behind Alibaba's meteoric rise. In a new book, Brian A. Wong details Alibaba's management ethos and how it can be applied by others to achieve similar success. <a href="https://www.businessinsider.com/the-tao-of-alibaba-book-jack-ma-brian-wong-2022-11">Read some key takeaways from his book.</a>8. "TrumpIsDead" began trending on Twitter as an apparent test of moderation on the platform. Following Elon Musk's takeover, an actor and comedian put his control of Twitter and its moderation practices to the test. <a href="https://www.businessinsider.com/trumpisdead-trending-on-twitter-in-moderation-test-for-elon-musk-2022-11">Here's what went down.</a>Odds and ends:<a href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11"></a><div type="image" title="The Xpeng X3 flying car prototype." height="909" width="1213" msid="95278317" hostid="261" sizebytes="25272"></div>9. A Chinese Tesla rival built the most literal interpretation of "flying car" we've seen yet. Code-named the X3, Xpeng's flying car is designed to "fly over traffic congestion" and seamlessly switch between driving and flying. <a href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">You can watch its maiden voyage here.</a>10. A viral Tweet Generator uses AI to imitate your tweeting style. Can't think of anything to tweet? Let Tweet Hunter's AI Tweet Generator do it for you. The free tool analyzes your tweets, then tries to come up with a bunch of new posts that sound like something you'd write. <a href="https://www.businessinsider.com/guides/tech/ai-tweet-generator">Here's how it works.</a>What we're watching today:<ul><li>The 2022 <a href="https://www.forbes.com/connect/event/2022-forbes-iconoclast-summit/">Forbes Iconoclast Summit</a> starts today in New York City. </li><li>Coinbase, DoorDash, PayPal, and others are reporting earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here.</a></li></ul>Keep updated with the latest tech 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 Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Apple has instituted a hiring freeze. Here's what to know.

<ul><li>The <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones industrial average</a> erased its 2020 losses on Thursday as stocks rallied on the Federal Reserve's <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-jerome-powell-jackson-hole-comments-crisis-strategy-2020-8-1029540793">new monetary policy framework</a>.</li><li>The 30-stock index gained as much as 1.1% in the session. <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> and <a href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> led the index higher following news of their joint bid for TikTok.</li><li>The Dow lagged its peers in turning positive for the year, largely due to its smaller exposure to rallying tech giants.</li><li>The industrial average now sits roughly 1,000 points away from notching a record high.</li><li><a href="https://markets.businessinsider.com/index/dow_jones">Watch the Dow update live here</a>.</li></ul>The <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones industrial average</a> rose above its December 31 closing level on Thursday, becoming the last of the three major US stock indexes to erase its year-to-date losses.The 30-stock index gained as much as 1.1%, or 302 points, in Thursday trading amid the broader <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> rally. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-major-indexes-powell-jackson-hole-speech-2020-8-1029540529">Equities gained through the morning</a> after Federal Reserve Chairman Jerome Powell unveiled the central bank's <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-jerome-powell-jackson-hole-comments-crisis-strategy-2020-8-1029540793">new framework</a> for controlling inflation, maximizing employment, and padding against future economic downturns. The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq composite</a> both notched record highs on the news.The index rode a second boost later in the morning when <a href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> announced its <a href="https://www.businessinsider.com/tiktok-acquisition-walmart-microsoft-bid-softbank-us-operations-2020-8?utm_source=notification&amp;utm_medium=referralrral">joint bid</a> with <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> to acquire TikTok. Both stocks leaped higher on news of the potential deal.The Dow's smaller exposure to surging tech stocks hindered its rise in recent months. The Nasdaq composite rode tech mega-caps higher to <a href="https://markets.businessinsider.com/news/stocks/nasdaq-composite-erases-2020-losses-strong-tech-earnings-stock-market-2020-4-1029178443">wipe out its 2020 losses in May</a>, while the S&amp;P 500 turned positive for the year <a href="https://markets.businessinsider.com/news/stocks/sp-500-erases-ytd-losses-investors-economic-reopening-recovery-coronavirus-2020-6-1029290367">in early June</a>.Walmart gained the most out of the Dow's constituents as of 12 p.m. ET, followed closely by <a href="https://markets.businessinsider.com/stocks/trv-stock">Travelers</a> and <a href="https://markets.businessinsider.com/stocks/axp-stock">American Express</a>. <a href="https://markets.businessinsider.com/stocks/hd-stock">Home Depot</a> declined the most.Read more: <a href="https://www.businessinsider.com/apple-stock-options-trading-strategy-boost-returns-amid-rally-bofa-2020-8">Bank of America shares a trading strategy designed to boost returns from a 'potential blow-off' rally in Apple's stock as it surges past big-tech peers</a>The Dow's run-up comes just a few days after it announced the <a href="https://markets.businessinsider.com/news/stocks/dow-jones-industrial-average-shakeup-exxon-pfizer-raytheon-removed-2020-8-1029531716">biggest shakeup to its index membership since 2013</a>. The industrial benchmark will ditch <a href="https://markets.businessinsider.com/stocks/xom-stock">Exxon</a>, <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a>, and <a href="https://markets.businessinsider.com/stocks/rtx-stock">Raytheon</a> at the end of the month for <a href="https://markets.businessinsider.com/stocks/crm-stock">Salesforce</a>, <a href="https://markets.businessinsider.com/stocks/amgn-stock">Amgen</a>, and <a href="https://markets.businessinsider.com/stocks/well-stock">Honeywell</a>. The update was prompted by <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple's</a> upcoming five-for-one stock split. Since the Dow is price-weighted, the split cuts away at its tech exposure and led S&amp;P Dow Jones Indices to rebalance the lineup.The stock market has also surged in recent sessions on better-than-expected economic data, strong corporate earnings, and falling new COVID-19 infections. Most recently, durable goods orders in July climbed 11.2%, trouncing the consensus economist estimate of a 4.8% increase. Earnings beats from Salesforce, <a href="https://markets.businessinsider.com/stocks/urbn-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Urban Outfitters</a>, and <a href="https://markets.businessinsider.com/stocks/hpe-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">HP Enterprise</a> lifted stocks on Wednesday.Still, hurdles remain for the Dow and its peers. The US continues to grapple with the coronavirus and its economic fallout, with slowed hiring and spending activity suggesting the recovery has weakened. Weekly jobless claims stabilized at historic highs after weeks of steady declines. Market strategists also warn that the rally's reliance on tech giants poses a major downside risk should any one of the mega-caps falter.Should the Dow overcome such obstacles, it stands to break through its pre-pandemic peak. The index sits roughly 1,000 points, or a 3.5% gain, from setting a new record.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/federal-reserve-inflation-jerome-powell-jackson-hole-comments-crisis-strategy-2020-8-1029540793">Fed to overhaul approach for controlling inflation to better handle future downturns and reach full employment, Jerome Powell says</a><a href="https://markets.businessinsider.com/news/stocks/xpeng-ipo-tesla-chinese-rival-target-raise-electric-cars-nyse-2020-8-1029540279">Chinese Tesla competitor Xpeng upsizes IPO, will now raise $1.5 billion amid strong demand</a><a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-morgan-stanley-2020-8">MORGAN STANLEY: Buy these 12 stocks underappreciated stocks that offer strong profit growth and are due for a surge</a><div type="image" title="DJIA" height="1114" width="1430" msid="77789506" hostid="261"></div>

Dow erases 2020 losses as Fed policy overhaul lifts stocks

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Ng Han Guan/AP</div></div></div><ul class="summary-list"><li>Chinese electric-car startup <a href="https://markets.businessinsider.com/stocks/nio-stock">Nio</a>, known as the Tesla of China, debuted for trading in the US on Wednesday.</li><li>Nio, backed by Chinese tech giant Tencent, failed to raise the $1.8 billion it targeted during its initial public offering.</li><li>Nio's fundraising is an example that shows China's ambition to become a dominant global electric-vehicle producer, Reuters says.</li></ul>Chinese electric-car startup <a href="https://markets.businessinsider.com/stocks/nio-stock">Nio</a>, which has been touted as the Tesla of China, went public in the US on Wednesday, weeks after <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingest">Tesla</a> CEO Elon Musk openly said he was considering taking his company private.Shares of Nio debut with a sell-off, opening at $6 apiece or 4.2% below its initial-public-offering price of $6.26. The company raised $1 billion from the offering, falling short of the <a href="https://www.businessinsider.com/r-nio-seeks-to-raise-18-billion-in-biggest-us-listing-by-china-automaker-2018-8">$1.8 billion target</a> it had set.<a href="https://markets.businessinsider.com/stocks/iq-stock">iQiyi</a>, known as the Netflix of China, is still the biggest US listing by a Chinese firm this year. iQiyi raised $2.42 billion from a Nasdaq IPO in March. <a href="https://markets.businessinsider.com/stocks/pdd-stock">Pinduoduo</a>, an online group discounter, is the second largest at $1.63 billion. Nio, backed by Chinese tech giant Tencent, was founded by William Li in November 2014 as NextCar and changed its name in July 2017. Tencent, its largest investor, beneficially owns all the Class B ordinary shares and represents 21.5% of the voting power. Li retains 14.5% of the business and 48.3% of the voting power, according to <a href="https://www.bizjournals.com/sanjose/news/2018/08/29/nio-tesla-rival-ipo-us-hq.html">Bizjournals,</a> citing the electric-car maker's <a href="https://www.sec.gov/Archives/edgar/data/1736541/000119312518247401/d560276df1.htm#rom560276_1a">filing</a>.Nio's public fundraising shows China's ambition to become a dominant global electric-vehicle producer as the nation bids to reduce vehicle emissions, produce high-tech industries, and compete with the likes of Tesla and other electric-car makers, <a href="https://www.businessinsider.com/r-nio-seeks-to-raise-18-billion-in-biggest-us-listing-by-china-automaker-2018-8">Reuters says.</a> It notes that other electric-car makers in China, such as WM Motor Technology Co and Xpeng Motor, have also raised billions from heavyweight investors including tech giants Alibaba, Baidu, and Tencent.While Nio just started trading in the US, its competitor Tesla has been under pressure since Musk <a href="https://www.businessinsider.com/elon-musk-says-may-take-tesla-private-2018-8?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">tweeted</a> on August 7 that he was considering taking his company private at $420 a share and had "funding secured." He later reversed course, but his tweets triggered a Securities and Exchange subpoena and relentless attacks from investors betting against the company.Now read:<ul><li><a href="https://www.businessinsider.com/etf-market-myth-dispelled-why-tech-employees-will-benefit-most-from-expansion-2018-9?r=markets-insider?utm_source=markets&amp;utm_medium=ingest?r=markets-insider" target="_blank" rel="noopener">A Wall Street expert dispels a huge myth about the $5 trillion ETF market - and explains why tech employees are the big winners of the industry's explosion</a></li><li><a href="https://www.businessinsider.com/amazon-business-is-growing-rapidly-2018-9?r=markets-insider?utm_source=markets&amp;utm_medium=ingest?r=markets-insider" target="_blank" rel="noopener">Amazon has quietly taken a big and fast-growing stake in a $7 trillion market</a></li><li><a href="https://www.businessinsider.com/amazon-business-is-growing-rapidly-2018-9?r=markets-insider?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a><a href="https://www.businessinsider.com/crypto-trading-platform-seedrx-raises-15-million-2018-9?r=markets-insider?utm_source=markets&amp;utm_medium=ingest?r=markets-insider" target="_blank" rel="noopener">'They see it the same way they see the VIX and gold': The 25-year-old cofounder of a crypto trading platform explains why billion-dollar hedge funds are getting interested in the market</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/yifang-mudflip-taiwan-bubble-tea-brand-opens-in-london-2018-8">This Taiwanese tea is so popular in London that it's only sold twice a day and is limited to 1 per person</a></h3> <div> </div> </div>

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