Plus: AI tips for content creators, and Tesla repair woes.
| | December 21, 2023 • 5 min read | | | | | | | | | | | | | |
Shannon Stapleton/Reuters (left); Brendan McDermid/Reuters | | | | | Reuters Sweeping changes to an established entity are not out of character for Solomon. Since taking over as CEO in 2018, Solomon hasn’t shied away from taking big swings. They haven’t always been successful, but he’s maintained they were necessary to keep the bank ahead of Wall Street’s constantly shifting ecosystem. At first glance, Solomon’s inclination might be to expand the committee to add more allies to a group that holds considerable sway within the bank. Speculation about Solomon’s job security has largely quietened after rumblings earlier this year, but having friends in high places never hurts. Also, bonus season is quickly approaching, which was a massive point of contention at the firm last year. And while the bank is reportedly looking to make up for last year’s disappointment, there’s only so much money to go around after a difficult year. However, if Goldman’s failed consumer ambitions taught the bank anything, it’s that bigger isn’t always better. And when it comes to internal groups, Solomon has favored exclusivity. The best example has been Goldman’s partnership, which he worked hard to trim down after it ballooned under his predecessor. Whether he decides to shrink or expand the committee, one thing is clear: It’ll be another opportunity for Solomon to leave his mark on the Street’s most closely watched firm. | | | | | | | |
Markets 🔔 Before the opening bell: US stock futures rise early Thursday as investors await data on jobless claims and third-quarter GDP. | | | Fairfax Media/Getty Images; Jenny Chang-Rodriguez/BI | 1. Jeremy Grantham is the last of a dying breed. The legendary investor who called the Global Financial Crisis and the dot-com bubble believes stocks are in a “superbubble.” But he’s one of the few, as humans' optimistic tendency shrouds their judgment of the market, he told BI. It’s part of a broader trend that’s led to fewer bearish outlooks on the market. 2. AI’s impact on the market isn’t going anywhere. James Demmert, the investment chief for Main Street Research, said the AI-driven market rally could last a decade thanks to the tech’s impact on productivity. A trend with such wide-reaching benefits indicates it’s the early stages of a long-term bull market, he said. 3. Play it safe with these stock picks from Morgan Stanley. The bank highlighted 37 companies with high-growth potential that have also avoided the recent market volatility. From Nike to Costco, here are the picks. | | | |
| | | | | | 1. A Tesla owner says he got a $14,000 repair bill the day after he bought a Model Y. The vehicle’s suspension reportedly broke with only 115 miles on the odometer. A new investigation found that he was one of thousands of Tesla owners with this issue over the past six years. 2. How to use AI for content creation and digital marketing. Influencers and creators shared how they’re using the technology for their work. Popular tasks include drafting emails, identifying trending topics, and generating video and content ideas. 3. The top 12 people in artificial-intelligence policy, ethics, and research. The list includes people across industries, including hardware and ethics — many of whom have divergent views on how AI should be developed. | | | |
| | | | | | 1. Inside AI’s giant land grab. Chatbots live in the cloud. But they’re powered by giant concrete boxes that gorge on electricity, guzzle exorbitant amounts of water, and often overburden local utility resources. Plus, they’re coming to a town near you. 2. Warner Bros. Discovery CEO David Zaslav is reportedly considering a blockbuster deal. The CEO is in talks to acquire Paramount, according to Axios. But bringing the two companies together won't necessarily solve their problems. 3. Billionaire gift guide: What the world’s wealthiest gift each other. “They just want to see what the best of the best looks like,” a client manager at a travel and lifestyle concierge said. Their exclusive gifts include rare Himalayan Birkins, things tailored to people’s hobbies, and experiences like traveling to space. | | | |
| | | | - “Dick Van Dyke 98 Years of Magic” airs on CBS. It celebrates the 98-year-old’s career, which includes the movies “Mary Poppins” and “Bye Bye Birdie.”
- Happy birthday, Samuel L. Jackson. Quinta Brunson, Steven Yeun, Jane Fonda, Madelyn Cline, and Emmanuel Macron were also born on this day.
- Earnings today: Nike, CarMax, and other companies.
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For your bookmarks Holiday sobriety tips Experts shared tips for how to stay sober during the holidays. Their advice includes having a sober buddy, keeping a (nonalcoholic) drink in your hand, and setting boundaries. | | | |
The Insider Today team Dan DeFrancesco, deputy editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Jordan Parker Erb, editor, in New York. Hayley Hudson, director, in Edinburgh. Lisa Ryan, executive editor, in New York. Get in touch insidertoday@insider.com To read unlimited articles, subscribe to Business Insider. | | | | | Download the Business Insider app | | | | | | | | | | | |
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