Insider Today: Standouts from CES

Plus: Investing like boomers, and Rodgers' ESPN ban.

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January 12, 2024 • 5 min read with Dan DeFrancesco Happy Friday! I’m back in New York after a hectic week at CES, which might have been made easier with this portable AI assistant unveiled at the conference. Speaking of CES, that’s the focus of today’s story. I’m giving a rundown of everything that stood out to me during the massive tech conference. What's on deck Markets: Millennials and Gen Zers are starting to invest like boomers. Tech: LinkedIn employees say the company’s culture has shifted dramatically in the last year. Business: Hertz’s electric-vehicle ambitions are fizzling as it sells off one-third of its EV inventory. But first, I gotta tell you about this one thing.

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Courtesy of Honda The big story CES today, here tomorrow What. A. Week.  My first trip to CES also marked my first time in Las Vegas. Staying on the Strip for four nights felt like living in a city designed by a teenage boy who drank too much Mountain Dew. And I expected a bit of that same energy at CES. I’d heard a good chunk of the gadgets you see at exhibits are meant to be far-out concepts and don’t have a shot of ultimately making it to consumers.  There was a healthy dose of that, but this year’s conference definitely had more products ready to ship than in years past. Here’s some of the stuff that stood out to me the most: Reuters/Steve Marcus Samsung’s Pixar-like robot. Ballie — a small, round robot that rolls around your house to do a myriad of tasks — was first announced back in 2020. But now the robot is almost ready for primetime, as Samsung plans to sell it this year, according to The Washington Post. Mercedes steps up entertainment. Automobiles are a big piece of CES, from autonomous vehicles to futuristic models that wouldn’t be out of place in the next Tron movie. But the German automaker touted a big upgrade to its entertainment system, including being able to remix songs based on how you drive thanks to a partnership with rapper and producer will.i.am.  John Deere goes digital. The agricultural giant had a massive exhibit touting high-end tractors and data-intensive analytics, which are becoming much more common in the space. But what surprised me the most was John Deere’s iconic green hat being the swag item of the conference, drawing a long line to snag one. Toilet tech. I’m a sucker for good branding, so I was drawn to Bemis’ display of bidets and toilet seats under the signage “Best seat in the house.” The products didn’t disappoint — no, I didn’t personally test them — including one that helps the elderly use the restroom without needing the help of a caregiver. Beyond helping older people maintain a sense of privacy, there’s also an element of long-term cost savings as elder care can be extremely pricey.  The US government! When you think of tech innovation, the US government probably isn’t top of mind. But Uncle Sam had a large exhibit touting the ways it can work with startups. One example was Homeland Security’s Silicon Valley Innovation Program, which will offer as much as $2 million in non-dilutive funding. These days, they’re looking for startups that can generate synthetic data. AI handwritten notes. “Handwritten” notes done by a robot are exactly the type of thing you expect to see at CES. Handwrytten’s machine was legit, producing notes that genuinely looked to be done by a human hand. And while I realize having a robot write what’s meant to be a personalized note might seem contradictory, there’s a real use case for big organizations like nonprofits that want to thank donors in a more meaningful way than an email.

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Markets 🔔 Before the opening bell: US stock futures trade mixed early Friday as investors await the latest PPI report.  REUTERS/Brendan McDermid 1. Millennials and Gen Zers are starting to invest more like boomers. In 2023, younger investors became less willing to support environmental, social, and governance, or ESG, initiatives if it meant lower investment gains. 2. Here are all the spot bitcoin ETFs and the fees they charge. Following the SEC’s approval on Wednesday, 11 spot bitcoin ETFs have officially begun trading. We broke down each of the ETFs that are available to trade and the fees they’re charging investors. But if you’re a Vanguard customer, don’t bother — the firm said crypto isn’t part of a “well balanced” portfolio and won’t let clients buy ETFs. 3. Inflation is ticking back up. New data shows December's consumer price index climbed 3.4% year over year. So while inflation cooled for much of 2023, it increased and was still above the Fed's 2% target as the year closed.

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Tech Tim Kitchen/Getty, We Are/Getty, Luis Alvarez/Getty, svetikd/Getty, Westend61/Getty, Mix and Match Studio/Getty, Tyler Le/BI 1. Silicon Valley engineers used to joke that you go to LinkedIn to retire. Then the PIPs and layoffs came. Current and former employees told Business Insider about the company’s culture shift over the past year. Senior leaders want the company to be “scrappy” in the age of AI. 2. It’s not just you — the TikTok Shop will show you literally anything. It appears to heavily promote videos and livestreams that use Shop — even when what’s on sale is junk. It’s great for sellers but sucks for viewers. 3. Even more tech layoffs have hit the industry. Google just laid off hundreds of staff, including those who worked on its voice-activated assistant. Read the email here. Meanwhile, Amazon is cutting even more jobs, including in its Audible division. A leaked recording reveals that months before, Amazon Prime Video’s boss warned employees they hired too fast.

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Business Roberto Machado Noa/Getty Images; Jenny Chang-Rodriguez/BI 1. Hertz is selling 20,000 EVs — in part because they’re too expensive to repair. That accounts for around one-third of its electric fleet. After the announcement, shares for Tesla and Hertz tumbled. One reporter who rented a Tesla from Hertz said they weren’t surprised by the move due to the rental-process headaches. 2. Aaron Rodgers’ ESPN ban lasted a full day. On Wednesday, we heard he wasn’t going to be on ESPN for the rest of the NFL season. But on Thursday, he was already back on Pat McAfee’s show.  3. eBay must pay a $3 million fine after its employees waged a harassment campaign. Employees sent live spiders, cockroaches, and a bloody pig mask to a Massachusetts couple, according to court documents.

In other news US launches strikes on the Houthis from air and sea after warning there would be a price to pay for their constant attacks. Nearly half of Russia's imported battlefield tech has been coming from US and EU companies: joint report. OpenAI CEO Sam Altman just got married. Why the Boeing 737 Max seems to have so many issues. Your tax dollars are getting spent on weight-loss drugs like Ozempic, and the total is adding up. Bill Belichick reportedly agrees to part ways with the New England Patriots. I was put on PIP and then fired from my tech job. Looking back, I deserved it. Walmart Spark shoppers can remove their tips up to 24 hours after delivery. Drivers say that contributes to a problem of “tip baiting.”

What's happening today NASA is expected to unveil a new, quiet supersonic aircraft. The X-59 is part of the space agency’s effort to make commercial supersonic flight a reality. Happy birthday, Jeff Bezos. Issa Rae, Zayn Malik, Howard Stern, Kirstie Alley, Naya Rivera, and Rush Limbaugh were also born on this day. Earnings today: Delta Air Lines, Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, and other companies.

Lauren Edmonds/Business Insider For your bookmarks Trader Joe’s vs. Whole Foods A comparison of three Trader Joe’s cult-classic products with their Whole Foods counterparts. The orange chicken, peanut butter cups, and gnocchi go head-to-head.

The Insider Today team Dan DeFrancesco, deputy editor and anchor, in New York. 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 Insider app Email sent to: nguyenvu1187.love5@blogger.com Manage your email preferences | Unsubscribe | Terms of service | Privacy policy | Advertise with us © 2024 Insider Inc. 1 Liberty Plaza, New York, NY 10006

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Insider Today: Bitcoin’s big day

Plus: Tech layoffs, and AI at Sam's Club.

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January 11, 2024 • 5 min read with Dan DeFrancesco Hiya! After a few days on the Las Vegas strip, where a large cold brew from Starbucks runs you $9, I appreciate how fast food prices are getting out of hand. Insert Taco Bell’s “meal-sized” menu items for $3 or less. In today’s big story, we’re looking at the big news out of crypto land: the approval of a bitcoin ETF. What's on deck Markets: Conspiracy theorists are targeting the Fed. That’s bad news for the US economy. Tech: Amazon, Instagram, Duolingo, and Twitch all announced layoffs. Business: Hand up — it’s partly the media’s fault that the economy feels so dreary. But first, bitcoin is so back.

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Lauren DeCicca/Getty Images; Jenny Chang-Rodriguez/BI The big story Bitcoin's big day The holiday season is over, but the crypto community finally got the gift it's been asking for: a bitcoin ETF. After years of lobbying, a lawsuit, and one very public false alarm, the SEC announced Wednesday it approved spot bitcoin ETFs for trading in the US. Fidelity, BlackRock, VanEck, and Grayscale were among the 11 bitcoin ETF applications that received approval on an “accelerated basis” from the SEC. It’s a big reversal for the regulator, as SEC Chair Gary Gensler has previously taken a hardline approach to crypto.  So why does it matter? In the simplest of terms, a bitcoin ETF represents a more palatable and straightforward way for both people and firms to invest in bitcoin. The process of buying and selling bitcoin has become much more mainstream compared to a decade ago, but it’s not without its headaches. Meanwhile, bitcoin futures, which have been around for years, aren’t as accessible to mom-and-pop investors. But a bitcoin ETF is the easiest way for even the most skeptical investors to gain exposure to the cryptocurrency. And with traditional financial firms managing some of the ETFs, there is an added layer of security for those who haven’t yet bought into the digital-currency ecosystem. Beyond representing another way to invest in bitcoin, the ETFs are also the final piece of the puzzle for large institutional firms looking to trade in the space. The ability to buy and sell bitcoin as a currency, a future, and an ETF means firms can develop a much more complete trading strategy with the necessary hedging their risk department might require. Namthip Muanthongthae/Getty Images The approval of a bitcoin ETF will likely lead traditional Wall Street firms to push deeper into the space, something many in the crypto industry have been begging for.  It seems undeniable this will ultimately lead to a boon for bitcoin. Fundstrat’s Tom Lee suggested the price of bitcoin could surge to $500,000 in the next five years. (To be sure, the price of bitcoin initially dropped 1% off the back of Wednesday’s news.) But I question the role crypto-native companies — most of whom have been eager for this to happen all along — will play as things really take off. Wall Street is a zero-sum game where playing nice isn’t the standard. Early adopters of crypto might have deep knowledge or expertise of the space, but that doesn’t guarantee them a seat at the table going forward. Factor in how some of the industry’s high-profile names have had serious legal issues — most notably FTX and Binance — and traditional firms might not be as quick to establish partnerships.  The future definitely seems bright for crypto. But what’s not as clear, or bright, is what happens to some of the firms who helped get it here.

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Markets 🔔 Before the opening bell: US stock futures rise early Thursday ahead of December’s CPI report.  Getty Images; Photo by Kevin Dietsch/Getty Images; Alyssa Powell/BI 1. Conspiracy theorists have set their sights on a new target: the Fed. With the 2024 presidential election around the corner, a number of conspiracy theories have already arisen, including one that claims the Federal Reserve is trying to help Joe Biden win the race. 2. Jamie Dimon slams bitcoin (again). The JPMorgan boss reiterated his stance that cryptocurrency is worthless, deriding it as a tool for criminals. Dimon also warned that a recession could hit this year. 3. A finance blogger has been outperforming top firms since 2018. Eddy Elfenbein, a blogger and ETF manager, has outpaced Warren Buffett's Berkshire Hathaway and Cathie Wood's ARK Invest by filling his exchange-traded fund with “boring” stocks.

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Tech Tesla 1. The new features of Tesla’s refreshed Model 3. It’s the vehicle’s first refresh in years. It boasts more range and new colors — for the same price as before. 2. Some Amazon employees say the launch of its largest generative AI product was rushed and flawed. Soon after launching the AI chatbot Q, Amazon received a barrage of negative feedback. Now, the giant has significantly bulked up its existing team of human staffers who manually review and fix the chatbot’s responses. 3. Tech layoffs have come back. Duolingo laid off workers to lean more on AI. Meanwhile, Amazon is laying off “several hundred” employees across Prime Video and Amazon MGM Studios. Internal messages suggest there were also layoffs in Amazon Pay and marketing. Twitch is similarly cutting 500 jobs, and Instagram is slashing an entire level of management.

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Business Walmart 1. Sam’s Club is going to stop checking receipts at the door. AI will check instead. The wholesaler plans to use AI to snap photos of your shopping cart. It’s already in place in 10 US stores and is set to expand nationwide this year. 2. It’s (partly) the media’s fault that the economy feels so dreary. A new study found that the media has been more negative about the economy than the underlying data — on things like GDP, inflation, and unemployment — would suggest.  3. Disney's Bob Iger needed a win. Pat McAfee just gave him one. For the past few weeks, Iger watched as McAfee and Jimmy Kimmel, two of his most important stars became embroiled in controversy. But McAfee made one major decision that appears to have ended the squabble — landing a win for Iger.

In other news Ron DeSantis and Nikki Haley both bet their best play was to rip into each other and largely leave Trump unscathed. They were wrong.  Alaska Airlines cancels hundreds more flights in wake of Boeing 737 Max 9 incident. Alan Dershowitz called for the release of Epstein court documents. In them, Virginia Giuffre alleges they had sex at least six times. You’re not imagining it — it feels damn near impossible to get into top colleges right now. The “phantom debt” of buy now, pay later is growing and will soon hit some Americans hard. Cattle, catapults, and an underground bunker: Is Mark Zuckerberg a doomsday prepper? Costco may start requiring members to scan ID to enter US warehouses. A Meta employee says she's under investigation after claiming the firm censors pro-Palestinian views.

What's happening today The Brooklyn Nets and Cleveland Cavaliers face off in France. The international matchup is part of the NBA’s push to reach more fans globally. It’s Wear Blue Day to raise awareness about human trafficking. The educational campaign was started by the Department of Homeland Security and coincides with National Human Trafficking Awareness Day. Happy birthday, Mary J. Blige! Alexander Hamilton, Naomi Judd, Cody Simpson, and Yolanda Hadid were also born on this day.

Todor Tsvetkov/Getty, Tyler Le/BI For your bookmarks Quiet status symbols The quiet status symbols you’ll see everywhere this year. Le Creuset remains as popular as ever. But brands like NuFACE, Alo, and Arc’teryx are also now subtle symbols of wealth.

The Insider Today team Dan DeFrancesco, deputy editor and anchor, in New York. 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 Insider app Email sent to: nguyenvu1187.love5@blogger.com Manage your email preferences | Unsubscribe | Terms of service | Privacy policy | Advertise with us © 2024 Insider Inc. 1 Liberty Plaza, New York, NY 10006

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