2023 has turned the cash-rich into the cash-richer. Interest rates are at 22-year highs, helping savings accounts and money market funds offer annual risk-free returns of up to 5% APY. But rate cuts are coming — and soon, savers will be making less interest on their money. But there’s a way they can keep today’s…
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Global Retailers Have Relied On Bangladesh for Cheap Labor. Now They’re Demanding Raises.
Americans aren’t the only ones asking for higher wages — the workers making their cheap clothes are, too. And that’s sparked riots and chaos in Bangladesh, the world’s second-largest apparel exporter behind China, which employs over 4M in the industry across 3.5K factories. Light ’em on fire: For weeks, thousands of Bangladesh workers making as…
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Smartphone Sales Are Spiraling, But Manufacturers Believe AI Could Come To Their Rescue
When was the last time you upgraded your smartphone? Like most people, it’s probably been way too long. Good for your wallet but bad for phone companies. Since peaking in 2018, smartphone sales have steadily declined — accelerated by supply chain disruptions and a weaker global economy. But things are finally looking up. The long-awaited…
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Drowning In Student Debt? How SAVE Is Helping 5.5M Borrowers and Could SAVE You Too
In June, the Supreme Court struck down President Joe Biden’s $400B student debt forgiveness plan — but Biden’s Department of Education (DoE) had Plan B ready: Saving on a Valuable Education (SAVE). This new student debt payment option aims to bring relief to millions of borrowers who recently resumed their student loan payments. SAVE who…
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Apple Isn’t Growing, And That’s Becoming a Major Problem
Apple, once the trailblazer with a $2T market cap and the first to hit $3T, now risks losing the race to the next milestone to their arch nemesis, Microsoft (NASDAQ:MSFT), who’s just 6% away from overtaking Apple as the world’s largest company. Where’s the growth? Apple’s total revenue stagnated over the past year — a…
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OpenAI Board Fires CEO Sam Altman, Just For Microsoft (OpenAI’s Biggest Investor) To Hire Altman To Lead New AI Division
In a shocking move and pivotal moment for AI last Friday, Sam Altman, the co-founder and CEO of OpenAI, was fired by its board in a vague and cold letter saying he wasn’t “consistently candid in his communications with the board.” Three CEOs in 72 hours: The board briefly chose Chief Technology Officer Mira Murati…
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Zuck’s Next Big Bet Is… More Ads. This Time, On WhatsApp.
Meta’s next substantial revenue stream might not come from Threads or the metaverse — but rather from WhatsApp, a platform it acquired for $19B in 2014. While WhatsApp’s early ethos pushed the mantra “No ads! No games! No gimmicks!” with a focus on privacy, by 2019, the founders left, and Mark Zuckerberg began sharing and…
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Brian Chesky Wants To Fix Airbnb’s Foundation Before It Collapses on Itself
CEO Brian Chesky forgot something important when he built Airbnb’s forever home — laying the foundation. Fifteen years after its founding, Airbnb (NASDAQ:ABNB) still lacks the “pillars” the founder says are necessary for growth. Despite an anticipated 17% sales increase in 2023, the platform grapples with a slowdown and dwindling travel spending, making it harder…
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Stubborn Food Inflation To Starve in 2024
Sugar, spice, and everything overpriced — these were the ingredients chosen to create the perfect inflation storm. In recent years, food prices have risen faster than the speed of your DoorDash delivery (even with a hefty tip), but one of the world’s largest agricultural banks is forecasting that 2024 will taste a little sweeter. Rabobank…
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Are Rate Hikes Behind Us? Investors Think So As Inflation Decelerates in October
Fed Chair Jerome Powell isn’t just kicking out climate protestors, he is one step closer to the moment where he could “close the f-king door” on one of America’s headiest financial problems. Soft landing in sight: The Consumer Price Index, America’s most popular inflation metric, grew just 3.2% YoY, bringing it closer to pre-pandemic levels…
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