Why the October jobs report on Friday could sink the market’s soft-landing narrative
The narrative around ongoing labor-market strength revived with September’s payrolls report, which topped economists’ expectations by over 100,000 jobs. But that could change on Friday, when the Bureau of Labor Statistics releases new jobs data. Expectations for October’s headline payrolls number are already relatively low at around 110,000-120,000. Economists and investors are discounting the impact…
Former Avenue Capital employee in a legal fight with billionaire boss Marc Lasry claims she was offered $5 million to ‘settle without an attorney’
Marc Lasry runs New York-based Avenue Capital. Billionaire Avenue Capital cofounder Marc Lasry offered a former female employee who accused him of years of sexual harassment a $5 million settlement in May, according to new legal filings from Gina Strum’s lawyers. Strum, a former fundraiser for Avenue who was accused in a civil lawsuit of…
Read the letter sent to AWS CEO Matt Garman, signed by 500 employees, protesting his RTO comments
Amazon Web Services’ CEO Matt Garman addressed its RTO policy in an all-hands meeting. Amazon Web Services CEO Matt Garman is facing backlash from some employees over his comments about its return-to-office policy, according to an open letter obtained by B-17. Over 500 employees signed a letter sent to the AWS chief on Wednesday, criticizing…
Stock market today: Indexes slip as traders digest GDP and inflation data ahead of more big earnings
US stocks wavered on Wednesday as a combination of data releases left investors with a strong impression of the US economy. Third-quarter US real GDP increased at an annualized rate of 2.8%. Though slightly below forecasts, the reading still points to a strong economy and isn’t likely to ramp up the urgency on the part…
Nvidia stock is undervalued because AI companies need to spend another $9 trillion to achieve superintelligence, Softbank CEO says
Even after Nvidia’s ascent to the second-largest company in the world, Softbank CEO Masayoshi Son says he thinks the stock is still “undervalued.” Son said in an interview on Monday that the ongoing spending trends in artificial intelligence will only accelerate in the years ahead, benefiting Nvidia and its GPU chip business, which has been…
Dude Perfect’s new Texas headquarters will also serve as a studio for YouTube creators
Dude Perfect Dude Perfect is adding to its Texas expansion with plans to build a production facility for its flagship YouTube channel and other creators and brands. Started in 2009, Dude Perfect is made up of five guys — Garrett Hilbert, Tyler Toney, Cody Jones, Coby Cotton, and Cory Cotton — known for their viral,…
Y Combinator cofounder Paul Graham lays out why he’s voting for Kamala Harris
Paul Graham said he’s voting for Kamala Harris, and added that other moderates should too. Veteran investor Paul Graham wrote an open letter saying undecided moderate voters should cast their ballot for Kamala Harris. On Tuesday, the Y Combinator cofounder and self-proclaimed moderate posted a statement on X where he laid out his reasons. Graham…
‘Leave New York and come to Toronto’: Canadian stocks are set to outperform the S&P 500, top economist says
David Rosenberg Stocks in the US and Canada have rallied this year, but Canadian shares appear better positioned for gains in the long run, according to economist David Rosenberg. “Time to leave New York and come to Toronto,” Rosenberg said in an interview with Bloomberg this week. Rosenberg’s view comes amid a rally for both…
Big Fidelity funds own more than $100 million in OpenAI stock, filings show
OpenAI CEO Sam Altman. Several big Fidelity funds have stakes in OpenAI that the mutual fund giant valued at more than $100 million in total, according to filings on Wednesday. Fidelity participated in OpenAI’s $6.6 billion funding round. Its Blue Chip Growth Fund and Contrafund have stakes. According to the Contrafund’s monthly report, which was…
