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Happy Fed rate-cut day! What do you get when you mix Mormons, swinging, and TikTok? A reality TV show that's been tough for their families but great for business.
In today's big story, we're looking at the most powerful people at the most powerful startup.
What's on deck:
- Markets: Not sure where to invest? Take a page out of Warren Buffett and Seth Klarman's portfolio.
- Tech: Amazon just announced a strict new RTO policy. But one of its businesses just adopted a hybrid approach.
- Business: The key to winning the White House could come down to fans of "The Bachelor."
But first, meet the brain trust.
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The big story
Who's who at OpenAI
Who's running OpenAI besides Sam Altman?
I'll forgive you if you're having a tough time coming up with some names. While Altman has remained in the spotlight — for better or worse — he's surrounded himself with several new executives over the past year.
Business Insider's Darius Rafieyan profiled OpenAI's leaders shaping the future of the AI giant.
It's not surprising OpenAI had an executive facelift. When a coup fails, the instigators don't tend to stick around. Many of the people Darius highlighted have joined since the failed Altman ouster last November.
But it's not just about Altman bringing in executives he thinks will remain loyal to him. Controversies be damned, OpenAI has made some big moves this year, which means it needs to add more leaders.
The startup nabbed a partnership with Apple to power its AI features and is reportedly raising a round, composed of a who's who of the biggest names in tech, that values it at $150 billion.
A good chunk of the executives Darius highlighted aren't involved in OpenAI's tech.
Some of OpenAI's most high-profile executives are instead addressing legal challenges and lobbying regulators in the US and abroad.
It's a nod to the fact OpenAI's biggest upcoming fights will take place in a courtroom as opposed to a computer screen. That might not sound exciting compared to cutting-edge AI, but it'll clearly be a major focus of every industry player.
Copyright lawsuits against OpenAI over its usage of data to train its AI is one of its main concerns. But the issues don't stop there, as broader questions have been raised about the responsible usage of AI.
None of that might sound as exciting as OpenAI's new models, but the impact from lawyers and lobbyists could ultimately be more impactful.
Early wins for OpenAI around policing AI could set precedents the company can leverage for years to come.
News brief
Top headlines
- The more markets price in a jumbo rate cut, the more likely the Fed is to deliver, analyst says.
- Justin Trudeau's future as the Canadian prime minister is looking increasingly shaky.
- Hezbollah decided months ago to switch from risky cellphones to pagers for security. The low-tech devices just blew up.
3 things in markets
- History is on these sectors' side when a rate cut happens. BMO Capital Markets mapped out the areas of the stock market set to rise the most after the Fed cuts rates. Healthcare and industrials are among five sectors that tend to do well post-cut. Check them all out here.
- Give me all the ETFs. Institutional investors are increasingly opting for model portfolios that leverage ETFs. It's viewed by some as a more user-friendly and efficient way to manage assets.
- Sometimes it pays to go all-in on a stock. For all the talk of diversification, there are also benefits to having high portfolio concentration levels. We identified 11 stocks that account for more than 20% of the portfolio of legendary investors like Warren Buffett and David Einhorn.
3 things in tech
- Amazon's strict new RTO rule has one big exception: One Medical. Amazon acquired the healthcare company last year, and it's been closely integrating with it ever since. But One Medical has been somewhat spared by Amazon's controversial return-to-office mandate. It's an example of why extreme approaches to in-office mandates often fall flat.
- Instagram is finally taking a step toward protecting teen users. Meta will now designate users under 18 as "Teen Accounts" by default, flipping on more restrictive settings on who can interact with them and what kind of content they'll see. It's a huge change from the platform's previous attempts at protection.
- Google just escalated its AI showdown with Apple. Just days after Apple made its iPhone 16 announcement, the online search giant yanked the spotlight back. It just made Gemini Live, its AI-powered virtual assistant, free for users, letting more people test out the tech before subscribing at $20 per month.
3 things in business
- Bachelor nation could decide whether Trump or Harris get the final rose. "The Bachelor" franchise tries to inhabit a cheery "apolitical" universe. But beneath the surface, it's a deeply political show — and its core values aren't so different from those of the average American voter. Its appeal to the swingiest demographic means it has value to our presidential candidates.
- Jamie Dimon says that young people should spend less time on TikTok and Facebook. "For most of you guys, turn off TikTok, Facebook. A total stupid waste of time," Dimon told attendees at a conference. Reading widely and consuming history books, Dimon said, would be a far better use of their time instead. Luckily for you, Business Insider has identified the most famous book set in every state.
- Rate cuts will be a godsend to commercial real estate. The beleaguered industry might be the biggest immediate beneficiary of the Fed's decision to cut interest rates. The CBRE forecasts $322 billion of transactions in 2024, a 5% rise from last year, followed by a 26% bump in 2025.
In other news
- I got hired at Google without even a high school diploma. Here are my 3 tips for others with nontraditional backgrounds.
- In a first for $21 billion Balyasny, a star PM will start building his own internal equities unit this month.
- Donald Trump is going all-in on the crypto bro vote.
What's happening today
- Fed announces its interest rate decision after months of speculation over a long-awaited September cut.
- Harvey Weinstein is arraigned in New York on additional charges to his November retrial on sex crimes.
- Business Roundtable CEO Economic Outlook survey is released.
- Fortune releases ranking of world's openly LGBTQ+ leaders based on revenue of their organization.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.