Big Tech and Wall Street are looking for AI specialists

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Today's big article examines how AI talent hiring is on the rise. in the technology industry and on wall street.

What's on deck:

But first, there's the opening.

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big story

AI-powered work frenzy

AI may eventually take all our jobs. But now the company is creating a slew of high-paying positions.

Companies eager to understand how to leverage this technology are scrambling to recruit AI specialists.

Technology companies are pulling out all the stops in the war for talent. This includes calls from prominent CEOs. 7 digit paid packageKari Hayes and Ellen Thomas write.

But Big Tech companies aren't just competing with each other.Wall Street is throwing large sum of money AI specialist. Banks, hedge funds, and private equity are all getting in on the fun.

And then there are startups. But it's not just about joining a young company.With so many venture capitalists I want to fund AI ideasSome AI talent even start their own companies.

The AI ​​adoption frenzy comes amidst massive spending in the space.

Amy Hood, Chief Financial Officer of Microsoft, said: said at the tech giant's financial results conference. He said he expected capital investment to increase “significantly.”

Mark Zuckerberg told Meta Investors: More investment in AI than originally realized.And it may take a while before being rewarded. (Zuckerberg has plans for ultimately make money From AI investments. )

but Not everyone is convincedas investors received the proceeds and caused Meta's stock price to plummet.

This dynamic puts incredible pressure on incoming AI talent. Shareholders are keen for these AI investments to generate returns, so companies are expected to find revenue streams quickly.

But when operating at such speeds, especially Regulators are watching closelyit won't be easy.

new FTC rules Prohibition of non-competition A new wrinkle is added to a market that prides itself on secrecy. (Non-competes are prohibited in California and remain prohibited) It's prevalent in some parts of Wall Street.. )

Companies are already fighting this rule, but if it survives the courts, it could mean further displacement of AI talent.

News summary

Catch up on Monday's headlines

A quick summary of the weekend's top news.

Three things in the market

1. It would take some serious carnage to cut interest rates. Black Swan investor Mark Spitznagel said the Fed would only consider lowering interest rates. When a recession is imminent or the stock market is crashing. “Be careful what you wish for,” Spitznagel told Reuters.

2. The AI-powered stock market bubble has several years left. Research firm Capital Economics predicts that in 2026, When things break down for AI. The firm has a pessimistic forecast for the market, predicting that returns from stocks will be weaker over the next 10 years than they have been over the past 10 years.

3. David Einhorn has a theory as to why gold prices have soared. In his latest letter to investors published this week, the founder of Greenlight Capital said there are “secular trends” in Eastern countries. buy precious metals from western countries.

Three things about technology

1. Bill Gates never left. Since 2021, Gates has been largely invisible at Microsoft, at least in public. Current and former executives said BI Gates remained closely involved in the company's operations. CEO Satya Nadella may be the face of Microsoft's AI success, but Insiders claim Gates is quietly pulling the strings.

2. There's no For You page, but that's okay. The ink on the “ban TikTok” bill has faded, leaving many concerned about the future of the app. Selling TikTok without its infamous algorithm seems like an inevitable fate for the new owner. But what if it wasn't??

3. Shopify is back. Stocks of e-commerce giants 200% spike in 18 months starting October 2022. Analysts credit Shopify's bounce back to several well-timed decisions, including the sale of loss-making businesses and two significant layoffs.

3 things in business

1. A story of two American Gen Z people. While some young people have followed traditional life milestones, others are left behind. Introducing “orphaned young people”. They want an education and a good job, but circumstances outside of their control prevent that from happening. And it may cost them.

2. The sudden demise of ComplYant. A tax compliance startup abruptly went out of business in September despite raising more than $10 million in venture funding. It took him two months before his employees received their last paycheck. After that, the CEO cut off all contact.

3. The guys literally only want one thing…a $7,000 chair. of Herman Miller Eames lounge chair and ottoman It has become a status symbol for certain young, newly wealthy American men. BI decided to investigate why people in finance and technology treat chairs like Rolexes and Porsches.

In other news

What happened today

Insider Today Team: Dan DeFrancesco, deputy editor and anchor based in New York. Jordan Parker Erb is an editor based in New York. Hallam Block, editor, lives in London. Reporter George Glover lives in London. Grace Lett, associate editor, lives in Chicago.