good morning. If my life was dependent on it, I could not assemble flat pack furniture. Sometimes it feels like you do that. So I'm excited about this startup's mission: Makes manufacturing easier than following the IKEA manual.
In today's big story, Bi's Hugh Langley only reports on Google's increased pressure on workers to use AI for everything. Googler told Hugh How do they feel about it?.
What you find on the deck:
market: It appears that infamous Market Bear Michael Barry has overturned his stance on stocks.
Technology: Hundreds of Microsoft employees are comparing rewards on huge spreadsheets, BI reports exclusively.
work: Target's next CEO already has plans to bring back the retailer.
But first, the competition is fierce.
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Big story
Google is under pressure
Sundar Pichai will speak at the Google I/O Conference. Justin Sullivan/Getty Images
For Googlers, the message is clear. Use AI to increase productivity or get left behind.
Some are excited about it, while others are reluctant to do it, one Google Engineer I told Hugh. Either way, their boss needs them to do it.
Google is under pressure. At all hand meetings last month, CEO Sundar Pichai said that as rivals leverage AI, Google needs to stand up to the challenge if they want to compete.
He's not wrong about competition. Microsoft told workers in June.”Using AI is no longer an option.“
In a candid blog post, Github CEO said that the developer has either accepted AI or has chosen to “or.”Get out of your career.“
Rivals are becoming lean, mean, and increasingly machine. These directives apply to businesses in the same way as workers. If workers fall behind their competitors, they never risk catching up because workers can fall behind their colleagues.
Getty Images; Tyler Le/bi
The future of the software engineering profession will be stories that we have and we don't have.
That's according to Meta's chief technology officer. “Engineers who learn tools to the point that they can't replace them with themselves Command Premiumhe said Monday.
Google seems to know this – and it looks at the engineer Closely. Pichai said in June that the engineer's weekly productivity hours are on Thank you to AI.
Some companies track employee AI usage at a more detailed level. Three providers Worker Tracking Software They told Bi that they saw a sharp rise in demand over the past two years. Companies want workers to use AI and are not taking risks.
It may be an unpleasant message to listen to. Few people enjoy receiving instructions that come with harsh warnings. However, Google employee who spoke to BI It looks like you're on board.
“It seems easy to have to use that and move on,” one engineer told Hugh.
On Google's internal message board, BI found more skeptical comments. “It's great when technology is forced to praise it in order to work and to maintain a living.”
It appears that there will be no medals in second place in this race. Ultimately, there may be only companies that have been maintained and those that have not.
Three things about the market
The new building will accommodate up to 14,000 employees at ground levels on Park and Madison Avenue. DBOX/FOSTER + Partner
1. JPMORGAN's new headquarters blurs the line between work and life. Bank's new Midtown Manhattan offices include a luxurious gym, a huge food hall, and 24/7 grab-and-go options. However, headhunters, consultants and management experts told BI that these wraparound perks would enhance the seedling culture on Wall Street.
2. Don't lose faith in major tech stocks. This week's sale is likely to be anticipating a speech from Federal Reserve Chairman Jerome Powell at Jackson Hole on Friday, wealth manager Jeremy Hartl told BI. UBS said it is still confident in the sector despite sales.
3. It appears that “big short” investors have made 180. According to an update from his company last week, one of the most famous bears on the market, Michael Barry appears to have re-evaluated his stock portfolio. He has traded weakened puts for bullish calls and bets on companies like Lululemon to run the turnaround, portfolio Gurus told BI.
Three things about technology
Microsoft CEO Satya Nadella. Ben Kriemann/Getty Images
1. Microsoft employees are the amount of people they say they will make. It's review season with Software Giant, and employees are comparing notes on rewards for large spreadsheets, Bi's Ashley Stewart reports exclusively. Here's what they say with 850 entries and counting, Cloud, AI, and other teams' employees earn on salaries, stocks and bonuses:
2. Meta's massive AI restructuring. Alexandr Wang, leader of Meta Superintelligence Labs, announced the biggest reorganization of the company's AI business in a memo sent to employees. Most team leaders report to Wang, and the company disbands yet another major AI unit.
3. It's not just about AI talent: Google pays big chunks of celebrities. Google has expanded its marketing with a star-studded pixel event featuring cameos such as “Call Her Daddy” podcasters Alex Cooper and NBA Star Steph Curry. Tech Giant has also announced a new partnership with Curry, which will act as a “performance advisor” in a variety of products.
Three things about business
Getty Images; Tyler Le/bi
1. A relaxing summer in Sin City. Las Vegas is in the middle of a shift in atmosphere. As gambling expands to other cities and consumers begin to expect more high-end experiences, Las Vegas is losing some of its appeal to more budget-conscious thrill seekers. But it is not dead yet.
2. Target's new CEO has plans to get retailers on track. In a revenue call, Target announced that COO Michael Fiddelke will take over as CEO in February. Fidelke, who spent the past quarters leading new acceleration efforts, has decided on a three-part plan that he said was based on “knowing what targets.”
3. TJX's secret weapon to keep prices low. As other retailers began to hand over customs fees to consumers, TJ Maxx, Marshalls and the companies behind household goods were able to ease the blow and maintain strong sales and profits. The CEO acknowledged the price negotiation strategy for TJX and how well the purchasing and allocation teams are working in tandem.
In other news
What's going on today?
- The Jackson Hole Economic Policy Symposium begins.
- Walmart reports revenue.
- Fox launches streaming services directly from consumers.
Hallam Brock, senior editor in London. Meghan Morris, director of Singapore. Akin Oyedele, Associate Editor in New York. Grace Lett, editor of New York. Amanda Yen, Associate Editor in New York; Lisa Ryan, executive editor in New York. London editor Chiera Fields. Dan DeFrancisco, assistant editor and anchor in New York (on parental leave).
