Netflix cracks down on password sharing

good morning,

Dear recent graduates, forbes has just released its annual list of Best Employers for New Graduates in America.

We help over 28,000 junior and early-career professionals meet basics like salary and benefits, as well as value-based parameters like career progression, DEI commitment and work-life balance. , made a list by asking what they thought of their employer.

General Mills, NASA, and Google took the top three spots. Here’s the full list:

breaking news

Florida Governor Ron DeSantis is expected to announce his 2024 presidential campaign As part of a Twitter Spaces event with CEO Elon Musk later today. He joins the race for the Republican nomination after months of speculation, but the second-term Florida governor has fallen behind former President Donald Trump in hypothetical polls.

One of Mexico’s largest active volcanoes began erupting last week, officials warn Mass evacuation may come to the region. Popocatepetl is 72 miles from Mexico City, with more than 25 million people living within 60 miles, and a plume of smoke and ash has already temporarily closed the nearby airport.

business + finance

Meta had no choice but to Sell ​​online GIF library Giphy to Shutterstock Lost $262 million in a lengthy legal battle with UK antitrust regulators. Three years after Facebook acquired the platform for $315 million, Shutterstock paid Giphy $53 million in net cash.

technology + innovation

Microsoft Bringing the Bing Search Engine to ChatGPT Reach out to all your users and extend the functionality of your chatbots to provide real-time information. Bing was also used in an earlier model, which is not publicly available but is available only to subscribers. ChatGPT is currently limited to his data prior to September 2021.

Nvidia’s forthcoming quarterly financial report is expected to be an excellent demonstration of its next investment. AI and metaverse software subscriptions are paying off, offset much of the loss in semiconductor sales related to the chipmaker’s ether mining. The Ethereum network’s move to an energy-efficient business model has wiped out most of the company’s revenue from graphics processing units.

Adobe is Bring AI to Photoshop It uses a new tool called Firefly. This works similarly to other AI image software such as DALL-E by allowing users to “add, extend, or remove content” from images using text prompts. Images modified by AI are tagged with metadata for greater transparency.

sports + entertainment

Netflix announces it’s finally launching The much-anticipated crackdown on password sharing In the US, we tell our users that the account is for single household use. This streaming service was one of the first to ban password sharing. As of February, Netflix announced that 100 million households shared passwords.

travel + lifestyle

Ford plans to install AM radio It ended up being installed on all 2024 Ford and Lincoln models, a reversal of previous plans after backlash from lawmakers and radio pundits. Listeners are finding alternatives to streaming, he said, beyond just FM and satellite radio, but AM is still important for public emergency broadcasts, he said. Separately, conservatives were concerned about the potential impact on political talk shows, which air primarily on the AM band.

Trends and commentary

Twitter owner Elon Musk is among his many plans to turn the social media platform into “All Apps”— and a good blueprint for that concept is on Tencent’s WeChat. With 1.3 billion monthly active users, mostly in China, it was a simple messaging app when it launched in 2011, but it can be used to pay, book flights, play games, and even hail a taxi. It has evolved into a super app.

daily cover story

First Republic Wealth Advisors Voted With Their Feet, But It Wasn’t For JP Morgan

top line Prior to the fall of the First Republic, it wasn’t just depositors and shareholders who fled. Wealth management advisors also headed for the exit. More than 40% of Fed advisers resigned between the end of February and May 15, according to FINRA data.

Is there one place they didn’t go together? JP Morgan Chasethe nation’s largest bank, bought most of First Republic’s assets, including its wealth management business, for $10.6 billion in a deal arranged by the FDIC on May 1.

Analysts and JPMorgan both tout First Republic’s $290 billion wealth management assets as a selling point for the acquisition. But the outflow of advisers suggests that the big banks may hold less of these assets than is widely believed. Wealthy investors tend to follow advisors when they jump on board.

Of the 152 advisors we identified retired during the period covered, 28 moved to Rockefeller Capital Management and 19 moved to the wealth management division of Royal Bank of Canada.but The Biggest Winner Was Morgan StanleyOnly 11 First Republic advisers were transferred to JPMorgan prior to the acquisition, according to the registration filing. It remains to be seen how many of the First Republic advisers who have not yet retired (JP Morgan’s latest official estimate is 220) will stay with the bank long term.

why it matters JP Morgan is certainly aware that such outflows are occurring and We have adjusted our bids accordingly. According to Eric Compton, a senior analyst at Morningstar, filings show it will only buy First Republic’s commercial banking business, which accounted for 82% of the firm’s more than $1.6 billion in net income last year. So JP Morgan could make a big profit.

“The ability to retain First Republic’s added value (high net worth clients, wealth advisors, private bankers, etc.) adds additional options to that, and it’s a smart move,” he said.

more SVB’s Own Advisors Head Out as Wealth Managers Move to Diversify Clients’ Idle Funds

facts and comments

If you haven’t heard of the brand fig, it’s probably because you don’t usually wear scrubs. This is a direct-to-consumer brand specializing in workwear for the medical industry.

twenty one%: Fig sales will increase from 2021 to 2022

$505.8 million: Net revenue in fiscal year 2022 almost doubled from the previous year

“Scrub lululemon”: Figs differentiates itself by offering a more stylish and functional look compared to other suppliers who are baggy and poorly fitted.

strategy and success

waiting for I get a reply from the IRS What is the status of my tax return? The agency recently issued an update on filing and processing, including updates on the current tax season, refunds, amended returns, and identity theft.

video

quiz

Rep. Marjorie Taylor Greene (R-Georgia) won the bid for $100,000. What is Chairman Kevin McCarthy’s personal property?as part of a fundraising auction?

A. CSU Bakersfield hat

B. A half-empty Starbucks drink

C. Scene from Mr. Kotsuchi’s presidential election

D. Used chopsticks

Please check if you received here it is.

across the newsroom

• of forbes 3rd Annual 50 over 50 is officially looking for the next class of women who prove success has no age limit. We are looking for women who are over 50 and still want to be themselves. Submit your nomination now.

Beyond the newsroom

• of 2023 forbes future jobs summit Explore the future impact of artificial intelligence, changing dynamics between workers and employers, and more.sign up for Stay tuned for updates.

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