China's AI robotics 'progressing fast', focus turns to robot 'brain' and VLA model: Goldman Sachs
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
27 minutes ago
- New York Post
Costco's Pepsi-to-Coke switch goes viral as members sound off
Costco's decision to switch from Pepsi to Coca-Cola became a viral conversation when the membership warehouse club announced it was making the swap from one carbonated soft drink to the other. Members were mixed on social media as the swap was finalized by Tuesday, with some saying on a Reddit thread that 'Pepsi tastes like flat Coca Cola' and 'Hot dogs don't taste the same anymore without Pepsi.' Advertisement 'If this isn't a sign of the apocalypse then I don't know what is,' another person posted on X. Others, however, welcomed the change, which began rolling out across Costco warehouses in early July, posting on X that 'Coke is so much better.' The company previously noted that all of its food courts will offer Coca-Cola products by the fall. Costco CEO Ron Vachris said in January the company would be 'converting our food court fountain business back over to Coca-Cola' this summer. The company has offered Pepsi products since 2013. Advertisement 3 Costco's food courts have started switching from Pepsi to Coca-Cola. Getty Images 3 Costco members had mixed reactions to the soda switch. AFP via Getty Images 3 The rollout of Coca-Cola products began in early July. jetcityimage – Food courts are one of the company's many ancillary businesses, which are credited for encouraging members to make trips to the warehouse retailer more often. Advertisement Manhattan-based psychotherapist Jonathan Alpert told FOX Business that this struck a nerve with so many because they saw it as more than a simple soda swap. 'Coke vs. Pepsi has always been a cultural dividing line, like Yankees vs. Red Sox or Apple vs. PC,' he said. 'People attach memories, family traditions, and even a sense of who they are to a brand. So when Costco suddenly took sides, it triggered a reaction far bigger than soda itself.'
CNBC
27 minutes ago
- CNBC
CNBC's The China Connection newsletter: New bets, old worries
Even if AI and robots offer an exciting future, the daily grind for many in China holds more worries. Among the trickle of gloomy headlines this summer, one stirred so much online attention that a state-run social media account published a commentary on Saturday to allay fears. The concern was that a court ruling kicking in on Sept. 1 would force struggling businesses to buy national insurance for all employees, amid frequent talk of pay cuts and merciless competition. But in reality, the ruling isn't something new. "It's not that the government changed the policy, it's that [many businesses] hadn't followed the policy," said Wen Biao, general manager at Shenzhen-based Qianhe Technology Logistics, in Mandarin remarks translated by CNBC. It's a grey area that wasn't enforced, enabling workers to take home more pay or businesses to spend less on labor. China's "social" insurance program includes health and retirement coverage, which means the cash is locked up for medical events or retirement decades away. The renewed attention has fueled discussions on low wages and frequent overtime work, adding to depressed sentiment. In late July, the jobs outlook fell to a record low, according to a quarterly survey by China's central bank. That prompted Morgan Stanley to cut its reading on social sentiment in China to the lowest level since the beginning of the Covid-19 pandemic. Consumer sentiment in the U.S. has also deteriorated, according to a preliminary read for August compiled by the University of Michigan. While American consumers are not bracing for the worst, as they were at the escalation in trade tensions in April, many still expect inflation and unemployment to worsen, the report said. Trade tensions persist, despite the U.S. and China last week extending a trade truce until mid-November. But that still leaves tariffs of around 55% on most Chinese exports to its largest trading partner. China's stronger-than-expected export growth has obscured insufficient domestic demand, said Bruce Pang, adjunct associate professor at the Chinese University of Hong Kong business school. It hasn't taken long for those issues to appear. In just the last several days, data releases for July showed that new bank loans unexpectedly dropped for the first time in 20 years. Retail sales, industrial and investment figures missed expectations — underscoring a still unresolved real estate slump — that Chinese Premier Li Qiang acknowledged in a government meeting Monday. Li called for more effective measures to address the property market, stabilize market expectations and ensure social stability. China's property and construction sector once accounted for more than a quarter of China's GDP and is still the main driver of household wealth. Local governments have also struggled financially after losing revenue from land sales to developers. To address the real estate challenge, Luo Zhiheng, chief economist at Yuekai Securities, proposed Monday that the central government create a 2 trillion yuan ($280 billion) fund to finish building qualified real estate projects. He also called for more financial support for local governments. Despite the headwinds, Beijing has kept its official growth target at around 5% for the year — a goal Premier Li reiterated this week. Pang from the Chinese University of Hong Kong said the economy is still able to achieve the goal, despite some loss of momentum. In his view, business confidence was worse last year, and now it's just a matter of time for policy to take effect. The challenge is that the external situation may disrupt those plans, he said, noting that any additional stimulus hinges on uncertainty around U.S.-China trade tensions and a possible Federal Reserve interest rate cut. But as China's domestic economy slogs through a transition away from real estate, its companies are turning overseas. For Wen of Qianhe Technology, his main business in logistics and overseas e-commerce has been hit by the U.S.-China tensions. He doesn't expect a resurgence of orders, unless tariffs drop significantly before the trade truce expires in November. "It's not just China; the entire world is in a state of unrest," he said. But he's still upbeat. To him, the tensions have just sped up a generational opportunity for Chinese businesses to invest in factories abroad — much like how Singapore, Hong Kong and Taiwan firms once shifted manufacturing to the mainland after China joined the World Trade Organization in 2001. James Peng, CEO of said that the robotaxi company is racing towards profitability as its Gen-7 robotaxi gets cheaper to make. Joe Ngai, Greater China chairman at McKinsey, said Chinese companies are increasingly producing products that have a global market, like Labubus, TikTok, and Black Myth: Wukong — but there's some way to go before they become 'truly global'. Robin Xing, chief China economist at Morgan Stanley, said investors are just shrugging off China's soft data numbers and policy laws. He added that the upcoming fourth Plenum meeting will be much more important than a conventional cyclical parliamentary meeting. Shein's IPO saga continues. The fast-fashion giant is considering moving its base back to China from Singapore as it tries to court Beijing's approval for its long-awaited IPO, Bloomberg reported on Tuesday. Tencent has enough AI training chips. That's what its President Martin Lau told investors last week, after the company reported AI-driven improvements helped boost marketing services revenue by 20% in the second quarter. China's electric car investments ramp up. For the first time, the industry has invested more in factories overseas than at home, according to a report published Monday by U.S.-based consulting firm Rhodium Group. China and Hong Kong stocks inched higher amid mixed trading in the region on Wednesday as investors parsed China's loan prime rate decision. Hong Kong's Hang Seng index climbed 0.19%, while the mainland's CSI 300 added 0.99% after China left its key lending rates steady in August for a third straight month, matching market forecasts. The mainland benchmark is up over 8% year to date, data from LSEG 27: July industrial profits
Business Insider
27 minutes ago
- Business Insider
What the 'hidden job market' really is and how to make it work for you
Sometimes, the best way to land a job at a company is to get rejected by them first. In the months before graduating from Cornell University in 2023, Jahnavi Shah said she applied to over 500 jobs and secured five interviews, but none led to a full-time offer — at least not right away. Several months later, she'd be fast-tracked into a role thanks to a contact she'd made during that stretch. All it took was a good initial application, a LinkedIn connection — and a little patience. "It's a great reminder that even if an opportunity doesn't work out immediately, staying on the radar can make a difference," said the 24-year-old, who lives in San Francisco. Here's what happened: Disappointed to not land a role she'd interviewed for at identity verification startup Persona, Shah connected with the recruiter on LinkedIn anyway. Months later, she'd accepted a part-time contract role but was still looking for full-time employment. When she received a congratulatory message from the Persona recruiter, Shah checked Persona's careers page, where she saw a new job posted just a few days earlier. She applied, landed an interview, and received an offer after sharing three references. Shah said she was told only one interview was required because the company was already familiar with her. "I believe my previous interview experience gave the team a solid understanding of my profile and potential," she said. Shah is among the workers who have battled a challenging job market in recent years. Amid economic uncertainty, ranging from tariffs to the early impacts of AI adoption, US businesses are hiring at nearly the slowest pace in more than a decade. Open roles are taking longer to fill — if they're filled at all — and some job seekers say they're sending out dozens of applications without ever hearing back from employers. In this environment, it can feel like hiring happens behind closed doors — like there's a membership to an exclusive club that some job seekers simply don't have access to. In some cases, a club of this sort does exist, but getting in is more accessible than it seems. Landing an interview, even if you're rejected, can sometimes be enough to secure future opportunities. Business Insider has heard from hundreds of Americans over the past year who are struggling to find work as US businesses slow hiring and flatten management structures. Share your story by filling out this quick form and read more below: A laid-off Accenture manager has been job hunting for 21 months. Recruiters keep telling him he's too expensive. I'm a 53-year-old middle manager who can't find a job. I burned through my savings and even resorted to selling plasma — this market is a black hole. From six figures to $25 an hour: These struggling job seekers are settling for lower-paying jobs to pay the bills Job searching in 2025? It's a mess no matter how old you are. Getting into the 'hidden job market' can give candidates an edge Bonnie Dilber, senior manager of talent acquisition at the automation software company Zapier, said she believes the vast majority of roles are publicly posted on platforms like LinkedIn and Indeed — with some exceptions, such as senior executive positions, jobs at stealth startups, and roles at small mom-and-pop businesses. However, she said some companies do regularly hire through what she calls the "hidden job market" — prioritizing a select pool of candidates and, in some cases, skipping a public job posting altogether. Often, though, that pool isn't full of people with insider connections, but of prior applicants who stayed on the company's radar, she said. Over her career, Dilber said she's hired "countless" people who impressed during interviews but were initially rejected due to factors like timing or location. When circumstances changed, the company reached back out and fast-tracked them for other openings. At her company, for example, she said they might post a role like technical support specialist or account executive — positions typically filled in high volumes — and hire a handful of candidates. A couple of months later, when new openings arise, they might revisit the same applicant pool rather than reposting the job. If a strong runner-up had made it to the final round, they might extend an offer without even conducting another interview. "Someone could look at that and think 'no job was posted but someone got hired,' but in reality, those are applicants from existing candidate pools that a company makes many hires from," she said. Other employers are also finding ways to give rejected candidates a second shot. Sean Barry, Allstate's vice president of talent acquisition, said the company implemented a system last year that flags qualified candidates who were initially turned down and recommends them for other roles. So far, it's helped Allstate hire more than 100 people, many of them for claims positions. "While they might've been a no-go for that role at that time, it certainly doesn't mean that they're not a fit for the company and potentially a fit for another need," Barry previously told Business Insider. Dilber said she's benefited from processes like this herself. On two occasions, she applied for a role and was the runner-up — only to be contacted shortly after about a different opportunity, with a shorter interview process since the company was already familiar with her. She said her top advice for job seekers is to focus on submitting applications for roles they're well qualified for — and to use networking and referrals to strengthen those efforts whenever possible. Even if it doesn't lead to an offer right away, a strong application — especially one that leads to an interview — can open doors down the line. "Your best bet is always to apply with a strong application — and a referral if possible — rather than worrying about jobs that were never posted," she said. When a rejected job application turns into a dream job offer Sometimes, getting rejected doesn't lead to a job at that employer — but it can open doors elsewhere. In 2024, Alicia Strata applied for an administrative assistant job but didn't get the position. However, the third-party recruiter the company worked with suggested a part-time office support role at another company that he thought might be a good fit — so she decided to give it a shot, even though she wasn't particularly interested in the position. During the interview, Strata said she kept getting asked marketing questions that didn't align with the job description. Halfway through, she learned there had been a mix-up: the company was actually looking to hire a marketing professional. It was exactly the kind of role she'd been hoping to find since graduating with a degree in marketing communications. The interviewers thought she seemed like a great fit, and she started working at the company a month later. "It was amazing to walk into the interview not even wanting the role, and walk out thinking it could be my dream career," she said. Landing jobs through connections made during interviews isn't a new phenomenon. After graduating in December 2007 with a degree in communication arts, Allyson Noonan struggled to land a job, so she worked part-time at Anthropologie and babysat. One day, someone who interviewed her for a job she didn't get contacted her, saying she had a friend in the industry looking for an entry-level position that she thought she'd be a fit for. This position turned out to be her first full-time job at a PR agency, which she started in June 2008. "This experience taught me that it's wise to take every interview you can — even if you're not sure it's a good fit," she said.
