Deepwater's Munster Sees Three-Year Bull Run in Tech
Gene Munster, Deepwater Asset Management managing partner, previews Tesla's and Alphabet's earnings on "Bloomberg The Close." (Source: Bloomberg)
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New York Post
3 minutes ago
- New York Post
A huge portion of LA's luxury homes sold all-cash this spring — a decade high
Median home sales nationwide might be floundering, but the high-end luxury market is still flush, especially in Los Angeles. Los Angeles' luxury inventory is selling at a healthy clip, according to a report. High-end homes across monied enclaves, like Beverly Hills, Bel-Air and Malibu, are selling to all-cash buyers unfazed by the city's stringent mansion tax or ongoing economic uncertainties. More than 6,600 Los Angeles homes in the $1 million to $5 million dollar range sold between January and May. An impressive 25.4% of those transactions were all-cash — the highest share in more than a decade, according to senior analyst Hannah Jones. 3 Despite wildfire threats and economic uncertainties, hilltop homes in Los Angeles still attract well-heeled buyers. trekandphoto – 3 Cash offers are flowing in for luxury homes, but home sales nationwide are in a summer slump. Bloomberg via Getty Images 'It emphasizes the financial standing of today's high-end buyers,' said Jones. 'These are deep-pocketed individuals, often less sensitive to interest rates and more motivated by lifestyle, investment diversification or long-term value.' Not even the city's mansion tax — a 4% fee on home sales over $5.15 million — seems to be deterring ambitious buyers. The percentage of all-cash deals increased alongside price tags, with up to 56.7% of deep-pocketed buyers paying cash in 104 transactions priced above $10 million. The renewed strength of the city's luxury market contrasts sharply with the reality facing most residents. An ongoing housing shortage and median home prices approaching $1.2 million continue to keep most hopeful homeowners on the sidelines. 3 California properties led home sales in June, a sign of renewed strength in cities like LA. Tierney – June saw California dominate half of Redfin's monthly ranking of the country's most expensive home sales. Paris Hilton's $63.1 million purchase of Mark Wahlberg's former mega-mansion in Beverly Hills led the leaderboard. The heiress, alongside her husband Carter Reum, scooped up the 12-bedroom gated property after losing her family's home of four years in the Palisades Fire early this year. Celebrities and foreign buyers are the dominating demographic of the trend, reported. Foreign buyers, particularly Chinese and Canadian buyers, made up nearly 15% of luxury LA sales this spring.
Entrepreneur
3 minutes ago
- Entrepreneur
Goldman Sachs Data Shows AI's Unemployment Impact
AI has led to an increase in unemployment for 20- to 30-year-old tech workers, according to Goldman Sachs. AI is eliminating jobs in the U.S., especially for young tech workers just starting in their careers. In a Monday Goldman Sachs note, obtained by Business Insider, the investment firm wrote that since ChatGPT was introduced in November 2022, the tech sector's share of U.S. employment, which had just hit its highest point, has been declining. Unemployment is especially high for 20- to 30-year-olds aiming to work in the tech sector, the report found. Since the start of 2024, the unemployment rate for that group has risen by nearly 3%, more than four times greater than the overall rate. Goldman Sachs says that the increase is an indicator that AI is starting to take over white-collar work, starting at the entry level. Related: Here Are the Odds of Landing a Summer Internship at Goldman Sachs or JPMorgan The bank's Chief Economist, Jan Hatzius, estimated in the note that AI will replace 6% to 7% of all U.S. workers within the next decade. However, he predicted that the unemployment rate would only grow by a "manageable" 0.5% due to AI, because affected workers would shift to other industries. AI isn't just increasing unemployment by taking over entry-level tech jobs — it is also causing mass layoffs. According to a Tuesday report shared by the coaching company Challenger, Gray & Christmas with CBS, AI has directly caused more than 27,000 job cuts in the private sector since 2023. "The industry is being reshaped by the advancement of artificial intelligence," Challenger, Gray & Christmas told CBS. Related: Is AI the Reason for Your Layoff? New York Becomes the First State to Require Companies to Disclose If So. Tech leaders are also sounding the alarm on the technology's ability to replace jobs. Dario Amodei, the 42-year-old CEO of AI startup Anthropic, predicted in May that AI could eliminate half of all entry-level, white-collar work and result in unemployment rising to as much as 20%. AI will affect white-collar industries like technology, law, and finance, Amodei said. Nobel Prize winner Geoffrey Hinton, 78, had a similar prediction. Hinton, who is often called the Godfather of AI because of his pioneering work on neural networks, forecast in June that "AI is just going to replace everybody" in white-collar jobs. "I think for mundane intellectual labor, AI is just going to replace everybody," Hinton said at the time. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Gizmodo
3 minutes ago
- Gizmodo
The World's First Commercial Spaceplane Won't Be Launching Anytime Soon
The highly anticipated launch of the Dream Chaser spaceplane may be delayed yet again as Sierra Space continues to test its experimental vehicle. The inaugural Dream Chaser, named Tenacity, is slated for a launch date in 2025. However, recent comments by a NASA official revealed that there's a lot more work to be done before the spaceplane is ready to fly to the International Space Station and that it's highly unlikely to meet its deadline. 'We still have some of our integrated safety reviews to do, and we're in the process with updating both of our schedules to try to understand where does that really put us,' Dana Weigel, the program manager for the ISS, said during a recent media briefing, according to Aerospace America. 'Sierra's working on that, and so I need to wait and just get information back from them to see where they think some of that work lines out.' Dream Chaser has been years in the making. NASA awarded Sierra Space a Commercial Resupply Services 2 (CRS-2) contract in 2016 to provide at least seven cargo deliveries to the ISS. The Colorado-based company originally intended for Dream Chaser's inaugural flight to take place in 2020, but the spaceplane suffered several delays due to technical issues and certification hurdles. Although its 2025 launch date still appears on NASA's schedule, Weigel's recent comments don't sound too promising. Dream Chaser is designed to launch to low Earth orbit atop a rocket but survive atmospheric reentry and perform runway landings on the surface upon its return, similar to NASA's Space Shuttle. The futuristic-looking vehicle has foldable wings that fully unfurl once it's in flight, generating power through solar arrays. The spaceplane is also equipped with heat shield tiles to protect it from the high temperatures of atmospheric reentry. 'I think everyone really underestimates what it takes to put together a complex spacecraft. I mean, you're watching it right now with Boeing Starliner, you're watching it with Sierra, but if we remind ourselves on average it takes eight to 10 years for a spacecraft to get ready and fly,' Weigel told reporters during the briefing. Apart from SpaceX's Dragon spacecraft, NASA hasn't had any luck in moving forward with an alternative means of transportation for its crew and cargo to the ISS. Following lessons learned from Boeing's Starliner fiasco, which left a crew stranded on the space station for nine months, NASA may be taking extra precaution before launching Tenacity to the ISS. One of the remaining tasks to be completed before its debut launch is a certification of Dream Chaser's software. Starliner experienced significant software issues during its first orbital test flight in December 2019, which pointed to problems with the spacecraft's software certification. Another hurdle that stands in Dream Chaser's way to space is its designated launch vehicle. For its debut flight, Tenacity will launch atop United Launch Alliance's Vulcan Centaur rocket. The 200-foot-tall (61-meter) rocket experienced a booster anomaly during its second flight in October 2024, which delayed its certification process for national security missions. Vulcan is still awaiting certification from the U.S. Space Force and has a backed-up schedule to attend to once it's ready to fly those missions. Dream Chaser is the next-generation reincarnation of Space Shuttle that spaceflight enthusiasts have been waiting for, but they may have to wait a little bit longer to see it fly.
