Latest news with #KatieNotopoulos
Business Insider
a day ago
- Business
- Business Insider
The big buydown bet
Good morning. If you bought the Great Value raw frozen shrimp at Walmart, throw it away. The FDA says a possible contamination from Cesium-137, a radioactive isotope, has been detected. Don't sell it, don't serve it, and definitely don't eat it — no matter how much BI's Katie Notopoulos may want to. In today's big story, homebuyers made a big bet on lower mortgage rates. They're paying a high price. What's on deck: Markets: Bank of America thinks these 10 cheap stocks are poised for big gains. Tech: This party is the surest sign yet that the tech dating scene is a mess. Business: In its latest hardcore turn, AT&T is hitting some managers with an ultimatum. But first, betting the house. If this was forwarded to you, sign up here. The big story The big buydown bet For homebuilders, it represented a silver bullet. For buyers, it can be a mousetrap. Rick Palacios Jr., the director of research at John Burns Research and Consulting, has been sounding the alarm since last summer about a dangerous gamble tempting Americans: " mortgage rate buydowns." They seemed to offer an elegant solution. With mortgage rates sky-high, your dream home might feel out of reach. That's not good for you, nor for the homebuilders stuck with inventory. But what if a homebuilder shaved a percentage point off your monthly payments, even just for the first couple of years? Surely, rates must drop soon. When the deal runs out, you could refinance. Easy. The cost to builders is the upfront cash to lower the rate via their in-house lenders. Matt Hutton, a millennial homebuyer, told BI his builder threw in $30,000 in incentives — including the buydown — to close the deal. You buy your house. They sell theirs. Crucially, the official listing price doesn't change, so home values remain inflated. That was the wager a few years ago. Today, rates are typically still above 6.5% — right where buyers had hoped not to end up. Their gamble has failed spectacularly, BI's James Rodriguez writes. Andre Rucker for BI There's an even more dire scenario, Palacios warns. What if you need to sell? Life happens — a new job, a marriage, a divorce — and you may have to move. But today's sellers face a weak market. In many parts of the US, more homes are sitting unsold than at any point since the pandemic. Buyers a few years ago may have accepted inflated prices in exchange for monthly savings — but they can't usually pass those savings along to the next buyer. To close a deal, they may have to take a loss. Just ask Hutton. After five years, he and his wife sold their first home for a $150,000 profit and upgraded to a bigger, brand-new home for nearly $800,000. A few months later, they wanted out. They ended up selling it for roughly what they paid for it, after dropping their asking price by $50,000. In addition, the buyer asked them to cover a $40,000 buydown to match the builder's ongoing incentives for nearby homes. They agreed. Today, Hutton and his wife are back in an apartment, waiting for another shot at the dream. 3 things in markets 1. Wage growth isn't keeping up with prices. However, some industries have enjoyed more growth than others. Business services and financial activities have less purchasing power than they did in 2021, while hospitality and healthcare workers have more. 2. Bank of America shares 10 ultra-cheap stocks primed to rebound. The bank thinks the days of large-cap stock dominance are numbered. If the US enters a recovery phase alongside rate cuts, beaten-down stocks could surge. 3. A short-seller explains why he thinks Palantir is overvalued. In a new note, Andrew Left's firm Citron Research used OpenAI's $500 billion valuation as a benchmark to measure the defense tech giant against. Even if Palantir fell to $40 a share, it'd still be expensive, the firm said. 3 things in tech 1. Inside San Francisco's "enforced ratio" party in a Tesla showroom. Fed up with male-dominated spaces in SF, two women who work in the tech industry threw a bash centered around "feminine energy." It offered a rare chance to dress up and a strictly enforced 50/50 gender ratio — which, of course, left hundreds of men on the waitlist. 2. Another W for Tim Cook. The Apple CEO notched a win in his fight with the UK government, which had ordered the company to make encrypted user data accessible to it. Apple enjoyed the backing of the US government, which said that the UK had agreed to drop the order. 3. Do you miss the old internet? There's an app for that. Perfectly Imperfect is a newsletter and social network that's designed to feel like the old version of the internet, reminiscent of Tumblr and MySpace. Its founder told BI it's betting on events and community-focused tools to grow. 3 things in business 1. AT&T tells some managers: Relocate or get laid off. The telecom company is consolidating 22 internal help-desk centers into six US locations. Affected managers get two weeks to decide whether to move or lose their jobs and get severance, BI's Tim Paradis and Dominick Reuter exclusively report. 2. Spike Lee's Colin Kaepernick doc is officially game over. The acclaimed director has no plans to shop around his scrapped ESPN docuseries about the retired football player to other platforms. "That thing fell apart a year ago," Lee said in an interview with BI's Jason Guerrasio. " I've moved on." 3. We still don't know if Trump is getting free ads from Paramount. Trump says Larry and David Ellison promised him millions in free ads, but Paramount CEO David Ellison doesn't want to comment on it. We shouldn't be left guessing about what's true, writes BI's Peter Kafka. In other news Meta CTO gives his short-term and long-term predictions for AI's impact on software engineering. Wall Street bosses want junior bankers to come clean about PE jobs. It won't be easy. A CPA couple who invest in real estate on the side share the investment mistake that cost them about six-figures worth of 401(k) money. What investors should be listening for in Jerome Powell's Jackson Hole speech. OpenAI chairman compares AI to the dot-com boom: There's lots of "snake oil" but some " real value being created." What the " hidden job market" really is and how to make it work for you. What's happening today Federal Open Market Committee meeting minutes published. Lowe's and Target report earnings. Made by Google event to launch latest devices, including Pixel smartphone. Hallam Bullock, senior editor, in London. Meghan Morris, bureau chief, in Singapore. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Kiera Fields, editor, in London. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave).
Business Insider
20-07-2025
- Business
- Business Insider
Inside the 'Gen Z stare' and why it's dividing generations
Welcome back to our Sunday edition, where we round up some of our top stories and take you inside our newsroom. Dell employees are not OK. Every year, the company conducts an engagement survey for its workers, called "Tell Dell." One metric of employee satisfaction has dropped by 50% in two years amid layoffs and its push to get workers back in the office. Six former federal workers spoke to BI about what life is like after being laid off by DOGE. Why so many law-abiding Americans are fine with committing return fraud. These MBAs are ditching corporate America to run unsexy small businesses. The freakiest aspect of the Coldplay "kiss cam" fiasco isn't a potential office affair, writes BI's Katie Notopoulos. But first: Unpacking the new generational debate. If this was forwarded to you, sign up here here. This week's dispatch BI Your ultimate guide to the 'Gen Z stare' Millennials gave us skinny jeans and avocado toast. Gen Z? They've mastered the stare. Yes, that stare — the blank, expressionless look from the younger generation that's been lighting up the internet lately. Is it real? A post-pandemic side effect? A silent cry for help? Or is it just how Gen Z vibes? At Business Insider, we dove headfirst into the phenomenon, decoding the psychology, exploring what it means for careers, and examining how it plays out in the workplace. What is it? As more of Gen Z enters the workforce, some millennials say younger workers greet customers and colleagues with wide eyes, blank expressions, and pregnant pauses. Most of the debate hinges on Gen Zers working customer service roles, like hostessing at restaurants or taking orders at coffee shops. While this could be a sign of workplace awkwardness or underdeveloped soft skills, others are pushing back and saying the trend's blame is misplaced. Is it real? Our resident Gen Zer Amanda Yen says, "It's ironic that millennials are diagnosing their Gen Z counterparts in much the same way boomers diagnosed and pathologized them. Millennials, are you sure you're not just becoming your parents?" The value of silence. BI's Katie Notopoulos, an older millennial, said if you're on the receiving end of the "Gen-Z stare," maybe you're the problem. "One thing I learned is that sometimes silence is the best way to handle a situation. In other words, you might say: Give 'em the 'Gen Z stare.' If someone keeps pushing, eventually you have to leave some silence hanging in the air — no more room for them to negotiate." Just don't get Katie started on how Gen Zers answer the phone! Is screen time to blame? Psychologists and generational experts are weighing in, saying the phenomenon could have more to do with natural growing pains on a first job. There are also factors unique to Gen Z's upbringing, including how the generation has grown up in front of screens. One professor told BI that it's naive to underestimate the impact that COVID-19 shutdowns and online learning could have had on young people's development. What do Gen Zers think? We asked several young people between the ages of 17 and 27 what they thought about the debate. A 21-year-old from Boston thinks the whole thing is overblown. A 20-year-old from the Bay Area said she sees it all the time. A 17-year-old heard from her parents that she had been inadvertently doing it. We asked our readers if they had experienced the "Gen Z stare." The results are in, and spoiler — a majority of you have! Life after DOGE Greg Kahn for BI It's been six months since Elon Musk and the Department of Government Efficiency slashed the federal workforce in an effort to "streamline the Federal Government, eliminate unnecessary programs, and reduce bureaucratic inefficiency." After months of being in limbo, a recent Supreme Court ruling allowed the stalled firings to proceed. In a series of conversations with BI, six former government employees spoke about their career shifts, what life is like outside government work, and more. " I'll always be known as that." One box of fibs at a time The ability to return a purchased item has become a core part of the shopping experience. Retailers say consumers are taking advantage of returns — and a recent report from Appriss Retail and Deloitte found it's costing businesses $103 billion a year. Some consumers are committing outright fraud by shipping back empty boxes or claiming a package never arrived. Others are sending back items after months of use. The culprits are often everyday consumers, and they don't feel bad. A nation of retail fraudsters. Also read: The rise of the anti-Amazon avengers The hot new MBA hustle Lexey Swall for BI Elite millennials like Dan Schweber are quitting corporate America in favor of search funds: the practice of buying and running small businesses, also known as "mini private equity." Plenty of these unglamorous small businesses — like carwashes, plumbing, or snowplowing — are owned by boomers looking to retire. That makes them prime for millennial MBAs like Schweber, who can, in some cases, turn them into multimillion-dollar companies. Here's how they do it. Cut the (kiss) cameras You've probably heard of the viral concert "kiss cam" video that appeared to show Astronomer CEO Andy Byron embracing the company's head of HR Kristin Cabot, then springing apart once they realize they're on camera. The reaction prompted Coldplay's Chris Martin to comment, "Either they're having an affair or they're just very shy." A potential office affair is good gossip, but BI's Katie Notopoulos thinks there's something more troubling here: the knee-jerk reaction to identify the people in the video. "It was like being the lead investigator on your own murder." — A millennial who was paid to catch people secretly working multiple jobs but ended up joining them. More of this week's top reads: New York's tech elite give Mamdani points for "charisma" — and engaging with them at closed-door meet. Meet the 23-year-old investigators tasked with finding Ukraine's missing soldiers. Elon Musk's North Star is becoming increasingly clear. Amazon's Ring goes full founder mode, taking the company back to its crime-fighting roots. The ex-Amazon employee who's helped nearly 4,000 laid-off workers score jobs. Rideshare drivers use apps to help them judge whether a ride is worth it. Uber and Lyft are trying to kill some of them. Why Sam Altman and OpenAI are making a web browser. Make sure you're doing this in your job search — especially if you're early-career.
Business Insider
29-06-2025
- Business
- Business Insider
Chase Sapphire, Walmart, Starbucks: Talking with BI's Katie Notopoulos about her recent hot takes
Welcome back to our Sunday edition, where we round up some of our top stories and take you inside our newsroom. Want to know what a day in the life is like for the CEO of a superyacht firm? Anders Kurtén of Fraser Yachts told BI about his daily drive to Monaco and his nightly unwinding routine. On the agenda today: Scale AI locked down Big Tech training documents after BI revealed security holes. Two retired Air Force pilots share what it's like to fly a B-2 bomber mission. Gen Z has an oversharing problem at work. A private-equity professional shared his stressful on-cycle recruiting experience. But first: One writer's " vindication." If this was forwarded to you, sign up here. Download Business Insider's app here. This week's dispatch Hot takes Katie Notopoulos is one of those people who articulates what you think before you quite realize you think it. A senior correspondent for BI who writes about tech and culture, she is curious, observant, funny, and spot-on. We chatted this week about the Chase Sapphire Reserve card, why she thinks Starbucks customers should pay for their extras, and more. Katie, in a must-read for BI, you declared "vindication" after news broke that Chase Sapphire Reserve will increase its annual fee to $795. What's going on here? The Chase Sapphire Reserve card had this big cult following for its rewards points. Meanwhile, I never had the card and felt a nagging resentment whenever I had to listen to friends talk about their free flights and other perks. (Chase Sapphire cardholders were famous for constantly talking about the card.) Recently, Chase announced a higher fee, which makes the card not worth it for many people. I was seeing meltdowns on Reddit and social media from people furious about the change. But for me, as someone who always felt FOMO about the card, I was delighted. Earlier this month, you wrote about Meta AI's public feed and raised the possibility that people might not have understood their posts were public. After your piece, Meta changed the app's controls. Tell us how you sniff out stories. I'm always interested in how people are using technology in unexpected ways. A lot of it is just spending a ton of time scrolling around and just being a user on social media. Meta is interesting because it wears its heart on its sleeve in a sense. You can get an understanding of the company's worldview — and how it sees the future of AI — just by using its apps and the AI chatbots they're rolling out. You can be contrarian. You recently suggested that Starbucks customers should pay for their add-ins, and that Walmart apparel was getting cool. You wrote that President Trump was onto something when he suggested families were essentially over-toyed. I love low-stakes heterodoxy. One of my favorite older Business Insider stories was Josh Barro arguing that grilling is overrated. It's the perfect contrarian position, and he makes a strong case for it. I only want to argue something I truly believe and think can change someone's mind, or to have them think, "Omg yes, I've been saying this, too!" What is the most fun thing you do online (or off!)? Right now, I'm watching "Love Island USA" on Peacock. There's a really interesting fandom for the show happening on X, where people are using the "communities" feature to create custom feeds for fans of each contestant on the show, which is a new and organic user behavior. Maybe I should write about that … Scale AI's cybersecurity problem The startup locked down its training documents after a BI review of thousands of files found that it exposed "confidential" data from its high-profile clients, such as Meta and xAI, in public Google Docs. The lockdown temporarily prevented contractors from accessing them, causing confusion and delays. Scale AI has said it's investigating security gaps, following BI's initial reporting. It said it had disabled any user's ability to publicly share documents from Scale's systems. "We take data security seriously," a spokesperson said. What it's like to fly a B-2 bomber American stealth bombers recently flew 37 hours to bomb Iran's nuclear sites, with the Pentagon calling it one of the longest B-2 Spirit flights in decades. But the record for the longest B-2 flight belongs to two retired Air Force pilots who flew 44 hours in October 2001, executing one of the first bombing missions in Afghanistan after the 9/11 terror attacks. They shared what it's like to carry out these exceedingly long bombing missions. Inside the two-day mission. Make Coworkers Mysterious Again It's a good thing that workplaces have become friendlier and more inviting. It can also be exhausting when coworkers share a little too much information. Gen Z might be the biggest culprit, but there's no age limit on oversharing. Boundaries at work are still important — talking about the wrong things can hurt your professional reputation. Authentic vs. unfiltered. Surviving PE recruiting hell On-cycle recruiting is known to drive junior bankers to extreme lengths to compete for lucrative and elusive private equity jobs. The practice got so intense that JPMorgan CEO Jamie Dimon said he'd fire anyone with a future-dated private equity job. One private-equity professional shared with BI his experience of on-cycle recruiting when he was a junior banker. He described interviewing until 2:30 a.m. and hiding in the bathroom to text a rival firm, calling it one of the "most stressful" 12-hour periods of his life. Still, he doesn't think the practice should go away. This week's quote: "This is the hardest year I've had in HR." — Alexandra Valverde, an HR director who's been in the industry since 2019. More of this week's top reads: How data centers are deepening the water crisis. San Francisco was written off as dead. Now, real estate investors are flocking back. I worked under Anna Wintour. She wasn't warm, but she was an incredible teacher. Meta's largest AI competitors are fighting for users inside its most popular chatbot app: WhatsApp. I was laid off from Microsoft after 23 years, and I'm still going into the office. Gen Z and millennial day traders tell us about switching from the 9-to-5 experience to full-time stock investing. The real victims of the "Zillow Ban" lawsuit. The finance industry's newest social media sensation roasts PE bros — and they love it.
Business Insider
10-06-2025
- Business
- Business Insider
At long last, Meta will let you send DMs on Threads. But there's a catch.
It's about time you could send a DM on Threads. Threads, Meta's rival app to Twitter, is officially rolling out a test that lets users send and receive direct messages within the stand-alone app. There's a big catch, though: The test is limited to Hong Kong, Thailand, and Argentina. A Meta spokesperson said the company plans to expand into more markets, including the US, "as soon as possible." Why is this big news for Threads users? Well, because the direct messaging experience otherwise on the app has been incredibly … awkward. In order to DM someone you see on the Threads feed, you'd have to send a message to their Instagram account — and then toggle back and forth between Threads and Instagram (which, granted, is maybe what Meta wants). And for the two years since Threads launched, many users have been begging Instagram (which operates the Threads app) to introduce a native-to-Threads DM product. In November, my colleague Katie Notopoulos wrote in a Threads post that she'd like the app to have its own DMs, adding that "Instagram DMs just have a different vibe and it feels too intimate and like I'm stalking them across platforms." "We're going to need to figure something out, but for now, we've been leaning on Instagram DMs," Adam Mosseri, Instagram's top executive, replied to her on Threads. DMs have always been part of Threads' long-term plan. Product imagery of a DM feature was included in an internal deck about the Threads launch from February 2023 that was submitted as evidence during the Federal Trade Commission's antitrust trial against Meta. Meanwhile, DMs have been a top priority for Instagram across the board. The company rolled out roughly 20 new messaging features from March 2024 to March 2025. "The amount of content people post publicly in feeds is going down across the entire industry because people are moving more and more sharing to stories — which you could argue is a different kind of feed — but even more into messaging, group chats, one-on-one chats," Mosseri recently told Business Insider's Peter Kafka. If sending content back and forth to each other keeps us on the app, bringing DMs to Threads might just be a win-win for its users and Meta. According to Mark Zuckerberg, Threads is "on track to become our next major social app" and surpassed 350 million monthly active users as of April.
