When Steve Ballmer joined Microsoft he didn’t get a single company share. But now, his skyrocketing Microsoft holdings have made him richer than the company’s founder. The 68-year-old former Microsoft CEO squeaked by his onetime boss Bill Gates to become the sixth richest person in the world on Monday with a net worth of $157 billion. He is now richer than many well-known tech entrepreneurs including Google cofounder Sergey Brin, Oracle founder Larry Ellison, and Dell Technologies CEO Michael Dell. It’s also the first time that Ballmer’s net worth has surpassed that of Gates, and one of the few times in history an employee has come to be richer than a company’s founder. Read more: https://lnkd.in/ebxs77hP
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Updates
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CEOs’ cups runneth over, largely because they’re serving themselves. And the billionaire CEO of Salesforce, Marc Benioff, is no exception. But it seems as if Benioff’s spree is slowing down ever so slightly, as his shareholders just pumped the brakes on his latest hefty compensation package. Alongside the suggested pay plans of other Salesforce executives, Benioff’s proposed compensation was rejected by 404.8 million votes (versus 339.3 million in favor), according to a Securities and Exchange Commission filing. Read more: https://lnkd.in/e_bFrhhu
Tesla's Elon Musk got his mega-pay package, but Salesforce's Marc Benioff might not be so lucky
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Nvidia will have an embarrassment of riches in the coming years, and shareholders will be rewarded, as tech analysts predicted. Ben Reitzes, a managing director and head of technology research at Melius Research, told CNBC that Jensen Huang’s Nvidia has mastered a “full stack” approach with its hardware and software, giving it a key advantage in AI. “What they did is they built a computing language and an ecosystem that allows you to monetize AI, and obviously they’re killing it,” he said. Read more: https://lnkd.in/eJBUqezY
Nvidia will produce such a massive ‘cash gusher’ that it will have to buy back more stock because all that money has nowhere else to go, analyst says
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In the eyes of many, Europe is viewed as a vacation dreamland, with its liberal holiday allowances and a culture that heavily promotes work-life balance. But if you ask Europeans, they might disagree. As far as they are concerned, they’re not getting nearly enough vacation days—even as they’re getting the most among some of their peers, a new Expedia Group report shows. Read more: https://lnkd.in/eCfWGXNm
Europeans suffer from ‘vacation deprivation,’ despite working less and having more time off than their American and Japanese peers
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After becoming Whole Foods CEO in 2022, Jason Buechel’s first point of order was to go on a speaking tour across Whole Foods stores. He said it was to assess what employees wanted from a leader five years after Amazon’s $13.7 billion acquisition of the largely organic and natural foods merchant. Those conversations proved fruitful, with workers stating that they wanted more transparency around the company’s strategy following its cofounder’s departure. That vision includes creating “delightful” in-store experiences for customers with a wide range of natural and organic merchandise, investing in employee development and improving their culinary expertise, and collaborating with Amazon to make Whole Foods’ digital experience an extension of the physical store. Read more: https://lnkd.in/em-aBN9Q
Whole Foods' CEO explains how to get buy-in for your vision
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Fortune reposted this
AI Editor at Fortune Magazine. Author of the forthcoming book Mastering AI: A Survival Guide to Our Superpowered Future (Simon & Schuster, July 2024; Bedford Square, August 2024).
Last month, Leopold Aschenbrenner, a former researcher on OpenAI's now-disbanded Superalignment team, published a 164-page report titled "Situational Awareness" in which he argued that artificial general intelligence (AGI) will likely be achieved within the decade and that superintelligence would likely follow shortly after. The assessment—which was based on the idea of continuing to scale up LLMs—got a lot of attention, including from those who think his analysis is faulty. Then, this past week, Bill Gates said he thinks we will get "two more turns of the crank" on LLMs but that this won't lead to AGI. In this week's Fortune Eye on AI newsletter, I look at the debate over AI progress and why, to most businesses, the pursuit of AGI may be a distraction.
A former OpenAI researcher sees a clear path to AGI this decade. Bill Gates disagrees
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VCs sit through a lot of pitches about AI every day. Too often, it’s the same handful of ideas presented on pitch decks bearing slightly different fonts, illustrations, and numbers. While their eyes glaze over, many of these VCs are secretly wishing someone would come along and pitch them something else entirely; something for that big market opportunity, demographic, or problem that everyone else is ignoring. If only these VCs could speak up and say what they really want. Fortune is here to help! We surveyed nine VCs about where we’re at in the AI boom, and what they’re keeping an eagle-eye out for. Here are the nine AI startup ideas that VCs wish someone would pitch them on. Read more: https://lnkd.in/gHzQXvcF
These are the nine AI startups that VCs wish founders would pitch them
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Wondering why the S&P 500 is exploding? This bank of America data shows its part of a 96-year-old trend: Via Fortune
Bank of America chart guru says today marks beginning of the S&P 500’s ‘strongest’ average 10-day period of the year…over 96 years
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Last May, JPMorgan Chase purchased a majority stake in First Republic Bank, which was stumbling toward insolvency after many of its affluent clients pulled $100 billion in a single quarter. Nearly a third of the $92 billion in deposits JPMorgan received from the deal came from “large” bank accounts. While some First Republic branches were open the day the deal was announced, JPMorgan is now in the process of converting others into luxury branches, or what the bank is calling JPMorgan Financial Centers. A spokesperson from JPMorgan Chase tells Fortune that not only are the select locations being designed to cater to affluent customers, but that lessons learned will be fed back into JPMorgan’s broader network, which includes 4,900 branches in 48 states and the District of Columbia. Read more: https://lnkd.in/et_wYzVv
JPMorgan is converting old First Republic branches into luxury incubators to study the rich
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Nvidia’s skyrocketing sales of chips that power AI models like OpenAI’s GPT-4 is among the biggest tech stories of 2024. The rapid growth has fueled a 200% gain in the company’s stock over the past 12 months, leading to membership in the exclusive club of businesses with stock market values exceeding $2 trillion (briefly, its value even topped $3 trillion). The question many people are asking now is who can beat Nvidia, which lately controls 80% of the AI chip market. But several analysts recently told Fortune that’s the wrong question because, as one of them, Daniel Newman, CEO of the Futurum Group, put it, there is “no natural predator to Nvidia in the wild right now.” Read more: https://lnkd.in/ey829QAu
Can anyone beat Nvidia in AI? Analysts say it’s the wrong question
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