Big Tech and Wall Street are looking for AI specialists

But first, we have an opening.

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The big story

AI Job Feeding Frenzy

AI could eventually take all our jobs. But right now it’s creating many high-paying roles.

Eager to understand how to leverage the technology, companies are rushing to hire AI specialists.

The fight for talent is pushing tech companies to pull out all the stops. This includes calls from high-level CEOs and seven-figure salarieswrite Kali Hays and Ellen Thomas.

But big tech companies don’t just compete with each other. Wall Street launches a lot of money among AI specialists. Banks, hedge funds and private equity firms are all getting in on the action.

And then there are the startups. But it’s not just about joining a young company. With so many venture capitalists keen to fund AI ideassome AI talents start their own companies.

The AI ​​hiring spree comes during a massive spending spree in space.

Microsoft CFO Amy Hood said during the tech giant’s earnings call that capital expenditure would increase “significantly”.

Mark Zuckerberg told Meta investors it was investing more in AI than he initially imagined. And it might take a while before it pays. (Zuckerberg has a plan to finally make money investments in AI.)

But not everyone is convincedas investors sent Meta shares tumbling following the earnings.

This dynamic puts incredible pressure on the AI ​​talent that is recruited. With shareholders eager to make these AI investments profitable, companies should quickly find sources of revenue.

But operating at such speed, especially since regulators are closely monitoringit won’t be easy.

A new FTC rule non-competition ban adds another wrinkle to a market that prides itself on secrets. (Non-competes are prohibited in California, but remain widespread in certain corners of Wall Street.)

Companies are already fighting this rule, but if it survives the courts, it could lead to even more movement of AI talent.

Brief news

Your Monday headline catch-up

A quick recap of the weekend’s news:

3 things about the markets

1. It will take carnage to get rate cuts. Black Swan investor Mark Spitznagel said the Federal Reserve would only consider lowering interest rates. when a recession is imminent or the stock market is crashing. “Be careful what you wish for,” Spitznagel told Reuters.

2. The AI-powered stock market bubble is just a few years away. Research firm Capital Economics said 2026 was when things will fall apart for AI. He issues a gloomy forecast for markets, predicting that stock returns will be lower over the next decade than in the last.

3. David Einhorn has a theory about why gold prices have soared. In his latest letter to investors, published this week, the founder of Greenlight Capital said there was a “secular trend” from Eastern countries. buy the precious metal from Western countries.

3 things in technology

1. Bill Gates never left. Since 2021, Gates has been largely absent at Microsoft – at least publicly. Current and former executives told BI Gates remains closely involved in the company’s operations. While CEO Satya Nadella could be the face of Microsoft’s AI success, insiders say Gates is the one quietly pulling the strings.

2. No for your page, no problem. The ink has dried on the “TikTok ban” bill, and many are concerned about the future of the app. Selling TikTok without its famous algorithm seems like an inevitable disaster for a new owner. But what if that wasn’t the case?

3. Shopify is back. The stock of the e-commerce giant jumped 200% in the 18 months following October 2022. Analysts attribute Shopify’s rebound to several well-timed decisions, including selling a loss-making business and making two significant workforce reductions.

3 things in business

1. The story of two Generation Z in America. There are young people who have followed the traditional stages of life and there are those who are left behind. Meet the “disconnected youth”: They want an education and a good job, but circumstances beyond their control get in the way. And it could cost them dearly.

2. The sudden disappearance of ComplYant. A start-up specializing in tax compliance abruptly closed its doors in September, despite raising more than $10 million in venture capital. It took two months for employees to receive their final salary. Then the CEO cut off all contact

3. The guys literally only want one thing…a $7,000 chair. THE Herman Miller Eames lounge chair and ottoman has become a status symbol for a certain type of newly wealthy young American. BI set out to find out why people in finance and technology treat a chair as if it were a Rolex or a Porsche.

In other news

What’s happening today

The Insider Today team: Dan DeFrancesco, associate editor and presenter, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, editor, in London. George Glover, journalist, in London. Grace Lett, associate editor, in Chicago.