In other news, JPMorgan CEO Jamie Dimon has shared his thoughts on what he would do if he were president, Elon Musk has criticized fleeing advertisers, and rising insurance costs are reportedly draining $74 billion from the economy. Amazon has also entered the AI chatbot market with the unveiling of Amazon Q, a generative AI chatbot that users can converse with like a human.
Key takeaways:
- Amazon Web Services (AWS) is facing growing tension and burnout among employees, with a key issue being "AI fatigue". This comes as AWS unveiled its AI-powered chatbot, Amazon Q, and as it faces competition from Microsoft and Google's cloud units.
- Goldman Sachs has also experienced turmoil, with its push into consumer banking leading to burnout, a tech-talent exodus, and financial strain. The bank's consumer-bank ambitions were dead by the fall of 2022, leading some to question CEO David Solomon's leadership.
- JPMorgan CEO Jamie Dimon, if he were president, would raise taxes for people like billionaire hedge-fund manager Bill Ackman. Meanwhile, Blackstone CEO Stephen Schwarzman plans to invest the firm's over $200 billion in uninvested capital in European real estate.
- Rising insurance costs are sucking $74 billion out of the economy, putting a strain on consumers' ability to spend elsewhere. In tech news, Elon Musk dropped an "F-bomb" on fleeing advertisers, and 66 rising stars of venture capital have been named as shaking up the industry in 2023.