ElevenLabs uses AI to create realistic voiceovers. It was among an array of AI startups to land VC funding this year.
ElevenLabs
AI startups raised $60 billion last year and investors have continued to pile in on the tech in 2023.
The frenzy around AI comes after the launch of OpenAI's ChatGPT chatbot.
Below are 32 pitch decks used by startups deploying AI in everything from health to property.
There's an AI gold rush right now.
Investment into startups using or creating artificial intelligence hit an all-time high in 2021, with $113.3 billion poured into the sector, per Dealroom data. This fell to $60 billion in 2022 but that figure likely to be exceeded this year with $57 billion already invested by venture capitalists.
The investor rush is down, in part, to the release of ChatGPT in late 2022 by US startup OpenAI, cofounded by Sam Altman and Elon Musk. The chatbot became the fastest-growing app in internet history, and almost immediately disrupted education, copywriting, consultancy, and other sectors.
It's possible that it's just another bubble, akin to the short-lived Web3 fad of 2022. But proponents say AI has broader use cases and few similarities to crypto's "cynical business models". AI was also alive and well long before the current hype around generative AI.
Recent, high-profile rounds include Andreessen Horowitz and ex-GitHub CEO Nat Friedman leading an anticipated $18 million round into voice intelligence startup ElevenLabs, at a possible valuation of $100 million. Venture capitalists are also eyeing startups in the vector-database sector, where valuations are hitting up to $700 million.
These are some of the pitch decks that founders have recently used to raise millions for their AI startups, from top investors such as Temasek, Insight Partners, Alven, Index Ventures, and more.
V7 cofounders Alberto Rizzoli (CEO) and Simon Edwardsson (CTO).
Saudi Arabia's Crown Prince Mohammed bin Salman in 2018.
FETHI BELAID
Saudi Arabia's ruler Mohammed bin Salman is seeking to expand his influence.
Joe Biden threatened to make him a global "pariah" after the assassination of a dissident.
But he's exploited global turmoil and his control over oil markets to expand his power.
In November, thousands of Saudis gathered in the streets of Riyadh to celebrate an audacious triumph by their ruler, Mohammed bin Salman.
Saudi Arabia, beating off Italy and South Korea, had just been named host of the 2030 World Expo, a global exhibition that will attract billions in investment and thousands of visitors to the desert kingdom.
The decision was a coup for the crown prince in his bid to reshape the global image of Saudi Arabia as part of his signature Vision 2030 Project, which will see Saudi Arabia move away from its reliance on fossil fuels to become a global center for technology and innovation.
But only six years ago, it was a very different story and Crown Prince Mohammed's authoritarian brutality, rather than his image as a reformer, was the center of global focus.
The crown prince faced global isolation in the wake of the brutal murder and dismemberment of dissident Jamal Khashoggi in a crime the CIA said was likely committed on his direct orders.
Joe Biden on the 2020 campaign trail said that he would make Crown Prince Mohammed a "pariah" over the killing, while Republican Sen. Lindsay Graham branded him an "unhinged murderer."
Analysts told Business Insider that Crown Prince Mohammed has leveraged Saudi Arabia's economy, diplomacy, and enormous wealth to regain his global status.
"With time, people in the West have focused less on the Khashoggi murder case and have chosen to focus more on how Saudi Arabia is an important global player that countries have to work with in order to advance their national interests," Giorgio Cafiero, the CEO of Gulf State Analytics, told Business Insider.
Oil market control gives leverage
F. Gregory Gause, a professor of international relations at Texas A&M University, told Business Insider that the crown prince's power over global oil markets had been central to his ability to withstand the fallout from the Khashoggi killing and rebuild his power.
In the wake of Russia's war in Ukraine, oil markets have been in turmoil, he said.
"Saudi Arabia's centrality in the world oil market is the centerpiece of Saudi global influence," said Gause. "The war in Ukraine, which disrupted energy markets and drove prices up in 2022, increased Riyadh's relevance for the countries like the US that had distanced themselves from MBS. If you want to do business with Saudi Arabia, you need to do business with the Crown Prince."
Other major economies, such as China or Russia, which don't share US concerns over human rights violations, had expressed no concern over the Khashoggi killing.
Jamal Khashoggi is featured on a poster during a protest organized by members of the Turkish-Arabic Media Association at the entrance to Saudi Arabia's consulate on October 8, 2018 in Istanbul, Turkey.
Chris McGrath/Getty Images
"While it was the Ukraine war that brought the Biden Administration around to dealing with MBS, most other countries, including Russia and China, had been dealing with Riyadh without any problems or interruptions," said Gause.
Canny diplomacy
Crown Prince Mohammed has used not just used Saudi Arabia's economic might, but canny diplomacy to win back influence.
In recent months, Saudi Arabia has entered into US-brokered negotiations to normalize relations with Israel, though these were abruptly halted by the Hamas terror attacks on Israel on October 7, and the subsequent Israeli bombardment of Gaza.
The Saudis have also engaged in China-brokered discussions to ease tensions with Iran, its regional arch-enemy, and back away from the conflict in Yemen, where Saudi and Iran-backed proxies are engaged in a brutal and protracted war.
Saudi efforts to stabilize a region that has been racked by decades of conflict and sectarian strife are tied to the crown prince's determination to reshape the Saudi economy, say analysts.
"Saudi Arabia has become a more consequential and constructive player in Middle East affairs," said Jon Alterman of the Center for Strategic and International Studies in Washington, DC. "Saudi Arabia is doing more hard things simultaneously than it has ever done before, and it is doing so more effectively than it has ever done before. That has helped improve the crown prince's standing."
When the Israel-Hamas conflict has subsided, Saudi will likely resume the process of attempting to normalize ties with Israel, said Gause.
"Once the crisis ends, the factors that drove that process will come back into play – joint Saudi and Israeli worries about Iran, the Saudi desire for a codified security guarantee from the US, the Biden Administration's insistence that such a guarantee can only come as part of a Saudi-Israeli deal," said Alterman.
The crown prince isn't restricting himself to winning over political and business leaders, but is seeking to broadly rehabilitate Saudi Arabia's image in the West as he seeks investment and encourages tourism.
Sportswashing
In pursuit of this, Saudi Arabia is turning itself into a global sports superpower as part of its so-called "sportswashing" strategy. Saudi Arabia's sovereign wealth fund has invested billions in PGA golf, hosting heavyweight boxing tournaments, and bringing some of the world's most famous soccer players to compete in its domestic league.
But obstacles remain for the crown prince in his quest to cement and expand his global influence — not least his continued determination to crush dissent.
In recent months, he has launched a campaign to punish critics of his Neom megacity project. Business Insider in August reported that Saudi authorities had jailed a series of dissidents for up to 30 years in punishment for questioning the decision by Saudi authorities to forcibly oust people living on land where the city will be built.
If the crown prince's authoritarian instincts and impulsiveness again lead him to punish a critic beyond Saudi Arabia's border, relations with the US could again go into tailspin, and the kingdom's glossy new image could be irreparably tarnished.
But for now, said Cafiero, the crown prince's determination to make a success of his Vision 2030 plans is restraining his capacity for reckless aggression.
"He understands that those kinds of actions undermine the prospects for a successful economic diversification of the Saudi economy," said Cafiero.
The lie-flat seat on Beond's A319, and the author onboard.
Pete Syme/Business Insider
Beond is an airline where every seat is like business class, with lie-flat beds.
Although most of the seats have small footrests which felt cramped.
It's mostly cheaper than competitors' business class, but future routes look to be closer in price.
Beond bills itself as "the world's first premium leisure airline," and first took to the skies in November.
Before it began flying its first three routes — which all go the Maldives, from Saudi Arabia, Germany, and Switzerland — it was on display at the Dubai Air Show.
Max Nilov, the chief strategy officer and cofounder, told Business Insider it was the result of "20 years of dreaming."
"We're not afraid to compete with anyone," he said, explaining how the first three routes were chosen due to demand.
After having a look onboard, I don't think Beond feels quite as luxurious as business class on other airlines. It lacks privacy dividers, and you can lose that sense of exclusivity when everyone's in the same cabin.
And with its current network, I'd be more likely to fly with La Compagnie — an all-business class airline which flies between Europe and New Jersey's Newark Liberty International Airport .
On current routes, Beond is cheaper than competitors' business class cabins so it's proably worth it — but this could change as the airline expands to other routes where there's a smaller price gap.
Beond's Airbus A319 was on display at the Dubai Air Show last month, where I got to look inside.
Pete Syme/Business Insider
Its black livery with gold details was the first sign that it's different to a normal airline.
Pete Syme/Business Insider
The 44 seats are all arranged in a 2-2 configuration, more like business class than economy.
Pete Syme/Business Insider
The leather seats are designed by an Italian company, although I was surprised by the lack of a privacy divider.
Pete Syme/Business Insider
Instead of using screens for in-flight entertainment, Beond has iPads for every seat.
Pete Syme/Business Insider
It includes movies, games, details about your destination, and a menu.
Pete Syme/Business Insider
But I also found it could be a bit laggy, and felt small compared to the screens you'd expect flying business class.
Pete Syme/Business Insider
The wireless Beats headphones were a nice touch, and certainly a step above the typical ones you get on a flight.
Pete Syme/Business Insider
Every seat has plenty of legroom and a footrest at the end.
Pete Syme/Business Insider
It means the seat can turn into a lie-flat bed — which isn't always available even in business class.
Pete Syme/Business Insider
Buttons on the armrest allow for a variety of other seat positions, like changing the pitch or moving it backwards.
Pete Syme/Business Insider
But most of the seats only have a small foot rest positioned in the corner.
Pete Syme/Business Insider
At 5'9", the lie-flat seat was long enough for me but the footrest was uncomfortable, and those over 6-foot found the bed to be a tight fit.
Pete Syme/Business Insider
I was also a bit surprised that Beond used the overhead lights and air conditioning units of an economy cabin, rather than something closer to the seat.
Pete Syme/Business Insider
Beond's aim to provide a premium experience also extends to dining, with proper crockery and cutlery.
Pete Syme/Business Insider
The china is custom-made for the airline by the English firm William Edwards — who also designed British Airways' first class china.
And there's a different menu depending on what route you're flying, with such meals as lobster tail from the Maldives and slow-cooked Wagyu Beef.
Pete Syme/Business Insider
This sample menu also appeared to have a typo, missing the "g" and an "l" in "capellini aglio oglio."
Beond currently operates three routes to the Maldives from Riyadh, Saudi Arabia; Munich, Germany; and Zurich, Switzerland.
Beond route map showing scheduled and future routes.
Beond
Cofounder Max Nilov told BI that Beond is "two-to-three times cheaper than competitors" on these routes, such as Edelweiss Air.
Fabrizio Gandolfo/SOPA Images/LightRocket via Getty Images
Flying between Zurich and Malé, the Maldives' capital, with Beond costs around $2,600 for a one-way ticket in January.
With Edelweiss, economy costs $1,250, while business class is around $5,000.
Come July 2024, Beond will also fly to the Maldives from Milan and Bangkok. A one-way ticket from Milan costs around $1,800.
Milan Piazza Del Duomo.
Comezora/Getty Images
Milan to Malé with Qatar Airways, including a 1 hour 45-minute layover, is $550 in economy or around $2,500 in business class.
Pete Syme/Insider
With a smaller gap in price compared to the Zurich route, I'm not sure that Beond's offering matches up to the likes of Qatar Airways with its famed QSuite.
Beond's CEO told Airways Magazine: "The ultimate plan for the long term is the A321XLR." It currently only has the one A319 in its fleet, having initially planned to launch with the A321neo.
The secondary market for luxury watches has sunk to its lowest level in over two years.
The WatchCharts market index and has slumped 37% from a record high in March last year.
Elevated interest rates and heightened economic uncertainties are seen as sapping demand.
Since late 2022, Wall Street has been rife with predictions for the Federal Reserve's interest-rate increases to wreak havoc in the US economy and stock market.
While the broader economy has held up surprisingly well, the monetary blitzkrieg has sparked a downturn of a different kind — a rout in the secondary market for luxury watches.
The WatchCharts Overall Market Index — which tracks the prices of 60 timepieces from top brands including Rolex, Patek Philippe, and Audemars Piguet — has plunged 37% from a March 2022 peak. A separate index for just Rolex models fell 31% over a similar period.
The US central bank's aggressive monetary tightening from March 2022 through July this year is seen as a key reason for the slump in watch prices. Higher interest rates have fueled fears of an economic downturn, spurring investors to scale back luxury spending and boost savings. A setback in the crypto market, also precipitated by rate rises, has also hurt demand for watches.
The costliest timepieces suffered the worst declines. Those in the $50,001 to $100,000 price bracket slumped over 10% in the past 12 months, while the $10,001 to $20,000 group fell about 7%, according to WatchCharts data. The $5,001 to $10,000 band also dropped 7%.
Luxury watches have underperformed stocks since March 2022, when the Fed started raising interest rates. The S&P 500 index of US large-cap shares is up by over 12% since then.
Certain chronometer brands have felt the bite more than others. The Rolex Market Index, which tracks the 30 most valuable models, is down 8% from a year ago, while the Patek Philippe index lost 16%. Audemars Piguet saw the sharpest losses, down 19% year on year, WatchCharts data showed.
When the "everything rally" was in full swing earlier in the pandemic, luxury watches were no exception. Surplus cash was piling into all kinds of alternative investments — such as nonfungible tokens and meme stocks — opulent timepieces were swept along with the tide.
Prices of Rolexes, Patek Philippes, and Piguets reached record highs in early 2022. Preowned watch sales reached $22 billion in 2021 — nearly one-third of the $75 billion luxury-watch market, a report from Boston Consulting Group found.
Despite the declines over the past year, prices have climbed considerably higher over the longer term, outperforming the stock market. The Rolex index is up by more than 42% from five years ago.
"Luxury watches have performed well, especially over the long term, in comparison with traditional investment categories," BCG said in a report published earlier this year. "From August 2018 to January 2023, average prices in the secondhand market for top models from the three largest luxury brands — Rolex, Patek Philippe, and Audemars Piguet — rose at an annual rate of 20%, despite broader market downturns during the pandemic, compared with an annual rate of 8% for the S&P 500 index."
This article was originally published on July 30, 2023.
Artificial intelligence will give the US economy a massive boost, according to Capital Economics.
No country is better positioned to benefit from the technology's rise, the research firm said in a report published in September.
China's tech crackdown means it'll be left behind, its strategists added.
Artificial intelligence could transform the global economy – and it's the US that's best placed to benefit, according to Capital Economics.
In a report published in September, the research firm assessed the countries set to receive the biggest boost from the technology, which has seen its popularity explode following the rise of ChatGPT.
The US topped the leaderboard, which strategists attributed to the country's high levels of investment and top-quality universities and colleges. Singapore and the UK were ranked second and third place respectively.
"AI has the potential to be a game-changer for productivity growth, but a host of factors will determine whether countries can reap the benefits," wrote a team led by Capital Economics' chief Asia economist, Mark Williams.
"The US ranks first. This suggests that it will once again assume the role of the global technological leader as it has done for much of the past 100 or so years. This reflects its size, the rise in both private and public investment in research and development, and the rapid expansion of the higher education system," they added.
Here's the full ranking:
Capital Economics
China is unlikely to benefit to the same extent, according to the report.
Beijing's strict approach to regulating tech will stop AI from spreading as fast as it potentially could – and that means the US is likely to retain its position as the world's largest economy, Williams' team said.
"AI is likely to help the US economy sustain its primacy over China in terms of GDP measured at market exchange rates," the strategists wrote. "The AI revolution is another reason to think that expectations of China's economy streaking ahead of the US will have to be further reined back."
The two countries' economic fortunes have diverged in 2023 – with US growth remaining resilient despite the Federal Reserve's aggressive interest-rate hikes, but China grappling with deflation, surging youth unemployment, and a property-market crisis that's fueled the financial collapse of major developers including Country Garden and Evergrande.
This article was originally published on September 30, 2023.
It's bought, rather than created, growth through its acquisitions of Instagram and WhatsApp.
The firm was marred by the Cambridge Analytica scandal, which spotlighted how much data it hordes.
Facebook's rebrand to Meta in 2021 looked like a wild bet on an unproven technology, the metaverse.
And on the business side, Meta saw its user numbers shrink for the first time that year.
But in 2023, Meta's share price has almost recovered to its all-time high, sending Mark Zuckerberg's net worth up to $84 billion. And he somehow seems… sort of a cool and semi-relatable billionaire?
Here are five key moments from 2023 that show how Zuckerberg turned the tide.
The "Year of Efficiency" played well with investors
Meta
SOPA Images / Getty
Zuckerberg's year didn't start smoothly, given he had to announce large-scale job cuts.
The Meta chief made two rounds of layoffs as digital ad spend, the firm's main source of revenue, collapsed. Meta employees waved goodbye to 21,000 colleagues as a result. Zuckerberg called the moves an important part of his so-called "Year of Efficiency."
In a break from trying to appeal to the everyman, Zuckerberg also appeared twice on the Lex Fridman podcast — a show that speaks to a certain kind of tech bro. In his first outing, he spoke about his fitness regime; the existential risks posed by AI; and how he thinks about faith. In his second appearance, he appeared as an avatar alongside Fridman in what was billed as the "first interview in the metaverse."
The founder and head of Facebook's Meta Group, Mark Zuckerberg, presents new devices and AI at a conference.
Andrej Sokolow/picture alliance via Getty Images
AI has been hot stuff this year thanks to ChatGPT. But instead of trying to find a profiteering strategy, Meta decided to do something different with AI.
It makes a powerful generative AI tool mostly free. It also brings transparency to a technology that needs it, given issues with AI bias and "hallucinations."
Younger, Gen Z social media users have flocked to the Chinese-owned app to post content there first over Instagram. They're increasingly going there to track current affairs and career advice too.
TikTok's staying power may not now be as certain as it seemed, however.
Will Zuckerberg carry the momentum into next year?
Meta will need to step up its metaverse game as Apple prepares to launch its rival offering, the Vision Pro augmented-reality headset.
Zuckerberg is also under scrutiny over reports that Instagram Reels is failing to take down sexualized content of children, according to the Wall Street Journal.
He will need to be a bit more careful with training too. He tore his ACL in November while sparring in preparation for a competitive MMA fight. He needed surgery as a result and has delayed the bout.
The internet is fickle in its likes and dislikes, and 2024 may look quite different for Zuck.
Jorge Reyes moved to Helsinki despite not knowing anyone.
Jorge Reyes
Jorge Reyes, 27, moved from Bogotá, Colombia, to Helsinki without ever visiting Finland.
He says he was curious about what makes people characterize Finland as the happiest place on Earth.
Reyes says he loves how the Finnish connect to nature and support each other.
This as-told-to essay is based on a conversation withJorge Reyes, a 27-year-old professional from Bogotá, Colombia, who moved to Finland less than a year ago. The following has been edited for length and clarity.
Since I was in high school I was told by my teachers that Finland was a safe and great country with robust education systems and a government and society that coexists well.
Finland was the opposite of my hometown in Bogotá, Colombia, and completely unlike my Caribbean background, where 40 degrees Celsius, beaches, and sunshine are the norm. But I wanted a change.
I found a job in Helsinki on LinkedIn and packed my bags
Despite having a great job at the software company HubSpot in Bogotá, I logged on to LinkedIn and looked for job opportunities in Finland in my field. I found a job as an account executive at a Finnish startup called Supermetrics.
In March 2023, I packed up my life in Colombia and moved despite not knowing anyone there. My new company paid for my relocation and the $1,200 one-way flight from Bogotá.
As a fluent English and Spanish speaker, I originally feared being unable to communicate with others, but people speak English so well here.
My friends and family weren't surprised when I told them I was moving, because I'd lived abroad in Spain and have traveled extensively.
The last nine months have been a life-changing experience.
Logistically, it was simple to navigate the visa process. For work, I entered into a professional-skills contract and qualified for a specialist visa. When I arrived, I could easily get an ID, open a bank account, and find an apartment. I rent a studio close to the Helsinki city center and pay about 950 euros monthly for it.
Making friends with Finns takes time
At first, it took some time to make friends and find my community. The Finnish take time to warm up to you, but once you become friends, those relationships are long-lasting.
Even the dating scene here is straightforward. There are the usual apps like Tinder, Bumble, and Hinge, and people are open to going on walks or coffees, though dinner in the beginning may be too much for a Finnish person.
I feel safe and connected to nature in Helsinki
Families leave their children alone to sleep outside and acclimate to the weather. I've never felt unsafe walking alone no matter what time it is. I could also leave my laptop or personal belongings at a café and return hours later, and it would still be there.
There's a culture of walking in nature here. There are many open forests — much of Finland is dominated by conifer trees — and people spend a lot of time going on long walks or strolls without any fear of their surroundings.
This immersion in nature is a complete disconnect from the haste of urban life. Unlike parks, the forests never really close. It helps me feel grounded and relieve stress from the fast-paced lifestyle of working in tech.
Here in the winter, when it starts to get dark at 3 p.m., people help each other by checking in on each other more often, hosting sauna sessions, and making more plans together. The mentality is "it's us against the dark,'' and it helps build a sense of community.
I have more disposable income and am respected at work
In terms of expenses, I spend about 200 euros on groceries a month. I pay about 35% of my annual income in taxes. My salary is taxed at 25% plus other deductions, but they vary depending on how much you make. I have more disposable income here than back home.
Working in Finland has been easier than other roles I've held because there's less bureaucracy here. I don't need to ask permission to speak to different people in the company, and my values and opinions on my work are respected.
I miss home, but I'm getting used to Finnish mannerisms
I've never experienced any racism. I'm sure smaller cities within Finland might not be as receptive to foreigners as the bigger cities, but they're becoming increasingly inclusive.
Plus, it's easy to travel within Europe — so far I've visited Sweden, London, Estonia, Amsterdam, Italy, Paris, and Spain.
My biggest challenge is missing my family and friends, music, and food from back home. But I'm slowly getting used to the environment here and learning about Finnish mannerisms.
Living here has certainly exceeded my expectations. I came with an open mind and a desire to enrich myself with new experiences.
I'm documenting my journey on TikTok because I want to show the world how powerful it is to move to an unknown country and make it home.
MIKHAIL KLIMENTYEV/RIA NOVOSTI/AFP via Getty Images
Russia's trade with the US hit a 30-year low earlier this year amid Western economic sanctions against Moscow.
Commerce between the two countries totaled $4.38 billion during January-October – down 70% from the year-earlier period.
Meanwhile, Russia-China trade is set to hit an all-time high, totaling $218 billion in the 11 months through November.
The war in Ukraine is reshaping Russia's economic ties with the world.
The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China has surpassed $200 billion this year and is on track to hit an all-time high.
According to the United States Census Bureau, the value of trade between Russia and the US totalled 277.3 million in July this year – the lowest since March 1993. That also marked a collapse of almost 90% from levels reported at the end of 2021, shortly before President Vladimir Putin ordered the invasion of Ukraine.
US-Russia trade totaled $4.38 billion in the first 10 months of 2023, a 70% slump from the same period of 2022.
American sanctions against Moscow in response to the Ukraine war have largely fueled the slide in bilateral trade, as the West seeks to economically isolate the Kremlin in retaliation for its aggression.
One of the biggest new themes to emerge amid Moscow's struggles with Western sanctions is the nation's growing economic dependency on China – for everything from selling oil to buying consumer goods.
Trade between Russia and China totaled $218 billion during the first 11 months of 2023, surpassing a $200-billion goal for the year earlier than expected, Chinese customs data showed.
Russia is now the world's No. 1 buyer of Chinese cars, after western manufacturers such as General Motors, Ford, and Mercedes-Benz exited the country in response to the war.
Apptronik launched its humanoid robot "Apollo" in August.
Apptronik
Many workers may fear their role will be replaced by robots as AI continues to rapidly advance.
"It's definitely not robots or workers," Agility Robotics' CEO Damion Shelton told Business Insider.
Apptronik's CEO shared why they won't replace humans but will free us from unwanted tasks.
Humanoid robots are already beginning to enter the workforce.
Many people may not be too concerned about whether the machines threaten their jobs. For example, PwC's 2022 global workforce survey found that only a third of participants said they were concerned about their jobs being replaced by technology by 2025.
Still, the findings indicate that a significant number of workers are fearful about AI's potential threat. That fear probably hasn't been helped by predictions like the one from the World Economic Forum, which found that AI is expected to replace about 85 million jobs by 2025.
Reports that robots are being deployed in warehouses to help with labor shortages may have also prompted anxiety. Amazon announced in October that it's testing humanoid robots called Digit in its warehouses.
Agility Robotics, the company Amazon is partnering with for the pilot, told Business Insider that the machines are designed to help humans, not supersede us.
Digit can handle bulk material handling within warehouses and distribution centers, and potentially help ease the labor shortage. There are projected to be about one million openings for hand laborers and material movers over the next decade, data from the Bureau of Labor Statistics showed.
"There aren't enough workers for these jobs, so what's far more dire than any perceived fears about job replacement is the fact that the health of these businesses is at stake," Damion Shelton, CEO of Agility Robotics, told Business Insider.
Deploying robots in warehouses to plug the labor gaps doesn't necessarily mean they will replace humans.
"There's a long history of technological anxiety about automation and jobs, but it's definitely not robots or workers," Shelton said. "Our robot is meant to complement people and let workers be more productive by taking on dangerous, repetitive tasks so people can focus on the more interesting, creative aspects."
Texas-based Apptronik launched its humanoid robot, Apollo, in August. It signed a deal to partner with NASA last year and hopes to use them in space exploration.
CEO Jeff Cardenas told BI that the "first step for Apollo is to help out there" with the big labor shortage. In his view, robots can do only a fraction of what humans can, but often the unfavorable tasks.
"You'll hear people used the term 'the 3 Ds': the dull, the dirty, and the dangerous," he said. "If you pair people with machines — man and machine — as opposed to man versus machine, then you can really amplify what people are capable of doing."
The Apptronik cofounder said robots can free up human workers from dangerous tasks and allow people to spend their time in better ways. He likened the era of work-based humanoid robotics to computing advances in the 1980s.
"I think this is like the early '80s of the personal computer where the early adopters are basically making their bets," he said. "Some of the companies that we are working with have entire teams that are dedicated to general purpose robots because it has the potential to really transform the way that they do work."
He added that humanoid robots are relatively limited in functionality, but he predicts the technology will advance quickly over the next five years.
"The robots will do the things that we don't want to do, that injure us, that drive people out of these industries, and it'll allow people to gain new skills and do work in new ways," Cardenas said. "It'll start in the supply chain and start in these activities where we have the technology today. The sky's the limit for where it goes from there."
Traders work the floor of the New York Stock Exchange on May 25, 2023, in New York City.
TIMOTHY A. CLARY/AFP via Getty Images
Experts have struggled to find textbook explanations for the surprising economic buoyancy and stock-market rally of 2023.
Many commentators have instead turned to trendy catchphrases - such as FOMO and YOLO - to describe the behavior of investors and consumers.
Here's a roundup of the quirkiest buzzwords used to comment on US equities and the economy.
Many market experts have been at a loss to explain this year's surprisingly buoyant trend in US stocks, despite a slew of signals that the economy may be headed for a recession. Even the Federal Reserve's aggressive interest-rate increases and a bout of banking turmoil failed to rein the equity market's momentum.
Given a lack of classic textbook explanations, many commentators have turned to a bunch of informal acronyms to reason the market trends — FOMO, YOLO, RINO are some of them.
The stock rally started early this year following the smashing debut of OpenAI's ChatGPT, which helped ignite a surge in investor excitement over tech shares. That helped boost the Nasdaq 100 by about 53% year-to-date, while the S&P 500 advanced about 24%.
But the market ebullience isn't just down to AI hype. Investors have been driven by a mix of FOMO — fear of missing out — as well as a sense of relief that a much-predicted recession never arrived.
At the same time, the US economy appears to be in surprisingly good shape. And it's down to YOLO consumers, according to Wharton professor Jeremy Siegel.
Here are some of the in-vogue catchwords that have been widely used to describe and explain market trends in 2023.
FOMO
ChatGPT's overnight success sent investors rushing to buy into companies perceived as being well positioned to benefit from the AI revolution. The buying frenzy in turn spurred even traders who were on the sidelines to jump on the AI train, giving rise to a fear-of-missing-out rally.
"I think momentum and fear of missing out on gains can take the market higher over the short run," Siegel said in a weekly WisdomTree commentary in July.
Whether it can last is a key question.
"How long can such optimism or exuberance in the "AI bandwagon" continue? If we argue that it is more heavily driven by the liquidity factor it implies that such FOMO behaviour can morph into a mania that can be severely out of synch with economic realities akin to the prior boom-bust cycles of similar high technology advancement narratives," OANDA analyst Kelvin Wong wrote in a blog in June.
RINO
Move over, bulls and bears. A new variety of animal spirit may be driving the market now. According to a new acronym coined by Goldman Sachs, what we have in place is a RINO rally.
"Developed economies continue to surprise positively. Inflation is cooling down and a soft landing now looks like a plausible outcome. This has led to a new acronym (courtesy of Goldman): the "Recession In Name Only" (R.I.N.O)," analysts at the boutique Swiss bank SYZ wrote in a note.
It appears to suggest that the much-expected US recession has remained just a hypothesis and not a reality, given how resilient the economy has shown itself to be. And that's a cheerful enough situation for traders to pile into stocks.
TINA and TARA
Other ideas that have had some influence on the market in 2023 include TINA (there is no alternative) and TARA (there are reasonable alternatives) sentiments, per the Wall Street Journal.
The first argues that investors should hold on to stocks — because even if they underwhelm, there's no alternative asset class that would offer better returns. Meanwhile, TARA promotes the opposite – there are better assets to invest in compared to stocks.
YOLO
A new group of spenders are keeping the economy afloat, according to Siegel, despite high interest rates and fears of recession.
"The economy looks like it is progressing smoothly, with a resilient consumer impervious to the impact of higher borrowing costs. It is the 'YOLO' (you only live once) consumer out traveling and enjoying the summer," he wrote in a separate weekly WisdomTree commentary.
Higher rates typically encourage saving over spending, but the opposite is happening in the US — even after the Federal Reserve raised benchmark borrowing costs by 500 basis points over the five quarters.
This article was originally published on July 23, 2023.
A Ukrainian soldier in a building near Bakhmut from a video shared by Ukraine's 3rd Separate Assault Brigade in January 2023.
YouTube/3-тя окрема штурмова бригада
Ukrainians fought to stay alive in Bakhmut against a much larger Russian force.
Soldiers told Business Insider the city was so dangerous they couldn't set up proper defenses.
One said they stood still for hours after sprinting to a new location, in case they were spotted.
Soldiers in Bakhmut, the scene of Ukraine's bloodiest battle, painted a bleak picture of their time there.
Death was always close — and would rarely come from an enemy you could see.
They stayed alive by sprinting between buildings to avoid drones and air strikes, several told Business Insider.
They would stand still for hours at a time, hoping to avoid being seen.
The battle for the eastern city raged from last summer until May this year, when Ukraine's forces were finally pushed out. Fighting has continued on its outskirts.
Commanders on both sides called Bakhmut a "meat grinder," while soldiers who fought there described brutal fighting among destroyed buildings.
Drone footage shows destruction of Bakhmut, Ukraine.
ADAM TACTIC GROUP
The positions soldiers took up were destroyed so quickly that there was no point in building anything new to hide in, a Ukrainian deputy commander told BI.
"You don't have much time to prepare a very good position," said the commander, who asked not to be named for fear of Russian retribution.
Attacks would come as soon as Russian forces learned where you were, whether it was a house, apartment block, or trench, he said.
"When they understand where you are properly, they will destroy your position," he said. "We have a lot of casualties in this way."
An aerial view of Bakhmut, Ukraine, in June 2023
AP Photo/Libkos
A US Army veteran who fought in Bakhmut also described the difficulties of staying alive in a city with so many drones.
"In Bakhmut, you would be spotted immediately by a drone because there's hundreds of drones in the air," he said. "There's no place that's safe."
Soldiers would take up positions on the first floor or in the basements of partially destroyed buildings. When you arrive "you need to wait there to see if you've been ID'ed," said the veteran, who goes by his call sign Jackie.
Only after you were sure you'd not been spotted could you begin setting up traps or defenses, or get ready to launch a new attack, he said.
"That's how you survive."
Jackie after getting hit by shrapnel in the face in Bakhmut.
Courtesy of Jackie
Changing positions was also fraught with danger, Jackie said. They'd use four different routes to move between positions so they were not walking the same way every time.
"The goal of the day is just to not let the Russians know where any of those positions are," he said.
Cmdr. Vitaliy Kryukov, a loitering-munition commander for Ukraine's elite Adam Tactical Group, also told BI of the extreme danger.
"The fights were going on for every single corner," he said, "every building."
Ukrainian soldiers in a building in the direction of the Bakhmut frontline in April 2023.
Diego Herrera Carcedo/Anadolu Agency via Getty Images
And when it came to attacking a building held by Russian forces, Jackie said the key was "to move at the right time."
"You cannot expose yourself for too long," he said. "You can't screw around on that building for too long. Because you're going to get spotted, drone and artillery is going to start coming in. It's going to be accurate."
He said that when it came to staying alive, "luck is a big factor."
The need to avoid being seen meant that Bakhmut often looked like a ghost town, despite being filled with many thousands of soldiers.
Martin Wyness, who came to Bakhmut in June and July 2022 as a medic, said medical staff kept first-aid kits on them at all times: "Even if you went in the shower, you took it with you in case the building collapsed."
The Ukrainian deputy commander said that soldiers were constantly at risk where they hid: "They just need to destroy the building and we die inside."
Destroyed buildings in Bakhmut, Ukraine, in June 2023
93rd Kholodnyi Yar Brigade/Handout via REUTERS
After months of fighting, Ukrainian forces moved out of the heavily damaged city in May, leaving Bakhmut in Russian hands.
Jackie said his men were relieved to get out of Bakhmut.
But it didn't take long, he said, until they "all agreed that we are looking forward to the day that we can go back there, retake that city, and rebuild it."
