Title: Why the Ultra-Rich Embracing AI Signals Legitimacy for the Tech
The rise of artificial intelligence (AI) has gained significant traction among the ultra-rich, indicating a growing acceptance and legitimacy of the technology. As family offices, investment firms entrusted with managing the fortunes of the wealthiest individuals, delve into AI investments, it becomes clear that maintaining wealth is now just as important as growing it.
Family offices, traditionally focused on safeguarding wealth, are now navigating the modern-day gold rush that is AI investment. Hayley Cuccinello’s exploration into this realm reveals how family offices are sifting through the noise to separate reality from hype. In a similar fashion to when Bitcoin and NFTs dominated the investment landscape in 2021, younger heirs had urged their family offices to embrace cryptocurrency. However, many of those deals failed to materialize, and digital currencies have largely been abandoned by most family offices.
The key differentiator is that family offices have been embracing AI long before it became a mainstream trend. This early adoption by the ultra-rich suggests that despite the hype, AI has the potential to truly revolutionize industries and economies. The ultra-rich abhor being left behind, making their interest in AI a significant marker for the technology’s legitimacy.
In other news:
1. Goldman Sachs slips in the M&A race: For the first time in five years, Goldman Sachs lost its top position in the midyear M&A rankings, according to Refinitiv Deals Intelligence. Find out more about what led to this slip-up and whether Goldman Sachs can recover.
2. Mastercard offers developers a priceless opportunity: The global payment giant aims to attract technologists by revamping its culture, which includes providing free days to pursue passion projects. Discover how this new approach is resonating with potential talent.
3. Allegations of inappropriate questioning at Gates Ventures: Female applicants to Bill Gates’ family office were reportedly subjected to sexually explicit questions by a third-party security firm. The questions focused on issues that could result in potential blackmail, but a Gates Ventures spokesperson denied knowledge of these allegations. Read more about the controversy.
4. Silicon Valley faces a potential extinction event: The startup industry is threatened by several factors that make it increasingly challenging for early-stage companies to thrive. Spain, however, appears to be an exception to this trend. Brace yourself for the potential impact.
5. Remote job opportunities are still plentiful: Despite the push to return to the office, there are numerous remote work opportunities available. Explore the options and benefits of working from home.
6. Succession plans underway at Morgan Stanley: Morgan Stanley’s board is set to consider potential successors for CEO James Gorman in upcoming meetings. Stay updated on these developments.
7. Best cities for young professionals: Austin, Texas, takes the lead as the best city for young professionals, according to a recent study. Learn more about the criteria used and discover the other top four cities.
8. A $35 million NYC penthouse that remains unsold: A 9,450-square-foot luxury condo in Midtown Manhattan, supposedly owned by the Gucci family, has been on the market since 2015. Take a virtual tour inside this remarkable property.
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