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Today’s big story examines how recruitment for AI talent is ramping up in the tech industry and on Wall Street.

• Markets: The AI bubble is popping, just not as soon as you think.
• Tech: Bill Gates has played a key role in Microsoft’s AI strategy behind the scenes.
• Business: More Gen Zers are struggling to stay connected to school or work.

Eager to understand how to leverage the tech, companies are racing to scoop up AI specialists.

The fight for talent has tech companies pulling out all the stops. That includes calls from high-profile CEOs and seven-figure pay packages, writes Kali Hays and Ellen Thomas.

But Big Tech companies aren’t just competing with each other. Wall Street is throwing big money at AI specialists. Banks, hedge funds, and private equity are all getting in on the fun.

And then there are startups. But it’s not just about joining a young company. With so many venture capitalists eager to fund AI ideas, some AI talent are starting their own companies.

Microsoft’s chief financial officer, Amy Hood, said on the tech giant’s earnings call that capital expenditure would increase “materially.”

Mark Zuckerberg told Meta investors it’s investing more in AI than it initially realized. And it might be a while before it pays off. (Zuckerberg does have a plan to eventually make money from the AI investments.)

But not everyone is convinced, as investors sent Meta’s shares tumbling in the wake of earnings.

The dynamic puts incredible pressure on the AI talent being brought in. With shareholders keen on these AI investments to payoff, companies will be expected to find revenue streams quickly.

But operating at such speed, especially as regulators keep a close eye, won’t be easy.

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

Businesses are already fighting the rule, but if it survives the courts it could mean even more movement of AI talent.

Your Monday headline catchup

A quick recap of the top news from over the weekend:

• DeSantis makes nice with Trump in Miami: reports.
• Mark Meadows asked the Supreme Court to recognize his ‘just following orders’ defense. A right-wing justice wasn’t buying it.
• Google hits a new milestone: $2 trillion.
• Russian troops advanced and captured large parts of village after apparent Ukrainian blunder left front line unmanned.
• Mint Butterfield, teen whose dad cofounded Slack and mom cofounded Flickr, found safe, police say.

🔔 Before the opening bell: US futures climb higher in Monday’s premarket as traders prepare for a week of earnings reports and Fedspeak.

2. The AI-fueled stock market bubble has a few years left. Research firm Capital Economics said 2026 is when things will come crashing down for AI. It has a glum prediction for the markets, anticipating returns from equities will be weaker over the next decade than the previous one.

3. David Einhorn has a theory about why gold prices have spiked. In his latest letter to investors, published this week, the Greenlight Capital founder said there’s been a “secular trend” of countries from the East buying the precious metal from Western nations.

2. No For You Page, no problem. The ink has dried on the “TikTok ban” bill, and many are concerned about the app’s future. Selling TikTok without its infamous algorithm seems like an inevitable doom for a new owner. But what if it’s not?

3. Shopify is back. The e-commerce giant’s stock surged 200% in the 18 months after October 2022. Analysts credit Shopify’s rebound to several well-timed decisions, including selling off a money-losing business and making two big cuts to its head count.

2. The sudden demise of ComplYant. A tax-compliance startup abruptly closed its doors in September, despite raising over $10 million in venture funding. It took employees two months to receive their final paycheck. Then the CEO cut off all contact.

3. 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 young, newly rich American man. BI set out to find out why finance and tech guys are treating a chair like it’s a Rolex or a Porsche.

• From Gen Alpha to boomers, we asked 6 therapists what each generation is speaking about in therapy.
• Walmart heir Rob Walton is stepping down from the retailer’s board after four decades.
• Sundar Pichai, James Gorman, and Sheryl Sandberg have all worked for McKinsey. Here’s why the consultancy is a CEO factory.
• A Catholic ‘priest’ has been defrocked for being AI.

• Today’s earnings: Paramount and other companies are reporting.

Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London. Grace Lett, associate editor, in Chicago.

Get in touch. Email us at insidertoday@insider.com

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