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- 📣 Skyrocketing housing costs in wealthy nations
📣 Skyrocketing housing costs in wealthy nations
401(k)s have proved a safe haven
Techonomy Barista
September 03, 2024
Welcome to another edition of Techonomy Barista: where tech gossip meets economic banter and served hotter than your ex's DMs! 🔥
The Treaty of Paris signed today in 1793.
We hope you’re seated comfortably holding your favorite drink at this time of the day.
In today’s news:
Record high concerns about housing costs across the world.
Byte Dance is on a shopping spree to raise a loan. 💰🛍️
America’s 401(K’s) are partying like it’s 1999. 🎉
Apple to stop using Japan’s LCD screens for the iPhone from 2025.📱
Troll farms crash America's election party.
Gen Z is set to outnumber boomers, leaving bosses more confused than ever.
Markets
Economic Calendar
Calendar covers high-impact events for the five largest economies. All times in EST.
1. Record high concerns over housing costs in rich nations. 🏠️
Every now and then we come across some stories that are so impactful to many of us, we can’t possibly explain them in one single image like we usually do - our first story today is good example of that.
Alright, let's break down this housing horror show in a way that'll make you laugh...or cry. Maybe both?
Source: Gallup Analytics, Financial Times
🏘️ Half of OECD folks are dissatisfied with housing costs - it's like everyone's playing a twisted game of "The Floor is Lava," but the floor is affordable real estate.
Source: Gallup Analytics, Financial Times
🇺🇸 In the land of the free (the land of the expensive?), nearly 60% are giving the housing market the stink eye. House prices have skyrocketed faster than a cat up a Christmas tree, with the average price now 38% higher than when Biden took office. Ouch!
👵👴 Boomers are sitting pretty with their low-rate mortgages, while millennials and Gen Z are left holding the avocado toast 🥑. Under-50s are more likely to be grumbling about housing costs than their older counterparts.
Source: OECD, Financial Times
Rent's gone bonkers while groceries and gas are playing 'How to Bankrupt a Millennial'. It's like a twisted game of financial Jenga where every move leaves you closer to living in a cardboard box. Maybe we should all just photosynthesize? 🌱🚫
Source: Gallup, Financial Times
🌍 Gallup's global gripe-fest reveals housing headaches from 142 countries. Germany's whining about affordable cribs hit 46% (up from 42%), while Spain's housing hissy fit peaked at 62% - seems like everyone's dreaming of cardboard box mansions these days. 📦🏠
2. Wall Street's wild ride: America's 401(k)s are partying like it's 1999. 📈🎉💰
Source: Techonomy Barista Analysis.
Stocks are soaring higher than a rocket full of memes. The S&P 500 is up 18% this year, making your portfolio look prettier than your Instagram feed. 📸
Millionaires are popping up like daisies. Fidelity's seeing a record 497,000 401(k) millionaires - that's a 31% jump from last year. Talk about a glow-up! ✨💵
Americans are going all-in on stocks like it's a poker game they can't lose. We're talking 42% of their financial assets - the highest since 1952. Who needs diversification when you've got FOMO? 🃏🤑
Small-cap funds are the new cool kids on the block. They're raking in cash faster than a TikTok star with a merch line. 🧢
Even the pros are feeling the buzz. Asset managers are placing bets on stocks like they've got insider info from a time traveler. 🕰️👀
3. ByteDance’s $9.5B money dance: TikTok's parent goes on a loan shopping spree. 💰🛍️
Credit: Techonomy Barista.
ByteDance is playing financial Jenga with a $9.5 billion loan. It's like refinancing your student loans, but with way more zeros. 🏦
They're not broke - they're just being smart with their cash. It's the corporate version of finding loose change in your couch.
This move is straight out of the Big Tech playbook. Even Apple does it, so ByteDance is basically saying "Look, Mom, I'm a real tech company now!" 🍎👀
They're using some of this cash to pay off an old $5 billion loan. It's like using one credit card to pay off another, but somehow, it's okay when big companies do it.
Big banks are lining up to help, probably hoping for a TikTok dance in return. Citigroup, Goldman Sachs, and JP Morgan are in the mix. 🏛️
4. Japan will cease to supply LCD screens to Apple.
Source: Omdia
🍎 Apple's going full OLED in 2025, leaving LCD in the dust faster than your ex left you on read. Even the budget-friendly iPhone SE is getting a glow-up! 💅
🇯🇵 Japanese suppliers JDI and Sharp are getting the boot quicker than a contestant on a reality TV show. From 70% market share to zero? That's a plot twist worthy of M. Night Shyamalan. 📉
🇰🇷🇨🇳 South Korean and Chinese OLED makers are now the cool kids at Apple's lunch table. Samsung's hogging half the OLED pie, while LG and BOE fight over the leftovers. Talk about an Asian invasion!
📱 OLEDs are set to dethrone LCDs in smartphone shipments this year. It's like watching flip phones fade into obscurity all over again. Pour one out for the LCD homies. 🍻
💔 JDI's been friend-zoned by Apple, going from 60% of its revenue to... well, let's just say they're swiping right on car displays now. Ten years of losses? Ouch, that's gonna leave a mark.
5. China's digital dynasty: Troll farms crash America's election party 🇨🇳🗳️🎭.
Credit: WSJ.
Chinese government-backed trolls are targeting U.S. voters ahead of 2024, using fake identities to spread divisive content.
"Spamouflage" network pushes propaganda on social media, aiming to undermine confidence in U.S. elections 📱🎭
TikTok seems to be their most successful platform, with some videos getting millions of views 🎥
Fake accounts pose as both conservatives and liberals, attacking all sides to maximize division.
Despite denials, researchers found strong evidence linking these operations to Chinese actors. 🇨🇳
6. Decoding Gen Z: Corporate America's new workplace puzzle. 🧩👔🤔
Credit: Techonomy Barista.
Gen Z is set to outnumber boomers, leaving bosses more confused than a cat in a dog park. Companies are playing 'Gen Z Whisperer', offering everything from mentorship to on-site therapy. What's next, TikTok dance breaks? 🙈💃🧘♂️
Execs are baffled by Gen Z's desire for 'meaning' at work. Apparently, "because I said so" doesn't cut it anymore. Some are learning that understanding Gen Z isn't just nice-to-have, it's must-have. 🙄💼
Pandemic-era remote work left Gen Z missing out on office culture. They're like fish who learned to swim on land and now have to figure out water. 🐠🏢
From 40-slide presentations to snarky comments in meetings, Gen Z is keeping HR on its toes. It's like teaching your grandparents to use emojis, but reverse. 👵📱😂
Whether it's free therapy or quarterly feedback, companies are bending over backwards to keep their youngest workers engaged. Who knew "adulting" would be such a challenge for both sides? 🛋️📊
Welcome to the workplace zoo, where boomers, millennials, and Gen Z are all trying to figure out which exhibit they belong in! It's less "Circle of Life" and more "Square Peg, Round Hole."
Other news worth knowing:
AI
Cali's AI crackdown: Lawmakers say 'Hold up' to the robot takeover.
Cerebras' innovation could disrupt Nvidia's stronghold in AI hardware.
Authors file lawsuit against Anthropic over ‘pirated’ works.
Technology
AI's Achilles' heel: Can we stop hackers from whispering sweet nothings to our chatbots? 🤖🕵️♀️💬
VMware’s AI vision: Embracing India and championing platform flexibility.
Game of Thrones: Saudi Arabia's Esports gambit faces human rights. checkmate 🎮👑🕹️
Motorola’s Glow-Up: Turning setbacks into comebacks.
Business
Temu’s parent co PDD sitting on largest net pile of cash of any public company that doesn’t pay dividends. 😲
Indian food delivery co Zomato and Jio Financial looking at Nifty 50 inclusion.
Volkswagen tries to cancel a no-layoffs pledge and could close German plant.
Finance
Asian markets trading mixed as investors wait for US jobs report.
Boosting India’s global clout: The power of a Sovereign wealth fund.
World bank upgrades India’s growth story: From 6.6% to 7% in FY25.
Luxury auction house Sotheby’s earnings drop due to lull in art market.
US Politics
Harris and Bide unite for American steel workers: Opposes US Steel’s sale.
World
US research finds probable launch site of Russia's new nuclear-powered missile.
US military says Yemen's Houthis attacked two crude oil tankers in Red Sea.
Hamas says hostage guards in Gaza have been operating under new instructions.
Interesting
My 8yo son built a Three.js site with zero coding experience
He used Claude AI and let Cursor apply all the code for him. He actually made several projects including 2 platformer games, a drawing app, an animation app and an AI chat app. ~2 hours spent on each. I only helped him… x.com/i/web/status/1…
— Meng To (@MengTo)
5:57 AM • Sep 1, 2024
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