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Insider Today: The Worst App in the World

Posted on by darion

Welcome back to our Sunday edition, where we give you a round-up of the most important news.

Sorry to disappoint you, but it’s me again. Matt Turner is on parental leave, so you’ll have to bear with me for the next few months.

But first: Investors have a few questions.

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Shipping this week


Collage of stock prices and a broker looking at a screen.

According to an experienced strategist, stock markets could see a double-digit correction over the next three months.

GettyImages; Jenny Chang-Rodriguez/BI



Show me the profits

As businesses continue to look for ways to leverage generative AI, investors are starting to wonder: How might it impact the bottom line?

For nearly two years, companies have plunged headlong into generative AI. That push hasn’t come cheap, given the high cost of GPUs and talent demands.

But fears were quickly dispelled. After all, this is just another digital revolution, similar to the early days of the internet. Overspending is bad, but you know what’s worse? Falling behind.

But this week we witnessed a real backlash from investors against this spend-at-all-costs approach.

Alphabet executives were pressed on whether its AI reviews of Google search results were generating advertising revenue, and Elon Musk’s promises of robot taxis and fully autonomous driving technology couldn’t allay concerns about Tesla’s core foundation.

The Information reported Wednesday that OpenAI could lose as much as $5 billion this year, based on an analysis of costs that include running and training the large language models that the company’s AI relies on.

The pressure will continue to mount as Apple, Microsoft, Amazon and Meta — all big investors in AI projects — report next week. Nvidia, which will report in late August, is preparing to show examples of how customers are making money using its AI chips.

But investors can only be so aggressive. The market has been largely built over the past few years on the promise of AI. Abandoning it now could pose an even bigger risk than spending a little more than they’re comfortable with.


The hands of two men fighting and reaching for a credit card on a bill tray.

GettyImages; Alyssa Powell/BI



No, really, I’m buying dinner.

Credit card rewards have never been better, and for good reason. It’s a great way to attract customers who love to collect them.

But our beloved perks can come with a hidden cost to our relationships. When everyone is rushing to pay the dinner bill — and collect rewards for their card purchases — it doesn’t take much for the whole thing to turn ugly.

Personal Cost of Credit Card Benefits.


Photographic illustration of Sam Altman with photos of a couple with a baby stroller, houses, and dollars in the background.

GettyImages; Jenny Chang-Rodriguez/BI



Sam Altman’s Basic Income Study Now Available

The experiment, one of the largest of its kind, involved paying participants $1,000 a month for three years with no strings attached.

Recipients increased their monthly spending, but most of the extra income went to food, rent and transportation. However, researchers said they found “no direct evidence” of improved physical or mental health among participants.

Here’s everything I found.

Read also:


Illustration of a Duolingo bird with tattoos on its hand.

Alvaro Dominguez for BI



Bad and meme-worthy

Duolingo’s sassy green spokes-owl is something of a social media influencer. She has a recognizable personality and an online presence that users can’t get enough of.

While some users have decried the marketing tactic of “emotional blackmail” — likening it to psychological abuse in some extreme cases — Duolingo’s owl harassment has helped the company achieve record profits. Love it or hate it, the owl has rizz.

The most vile app in the world.


The technician closes the laptop and walks away with the briefcase.

GettyImages; Alyssa Powell/BI



Founders’ dreams put on hold

Amid the tech crisis that has seen some 3,200 venture-backed startups fail, some early-stage founders are temporarily putting their startup dreams on hold and taking jobs as corporate employees.

While most eventually want to return to the startup space, they say the quality of life is far superior to the endless pressures and sleepless nights of being a founder. “It’s almost relaxing to have someone else telling me what to do,” said one former founder.

Dream postponed.

Quote of the week:

“It’s almost like wearing a vest, except it’s an addictive substance.”

— Mark Moran, former Lazard banker, on Zyn’s ubiquity on Wall Street.

More top reads this week:

  • Google rewarded employees with a gold bomber jacket and additional bonuses for “golden tips” about artificial intelligence.
  • Generation X is in charge now. Boomers are being shown the door.
  • She was laid off at age 50. She found it harder to bounce back than before.
  • Nine AI startups that are watching Hollywood and big tech companies.
  • Here’s Kamala Harris’s stance on artificial intelligence, big tech, cryptocurrencies, and more.
  • Thanks to his “good government job,” this 70-year-old is enjoying his retirement.
  • The sure-fire solution to America’s housing crisis? Fewer stairs.
  • The false Trumpism of big tech.
  • They once ruled the stock market like gods. Now their days of dominance are over.
  • Meet the 13 leaders behind Nvidia’s massive success.

  • Nickelback, Post Malone, Chris Brown and other stars accepted COVID cash despite initial concerns from their accountants about “perjury” and “perception issues,” court documents show.

    Insider Today Team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Lisa Ryan, managing editor, in New York. Amanda Yen, fellow, in New York.