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Almost Friday! Hopefully, you have fun plans for the weekend. But even if you don't, you can do better than jumping on the PowerPoint party trend.

In today's big story, we're looking at the biggest topic at this year's TV upfronts, and how it's a sign of advertising's new era.

What's on deck:

• Markets: Morgan Stanley's new wealth boss outlines the bank's playbook for hitting $10 trillion in client assets.

• Tech: Wall Street analysts share their predictions for Apple's earnings report today.

• Business: Young people are fueling a Botox boom. Blame social media.

But first, Don Draper's got a new remit.

If this was forwarded to you, sign up here.

The big story

Data for the small screen

At one of the biggest annual events in advertising, it's all about the data.

US TV upfronts are when networks vie for ad dollars. The courting process typically involves networks showing off their best shows and then haggling over prices.

"Come check out this new show of ours. Wouldn't your ad look great running alongside it?"

It's a high-stakes game, with nearly $18.8 billion in ad spend up for grabs.

But when things kick off later this month, advertisers have another priority beyond keeping their ad rates low. Business Insider's Lara O'Reilly and Lucia Moses report that some advertisers are more focused on the data they can get, specifically from retailers.

Information on consumers' shopping trends can ensure their ads reach the right people and prove they ultimately lead to sales.

That concept isn't new in the age of digital advertising, to be clear. But, the rise of e-commerce means an increased focus on the valuable information retailers have about their shoppers.

Consumer privacy initiatives have also contributed to the shift. Sensitivities around data sharing and the upcoming death of the third-party cookie have forced advertisers to work directly with companies with data on their customers.

As a result, the so-called retail media space has exploded, ballooning to $128 billion last year.

You might be wondering what retail data has to do with television advertising.

It just so happens one tech giant has its foot in both worlds. Amazon is one of the world's largest retailers and also has a streaming service, Prime Video, that just started selling ads.

Couple that with the success of its new series "Fallout" and the fact retail media's rise is at the expense of rival Google, and you start to see how well-positioned Amazon is.

Perhaps that's why CEO Andy Jassy highlighted Prime Video in his recent annual letter to shareholders.

Amazon holds an incredible advantage, but that hasn't stopped others from combining retail and streaming (Roku-Best Buy, Disney-Kroger, Walmart-Vizio).

Such a big shakeup will also impact what we see as viewers. Maybe it's unique in-game advertising for live sports, an area Big Tech is aggressively pursuing.

More drastic changes could include "shoppable media," where viewers can make purchases from the comfort of their couch.

3 things in markets

1. The man with the (wealth) plan at Morgan Stanley. The bank's new wealth chief, Jed Finn, took over a thriving business after his former boss, Andy Saperstein, was promoted. But there's still work to be done — about $3 trillion worth — to reach the bank's goal of $10 trillion in client assets across wealth and asset management. He told BI how he plans to do it.

2. Joseph Stiglitz sounds off. The famed economist discussed with BI the legacy of trickle-down economics. (The share of total net worth held by the richest Americans went from 22.8% in 1989 to 30.3% today.) It's part of the Nobel laureate's argument for why it's time to issue a verdict on whether free-market policies have been successful.

3. The Fed keeps interest rates steady once again. On Wednesday, the central bank kept borrowing costs at their current level, the sixth straight meeting in which it has left rates unchanged. Chair Jerome Powell said rate cuts will be on the table only if there is better inflation data or "unexpected" labor market weakness.

3 things in tech

1. Google says immigration rules are making it hard to hire top AI talent. The company says its need for AI roles will "increase significantly" in the next few years. As such, it told the US Department of Labor the list of roles considered scarce must be broadened.

2. All eyes on Apple. With the company reporting earnings this afternoon, Wall Street is looking for its iPhone sales in China. With weak sales in the country, Wells Fargo said Apple faces a "tough near-term setup."

3. Microsoft's CTO was "very worried" about Google's AI efforts. In a 2019 email that was made public on Tuesday as part of the Department of Justice's antitrust case against Google, Kevin Scott told Satya Nadella and Bill Gates that "auto-complete in Gmail" was "getting scarily good" — potentially setting the stage for Microsoft's massive investment in OpenAI.

3 things in business

1. Gen Zers have a new status symbol: Botox. In an age of remote work, young people no longer need to show off their bags or cars. Instead, they're showcasing their face — and driving a boom in "tweakments" like Botox and lip filler.

2. Everything to know about Skydance's bid for Paramount. The film studio is vying to buy Shari Redstone's controlling stake in Paramount. Sources told BI how much Redstone may get and what Paramount would look like if it happens.

3. Trump Media makes no sense. Its shares, which have been on a roller-coaster ride in recent months, tanked again on Wednesday. Don't bother trying to understand why — meme stocks don't respond to reason, BI's Peter Kafka writes.

In other news

• Disney just named 2 new top execs to advise on strategy and M&A as it considers its future: Read the memo.

• These 70 House Democrats and 21 Republicans voted against a bill to crack down on antisemitism on college campuses.

• Russia may not start an all-out war with NATO, but already has plans to destroy it from within.

• Starbucks says it's launching boba-inspired drinks this summer.

• Columbia's student radio station was the main source of information for the protests. Here's why that matters.

• Japan just spent billions to boost the flailing yen — and the US may get involved too.

What's happening today

• Today's earnings: Apple, Coinbase, and other companies are reporting.

The Insider Today team: 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.

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• Apple reports second-quarter earnings on Thursday.
• Investors will be looking for updates on Chinese iPhone demand.
• The company's stock is down 12% in 2024 so far, trailing the S&P 500.

Apple will report fiscal second-quarter earnings on Thursday after the closing bell.

Analysts are dialed in on Apple's iPhone business in China, which has faced a surge in competition over the past year, as well as its capital return plans and guidance as it prepares to release its next-generation iPhone later this year.

Apple's stock was down 12% year-to-date through Wednesday's close, trailing the the S&P 500's 5% gain.

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• Last year's job cuts weren't the end of layoffs. Further reductions have begun in 2024.
• Companies like Tesla, Google, Microsoft, Nike, and Amazon have announced plans for cuts this year.
• See the full list of corporations reducing their worker numbers in 2024.

A slew of companies across the tech, media, finance, and retail industries made significant cuts to staff in 2023. Tech titans like IBM, Google, Microsoft, finance giants like Goldman Sachs, and manufacturers like Dow all announced layoffs.

This year is looking grim too. And it's only May.

Nearly 40% of business leaders surveyed by ResumeBuilder think layoffs are likely at their companies this year, and about half say their companies will implement a hiring freeze. ResumeBuilder talked to about 900 leaders at organizations with more than 10 employees. Half of those surveyed cited concerns about a recession as a reason.

Another major factor is artificial intelligence. Around four in 10 respondents said they'll conduct layoffs as they replace workers with AI. Dropbox, Google, and IBM have already announced job cuts related to AI.

Here are the dozens of companies with job cuts planned or already underway in 2024.

Nike's up-to-$2 billion cost-cutting plan will involve severances.

Nike announced its cost-cutting plans in a December 2023 earnings call, discussing a slow growth in sales. The call subsequently resulted in Nike's stock plunging.

"We are seeing indications of more cautious consumer behavior around the world," Nike Chief Financial Officer Matt Friend said in December.

Google laid off hundreds more workers in 2024.

On January 10, Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.

In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed. According to the email, April 9 will be the last day for those unable to secure a new position.

The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of its global workforce (about 12,000 people) last January.

Discord is laying off 170 employees.

Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron in early January.

"We grew quickly and expanded our workforce even faster, increasing by 5x since 2020," Citron said in the memo. "As a result, we took on more projects and became less efficient in how we operated."

In August 2023, Discord reduced its headcount by 4%. According to CNBC, the company was valued at $15 billion in 2021.

Citi will cut 20,000 from its staff as part of its corporate overhaul.

The layoffs announced in January are part of a larger Citigroup initiative to restructure the business and could leave the company with a remaining head count of 180,000 — excluding its Mexico operations.

In an earnings call that month, the bank said that layoffs could save the company up to $2.5 billion after it suffered a "very disappointing" final quarter last year.

Amazon-owned Twitch also announced job cuts.

Twitch announced on January 10 that it would cut 500 jobs, affecting over a third of the employees at the live-streaming company.

CEO Dan Clancy announced the layoffs in a memo, telling staff that while the company has tried to cut costs, the operation is "meaningfully" bigger than necessary.

"As you all know, we have worked hard over the last year to run our business as sustainably as possible," Clancy wrote. "Unfortunately, we still have work to do to rightsize our company and I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch."

BlackRock is planning to cut 3% of its staff.

Larry Fink, BlackRock's chief executive, and Rob Kapito, the firm's president, announced in January that the layoffs would affect around 600 people from its workforce of about 20,000.

However, the company has plans to expand in other areas to support growth in its overseas markets.

"As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources," the company leaders said in a memo.

Rent the Runway is slashing 10% of its corporate jobs as part of a restructuring.

In the fashion company's January announcement, COO and president Anushka Salinas said she will also be leaving the firm, Fast Company reported.

Unity Software is eliminating 25% of its workforce.

Around 1,800 jobs at the video game software company will be affected by the layoffs announced, Reuters reported in January.

eBay is cutting 1,000 jobs.

In a January 23 memo, CEO Jamie Iannone told employees that the eBay layoffs will affect about 9% of the company's workforce.

Iannone told employees that layoffs were necessary as the company's "overall headcount and expenses have outpaced the growth of our business."

The company also plans to scale back on contractors.

Microsoft is reducing its headcount by 1,900 at Activision, Xbox, and ZeniMax.

In late January, nearly three months after Microsoft acquired video game firm Activision Blizzard, the company announced layoffs in its gaming divisions. The layoffs mostly affect employees at Activision Blizzard.

"As we move forward in 2024, the leadership of Microsoft Gaming and Activision Blizzard is committed to aligning on a strategy and an execution plan with a sustainable cost structure that will support the whole of our growing business," Microsoft Gaming CEO Phil Spencer said in a memo obtained by The Verge.

The cuts come a year after the tech giant announced it was reducing its workforce by 10,000 employees. It then slashed a further 1,000 roles across sales and customer service teams in July 2023.

Salesforce is cutting 700 employees across the company, The Wall Street Journal reported.

Salesforce announced a round of layoffs that the company says will affect 1% of its global workforce, The Journal reported in late January.

The cuts followed a wave of cuts at the cloud giant last year. In 2023, Marc Benioff's company laid off about 10% of its total workforce — or roughly 7,000 jobs. The CEO said the company over-hired during the pandemic.

Flexport lays off 15% of its workers.

In late January, the US logistics startup laid off 15% of its staff which is around 400 workers.

The move came after Flexport founder and CEO Ryan Petersen initiated a 20% reduction of its workforce of an estimated 2,600 employees in October.

Flexport kicked off 2024 with the announcement that it raised $260 million from Shopify and made "massive progress toward returning Flexport to profitability."

iRobot is laying off around 350 employees and founder Colin Angle will step down as chairman and CEO.

The company behind the Roomba Vacuum announced layoffs in late January around the same time Amazon decided not to go through with its proposed acquisition of the company, the Associated Press reported.

UPS will cut 12,000 jobs in 2024.

The UPS layoffs will affect 14% of the company's 85,000 managers and could save the company $1 billion in 2024, UPS CEO Carol Tomé said during a January earnings call.

Paypal CEO Alex Chriss announced the company would lay off 9% of its workforce.

Announced in late January, this round of layoffs will affect about 2,500 employees at the payment processing company.

"We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth," CEO Alex Chriss wrote in a January memo. "At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."

Okta is cutting roughly 7% of its workforce.

The digital-access-management company announced its plans for a "restructuring plan intended to improve operating efficiencies and strengthen the Company's commitment to profitable growth" in an SEC filing in February.

The cuts will impact roughly 400 employees.

Okta CEO Todd McKinnon told staff in a memo that "costs are still too high," CNBC reported.

Snap has announced more layoffs.

The company behind Snapchat announced in February that it's reducing its global workforce by 10%, according to an SEC filing.

Estée Lauder said it will eliminate up to 3,100 positions.

The cosmetics company announced in February that it would be cutting 3% to 5% of its roles as part of a restructuring plan.

Estee Lauder reportedly employed about 62,000 employees around the world as of June 30, 2023.

DocuSign is eliminating roughly 6% of its workforce as part of a restructuring plan.

The electronic signature company said in an SEC filing in February that most of the cuts will be in its sales and marketing divisions.

Zoom is slashing 150 jobs.

The latest reduction announced in February amounts to about 2% of its workforce.

Paramount Global is laying off 800 employees days after record-breaking Super Bowl.

In February, Paramount Global CEO Bob Bakish sent a memo to employees announcing that 800 jobs — about 3% of its workforce — were being cut.

Deadline obtained the memo less than a month after reporting plans for layoffs at Paramount. The announcement comes on the heels of Super Bowl LVIII reaching record-high viewership across CBS, Paramount+, and Nickelodeon, and Univision.

Morgan Stanley is trimming its wealth management division by hundreds of staffers.

Morgan Stanley is laying off several hundred employees in its wealth-management division, the Wall Street Journal reported in February, representing roughly 1% of the team.

The wealth-management division has seen some slowdown in recent months, with net new assets down by about 8% from a year ago. The layoffs mark the first major move by newly-installed CEO Ted Pick, who took the reins from James Gorman on January 1.

Cisco slashes more than 4,000 jobs amid corporate tech sales slowdown.

In February, networking company Cisco announced it was slashing 5% of its workforce, or upwards of 4,000 jobs, Bloomberg reported.

The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.

Expedia Group is cutting more than 8% of its workforce.

Cutbacks part of an operational review at online travel giant Expedia Group are expected to impact 1,500 roles this year, a company spokesperson told BI.

The company's product and technology division is set to be the worst hit, a report from GeekWire said, citing an internal memo CEO Peter Kern sent to employees in late February.

"While this review will result in the elimination of some roles, it also allows the company to invest in core strategic areas for growth," the spokesperson said.

"Consultation with local employee representatives, where applicable, will occur before making any final decisions," they added.

Sony is laying off 900 workers

The cuts at Sony Interactive Entertainment swept through its game-making teams at PlayStation Studios.

Insomniac Games, which developed the hit Spider-Man video game series, as well as Naughty Dog, the developers behind Sony's flagship 'The Last of Us' video games' were hit by the cuts, the company announced on February 27.

All of PlayStation's London studio will be shuttered, according to the proposal.

"Delivering and sustaining social, online experiences – allowing PlayStation gamers to explore our worlds in different ways – as well as launching games on additional devices such as PC and Mobile, requires a different approach and different resources," PlayStation Studios boss Hermen Hulst wrote.

Hulst added that some games in development will be shut down, though he didn't say which ones.

In early February, Sony said it missed its target for selling PlayStation 5 consoles. The earnings report sent shares tumbling and the company's stock lost about $10 billion in value.

Bumble is slashing 30% of its workforce

On February 27, the dating app company announced that it would be reducing its staff due to "future strategic priorities" for its business, per a statement.

The cuts will impact about 30% of its about 1,200 person workforce or about 350 roles, a representative for Bumble told BI by email.

"We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap," Bumble Inc CEO Lidiane Jones said in a statement.

Electronic Arts is reducing its workforce by 5%

Electronic Arts is laying off about 670 workers, equating to 5% of its workforce, Bloomberg reported in late February.

The gaming firm axed two mobile games earlier in February, which it described as a difficult decision in a statement issued to GamesIndustry.biz.

CEO Andrew Wilson reportedly told employees in a memo that it would be "moving away from development of future licensed IP that we do not believe will be successful in our changing industry."

Wilson also said in the memo that the cuts came as a result of shifting customer needs and a refocusing of the company, Bloomberg reported.

IBM cutting staff in marketing and communications

IBM's chief communications officer Jonathan Adashek told employees on March 12 that it would be cutting staff, CNBC reported, citing a source familiar with the matter.

An IBM spokesperson told Business Insider in a statement that the cuts follow a broader workforce action the company announced during its earnings call in January.

"In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single-digit percentage of IBM's global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with," they said.

IBM has also been clear about the impact of AI on its workforce. Last May, IBM's CEO Arvind Krishna said the company expected to pause hiring on roles that could be replaced by AI, especially in areas like human resources and other non-consumer-facing departments.

"I could easily see 30% of that getting replaced by AI and automation over a five-year period," Krishna told Bloomberg at the time.

Stellantis is slashing 400 white-collar jobs

On March 22, the owner of Jeep and Dodge announced it's laying off employees on its engineering, technology, and software teams in an effort to cut costs, CNBC reported.

Workers learned they were being let go through video calls after the car company ordered them to work remotely for the day. The cuts are set to occur on March 31.

Amazon is laying off hundreds in its cloud division in yet another round of cuts this year

Amazon is cutting hundreds of jobs from its cloud division known as Amazon Web Services, Bloomberg reported on April 3.

The reduction will impact employees on the sales and marketing team and those working on tech for its retail stores, Bloomberg reported.

"We've identified a few targeted areas of the organization we need to streamline in order to continue focusing our efforts on the key strategic areas that we believe will deliver maximum impact," an Amazon spokesperson told Bloomberg.

On March 26, Amazon announced another round of job cuts after the company said it was slashing 'several hundred' jobs at its Prime Video and MGM Studios divisions earlier this year to refocus on more profitable products.

"We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact," Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, told employees in January.

This year's cuts follow the largest staff layoff in the company's history. In 2023, the tech giant laid off 18,000 workers.

Apple has cut over 600 employees in California

Apple has slashed its California workforce by more than 600 employees.

The cuts follow Apple's decision to withdraw from its car and smartwatch display projects.

The tech giant filed a series of notices to comply with the Worker Adjustment and Retraining Notification program. One of the addresses was linked to a new display development office, while the others were for the company's EV effort, Bloomberg reported.

Apple officially shut down its decadelong EV project in February. At the time, Bloomberg reported that some employees would move to generative AI, but others would be laid off.

Bloomberg noted that the layoffs were likely an undercount of the full scope of staff cuts, as Apple had staff working on these projects in other locations.

Representatives for Apple did not respond to a request for comment from Business Insider sent outside normal business hours.

Tesla is laying off over 10% of its workforce

Tesla CEO Elon Musk sent a memo to employees Sunday, April 14, at nearly midnight in California, informing them of the company's plan to cut over 10% of its global workforce.

In his companywide memo, Musk cited "duplication of roles and job functions in certain areas" as the reason behind the reductions.

An email sent to terminated employees obtained by BI read: "Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations."

On April 29, Musk reportedly sent an email stating the need for more layoffs at Tesla. He also announced the departure of two executives and said that their reports would also be let go. Six known Tesla executives have left the company since layoffs began in April.

Grand Theft Auto 6 publisher Take-Two Interactive is reducing its workforce by 5%

Take-Two Interactive, the parent company of Rockstar Games, said on April 16 that it would be "eliminating several projects" and reducing its workforce by about 5%.

The move — a part of its larger "cost reduction program" — will cost the video game publisher up to $200 million. It's expected to be completed by December 31.

As of March 2023, the company said it employed approximately 11,580 full-time workers.

Peloton is reducing its staff by 15% as the CEO steps down as well

Peloton CEO Barry McCarthy is stepping down, the company announced May 2. Along with his departure, the fitness company is also laying off about 400 workers.

McCarthy is leaving his role just two years after replacing John Foley as CEO and president in 2022. Peloton said the changes are expected to reduce annual expenses by over $200 million by the end of fiscal 2025 as part of a larger restructuring plan.

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• Consumers are "price weary," and McDonald's is paying attention.
• McDonald's will be "thoughtful" about any further price increases in 2024, CFO Ian Borden said.
• People are getting less fast food. "Everybody is fighting for fewer consumers," Borden said.

McDonald's says it's doubling down on value as customers increasingly feel the strain.

"The consumer is price weary," McDonald's CFO Ian Borden told analysts at the company's earnings call on Tuesday. "And I think we certainly are going to be prudent and thoughtful about any further price increases that we're looking at for the rest of 2024."

"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending which is putting pressure on the QSR [quick service restaurant] industry," CEO Chris Kempczinski said.

He said that diners from all income cohorts are looking for value, though he noted that it "may be more pronounced with the lower income consumer."

"I think all consumers are looking for good value, for good affordability," Kempczinski said.

Prices spiked during the pandemic when restaurants' costs went up because of labor shortages and supply-chain woes. While grocery inflation has moderated, fast food prices are still rising at higher rates than pre-pandemic.

Some diners say fast food no longer represents value for money and are cutting down in favor of cooking at home or dining at sit-down restaurants.

Other restaurant chains, including Starbucks and Burger King parent company, Restaurant Brands International, have said this week that customers are being cautious with their spending.

"Clearly, everybody is fighting for fewer consumers or consumers that are certainly visiting less frequently," CFO Borden said, reiterating comments he'd made in March that higher prices were deterring some diners from eating out.

But during Tuesday's call, McDonald's execs highlighted the chain's work around affordability. "We literally wrote the playbook on value," Kempczinski said.

Regarding McDonald's prices, Kempczinski said: "I feel like we are in a decent shape from an overall menu standpoint."

Kempczinski said that 90% of McDonald's US franchisees were offering meal bundles that cost $4 or less. Internationally, it's also been offering value bundles at "various price points" to provide "smaller, more affordable meals," he said. In Germany, for example, its McSmart menu sold record units in the first quarter, he said.

Kempczinski also highlighted that diners could get discounts by ordering on its app.

But McDonald's needs to do more work to promote its value offerings nationally and drive customer awareness, Kempczinski said.

"We're doing it in 50 different ways with local value," he said. "And what we don't have in the US right now is a national value platform at the same time that our competitors are out there with the national value platform."

McDonald's posted a 2.5% increase in comparable US sales for the quarter to March 31, down massively from 12.6% in the same quarter the previous year. Total revenue for the quarter rose 5% year-over-year to $6.17 billion.

Is fast food too expensive? Email this reporter at gdean@insider.com.

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• President Joe Biden asked ChatGPT to explain a legal case, write a Supreme Court briefing, and a song.
• "Wow, I can't believe it could do that," he said after his first ChatGPT run,  according to Wired.
• The experience also pushed Biden to sign an executive order on AI safety.

After over three decades in the Senate, eight years as vice president, and three presidential campaigns, you'd think nothing would surprise President Joe Biden.

Then, last spring, he tried out ChatGPT. A few months later, he signed sweeping legislation targeting the new technology.

Arati Prabhakar, Biden's chief science and technology advisor and director of the White House Office of Science and Technology Policy, told Wired that she and Biden put the bot up to a few tasks.

First, they asked it to explain a lawsuit between Delaware (the state Biden represented as a senator) and New Jersey (the home state of singer-songwriter Bruce Springsteen, to whom Biden had just presented the National Medal of Arts) as if it was talking to a first grader. "OK, kiddo," the bot began.

Then, they asked it to write a legal brief for a Supreme Court case, write a song in the style of Springsteen, and generate an image of Biden's dog, Commander, in the Oval Office.

"Wow, I can't believe it could do that," Biden told Prabhakar, according to Wired.

But his first encounter with generative AI also sparked concern.

Prabhakar told Wired that Biden later asked the team to address the potential risks of AI. That led to the sweeping executive order he signed in October. The order requires major tech companies to adhere to certain safety guidelines, notify the federal government of their work, and share testing results.

Biden also reportedly told his cabinet that AI would touch the work of every department and agency at a meeting in early October. "The rest of the world is looking to us to lead the way," he said.

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Visible Wireless is Verizon's shot at the low-cost mobile virtual network operator (MVNO) market, providing access to Verizon's 5G and 4G LTE networks for as little as $25 a month. 

Visible's base plan and premium plan, Visible+, come with unlimited data subject to deprioritized speeds. However, Visible+, the best cheap cell phone plan for unlimited data, offers 50GB of guaranteed high-speed data for an added monthly fee. Both plans also come with unlimited hotspot data usage at varying maximum speeds. 

I tested the efficacy of Visible's base plan in New York City through an average week, looking into the MVNO's coverage consistency, data reliability, and call quality, among other factors. If you're looking to make the switch, I also outline the setup process as a new user and compare plan offerings so you can judge whether Visible has a plan that suits your needs.

Plan offerings and flexibility

The baseline Visible plan comes in at $25 a month (or $275 annually) and includes unlimited data subject to deprioritization, unlimited talk and text to Mexico and Canada, and unlimited hotspot data. 

The premium Visible+ plan costs $45 a month (or $395 annually). In addition to the base plan's offerings, the premium plan guarantees a 50GB allotment of high-speed data and higher unlimited hotspot speeds. It also adds more international perks and a discount on Verizon's home internet.

Separating itself from Visible's base plan, Visible+ includes international calling from the US to over 30 countries and texting to over 200 countries, which, along with unlimited data and hotspot data, make for an excellent deal relative to big-budget phone plans that offer similar benefits with a much higher price tag.

While the Visible base plan and upgraded Visible+ program include unlimited data, Visible+ customers are guaranteed 50GB of premium high-speed data monthly. This discrepancy is important to note in terms of deprioritization, as Visible+ customers won't be subjected to slower data speeds in congested areas as long as they're within their high-speed data allowance. 

Visible's base plan has access to unlimited data that is subject at any time to deprioritized speeds, and it doesn't have access to the newer 5G Ultra Wideband networks.

With either Visible plan, customers can bring their own phones as long as they're compatible with Verizon's network. Visible has a compatibility checker available on their site, and if your phone isn't found to be compatible you can trade it in for credit toward a new phone or swap it for free with an Android phone. You can also elect to keep your previous phone number through a "porting-in" process on Visible's website or mobile app. 

There isn't much in the way of setup guidance beyond the articles on Visible's help site, and once your SIM or eSIM is activated, the setup process is complete. Overall, the experience as a new customer is barebones — particularly compared to a competitor like Mint Mobile, which provides the new user with a setup assistance kit, a guided walkthrough of the app and its capabilities, and an easily navigable support site.

New Visible customers can opt to test the service with a free 15-day trial — and if results are less than you'd hoped for, it's easy to cancel the trial through Visible's app.

Coverage area

An enticing reason for switching from one of Verizon's pricier premier plans to a Visible plan is that you'll get to keep the same network coverage at a lower monthly cost for a single line.

Operating under Verizon's network, Visible provides strong 4G LTE, 5G, and 5G "Ultra Wideband" connections across most of the United States, with some gaps in coverage in less populated areas. Visible+ offers 5G Ultra Wideband coverage in many urban areas, so your data speeds will be the fastest that a 5G connection can provide. 

Before signing up for Visible, check in on their provided coverage map to confirm whether Verizon covers your area.

Service reliability and speeds

The best feature of Visible's unlimited data plans is that your data is truly unlimited in the manner of the best cell phone plans from major carriers, in that speeds aren't capped after you use a certain amount of data, unlike some other nominally unlimited plans.

That said, Visible customers are prioritized after Verizon's higher-paying customers who use the same network and could theoretically encounter slower speeds at any time on the Visible baseline plan. However, in areas with less network congestion, you may not experience any meaningful disruption from deprioritization.

Even conducting my testing in New York City didn't leave me disappointed. On the baseline Visible unlimited plan, I could load videos and social media apps with almost no buffering time, which means a lot in an urban area, where everyone is using data simultaneously in close proximity. My texts sent from just about anywhere, calls went through totally fine, and the audio quality was quite good. 

Video calls came with mixed results, however. While on a 4G connection, I could see and hear the person on the other end of the line perfectly fine. The reverse connection was not so clean, though, and my call partner noted that my audio and video were skipping to the point of incoherence (despite their being connected via a high-speed WiFi network). When I tried another call while connected with four bars of 5G data, the issues disappeared entirely.

This disparity wasn't entirely surprising, as a 4G connection will be generally less reliable than a 5G (or a 5G Ultra Wideband) connection. It's worth noting that I had a 4G connection at all versus a 5G one, as my testing regions were entirely covered by Verizon 5G coverage according to Visible's coverage map, so the slower connection suggests that I was subject to deprioritization in a congested area. 

One con of being on Verizon's coverage network in a populous area is that they're a popular network for a reason, and a lot of people use their services. Thus, Visible customers may encounter deprioritization more frequently.

Customer support

As far as in-app and online support is concerned, Visible offers a typically distant level of customer care that you can generally expect from a wireless carrier (particularly a larger network or an MVNO operating on one), with a basic help page that refers the user to a knowledge base of support articles to help resolve any issues you may have in setup, activation, or account information. 

Visible's app includes the same help center knowledge base as its desktop website and a shop tab that you can use to purchase smartwatches or upgrade your phone.

From a user experience standpoint, the shop tab in the app isn't terribly useful; you only purchase a new phone or smartwatch every once in a long while, so the shop tab isn't the most useful resource to include in the mobile app. It doesn't help that the app requires you to log in every time you use it, which is a bit of a chore. 

You can also manage your plan in the Account tab, view your plan specifics, and upgrade your plan from the app. All the most pertinent user information lives in the Account tab, and you can chat there with a digital assistant to access quick help.

Overall, relative to the outstanding customer support offered by competitor Mint Mobile, Visible's app and site support are lackluster and not particularly user-friendly. 

Should you sign up for Visible Wireless?

Visible Wireless' affordable unlimited plans make it an attractive phone carrier if you use a lot of monthly data and know that Verizon's network adequately covers your area. 

In my testing, Visible's base plan had consistently reliable coverage, allowing me to send texts, make calls, and load apps seamlessly. Though I encountered disruptive, slower data speeds when taking video calls in a congested area, this deprioritization was momentary and ultimately a minor blemish on an overall positive experience with the service. 

If you don't use massive amounts of monthly data, however, Visible is likely not worth the monthly price, as other budget carriers like Mint Mobile and Tello Mobile provide tiered data plans that cost less than Visible's base plan.

FAQs

Who owns Visible Wireless?

Visible Wireless is owned by Verizon, and it runs using Verizon's 4G LTE and 5G networks. 

While this means that users have access to Verizon's network at a considerably lower cost than Verizon's base plans, it does mean that base Visible customers will be prioritized after Verizon customers in congested areas. 

Visible data speeds may slow down to accommodate the higher-paying Verizon customers, who ultimately pay for convenience and top-tier data speeds. 

Does Visible work abroad? 

If you're a Visible customer from the US going abroad outside of Mexico and Canada, you'll need to pick up a local SIM card to use data while overseas.

Visible and Visible+ provide unlimited calling and texting to Mexico and Canada from the United States. Visible+ adds unlimited data roaming in both countries, but neither plan includes international data roaming in countries outside of Mexico and Canada. 

Customers with Visible+ can also make calls to over 30 countries and send texts to over 200 countries, and WiFi calling should work anywhere if you have access to a WiFi network.

How do Visible's unlimited plans work?

Visible's unlimited plans are prepaid monthly and include unlimited data, unlimited hotspot data, and unlimited talk and text on Verizon's coverage network. Under Verizon's umbrella, Visible users can take advantage of 4G LTE speeds consistently and even 5G (or 5G Ultra Wideband for Visible+ users) if there isn't much network congestion. 

The service is intended to be a low-cost alternative for customers looking to use Verizon's network but who aren't in the budget for one of their more premium plans. Visible strips the process of network management down to the basics, with no annual contracts or hidden fees, just prepaid data service. 

The caveat is that while your data is unlimited, the speed of the data could slow down due to Verizon network traffic at any time on the base Visible plan or after the guaranteed 50GB of high-speed data on Visible+.

Does Visible offer a family plan?

Unfortunately, Visible only offers unlimited plans for one line at a time and does not offer a traditional "family" plan. For example, if you have multiple base subscription lines on your plan, each will cost $25 a month. 

Visible used to provide a "Party Pay" option that added discounts for multiple lines on the same plan, but the service ended as of January 2023. 

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• The US is trying to cut itself off from China's green tech like solar, EVs, and batteries.
• The moves could hit China's economy and risks slowing down the green transition.
• The US and China, as the world's largest polluters, are key to solving the climate crisis.

There will be a long list of grievances when China's top climate envoy, Liu Zhenmin, visits the US this month for his first formal talks with US officials.

The meeting comes as the US and China jockey for power in the green-energy transition. The Biden administration is trying to cut itself off from Chinese goods that are key to solving the climate crisis — such as solar panels, electric vehicles, batteries, and semiconductors. The US wants to protect its factories against competition from cheaper products, which, in turn, could hit China's economy and risk slowing down the green transition. China is also under pressure to stop building new coal plants, the dirtiest form of power production, because the expansion undercuts the country's promise that its greenhouse-gas emissions will start dropping after 2030.

"The recent moves by the US to connect the climate issue with trade measures, industrial competition, and national security is something I'm sure the Chinese will raise because they have a lot of concerns on this policy direction," Li Shuo, the director of China Climate Hub at the Asia Society Policy Institute, told Business Insider.

Li said China's view was that the US prioritized economic competition at the expense of mitigating the climate emergency. The world needs affordable green technology for the energy transition, and China's record levels of investment have driven down the costs, he added.

A recent example is the remarkable rise of BYD, a Chinese automaker that briefly eclipsed Tesla this year as the world's largest seller of EVs.

However, the US views China as a threat to both national security and the climate. The country's boom in green-tech manufacturing was largely powered by dirty energy, with coal still accounting for about 60% of China's electricity, an S&P Global analysis found. And even though China is adding renewable energy to its grid faster than any other country, it's also building new coal-fired power plants at a rapid clip.

Coal is a major source of tension between the US and China, Li said. China has no policy to signal a coal slowdown, undermining its climate promises.

The issue could be inflamed following a deal this week among seven of the world's wealthiest countries to stop burning coal for power by 2035. During a G7 meeting in Italy, Japan, another major coal user, endorsed the timeline for the first time and was joined by the US, Canada, and several European nations.

For its part, the US in late April finalized stricter emissions limits on power plants, which are expected to speed up the shift away from coal. About 16% of US electricity comes from coal, a steep drop over the past decade largely due to the fracking boom that made gas a cheaper source of power.

But neither the US nor China is in a position to compromise, Li said.

China defends its coal expansion as a matter of energy security. Last year, sky-high temperatures and drought in regions reliant on hydropower forced rolling blackouts and factory closures.

Biden-administration officials, including the climate envoy John Podesta and Treasury Secretary Janet Yellen, in recent months have said the US is evaluating new strategies to counter China's dominance over green technology. Former President Donald Trump said he would impose tariffs of more than 60% on China if he won the election in November.

Given the tension, there likely won't be any major breakthroughs during this month's talks, Li said. But the fact that the world's two largest polluters are meeting in person shows that the climate still carries special weight. Few Chinese senior officials travel to the US.

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• Chubb, the Baltimore bridge insurer, is set to pay out $350 million, per The Wall Street Journal.
• The bridge's collapse in March killed six people and shut down the port of Baltimore.
• Chubb, the state of Maryland, and victims' families will likely sue the ship's owners, per the Journal.

The insurer of Baltimore's Francis Scott Key Bridge is gearing up to issue a $350 million payout to the state of Maryland, The Wall Street Journal reported on Thursday.

Chubb has opted to pay the full coverage amount quickly and could approve it within weeks, per the outlet, which cited Henry Daar, the head of US property claims for the bridge's broker WTW.

"I am confident that Chubb will pay the full limits of liability," Daar told the Journal.

"I give Chubb kudos for recognizing that this is clearly going to be a full-limits loss," he added. "They could spend millions and millions of dollars in fees for accountants and adjusters over the next few years, or they could pay the claim."

Chubb's payment would be the first related to March's disaster. The Lloyd's of London insurance syndicate previously warned that the bridge's collapse could trigger the "largest single maritime insurance loss ever," with Barclays analysts estimating that the damage caused could lead claims worth up to $3 billion.

The bridge collapsed after the Dali container ship collided with one of the bridge's support beams in the early hours of March 26, killing six people and shutting down the port of Baltimore, which analysts have estimated cost the economy about $15 million a day.

Chubb, the state of Maryland, and the victims' families are likely to sue the Dali's Singaporean owners to recover some of their losses from the crash, per the Journal.

Chubb didn't immediately respond to a request for comment from Business Insider. WTW confirmed the Journal's reporting but declined to elaborate.

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• Ukraine wants to limit companies taking satellite imagery of its territory, according to reports.
• Russia could access the images through shell companies, a Ukrainian defense official said.
• This comes a month after the US warned that China is providing geospatial intelligence to Russia.

Ukraine says it is cracking down on satellite images of its territory over fears that they could be used by Russia against it, according to reports.

"Every day, satellite companies take images of Ukrainian territory. These images can be used by the enemy," Ukraine's deputy defense minister, Kateryna Chernohorenko, said in a statement relayed by multiple media outlets.

Chernohorenko said that "in times of war, we must minimize the risks of the enemy using images of Ukraine," adding that Russia can access them through shell companies, per Radio Free Europe/Radio Liberty.

Ukraine's defense ministry has signed a memorandum of understanding with unnamed satellite companies to limit the distribution of such images, per the Kyiv Independent, and met with the leadership of one of them, according to Ukrainska Pravda.

The ministry also said it had struck a deal with one satellite company, which it refused to name for security reasons, to provide high-resolution imaging for security and defense purposes, per the Kyiv Independent.

Ukraine's Ministry of Defense didn't immediately reply to a request for comment from Business Insider.

The news comes a month after the US warned its allies that China is providing geospatial intelligence to Russia, as Bloomberg reported.

Satellite imagery has proven a crucial resource for capturing and verifying the movements of naval assets, Russia's advances into Ukraine, the war's death toll, and the trail of destruction left by fighting across the front line.

Both Ukraine and Russia have used satellites, notably Elon Musk's Starlink network, for military purposes, to allow soldiers to communicate on the front lines and for weapons systems and drones to function.

Elon Musk has denied Ukrainian claims that Russians are using Starlink, saying that the network is inoperable in Russia, but a complex black market has allowed terminals to fall into the hands of Russian soldiers and those of other armed forces, according to The Wall Street Journal.

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