• As a Costco employee, I love searching the warehouse shelves for the best holiday gifts each year.
• Items like the Shark CryoGlow mask and Marshall Kilburn portable Bluetooth speaker caught my eye.
• I think the Yankee candle and holiday mug sets are great to break up and gift to multiple people.

As a Costco employee of 20 years, I look forward to the holiday season, when the store's shelves are stocked with beautiful decorations and great gifts.

This year, I decided to browse the store for items for everyone on my list. From skincare essentials to portable speakers, here are seven of the best gifts I'm seeing on shelves right now.

Shark's CryoGlow mask is a great choice for the skincare aficionado in your life.

Light-therapy masks are super popular right now, so the Shark CryoGlow version caught my eye. This high-tech skincare device combines LED-light therapy with under-eye cooling to help users address multiple skin concerns from the comfort of their homes.

The bundle also includes a charging stand, storage bag, remote, pillowcase, and clip-on under-eye pads.

Music fans will love the Marshall Kilburn portable Bluetooth speaker.

For a classic-looking speaker with modern audio power, I recommend checking out the Marshall Kilburn II portable Bluetooth speaker. It delivers over 20 hours of play time on a single charge, making it great for use at parties and events.

The Nuwave Hot Brew is perfect for taking your morning coffee on the go.

The Nuwave Hot Brew temperature-control mug is a 16-ounce rechargeable, self-heating, stainless-steel travel mug that brews your preferred beverage — and keeps it hot.

Simply fill the included filter with coffee grounds or tea leaves, place the mug on the charging coaster, pour boiling water on top, let it brew, and enjoy your drink at the perfect temperature for hours.

Costco's Yankee Candle set can be broken up and gifted to multiple people.

This pack from Yankee Candle caught my eye because it could make an excellent gift for the candle lover in your life. Or, it could easily be broken up to give as gifts to coworkers, friends, or family members.

Each pack comes with six seasonal scents like red-apple wreath, sparkling cinnamon, balsam and cedar, Christmas cookie, white spruce and grapefruit, and sage and citrus.

The Skylight digital calendar is perfect for keeping busy families organized.

The Skylight smart calendar is a sleek touchscreen organizer that serves as a central hub for family or business scheduling.

The device can be displayed on a tabletop or mounted on a wall, and syncs automatically with Google Calendar, iCloud, Outlook, Cozi, and Yahoo, making it easy to view everyone's events in one place.

When purchasing the device at Costco, you'll also receive a one-year "plus subscription," which unlocks bonus features, like the ability to turn the calendar into a digital picture frame.

Check multiple gifts off your list with Costco's four-piece mug set.

Costco's four-piece mug gift set is a seasonal favorite at my store. Each ceramic mug comes filled with delicious treats like Ghirardelli chocolate.

Like the aforementioned candles, this set can easily be broken up into multiple gifts for coworkers, teachers, neighbors, or friends.

The Braun electric shaver is a great gift option.

The Braun Series 9 Sport Shaver is an electric razor designed for both efficiency and portability. According to the user manual, the shaver is fully waterproof, allowing you to use it both wet and dry.

This bundle comes with five shaving attachments, as well as everything you need to charge and clean the device.

• An arms maker said Europe is showing interest in its mini-computer system that turns guns into drone-killers.
• Since 2022, at least 10 countries have either acquired this tech or are actively considering it, IWI said.
• Its growing popularity reflects greater European investment in counter-drone defenses.

European militaries are showing growing interest in a technology that turns standard service rifles into last-resort drone killers, an Israeli weapons maker says, as countries look for cheaper ways to counter the surge in uncrewed systems.

A representative of firearms manufacturer Israel Weapon Industries told Business Insider that at least 10 European countries have either purchased or shown interest in the Arbel system, a micro-computer intended to better optimize a gun for shooting down drones, since Russia's full-scale invasion of Ukraine began in 2022.

IWI declined to name buyers and interested parties. But Europe has grown increasingly interested in anti-drone defenses.

Drones have dominated the battlefield in this war, providing Ukraine and Russia with constant surveillance and precision-strike capabilities. As both sides develop cheap ways to deal with the threat, countries closely watching the conflict from the sidelines are investing in the same.

IWI said that its Arbel system is already in use with an undisclosed number of militaries around the world, said Semion, the head of Europe for the company, who requested to be identified only by his first name for security reasons.

He said that by next year, given current trends, he expects that 40 to 50% of European countries will either have procured the Arbel system or be close to doing so, reflecting growing investment in cost-efficient anti-drone defenses across the continent.

'The new bullets on the battlefield'

Drones of all shapes, sizes, and functions are playing key roles on the battlefield in Ukraine, but one of the most problematic for soldiers on both sides is the small quadcopter known as a first-person-view (FPV) system.

FPV drones are often armed with explosives that turn them into inexpensive precision-strike weapons. To defeat them, soldiers use signal jamming to interfere with their signal connections.

However, FPV drones are increasingly being controlled by fiber-optic cables that connect directly with an operator rather than radio frequencies, making them immune to electronic warfare. The only option is to shoot them down with small arms, but even that requires precision and a lot of luck.

Drones are hard targets to hit, in many cases, with anything other than a shotgun, and even then, there's no guarantee. They can move quickly and in unexpected ways.

With drones cementing themselves as a permanent feature of the modern battlefield, militaries are racing to acquire personal anti-drone defenses, like Arbel, in case soldiers find themselves on the receiving end of one of these weapons.

Arbel is a tiny computerized system that can be integrated into light machine guns or assault rifles, giving a soldier a more accurate shot on the battlefield in scenarios that require quick reactions or against moving targets — such as small drones, Semion said.

When activated, the system lets a soldier hold down the trigger while Arbel automatically releases rounds at the moments they're most likely to hit the target. It can bring down drones at roughly 450 meters in daylight and 200 meters at night.

The system's sensors study the shooter's behavior — their weapon movement, stability, and trigger pressure. With the trigger held down, all the soldier needs to do is keep the drone in their sight; Arbel decides exactly when each round should go.

Arbel is battery-powered and adds about 400 grams to the gun, and soldiers can adapt quickly. Semion said the system is inexpensive but declined to disclose any specifics on the cost.

Semion likened the system to equipping a soldier with a helmet and bulletproof vest, saying that drones today "are the new bullets on the battlefield."

Arbel itself doesn't necessarily know what it's shooting at. Semion said it's up to the soldier to engage targets responsibly.

Early versions of Arbel have been on the market for a few years now, but only recently — after Russia launched its full-scale invasion and drone usage exploded on the battlefield — has the system been viewed as a viable anti-drone solution.

European nations, in particular, are acutely aware of the rising drone threat, and there is increasing demand for counter-drone solutions.

Arbel is one of several systems that offers to help soldiers use small arms to battle the drone threat without needing to pack on too much extra gear.

Last year, Business Insider observed US soldiers training to shoot down drones with the Smart Shooter — a rifle equipped with a special optic that tracks the threat, calculates its trajectory, and notifies the user when they have a reasonable chance of hitting it.

And this year, Business Insider observed AimLock target recognition technology at a special operations event, where the company's CEO talked about how this tech could support the counter-drone fight by enhancing various weapons.

Beyond rifle attachments and fresh pitches for shotguns as drone defense, Western countries are also racing to develop interceptor drones as an anti-drone capability, following Ukraine, which has invested heavily in the production of these small systems and uses them widely to take down Russian threats.

• This post originally appeared in the Business Insider Today newsletter.
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Two titans of different eras battle over something they believe is crucial to their future.

The Paramount-Netflix fight over Warner Bros. Discovery sounds like a great Hollywood script. Instead, it's a reality, and set to reshape the entertainment industry one way or another.

There's a lot to unpack here, so let's get into it.

Wait, Paramount Skydance is trying to buy Warner Bros.? I thought Netflix was buying Warner Bros.?

You're right, and you're right. Netflix is buying Warner Bros. At least, the two sides reached an agreement on Friday for WBD's streaming and studio assets. On Monday, Paramount, which was also bidding on WBD, launched a hostile bid for it. Paramount CEO David Ellison said the deal "represents a powerful opportunity to strengthen both companies and the entertainment industry as a whole," according to a memo sent to Paramount employees first obtained by BI's James Faris.

What does that even mean? How can Paramount make a deal with a company that already turned it down? I did call it "hostile." Paramount's Ellison (more on him below) is appealing directly to WBD shareholders that his company is the better fit. Hostile bids aren't always easy, but they have been successful in the past. Here's a list of some of the biggest.

Does that mean Comcast is going to rejoin the fray too? That seems … unlikely.

How are the two bids different? I'm so glad you asked! BI's Lucia Moses has a full breakdown on how Paramount and Netflix are each pitching themselves as the better home for WBD. As for the structure of the deals: Netflix doesn't want WBD's TV networks like CNN, TNT, and TruTV. It's offering $27.75 per share. Paramount is looking to buy it all with a $30-per-share offer.

What's Netflix's pitch? It's the biggest streamer on the block. That means a massive distribution channel for WBD's well-known franchises (DC Comics, Harry Potter). It's also pitching this as a win for Hollywood and consumers. It says it'll create more jobs in the long term, and give Netflix subscribers access to content they haven't seen.

What about Paramount? An easier path to regulatory approval. Netflix's massive size has led some to question if it'll face antitrust concerns. Netflix co-CEO Ted Sarandos said he already discussed the deal with President Donald Trump ahead of time. But Ellison has his own relationship with Trump, and thinks he can get regulatory approval in as little as 12 months. On Monday, Trump said he wanted to "do what's right."

Who is this guy Ellison anyway? His dad is Larry Ellison, the billionaire cofounder of Oracle and a longtime Trump ally. The 42-year-old isn't keen to just sit on a beach and inherit his father's massive fortune, though. He's been involved in the entertainment space since founding Skydance back in 2006. This year he combined Skydance with Parmount, cut a deal with the UFC, and shook up CBS News' leadership.

Anything else worth mentioning? Saudi Arabia, Qatar, and Abu Dhabi's sovereign wealth funds are all involved in Paramount's deal. What role they'll play in the company, beyond putting up billions of dollars to help get the deal done, isn't quite clear, writes BI's Peter Kafka. And while we're talking about interesting parties on the Paramount side, Jared Kushner, Trump's son-in-law, is also part of the offer via his private-equity firm.

• Jeep and Ram owner Stellantis is bringing a $11,500 tiny car to the US.
• Fiat CEO Olivier Francois confirmed that the Topolino will come to US roads.
• Tiny cars are rare in the US, but they now have an unlikely ally: President Donald Trump.

President Donald Trump has opened the door for tiny cars to be sold in the US — and now Stellantis is bringing an Italian mini car to American shores.

The auto conglomerate, which owns Jeep and Ram, confirmed on Monday that it would bring the Fiat Topolino — a 2.5-meter-long electric tiny car — to the US.

Speaking at an event in Michigan, Fiat CEO Olivier Francois said the Topolino's display appearances in the US had sparked "tremendous excitement," adding that the company would share more details about the tiny car's US launch next year.

The Topolino, which means "little mouse" in Italian, is a major departure from the gas-guzzling big trucks that dominate US roads.

Built by Italian brand Fiat, the compact city car has a max range of around 47 miles and a top speed of 28 miles per hour.

Weighing less than a golf cart, it's technically classified as an electric quadricycle rather than a car, meaning that it can be driven from age 14 in some European countries.

The Topolino is available throughout Europe and costs around 9,900 euros ($11,500) in its home market of Italy. Its impending US launch follows a sudden burst of support for tiny cars from an unlikely source — Trump.

The US president expressed admiration for Japan's pint-sized Kei cars after a recent trip to the country.

Trump described the mini electric models, which are hugely popular in Japan, as "very cute" and "beautiful," and said last week that he had loosened regulations to allow manufacturers to build them in the US.

A Stellantis spokesperson told CNBC the announcement of the Topolino's US launch was unrelated to Trump's comments. The company did not immediately respond to a request for comment from Business Insider.

Kei cars have developed an enthusiastic cult following in the US, but the vehicles don't meet federal auto standards and can only be imported if they're over 25 years old.

Kei cars also face a patchwork of state regulations, with some states limiting them to low speeds or prohibiting them from being driven on public roads entirely.

• A British Airways plane returned to Edinburgh after circling six times before landing.
• It was then stuck on the runway for over an hour, as the airport suspended operations.
• A KLM flight returned to Amsterdam, and 14 other flights were diverted, too.

A British Airways plane had to circle six times before landing as it turned back to Edinburgh.

Monday's Flight 1443 took off from the Scottish capital shortly after 11 a.m. and was supposed to land in London about an hour later.

However, just five minutes later, it squawked 7700 — a transponder code indicating a problem with the plane, according to Flightradar24.

A British Airways spokesperson said that the pilots "identified a technical issue after take-off."

It appeared that the plane's landing gear was stuck in the down position, per the flight-tracking site AirNav Radar's "Flight Emergency" X account.

The Airbus A320 turned north and entered a holding pattern near the city of Stirling.

It circled there six times before turning back toward Edinburgh, flying over the Firth of Forth before landing.

Flight 1443 landed safely at 12:16 p.m., an hour after it had first departed.

Edinburgh Airport had to suspend operations until nearly 2 p.m. as it dealt with the plane on the runway.

15 other flights bound for Edinburgh had to divert on Monday, mostly to nearby Glasgow, according to data from Flightradar24.

However, a Qatar Airways flight instead landed at Manchester — nearly 200 miles away. And a KLM flight turned around near the coast of eastern England before returning to Amsterdam.

Edinburgh Airport said passengers were bused to the terminal and the plane was inspected before being towed off the runway.

"Safety is always paramount and we would like to thank passengers for their patience and understanding," it added.

"We've apologised to our customers for the disruption to their journey and our teams are working hard to get them on their way as soon as possible," the British Airways spokesperson said.

The incident came just four days after Edinburgh Airport last had to suspend operations.

Last Friday, it said its air traffic control operator had an IT issue, meaning no flights could operate.

That included a Delta Air Lines flight inbound from New York, which circled south of the city before diverting to Dublin.

• My dad retired last year from the insurance job he'd been working for 30 years. At 65, he was ready.
• However, he wasn't ready to be done working, and he now has two part-time jobs.
• They keep him active and social, and he loves having the extra money.

Last year, my dad retired from his insurance job of 30 years. At 65, he said he'd done the desk job long enough and was ready to get out and about.

It was a combination of all the sitting and the feelings he had about selling insurance that caused him to leave — when he began, it felt like he was helping people. Then at some point, he started to feel like he was working for The Man. He worked until he was old enough to retire, then got two part-time jobs doing busy work around town.

"Toward the end, I wasn't sure if I would miss it or not," he told me. "But it turns out I didn't miss it at all."

His jobs allow him to be social and active while earning extra money

A week after retirement, he'd landed a part-time job in customer service. He works at a local meat market where they process, package, and sell fresh cuts of meat. He packages everything from bacon to snack sticks to bones for broth.

"Maybe people give them to their dogs, I don't know what they do with the bones, I just bag them," he said, laughing.

Retired now for just over a year, he said he enjoys the ability to be social and on his feet, while still earning side money. He now receives both Social Security and money from an annuity from his insurance job, while my mom has yet to hit the age threshold to receive money from Social Security or retirement accounts.

His hourly wage, he said, helps pay the bills and allows for "extras" like spoiling his grandkids, taking everyone out to eat, or attending events out of town, whether it's just him and my mom, or the entire crew.

He can set his own schedule

Each week, he writes out his preferred schedule and sends a picture to his boss via text. It varies between 20-25 hours, he said.

Apparently, the company is busy enough that they will take what they can get from him. There are 32 other employees, though he said he only works with a few at the same time.

He also works at a local eating club where he pours drinks and opens beers for patrons, most of whom are his friends.

"I know everybody's name who walks through the door," he said. "There are only a few that were new, and now I've gotten to know them, too."

He said the combination works because he can set his own schedule.

"That's the beauty of it — I come home, and I'm chillaxing for two and a half hours," he said. "I sit in my chair and just chill, so that helps a lot. I'm pretty blessed making it work for my schedule."

His jobs keep him active and he doesn't see stopping anytime soon

A former marathon runner, he's health-conscious and prefers standing over sitting. "I'm up on my feet vs. sitting all day. Sometimes I stand in one place and work, but it's good for me to be upright," he said.

He prefers to walk to keep his back loose; standing still for too long causes it to become tight and painful, he said. He also wears thick foam shoes. "They're like two inches on the sole; it didn't take me long to figure out I would need something like that," he said.

He also enjoys getting to see different people.

"For as long as I enjoy it and I'm physically able to work, I'll keep doing it," he said. "There'll come a time when I won't be physically able to do it, but right now is not that time. It keeps me busy, and I like seeing everyone; it's fun."

• OpenAI reported that AI boosts workplace productivity and work quality across industries.
• IT and marketing workers saw the greatest benefits, including faster troubleshooting and execution.
• Skepticism remains as other studies question AI's measurable impact and warn of "workslop."

OpenAI says it's boosting productivity.

On Monday, OpenAI published its first report on the state of enterprise AI, and based on the 9,000 surveyed workers across 100 companies, three-quarters said that AI has improved the speed and quality of their work.

Here are the survey results:

• 87% of IT workers said they can solve IT issues faster,
• 85% of marketing and product say they can execute campaigns faster,
• 75% of HR professionals said employee engagement improved,
• 73% of engineers report faster code delivery,

• Coding-related messages increased 36% for workers outside technical functions,
• 75% of users report being able to complete new tasks they previously could not perform.

The report comes a week after Anthropic published its own findings, which said its Claude assistant cut task-completion time by 80%, based on 100,000 user conversations.

Anthropic's findings don't appear to have been peer-reviewed, nor is OpenAI's survey. OpenAI and Anthropic did not immediately respond to requests for comments on whether their reports are peer-reviewed.

Despite the reports, skepticism still swirls about whether the technology is actually making workers more productive. An August study by MIT found that most companies saw no measurable return on their investments in generative AI.

A paper published by Stanford and Harvard University in September said that many professionals are churning out "workslop," referring to AI-generated content that looks polished but fails to move tasks forward. Fears that the billions of dollars companies have poured into AI will not yield an equal return have been driving investor concern about an AI bubble.

• I'm a health journalist who's been eating overnight oats multiple times a week for years.
• The recipe has helped me maintain my 35-pound weight loss and is packed with fiber and protein.
• Recently, I've made a few tweaks to enhance the meal's gut health benefits.

As a true breakfast lover, I often go to bed excited to wake up and eat my first meal of the day. To me, sleep is a fast track to breakfast.

Because the first bite of food is such a source of joy, I like to mix up the menu — there are far too many delicious options to limit myself.

That said, one breakfast remains a year-round staple: my overnight oats.

My overnight oats are the perfect way to start the day, providing protein, slow-release energy, carbs, healthy fats, and tons of micronutrients.

This recipe helped me lose 35 pounds seven years ago and has played an instrumental role in helping me continue to reach my health goals.

I still eat it about three times a week and never get bored because I can make so many different flavor combinations.

Plus, knowing my breakfast is already made when I get into bed adds to the excitement.

Here's how I make overnight oats

There are several ways to make overnight oats, but I've perfected my version over the years. For one portion, my classic overnight oats consist of:

• 40 grams of oats
• 5 to 10 grams of chia seeds
• ½ grated apple or ½ mashed banana
• ½ tablespoon of dried fruit (golden raisins or chopped dates)
• 75 grams of Greek yogurt
• 1 tablespoon of kefir
• Dash of cinnamon
• ½ scoop of protein powder
• Milk (almond or dairy)
• Toppings, such as berries and peanut butter

Simply mix everything except the toppings together in a container or bowl, cover, chill in the fridge overnight, and remove it the next morning.

Add some berries and nut butter to dress up the oats. If I'm using frozen berries, I add them the night before so they can defrost overnight as well.

Take the above measurements as recommendations and experiment until you find your preferred consistency — just keep in mind that the oats will thicken overnight.

If you want same-day oats, a few hours in the fridge will do the trick. This recipe also keeps for a few days.

Tailor the recipe based on your goals — and feel free to switch it up

As tasty as my overnight oats are, they also provide tons of health benefits.

I had registered nutritionist Rhiannon Lambert review my recipe, and she said that it creates a "well-balanced, nutrient-dense breakfast."

"The recipe offers slow-release energy from the oats, a good amount of protein from Greek yogurt, plus probiotics from the kefir," Lambert said.

"It's also rich in fiber, likely providing around 10 to 14 grams per serving, which supports digestion, gut health, and even broader aspects of our health, like immunity and mood."

My overnight oats contain probiotic foods (kefir provides beneficial live cultures) and prebiotic fibers from the oats, chia seeds, and fruit, which help nourish gut bacteria.

Lambert also offered a few pointers on how to enhance this recipe based on your specific goals:

• Rotate different berries in each batch to increase the variety of polyphenols, a type of nutrient that protects plants from pathogens and is linked to lower levels of inflammation
• Alternate different types of seeds to support microbial diversity, improving overall gut health
• Opt for 70% to 75% cacao in cocoa powder for antioxidant benefits
• If you're using plant milk, opt for one fortified with calcium, vitamin B12, and iodine
• Ensure you're using Greek yogurt rather than "Greek-style yogurt," which often contains added thickeners and less protein
• Use peanut butter made from 100% peanuts

Tips aside, feel free to vary the flavor of the oats to keep things interesting. Depending on the season and available produce, I add fresh peaches, dried apricots, cherries, almond butter, or pumpkin purée.

Some of my favorite combinations are:

• Spiced apple with grated apple, cinnamon, ginger, and golden raisins
• Chocolate banana with mashed banana, chocolate protein, and cocoa powder
• Carrot cake with grated carrots, pecan nuts, cream cheese, cinnamon, and raisins

Regardless of which version I make, starting my day with a combination of whole grains, fruit, seeds, and fermented foods keeps me energized until lunch.

• PwC's global head of AI, Joe Atkinson, appeared on CNBC's Squawk Box Asia on Tuesday.
• The Big Four executive said that the pace of AI change is "overwhelming to everybody."
• But companies that move fast on AI can see three times the return per employee, Atkinson said.

Worried about how AI is affecting your job? You're not alone.

Everyone from the board to management to employees has concerns about the new technology, said Joe Atkinson, PwC's global head of AI, in an appearance on CNBC's Squawk Box Asia on Tuesday.

"It's a complex time in the world of AI implementation," said Atkinson. The pace of AI change is "overwhelming to everybody" and there's a "mismatch" between how quickly organizational change can keep up with it, he said.

Global companies routinely look to PwC, one of the industry's leading consulting and accounting firms, for answers to their most consequential business questions. With AI rapidly transforming how businesses operate, guidance on reorganizing for an AI-first future is becoming one of the most sought-after offerings.

Atkinson said that the next phase of implementing AI inside companies is scaling the technology's capabilities, and companies that move quickly will see the most reward.

"We've talked for the last year about proofs of concept and experimentation, and frankly, those days are over. We now have to scale the impact of AI in organizations," Atkinson said.

"The good news for employees is if we scale the impact of AI for organizations, I truly believe we create and unlock growth," he added.

According to PwC's data, organizations that adopt AI more quickly have seen three times the revenue per employee compared to those that proceed more slowly.

"That opportunity means that it's not only a big upside for organisations. It is a big upside for employees who lean in and use these tools to help create greater productivity, outputs, and creativity," Atkinson said.

PwC and other leading consulting firms have embraced AI, pitching themselves as client zero for the solutions they offer to clients and implementing AI solutions across all operations.

New hires at PwC will be doing the roles that managers are doing within three years because of AI, Jenn Kosar, PwC's AI assurance leader, told Business Insider in August.

The technology is also affecting the firm's hiring plans. In August, Business Insider obtained part of an internal presentation showing that PwC US planned to cut graduate hiring by a third over the next three years, in part due to "the impact of AI."

Have a tip? Contact this reporter via email at pthompson@businessinsider.com or Signal at Polly_Thompson.89. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.

• Tiger Global, the $50 billion New York-based investor, is raising its latest private fund.
• The manager is planning to raise close to $2 billion, a person close to the firm said.
• The firm is focused on making fewer bets on companies it deeply believes in, Tiger Global told potential investors.

Tiger Global's latest private investment fund will raise substantially less money than its predecessors from 2021 and 2022, but the $50 billion asset manager isn't worried.

The firm is expected to raise close to $2 billion for PIP 17, a person familiar with the manager told Business Insider.

That's a fraction of what PIP 14 and PIP 15 raised and aligns more closely to PIP 16, which closed in early 2024 with $2.2 billion in assets after aiming initially for $6 billion.

While smaller fundraises typically coincide with a decline in investor interest, Tiger Global is confident that the size of the new fund will be a benefit for those who do decide to invest.

"Over our history, we have also found that smaller, more concentrated funds have been correlated with our strongest returns," the firm wrote in a letter to prospective investors that was seen by Business Insider.

Tiger Global declined to comment.

The first 10 private funds, the letter states, all raised less than $3 billion each, made fewer than 50 investments on average, and "generated a 34% gross IRR and a 23% net IRR and made distributions exceeding investor commitments.

"We believe funds in this size range afford us significant benefits, particularly with respect to the impact midsize investments can make," the letter reads.

In other words, Tiger Global's aggressive venture style from 2020 through 2022, when the firm led fundraising rounds seemingly every week and raised increasingly larger funds, has been replaced with one that is closer to what the firm built its business on. The manager previously wrote to investors earlier this year about how it reworked its risk systems following a 56% loss in its public-equity flagship hedge fund and compared the firm's bounce-back from that loss to golfer Rory McIlroy's Masters win.

The most recent private fund, PIP 16, has already reaped some of the benefits of the style focused on "high-conviction" bets. The fund has invested 70% of its assets across 25 companies, the letter states, with the 10 largest investments accounting for three-quarters of that total.

Among those big bets are some of the world's prominent artificial intelligence companies, including OpenAI and Waymo.

"We have remained incredibly disciplined and selective" when investing PIP 16, the firm wrote, and plan to continue that with PIP 17, which will hold its first close on March 18 next year. The new fund is the latest example of Tiger Global and its peers' renewed interest in private markets.

"This approach is opportunistic, guided by bottom-up, company-level underwriting, and informed by our deep research and cumulative insights," the letter states.

"To accomplish this, PIP 17 may have a pace of deployment spanning several years. With time on our side and an accelerated pace of innovation, we intend to remain patient — waiting for attractive opportunities to make high-conviction investments."