OpenAI's John Schulman says artificial general intelligence could be two to three years away.
Schulman emphasizes the need for tech companies to cooperate for the safe development of AGI.
Experts have long warned that AGI represents various existential threats to humanity.
The age of AGI is coming and could be just a few years away, according to OpenAI cofounder John Schulman.
Speaking on a podcast with Dwarkesh Patel, Schulman predicted that artificial general intelligence could be achieved in "two or three years."
He added that tech companies needed to be ready to cooperate to ensure the technology was developed safely.
"Everyone needs to agree on some reasonable limits to deployment or to further training, for this to work. Otherwise, you have the race dynamics where everyone's trying to stay ahead, and that might require compromising on safety."
Schulman also said there would need to be "some coordination among the larger entities that are doing this kind of training."
AGI is a somewhat contested term, but is generally understood to refer to AI systems that have the ability to achieve complex human capabilities such as common sense and reasoning.
Experts have long warned that this level of advanced AI represents various existential threats to humanity, including the risk of an AI takeover or humans becoming obsolete in the workforce.
Tech companies are racing to develop this futuristic technology. OpenAI, where Schulman still works, is one of the frontrunners to achieve AGI first.
Schulman told Patel's podcast: "If AGI came way sooner than expected we would definitely want to be careful about it. We might want to slow down a little bit on training and deployment until we're pretty sure we know we can deal with it safely."
He added companies needed to be prepared to "pause either further training, or pause deployment, or avoiding certain types of training that we think might be riskier. So just setting up some reasonable rules for what everyone should do to having everyone somewhat limit these things."
Some industry experts called for a similar pause after OpenAI released its GPT-4 model. In March last year, Elon Musk was among multiple experts who signed a letter raising concerns about the development of AI. The signatories called for a six-month pause on the training of AI systems more powerful than GPT-4.
OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours.
Last week, an OpenAI spokesperson, Kayla Wood, told The Washington Post that Schulman has taken over leading its safety research efforts.
The changes were made after Jan Leike, who led its Superalignment team, resigned last week and later accused the company of prioritizing "shiny products" over safety.
The team has since been dissolved following several departures of its members, including chief scientist Ilya Sutskever. A spokesperson for OpenAI told The Information that the remaining staffers were now part of its core research team.
Schulman's comments come amid protest movements calling for a pause on training AI models. Groups such as Pause AI fear that if firms like OpenAI create superintelligent AI models, they could pose existential risks to humanity.
Pause AI protesters held a demonstration outside OpenAI's headquarters last week as it announced its GPT-4o model.
Not every kid needs to go to college, according to one teacher.
Chris Ryan/Getty Images
Many of my college students told me they were in school because their parents forced them.
Parents should know that not every kid needs to go to college.
They can volunteer, take a gap year, go into trade work, or earn a certificate.
During my nine years of teaching college composition classes, I experienced a familiar student-teacher conversation on repeat. Students would confess to me — usually when we had a one-on-one about their plummeting grade — what was really going on. The overwhelming and overriding culprit of my students' college failures was their parents.
To be frank, many students were miserable. They had attempted to express to their parents that they didn't want to go to college —whether in the years leading up to high school graduation or after starting college life. Their reasons were diverse. Students were unprepared, disinterested, or inadequately supported — be it financially, emotionally, academically, socially, or physically.
No matter the reason, I chose to listen and believe my students, which is something their parents decided, for their own reasons, not to do.
Many didn't want to disappoint their parents. They were terrified of letting their parents know that money had been "wasted" or that they didn't meet their parents' own college dreams for their kids.
I wish I could have said to each of these parents that their child had other options.
Take a gap year
Yes, a gap year sounds incredibly privileged, but hear me out. Instead of parents hemorrhaging money or students going into debt for an education that won't end up in a degree and a job, a gap year could come with stipulations.
Those parameters could include the following: They must be employed part-or-full time, saving money, and working alongside a well-informed mentor to explore the next steps.
Nothing about a well-planned gap year is wasteful. Honestly, I rarely met a freshman who knew what they wanted to do for the rest of their lives. Parents, give your kid some time and wiggle room to mature and consider their future.
Consider a trade
When someone has a plumbing emergency in their home, they summon the first available plumber and (usually) pay whatever the repair cost is — no matter the sum. Desperate times call for desperate measures. That proves there is money in trade work.
The trades are a way for kids who prefer a more hands-on career to become something that brings in a great income — be it a welder, electrician, cosmetologist, dental assistant, or culinary artist.
Plus, they can usually start working earlier than their college-attending peers and accumulate less debt.
Look into community college
So many students told me their parents turned their noses up at the idea of their child attending a community college, and my question is: Why?
I attended a community college and eventually became a college teacher. Community college is cheaper, sometimes more conveniently located, and offers a less abrupt and extreme step between high school and a university.
Community colleges also can offer more of a community feel than a large university, meaning perhaps more comfortable social engagements for kids who tend to be more introverted or struggle with a social anxiety disorder.
Volunteer work is also a great option
Volunteering allows young adults to try different fields without the pressure of knowing how to do the job.
For the kid interested in veterinary medicine, volunteer at an animal shelter. For the kid interested in becoming a librarian, volunteer to gather books, stock shelves, or staff author events at a local library.
Volunteering can have a lot of value, including showing the applicant's spirit on a resume or school application.
Earn a certificate
A certificate is earned by someone who puts in hours to get an overview or a deep dive into in a particular topic or skill set. Certificate programs can take as little as a few weeks, while others can take closer to a year or more.
Students can earn certificates or engage in short programs to become nursing assistants, massage therapists, court reporters, web designers, and more.
Some programs have minimum age requirements. This again gives the late teen a way to learn more about a certain topic or field to determine how interested they are in pursuing that as a degree and then possibly a career.
These aren't the only post-high school graduation or post-GED options. The important thing is for parents to listen to their kids, understand their needs, and take a team approach, especially at this stage in their almost-grown-up child's life.
OnlyFans creator Charlotte Lavish promotes her business on TikTok.
Charlotte Lavish
Unlike other platforms, OnlyFans does not have a discovery page, which can make it hard for creators to get noticed.
OnlyFans influencers typically have to advertise their accounts outside of the platform.
Learn how OnlyFans creators successfully promote their accounts on Reddit, TikTok, and more.
One of the keys to gaining an OnlyFans audience is to market yourself outside the platform. Many creators choose to post on a medley of social-media platforms — from the more sex-work-friendly sites like Twitter and Reddit to mainstream platforms like TikTok and Instagram — to get their names out there and entice potential subscribers.
OnlyFans creators may use multiple platforms to promote themselves, but each creator usually focuses on a few where most of their followers and subscribers come from. They master those sites and learn how to work them to reach as many people as possible.
These strategies can include scheduling posts, doing promotional shoutouts, collaborating with other creators, and experimenting with popular content on their chosen platforms, from audio and photos to short- and long-form videos. Some creators show off other interests like cooking and sports.
Isla Moon, who dropped her plan of pursuing a Ph.D. for OnlyFans, built most of her fanbase thanks to the short-video platform TikTok, where she shares a mix of revealing content and videos about her hobbies outside adult work.
Anne, an adult-content creator who traverses her home country of Canada in a van, uses Reddit to engage her community by diligently responding to comments on her posts.
"I love the community on there, and I make sure I respond to every single person I can who comments on a post that I've done," she told Business Insider. "I make sure to show them that I appreciate that they've seen my content and that they're important to my day."
Here are seven ways OnlyFans creators promote themselves:
1. Twitter
Twitter drove 75% of social media traffic to OnlyFans in the US, according to yearly data from April 2023 that web-analytics firm SimilarWeb shared with Business Insider. Many OnlyFans creators are active on the platform because Twitter's guidelines allow for nudity and pornographic content, with some exceptions.
2. TikTok
At a glance, TikTok isn't the ideal platform for OnlyFans creators due to its strict content guidelines that bar nudity and "sexually explicit narratives." But some OnlyFans stars prefer to promote on TikTok because its algorithm allows them to easily find viewers who could become subscribers.
"Anyone can grow a fan base on TikTok, and I like that algorithm the best," OnlyFans creator Charlotte Lavish told Insider.
Navigating the platform without getting banned can be tricky for OnlyFans creators, some of whom have said they've faced harassment on the site. However, several who use TikTok heavily said the platform can be a great promotional tool if you know how to work it.
Reddit can be intimidating because of its communities of subreddits that each have their own rules, but several OnlyFans creators who learned to navigate it said it was where most of their subscribers came from.
Farrah, an adult-content creator who makes content without her face showing, posts in eight to 10 subreddits daily, including styled as r/milf, r/fitnakedgirls, and r/Impressive_Apricot37, which she runs.
4. Promoting discreetly by using safe-for-work content
OnlyFans creators often adapt their promotional content for each social-media platform's content guidelines. It allows them to reach mainstream audiences while discreetly promoting their OnlyFans pages.
For example, MelRose Michaels, a creator who earns roughly $30,000 per month on OnlyFans and coaches adult-content creators on how to grow their businesses, creates safe-for-work content like ASMR videos on YouTube or livestreams on Twitch to plug her OnlyFans.
She recommends adult-content creators run their social accounts as any mainstream influencer would.
Rayna Rose was able to kickstart her career on OnlyFans thanks to a revenue-share deal she struck with her former boss, multimillionaire creator Bryce Adams. Through the deal, Rose receives promotion and advertisement from Adams — who has hundreds of thousands of fans — in exchange for a portion of her earnings.
Lizzy Capri, formerly a kids' YouTuber, pivoted her content in 2023 and began posting on OnlyFans. She also entrusted the promotion of her profile to Adams, whose team manages and promotes the account in exchange for 15% of her net earnings.
Lavish, one of the OnlyFans creators who uses TikTok to promote, often features other OnlyFans stars in her TikToks. They do dance challenges or lip sync over popular sounds together. This is another one of the ways OnlyFans influencers can cross-promote.
Some creators even pay others for "shoutouts" on their pages. Oftentimes, the creator being paid has a larger following and can reach more people, and some of these creators have turned shoutouts into a business in itself.
Some adult-content creators incorporate their mainstream interests like fitness and cooking into their content. Michaels, the adult-content creator coach, said this is a great way to bring creative or new ideas into OnlyFans content as well.
Isla Moon, who's made close to $5 million on OnlyFans, uses social-media platforms to promote her adult content but also to share her hobbies, like spending time in nature and fishing. This has allowed her to build a dedicated fan base of "the middle-aged man in the States who enjoys fishing and hunting on the weekends," she said.
Liensue, a German creator, makes cosplay a central element of her content, both on OnlyFans and on other social-media platforms. She's been able to build a strong community of subscribers who are into cosplay.
Influencer Chloe Sasha has been experimenting with different TikTok pages where she chats about sports, cooks Mexican recipes, teaches Spanish, and more. She also modifies some of these videos for her OnlyFans audience, such as filming similar videos in the nude.
7. Creative IRL strategies to promote OnlyFans without social media
Steph Mi landed an OFTV show after she flew an airplane banner at a baseball game with the link to her OnlyFans written out, "ONLYFANS.COM/STEPHMI." She also did this again at the Kentucky Derby.
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The Sonos Ace are the brand's first pair of wireless headphones.
Sonos
Sonos is one of the most popular audio brands around and it makes some of our favorite wireless speakers and soundbars. However, the company's lineup has been missing one notable category: headphones. That is, until now.
For the first time, Sonos is set to launch a pair of wireless headphones. Called the Sonos Ace, the new over-ear headphones are poised to compete with similar flagship offerings from Bose, Sony, and Apple. They promise all the essential features found on other top headphones, like Bluetooth support and noise-canceling, along with a few cool perks geared toward home theater fans, including Dolby head tracking and easy swapping between Sonos soundbars.
Below, we've broken down all the ins and outs of the Sonos Ace, including pricing and specs to help you decide if they're worth considering. We'll add more retail links once they become available.
Sonos Ace price and preorder details
Sonos
The Sonos Ace are now available to preorder for $449 from Sonos' online store and Best Buy. Color options include black and white. Preoders are expected to ship by June 5. We'll add more retail options once they become available.
Sonos Ace specs and features
Sonos
The Sonos Ace are packed with all the core features that we've come to expect from a pair of flagship wireless headphones. They use an over-ear design and integrate a custom 40mm dynamic audio driver in each ear cup. Active noise-canceling with eight microphones is included, along with an Aware mode that lets in outside sound when you want to hear your surroundings. Aware modes, sometimes called Transparency modes, have become handy on many of the best noise-canceling headphones, including the Bose QuietComfort, so we're curious to hear how natural Sonos' implementation sounds.
For wireless playback, the Sonos Ace support Bluetooth 5.4 and they're compatible with the aptX codec on Android devices for higher quality transmission. You can also use a wired connection via the included 3.5mm to USB-C cable to get full lossless audio.
Dolby Atmos and Sony 360 Reality spatial audio formats are also supported via services like Amazon Music, Apple Music, Tidal, and Deezer. These formats use object-based mixing to create a 3D soundstage for music and movies. The Ace also make use of Dolby Head Tracking technology, which maps playback to your head movements as if you were in the middle of an actual surround sound system.
And unique to the Sonos Ace is an intriguing feature that allows them to seamlessly swap audio between the headphones and a Sonos Arc soundbar. By pressing a button you can go from listening to movies and TV shows through a Sonos Arc in a home theater setting to a private listening mode that's perfect for times when you don't want to disturb others. Best of all, this mode supports full lossless Dolby Atmos through the headphones, so you still get a full immersive surround sound experience. In addition to the Arc, this feature is set to expand to the Sonos Beam and Ray in the future.
Sonos says the Ace can last for up to 30 hours and they support a quick-charge feature that can provide three hours of battery life from just three minutes of charging. This is something that the Sony WH-1000XM5 also offer. Finally, rounding out the package is a slim case with a magnetic cable pouch.
Should you preorder the Sonos Ace?
Sonos
On paper, the Sonos Ace headphones look like worthy rivals to other top options in this space like the Sony WH-1000XM5, Apple AirPods Max, and Bose QuietComfort Ultra. And their ability to swap playback between Sonos soundbars makes them uniquely suited for buyers who are already plugged into the brand's ecosystem of wireless audio products.
However, we can't fully recommend a pair of headphones until we've had hands-on testing time. We'll begin testing the Sonos Ace soon, so check back for our full review with detailed thoughts about their performance. Our judgement will have to wait until then, but we're excited to see how Sonos' first pair of headphones stack up to the competition.
Red Lobster's unlimited shrimp promotion cost the company millions.
Hollis Johnson/Business Insider
Red Lobster filed for Chapter 11 bankruptcy after suffering significant financial losses.
CEO Jonathan Tibus questioned the company's purchasing processes, including from owner Thai Union.
The $20 unlimited shrimp promotion led to millions in losses and strained the supply chain.
Red Lobster didn't go bankrupt just because of too much endless shrimp.
But the company's CEO faulted owner and key seafood supplier Thai Union for its role in the shrimp debacle — and in Red Lobster's trajectory — in a filing on Sunday.
Jonathan Tibus, a turnaround expert who took the CEO job in March, wrote that Red Lobster had long bought much of its shrimp from owner Thai Union.
"I understand that Thai Union exercised an outsized influence on the Company's shrimp purchasing," Tibus said.
He said that Red Lobster executives objected to then-CEO Paul Kenny's May 2023 plan to add $20 unlimited shrimp to the menu permanently in May 2023. But Kenny forged ahead, a decision that cost Red Lobster $11 million in operational and financial expenses, he added.
While unlimited shrimp boosted traffic to the chain, profits suffered as customers took advantage of this low-margin deal.
The relationship with Thai Union "strained" Red Lobster's supply chain, and Kenny circumvented his company's normal buying processes, per Tibus. Kenny axed two shrimp suppliers "in apparent coordination with Thai Union and under the guise of a 'quality review.'"
As Red Lobster doubled down on unlimited shrimp, its supply chain was strained, "resulting in major shortages of shrimp," Tibus said.
Despite Red Lobster's dire straits, Thai Union has not offered additional financial support, per Tibus. He wrote that Red Lobster's debtors are investigating the relationships among Kenny, Thai Union, and Red Lobster.
Thai Union did not respond to a request for comment.
In an earnings call last November, Ludovic Garnier, the finance chief of Thai Union, told investors the promotion was "one of the key reasons for the losses we generated" in the third quarter of 2023.
As BI reporter Emily Stewart wrote earlier this month, the problem was never just shrimp: "The brand has been plagued by various problems — waning customer interest, constant leadership turnover, and, as has become a common tale, private equity's meddling in the business."
On Sunday, the seafood chain said in a statement that it had filed for Chapter 11 bankruptcy. Red Lobster said its restaurants will "remain open and operating as usual during the Chapter 11 process."
Hello! If you had a billion dollars, you'd probably buy a few silly things. (For me, it's a ski mountain.) But what about a boat designed specifically for Navy SEAL missions and a Black Hawk helicopter? This billionaire defense entrepreneur did exactly that.
Dimon, who is 68 and has an incentive package to stay through at least 2026, had joked for years that he was five years away from retirement whenever the topic came up. But this time he nodded to his long-running joke, saying it's "not five years anymore."
The comings and goings of Wall Street executives are common, even at the highest levels. Two of the biggest US banks, Citi and Morgan Stanley, have named new CEOs over the past three years.
But Dimon and JPMorgan are a different story.
The bank's CEO since 2006 and chairman since 2007, Dimon's legacy has grown with JPMorgan's size. He helped the banking industry weather the 2008 financial crisis, growing JPMorgan into the largest US bank by assets.
There have been challenges, too, including a $6 billion trading loss thanks to the London Whale. But JPMorgan's continued success in recent years, including its help during the Silicon Valley Bank crisis, has only strengthened Dimon's position atop Wall Street.
JPMorgan CEO Jamie Dimon has long been mentioned as a potential Treasury secretary under presidents from both parties.
Tom Williams/CQ-Roll Call, Inc via Getty Images
As big as Dimon's shoes will be to fill, JPMorgan has been preparing for a while.
Wall Street has long speculated about who will ultimately succeed Dimon. Earlier this year, the bank offered some clues with a leadership shuffle that saw Jennifer Piepszak, Marianne Lake, and Troy Rohrbaugh take on new roles.
But speculating where Dimon will end up is just as interesting an exercise.
Politics has long been viewed as Dimon's potential post-banking career. His most recent annual letter to shareholders reads like something a politician could build a campaign around.
He certainly seems to have a hang of the whole lobbying thing. A report from The Wall Street Journal this weekend identified Dimon as the key person organizing bank CEOs' fight against proposed regulations requiring lenders to hold more cash on their balance sheets.
Dimon's work paid off, with the Fed now looking to loosen its restrictions, according to the WSJ's report, which cited people familiar with the matter.
In the meantime, JPMorgan continues to push forward with Dimon at the helm. The bank's investor day included slides highlighting plans for its growth in areas like investment banking, AI, and tech spending, writes BI's Reed Alexander.
Dimon and other executives also addressed questions about the untimely death of a Bank of America banker and the impact within their firm, writes Reed.
However, with or without Dimon, investors didn't necessarily seem sold on the bank's vision. JPMorgan's stock finished down 4.5% on Monday.
3 things in markets
Michael M. Santiago/Getty Images; Alyssa Powell/BI
What Goldman Sachs is getting wrong with its women employees. Lindsay MacMillan was named vice president at the bank by the time she was 28, but left feeling burnt out. The work wasn't the issue — it was feeling like she had to keep her feminine side tucked away on the job.
More than a third of US states are showing signs of real economic trouble. Nancy Lazar, Piper Sandler's chief global economist, highlighted the recent uptick in average unemployment in 19 states as a sign a recession could be looming. The fact the wealthy are still sitting pretty highlights our "very bifurcated economy, unstable economy," she added.
FDIC boss resigns. Martin Gruenberg has told staff he'll stand down as chairman once a replacement has been found, per The Wall Street Journal. Gruenberg's resignation comes after an independent report described the FDIC's work culture as "patriarchal," "misogynistic," and "insular."
Neuralink is making some changes. After getting the FDA go-ahead for a second implant, Neuralink will embed the wires deeper into the brain to fix problems it encountered with its first patient. A report from the Wall Street Journal says the company hopes to conduct its next implant in June.
OpenAI angers Scarlett Johansson. The "Her" actor said in a statement on Monday that she had previously turned down Sam Altman's request to voice GPT-4o — and so was "shocked" and "angered" after OpenAI released a voice for its new model that sounded "eerily similar" to her own.
3 things in business
Andrea Chronopoulos for BI
Millennials' take on the FIRE movement is more about financial independence than slowing down from work. For a certain group of millennials, the FIRE movement — or financial independence, retire early — isn't all about an easy retirement. Instead, they're busy creating their own versions of life after work.
Hims & Hers is getting into the weight-loss drug game. The online pharmacy said it will sell weight-loss injectables starting at $200 a month — far less than competitors like Ozempic. The company's stock surged more than 30% on Monday in response to the news.
Red Lobster goes bankrupt. The troubled restaurant chain — best known for its all-you-can-eat shrimp promotion — said in a statement on Sunday that it had filed for Chapter 11 bankruptcy, although its restaurants will stay open for now.
A satellite image shows smoke billowing from the port of Sevastopol, Crimea, September 22, 2023. Used for illustration purposes.
PLANET LABS PBC/Handout via REUTERS
Ukraine's navy is trying to verify whether it destroyed the Tsiklon, a Russian missile carrier.
If confirmed, it would mean Russia has no more missile carriers in Crimea, a naval spokesperson said.
Details of the claimed strike and its exact casualties are still emerging.
Ukraine's navy claims it has likely destroyed the last of Russia's cruise missile carriers operating out of the crucial Black Sea peninsula of Crimea.
In remarks made to Radio Free Europe, Ukraine's navy spokesperson Dmytro Pletenchuk said the navy was currently trying to verify whether or not it had destroyed the small missile carrier "Tsiklon" on Saturday.
If confirmed, it would mean there is no longer a Russian missile carrier based out of the key peninsula, he told the outlet.
Russia seized Crimea from Ukraine in 2014, and it is home to Russia's Black Sea Fleet headquarters at Sevastopol.
According to KCHF.ru, a Russian site that closely follows news of the Black Sea Fleet, the Tsiklon only entered into service in July.
The vessel's launcher enables cruise missile strikes against ground targets at a distance of up to 1,500 miles, it said.
Pletenchuk, in his interview with Radio Free Europe, said that the Tsiklon may have been hit in addition to the Russian minesweeper "Kovrovets."
The Ukrainian navy earlier claimed to have destroyed the minesweeper in Saturday's attack, hailing it as "another bad day for Russia's Black Sea Fleet."
Ukraine has not provided further details of the attack, such as where it took place or what weaponry was used. However, subsequentreports have noted the ships were based out of Sevastopol.
Russia has not commented on any damage to its ships, saying on Saturday only that it shot down nine ATACMS missiles and one drone over Crimea.
Business Insider was unable to independently confirm the claims.
Crimean Wind, a pro-Ukrainian group that monitors information in Crimea, noted on Telegram that on the night of the claimed attack a ship of similar length to the Tsiklon disappeared from satellite imagery at Sevastopol.
Pro-Russian Telegram channel Spy Dossier, citing its own sources, also said the Tsiklon had been struck.
Separateanalyses of open-sourced social media posts by Radio Svoboda, published on Monday, raised the possibility that the Tsiklon, and not the Kovrovets, was hit.
The Ukrainian navy did not immediately respond to BI's request for comment.
If the Tsiklon was destroyed, it would be a blow to Russia, with the rest of its missile carriers now based at Novorossiysk, Pletenchuk said.
Last year, Russia relocated much of its Black Sea Fleet from Sevastopol, its home port, to Novorossiysk, hundreds of miles away on the Russian coast.
The move came amid Ukraine's ongoing campaign against Russian Black Sea ports and warships, using cruise missiles and drones.
In April, Ukraine claimed to have destroyed or damaged a third of the Russian fleet.
The Saudia Group announced an order for 105 Airbus jets on Monday.
It comes as a reported Boeing order from Riyadh Air, also government-owned, has yet to materialize.
Its CEO blamed negative media coverage as to why he hasn't yet announced the deal.
The Saudia Group announced Monday a huge Airbus order in a blow to Boeing.
105 narrowbody jets — a mix of A320neo and A321neo models — will be distributed between the flag carrier Saudia and its subsidiary low-cost-carrier flyadeal.
In a press release, the Saudia Group called it "the largest aircraft deal in Saudi aviation history."
Saudia is owned by the country's government, and the airline's chairman is also the transport minister.
The deal suggests Boeing's reputation is worsening around the world because the planemaker has formerly won big orders from the kingdom.
Last March, Saudi Arabia founded a second national airline, Riyadh Air, which placed an order for up to 72 Boeing 787 Dreamliners.
Boeing also looked set to win the deal for Riyadh Air's narrowbody jets. Shortly before last November's Dubai Air Show, Bloomberg reported that Riyadh Air was eyeing up an order for as many as 100 Boeing 737 Max jets.
However, that order has yet to materialize.
Tony Douglas, the Riyadh Air CEO, blamed negative media coverage during an interview with Reuters on Monday.
"What happened was the media three weeks later spent every hour of every day writing negative stories about commercial aviation," he said.
Douglas told Reuters he wasn't referring to January's blowout, in which an Alaska Airlines Boeing 737 Max lost a door plug in midair.
"The last thing I want to do is present my good news and have it in a context of things that are going on elsewhere, which are not quite as positive," he added. "Be it Airbus can't deliver on time [or] Boeing is having some technical problem."
Tan was awarded $162 million in compensation last year, but it comes with a catch: he'll only receive the full amount if his company's stock hits a certain level by 2025, the WSJ said.
Broadcom said that Tan's pay was also dependent on him remaining in his role for another five years, and that he won't get any more equity or cash bonuses until that period has passed.
The semiconductor company's shares are up 27% this year and 106% over the past 12 months, lifting its total market capitalization to $655 billion.
Malaysia-born Tan has been Broadcom's CEO since 2006, and previously topped the WSJ's list in 2017, when he was awarded $103 million.
Two other CEOs made nine-figure salaries in 2023, per the analysis: Palo Alto Networks' Nikesh Arora and Blackstone's Steve Schwarzman.
Arora made $151 million, mostly in the form of share grants covering the next three years, while Schwarzman — who's known for his opulent lifestyle and his past support of Donald Trump — earned $120 million.
Shares in Palo Alto Networks and Blackstone jumped 110% and 54% last year, respectively.
Apple's Cook, Netflix's Ted Sarandos, and Warner Bros. Discovery's David Zaslav also cracked the list of the US's 10 best-paid CEOs, while no women featured in the top 25.
Jamie Dimon shared a bunch of his worries during JPMorgan's investor day.
The bank's CEO flagged the risks of sticky inflation, higher interest rates, and dwindling savings.
The Wall Street billionaire warned about global conflicts and excessive government spending.
Jamie Dimon aired a laundry list of concerns during JPMorgan's investor day on Monday, ranging from sticky inflation and government largesse to overseas clashes and a burgeoning cash crunch.
"I'm cautiously pessimistic," Dimon said, according to a transcript provided by AlphaSense. Between the conflicts raging in Ukraine and Gaza, and rising tensions between countries like the US, Russia, and China, he bemoaned the "most complicated geopolitical situation" since World War II.
"I look at the world situation and I'm quite cautious," the JPMorgan CEO said before echoing Warren Buffett: "I like having a lot of extra capital right now to tell you the truth."
Dimon warned against dismissing inflation and elevated interest rates as temporary headwinds. Annualized price growth has slowed from a 40-year high of over 9% to below 4% within the past two years, but still remains above the Federal Reserve's 2% target. The central bank raised rates from nearly zero to north of 5% to tackle the problem, and hasn't yet made its first cut.
"It's possible that inflation is embedded in the system at 4% for the next year, and there's not a damn thing anyone can do about it," he said.
The billionaire banker also underlined that if rates climb higher, it could change the calculus for investing in many types of assets. Higher rates tend to erode the appeal of risk assets like stocks and housing by boosting the guaranteed returns from savings accounts and Treasurys.
"That's a different world for real estate. It's a different world for assets. It's a different world for private credit. It's a world that a lot of the people in the world have not seen," Dimon said.
The Wall Street heavyweight also emphasized that people are feeling the pinch from historic inflation — which has made basics like food, energy, and housing more costly — and steeper rates that have raised the monthly payments due on their car loans, credit cards, and mortgages.
"We do know the consumers are running out of excess money. Small businesses are running out of excess money. We don't know when it's going to end, but it looks like sometime early next year."
Dimon rang the alarm on the budget deficit and national debt too, warning that both are set to worsen over the next decade and beyond.
"Somewhere along that journey, and I don't know if it's six months, six years, or 16 years, it will be a problem," he said.
The bank chief has voiced similar concerns in recent weeks. In October, he warned of the "most dangerous time" for the world in decades. In his shareholder letter this year, he called out market complacency toward the threats of inflation, interest rates, and recession.