• Biden's less-than-stellar debate performance against Trump set off alarms among many Democrats.
• It also shined a light on the party's past struggles in building a farm team of future leaders.
• The debate will likely push Democrats to rethink how power is transferred to younger generations.

After President Joe Biden's middling debate performance Thursday night, many Democrats began to panic.

With voters already on the fence about Biden's readiness for a second term due to concerns over his advanced age, party leaders wanted the president to use the debate to not only reassure the electorate but also make an impression that could turn the race in his favor.

But that didn't happen. And now many Democrats are wondering if Biden should exit the race.

Being faced with that decision just five months before the election is in part due to one of the Democratic Party's more enduring problems: its tortoise-like pace in transferring power to younger generations.

Generational change

For 20 years, Nancy Pelosi led House Democrats as part of a leadership team that included veteran lawmakers Steny Hoyer and Jim Clyburn. It wasn't until 2023 that Rep. Hakeem Jeffries of New York, a Gen Xer, finally assumed the mantle of leading the caucus.

In House primaries across the country, young Democratic candidates are routinely overlooked by party leaders and organizations who often go on to endorse more established candidates.

In 2020, Biden pledged to be a "bridge" to a new cohort of Democrats. But four years later, he decided to run for reelection.

His debate performance against former President Donald Trump exposed this resistance to generational change. If Biden remains in the race but is unable to convince wavering voters that he's up for the job, it could imperil Democrats in other critical races.

What do Democrats need?

The recent ascent of Jeffries, along with the elevation of Katherine Clark to House Democratic whip and Pete Aguilar to House Democratic Caucus chair, was a welcome generational shift — the kind that the party had generally previously eschewed in favor of experience.

Biden's choice of Kamala Harris as his vice president, too, represented a sort of passing of the torch. Shortly after the pair won the 2020 election, Harris said they would be "full partners." The president concurred, remarking that he had made no significant personnel decisions without her.

Many Democrats celebrated the arrival of this younger guard, especially since the party had often lagged behind Republicans in building a farm team of future leaders.

The worry now is, were these recent efforts too little too late?

So far, Biden has given no indication that he's leaving the race. If he remains the nominee, Democrats need him to do well. His political fate will have broad ramifications for key down-ballot races.

No matter what Biden decides, his debate performance will likely accelerate Democratic efforts to cultivate younger leaders who could one day run for the White House, especially as Gen Xers, millennials, and Gen Z will make up the lion's share of the electorate over the next decade.

• Israel could transfer up to eight Patriot missile batteries to Ukraine.
• Israel is upgrading its air defense and looking to retire older Patriot batteries.
• Ukraine has long coveted more of the $1 billion US-manufactured Patriot systems.

The US is involved in discussions about the possibility of transferring up to eight Patriot air defense batteries from Israel to Ukraine, in what would be a major boost for the latter in its fight against Russian President Vladimir Putin's invading forces.

While no agreement has been reached yet, a deal would likely involve transferring the batteries from Israel to the US and then on to Ukraine, the Financial Times reported.

It would be a welcome moment for Ukraine, which has long coveted more of the $1 billion US-manufactured Patriot systems.

"Israel's Patriots would greatly expand Ukraine's air defense capacity at a time when it is sorely needed," John Hardie, the Deputy Director of the Foundation for Defense of Democracies Russia Program, said.

"While they are on the older side, these systems — and Israel's considerable stocks of interceptors — would help Ukraine defend its critical infrastructure and counter Russian jets that are pounding Ukrainian positions and towns with glide bombs," he added.

It comes after the Israeli Air Force announced earlier this year that it would be shutting down its aging Patriot batteries and replacing them with more advanced systems.

Israel has never been impressed with its versions of the Patriot system, having seen them struggle in combat against Iraqi Scud missiles fired at its cities in 1991, as Business Insider previously reported.

Officials estimated that it shot down only one or possibly even none of the missiles.

"Israel has long been looking for a more advanced and more indigenous system to supplement or replace the Patriot, not only given its service history but also the supply chain that it requires," Ryan Bohl, a senior Middle East and North Africa analyst at the risk intelligence company RANE, told BI.

"I think Israel views the Patriot as out of date and too expensive to keep up with given the breakthroughs that were demonstrated during that barrage by newer systems," Bohl added.

However, Israel has yet to fully retire its Patriot systems, as it is still using them in the ongoing conflict with Hamas and would likely want them should an all-out war with the Lebanese militant group Hezbollah break out.

Zelenskyy's Patriot pleas

Ukrainian President Volodymyr Zelenskyy has never been shy about his desire to get his hands on more Patriot systems.

In April, Zelenskyy told NATO members that Ukraine needed at least seven Patriot or other advanced air defense systems to defend against Russian attacks.

"We are telling this directly – to defend, we need seven more 'Patriots' or similar air defence systems, and it's a minimum number. They can save many lives and really change the situation," Zelenskyy said.

"Putin must be brought down to earth, and our sky must become safe again.. And it depends fully on your choice… (the) choice whether we are indeed allies," he added.

And the president has seemingly had some luck in recent months.

President Joe Biden approved the deployment of another Patriot missile system to Ukraine earlier this month, the second the US has sent to the country, The New York Times previously reported, citing senior administration and military officials.

National Security Council spokesperson John Kirby also announced last week that the US would prioritize delivering Patriot missiles to Ukraine over other countries, calling it a "difficult but necessary decision."

The Patriot air defense system

A 2023 report by the Congressional Research Service describes the Patriot system as an "integral component of U.S. air and missile defense."

One Patriot battery is made up of six key parts, — a power plant, a radar set, an engagement control station, the antenna mast group, launcher stations, and the interceptor missiles.

The systems can operate using either PAC-2 or PAC-3 missiles. The PAC-2 works by detonating near a threatening missile, while the PAC-3 attempts to strike the warhead directly.

The first Patriot systems were used by the US in the 1980s, and they were later used in the Gulf War to defend against Iraqi Scud missiles.

The system's radar has a range of more than 150 kilometers (around 93 miles), and the missiles can travel at 5,000 kph (over 3,100 mph), per NATO.

• Tech companies plan on spending over $1 trillion on artificial intelligence.
• But the return on investment may take a long time and be disappointing, Goldman Sachs says.
• Some experts said AI might not perform well enough to justify its exorbitant cost.

Tech companies are spending big on the AI craze, but it will be a while before they have much — if anything — to show for it.

As companies prepare to spend over $1 trillion on artificial intelligence, a Goldman Sachs report examined the big question at hand: "Will this large spend ever pay off?"

That sizable investment will go toward the data centers needed to run AI, the power grid, and AI chips. But shortages of those AI ingredients could lead to disappointing returns for companies.

"AI technology is exceptionally expensive, and to justify those costs, the technology must be able to solve complex problems, which it isn't designed to do," Jim Covello, the head of Global Equity Research at Goldman Sachs, said in the report.

"The starting point for costs is also so high that even if costs decline, they would have to do so dramatically to make automating tasks with AI affordable," he added. "In our experience, even basic summarization tasks often yield illegible and nonsensical results."

He's not wrong. Google scaled back its AI use in search after its bot began making some odd suggestions, including telling a Business Insider correspondent to put glue on their pizza to keep the cheese in place.

The tech industry is also "too complacent in its assumption that AI costs will decline substantially over time," especially when that assumption seems to rely on competition dethroning Nvidia, which dominates the market with its AI chips, Covello said.

Other experts quoted by Goldman Sachs were more enthusiastic.

"AI technology is undoubtedly expensive today. And the human brain is 10,000x more effective per unit of power in performing cognitive tasks vs. generative AI," said Kash Rangan, a senior equity research analyst at Goldman Sachs. "But the technology's cost equation will change, just as it always has in the past."

Eric Sheridan, another senior equity research analyst at the company, compared it to the tepid initial reactions to technological developments like the iPhone and Uber.

"People didn't think they needed smartphones, Uber, or Airbnb before they existed. But today it seems unthinkable that people ever resisted such technological progress. And that will almost certainly prove true for generative AI technology as well," Sheridan said.

• A US military uncrewed underwater vehicle can be seen on Google Earth at a naval base in California.
• The giant "Manta Ray" sea drone completed water testing in early 2024.
• Footage of the drone in action was recently shared by maker Northrop Grumman.

The US military's giant "Manta Ray" sea drone has been spotted on Google Earth at a naval base in California.

Satellite images show the drone at Naval Base Ventura County in Oxnard, close to Los Angeles.

Footage of the drone taken during water testing earlier this year was also recently shared by manufacturer Northrop Grumman on YouTube.

The uncrewed underwater vehicle (UUV) completed the "full-scale" testing off the coast of southern California in February and March, the Defense Department's Defense Advanced Research Projects Agency (DARPA) announced in May.

The new footage takes viewers on a "360-degree dive" with the vehicle, offering glimpses of its rounded shape and maneuverability.

A second video posted by the company also shows the drone's propulsion system.

"By incorporating numerous buoyancy engines, all working together efficiently, Manta Ray can operate for extended periods at a time and travel long distances at a variety of depths," the company says in the second video.

"It can even anchor to the sea floor and hibernate until needed," it adds.

While the Manta Ray's dimensions are not publicly available, Northrop Grumman classifies the drone as an "extra-large glider UUV."

The Manta Ray program, launched in 2020, aims to develop payload-capable, autonomous UUVs that can operate in "long-duration, long-range missions in ocean environments."

The drone's unique shape helps it save power and energy and carry "critical payloads or sensors" on lengthy missions, according to its manufacturer.

"Our successful, full-scale Manta Ray testing validates the vehicle's readiness to advance toward real-world operations after being rapidly assembled in the field from modular subsections," Kyle Woerner, DARPA program manager for Manta Ray, said following testing.

"The combination of cross-country modular transportation, in-field assembly, and subsequent deployment demonstrates a first-of-kind capability for an extra-large UUV," he added.

DARPA says it is now working on the next steps for testing the drone.

Sea drones have redefined traditional naval warfare in recent years. Their use in the Russia-Ukraine war has gained them widespread media attention.

The relatively cheap technology has scored major hits for Ukraine on Russian battleships, including the Sergei Kotov patrol ship and the Ivanovets corvette.

Ukraine has also used sea drones to attack key infrastructure like the Kerch Bridge, Russian President Vladimir Putin's prized link between the Russian mainland and the Crimean Peninsula, which Russia annexed from Ukraine in 2014.

The threat to the Kerch Bridge appears to be significant enough for Russia to have started placing barges and other defenses in the area to reduce "the angles of approach for Ukrainian Unmanned Service Vehicles," the UK Ministry of Defence said.

• A $35 million settlement fund will be established due to a class action lawsuit against Apple.
• The 2019 lawsuit said iPhone 7 and iPhone 7 Plus had audio issues, which Apple denied.
• Some iPhone customers can receive up to $349.

Apple reached a $35 million settlement with iPhone 7 and iPhone 7 Plus users who said their phones had audio problems. That means if you had one of those phones, you could get paid.

The lawsuit — available on the Settlement Administrator website — was first filed in 2019. It argues the iPhone 7 and iPhone 7 Plus had audio issues related to the "audio IC chip." The plaintiffs also accused Apple of violating consumer protection laws and breach of warranty.

Apple denied the phones had audio issues or that the company did anything wrong. Representatives for Apple did not respond to a request for comment from Business Insider.

Nonetheless, Apple settled the case. Now attorneys for the plaintiffs said affected iPhone users could get up to $349.

"We are proud of the nationwide class action Settlement that is pending final approval before the Court, which if approved will provide Settlement Class Members who complained to Apple about the alleged audio defect up to $349 in monetary relief," attorneys Andrea Gold and Greg Coleman said in a statement.

Here's what iPhone customers need to know.

Who qualifies?

Apple customers in the United States who owned those phone models between September 2016 and January 2023 might be eligible to receive payment for the settlement.

The settlement administrator says customers must have reported the covered audio issues to Apple, including those who paid "out of pocket" for repairs and replacements related to the covered audio issues.

How much money could iPhone customers receive?

iPhone customers who paid Apple "out of pocket" for replacements and repairs related to the audio issue will receive "an equal payment of at least $50 and no more than $349."

Those who reported the audio issues to Apple but did not pay for repairs or replacements will receive "an equal payment of up to $125."

The $35 million settlement fund will be formally established if a judge grants approval during a hearing on July 18.

When is the deadline to apply?

The original deadline for customers who wanted to be included in the settlement was June 3, but the court approved an extension.

The new deadline is July 3, 2024.

Interested customers must provide the settlement administrator with payment information and their preferred payment method. This can be done via an online form or mailing it to the Tabak v. Apple Class Action Administrators.

Some customers included in the settlement may receive a postcard notification or email about the lawsuit.

If customers don't select a payment method and provide payment information, they'll remain in the settlement class but cannot receive payment. They will also waive their rights to sue Apple for the aforementioned issues in the future.

• Joe Biden's debate performance disappointed Democrats, and even he knows it.
• Voters have worried about Biden's age, which showed during the debate.
• Despite his age, simply slowing down and saying less would have helped, a speech coach told BI.

Even President Joe Biden knows his debate performance was off.

Voters and legislators have long been worried about Biden's age, nervous that he's slowing down and spitballing about replacement candidates because of it.

But slowing down and saying less might have actually helped him perform better during Thursday's debate, Carmie McCook, a DC-based public speaking coach, told Business Insider.

"Less is always better. Always. The more you throw out there, the more landmines you've got to step on. Stay focused," McCook said. "His team has to know if he has issues staying on target, you just drill, go back to the message… Don't let the other person sit in the driver's seat and dictate what you're going to say."

Viewers seemed to agree that former President Donald Trump won the debate, even though he also didn't articulate himself very well. Both candidates are hoping voters look past their obvious flaws.

McCook said Biden also takes time to express his thoughts in speech, due to his lifelong stutter, which didn't help his optics.

"I'm sure he was tired because they probably were drilling him, and he probably didn't feel well," McCook said. "He stutters, and I work with a lot of people with that same issue. I do know it takes time sometimes for you to formulate your word, and it does look like you're lost in thought because you're trying to figure out, 'Which tongue muscles can I use? Or what alternative word can I use?'"

Max Burns, a Democratic strategist, said on X that Biden needs to get out to rallies to "push back against the stiff and meandering image he portrayed on Thursday."

"Biden needs better (and frankly, less) prep in the future. He was clearly bogged down trying to recite long lists of data points instead of engaging more organically, like he did in 2020. That can be worked on, but it needs to start now," Burns posted on X.

McCook made similar points.

"Slow down," she said. "Take your time. Do not let the other person rattle you because that's what they're there to do. Stick to your top three to five points, and that is it."

• Celebrity real-estate broker Ryan Serhant has appeared on reality shows for a decade.
• A new Netflix show tracks Serhant and his colleagues as they negotiate deals for wealthy clients.  
• Beyond stunning homes, Serhant said he wants to showcase some hard parts of the brokerage business.

In 2012, Instagram didn't have video, the housing market was cautiously celebrating signs of recovery from the crash of 2008, and Ryan Serhant made his debut on Bravo's reality television show, "Million Dollar Listing New York."

On the show, one of the early real-estate reality series of its kind, viewers followed Serhant and other agents behind the gilded doors of elite New York City real estate, like a $17 million three-story Greenwich Village townhouse or $18.5 million SoHo loft.

Serhant's new show, "Owning Manhattan," which premieres June 28 on Netflix, is the newest addition to the collection.

Serhant explained that during the "Million Dollar Listing" days, there was a "voyeuristic" element for viewers who wanted to pull back the curtain to see the city's historic brownstones or jaw-dropping penthouses for themselves.

"We were showing people what they had never seen before," Serhant, 39, told Business Insider. "It was the lifestyles of the rich and the famous."

Now, though, it's never been easier to get peeks into rarefied real estate, with the proliferation of reality TV shows that hawk luxury digs, the rise of agents posting photos and videos on social media, and Zillow-stalking as a hobby.

If "The Real World" was "Reality TV 1.0" and shows like "Million Dollar Listing" were "2.0," Serhant explained, he's ready to usher in "Reality TV 3.0" with his new Netflix series, which has what he believes is a new angle to lure viewers away from their phones and keep them hooked.

"The real estate isn't what's exclusive anymore," Serhant explained. Instead, the draw is "the lives of the people who work in this business."

Those lives — his own and the other agents he hired to work at the brokerage he founded in 2020 after leaving established firm Nest Seekers — will be fully on display in the eight-episode season "Owning Manhattan," premiering June 28 on Netflix.

The show takes viewers on a journey of the ups and downs of building a career in the cutthroat environment of New York City real estate, like Chloe Tucker Caine, who recently transitioned from Broadway to broker, and Tricia Lee, who's ready to expand her dominance in Brooklyn and take over Manhattan.

"I did not want this to be a glamorized show," Serhant said. "New York City will make you and also break you."

Serhant passed down wisdom to new agents

With four reality shows and a decade of television under his belt, Serhant is well-positioned to coach the newcomers or the agents reporting to him who round out the cast.

When Netflix scouted the original cast, Serhant gathered them together and told them to take a full weekend to consider the decision. He told them to be ready to reveal vulnerable moments on camera and open up about the full journey with viewers, even the days they'd rather not share. Serhant cautioned them not to join if they just wanted to "get famous and sell toasters."

"This isn't years ago, the audience can smell out bullshit like this," he said.

A few agents actually ended up not doing the show, but 12 brave brokers said yes.

Serhant also had to test his own vulnerability on the show.

"I had never been a CEO on camera before," he said.

Challenges like losing a top agent to a rival firm or having to fire an employee for breaking company rules, all while managing clients and sales like the more junior agents, were difficult to deal with while being filmed, Serhant said.

But he said it's important to be frank with the audience.

"The show is going to be great if it's the most vulnerable real estate show on the planet and the most authentic," he told BI.

Television tugs at viewers' heartstrings — which can bring in new clients

With over 2 million followers on Instagram, 1.3 million followers on YouTube, and 806,000 followers on TikTok, Serhant already has a platform to share peeks into his daily life and business philosophy.

Still, he said, nothing compares with the power of television.

On any given day, Serhant could be ecstatic in person about selling Mercedes-Benz-branded residences in Miami or showing off new luxury condos in New York City.

However, he observed that clients are routinely more enchanted by the personal glimpses they see on television.

"All anyone else cared about was, 'Hey, we'd love to work with you. We watched your wedding in Greece.' Or 'Hey, we'd love to sell our entire building with you. My wife also went through IVF,'" he told BI.

In the first episode of "Owning Manhattan," Serhant said he wants his eponymous firm, just four years old, to be the No. 1 brokerage in New York City.

He knows the eyeballs — and clients — his new show will bring in.

"Our business is international," he told BI. "Netflix is the largest global distribution network on the planet."