• We upgraded to Delta One after realizing the premium seats weren't much wider than ones in economy.
• A nervous flyer, I was surprised how much I enjoyed the 10½-hour flight. I even fell asleep.
• All the perks before, during, and after the flight made the experience well worth the expense.

My husband and I are frequent travelers, but we still struggle to feel comfortable on long flights — I'm a nervous flyer, and my husband is tall.

So, when planning our first European adventure together last year, we decided to splurge on our 10½-hour flight from Los Angeles to London.

At first, we spent about $4,300 on two Delta Premium Select tickets. Then, my husband realized that the premium seats weren't much wider than those in economy — 18½ inches vs. 18 inches.

So, we upgraded to Delta One, the airline's international business class, paying about $7,000 total for our two round-trip flights.

Though we could've spent that extra money on meals or other experiences at our destination, our upgraded flight was worth every penny for the comfort it gave us during our journey.

Here are a few highlights of our transatlantic experience.

We felt the vacation vibes as soon as we arrived at the airport.

Our Delta One tickets got us access to the expansive Delta Sky Club at LAX.

Along with two large buffet areas and a bar, the space had many comfortable seating zones and private bathrooms with showers.

It was fun having so many complimentary food options — including vegan ones — but we tried not to overdo it as we had already pre-selected meals for our flight.

When it was time to board the plane, we walked over to our gate and were among the first passengers welcomed.

My seat felt like my own personal cocoon.

As we settled into our seats, the friendly flight attendants offered us drinks and snacks right away.

Since the plane had a staggered layout and my husband and I both wanted window seats, my "suite" was one row behind his.

That meant we couldn't hold hands, as we usually do, during takeoff. But rather than feeling nervous, I felt safely cocooned in my personal space.

The suite had a door to slide shut for privacy and side buttons for adjusting the seat's angle and lighting.

I also appreciated the amenity kit.

The blanket and pillow were cozy, and the travel kit had some useful amenities, like slippers, lip balm, hand cream, and an eye mask.

I was hoping for a pair of pajamas, but those weren't offered on our 8 p.m. flight.

The ability to fully recline was a game changer for my physical and mental comfort.

Once we leveled off, I was able to fully recline in the Delta One lie-flat seats. It was such a relief.

More than anything, the ability to lie down flat made the biggest difference in how much I enjoyed the long flight.

I was even able to fall asleep off and on — something I'm never able to do on a plane

The extra legroom made the long-haul flight more doable for my husband.

Unlike me, my husband doesn't mind flying — he just doesn't like the lack of space on most plane seats. At over 6 feet tall with a burly build and size-14 shoes, he's always hoping for more legroom.

Fortunately, the Delta One suite delivered with its roomy seat and foot cubby.

My husband was so comfortable that he didn't even bother taking off his shoes or fully reclining during the entire flight.

Our meals and snacks took things to new heights.

Our overnight flight included a three-course dinner and next-day breakfast, plus plenty of snacks and drinks.

We had ordered vegan options and were pleasantly surprised at how tasty the food was, from grain bowls to salads to plates with hummus and veggies.

The retractable table I ate on felt roomy and sturdy, and eating with real silverware, porcelain dishes, and cloth napkins elevated the experience.

The in-flight entertainment was an excellent distraction.

Watching TV on the nicely sized screen in front of me helped me forget I was in a flying metal tube thousands of feet above the ground.

Though Delta offered plenty of new movies and shows for me to stream, I ended up turning to old favorites like "Curb Your Enthusiasm" and listening to soothing music.

Meanwhile, my husband was rocking out to a famous Bruce Springsteen concert from 1979.

All the comfort and rest resulted in us feeling virtually no jet lag when we landed in the UK.

All in all, our pricey flight was so enjoyable that I almost wished it lasted longer.

When we landed at Heathrow Airport the following afternoon, we didn't even have jet lag. We just felt ready to take on the day.

Splurging isn't always possible, but we're keeping our options open for future flights. As they say, it's not about the destination, it's about the journey.

• The US added 64,000 jobs in November, beating the expected 50,000.
• Unemployment rose from September, the last available rate, a little bit more than expected.
• The BLS delayed the report to allow more time for collection and processing.

The US added 64,000 jobs in November, exceeding the expected 50,000, and unemployment ticked up from September, the last available rate, to 4.6%.

Economists expected the unemployment rate to be 4.5%, just above September's 4.4%. The Bureau of Labor Statistics won't be publishing an October unemployment rate because the agency wasn't able to survey households during the government shutdown that lasted from October to roughly mid-November. It was still able to produce October job growth because the data comes from a separate survey of businesses and government agencies, so BLS was able to collect this information later.

The BLS delayed the November report from December 5 to December 16 to help with data collection and processing. The September report was published about a week after the shutdown ended. Due to data challenges, there could be more statistical noise than usual in the unemployment rate and related figures.

The Federal Reserve made its last rate decision of the year last week, without the November jobs report or the consumer price index report, which has also been delayed. Using other available data to gauge the economy and its dual mandate, the Fed made a third consecutive interest-rate cut.

"This further normalization of our policy stance should help stabilize the labor market while allowing inflation to resume its downward trend toward 2% once the effects of tariffs have passed through," said Federal Reserve chair Jerome Powell at last week's press conference.

The Fed will make its next rate decision toward the end of January. CME FedWatch, which indicates probabilities of what the Fed will decide, showed a roughly 75% chance of keeping rates steady and a 25% chance of a fourth consecutive cut.

This is a developing story. Please check back for updates.

• Ford's EV strategy shift just cost it $19.5 billion. Now, it's hoping to cash in on the AI boom.
• The company is converting an EV battery factory in Kentucky to build energy storage systems for AI data centers.
• The move will see Ford challenge Tesla, which has its own thriving energy storage business.

EVs aren't really working out for Ford, so now it's chasing the AI boom instead.

The Detroit auto giant said on Monday it would pull back from electric vehicles in a move that would cost the company $19.5 billion.

In addition to scrapping planned electric models and building more hybrids, Ford said it would repurpose its EV battery factory in Kentucky to build batteries to power data centers and energy infrastructure.

The Mustang maker added that it would invest $2 billion to scale the new energy storage business, which it said would "leverage currently underutilized electric vehicle battery capacity." Ford plans to deploy at least 20 gigawatt-hours of energy storage systems by the end of 2027, which is roughly equivalent to the power used by 2,000 US homes for a year.

It comes as the race to build ever more powerful AI models fuels a data center boom across the US, putting pressure on the electricity grid.

Federal estimates suggest data center power demand is expected to as much as triple over the next three years, as tech giants like Meta, Microsoft, and OpenAI pour tens of billions of dollars into AI infrastructure.

EVs, meanwhile, are heading in the other direction. Demand has cratered in recent months after buyers rushed to purchase electric vehicles before the end of the $7,500 federal tax credit in September, and automakers are rolling back investments and betting on hybrids as they gear up for an EV winter.

Ford said the factory at Glendale, Kentucky, which the US automaker built as part of a joint venture with Korean battery company SK On, will produce commercial batteries for the data center industry. Another battery plant in Michigan will produce smaller units for residential use, Ford added.

The Tesla battery play

Ford is following in the footsteps of rival Tesla, which operates a thriving energy storage business. Elon Musk's automaker raked in over $10 billion last year from selling batteries to support the grid and power people's homes.

Tesla's Megapack commercial batteries have been used by Musk's startup xAI at its massive "Colossus" supercomputer in Memphis, Tennessee. In May, the AI startup reportedly deployed 168 Megapacks to help stabilize the electricity supply at the site, which is one of the largest data centers in the world.

Ford's bet on energy storage comes as the company overhauls its wider EV strategy.

The Blue Oval announced on Monday it would cancel plans to build some large electric vehicles, and turn its F-150 Lightning electric pickup into an "extended range" EV with an additional gas generator.

Ford CEO Jim Farley told Bloomberg on Monday that the move was the result of the EV market in the US shrinking and "the customer changing their decision."

"The EV market in the US went from 12% of the industry to only five, and that really, in the end, was the big decider for us," he said.

• Alexandra Mysoor offered to tackle the to-do list after her best friend's mother died.
• She thought she was being helpful, but ultimately it took her 900 hours to complete the tasks.
• Mysoor created Alix, an estate settlement company, to help others navigate this time in their lives.

This as-told-to essay is based on a conversation with estate settlement company founder Alexandra Mysoor. It has been edited for length and clarity.

I was primarily raised in Minnesota, and on the first day we moved there, our next-door neighbor Carol arrived with a pie, like out of a movie. Her daughter Katie is still my best friend to this day.

Carol died a few years ago (her husband had passed before her), and I was at Katie's house for the funeral. There was a to-do list fixed to the freezer door. I told Katie, whatever is on the list, I've got you.

I did not know how generous I was being, because that list was full of estate settlement tasks. I truly thought it would be easy. However, it took me 18 months and 900 hours to complete, which is an average amount of time for a simple estate.

Having a trust or a will is only one part of the puzzle

Most people don't have wills. And it's not based on socioeconomic status; people just forget to do it. Even if you have a well-formed trust, many people don't update it. A trust or a will is like a map. However, you still have to fill up on gas, get in the car, and prepare everything. It's a long journey.

Estate planning is important, but no matter how much planning you have in place, someone will have to take the journey.

Estate settlement is as important as estate planning

Most people don't even know the phrase "estate settlement." People's minds go directly to planning. Many people are unaware that we're authoring the first Wikipedia entry about it. Most people don't know how time-consuming a settlement is or how expensive. It takes an average family $30,000 to settle an estate.

I think that's surprising because everyone talks about the great wealth transfer that is expected to happen in the next decade and a half. It's $100 trillion. It sounds like a great windfall, and it is. However, many people are aware of the net worth of celebrities like Hailey Bieber or Elon Musk, but not their own parents. The first step is discovering what was in this loved one's estate.

Settling an estate is a lot of work

Everything in estate settlement is a point solution. You call a lawyer. Then a CPA. No one makes the whole thing easier. I was surprised by that. So, I created a solution. My company, Alix, helps people settle loved ones' estates during such a vulnerable time.

At Alix, the 900 hours of administrative work are handled by agentic AI and humans. We forward mail, review bills, scan documents, handle life insurance, clean out the fridge, adjust the thermostat, park the car in the garage, cancel Netflix, make calls to financial institutions, return the cable box, and complete the necessary forms.

The families we work with have almost 24/7 access via the app or by calling, texting, and emailing. That was one of the most frustrating things about helping Katie; it was hard to get a call back. We can give families peace of mind about the process being more efficient. It's like having a team of administrators, akin to a family office of the ultra-high net worth, to handle the complex work of settlement.

The holidays offer an interesting opportunity to increase situational awareness as a family. Perhaps that's as simple as knowing where the account information is located. Parents often feel uncomfortable talking about money with their adult children; money and grief are very potent emotions. You can start the conversations now.

• Meta is adopting an "AI-first" strategy by offering staffers access to a growing list of AI tools.
• Employees can now use AI models like Google's Gemini 3 Pro and OpenAI's GPT-5 to boost productivity.
• Meta also migrated its productivity suite to Google's Workspace to "unlock AI-driven capabilities."

In its push to create an "AI-first" workplace, Meta is expanding employees' access to tools from rivals such as Google and OpenAI, Business Insider has learned.

The social media giant has been encouraging employees to integrate AI tools into nearly everything they do, according to multiple internal documents and posts seen by Business Insider.

One of the company's priorities is to "make AI core to how we work," Meta's chief information officer, Atish Banerjea, told employees in a June memo outlining a plan to use Meta's own models — which use the naming convention "Llama" — alongside products from other firms.

In November, a Meta engineer said in an internal post that all employees have access to Google's Gemini 3 Pro and OpenAI's ChatGPT-5. The post included a list of AI tools Meta employees have access to, including their use cases. Business Insider has recreated the list below.

A Meta spokesperson confirmed the revamped suite of AI tools and pointed to an earlier comment shared with Business Insider about AI adoption, stating: "It's well-known that this is a priority, and we're focused on using AI to help employees with their day-to-day work."

Embracing rival AI tools

The social media giant opened the floodgates to rival AI models in June.

Among those is an internal coding tool called Devmate that uses Anthropic's Claude, Business Insider previously reported. Google's Gemini and NotebookLM Pro are also available across the company to help employees "work smarter and have more impact," Banerjea told employees in the June memo.

Meta has invested tens of billions into its own consumer-facing AI models, and employees have access to an internal AI assistant called Metamate, which is built on its Llama models.

After Meta struck a deal over the summer the startup Midjourney to weave its AI-image generator into its products and models, the company made the tool available to employees in October for "concept and production uses" to speed up design work and creative prototyping, according to an internal post ahead of the rollout, seen by Business Insider.

Gemini isn't the only Google tool Meta is embracing. The company migrated its internal productivity suite over the summer to Google Workspace — including Chat, Gmail, Docs, and Drive — describing the move in a June memo as a way to "unlock AI-driven capabilities" and better integrate with its expanding toolset.

On the engineering side, Meta has expanded access to agentic coding systems, adding Google's Gemini 3 Pro and exploring new integrations with tools like OpenAI's Codex CLI and Google's Gemini CLI. "Rather than focusing on specific solutions, our strategy centers on outcomes: increasing productivity, accelerating development, and ensuring you have access to the best agentic coding experiences," Reality Labs executive Maher Saba told employees in a November memo seen by Business Insider.

To encourage adoption and experimentation, Meta has gamified the use of AI, Business Insider previously reported. Earlier this year, it launched an internal game called "Level Up," which rewards employees with badges for using AI in different ways. Leaders are also tying performance to results achieved through AI, rewarding those who can prove "AI-driven impact" this year, and including it as part of performance reviews in 2026.

Have a tip? Contact this reporter via email at jmann@businessinsider.com or Signal at jyotimann.11. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

• I shopped for Christmas gifts for my husband and teenagers at Walmart and Target.
• Prices seemed similar at both chains, but Target had more sales and a better overall holiday vibe.
• I like Walmart, but I wasn't as impressed by some departments and my overall shopping experience.

Every morning while walking my dog, I pass a giant digital countdown to Christmas on my neighbor's lawn.

Lately, it's been making me feel the urgency to get my holiday shopping finished ASAP. On top of that, we have less than two weeks until the big day — and if I order some gifts online, they may not arrive on time.

So, after a recent morning walk, I hopped in my car and headed to two of my nearest big-box retailers, Walmart and Target, to finish my Christmas shopping.

Here's what it was like looking for gifts for my husband and two teenagers at Walmart and Target during the 2025 holiday season.

Stocking stuffers, such as candy and gum, seemed similarly priced at both stores.

Walmart and Target both had aisles upon aisles of seasonal candy and other small stocking stuffers priced between $1 and $5.

I found everything I needed to fill the stockings of my husband, 17-year-old son, and 15-year-old daughter at both stores, from holiday-themed chocolate bars and gum to seasonally-scented face masks and lip balms.

Generally, Walmart's pajamas were cheaper than Target's.

Each Christmas Eve, I give my kids a new pair of Christmas pajamas to open and wear to sleep that night.

At both stores, I found plenty of soft and cozy pajamas with cute holiday prints, but they were much cheaper at Walmart.

For example, I found cute mix-and-match sets of Walmart's Joyspun pajamas that cost about $25 total. Similar sets from Target's Auden brand were priced at $35, so I went with the Walmart pajamas to save about $10.

Both the guys in my house want quarter-zips, and I preferred Target's selection.

I recently introduced quarter-zip sweaters to my husband with great success — and my teenage son and his friends have also taken to the fashion trend.

So, both of my guys asked for a new quarter-zip for Christmas.

I found a performance quarter-zip in blue or black at my local Walmart for $25, but it seemed pretty basic. At Target, I found a few options, including quarter-snap sweaters — a fun play on the trend — for $35.

I liked Target's version better because it came in four different colors (all in stock in my local store), and the sweaters felt a bit higher quality than the ones I found at Walmart.

Still, it was nice to find the trendy style at both retailers.

Both stores had a wide selection of gifts for gamers, including the new Switch.

My teenage son loves video games — we were even among the first in line at Target to buy the all-new Nintendo Switch 2 console when it was released earlier this year.

Fortunately, both Target and Walmart had tons of gifts for gamers from consoles — including the Xbox Series X and the new Switch 2 — to games and accessories for those systems.

When I visited, neither store was offering particularly great deals on games or consoles, and the prices appeared to be the same at both.

Still, in a world where sought-after tech can be tough to track down over the holidays, I was impressed with each store's selection of gamer gifts.

Walmart's jewelry selection is great for younger kids, but Target has the brands my teen loves.

I found charm bracelets, earrings, pendant necklaces, and more at both Walmart and Target.

Walmart mostly stocked its own brands of inexpensive jewelry, whereas Target had collaborations with major brands, like BaubleBar and Kendra Scott, on display.

I used to buy my daughter cheaper jewelry at Walmart, like Time and Tru charm bracelets or initial necklaces for under $10. But now that she's old enough to take care of nicer pieces, I'd prefer to shop for her at Target.

I could see myself getting a Kendra Scott necklace or some Hey Harper gold hoop earrings at Target. These types of pieces typically cost between $30 and $50, and it's nice being able to look at them in person instead of just ordering them online.

I still recommend Walmart for trendy, inexpensive jewelry for younger kids who don't care about brand names, though.

Many toiletry gift sets — a teen favorite — were available at both stores.

My teen daughter has loved getting seasonal beauty gift sets from her favorite brands over the last few holidays, so I looked at what was on offer at both stores.

At Target, I spotted gift sets containing products from brands like Byoma and Tree Hut, two of my daughter's favorites. Walmart had skincare sets from Bubble and CeraVe — two other brands she loves.

These sets often include trial-sized items, making them a good way to test out products before investing in pricier, full-sized versions.

Both stores had comparably priced sets featuring scrubs, lotions, and body washes, though many were on sale for 30% off at Target during my trip.

I found vinyl records from artists my teens love at both Walmart and Target.

Collecting vinyl records can be an expensive hobby, so I usually buy my kids one they've been wanting to add to their collection for Christmas.

Fortunately, Walmart and Target both had impressive vinyl sections with similar prices. I easily found my teens' favorite artists, from Taylor Swift to Olivia Rodrigo, at both.

Prices at each store matched what I've seen at other retailers, like Amazon and Barnes & Noble.

The prices and variety of essential-oil diffusers seemed about the same at both chains.

My daughter has a new essential-oil diffuser on her wish list this year, and I found lots of options at both retailers.

At Walmart, there were plain diffusers and more intricately decorated ones, all at reasonable prices — most under $30.

Target's diffuser prices were right on par with Walmart's, and it also had super decorative styles, plus a few with "ultrasonic" features that felt more high-end.

Both retailers had an impressive selection of oils to go with them, too.

I found more festive holiday socks at Target.

If you're looking for a soft, cozy pack of wintery socks, Walmart just may be the spot.

There, I found three-packs of soft Joyspun socks in lots of different colors and patterns for less than $10. However, I didn't see as many seasonal socks as I expected at Walmart.

If your family likes wearing truly festive socks — the kinds with elf or snowman patterns or snowflake designs, Target may be the place to shop.

There, I picked up holiday-worthy stocking-stuffer socks for each person in my family for about $4 to $6 a pair.

Target's selection for pets felt more festive than Walmart's.

We love our pets and always make sure to fill their stockings and leave a few items under the tree for them to open on Christmas morning.

At my local Walmart, I only found a few endcaps set up with seasonal pet items, like stockings filled with cat or dog toys.

Meanwhile, Target had overhauled its entire pet section to celebrate the season — displays were complete with festive photos of cats and dogs. I found seasonal pet clothes, treats, beds, toys, scratchers, and more.

It was lots of fun to pick out a few items for my cats and dogs at Target.

All in all, my holiday shopping pick would be Target.

Walmart has a reputation for offering low prices and great deals, so I've long assumed it was the cheaper of the two stores.

However, after comparing the cost of groceries at both earlier this year, I discovered Target offered much of the same pricing with a more relaxing shopping experience.

Turns out, the same is true when shopping for holiday gifts. Most items on my list cost about the same at both stores, but my experience at Target felt more laid-back and less hectic.

As much as I enjoy Walmart, Target remains my preferred store to visit, especially during the holiday season.

My local Walmart often feels crowded, plus some of its offerings in the pet and men's wear departments didn't impress me quite as much as Target's.

Target also had more in-store sales running when I shopped, such as 30% off beauty gift sets. (Its sales change weekly, though, so it's worth checking if the items on your list are discounted before shopping.)

Since the prices seem so similar at both stores, it makes more sense for me to go to Target, where I can grab a peppermint mocha from the in-store Starbucks to sip on while I slowly peruse the typically not-too-crowded aisles.

• Kim Izaguirre-Merlos says she's never felt like getting married and having kids was right for her.
• Instead, she's felt a pull to be there for her immediate family, especially after her mom got sick.
• She now lives with her mom and family, which is where she feels she's needed.

This as-told-to essay is based on a conversation with Kim Izaguirre-Merlos, an ICF Certified Coach and founder of How We Won. It's been edited for length and clarity.

I've been in a caretaking role for most of my life. We lost my dad when I was 11, and my mom had a stroke soon after. As the only girl in a Latino immigrant family, I grew up carrying responsibility early. That early experience of taking care of my family members, coupled with my take-charge personality, has shaped every stage of my life, including my decision not to have children.

I never saw myself on a traditional path

In the town I come from, it's really common to stay here, fall in love, get married, and start a family. But it was never a path I saw for myself, partially because my upbringing had provided me with very strong lessons about what it takes to raise kids. In high school, when everyone was dating, I remember thinking marriage and kids weren't interesting to me.

Then, in my mid-20s, I had a spinal injury that left me learning how to walk again. The chronic pain that followed, combined with severe menstrual issues I'd spent years normalizing, made me unsure whether my body could handle pregnancy and birth. I was already living with so much pain that the idea of adding more felt like too big a sacrifice.

I wanted to live a life where I could be there for my immediate family

I didn't consider motherhood until my mid-30s, when I finally fell in love. For the first time, I considered building a family of my own. But going off to start my own family felt like leaving my family behind in some sense. Then my mom got really sick, and that was the crux moment for me.

I ended my personal relationship, initially telling myself it was because my mom needed me. However, I quickly admitted the truth to myself: Being a mother wasn't what I wanted for myself. I wanted to live a life where I could be there for my immediate family and their needs, especially my mom. While I could have chosen to rise to the occasion and try to carry this double load like many other women do,  I didn't want to.

Looking at the circumstances and being truly honest with myself showed me that becoming a mother wouldn't let me show up at my best in this life. For me, being responsible meant making a different decision from starting a traditional family. It meant caring for my current one.

I live with my family because it's where I'm needed

Later, I learned that my former partner had a child. The amount of relief I felt after learning that told me I had made the right decision for both of us. I knew this person should be a father, and that I couldn't provide that kind of life for him. I'm so glad he has found his path, and that I'm on mine.

It amazes me the capacity women have to care for their children, and there are times when I don't fully feel like I'm meeting the measure of a woman in society. But I watched my mom make sacrifices for us, and while I admire her deeply, I know that I couldn't live that way. Instead, my fulfillment comes from making sure the person who raised me can age with support and love. These days, I live with my mom and family members, not out of financial necessity but because this is where I'm needed and where I feel most fulfilled.

Choosing not to have children isn't always about not wanting them. Sometimes it's about opting for a different kind of family, or protecting your health, or recognizing where you're most needed. While it's easy to judge women who don't have kids, we have no idea what experiences in life led to this moment. Even if we are on different paths in life, my hope is that we can all offer each other compassion in our choices.

• Alphabet's stock surge has made its two cofounders the world's richest people after Elon Musk.
• Larry Page and Sergey Brin have gained a combined $185 billion in wealth this year.
• Alphabet's stock has jumped by over 50% since mid-August on renewed hopes for its AI efforts.

The "Google Guys" are now richer than Amazon's Jeff Bezos, Oracle's Larry Ellison, and Meta's Mark Zuckerberg.

Alphabet's cofounders, Larry Page and Sergey Brin, are worth $265 billion and $246 billion each as of Monday's close, per the Bloomberg Billionaires Index. They're the second- and third-richest people on the planet, behind only Elon Musk and his $638 billion net worth.

Page and Brin have added $97 billion and $88 billion to their respective fortunes since the start of January, for a joint wealth gain of $185 billion, the rich list shows. Ellison and Nvidia's Jensen Huang trail them by some distance, with wealth increases of $46 billion and $39 billion, respectively.

Page and Brin are worth a combined $511 billion — much more than some of the most valuable S&P 500 companies, including Exxon Mobil, Bank of America, and Netflix. Combined, they remain $127 behind Musk.

The pair have seen a huge swing in their fortunes since late July, when they ranked sixth and seventh on Bloomberg's list with sub-$175 billion net worths, and year-to-date gains of under $5 billion each.

Less than five months later, they're each more than $85 billion richer. That's because Alphabet stock has surged by over 50% since mid-August, from $200 to record highs of over $300 in recent weeks.

Page and Brin each own about 6% of the Alphabet, which has a $3.7 trillion market value and counts Google, YouTube, Waymo, and DeepMind among its subsidiaries.

Warm praise for Google's new AI model, Gemini 3, has reignited investors' hopes that Alphabet can beat out rivals, including OpenAI, to become a dominant force in AI.

Alphabet has also benefited from fading antitrust concerns, a huge deal with Anthropic, and broader buzz around AI companies that has boosted their stock prices and enriched key shareholders such as Page and Brin, even as concerns that the boom is a bubble have grown.

• Without adjusting for inflation, 57 movies released by US studios have grossed $1 billion or more at the box office.
• Using data from Box Office Mojo, we compiled a list of the highest-grossing movies worldwide.
• "Zootopia 2" is the latest film to join the elite club.

Don't let anyone tell you different — Hollywood is powered by box office coin.

For over a century, the movie business has entertained countless people around the globe by creating powerful stories that astound us and make us want to come back for more.

It has led to a collection of titles reaching the rarified $1 billion box office mark during their theatrical run.

This is where Marvel movies, Disney animation, and James Cameron reign supreme.

Here are the movies that have crossed the prized $1 billion.

Kirsten Acuna and Kim Renfro contributed to previous versions of this story.

57. "Jurassic World Dominion" (2022)

Worldwide gross: $1,001,978,080

Poor reviews didn't stop people from seeing the third "Jurassic World" outing.

It took over three months, but "Jurassic World Dominion" crossed $1 billion worldwide. The sequel likely crossed the number thanks, in part, to the original "Jurassic Park" cast returning to the big screen and teaming up with the newer "Jurassic World" cast in this entry.

56. "The Dark Knight" (2008)

Worldwide gross: $1,008,287,756

Back in July of 2008, people began speculating that Christopher Nolan's "Batman Begins" sequel starring Heath Ledger as the Joker might have the box-office power to set a world record.  "There are even whispers starting whether 'Dark Knight' can beat the incredible worldwide numbers posted by the all-time $1.8 billion benchmark of 'Titanic,'" Deadline reported.

At the time, the film broke several box-office records, including highest-grossing opening weekend, highest Friday midnight showings, and highest-opening day record. "TDK" went on to become the highest-grossing movie of 2008.

The film's successful viral marketing campaign and box-office performance really set the bar for what a superhero movie could be. Many consider it a blueprint for the success of superhero movies that came afterwards. Unfortunately, instead of DC catapulting into the stratosphere from here on out, Marvel took the lead, appearing on this list 10 times compared to DC's four.

55. "The Hobbit: An Unexpected Journey" (2012)

Worldwide gross: $1,017,453,991

When Peter Jackson's first "Hobbit" movie crossed the $1 billion mark, it looked like a good indication that the subsequent two sequels would perform equally well, if not better, at the box office.

But neither of the second two "Hobbit" films wound up crossing that box-office landmark. Both "The Desolation of Smaug" and "Battle of the Five Armies" grossed around $960,000,000 each.

54. "Alice In Wonderland" (2010)

Worldwide gross: $1,025,468,216

When Tim Burton's take on the original Disney classic hit $1 billion at the box office in 2010, it was only the sixth ever film to do so. In the years since, more than 20 other films have joined the club — but the sequel to this live-action "Alice In Wonderland" was not among them. 2016's "Alice Through the Looking Glass" grossed over $299 million worldwide. 

53. "Zootopia" (2016)

Worldwide gross: $1,025,521,689

"Zootopia" became a surprise hit for Walt Disney Animation. At the time, it set a record for the biggest animated March opening weekend of all time.

52. "Harry Potter and the Sorcerer's Stone" (2001)

Worldwide gross: $1,028,496,499

Nineteen years after its initial 2001 release, "Harry Potter and the Sorcerer's Stone" managed to cross the $1 billion mark only after it was given a theatrical re-release in China.

Deadline reported that the movie had grossed $13.6 million over the course of three-days after it was released in theaters with a "remastered 4K 3D" version. It's the second movie in the "Harry Potter" franchise to gross more than $1 billion. 

51. "Finding Dory" (2016)

Worldwide gross: $1,029,266,989

Moviegoers flocked back to theaters in the summer of 2016 for Disney Pixar's "Finding Nemo" sequel. It was the second animated feature of 2016 to pass the $1 billion mark ("Zootopia" is the other).

At the time, the box-office numbers also made "Finding Dory" the fifth highest-grossing animated movie of all time. 

50. "Despicable Me 3" (2017)

Worldwide gross: $1,034,800,131

"Despicable Me 3" was a sleeper hit of 2017. With the return of Gru, Lucy, and of course the Minions, this is the second movie in the franchise to gross over one billion dollars. The introduction of "South Park" co-creator Trey Parker as a new villain was a smart move.

49. "Lilo & Stitch" (2025)

Worldwide gross: $1,038,017,312

Disney's live-action remake genre followed the dud of "Snow White" with this major success.

Along with hitting the billion mark, the movie also broke the Memorial Day opening weekend box office record with $341.7 million worldwide.

48. "Star Wars: Episode 1 — The Phantom Menace" (1999)

Worldwide gross: $1,046,515,409

"The Phantom Menace" was the first "Star Wars" movie to earn $1 billion, thanks to its 3D re-release in theaters 13 years after the original debut. Without that second surge of ticket purchases, the film would have stayed under $1 billion along with the original three movies.

47. "Pirates of the Caribbean: On Stranger Tides" (2011)

Worldwide gross: $1,046,721,266

There are four total "Pirates of the Caribbean" movies in the franchise — and two of them have joined the billion-dollar club. "Pirates of the Caribbean: On Stranger Tides" sits behind the "Dead Man's Chest" installment of this Disney franchise.

46. "Aladdin" (2019)

Worldwide gross: $1,054,304,000

Like many of the Disney live-action versions of animated classics, "Aladdin" did very well at the box office. "Aladdin" became one of Disney's record-breaking seven movies to hit $1 billion in 2019.

45. "Rogue One: A Star Wars Story" (2016)

Worldwide gross: $1,058,684,742

"Rogue One" cemented its place in the "Star Wars" franchise by raking in $1 billion just 39 days after its global release. The spinoff became the fourth and final movie of 2016 to make $1 billion at the box office. All four billion-dollar movies of 2016 were Disney releases.

44. "Pirates of the Caribbean: Dead Man's Chest" (2006)

Worldwide gross: $1,066,179,747

Back in 2006, when the sequel to Disney's "Pirates of the Caribbean: Curse of the Black Pearl" hit theaters, it took just three months for the movie to make $1 billion at the box office. At that time, it was the third ever film to do so.

43. "Toy Story 3" (2010)

Worldwide gross: $1,067,316,101

The third movie in the "Toy Story" franchise crossed the $1 billion mark in 2010 and made Disney history as Pixar's highest-grossing film of all time. The success of "Toy Story 3" helped push a fourth movie into Disney's animated movie plan.

42. "Toy Story 4" (2019)

Worldwide gross: $1,073,841,394

With "Toy Story 4" also crossing this milestone, Disney became the first movie studio to create seven billion-dollar movies in a single year. The movie joined its Disney comrades "Captain Marvel," "Aladdin," "Avengers: Endgame," "The Lion King," "Frozen II," and "The Rise of Skywalker."

CEO Bob Iger recently announced a fifth "Toy Story" movie is in the works.

41. "Star Wars: The Rise of Skywalker" (2019)

Worldwide gross: $1,077,022,372

The ninth episode in the "Star Wars" Skywalker saga, "The Rise of Skywalker," crossed the $1 billion mark on Tuesday, January 14.

As reported by Variety, it took this film 28 days to hit this milestone, while "The Force Awakens" did it in 12 days and "The Last Jedi" managed it in 19 days.

40. "Joker" (2019)

Worldwide gross: $1,078,958,629

This DC comic movie is the first R-rated movie to ever make $1 billion at the box office. Deadline announced the milestone, which came about six weeks after the movie premiered worldwide.

Marvel's "Deadpool" star Ryan Reynolds snarkily congratulated "Joker" on becoming the highest-grossing R-rated movie of all time.

39. "The Dark Knight Rises" (2012)

Worldwide gross: $1,085,199,115

Christopher Nolan's follow-up to "The Dark Knight" had became the 13th film in history to reach $1 billion in 2012. This achievement was remarkable, especially given concerns that the movie's success would be dampened after the Aurora theater shooting took place during a midnight screening of the film.

38. "Jurassic Park" (1993)

Worldwide gross: 1,103,096,466

Similar to "The Phantom Menace," a 3D re-release is responsible for putting "Jurassic Park" over the edge and into the $1 billion club. "Jurassic Park" wasn't originally released in China in 1993, according to a report from The Wrap. But the 20th anniversary international re-release included China — and the difference in ticket sales showed.

A few more pandemic re-releases in 2020 and 2022 helped send it up the chart even more.

37. "Transformers: Age of Extinction" (2014)

Worldwide gross: $1,105,261,713

Ah yes, the unstoppable box-office power of the "Transformers" franchise. According to The Wrap, "Age of Extinction" (the fourth movie) was made specifically with international audiences in mind — and it paid off. Almost a third of the total box-office revenue came from China alone.

36. "Skyfall" (2012)

Worldwide gross: $1,108,594,137

At the time of its release, "Skyfall" was Sony's highest-grossing movie worldwide and the first Bond movie to surpass $1 billion at the box office. It became the second highest-grossing film of 2012 (behind "Avengers").

It also helped that Adele recorded a banger of a theme song for the film, which won the Academy Award for best original song.

35. "Transformers: Dark of the Moon" (2011)

Worldwide gross: $1,123,794,079

The third "Transformers" movie was Paramount's first film to reach $1 billion at the box office. Similar to "Age of Extinction," the boost in ticket sales came largely from international movie audiences. This was the last "Transformers" movie which starred Shia LaBeouf. 

34. "Captain Marvel" (2019)

Worldwide gross: $1,131,416,446

And here we begin with the seemingly unstoppable success of Marvel universe movies. Just over three weeks after its release date and record-breaking opening weekend, "Captain Marvel" crossed the billion-dollar mark for global box office sales.

33. "Spider-Man: Far From Home" (2019)

Worldwide gross: $1,132,723,226

The Hollywood Reporter broke the news of this new milestone for the Spider-Man franchise as "Spider-Man: Far From Home" crossed the one-billion mark less than a month after its US premiere on July 2.

32. "Zootopia 2" (2025)

Worldwide gross: $1,136,670,004

Some sequels can get hurt at the box office for coming out so long after the original. Not this Disney title.

Released almost a decade after the first "Zootopia" movie, audiences rushed back to watch Nick Wilde and Judy Hopps go on another case.

After opening with a huge $559.5 million global take, making it the biggest global opening for an animated movie ever, it hit the $1 billion mark in just 17 days, becoming the second 2025 release to hit the billion milestone (the other being Disney's "Lilo & Stitch").

31. "Lord of the Rings: The Return of the King" (2003)

Worldwide gross: $1,139,431,705

People came out in droves for the final installment of Peter Jackson's "Lord of the Rings" trilogy. After only 10 weeks in theaters, "Return of the King" became the second movie ever in history to make $1 billion ("Titanic" was the first in 1997). The film went on to break an Academy Award record by sweeping all 11 categories for which it was nominated. 

The film's 2021 re-release in theaters during the pandemic in nine markets, including China, helped move it a few spots up this list.

30. "Aquaman" (2018)

Worldwide gross: $1,152,028,393

"Aquaman" became the first DC superhero movie to make $1 billion dollars at the box office. The movie was already breaking records in China before it had opened in the US in early December, and clearly it was all up from there.

A sequel is set for December 2023 with Amber Heard reportedly in a pared-down role.

29. "Captain America: Civil War" (2016)

Worldwide gross: $1,155,046,416

"Captain America: Civil War" was a blockbuster hit in 2016, and the first movie of that year to rake in $1 billion. The wild success of Cap's third outing came from it playing more like an Avengers film thanks to a large superhero roster, including Iron Man, and the introduction of Tom Holland's Spider-Man.

28. "Minions" (2015)

Worldwide gross: $1,159,457,503

The 2015 prequel to "Despicable Me" focused only on the overall-wearing Minions the world had come to love. People clearly appreciated the yellow henchman's standalone film, since neither of the two "Despicable Me" movies have breached $1 billion. 

27. "Iron Man 3" (2013)

Worldwide gross: $1,215,577,205

Tony Stark swept away comic fans with the third movie of his trilogy, "Iron Man 3." It only took 23 days in the box office for the film to hit $1 billion. If anyone doubted the power of Robert Downey Jr.'s  success as Iron Man, this movie, which grossed nearly double of the actor's second solo outing as the character, was the final confirmation of his vital role in Marvel's franchise.

26. "The Fate of the Furious" (2017)

Worldwide gross: $1,236,009,236

In April 2017, the eighth movie in "The Fast and the Furious" franchise joined the billion-dollar club.  Clearly Vin Diesel's creative control of these action-packed movies is paying off along with its diverse cast. This is the second movie from the franchise to make more than $1 billion.

25. "Incredibles 2" (2018)

Worldwide gross: $1,243,225,667

Despite the 14-year gap between the first Pixar original movie "The Incredibles" and its sequel, the critically acclaimed "Incredibles 2" created a new record as fastest animated film to gross $1 billion at the box office.

24. "Beauty and the Beast" (2017)

Worldwide gross: $1,266,115,964

Also in April 2017, Walt Disney Studios announced that its live-action remake of "Beauty and the Beast" had officially passed the $1 billion mark for global box-office sales. Its total revenue makes "Beauty and the Beast" the highest-grossing film of 2017.

23. "Frozen" (2013)

Worldwide gross: $1,285,319,131

"Frozen" maintained the top spot for the highest-grossing animated feature of all time until the release of its sequel in 2019. The film joined the billion dollar club in the same week it nabbed two Oscars. 

After its initial release, it became Walt Disney Pictures' third highest-grossing film of all time. According to Deadline, the film earned a profit of over $400 million for Disney.

22. "Jurassic World: Fallen Kingdom" (2018)

Worldwide gross: $1,310,469,037

The second installment in Universal's rebooted "Jurassic Park" trilogy had an impressive opening weekend and then quickly grossed $1 billion after two weeks. 

21. "Star Wars: The Last Jedi" (2017)

Worldwide gross: $1,334,407,706

"Star Wars: The Last Jedi" crossed the $1 billion mark just three weeks after its release. This second installment in the new franchise made $500 million in its first weekend alone — though "The Force Awakens" still holds the record for biggest "Star Wars" opening weekend of all time with $529 million.

20. "Deadpool & Wolverine" (2024)

Worldwide gross: $1,338,073,645

The team-up no one thought was possible turned out to be a cash cow.

Along with breaking opening weekend records with its over $440 million take, its worldwide total gross makes it the highest-grossing R-rated movie of all time.

19. "Harry Potter and the Deathly Hallows: Part Two" (2011)

Worldwide gross: $1,342,505,340

Following the trend of some other franchises in our top list, the final "Harry Potter" film was the only one of the bunch that raked in $1 billion or more until "Sorcerer's Stone" was given a theatrical release in China.

18. "Black Panther" (2018)

Worldwide gross: $1,349,926,083

"Black Panther" crossed this milestone in just 26 days after breaking the record for best February opening weekend of all time. This movie was the 16th Disney film to gross over one billion dollars. 

17. "The Super Mario Bros. Movie" (2023)

Worldwide gross: $1,360,879,735

Universal Pictures' adaptation of the Nintendo game crossed $1 billion in just 26 days, making it the first film of 2023 to cross the threshold and the studio's seventh-largest film.

"The Super Mario Bros. Movie" is the fifth film released during the pandemic to hit $1 billion theatrically and the first animated movie to do so.

16. "Avengers: Age of Ultron" (2015)

Worldwide gross: $1,405,018,048

"Transformers," "The Dark Knight," and "Pirates of the Caribbean" are three franchises which each have two movies in the billion dollar club — and you can add "The Avengers" to that list.

The 2015 follow-up ensemble movie added James Spader as the terrifying new villain, and (surprising no one) "Age of Ultron" opened in the number one spot around the world.

15. "Barbie" (2023)

Worldwide gross: $1,447,138,421

Greta Gerwig's "Barbie" has been unstoppable in theaters since its release. Not only did the film earn 2023's highest-grossing domestic opening weekend, but it also contributed to the fourth-largest box-office weekend of all time.

When it crossed the billion-dollar mark in 17 days, Gerwig became the first solo female director to have a movie cross that threshold. Every other $1 billion movie directed by a woman has a male codirector.

"Barbie" is now the highest-grossing movie of 2023.

14. "Frozen II" (2019)

Worldwide gross: $1,453,683,476

The highly-anticipated sequel to the highest-grossing animated movie of all time, 2013's "Frozen," easily surpassed the box-office gross of its predecessor. "Frozen II" became Disney's sixth (out of seven total) movies to cross $1 billion in 2019 after 24 days.

A third "Frozen" movie is currently in the works.

13. "Inside Out 2" (2024)

Worldwide gross: $1,698,863,816

After relegating titles like "Luca" and "Turning Red" to direct-to-streaming releases during the pandemic, which led to frustration and low morale within the company, Pixar is back on top.

"Inside Out 2" hit the $1 billion global mark in 19 days, the fastest ever for an animated movie. It's also the only movie released in 2024 that has crossed the $1 billion mark.

We wouldn't be shocked if Pixar is already crafting another sequel for Joy, Anxiety, and all of Riley's other feelings.

12. "Top Gun: Maverick" (2022)

Worldwide gross: $1,495,696,292

The highest-grossing movie of Tom Cruise's career, the sequel to the 1986 film crossed $1 billion in just 31 days.

11. "Furious 7" (2015)

Worldwide gross: $1,515,342,457

"Furious 7" broke records when it raced past the $1 billion box-office mark in just 17 days. As Entertainment Weekly reported "that makes 'Furious' 7 the fastest live-action film to reach that number." But two other 2015 movies (coming later on our list) eventually bumped it to third place.

This was the last "Fast and Furious" movie to include Paul Walker, which some believe helped boost box-office numbers.

10. "Marvel's The Avengers" (2012)

Worldwide gross: $1,520,538,536

The first "Avengers" movie brought together an all-star cast of comic book heroes — and Marvel's efforts were rewarded at the box office. The film passed $1 billion in ticket sales in just 19 days — which means it's tied for third place in the list of fastest grossing movies alongside "Avatar" and "Harry Potter and the Deathly Hallows: Part Two."

9. "The Lion King" (2019)

Worldwide gross: $1,662,020,819

"Jurassic World" broke all sorts of records. It bumped "Furious 7" out of the number one spot for fastest movie to make $1 billion when it broke the record in only 13 days. At the time it also stunned box-office analysts with the highest-grossing opening weekend of all time, besting "Marvel's The Avengers," with $208.8 million. Worldwide, it opened to over $500 million, making it the first movie to ever crack that number opening weekend. 

That record didn't last long, however.

8. "Jurassic World" (2015)

Worldwide gross: $1,671,537,444

"Jurassic World" broke all sorts of records. It bumped "Furious 7" out of the number one spot for fastest movie to make $1 billion when it broke the record in only 13 days. At the time it also stunned box-office analysts with the highest-grossing opening weekend of all time, besting "Marvel's The Avengers," with $208.8 million. Worldwide, it opened to over $500 million, making it the first movie to ever crack that number opening weekend. 

That record didn't last long, however.

7. "Spider-Man: No Way Home" (2021)

Worldwide gross: $1,921,426,073

Spider-Man broke the pandemic curse. "No Way Home" became the first film since 2019's "The Rise of Skywalker" to cross $1 billion at the box office. The Tom Holland-starring film crossed $1 billion in just 12 days and become the highest-grossing movie of 2021.

According to Forbes, it's only the fifth film to cross $1 billion without a China release. If it ever does open there, it will likely cross $2 billion. 

6. "Avengers: Infinity War" (2018)

Worldwide gross: $2,052,415,039

The third "Avengers" film broke the all-time world record with a $630 million opening weekend, proving the Marvel Cinematic Universe franchise is stronger than ever. By mid-June, "Avengers: Infinity War" became only the fourth movie to ever crack the two-billion dollar ceiling as well.

5. "Star Wars: The Force Awakens" (2015)

Worldwide gross: $2,071,310,218

The seventh movie in the "Star Wars" franchise broke the "Jurassic World" records when box-office numbers tallied $1 billion after only 12 days. And it didn't stop there — "The Force Awakens" went on rake in more than $2 billion, solidifying its number four spot on our list and becoming the highest-grossing "Star Wars" movie of all time.

4. "Titanic" (1997)

Worldwide gross: $2,264,812,968

"Titanic" is one of three movies on this list from director James Cameron.

More than two decades later, Cameron's "Titanic" is holding steady as one of the biggest box-office hits of all time. The movie made around $1.8 billion during its initial 1997 release and then topped $2 billion after it was rereleased in 3D in honor of the 100-year anniversary of the iconic ship's sinking.

3. "Avatar: The Way of Water" (2022)

Worldwide gross: $2,343,477,301

Two weeks after its premiere in movie theaters, Cameron's first "Avatar" sequel had already grossed more than $1 billion at the box office, a rare feat during the COVID-19 pandemic.

It then became the second-fastest movie to cross $2 billion in just 39 days.

While discussing the digital release of "Avatar: The Way of Water," out March 28, producer Jon Landau told Insider he and Cameron wondered if the sequel to the 2009 film would reach the number "Titanic" crossed at the box office.

"I was never nervous that people would lose interest because I didn't think they needed to have interest. I thought we were making a new movie," Landau said when asked if he was nervous that audiences may lose interest in an "Avatar" sequel after waiting more than a decade for it.

"I looked at this almost like an original piece of content that happened to be with known characters in a known world, but we were showing them in a new way. So I was nervous about how the movie would do because when you stop being nervous, you stop caring. But I was never worried," Landau added of the movie's strong box-office performance.

2. "Avengers: Endgame" (2019)

Worldwide gross: $2,799,439,100

Marvel's major endcap to its run of 22 comic-book-based films broke the record for the fastest movie to reach $1 billion dollars in international box-office totals.

On the Sunday of its opening weekend, Disney estimated "Avengers: Endgame" had made $1.2 billion within the first five days of its global debut. 

It became the highest-grossing movie of all time until Disney rereleased "Avatar" in China in 2021.

1. "Avatar" (2009)

Worldwide gross: $2,923,710,708

With more than $2.7 billion in box-office revenue, James Cameron's "Avatar" was miles ahead of other films on the list.

Disney's epic Marvel adventure "Avengers: Endgame" knocked it out of the top spot in the summer of 2019.

However, "Avatar" retook the top spot when Disney (which now owns the rights after the Fox acquisition) rereleased the film in China in spring 2021.

• JPMorgan Chase sees rich upside in middle-market investment banking outside of New York City.
• Many of the mid-cap banking team's members, including its head, live and work from regional hubs.
• John Richert, the group's head, explains how he built JPMorgan's mid-cap IB business from scratch.

JPMorgan took a bet to build an investment banking machine outside Wall Street, and it tapped John Richert to do it.

Under Richert's watch, the business that serves founder-run companies with deep ties to their local economies has grown from four people to nearly 300 bankers, collectively generating more than $1 billion annually. After completing their junior analyst years — most often in New York — bankers on his team can relocate to any of the 13 offices the group operates across the country.

It's a model that challenges the traditional idea of investment banking as a strictly New York endeavor. What's far less visible is what it looks like to build and run a franchise in places like Atlanta, Dallas, Chicago, or across the Southeast.

Mid-cap investment banking deals generally fall within the range of roughly $2 billion and below, with the group's sweet spot for deal transaction value of about $500 million to $1.5 billion. Under Richert, who serves as the team's head, coverage sectors have expanded to encompass industrials, consumer retail, healthcare, media and communications, and more.

Wall Street rivals have taken note. Goldman Sachs launched its Cross Markets Group in 2019 to target founder-led and mid-sized companies, and UBS stood up a middle-market effort during the pandemic, dispatching bankers to the same cities where its wealth managers operate. What's more, the pipeline between capital markets teams and wealth advisers is become more intertwined, creating lucrative referral opportunities as founders seek to invest the wealth created from major IB transactions.

Richert spoke to Business Insider from his office in Atlanta about what it's like to build a national investment-banking operation far from New York — and why he's optimistic about where the middle market is headed in the coming year. This interview has been edited for length and clarity.

How are you feeling about the mid-cap M&A environment heading into next year?

I think we're pretty optimistic on 2026. We have our highest backlog sell-sides that we've ever had.

We have a lot of private equity funds that need to return capital to their LPs. They need to sell assets. You have a lot of funds that aren't going to be able to raise another fund but have a bunch of portfolio companies that they're going to need to sell. You've got aging baby boomers and founder-owned businesses that children are not wanting to take over the business.

Why does being local matter so much in your business, and how does that shape the way your team is built across the country?

A dinner, bumping into a CEO on a Saturday on the soccer field or at kids' events. Like being in the communities, commercial banking is a local business. You've got to be in front of your clients. I once had a CEO tell me, "The reason we like having you local is we like bumping into you and seeing you in the community. When you come and visit us, you're just paying a visit. You're not flying in from New York."

We don't chase fees or transactions, we chase relationships. Over time, if you do that, when that client decides that he has a transaction he needs you to work on, you've built that relationship over months and years. Local matters in our opinion.

What's the allure of working outside of New York, and how can bankers who do stay plugged in with clients?

I do think that analysts and associates should start out in New York to be in the center and the nexus of where it's happening. But then when you're tired of Manhattan or tired of commuting in from the tri-state area, there's a lot of great places you can work.

Come to New York or LA, the two big concentrations for us. Do your two years there, and then once you get promoted to associate, if you're from the Southeast or the Midwest or Texas or the West Coast, we have these offices you can go work in.

Take us back to the beginning. How did JPMorgan's mid-cap banking group start, and why was it created?

I was at Barclays when I got a call from Doug Petno, now our CEO of JPMorgan's corporate investment bank. The firm asked me to move to Atlanta when we started this business about 12 years ago. Doug's first question was: What's our investment banking market share? And it was a low single digits compared to high single digits for the overall investment bank at JPMorgan. His first question was, 'Why is that?'

I'm originally from Tennessee, so they said, "You're the southerner. Would you like to go to Atlanta?" We started in New York, Dallas, Chicago, and Atlanta.

What challenges did you face as you built the business from the ground up?

We needed to find the right mix of talent who were both highly skilled and, critically, excited to help build something new and enduring in the industry — and that isn't easy. Hiring is a full time job.

We looked for individuals who saw the opportunity to innovate and grow, and who were willing to take a leap of faith with us. This endeavor was and continues to be very entrepreneurial. We are here building something brand new within JPMorgan, which is incredibly exciting but also incredibly hard work.

How is AI changing the work your bankers do today and do you think it will change who gets into banking or affect the number of jobs?

We have an internal LLM that summarizes information and makes us smarter when we talk to clients. Tasks that used to take a day to do, you can now do in an hour using AI.

But we are not doing anywhere near as much as we should be. Drafting S-1s, drafting confidential information memoranda, drafting communications — all of that we should be using AI to create efficiencies for the analysts' and associates' work.

AI will allow us to cover more clients, which requires more people. Nobody likes staying up all night writing an S1. But if you can do an S1 in six or seven hours by using AI and leave the office at 8, that's not eliminating people. It's just making it a better lifestyle business.

What part of running this business keeps you up at night?

My focus is always on ensuring our team is set up for success and that we maintain our drive for excellence.

There are myriad macro factors causing uncertainty across the market, and we are of course monitoring them all closely. Our priority is to stay agile and proactive so we can continue delivering outstanding results for our clients, no matter the environment.

How would you describe your leadership style and the culture you've built?

Lead by example. There's nothing I would ask anybody on my team to do that I have not done or would not do myself.

I tell everyone, 'This is just a job. Family comes first. Treat everyone you meet with respect.'

I'm trying to make this team the best it can be. Everyone from the top to the bottom matters. The MDs can't be successful without the analyst, and the analyst can't be successful without the MDs. Culture is not transferred over Zoom.

It's pretty easy. Just go give good advice to your clients. The rest of it will work out.