Tag: Business

• My husband and I didn't have many assets, so we didn't think a will was something we needed.
• After his death, I decided I needed a will to protect my daughter if something ever happened to me.
• I was able to find a straightforward online service that simplified the process.

I wish I could say my husband and I were young and foolish, but we weren't that young. We just never considered writing wills.

Who needs those? Grandparents. People in their 80s whose adult children are going to argue over who gets the favorite painting or the glassware. We had one young child and nothing to our names. We were carefree.

Sure, we had a house. More accurately, we had a mortgage. We had a checking account and retirement accounts (though, after several moves and medical expenses, they would not have supported more than a few months of retirement). Neither of us had life insurance.

My husband was 42 when he was diagnosed with colorectal cancer. We walked through all of the paperwork connected to that diagnosis in slow motion: hospital bills, out-of-network acknowledgements for radiation, disability, and eventually power of attorney and hospice care.

We were so caught up in the paperwork involved in active dying that it didn't occur to us to make plans for what could happen after he was gone.

It's not about the possessions, it's about the child

Months after my husband's death, I had a phone conversation with my dad. He asked what I had in place for my daughter in case anything happened to me.

Nothing. I had nothing formal in place. Just an understanding with my best friend that she'd swoop in and care for my daughter if needed.

My dad, it turns out, assumed that my daughter would be moving to live with other family friends if something happened to me. He said it as if it were a done deal.

That's when it hit me. I didn't just need a plan to pass tangible things along to my daughter. I needed a will to outline how she'd grow up in my absence. The idea of her growing up with our very good, but not ideologically aligned, friends terrified me. They'd never let her explore. They'd shut down crazy ideas. They'd squash her imagination. I panicked.

Sometimes, an emotional response can lead to a rational plan

For the first time in my life, I was beginning to see why having a will might be a good idea. I spent some time on internet searches and found an inexpensive, basic will-creation package. Similar to how online tax software services work, users answer questions, and the relevant forms are populated accordingly.

In answering those questions, I realized that I did actually have a few assets that needed to be conveyed. I learned that, while my daughter was listed as a beneficiary on some accounts, probate can slow the process of transferring those funds to the beneficiary. A clear, simple will and power-of-attorney document could provide direction and ease the transition.

It took more than one session on my computer to complete the process. I had to collect account numbers and signatures, and then have the document notarized and send a copy to the person who agreed to be my power of attorney. In total, the process took me around five hours to complete. Now I can say that this time was well spent.

I did this for her

I'll admit, I had to think about death and the future in short bursts because the idea of my daughter being without both parents was overwhelming to me. However, the idea of her being without both parents and having to go through more steps and paperwork gave me the motivation to complete the task.

There's a lot of paperwork and process involved after a death. If I can remove one step, one barrier to her moving forward, just by writing a will, I want to do that for my daughter.

• I typically plan all our family vacations, but recently, I let my father-in-law take charge.
• Although it was hard for me to let go of the reins, it turned out to be one of my favorite trips.
• He did things a little differently than I would have, but it was nice to be able to relax.

As a travel writer, I consider myself a vacation expert — which means I like to be in control when planning family trips.

However, as the self-appointed trip director, I find the self-inflicted pressure to curate the perfect trip can get overwhelming.

For a recent family vacation, though, my father-in-law did the planning, including choosing the destination: Alvor, Portugal. It made perfect sense, as he'd been there several times with my mother-in-law, so he was familiar with the destination. Plus, he's retired, so he had more time to plan.

Although I struggled to let go of the reins, it turned out to be one of the most enjoyable and relaxing family vacations I've been on.

Alvor wasn't a destination I would've chosen, but I was pleasantly surprised by how much I loved it

Alvor is a small, former fishing village on the southern coast of Portugal. Although it's gorgeous, I was worried there wouldn't be enough for my kids to do.

If I were planning the trip myself, I probably would've chosen somewhere like Lagos, which is bigger and more lively. However, I knew I had to relinquish control and trust that my father-in-law would lead us in the right direction.

During the trip, though, I ended up loving the laidback locale. It felt authentically Portuguese, with whitewashed buildings lining its narrow, cobbled streets, and an estuary below, dotted with colorful boats.

We also ate at some great seafood restaurants, and I thought the prices were reasonable compared to what I'm used to back home in New York.

Surprisingly, despite its small size, the town center had some great shops and places to get ice cream, so my kids were happy, too. The experience definitely reminded me of the importance of not judging a book by its cover.

I usually book smaller hotels, but I really enjoyed staying at a larger chain resort

When traveling, I typically book smaller, independent hotels because I prefer a low-key atmosphere. For this trip, however, my father-in-law booked Pestana Alvor Praia, a large chain resort situated on a cliff overlooking a golden sand beach.

And as it turns out, it was perfect for traveling with a large group. The resort had great facilities with tennis courts, a gym, and a mini-golf course, which made it ideal for our family, especially my teens.

The only downside was that it was a bit of a trek to get to the town center. The positive, though? Although I would have loved to have been closer to the action, it was good for my wallet — because it limited my kids' opportunities to shop.

My father-in-law created the perfect relaxed agenda

When I'm in charge of planning a vacation, finding activities that appeal to everyone is what I find most stressful. I can sometimes spend hours researching the perfect activities and restaurants, even when we're away, which takes away from the enjoyment of the actual trip.

Other than prebooking restaurant reservations, I was thankful that my father-in-law kept our days wide open — a smart move, given the big age range (7 to 75) to accommodate.

It meant we could relax by the pool whenever we wanted, but also mix in group outings like visiting the Fortaleza de Santa Catarina in nearby Portimão, or trips to the waterpark and tubing for our thrill-seeking kids. Meanwhile, my in-laws opted for more relaxing pursuits, like going for long walks.

That balance gave everyone the space they needed. Plus, we weren't together 24/7, which, as any family knows, can be a bit much.

I also got to bond with my oldest daughter before she left for college

My daughter left for college a few weeks after we returned home, so the trip also provided the perfect opportunity for the two of us to do something special together.

Having someone else in charge meant I didn't have to constantly worry about everyone else all the time. Instead, I had time to do what I wanted.

While my in-laws hung out with my younger daughter, we went on a boat cruise to see dolphins and sea caves, including the famous Benagil Cave. Being able to spend one-on-one time with her on a magical trip like this was unforgettable.

Unlike most family vacations, I didn't have to worry about a thing on this trip, thanks to my father-in-law's impeccable planning — it was bliss.

Through this experience, I've learned that my need to plan everything often holds me back from truly relaxing and being present with my kids. My plan for the future is to let someone else take over the planning — occasionally, anyway.

• I booked a business-class ticket on a Via Rail Canada train from Toronto to Montreal in 2022.
• For $200, I sat in a business-class seat with two tables and complimentary meal and drink service.
• I thought it was nicer than most US trains I've been on, and I'd gladly ride again.

I've spent 200 hours traveling roughly 6,000 miles on trains over the last four years, from 30-hour overnight rides to quick, three-hour journeys. 

I've taken trains in the US from the Northeast to the Southwest, into the Canadian provinces of Ontario and Quebec, and between the European countries of Austria, France, Germany, Italy, and Switzerland. Along the way, I've tried out a wide range of seating options, from business and first classes to shared bunks and private cabins. 

In August of 2022, I spent six hours traveling in business class from Toronto to Montreal on Via Rail, Canada's main railroad system. It was my first time using Via Rail, and I was surprised by all the business-class offerings, from comfy seats to snacks and meals.

It was better than my business-class Amtrak experiences in the US — and totally worth the $200 ticket.

Similar to Amtrak, Via Rail is one of the most accessible and popular ways to travel by train in Canada.

ViaRail serves more than 400 stations in eight provinces across Canada, with economy seating, business class, and sleeper accommodations.

My journey began at Toronto's Union Station on a cloudy summer morning.

I arrived at 7 a.m. for my 8:30 a.m. train to Montreal.

I arrived early because my business-class ticket included access to an exclusive lounge at the station with plenty of seating and free refreshments.

Via Rail's lounges are available to passengers traveling in business class, sleeper plus, prestige, and VIA Rail Premier members traveling in economy.

Amtrak has lounges at select stations, too, but they're only free to access for first-class passengers.

The lounge was mostly empty on a Friday morning.

I thought it was a quiet and peaceful place to enjoy a coffee and get some work done.

Around 8 a.m., I made my way to the track where my train was boarding.

My business-class ticket came with priority boarding, so I was able to skip a long line of passengers.

When I got to my assigned single seat, I was surprised to find a side table and a tray table that pulled out in front of me.

No train I've ever been on in the US has offered two tables per passenger.

Throughout the trip, I used the side table to hold my coffee while working and to store my laptop while taking work breaks. Beneath the side table, a conveniently placed outlet charged my devices.

Right away, I thought my Via Rail seat was one of the most comfortable I'd ever experienced on a train.

The Toronto Star reported that Via Rail business-class seats are 18.5 inches wide with a 39-inch seat pitch. 

An Amtrak representative told Business Insider that its business-class seats are about an inch wider than Via Rail's, with an additional three inches of legroom, but I don't think they're nearly as comfortable.

Unlike most Amtrak seats I've booked, the top of my Via Rail seat was curved, allowing me to rest my head in a comfortable position for lounging.

The seats reclined, too, just like in the US. This made them even more comfortable.

I also noticed that, unlike on my rides with Amtrak, Via Rail's seat back compartments held a safety pamphlet.

Like every flight I've ever taken, there were directions for what to do in an emergency situation. I found this comforting.

Shortly after leaving, a train attendant came around with a complimentary drink service.

I ordered a coffee.

Then, it was time for breakfast. Unlike Amtrak's business-class fares, Via Rail's ticket comes with complimentary meals brought to your seat.

The train served a warm bagel with cream cheese. It was no New York bagel, but it was decent and filled me up.

An hour later, an attendant returned with savory snack packs filled with nuts, pretzels, and crackers.

Then, train attendants came around again with warm hand wipes before lunch service, which I thought was a nice touch.

Lunch was another business-class perk. The menu was announced over the loudspeaker. The entrée choices were trout, chicken, or pasta.

I went with the pasta. It was a rigatoni dish with a side of corn salad, a hard roll, and carrot bread for dessert. The meal was better than I expected, with an al dente cook on the pasta. I also thought it was much better than the pasta I've tried on Amtrak trains.

After lunch, I went to the bathroom and was impressed by how clean it was compared to most train bathrooms I've used.

I often find overflowing trash cans in train bathrooms, but VIA Rail's looked like it had been cleaned recently.

Due to some delays at stops along the way, the train arrived in Montreal about an hour later than scheduled at 2:30 p.m.

While I thought this was frustrating, at least I was comfortable.

Even though we were late, I found business-class train travel more comfortable and pleasant in Canada than in the US.

This six-hour business-class ride cost $200, while a 10-hour Amtrak business-class ride booked around the same time cost $163. Although it was more expensive, I think the Via Rail ride was worth the additional cost since I found it to be so comfortable.

Now, I want to explore more of Canada by train.

• Brett Johnson made millions committing identity theft for a living before joining the Secret Service as a consultant.
• The three rising cyber threats that alarm him most — deepfakes, scam farms, and synthetic IDs — are driven by AI.
• He offers six ways to protect against fraud, including freezing your credit and setting up alerts.

Brett Johnson spent over a decade breaking into systems, stealing identities, and selling stolen credit cards on the dark web. He stole millions of dollars, often making over $100,000 a month through tax-return identity theft.

He's worked with the Secret Service and private companies as a consultant to help stop the kinds of crimes he once perpetrated. He told Business Insider's Carter Thallon in a recent interview that the crime world he helped invent is mutating into something harder to see — and almost impossible to stop.

Cybercrime is becoming increasingly organized, and that's a problem, he said. The next wave of cybercrime will come from entire operations powered by artificial intelligence, where machines write the scams, fake the evidence, and even talk to the victims in real time.

Here are the three rising cyber threats that alarm him most.

1. The deepfake problem is only beginning

Johnson said deepfakes that convincingly mimic real people will become central to online fraud. Criminals already use them to forge voice messages and fake live video calls. Soon, this technology will make it impossible to trust what we see or hear online, Johnson said.

"In order for me to defraud you, I have to get you to trust me," he said. However, deepfakes enable criminals to essentially bypass the effort of gaining trust by posing as an already trustworthy person, accelerating the process of victimizing you.

One finance clerk, last year, for example, was conned into approving overseas transfers amounting to more than $25 million, Shubham Agarwal reported for BI. The clerk had been instructed to do so during a video call that turned out to be full of deepfakes recreations of his real coworkers, including the organization's chief financial officer.

"We get to the point where we're no longer able to trust anything that we see or hear in an online environment, and that becomes really dangerous," he said.

That threat is compounded by the speed of AI tools, which can mimic speech patterns, create realistic faces, and write messages tailored to a target's personality.

2. Scam farms that run like corporations

Gone are the days when fraudsters acted alone, Johnson said. Scam farms are becoming the new norm.

Scam farms are buildings packed with workers — who are often trafficked or forced into slave labor — running simultaneous cons.

Some of these operations specialize in "pig butchering," long-term relationship scams that drain victims' savings.

That's exactly what happened to Ahmet Tozal, who recently told BI's Matthew Loh of a relationship he built with a supposed woman online.

Over several weeks, the woman convinced him to invest over a year's worth of his wages into a cryptocurrency that didn't exist. He ultimately had to move from Turkey to Uzbekistan alone to find a higher salary to support his family.

These scam farms are structured businesses, with workers rotating shifts and supervisors overseeing them. "That's something we didn't see back then," Johnson said about the time he was scamming people in the 90s and early 00s.

"Back then, you did see criminals working together, networking in a co-op type fashion. But these days it's much more organized," he added.

3. The rise of synthetic identities

The same automation fueling deepfakes is driving identity fraud to a new level.

Johnson calls synthetic identity fraud — a blend of real and fake personal data used to create a new digital person — the No. 1 form of identity theft in the world.

It's especially concerning because "synthetic fraud is almost invisible because that person doesn't really exist," he said, adding that "it's 80% of all new account fraud. It's 20% of all credit card chargebacks, 5% of all credit card debt. It's huge."

Once a fake identity establishes credit, it can be used to open bank accounts, apply for loans, or facilitate money laundering. Banks often discover the fraud only after the accounts vanish. If synthetic IDs continue to rise, it could make fraud detection exponentially harder.

How to protect yourself from fraud

Fraud is easier to achieve now than ever before. "A criminal now doesn't have to understand any aspect of the crime. They can immediately buy tutorials, take live instruction classes, buy anything that they need online, and immediately start being successful and profitable at crime," Johnson said.

So it's important to know how to protect yourself. Johnson told BI's Manseen Logan earlier this year, six ways to lower your risk of hacking:

1. Practice situational awareness online: Understand that every online platform has predators.
2. Freeze the credit of everyone in your home, not just you: This can immediately stop any new account fraud.
3. Place alerts on accounts where you can, so you know whenever they are used.
4. Follow good password security: Never use the same password for any accounts.
5. Set up multifactor authentication: When used with other tools, this can significantly boost your security.
6. Careful what you share on social media: Scammers can easily pull sensitive information like your birthday and your mother's maiden name and use it to try to hack you.

• I tried instant mashed potatoes from Big Y, Bell's, and Idahoan in various flavors.
• Bell's instant potatoes were delicious but required extra effort.
• Idahoan nailed it with buttery, flavorful mashed potatoes that were perfectly light and creamy.

With a mountain of dishes to make for Thanksgiving, sometimes it's necessary to take a shortcut or two.

Despite usually swearing by homemade mashed potatoes, I decided to try out a variety of instant mashed-potato brands and flavors to determine the best option at the grocery store — and to see if any were good enough to earn a spot on my Thanksgiving table.

I tried five options. Here's how they compared, from my least favorite to my favorite.

I tried multiple mashed-potato varieties from three brands.

I tried potatoes from Big Y, Bell's, and Idahoan. The flavors included classic butter, roasted garlic, and sour cream and chive.

Since I first tried the products, one of the flavors — Bell's sour cream-and-chive flavor — appears to no longer be available, so my ranking only considers the remaining five options.

For the comparison, I followed the instructions on the packaging for each. Almost every kind of instant mashed potatoes I tried required only a microwave and water.

Ultimately, I was surprised to find that instant mashed potatoes were a decent alternative to homemade ones.

Idahoan's classic mashed potatoes and other flavors made slightly more servings than the other brands.

A 4-ounce bag of Idahoan instant mashed potatoes costs $1.79 and makes 4 ½ servings. Like the Big Y brand mashed potatoes, Idahoan instant potatoes require only a microwave and 2 cups of water.

I really appreciated the ease and not having to take up precious stove space, and I imagine I would appreciate that even more if I were actually cooking these for Thanksgiving.

The potatoes had a good, fluffy consistency.

Despite being made from a powder, they weren't grainy or thick. 

The classic version of Idahoan instant mashed potatoes looked and tasted like homemade mashed potatoes.

If someone had told me they had come from a packet, I probably wouldn't have believed them. The butter flavor was prominent, in a good way. My only criticism of the Idahoan classic mashed potatoes was that they were slightly salty for my liking.

I also tried Big Y's butter mashed potatoes.

The store-brand instant mashed potatoes cost $1.79 for a 4-ounce bag, which serves four people.

The Big Y butter mashed potatoes were super light and fluffy.

Giving the bowl a stir, I found the potatoes had a similar consistency to "real" mashed potatoes.

The flavor was satisfying overall.

The butter flavor was slightly stronger than that of the Idahoan brand, and it also tasted distinctly creamier. Big Y really came out on top, however, with its consistency — the potatoes were so light, they practically melted in your mouth.

However, I wondered how such a light mashed potato would hold up against thick gravy on top. You probably couldn't make mashed-potato volcanoes with this one.

I also tried Idahoan's sour cream-and-chive flavor.

A 4-ounce bag cost me $1.79 and contained 4 ½ servings.

Idahoan's sour cream-and-chive mashed potatoes had a light and fluffy texture.

I could also spot specks of chives mixed into the potatoes which gave them an authentic appearance.

The sour cream-and-chive flavor really came through.

I was again impressed by both the texture and flavor of Idahoan's mashed potatoes. Unlike the classic flavor, I didn't find this flavor too salty at all. Rather, they were creamy and seasoned perfectly.

Bell's classic mashed potatoes were the most complicated to make.

This brand of mashed potatoes required the use of a stove and additional ingredients. To make them, you will need 1 tablespoon of butter, ¾ cup of milk, 1 ½ cups of water, and a teaspoon of salt.

Making these instant potatoes felt a little bit more involved, but I thought they came out great.

The texture was a nice balance between fluffy and thick, and the milk added a wonderful creaminess I didn't get from the other brands.

These were my favorite classic mashed potatoes.

I appreciated knowing the amount of real butter used, and I thought these would be a good base for people looking to elevate their instant potatoes. 

However, despite tasting better than the other two classic butter instant potato brands, they created a little more mess. Part of the appeal of instant mashed potatoes is saving precious stove space, which is where this brand falls slightly short.

My favorite flavor of instant mashed potatoes was the Idahoan roasted-garlic mashed potatoes.

Just like the brand's other flavors, a 4-ounce bag cost me $1.79 and contained 4 ½ servings.

Right away after mixing, I could smell the garlic — I even saw flecks of it in the mashed potatoes.

The potatoes also had a light, fluffy texture while still holding their shape.

These mashed potatoes were buttery and extremely flavorful.

Even for someone who can be a little sensitive to garlic, the garlic flavor was strong but not overpowering. I thought this kind would pair well with gravy and other Thanksgiving foods.

Think garlic bread meets mashed potatoes — what more could you want on the holidays?

Editor's note: A version of this story was first published in November 2022. It was most recently updated in November 2025.

• Tired of seeing AI slop in your TikTok feed?
• TikTok is rolling out a new tool that lets you reduce the number of AI videos that show up.
• Generative AI fans can also turn up the dial and see more videos.

Sick of seeing AI slop on your For You Page?

TikTok is testing a new feature that allows users to limit the amount of AI-generated content they see in their FYP feeds.

Users will soon be able to head over to the "manage topics" page in their settings and use a sliding bar to choose to see fewer AI-generated videos. The feature, set to roll out in the coming weeks, reduces rather than eliminates AI content. It also does not impact videos on content pages other than the FYP within TikTok, like the "following" feed.

For people who love AI videos and aren't getting enough of them on other dedicated AI apps like OpenAI's Sora or Meta's Vibes, they can also turn up the dial to boost the amount of AI they see on their TikTok FYP.

AI-generated content has become increasingly common on social apps like TikTok and YouTube, as it has become much easier for users to create videos using text prompts via tools like Google's Veo 3. About a third (35%) of US consumers said they engage with generative AI tools in social media and messaging apps, according to a June survey from Deloitte.

Some creators and social marketers are turning to the tech to streamline the process of creating, editing, and revising videos. Major brands, such as Coca-Cola, are also integrating AI into their advertising campaigns.

But some users are souring on AI content and looking for alternatives. A new video startup called DiVine is launching this week with the goal of focusing on human content rather than AI-created videos.

The task of eliminating AI-generated videos from the feed may become trickier as AI tools get more sophisticated.

While TikTok requires creators to disclose when a video contains realistic-looking AI content, some users upload their AI-generated videos without disclosure. TikTok said it's testing a new "invisible watermarking" feature that appears in a video's metadata to reduce instances where a video evades detection.

• Tesla, Waymo, and Uber are jostling to shape new robotaxi rules in California.
• Tesla pushed back on a Waymo proposal that could force it to reveal info about its ride-hailing service.
• Tesla also argued against a crackdown on "misleading" robotaxi marketing suggested by Uber.

Tesla is jostling with Waymo and Uber to shape California's robotaxi rules as it races to hit Elon Musk's ambitious year-end target.

In comments filed with a California regulator and published on Monday, Tesla pushed back against a proposal backed by Waymo that could require Musk's company to disclose more data about its ride-hailing service.

The California Public Utilities Commission (CPUC) is drafting new rules governing robotaxi passenger services and has invited companies — including Tesla, Uber, and Waymo — to comment.

All three companies are racing to deploy autonomous vehicles in California, but are taking very different approaches.

Tesla launched a ride-hailing service in San Francisco in July, following the introduction of a driverless taxi service in Austin a month earlier.

The EV giant lacks the necessary permits to offer fully driverless rides in California, however, so its Bay Area vehicles have safety drivers who monitor Tesla's assisted driving system, called Full Self-Driving. Tesla also has human safety drivers sitting in the passenger seat for its Austin service.

Waymo, by contrast, offers fully driverless ride-hailing in San Francisco and Los Angeles, while Uber is planning to launch a robotaxi service with autonomous vehicle companies Nuro and Lucid in the city next year.

In its filing, Tesla disputed Waymo's suggestion that operators who offer ride-hailing services with advanced driver assistance systems (ADAS) — which can handle some actions autonomously but require human supervision — should be required to submit quarterly reports detailing the number of miles traveled, passenger trip time, and information about collisions and other incidents.

Under current regulations, Tesla's ride-hailing service in California does not have to report this information, while robotaxi operators like Waymo do.

Tesla argued that vehicles equipped with driver-assist technology, such as its Full Self-Driving system, are "wholly distinct" from autonomous vehicles because they require human supervision, and that requiring additional reporting would overwhelm the regulator with data and confuse consumers.

Separately, Tesla hit back at comments filed by Uber with the regulator in October. The ride-hailer argued that the regulator should ensure that ADAS-equipped vehicles are not marketed as fully autonomous and avoid "misleading" phrases such as "self-driving" or "robotaxis."

In a follow-up filing published on Monday, Uber said that the regulator should not extend its autonomous vehicle rules to vehicles with driver-assist systems, arguing it would conflate different technologies and cause confusion.

An Uber spokesperson told Business Insider that the company's original comments emphasized that California's Department of Motor Vehicles should be responsible for determining what is and isn't an autonomous vehicle.

Tesla, Waymo, and the CPUC did not respond to a request for comment.

Robotaxi race heats up

Tesla has faced criticism in the past over its marketing of Full Self-Driving, with lawsuits accusing the manufacturer of misleading customers by portraying the system as fully autonomous.

The company's rollout of a ride-hailing service in San Francisco also sparked confusion. Musk has previously referred to Tesla's service in California as "self-driving" and "autonomous," and Reuters reported that regulators reached out to Tesla to clarify that it would not be a "robotaxi" service like the one the company operates in Austin.

Tesla argued that Uber's suggested tweaks were unnecessary, as misleading advertisements were covered by the existing rules. In a separate filing published on Monday, Waymo said there was "no reason" that existing regulations shouldn't be extended to ride-hailing services that use driver-assist systems like FSD.

Both Waymo and Uber have agreed in previous filings submitted this year that ride-hailers should be allowed to offer vehicles with driver-assist systems under the new rules, and Waymo joined Tesla in recommending that CPUC loosen rules barring unaccompanied minors from riding in driverless cars.

It comes as Tesla races to hit Musk's ambitious goals for its robotaxi rollout.

The billionaire has said that Tesla plans to have its robotaxi service up and running in eight to 10 metropolitan areas by the end of the year. On Tuesday, the automaker received the green light to launch a ride-hailing service in Arizona.

• Tower Research has been using a twist on the hedge-fund SMA to recruit top quants.
• The firm first started signing external traders to "Software Vendor Agreements," or SVAs, in 2017.
• Profit-sharing, IP control, and access to Tower tech and resources are key components of the deals.

Tower Research Capital, one of the biggest names in quantitative trading, has quietly become a player in one of Wall Street's hottest talent races — backing external traders.

In the battle to attract top investment talent, hedge funds such as Millennium, Qube, and Schonfeld have increasingly pitched a tantalizing setup to prized candidates: Rather than joining another in-house investing or trading team, they can set up a separate vehicle to run the firm's capital under their own banner.

These arrangements, often structured as "separately managed accounts," or SMAs, have become a shortcut for launching a fund — without the burden of raising money or building infrastructure from scratch. Assets in SMA-style strategies at multistrategy hedge funds rose 27% last year to $315 billion, according to Goldman Sachs, more than double the 2019 level.

But hedge funds aren't the only ones cutting deals with independent portfolio managers.

New York-based Tower, founded in 1998 by former Credit Suisse trader Mark Gorton, began experimenting with a twist on the SMA years before the recent frenzy, and the practice has gained traction at the firm in recent years, Business Insider has learned.

Instead of an SMA, Tower offers select recruiting targets what it calls a "Software Vendor Agreement," or SVA, to quants that might otherwise set up their own trading firms. The deals vary by team, but the basic contours are the same, people familiar with the contracts said: External teams keep control of their intellectual property and brand while using Tower's technology, connections, and capital — and sharing any profits they generate.

Tower's embrace of external trading teams underscores how the line between hedge funds — which invest on behalf of clients — and prop-trading firms — which trade their own money — is increasingly blurring.

Tower isn't the only prop trading firm to have backed external quant PMs, according to several prop-trading insiders, but it is among the largest and most prolific. The firm signed its first external manager in 2017, according to people familiar with the matter, and Tower now works with more than 10 external trading teams under SVAs, one of the people said.

One recent example is Pierre Laffitte, a former Jump Trading quant who launched his London-based firm LQT Technologies last year under a Tower SVA, according to people familiar with the deal. (Laffitte did not respond to requests for comment.)

A Tower spokesperson declined to comment.

Hedge funds and prop trading firms converge

Top prop firms like Jane Street, Citadel Securities, and Hudson River Trading rose to prominence in the 2010s for their high-frequency trading and affinity for secrecy. But many firms reaped a windfall from pandemic-era volatility and have been in expansion mode since, edging into medium-frequency quant strategies long considered the dominion of hedge funds.

Those efforts have paid off: prop firms have notched record profits in 2025 amid renewed market turbulence.

At Tower, which has over 1,100 employees and 12 offices around the world, mid-frequency trading now accounts for 25% to 30% of the business and is growing, one person with knowledge of the matter said.

Tower has also gone further than its peers in crossing into hedge fund territory. The firm is preparing to launch Tower Research Asset Management, its first vehicle for outside investor capital, the Financial Times reported. The launch could come in 2026.

Internally, Tower already operates more like a multistrategy hedge fund than most of its peers, with distinct trading teams — including Latour Trading or Limestone — responsible for their own PNL.

Plug-and-play for quants

The upshot of a plug-and-play deal with Tower for a quant trader or researcher is straightforward. With Tower's capital and resources, including access to exchanges across the world, they can accelerate their timeline to turning a profit and potentially amplify their earnings.

One industry expert familiar with the arrangements, who asked to remain anonymous to protect business relationships, said even fairly simplistic quant strategies can cost tens of millions to get up and running, not to mention all the other aspects of building a company unrelated to developing profitable trading strategies.

An external agreement like an SVA allows the PM to maintain some operational independence and IP ownership but also to "de-risk by having all of the structural elements of the company set up for you day one so you can put your head down and focus on alpha generation."

The setup mirrors many of the benefits of an SMA, but the structures differ in key ways.

Prop firms face different regulatory oversight since they do not manage funds on behalf of clients. In an SMA, a PM is typically managing assets as an investment adviser and has a fiduciary responsibility to the client.

An SVA, by contrast, is a commercial technology or services deal. The external quant team licenses trading algorithms or strategies to Tower, people familiar with the structures said, which implements them with its own capital and shares a cut of the profits. Regulatory requirements can vary based on market jurisdiction and the assets being traded.

A quant team on an SVA doesn't necessarily trade Tower's money exclusively, but some do, a person familiar said.

For Tower, the SVA has become a helpful tool to lure more established quants who may already have IP or even profitable trading strategies, people close to the firm said.

In addition to LQT Technologies — which had 10 employees and planned to start trading in September, according to a LinkedIn post by Laffitte — other Tower-linked teams include:

• Ansatz Capital, founded by Albert Shieh, Charles Chen, Hyun Soo Kim, and Shiyang Cao.
• Differential Research, run by John Williams and Martin Thanh Pham Vu.
• EquiLibre Technologies, based in Prague and led by Martin Schmid, Matej Moravcik, and Rudolf Kadlec.

"It's a mechanism to bring in people they otherwise wouldn't have access to hire," one person close to the firm said.

• Nearly 20 years ago, we left Canada and moved to Texas because my husband had a work opportunity.
• Moving wasn't easy, and it was hard to adjust at first, though I mostly enjoyed the warm weather.
• Texas has been home for many years now, but we still miss our big family in Canada.

Nineteen years ago, on a freezing January night, my husband proposed we move to Dallas for a work opportunity.

I jumped at the offer, eager for a new life in a warm climate. After all, we'd been living in Alberta, Canada, for 50 years, and I've always hated the cold.

So, we got ready to move south with our 13-year-old daughter and a big dog. At the same time, our oldest child went east to a Canadian university, over 1,700 miles from Dallas.

As we sold, donated, and packed most of our possessions, our family grew eager for new beginnings. We didn't fully understand what or who we were leaving behind.

We celebrated Canada Day on July 1, and on July 4, 2006, we moved to Texas.

Moving and stepping into a new life has come with many challenges

The summer heat made our move even more challenging, as we had most of our belongings transported from Canada to Texas in a large container.

We chose not to upgrade to a climate-controlled storage unit because it was quite expensive. So, I spent hours worrying about my artwork melting in Dallas' triple-digit temperatures.

Thankfully, that didn't happen. However, the heat also meant it was too dangerous to transport our dog in a crate by plane.

We checked temperatures every day in both Calgary and Dallas until conditions were safe enough for her to fly to the US. It took about three months for us to be reunited.

The early days of living in Texas weren't easy. We'd built up a community and network of go-to places and pros in Canada, but here, we were starting from scratch.

We had so much to figure out, from finding a good dry cleaner and a reliable local bakery to sourcing medical providers who'd take our new insurance.

Navigating US healthcare has been a challenge, especially coming from Canada's taxpayer-funded universal system. We had to get used to dealing with a privatized system and more out-of-pocket expenses.

Our youngest daughter also had a hard time adjusting after the move. Even though she was able to keep up her grades, she missed her friends and big sister. Plus, being a teenager is tough no matter where you are.

We all eventually made friends — our daughter through orchestra and school, us through local book clubs and our neighborhood wine group — but we still miss our big family of cousins and our community in Canada.

Our relationships with loved ones have changed, and it's been hard to miss special occasions. When you live far away, births, funerals, and weddings don't feel the same, even with the best technology.

These days, we mostly use our vacation time and travel budget to go back and visit family.

As expats, there's a lot of living in-between and not belonging anywhere. We get the best of both worlds by being a curious outsider in a new country, and the worst by missing our original one.

All in all, moving to the US has shifted the course of our lives and my perspective

Fortunately, moving to the US has come with advantages. For one, we've all had great work opportunities.

My husband expanded his client base, and I started a decade of work in healthcare in Texas. Our daughter developed an interest in US presidential campaigns, which shaped her educational path and helped her build a career in public affairs.

We love the vibrant offerings of Dallas, from the hot weather and many wonderful pool days that come with it to neighborhood gatherings over delicious Tex-Mex cuisine and local educational dance programs.

Our older daughter even fell in love with a Texan boy and married him. We now have two American granddaughters with dual citizenship.

Ultimately, moving has helped me love the world more deeply and expand my concern for humanity.

Living in Texas has awakened and challenged my values about civil rights, education, healthcare, and gun control — things I took for granted and didn't think much about when we lived in Canada.

It turns out that you can leave a home you love, and create another one wherever you are. It takes time, it won't be the same, but it's worth it to discover what really matters.

• AOC says we could be in the midst of a "massive" bubble driven by AI companies.
• She also said that if a bubble were to pop, the federal government should not bail out AI companies.
• She's among the first members of Congress to publicly raise concerns about the issue.

Rep. Alexandria Ocasio-Cortez is worried about an AI bubble.

The New York Democrat sounded the alarm about the issue at a House hearing on AI chatbots on Tuesday, wading into a debate that's been raging in the tech world for months.

Pointing to the fact that AI companies like Microsoft, Google, Amazon, and Meta have been driving a disproportionate amount of growth in the stock market and the economy, Ocasio-Cortez said that "the exposure of this industry and this investment, I fear, has reached broad levels, potentially, of the American economy."

"We're talking about a massive economic bubble," Ocasio-Cortez said. "Depending on the exposure of that bubble, we could see 2008-style threats to economic stability."

She also said that if such a bubble were to pop at some point in the future, there should be no federal bailout of AI companies.

"We should not entertain a bailout of these corporations, as healthcare is being denied to everyday Americans, as SNAP and food assistance is being denied to everyday Americans, precipitating some of the very mental crises that people are turning to AI chatbots to try to resolve in themselves," she said.

It comes after OpenAI CFO Sarah Friar suggested that a federal "backstop" may be needed to support the company as it embarks on an infrastructure buildout. She later walked back those comments, and OpenAI CEO Sam Altman said that the company isn't seeking any guarantees from the government.

Ocasio-Cortez is one of the first members of Congress to publicly weigh in on whether there's an AI bubble.

Fears of an AI bubble are generally driven by circular spending in the tech industry, along with questions about whether Big Tech's increasing levels of spending on AI infrastructure will ultimately be offset by eventual profits. Others have pushed back on the idea that we're in a bubble, pointing to high demand for AI products and compute. Wall Street will be looking for any signs of industry weakness when leading AI chipmaker Nvidia reports earnings on Wednesday after the closing bell.

Ocasio-Cortez said on Tuesday that the pressure to generate profit is driving companies to develop exploitative AI chatbots.

"People's deepest fears, secrets, emotional content, relationships can all be mined for this empty promise that we're getting from these companies to turn a profit," Ocasio-Cortez said.