Morning Brew

Why Costco is building apartments! 🎥 : Christopher Zazueta

Jamie's taking a swipe at private equity's recruiting tactics.⁠ ⁠ During a recent Q&A at Georgetown University, Dimon laid into the growing practice of junior investment bankers accepting future roles with PE firms—sometimes two to three years before their start date.⁠ ⁠ Speaking to a crowd of undergrad business students, Dimon remarked, "I know a lot of you work at JPMorgan, you take a job at a private equity shop before you even start with us...I think that's unethical. I don't like it."⁠ ⁠ Dimon's main issues stem from PE firms increasingly trying to poach junior bankers earlier in their careers—at a time when many are just starting training—in addition to the fact that the young professionals are handling confidential information for major institutions.⁠ ⁠ "I think it's wrong to put you in that position. You have to kind of decide the next career move before you have a chance to even decide what the company is like," Dimon said. "It puts us in a bad position, and it puts us in a conflicted position. You're already working for somewhere else, and you're dealing with highly confidential information from JPMorgan, and I just don't like it."⁠ ⁠ In recent years, the private equity recruiting cycle has started earlier and earlier. Business Insider reported in July that some incoming bankers hadn't even moved to the cities where their new jobs were located before PE firms started calling.⁠ ⁠ Dimon's rant is the first time the CEO has publicly commented on the tactic. Just last month, JPMorgan released a warning to incoming investment bankers that accepting these "hush-hush" future jobs could put them at risk of termination.⁠ ⁠ 📸 : Getty⁠

Spoiler: it's because of AI.⁠ ⁠ Paying $2.7 billion to rehire one (1) single human person is not going to help Big Tech beat the "spends too much on artificial intelligence" allegations.⁠ ⁠ Per the Wall Street Journal, Google shelled out the ungodly sum to bring back AI whiz Noam Shazeer, who quit the tech giant in 2021 after it refused to publicly release his chatbot.⁠ ⁠ Officially, the payment was to license technology from Shazeer's startup, Character.AI, but unofficially, the real motive was to make Shazeer a Google employee again, the WSJ reported.⁠ ⁠ Thanks to his stake in the startup, he's reportedly making hundreds of millions of dollars to rejoin his former employer.⁠ ⁠ So next time you swear never to work somewhere again, remember that there's a nonzero chance they'll pay you almost $3 billion to return (if you're an AI genius).⁠ ⁠ 📸 : Getty⁠

Remote work keeps comin' out on top.⁠ ⁠ According to LinkedIn’s latest Workforce Confidence survey, American workers with a remote work option are happiest when it comes to compensation. Workers who work in a flexible or hybrid model are not far behind.⁠ ⁠ That tracks considering 65% of workers report wanting to work remotely 100% of the time, per US Career Institute. Compensation tends to go further when there's a remote or hybrid option.⁠ ⁠ The average remote employee can save up to $12,000 per year compared to their onsite counterparts who have to pay for commuting, office lunches, etc.

How much does it cost to run a hotdog cart? 🎥 : Macy Gilliam

Mark Cuban's not impressed with AI (at least not yet).⁠ ⁠ In an interview with Wired last month, the billionaire entrepreneur discussed the advancements in AI and whether it has progressed enough to be considered trustworthy in real-world situations.⁠ ⁠ To articulate his belief that the tech can't be trusted in high stakes scenarios, he posed the question to interviewer Lauren Goode: Who would you trust more to take you three blocks, a seeing-eye dog or a full-service, self-driving car?⁠ ⁠ Cuban, naturally, went with the dog. He explained, "Because a dog can sense issues. Nothing about a self-driving car understands what's adversarial or not. If it hasn't seen it, it has no idea. Whereas a dog is going to understand...and I don't think that's going to change for a long time."⁠ ⁠ Despite what may seem like a dig, Cuban still believes that AI is a major part of the future. "Our military dominance, our place in the world depends on our ability to invest in AI. Period. End of story. Investing in that is critical," he went on to say.⁠ ⁠ As far as these consequential scenarios go, Cuban thinks it will be at least 10 years before AI can navigate the real world without issue, "Because wisdom doesn't come with [being trained on] text...I think smart puppies are smarter than AI is today or in the near future."⁠ ⁠ 📸 : Getty⁠

You shouldn't feel bad for not overworking yourself

“Do you know who my dad is?” just lost a lot of weight at Stanford.⁠ ⁠ California Gov. Gavin Newsom signed a bill banning legacy admissions this week at all public and private universities.⁠ ⁠ Many schools in the state including Pomona College and those in the University of California System have already ditched the process. Illinois, Colorado, and Virginia have also gotten rid of legacy admissions at public universities, but California is only the second state (behind Maryland) to officially ban it at public and private schools.⁠ ⁠ Roughly 14% of the incoming class at both Stanford and USC had family ties to alumni or donors, according to last fall’s enrollment data. The new rule will require California schools to regularly report this data, but won’t penalize them financially for breaking the new rule.⁠ ⁠ 📸 : Billy Madison / Universal Pictures⁠

Lina Khan putting in work as FTC Chair 🎥: Megan Baniewicz

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