China wants the European Union to revoke its decision to impose provisional tariffs on Chinese electric vehicles after both sides agreed to hold new talks, Global Times reported on Sunday.

China’s commerce minister Wang Wentao and Valdis Dombrovskis, executive vice president of the European Commission, agreed to begin discussions on the EU’s anti-subsidy investigation into Chinese EVs, Beijing said in a statement on Saturday.

The ideal outcome China wants is for the European Commission to revoke its tariff decision by July 4 and adhere to World Trade Organization rules, Global Times reported, quoting observers.

The EU’s provisional duties of up to 38.1% on Chinese EV imports are set to kick in by July 4 if discussions with Chinese authorities do not result in a resolution, the commission said in a statement earlier this month.

This is in addition to standard 10% duty already imposed on imported EVs.

Scrapping the tariff decision on Chinese EVs would benefit both sides, the report quoted observers, adding that the economic and trade cooperation between China and the EU was “huge” and both sides were dependent on each other..

The EU’s moves will invite countermeasures from China, experts warned, adding that both sides stand to lose unless the situation is resolved.

China has firmly opposed the tariffs, saying the move was “blatant protectionism” and could violate WTO rules, its commerce ministry said on June 14. A Chinese official told CNBC last week that the EU’s probe into Chinese EVs was overly selective and that the results were not credible.

Read the full report on Global Times.

Synthesia, a British artificial intelligence startup, on Monday showed off a slew of new product updates including the ability to create your own Apple-style key presentations with AI avatars by using just a laptop webcam or your phone.

The seven-year-old firm, which is backed by Nvidia, said the new product updates will make it more of an all-encompassing video production suite for large companies, rather than just a platform that offers users the ability to create AI-generated avatars.

Among the new updates Synthesia is launching is the ability to produce AI avatars using webcams or a phone, “full body” avatars with hands and arms, and a screen recording tool that shows an AI avatar guiding you through what you’re watching.

What is Synthesia?

Synthesia, which says it’s used by nearly half of the Fortfune 500, uses AI avatars for all kinds of purposes.

These can range from creating tailored training videos to guide employees around certain processes, or generating promotional material that can be shown in the form of a video rather than an email or other textual communications.

But that hasn’t always been the case. According to co-founder and CEO Victor Riparbelli, in the first three years of the company’s story, Synthesia actually started out trying to sell its technology to Hollywood agencies and big-budget video production companies. The firm used computer vision for an AI dubbing tool that made mouth movements more lifelike for different languages.

“What we figured out was that the quality threshold to do anything with these guys was so big, no matter what we do, we’ll be a very small part of a much bigger process,” Riparbelli told CNBC in an interview at the firm’s London office.

“What was more interesting was the democratization aspect of: There are millions of people in the world who want to make video, but they’re not making video today because they don’t have the budget.”

In an Apple-style keynote, Synthesia’s CEO unveiled the firm’s new products, touting them as a more productivity-focused suite of tools for use by businesses, rather than just a platform that offers AI avatars.

Apple-style keynotes with a webcam

One of the biggest new features the firm showed off was an option to make AI-generated avatars by recording less than five minutes of footage using a webcam or your phone. You can also clone your voice to have the avatars speak in multiple different languages

Typically, to make an AI avatar using Synthesia’s platform, you have to go into a studio in-person. Human actors go into a recording booth, record their voice, and perform lines in front of a green screen on an actual filming set.

This is all training data to provide Synthesia’s AI algorithm with the facial and vocal nuances it needs to come up with humanlike avatars that speak in an expressive way. Earlier this year, Synthesia debuted new expressive avatars that can convey human emotions, including happiness, sadness, and frustration.

But now, Synthesia is introducing new software which will make it easier for users to produce a digital version of themselves from anywhere, using just a webcam and Synthesia’s software.

The company is also launching the ability to create full-body avatars. This is different to Synthesia’s current avatars, which are limited to just portrait view. Now, you can go into a studio with dozens of cameras, sensors and lights all around you to make avatars that can move their hands.

Generating hands is something that’s traditionally hard for AI to do — often because hands are only a small part of the human body and not typically the focus in visual content.

Synthesia also debuted the option to play videos of AI avatars speaking in any language they like, whether it’s English, French, German, or Chinese.

In the future, Synthesia says, it will be able to tailor AI avatars for different countries: For example, a Nigerian avatar running a user through a tutorial rather than an American.

Synthesia also launched a new AI video assistant which can produce summaries of entire articles and documents. This could be a human resources specialist making a quick video explaining company benefits packages, for example.

Another big feature the company is rolling out is a new screen recording tool, which shows an AI avatar guiding you through what you’re watching.

Not chasing a ‘PR moment’

In CNBC’s interview with him, Riparbelli characterized what Synthesia is trying to do as an enterprise-focused product overhaul, which would make it more akin to giants like Microsoft, Salesforce, and Zoom in the enterprise category.

“The world has been blown away by this stuff for the last 12 to 18 to 24 months, which is awesome,” Riparbelli told CNBC.

“But now we have experimented a lot, and we have found out the right use cases for these technologies that have lasting business value. They’re not like just a short-term PR moment.”

“You need to do that business goal of reducing customer support tickets by showing videos instead of text; or sell by making videos instead of just sending out emails,” he added.

“Now people are creating workflows around that. They need better ways to achieve their business goals, not just an interface with AI models. That’s where we’re going as a company.”

Last year, Synthesia raised $90 million from investors including U.S. chipmaker Nvidia and venture capital firm Accel, in a funding round that valued it at $1 billion and giving it “unicorn” status.

The company’s competitors include AI video tools Veed, Colossyan, Elai, and HeyGen. And Chinese-owned social media app TikTok also recently debuted Symphony Assistant, a product that allows creators to make their own AI avatars.

 The company makes money through a number of subscription pricing plans ranging from $22 for a “starter” plan and $67 for a “creator” plan, to custom “enterprise” plans where pricing is based on negotiations with Synthesia’s sales team.

The U.K.’s FTSE index is seen opening 23 points lower at 8,213, Germany’s DAX down 17 points at 18,160, France’s CAC 40 down 32 points at 7,602 and Italy’s FTSE MIB 69 points higher at 33,511, according to IG.

European markets experienced a choppy week of trade last week as investors assessed a number of central bank decisions and data releases, including a rate cut by Switzerland’s central bank and a hold on interest rates by the Bank of England.

Monetary policy decisions come from Sweden and Turkey’s central banks this coming week while data releases to look out for include gross domestic product data from Spain on Tuesday and Italy on Friday.

Overnight, Asia-Pacific markets mostly fell as investors awaited inflation data from Australia and Japan later this week. U.S. stock futures were flat in overnight trading Sunday as the market is set to enter the last week of June and 2024′s first half near record highs.

Southeast Asia has emerged as a top choice for firms looking to diversify production away from China, including Chinese companies, amid escalating tensions between Washington and Beijing.

“Southeast Asia is well-placed to benefit significantly from the China+1 phenomenon as both foreign and Chinese companies diversify their supply chains and operations,” said Kuo-Yi Lim, co-founder and managing partner of Southeast Asian venture capital firm Monk’s Hill Ventures.

“Geopolitical [tensions have] accelerated these activities, which started during the Covid lockdowns,” Lim added.

The “China Plus One” strategy seeks to reduce the risks associated with total reliance on China’s market or supply chain through diversifying manufacturing operations, expanding into other countries even as companies’ maintain a presence in China.

This has spurred greater investments into the ASEAN bloc. Foreign direct investments into the ASEAN economies of Indonesia, Malaysia, Philippines, Thailand, Singapore and Vietnam rose to $236 billion in 2023 compared with an annual average of $190 billion between 2020 and 2022, OCBC economists said in a May report.

The inflows mostly came from the U.S., Japan, European Union as well as Mainland China & Hong Kong.

“The ASEAN-6 region has benefited from a diversification of global and regional supply chain as well as the adoption of ‘China+1’ strategies. FDI inflows from Mainland China and Hong Kong SAR into the region have risen, with manufacturing and certain services receiving the bulk of inflows,” the OCBC economists said.

Vietnam

Vietnam has become a key manufacturing location for Apple as the U.S. tech giant seeks to diversify the assembly of its products away from China.

Beijing’s tough Covid-19 measures and worker unrest at Foxconn’s flagship iPhone factory had majorly disrupted production.

MacBooks, iPads and Apple Watches are reportedly being manufactured in Vietnam.

“Vietnam’s proximity to China has long made it a preferred destination for supply chains to offshore processes that could drastically reduce costs of production,” said Yinglan Tan, founding managing partner at Insignia Ventures Partners.

Vietnam is already a major research and development hub for Samsung, as well as a manufacturing and export base for Samsung’s smartphones, according to local reports.

“Vietnam has added advantages. Its competitive labor costs, market access – it has a whole slew of free-trade agreements – so that makes it a lot easier to export to other markets, for example, the EU,” Kai Wei Ang, ASEAN economist at BofA Securities, told CNBC’s “Squawk Box Asia” earlier this month.

Malaysia

Malaysia has seen semiconductor firms including Intel, GlobalFoundries and Infineon setting up or expanding operations in the country over the last few years amid U.S.-China tensions.

“Malaysia has seen a revival in its longstanding semiconductor sector, attracting renewed investments from companies such as Intel,” said Lim of Monk’s Hill Ventures.

Industry observers said that Malaysia’s edge has always been its skilled labor in chip packaging, assembly and testing, and relatively lower operating costs.

“It’s not just the semiconductor stories in Malaysia that’s taking off. You do see a lot more investments into data centers that have come into play, especially the last couple of months, and perhaps there’s other sectors, like solar, EV related components as well. So Malaysia is getting that breadth of investments into the country,” said Ang of BofA Securities.

Indonesia

The archipelago has vast resources of copper, nickel, cobalt and bauxite — crucial for the manufacturing of electric vehicle batteries.

“Indonesia – that’s another interesting country as well – where they are hoping to emerge as an integrated EV hub,” Ang said. “It’s probably still at a very early stage, but they are looking to scale up capacity across the whole supply chain.”

The Indonesian government has been luring EV companies with incentives to set up local manufacturing bases.

“China+1 is not only for foreign companies in China. Geopolitics and international trade developments also push Chinese manufacturers to diversify their production geographically,” said Anders C. Johansson, director of Stockholm China Economic Research Institute under Stockholm School of Economics, in a LinkedIn post last week.

The industry ministry said earlier this month that it had entered an agreement with four Chinese companies – Neta, Wuling, Chery, and Sokon – to establish Indonesia as an EV production hub.

Chinese electric vehicle maker BYD plans to start commercial production of EVs in Indonesia in 2026, according to local reports.

Singapore

Singapore has been “a preeminent destination” for firms looking to set up regional headquarters as well as expand across the region, according to a report by ASEAN Briefing.

“Today, this diversification has extended not just to global businesses like Apple and supply chains but also entrepreneurs and startups looking to build global businesses in the Asia-Pacific region,” said Tan of Insignia Ventures Partners.

“Singapore in particular has become a destination for these entrepreneurs to headquarter global businesses, while still being able to, for example, raise money from the U.S. and employ engineers in China,” Tan added.

Chinese companies including TikTok and Shein have set up regional headquarters in Singapore, which is seen as a stable base amid geopolitical headwinds.

“Singapore, with its trusted hub status in finance and regulatory infrastructure, will continue to attract companies seeking an Asian base in these uncertain times,” said Lim of Monk’s Hill Ventures.

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Dow’s best week
As Nvidia, Microsoft and Apple vied for the crown of the world’s most valuable company, the S&P 500 reached new heights, touching an intraday record of 5,505.53 on Thursday and closing last week with a 0.6% gain. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. The yield on the 10-year Treasury ticked higher and U.S. oil prices rose 2.9% for the week.  

‘Living wills’
U.S. banking regulators identified shortcomings in the “living wills” of four major banks — Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America. These plans, outlining how the banks would be dismantled in a crisis, were deemed inadequate due to issues with unwinding their massive derivatives portfolios. Specifically, the banks struggled to demonstrate their ability to quickly test and adjust their unwinding strategies under different scenarios, raising concerns about their preparedness for potential financial distress. 

More job cuts
Tesla has cut more than 14% of its workforce in 2024, reducing its global headcount to just over 121,000 employees. This figure, based on an internal email list, surpasses the 10% reduction announced by CEO Elon Musk in April. Musk hinted at even larger cuts, citing a 25-30% inefficiency level in the company. In a recent email, Musk announced the reinstatement of performance-based stock options for exceptional employees, a move potentially aimed at boosting morale and motivating the remaining workforce.

Apple AI Europe delay
Apple won’t release three new features, including its flagship “Apple Intelligence” AI product, in the European Union due to regulatory concerns. The company believes that the EU’s Digital Markets Act (DMA) antitrust regulation could force it to compromise user privacy and data security. The DMA aims to prevent major tech companies from acting as “gatekeepers” by requiring basic functionalities to work across competing devices and ecosystems.

Sarepta soars
Sarepta Therapeutics shares jumped 30% after the FDA approved its gene therapy, Elevidys, for a wider range of Duchenne muscular dystrophy (DMD) patients. The expanded approval covers patients aged four and above significantly increasing the drug’s market potential in the U.S. Tim Lugo, William Blair’s head of biotechnology, forecasts Elevidys sales to reach $3 billion by 2025 and peak at $5 billion by 2027. DMD is an inherited progressive muscle-wasting disorder that affects an estimated one in 3,500 male births worldwide, according to the U.S.-based National Organization for Rare Disorders.

[PRO] Comeback stocks
The S&P 500 has soared to record levels, fueled by the AI boom, but not all stocks are riding the wave. Household names like Nike and Starbucks are lagging behind, however, those moves could reverse.

The bottom line

“Taking escalators up and elevators down” – this old Wall Street adage perfectly encapsulates Nvidia’s recent market journey. In a mere 21 trading days, the tech giant added a staggering $880 billion to its market cap, briefly claiming the title of the world’s most valuable company. Its descent proved just as dramatic, within two trading sessions following Tuesday’s peak, Nvidia shares fell almost 7%, wiping out more than $220 billion in value. 

With valuations appearing stretched and the stock seemingly “overloved,” some are hesitant to buy in at current levels. Yet, Tom Lee, managing partner and head of research at Fundstrat Global Advisors, offers a contrarian perspective. 

“Investors in general aren’t comfortable buying things that are high,” Lee said on CNBC’s ‘Power Lunch.’ “But if we are mid-cycle, which I think we probably are, then we are going to be making a lot more highs over the next five years. There is a lot of statistical support showing buying at new highs actually has a better win ratio than trying to buy at lows.”  

Lee’s bullish stance on Nvidia is rooted in the company’s unique market position. Nvidia “is a 30 P/E stock that sells something that no one else produces in the world. I’d feel very differently If we were discounting Nvidia being larger than global GDP at 100 times PE and everyone saying there is no way it can be stopped. Because everyone wants to sell Nvidia and call the top, I feel there is a lot more upside.”  

This optimism isn’t unfounded. Nvidia currently dominates approximately 80% of the AI chip market for data centers, with tech giants like OpenAI, Microsoft, Alphabet, Amazon, Meta and others scrambling for its processors to power their AI models. Competitors are finding it increasingly challenging to disrupt Nvidia’s stronghold.

Lee has made many bold calls and he keeps getting them right as CNBC’s Alex Harring writes.

Nvidia is still up 155% for the year, while the broader market has seen limited moves either ways. CNBC’s Brian Evans reports that the S&P 500 has gone an unprecedented 377 days without experiencing a 2.05% sell-off – the longest such streak since the 2008 financial crisis, according to FactSet data. Notably, the index hasn’t seen a gain of 2.15% or more during this period either. 

— CNBC’s Samantha Subin, Hakyung Kim, Brian Evans, Rohan Goswami, Alex Harring, Spencer Kimball, Lora Kolodny and Hugh Son contributed to this report.

The 2024 Paris Games offer Singaporean para-athlete Toh Wei Soong a second chance.

After narrowly missing out on the podium at the 2020 Tokyo Games, Toh is hoping to medal when he competes in the Paralympic Games this summer.

Diagnosed with transverse myelitis at a young age, the inflammation in Toh’s spinal cord affected his lower nervous system and restricted the use of his legs. Toh started swimming regularly for physiotherapy, but it quickly became much more than that.

“Despite my condition, I realized that not only did I enjoy swimming, but I was good at it,” he told CNBC Make It. “It was a source of pride and identity, especially during my teenage years when I represented my school in national competitions.”

As Toh dedicated himself to the sport, he set his sights on the international para stage.

But pursuing those dreams meant Toh spent up to 24 hours a week in rigorous training, which often meant skipping social outings or holidays.

“Water is not a natural environment for us … it’s something we have to learn how to do and naturally the technique doesn’t come to us,” he said. “To maintain that technique takes a lot of effort.”

Overcoming lows

Toh said one of the biggest challenges was juggling his international baccalaureate studies while trying to qualify for the 2016 Paralympic Games in Rio de Janeiro.

“When I didn’t meet the standard [to qualify for the Paralympics], I felt very, very burnt out, very jaded with putting so much effort and seeing both catch fire,” he said.

But Toh acknowledged these experiences taught him how to live with disappointment and helped him grow as a person.

“I think it’s commonly said that you have to push past those low moments. You have to not give up to be able to find your success,” he said.

Toh also called out the disparity in media coverage and societal recognition between disabled athletes and their able-bodied peers.

“I think reality speaks for itself. If they wanted to put a full media team behind major parasports games, they would send them. But more often than not, they do not,” he said. “And I think this is a disservice to the athletes who train and the caregivers who put so much effort in.”

He said the underrepresentation is “disheartening and confusing” as they can net just as many medals as able-bodied athletes.

“Many of us train just as hard as able-bodied athletes, undergoing stressors like chronic medical conditions and difficulties in sponsorships and specialized equipment,” he said.

But Toh also said his disability has granted him a unique perspective.

“My disability has made me unique in my way of seeing the world,” he said. “It makes me more sensitive to other ways of seeing the world and for the things that people take for granted.”

Toh explained that it’s overall an experience that he is proud to have and is grateful for despite the struggles, given his support network.

“It makes me a more compassionate human being,” he said. “I don’t think it makes me a better human being, but it gives me another side of life.”

Future aspirations

Having already seen success on the international stage at the Asian Para Games and the Commonwealth Games, Toh is targeting a medal on the Paralympic stage under the S7 class.

Speed is not the only metric for determining final rankings. Instead, medals are awarded to athletes with the highest multi-class point scores and times closest to their classification’s world record.

Toh said his goals and accomplishments, however, “are stepping stones in this longer dream I want to create.”

“I want to be living intensely, passionately and getting as much out of life,” he said.

“There are always ways to get it done. And the moment you stop thinking that’s possible is when it becomes impossible,” he said.

Asia-Pacific markets mostly fell on Monday as investors awaited inflation data from Australia and Japan later this week.

Australia’s May consumer price index reading, due on Wednesday, will be in focus after Reserve Bank of Australia Governor Michelle Bullock revealed the central bank discussed hiking rates at its last meeting.

Should inflation come in higher than expected and spur the RBA to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan.

The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Australia’s S&P/ASX 200 fell 0.65%.

Japan’s Nikkei 225 was up 0.24%, while the Topix was 0.26% higher, the only major benchmarks in Asia in positive territory.

On Monday, the Bank of Japan revealed it discussed raising interest rate during its June monetary policy meeting. It said, however, “any change in the policy interest rate should be considered only after economic indicators confirm that, for example, the CPI inflation rate has clearly started to rebound and medium to long-term inflation expectations have risen.”

Last week, BOJ Governor Kazuo Ueda reportedly told the country’s parliament that the central bank could raise rates as soon as its July meeting.

Hong Kong’s Hang Seng index was down 1.1%, and mainland China’s CSI 300 lost 0.5%. China reported a 2.8% fall in fiscal revenue for the first five months of 2024 compared to 2023, widening from a 2.7% year-on-year fall from January to April.

For May alone, fiscal revenue was down 3.2% year on year, a softer fall than the 3.7% slide in April.

South Korea’s Kospi dipped 0.82%, and the small-cap Kosdaq was 1.08% lower.

On Friday in the U.S., the S&P 500 ticked lower as shares of market bellwether Nvidia pulled back for a second day.

Nvidia shares declined 3.2%. On Thursday, the stock hit an all-time high before closing more than 3% lower. 

Overall, the S&P fell 0.16%, while the Nasdaq Composite dipped 0.18%. The Dow Jones Industrial Average edged up 0.04%.

“Technology stocks continue to be in the spotlight,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “I can’t remember a time when one single stock … has been so influential on the market, and that’s really been a key driver of the market action as of late.”

—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.

Futures on the Nasdaq Composite and S&P 500 futures were both little changed. Dow Jones Industrial Average futures inched down 0.13%.

The S&P 500 scored an intraday record of 5,505.53 on Thursday and posted another winning week. The equity benchmark gained 0.6% last week, notching its eighth positive week in nine. However, signs of exhaustion have started to emerge recently particularly with market heavyweight Nvidia‘s back-to-back sell-off.

The red-hot chipmaker fell 4% last week after two consecutive declines of more than 3%. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.

“The extreme price performance may face some speed bumps going forward — not an indictment of the fundamentals of this AI behemoth, but more caution around how far the stock has moved, and how quickly,” Katie Nixon, CIO at Northern Trust Wealth Management, said of Nvidia.

Still, the enthusiasm surrounding artificial intelligence has lifted the market significantly this year even as investors grappled with shifting expectations for rate cuts and a slowing economy. The S&P 500 has advanced almost 15% this year after notching 31 record closes. 

Investors will closely monitor May’s personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, which is set to be released Friday morning.

There are also a number of key companies earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.

Longest stretch without a 2% sell-off since the financial crisis

The S&P 500 has gone 377 days without a 2.05% sell-off. That’s the longest stretch for the benchmark since the great financial crisis, according to FactSet data compiled by CNBC.

The index hasn’t experienced a gain of at least 2.15% in that time either.

— Yun Li

By the time the actual nuptials roll around, I’ve run a marathon of festivities — an engagement party, bridal shower, bachelorette party — many of which require a gift. On the day of the wedding, I feel like I’ve already paid a small fortune to celebrate my friend, so does the happy couple really need me to purchase them an air fryer?

Not including a gift, bridesmaids spend, on average, more than $1,600 being in a wedding, according to 2024 data from The Knot. Then, you’re supposed to shell out another $100. To me, this feels like robbery.

To see if I was being totally unreasonable, I talked to etiquette and financial experts. Here’s what they had to say.

Tori Dunlap, founder of Her First 100k

“Striking a balance between what you can afford and the general expectations for being in the bridal party is key.

If you’re already spending a considerable amount on these activities, it’s absolutely OK to scale back on the wedding gift. In fact, many couples understand the financial commitment that comes with being in the bridal party and don’t expect an extravagant gift on top of everything else.

My advice is to communicate openly with the couple. Let them know that you’re thrilled to be part of their special day and explain your situation honestly. Often, a simple conversation is all it takes. A heartfelt note, a small but meaningful gift, or even just your presence can be just as valuable.”

Allison Cullman, vice president of brand strategy at Zola

“It is customary for members of the wedding party to give a gift, but it doesn’t have to be of large monetary value. It is a gesture of love. 

Consider what options are available to you. Maybe the couple has a cash registry and you can donate a small amount. You could opt for something small from their wedding registry or you can also create a personalized token of your love.

You could offer to do something for the couple before or on their wedding day, like corralling all your friends for a photo. One of my bridesmaids did that for me and it was very much appreciated.

Anything that demonstrates that you are by someone’s side is more meaningful than a check.”

Jen Glantz, founder of Bridesmaids for Hire

“When you’re in a bridal party, before day one of the role you should set a budget and stick to it. That should include all the pre-wedding events and that budget shouldn’t be what anyone else tells you.

There is no expectation that you have to bring a gift. I think you feel pressure to do that but there is no expectation to do that. 

When it comes to why we give gifts, one reason is that we want to celebrate these people as they enter a new phase in their life.

You can write them a hand-written note. The purpose of going to a wedding and giving a gift is to celebrate.”

Hannah Nowack, senior editor at The Knot

“It’s customary for wedding party members to give the couple a gift. However, you ultimately need to decide on what to gift based on what fits your budget and how close you are to the couple.

Since you’ll be investing a lot of time and money into pre-wedding festivities it’s OK to use your best judgment about how much you feel comfortable gifting.

One great idea is to join up with some other bridesmaids to give a group gift. This is a nice option whether or not you’re on a tight budget. Maybe there is a big gift, like an espresso machine or a honeymoon couple’s massage, that you want to gift to the couple but know that doing so alone would be outside your budget.”

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Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

Some of the job seekers she works with have been looking for new work for over a year, if not longer, she tells CNBC Make It: “The job market is ridiculous.”

By the numbers, the U.S. labor market is strong on paper with low unemployment and high job openings. But the experience of finding new work is still tough for many who face so-called ghost job listings, drawn-out interviews or competition for early-career roles.

To those on the job market, Doe has one big piece of advice: It “might be a little counterintuitive, but it’s actually to step away from your computer.”

To preface, she says, “I understand you need a job; you need the money. I don’t want to take away from that.” That being said, she also emphasizes that “it is so important to prioritize your mental health.”

That could be as simple as shutting down your computer at a set time every day, going for a walk, getting fresh air, or doing “affordable or free things that bring you joy,” Doe explains.

“Just make sure you’re finding some sort of balance,” she adds.

Taking breaks throughout the job-search process can benefit you further down the road.

“The longer you just spend sitting in front of your computer filling out application after application after application, it really can start to wear on you, and then that will come through in the interviews as well,” Doe says.

Aside from taking care of your mental and emotional help, Doe also recommends being strategic about the resources you seek out for help.

She often refers people to ADP List, a free networking platform that connects mentors and mentees across different industries.

“You don’t have to spend money” to have professionals review your resume, help you practice your networking and interviewing skills, or offer other career advice, Doe says. “You can find somebody who’s really willing to help.”

Want to land your dream job? Take CNBC’s new online course How to Ace Your Job Interview to learn what hiring managers really look for, body language techniques, what to say and not to say, and the best way to talk about pay. Use discount code NEWGRAD to get 50% off from 5/1/24 to 6/30/24.

Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

What sets high achievers apart from everyone else, Fuller has discovered, isn’t their confidence or business acumen — it’s their adaptability.

“They’re not wedded to some predetermined career path that they set when they were a student or starting their first job,” he tells CNBC Make It. “They’re open to unexpected opportunities and embrace change instead of fearing it.”

It’s great to set career goals and create timelines for achieving them. The danger, Fuller says, is leaning so hard into your preferences that you become closed off to a sudden detour or nonlinear path.

For example: You might turn down a job at a small startup that excites you and pays well because you always planned to work for a large, well-known company. 

Or, you might be tempted to look for a new job — even if you’re content in your current role — because you’re not getting promoted as quickly as you thought you would. 

In both cases, “you’re ignoring what motivates or interests you, and instead letting rigid expectations guide your career,” says Fuller. “That type of stubborn mentality won’t take you far.”

If you fixate on a specific career path, you risk overlooking other fulfilling options for your professional life, Fuller adds. 

A skill that’s in high demand but ‘rare to find’

Adaptability is a soft skill that’s “increasingly in demand” across a wide range of industries, according to recent research from LinkedIn. 

The need for flexible, resilient employees in the workplace, LinkedIn found, is the direct result of changes to the post-pandemic workforce: the rise of AI, the widespread adoption of remote and hybrid work as well as five generations, each with different communication styles and workplace jargon, now working together.

Employers want to hire people who can quickly adjust to these ongoing changes, says LinkedIn vice president Aneesh Raman. “Adaptability is the best way to have agency right now,” he notes in the report. “At the core of managing change is building that muscle of adaptability.”

And yet, “it’s a skill that can be rare to find,” says Fuller. “People are afraid to try new things and fail. But you can’t grow without moving beyond your comfort zone.”

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Against that uncertain backdrop, Wall Street analysts are focused on identifying stocks with solid fundamentals and strong long-term growth prospects. Investors can look at the recommendations of top analysts to gain useful insights before making any investment decision.  

In that climate, here are three stocks favored by the Street’s top pros, according to TipRanks, a platform that ranks analysts based on their past performance.

Delta Air Lines

We start with Delta Air Lines (DAL), America’s second-largest carrier. DAL reaches more than 290 destinations across six continents via 4,000 daily flights. Following the company’s presentation at the Toronto Corporate Access Day recently held by TD Cowen, analyst Helane Becker reiterated a buy rating on DAL with a price target of $55.

Delta is TD Cowen’s 2024 Best Idea, Becker said, adding, “Delta has a differentiated product in which they continue to invest, but what stands out is their strategic plan.”

Becker believes that management’s focus on DAL’s strategic plan for the past 15 years is delivering the desired results, making the stock attractive. Delta’s stable management team is a key differentiator from its rivals, she said.

Becker highlighted several strengths, including Delta’s extensive network, strategic partnerships with other airlines and operational reliability, reflected in its improved net promoter scores over the past 10 years.  

The analyst also noted Delta’s commentary about continued strength in demand among premium customers (annual income of more than $100,000). Further, the carrier is seeing a solid rebound in corporate travel, with volumes rising by more than double digits on a year-over-year basis. Delta is also strengthening its financial position by continuing to reduce debt.

Becker ranks No. 276 among more than 8,800 analysts tracked by TipRanks. Her ratings have been profitable 63% of the time, delivering an average return of 11.2%. (See Delta Air Lines Stock Charts on TipRanks) 

Microsoft

Our next pick is software giant Microsoft (MSFT). The company, which has invested billions of dollars in ChatGPT creator OpenAI, is viewed as one of the key beneficiaries of the generative AI (artificial intelligence) wave.

Recently, Tigress Financial analyst Ivan Feinseth reiterated a buy rating on MSFT stock and raised his price target to $550 from $475. The analyst believes that Microsoft is “increasingly positioned to lead the AI revolution through the ongoing integration of generative AI functionality throughout its software stack and product portfolio.”

Feinseth noted that Microsoft’s revenue growth of 17% in the fiscal third quarter ended March 31 was driven by the accelerated adoption of the company’s AI-enabled offerings and AI cloud integration. The company’s cloud business delivered robust performance, thanks to the demand for the Azure platform.

Feinseth also highlighted Micrsoft’s growing strength in gaming and efforts to expand into the Metaverse. Notably, MSFT’s gaming business is expected to benefit from the $75 billion Activision Blizzard acquisition and the rollout of the new Xbox gaming console.

Finally, Feinseth mentioned Microsoft’s strong financial position, which supports enhanced shareholder returns and enables investments in the company’s AI ambitions. 

Feinseth ranks No. 242 among more than 8,800 analysts tracked by TipRanks. His ratings have been successful 60% of the time, delivering an average return of 12.2%. (See Microsoft Technical Analysis on TipRanks)  

Zscaler

This week’s third stock is Zscaler (ZS), one of the leading cloud-based cybersecurity players. The company’s Zscaler Zero Trust Exchange platform securely connects users, devices and applications by protecting them from cyberattacks and data loss.

Following the Zenith Live 2024 event, Baird analyst Shrenik Kothari reaffirmed a buy rating on Zscaler stock with a price target of $260. Discussing the key takeaways from the event, the analyst said that Zscaler is trying to capture additional market opportunities by expanding its platform.

In particular, Kothari noted the introduction of the Zscaler Identity Protection feature that capitalizes on advanced machine learning to strengthen identity security across cloud environments. He also mentioned the Cloud Browser Isolation offering that safeguards user devices and the DLP 2.0 solution, which has AI-driven capabilities to ensure the safety of sensitive data.

These new capabilities on Zscaler’s platform have boosted its total addressable market by more than $24 billion to $96 billion. Kothari also emphasized the shift in the company’s go-to-market strategy from a transactional focus to account-centric selling. Under the new sales approach, Zscaler is focusing on adding more customers with an ARR (annual recurring revenue) above $10 million.

“Impressive customer-success stories, particularly in the financial/healthcare/manufacturing sectors, underscore Zscaler’s security-at-scale,” said Kothari.    

Kothari ranks No. 381 among more than 8,800 analysts tracked by TipRanks. His ratings have been profitable 66% of the time, delivering an average return of 20.6%. (See Zscaler Financial Statements on TipRanks) 

The two countries hold the top spots on the World Happiness Report’s annual ranking of the happiest countries in the world, which was most recently published in March. Finland has a lengthy track record of happiness, holding the top spot for seven years in a row now.

CNBC Make It asked a group of Finnish and Danish business leaders and psychologists to explain those results. Some of them referenced a few go-to sayings that remind them to think positively and optimistically, even when — or especially when — times are tough.

If you want to live a happier life, add these three phrases to your vocabulary, those experts say:

‘Whatever you leave behind, you will find in front of you’

Everyone faces obstacles. Dealing with those setbacks head-on can keep them from reoccurring.

That’s why people in Finland often say, “Whatever you leave behind, you will find in front of you.” The phrase implies that leaving an issue unattended will only result in a bigger issue, according to Anni Hallila, head of people and culture at Finnish manufacturing company Framery.

DON’T MISS: The ultimate guide to becoming a master communicator and public speaker

If your friend makes a distasteful joke about you, for example, not addressing it immediately could give off the impression that it’s OK to make similar jokes in the future.

“If you leave problems behind you, you will find them in front of you” at another point, Hallila told Make It earlier this month. “So the only way to handle it is to actually address them when they are brought up.”

‘Pyt med det’

More than 25% of Americans are stressed to the point of harming their mental health and productivity, often worried about circumstances outside of their control, according to a 2022 poll from the American Psychological Association.

People in Denmark use a three-word phrase everyday to get ahead of that, according to Meik Wiking, CEO of the Happiness Research Institute: “Pyt med det.”

The phrase translates to “It doesn’t matter” or “Don’t worry about it,” Wiking wrote for CNBC Make It in April. “‘Pyt,’ or ‘never mind,’ embodies a profound acceptance and release of worry. It is the gentle exhale amid life’s storms, a reassurance that things will be okay, even when they seem not to be.”

Whether you’re dealing with a minor issue or a major setback, using this phrase can help you move on from life’s ebbs to find happiness, Wiking wrote.

“It’s a good reminder to not sweat the small stuff,” he added. “‘Pyt med det’ encourages us to shrug off negativity and move forward with grace and resilience.”

‘Some have happiness, everyone has summer’

It’s easy to feel self-conscious or envious when you see other people sharing only their best moments on social media. Happy people recognize that everyone has bad days, and there’s “no point” in comparing themselves to others, even when they’re struggling, Finland psychologist Frank Martela wrote for Make It in March.

In these situations, Finnish people use the hundred-year-old phrase: “Some have happiness, everyone has summer.” In other words, no matter what you’re dealing with, better days will come.

“Sometimes life gives, sometimes it takes,” Martela wrote. “Tomorrow someone else might be the one having a rough time, while something delightful comes your way.”

“We Finns know that, no matter the situation, you can always count on one thing: sooner or later, summer will come to us all,” he added.

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There are areas in the U.S. that are considered to be the least difficult places to buy a home, according to a new real estate indicator.

When the counties are sorted by index rank, Iroquois County, Illinois is the least difficult market to buy a home, according to the NBC News Home Buyer Index. 

The following counties ranked as the least difficult areas when sorted by the four contributing factors:

1. Cost: Iroquois County, Illinois is the most cost-effective or affordable housing market among measured counties in the U.S.
2. Competition: Somervell County, Texas is the least competitive housing market of the counties measured in the U.S.
3. Scarcity: Imperial County, California is the least scarce housing market among measured areas.
4. Economic Instability: Macon County, Tennessee has the most stable local economy among measured areas.

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The index evaluates cost, competition, scarcity and economic instability.

Cost, the most heavily weighted element, measures how much a home costs relative to household incomes and inflation, as well as expenses like insurance costs, according to NBC News.

Competition looks into the level of demand in an area or how many buyers are on the market for a home.

Scarcity refers to an area’s supply of listed homes for sale and how many more are expected to enter the market in the coming month.

And finally, economic instability considers an area’s market volatility, unemployment levels and interest rates.

The NBC News Home Buyer Index was developed by NBC News alongside housing experts, such as a real estate industry analyst and a bank economist from the Federal Reserve Bank of Atlanta.

On a scale from zero to 100, the index score represents the level of difficulty to buy a home in a U.S. county: The greater the value, the harder it is to buy a home in that area, according to NBC.

But, to compare counties with one another, it is important to consider the index rank as "ranks provide context to the scores," said Joe Murphy, a data editor at NBC News who co-created the index.

A low index rank — or closer to the value of 1,310, the number of counties measured in this month's report — suggests the county has better market conditions for potential buyers. In other words, a county with an index rank of number one "is the worst," Murphy said.

For most Americans, buying — and even maintaining — a home in the U.S. remains costly.

The median sales price of houses sold in the U.S. was $420,800 in the first quarter of 2024, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau via the Federal Reserve.

On top of the high cost, the 30-year fixed rate mortgage in the U.S. is still close to 7%. Borrowing costs are unlikely to significantly change as the Fed held rates steady at its June meeting.

However, if you plan or aspire to own a home, there are ways to prepare, experts say.

Here are three things to do

If you want to be a homeowner, but remain on the sidelines, "getting financially prepared is one of the most important things people can do" before buying a home, said Danielle Hale, chief economist at Realtor.com.

"Spend more time getting your finances in really good shape," said Jacob Channel, a senior economist at LendingTree. "It's very important, especially when you're making a six-figure purchase, to really take your time."

Here are three things to consider:

1. Boost your credit score: Take a moment to pay down debt and increase your credit score, said Channel.

Your credit score helps measure how creditworthy you are as a borrower, said Hale. You could potentially qualify for a home purchase with a minimum credit score of 500, depending on the lender, according to Experian. But having a higher score can help you achieve better terms on the mortgage, said Hale.

"Doing what you can to improve your credit score will raise your odds of getting a lower mortgage rate," Hale said.

2. Seek pre-approval from lenders: "It's worth it to start the process earlier rather than later so that there aren't as many surprises," said Hale, especially for buyers who've never bought a home before.

Rate lock policies will depend on the lender. In some cases, a lender will let you lock in a mortgage rate after they pre-approve you, Channel said.

But generally, a pre-approval is not enough to guarantee an interest rate, said Hale, "because you cannot lock in a mortgage rate until you have a full mortgage application."

"And you can't do a full mortgage application until you have a specific property that you want to buy," she said.

Once a buyer makes an offer on a property and officially kicks off the application process, it's possible the lender can lock in a mortgage rate if you ask, said Hale. Depending on the lender, the mortgage rate will be locked in for a period spanning from 30 to 60 days, which is "enough time for the closing process to happen," said Hale.

Ask your lender about what the rate-lock period is and ask what stage in the process the mortgage rate gets locked, said Hale. 

3. Intentionally budget and save: "The thing people should be doing is budgeting and saving," said Channel. The more time you give yourself to saving money for expenses like the down payment and closing costs, he said, "the better off you'll likely be."

When someone becomes a homeowner, "they're going to have a higher monthly payment than what they had before," said Hale. Therefore, while you prepare for homeownership, consider setting aside an extra payment, she suggested.

It would help build up savings for a down payment or an emergency fund, and "give an idea of how comfortable that housing payment" truly is, said Hale.

"It's better to be a renter who can afford your rental unit than it is to be a homeowner who can't afford your house," Channel said.

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As a cookbook author and cooking teacher who was born and raised here, I have always felt that our diet and “pura vida” lifestyle is our secret to longevity. 

To Costa Ricans, what we eat is just as important as the experience in the kitchen and around the table. We deeply value the community that comes with cooking. Growing up, I always helped my family prepare our meals, and even harvested some of the ingredients. 

Lunches and dinners always lasted for at least an hour, and it was our time to talk about our day. This kind of mindful, collective approach to food is something I love to share with the students who take my cooking classes. It is not just about the food we eat, but the connections that happen around it.

What Costa Ricans eat to live longer and happier lives

The best way to describe Costa Rican cuisine is simple and fresh. Our diet relies highly on staples like fresh vegetables, fruits, grains, and beans.

Here are some of the foods that I cook and eat every day to feel healthier and happier in the long run.

1. Beans

Beans are a great source of protein, fiber, complex carbohydrates, prebiotics, vitamins and minerals. They have been linked to reduced risk of chronic diseases like heart disease and diabetes. 

Black and red beans are the most popular, usually served as part of a casado (our traditional dish of rice, beans, veggies and protein) or as a soup consisting of beans and vegetables.

Chickpeas and lentils are popular here and can be used as a substitute for the traditional black beans.

2. Fresh fruit and vegetables

Fruit and vegetables in Costa Rica are generally eaten fresh, not out of a can or a freezer. We typically get our fruits and veggies from local markets called verdulerias. 

Some of the most common ones in our diet are papaya, mango, banana, watermelon, pineapple and passion fruit, and they are either eaten on their own or made into drinks and juices. 

We use a variety of vegetables in Costa Rican cooking, including potatoes, carrots, tomatoes, avocado, onion, beets, yucca and zucchini. Veggies are either eaten raw, in simple salads dressed with lime, or prepared as picadillo, chopped and boiled, occasionally with some animal protein mixed in for flavor. 

Picadillo de chayote is probably my favorite. Chayote is a type of squash that is native to Central and South America, and not very common in the United States. It is green and crisp, and it tastes similar to a jicama.

3. Rice and corn

Grains like rice and corn are present in our diet, but mainly as a complement to the beans and vegetables that we eat.

For instance, the tortillas are used to eat the picadillo in what we call “gallos.” Arroz con pollo is a traditional Costa Rican dish consisting of rice, a lot of chopped vegetables and different pieces of chicken.

This meal is a very popular at celebrations like birthdays, but it is also very commonly enjoyed day to day.

4. Coffee

Costa Rican coffee is known for being high in antioxidants, which can help reduce inflammation. Sugary drinks are generally not a big part of the coffee-drinking culture.

Coffee here is enjoyed black or with a bit of milk. And as much as any other meal, a cup is best enjoyed slowly — we do take our time to drink.

My favorite Costa Rican longevity recipe

We eat rice and beans, either black or red, two to three times a day. For lunch this meal is called casado. For breakfast, it is called gallo pinto and consists of rice and beans mixed with onions, peppers, and cilantro, accompanied with corn tortillas and coffee. 

Thanks to its combination of whole grains, protein, amino acids and antioxidants, longevity researcher and Blue Zones founder Dan Buettner considers gallo pinto to be the healthiest breakfast in the world. It is amazing how such a simple dish can be packed with so many health benefits. 

Here is my recipe for Gallo Pinto, so you can make it at home.

Ingredients:

• 2/3 cup of cooked black beans
• 1 1/4 cup of cooked rice
• 2 tablespoons chopped onion
• 2 tablespoons chopped pepper
• 2 tablespoons minced cilantro
• 1/2 teaspoon salsa lizano (optional)
• 1/2 teaspoon salt
• 1/2 teaspoon cumin
• 1/4 teaspoon pepper

Steps: 

1. Heat up a pan over medium-high heat, add olive oil, and let it get hot
2. Add onions, peppers, cilantro, garlic, cumin, salt, and pepper
3. Cook for three to five minutes until the onion is translucent 
4. Mix in the beans, stir, and reduce heat to medium
5. Add the lizano sauce, stir, and cook for five more minutes
6. Add the rice, stir, and cook for a few more minutes, to incorporate all the flavors in the rice

To my mind, the recipe for why we live longer, healthier, and happier lives in Costa Rica is a simple one: Fresh ingredients that are prepared with care and meals that are intentionally enjoyed and shared with loved ones. 

Melissa Guzman is a Costa Rican cookbook author and cooking teacher from Llano Grande, Costa Rica. She is the author of “Living Longer, Healthier, and Happier: Recipes from Costa Rica.” Follow Melissa on Instagram @recipesfromcostarica.

Want to be a successful, confident communicator? Take CNBC’s new online course Become an Effective Communicator: Master Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up today and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024.

Former President Donald Trump on Saturday gave a brief glimpse of the ammunition he is loading up against President Joe Biden’s handling of the economy ahead of the first presidential debate next week.

Throughout his roughly 80-minute keynote speech at a conference for the evangelical advocacy group Faith and Freedom Coalition, Trump launched a spate of attacks against Biden including about economic issues like inflation, climate infrastructure spending and the growing federal deficit.

On inflation specifically, Trump foreshadowed a tactic he said he might use at the upcoming debate against Biden on June 27.

“I sort of have this little thing. I shouldn’t show it. Maybe I should save it for the debate,” Trump said moments before taking out a miniature box of Tic Tac candies and holding a regular sized box next to it.

“Inflation, this is what it does to you. This is Tic Tacs now,” Trump proceeded, gesturing to the miniature box as the crowd roared with laughter. “That’s what inflation has done. I’m glad everybody in this room has good eyes. But I will end the Biden inflation nightmare.”

Trump’s Tic Tac demonstration represents a phenomenon that Biden himself has referred to as “shrinkflation,” the practice of selling smaller-sized items for the same price. The White House has used “shrinkflation” as an attack against corporations that it claims are artificially keeping consumer prices high.

But something like Trump’s Tic Tac stunt will not be permitted at the Thursday debate where props and pre-written notes are prohibited. It ultimately underscores how Trump will have to navigate the debate’s limitations on the kinds of theatrics that resonate at his voter rallies.

The telecasted debate is set to have no in-person viewing audience and microphones that go mute when a candidate is not speaking. These restrictions intend to limit disruptions in hopes of avoiding a repeat of the 2020 debates when both Biden and Trump struggled to get a word in edgewise over the other’s interruption.

Trump’s Saturday remarks give the Biden campaign a high-level preview of the talking points that could come up at Thursday’s showdown as both candidates prepare to take on the other.

“Under Biden, the economy is in ruins,” Trump said Saturday.

“Trump’s incoherent, unhinged tirade showed voters in his own words that he is a threat to our freedoms and is too dangerous to be let anywhere near the White House again,” Biden-Harris 2024 Spokesperson Sarafina Chitika said in a statement responding to Trump’s Saturday speech.

The former president’s economic platform has so far been centered around a hardline tariff policy on all imports, pressuring the Federal Reserve to lower interest rates and extending his first-term tax cuts. Economists expect those proposals would reheat inflation if they go into effect.

On Saturday, Trump also doubled down on his proposal to eliminate taxes on tipped income and he walked back prior comments about cutting Social Security.

“As President I will not cut one penny from Social Security or Medicare,” Trump said, months after he said he would consider Social Security cuts in an interview on CNBC’s “Squawk Box.”

CNBC Make It has talked to plenty of real people who show you can make more than just a couple extra bucks here and there — their side hustles typically bring in more then $100,000 per year.

“I’ve been doing [my side hustle] for about three and a half years now, and I wouldn’t do anything else,” Sophie Riegel, a part-time online clothing reseller, told Make It. “I love it so much. It makes me so happy.”

Here are four ways you can start earning this summer and maybe even have some fun while you’re at it.

1. Resell clothing

Spring cleaning doesn’t have to stop when summer begins. In fact, you might be able to turn selling unwanted things into a sustainable year-long side hustle.

Riegel started selling old clothing items in her childhood bedroom as a bored Duke freshman during the pandemic in 2020. After she made around $200 selling some of her own unused stuff, she was hooked.

She began combing through thrift stores for items she could buy on the cheap and resell at a profit. In 2023, she earned $123,800 selling clothes on online marketplaces like eBay, Poshmark and Mercari.

Riegel’s main job includes work as a professional writer, mental health coach and speaker. She told Make It that she spends around 25 hours a week on her side hustle.

Much of Riegel’s success comes down to her research on everything from item value to restocking schedules at local stores.

“Technically, the thrifting takes the most time,” Riegel told CNBC Make It. “But it doesn’t feel like work to me.”

2. Rent your pool

Jim Battan spent $110,000 building a pool at his home in West Linn, Oregon back in 2012. Ten years later, the pool “has paid for itself and more,” Battan told Make it in 2022.

By renting his pool by the hour on an app called Swimply, Battan made $177,000 in less than two years.

Not everything goes swimmingly, Battan warned. He had to learn a lot about pool chemistry and management, and estimated checking the pool’s chemicals 5 to ten times a day. It’s a time-consuming side hustle, he said, but folks can do it if they put in that extra effort.

“I think of my pool as an investment and I take it really seriously,” Battan said. “But there are all kinds of hosts out there that I see posting on the Facebook group that say, ‘Hey, I put a bunch of chlorine in. Is that good enough?’ And I think to myself, ‘That’s just the beginning of it.'”

3. Showcase your career through content creation

By day, Kelly Gordon is a superyacht captain. Also, by day, she spends about five hours a week creating social media content, a side hustle she told Make It brings in $10,300 a month.

Gordon stumbled into yachting after attending a wedding reception on a boat in 2007. She told Make It she “didn’t even know port from starboard,” but returned to the yacht the next day and asked the captain everything there was to know about the profession.

Now Gordon shares the ins and outs of yachting with viewers on Instagram. She brought in $124,000 in revenue in 2023 through sponsorships, merchandise sales, ads and affiliate marketing and public speaking engagements.

Even though she’s found success creating content, Gordon isn’t leaving her day job. Her side hustle works because she’s still yachting.

“I’m not done running boats anytime soon,” Gordon said.

4. Rent out your car

As summer travel picks up, people road tripping across the United States often look to rent cars. Andrei Echeverria’s side hustle offers an alternative to traditional car rental services. He rents out his six cars through an app called Turo, which earned him up to $14,000 a month, based on financial documents reviewed by Make It in 2023.

Echeverria lives near Boston Logan International Airport, which gives him an advantage over other Turo users in finding renters. And because the app allows him to set prices, Echeverria can offer more attractive rates than the rent-a-car counters.

He spends eight to 10 hours a week cleaning, managing and booking his cars, in addition to time spent developing relationships with local repair shops. Echeverria told Make It that the success of his side hustle depends on “meeting the right people and building trust with them.”

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“The planetary health diet [was] designed by the EAT-Lancet Commission, to try and see how we [can], on a global level, design a dietary pattern that meets people’s nutritional needs,” says Maya Vadiveloo, an associate professor in the department of nutrition at the University of Rhode Island.

“But also address the issues that we see with the growing proportion of animal-based foods and how [production] contributes to greenhouse gas emissions and other markers that could adversely affect planetary health.”

A recent study published in the American Journal of Clinical Nutrition found that the risk of premature death was lower by 30% for people who followed the planetary health diet in comparison to those who did not.

Whole-food, plant-based diets like the planetary health diet “tend to be very nutrient dense, so they end up being an important source of antioxidants and macro- and micronutrients that are ideal for the body,” says Vadiveloo, who wasn’t involved in the study.

Followers of the diet also had a 29% lower contribution to greenhouse gas emissions, the study found.

“A single cow produces between 154 to 264 pounds of methane gas per year,” according to the U.S. Environmental Protection Agency. That number only multiplies when you consider that 1.5 billion cattle are specifically raised for meat production, meaning at least 231 billion pounds of methane emissions are entering the atmosphere from meat production from cows alone, the agency reports.

How does the planetary health diet compare to other diets?

But what makes the planetary health diet different from other popular eating patterns like the Mediterranean diet or the heart-healthy DASH diet?

“The fundamentals between the patterns are similar. They are higher in whole fruits and vegetables, which is really the key to almost every heart-healthy pattern, as well as whole grains, and nuts and seeds,” Vadiveloo says.

Yet there are some differences between the eating patterns.

The DASH diet “allows for higher consumption of animal-sourced foods, including low fat, dairy, and poultry. And maybe in higher quantities than the planetary health diet, because it’s not looking specifically at planetary health,” Vadiveloo notes.

The planetary health diet also places more limits on total fat consumption than the DASH diet does, she adds.

Generally speaking, the Mediterranean diet doesn’t emphasize dairy foods, Vadiveloo says. The popular diet has a higher emphasis on unsaturated fat components like olive oil and fish compared to the planetary health diet.

“The other consistent thing is [in] all of these patterns, Mediterranean, DASH, planetary, there’s no discrepancy over reducing sources of added sugars, reducing sources of solid fats, like from saturated fats, trans fats in coconut oil and animal sources,” Vadiveloo notes.

She emphasizes that the best thing you can do to eat for good health is add more whole foods to your diet, especially fruits and vegetables; this aligns with all three of the healthy patterns. Additionally, limiting your consumption of ultra-processed foods is strongly recommended.

“We can say that the vast majority of ultra-processed foods are high in added sugars, high in refined grains, saturated fat, all the things that every single one of these patterns is saying limit,” Vadiveloo says.

“Make your pattern high in whole foods, fruits, vegetables, whole grains, nuts, seeds [and] legumes.”

Want to be a successful, confident communicator? Take CNBC’s new online course Become an Effective Communicator: Master Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Sign up today and use code EARLYBIRD for an introductory discount of 30% off through July 10, 2024.

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Economic commentator Kyla Scanlon is noticing a potentially worrying trend in the investing outlook among younger generations.

“It’s a bifurcated world,” she told CNBC’s “ETF Edge” this week. 

Scanlon, 26, who rose to prominence through her social media videos on the market and economy, explained why some members of Generation Z are aggressively saving for milestones like retirement, while others are taking a far more lax approach. 

“You do have these people who are maxing out their 401(k)s. They’re doing everything they can to plan for retirement,” she said. “But then you have the other side, which is an element to financial nihilism, where people don’t want to save for retirement. They don’t want to save money in general because they don’t believe the future is there.”

Scanlon is aiming to bridge Gen Z’s divided financial attitudes with her new book, “In This Economy? How Money and Markets Really Work.”

“Financial education is always going to be an uphill battle, just because money is such a personal subject. But it’s important that we give people the tools that they need to start somewhere,” she said.

She points to the housing market as a prime example of where young people are falling behind. Gen Zers represented just 3% of total home buyers in 2023, according to a recent report from the National Association of Realtors — a statistic Scanlon attributes to higher interest rates.

“The younger generation definitely wants [homeownership], because there’s a lot of financial benefit to having equity,” she said. “People are just trying to figure out how to do that financially right now, considering where mortgage rates are, considering where home prices have been. It’s difficult.”

Disclaimer

“[It’s] the first car-free neighborhood built from scratch in the U.S.,” Ryan Johnson, CEO of Culdesac tells CNBC Make It.

Cars are not allowed on the Culdesac’s streets, and residents can’t park their own vehicles on site. Residents are offered discounts on transportation services like Waymo, a self-driving car.

“Our communities prioritize biking, walking, and transit over cars and parking,” the website states.

The community, located in Tempe, Arizona, has 180 residents with plans to grow to over 1,000. Apartments there range from studios to three-bedroom units, and prices start at around $1,400 a month.

“Since moving to this walkable community, I feel like I’ve definitely gotten a lot more out of my comfort zone,” Stratman tells CNBC Make It. “They’re not against cars; they’re just against car dependency.”

Stratman moved into one of Culdesac’s live-work spaces in February. The Brite Candle Co. shop is housed up front and Stratman’s bedroom and other living spaces are in the back. The unit features a walk-in closet and a washer and dryer.

“I’m able to actually have a retail front-facing shop to the public and also make money out of my apartment,” she says.

“At first, it was a bit uncomfortable just having so many people in my living space, but over time, I’ve gotten really used to it. I’m actually really excited for people to come and make candles.”

Stratman pays $1,472 in monthly rent and an additional $140 for utilities and Internet. Stratman’s upfront costs included a $1,000 security deposit.

Culdesac offers Stratman and other residents access to a pool, a fully equipped gym, rental cars, and light rails. Each resident is also given a free e-bike. The community has several shops and a supermarket on the grounds.

Though car-free, Culdesac still has parking spaces for visitors and the residents who need them.

Stratman does own a car and keeps it off property, as required, but says she has “actually become less dependent on my vehicle, although I use it for business purposes.”

Stratman doesn’t see herself leaving the neighborhood any time soon. “I’ve always grown up so introverted and just to myself,” she says. “So coming here and meeting all the friendly people that I have met and the connections that I’ve made is why I chose Culdesac.”

“Having a live-work space has actually saved me a lot of money,” she says.

Since moving in, Stratman has seen her business grow and wants to eventually move into a larger retail space there.

“Having [my work and home] integrated into one has been so helpful, especially for a small business owner who’s not making thousands of dollars.”

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That’s a median figure: You’ll need more in cities like San Francisco or Boston, and less in San Antonio or Detroit. The money covers a single person’s basic expenses like housing in a studio apartment, food, health care and transportation, based on estimates from the nonprofit Economic Policy Institute’s Living Wage Family Budget calculator.

A $25 per hour wage works out to $52,000 per year, based on a 40-hour work week. But in nearly half of the 25 largest cities, the living wage is double that of the local minimum wage. In many of these markets, the minimum wage is less than $15 per hour. In some cities, minimum wage is as low as $7.25 per hour — the federal minimum.

Many solo minimum-wage earners struggle to afford basic expenses based on their wages alone, and as such, rely on family or government assistance to get by. EPI’s living wage estimates don’t include those other possible sources of money.

Minimum-wage earners might also make sacrifices like forgoing car ownership or skipping on health care insurance. Having employer-sponsored health insurance certainly helps: It shaves roughly $2 off the hourly living wage in the 25 largest U.S. cities, according to EPI’s estimates.

Here’s a look at those 25 most-populated metro areas, ranked by the highest minimum wage needed to cover necessities:

1. San Francisco 

• Hourly wage needed to cover basic costs: $35.98
• Hourly minimum wage: $18.07 ($20 for fast food workers)

2. Boston

• Hourly wage to cover basic costs: $34.02
• Hourly minimum wage: $15

3. New York

• Hourly wage to cover basic costs: $33.58
• Hourly minimum wage: $16

4. Seattle

• Hourly wage to cover basic costs: $31.93
• Hourly minimum wage: $19.97 (for most workers)

5. San Diego

• Hourly wage to cover basic costs: $30.46
• Hourly minimum wage: $16.85 ($20 for fast food workers)

6. Washington, DC

• Hourly wage to cover basic costs: $28.89
• Hourly minimum wage: $17.50

7. Los Angeles

• Hourly wage to cover basic costs: $26.81
• Hourly minimum wage: $16.90 ($20 for fast food workers)

8. Atlanta

• Hourly wage to cover basic costs: $26.63
• Hourly minimum wage: $7.25

9. Denver 

• Hourly wage to cover basic costs: $25.85
• Hourly minimum wage: $18.29

10. Portland, Oregon

• Hourly wage to cover basic costs: $25.67
• Hourly minimum wage: $15.45

11. Orlando

• Hourly wage to cover basic costs: $25.51
• Hourly minimum wage: $12

12. Inland Empire, California 

• Hourly wage to cover basic costs: $25.34
• Hourly minimum wage: $16 ($20 for fast food workers)

13. Miami

• Hourly wage to cover basic costs: $24.97
• Hourly minimum wage: $12

14. Phoenix

• Hourly wage to cover basic costs: $24.78
• Hourly minimum wage: $14.35

15. Charlotte

• Hourly wage to cover basic costs: $24.48
• Hourly minimum wage: $7.25

16. Tampa Bay

• Hourly wage to cover basic costs: $24.32
• Hourly minimum wage: $12

17. Dallas

• Hourly wage to cover basic costs: $23.84
• Hourly minimum wage: $7.25 

18. Chicago

• Hourly wage to cover basic costs: $23.72
• Hourly minimum wage: $15 (for most workers)

19. Philadelphia 

• Hourly wage to cover basic costs: $23.39
• Hourly minimum wage: $7.25

20. Baltimore

• Hourly wage to cover basic costs: $23.13
• Hourly minimum wage: $15

21. Minneapolis-St. Paul

• Hourly wage to cover basic costs: $22.81
• Hourly minimum wage: $15.57 (starting July 1)

22. Houston

• Hourly wage to cover basic costs: $21.56
• Hourly minimum wage: $7.25

23. St. Louis

• Hourly wage to cover basic costs: $20.39
• Hourly minimum wage: $12.30

24. San Antonio

• Hourly wage to cover basic costs: $20.29
• Hourly minimum wage: $7.25

25. Detroit

• Hourly wage to cover basic costs: $19.70
• Hourly minimum wage: $10.33

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TikTok is chock-full of tips for building wealth.

The latest money-saving trend taking over is the “no-spend month,” which encourages TikTok users to cut out all non-essential purchases for a set period.

But, in this case, even the best intentions can backfire.

Here is what you should know before swearing off unnecessary spending.

The no-spend rules

The “no-spend” challenge can last for a week, a month or even a full year. Some consider it akin to a detox or fast, which can help break the habit of overspending. Any funds that would otherwise be spent on new clothes or dining out can be put toward a long-term financial goal.

On its face, “the no-buy challenge is as much pragmatic as it is symbolic,” according to Gregory Stoller, a professor at Boston University’s Questrom School of Business. “Why purchase non-essential products that you don’t need to begin with?”

More from Personal Finance:
‘Loud budgeting’ is having a moment 
Nearly half of young adults have ‘money dysmorphia’
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Consumers often track their daily progress and try to rack up as many consecutive no-spend days as possible.

“The gamification can be kind of fun,” Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.

‘No spend’ pledges can be hard to sustain

Like any quick fix, such a challenge could be hard to sustain over time.

“The potential complication with the no-buy challenge is to what extent people are willing to honor their commitment,” Stoller said.

Just as Americans often fail to uphold their New Year’s resolutions, it’s even easier to break a no-buy promise with a simple click, he added.

“And in most cases, you don’t even need to make the extra effort of opening a laptop if your phone is in your pocket,” Stoller said.

And then there is the risk of splurging even more on impulsive purchases, a phenomenon also known as revenge spending or even “doom spending.”

Alternatives to the no-buy pledge

Most financial experts say there is no shortcut to practicing good money habits.

Rather than hop on the latest extreme fad, “it comes back to setting a budget and setting expectations,” Rossman said.

“No hack can teach you self-control, mindful spending or how to keep your balance low,” Paul Hoffman, a data analyst at BestBrokers, who wrote a recent report on harmful FinTok trends, also said.

Michael Hershfield, founder and CEO of Accrue Savings, recommends creating a budget that aligns with your overall financial goals, income and expenses and then keeping track of your spending and your budgeting plan so you can make adjustments as needed.

“By moderating, rather than going cold turkey, you will set yourself for long-term financial health,” Hershfield said.

Ultimately, consumers should focus on “intentional spending by making purchases with a clear purpose in mind that aligns with your personal financial situation and goals,” Hershfield said, rather than following any purchasing advice on social media. 

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Apple, Microsoft, Amazon and Google were the four leading global brands at the end of 2023, according to consulting firm Interbrand. They’re are also four of the world’s five most valuable companies.

The other is Nvidia, which for a time this week, surpassed Microsoft to become the largest company in the world by market cap.

But despite its $3.1 trillion valuation (it reached $3.3 trillion before a two-day slide), Nvidia doesn’t even crack the top 100 most iconic names on Interbrand’s most recent list, which is populated by such companies as McDonald’s, Starbucks, Disney and Netflix.

Nvidia’s historic rise in valuation — the stock has climbed almost ninefold since the end of 2022 — has been driven almost entirely by demand for its graphics processing units (GPUs) that are at the heart of the boom in generative artificial intelligence and, more broadly, by the hype over AI. Nvidia has over 80% of the market for chips used to train and deploy AI software like ChatGPT. A handful of huge tech companies are the primary buyers of its chips.

The speed of Nvidia’s ascent and its relative lack of contact with consumers along the way combines to put the 31-year-old company’s brand recognition on Main Street far behind its allure on Wall Street. No. 100 on Interbrand’s list for 2023 is Japanese camera maker Canon, with Dutch brewer Heineken at No. 99.

“As a product company recently moving onto a global stage, Nvidia has not had time, nor has it dedicated resources, to change its role of brand and strengthen its brand to protect future revenue,” Greg Silverman, Interbrand’s global director of brand economics, said in an email. The risk for Nvidia, Silverman added, is that its “weak brand strength will limit how valuable it will be, despite its market cap heights.”

A spokesperson for Nvidia declined to comment.

Nvidia’s annual revenue growth has exceeded 200% in each of the past three quarters. For fiscal 2025, revenue is expected to almost double from a year earlier to over $120 billion, according to LSEG.

The company’s data center GPUs, which made up 85% of sales in the most recent quarter, are installed in massive facilities, and typically require a team of expensive data science and supercomputing experts to configure them to efficiently create AI software.

By contrast, Apple, ranked No. 1 by Interbrand, makes the vast majority of its money by selling iPhones and other devices to consumers across the globe. Microsoft, ranked second, is an enterprise sales giant, but is ubiquitously known for its Windows and Office software. Third-ranked Amazon strives to be consumers’ everything store, and No. 4 Google is, for many people, the front door to the internet.

Rounding out Interbrand’s top 10 are South Korean electronics giant Samsung, along with three car companies (Toyota, Mercedes-Benz and BMW), Coca-Cola and Nike.

Further down the list, at No. 24, is Nvidia rival Intel, which is best known for making the processor at the heart of laptops and PCs and for its long-running “Intel Inside” advertising campaign. Even Hewlett Packard Enterprise, a company that builds servers, made the list at No. 91.

Gamers love it

However, a competing survey shows that Nvidia’s brand value is catching up to that of its peers.

In a ranking of the 100 most valuable global brands published this month by Kantar BrandZ, Nvidia landed at No. 6, leaping 18 places from its prior survey. The brand’s overall valued jumped 178% in a year to an estimate of about $202 billion. Kantar surveys enterprise buyers to evaluate brands that primarily sell to other businesses to come up with a total estimate of brand value.

“Nvidia is pound for pound as relevant and meaningful to that B2B buyer that’s looking to make big, large purchases in-house for their company as Apple is to the consumer who’s buying an iPad or a Mac,” Marc Glovsky, senior brand strategist at Kantar, told CNBC.

And while Nvidia may not be a name known to your parents — or your kids — it does have resonance in a particular corner of the consumer world. Just ask your hard-core gaming buddy.

When Nvidia was founded in 1991, AI was a nascent field. The company’s primary focus was on designing chips that could draw digital triangles quickly, a basic capability that led to a huge expansion in 3D games.

For years, Nvidia, and its GeForce brand and green logo were well known to the type of people who tweaked their computers to run the most advanced games. Nvidia provides the chips for the Nintendo Switch console, which has shipped over 140 million units around the world.

Unlike Intel, Nvidia never put its name in front of consumers with flashy ad campaigns. And gaming is now just a nice side business for chipmaker. In the latest quarter, it accounted for $2.6 billion of revenue, or 10% of total sales, rising 18% year over year.

When it comes to Nvidia’s most important products, companies and institutions vying for its AI chips have to go through an extensive quoting and sales process, often through a computer-equipment company, like Dell or HPE. Those vendors sell complete systems, including memory, a central processor and other parts. Even experts who want to train AI models are more likely to rent Nvidia access through a cloud provider than build their own server clusters.

Still, Nvidia’s name recognition is rapidly increasing. Among retail investors, Nvidia has emerged as the most widely held stock, according to data collected and published last month by Vanda Research.

And while the name didn’t make Interbrand’s top 100 list for 2023, the firm’s data shows its brand awareness quadrupled in the past 12 months, which will help when it’s time for the next ranking, Silverman said.

Maybe by then people will know how to say its name, a topic that’d been the source of debate on obscure gaming forums. The company pronounces it en-VID-ia.

WATCH: The ‘Magnificent Seven’ should have another good earnings season

The total annual cost for tuition and mandatory fees at 4-year U.S. colleges and universities has more than tripled in the last 60 years, from an average $5,369 per year in 1963 (inflation-adjusted) to $17,709 in 2023, according to the National Center for Education Statistics.

And tuition isn’t the only cost. Students need books and supplies like computers, as well as food and housing.

Over four years, the total bill may be $500,000 or more, as it is estimated to be at Columbia University, according to Self Financial. 

A large portion of that total comes from the cost of attendance itself, which Columbia lists at $89,587 for tuition, housing and other fees for the 2023-24 school year.

While Columbia’s sticker price includes on-campus housing and a meal plan, students who choose to live off-campus, or simply participate in life in the notoriously expensive city, can easily rack up extra expenses.

Self Financial looked at all the colleges and universities listed in the U.S. News & World Report’s national college rankings to determine the costliest schools at which to earn your bachelor’s.

The fintech firm factored in tuition and fees for each school along with cost of living data like average food spending from the Bureau of Labor Statistics and average local rent and other self-reported living expenses data collected by Numbeo. 

These are the 10 schools with the highest total cost for four years.

1. Columbia University—New York

Total cost: $514,442

2. New York University—New York

Total cost: $497,402

3. Georgetown University—Washington, D.C.

Total cost: $472,817

4. Harvard University—Cambridge, Massachusetts

Total cost: $472,027

5. California Institute of Technology—Pasadena, California

Total cost: $458,330

6. University of Southern California—Los Angeles

Total cost: $457,650

7. University of Chicago—Chicago

Total cost: $455,257

8. George Washington University—Washington, D.C.

Total cost: $454,377

9. Yale University—New Haven, Connecticut

Total cost: $451,516

10. Massachusetts Institute of Technology—Cambridge, Massachusetts

Total cost: $441,948

All of the 10 most expensive schools Self Financial identified are private, which makes sense, given that those institutions typically charge higher tuition than public schools. But private colleges often offer generous financial aid and scholarships packages so your cost to attend may even be lower than at a public university.

Students receiving financial aid at Harvard, for example, pay an average $19,500 per year, compared with students at the public University of Massachusetts, Amherst, who pay $21,846 a year, according to the Department of Education’s College Scorecard.

Your actual cost of attendance can vary greatly depending on the school you attend, what financial aid you may qualify for and a variety of other choices you’ll make, like living on campus, having a car, where you shop for books, and more. 

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Business: Autodesk engages in three-dimensional (3D) design, engineering and entertainment technology solutions. Its product offerings are focused on the following categories: Architecture, Engineering and Construction, AutoCAD and AutoCAD LT, Manufacturing, and Media and Entertainment. Its products include AutoCAD Civil 3D, Building Connected, Autodesk Build, Revit, Computer-Aided Manufacturing Solutions, Fusion 360, ShotGrid and 3ds Max. Autodesk’s product development and manufacturing software provides manufacturers in automotive, transportation, industrial machinery, consumer products and building product industries with comprehensive digital design, engineering, manufacturing and production solutions. It also offers Wonder Studio, which is a cloud-based 3D animation and VFX solution.

Stock Market Value: $52.2B ($242.31 per share)

Activist: Starboard Value

Percentage Ownership:  approximately 1% (more than $500 million position)

Average Cost: n/a

Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. The firm has taken a total of 150 activist campaigns in their history and has an average return of 24.83% versus 12.99% for the Russell 2000 over the same period. Starboard has had an even better track record in the information technology sector. In 53 prior engagements, it has a return of 36.43% versus 18.82% for the Russell 2000 over the same period.

What’s happening

On June 17, Starboard sent a letter to Autodesk’s shareholders announcing that it is filing a lawsuit to compel the company to delay its 2024 annual meeting, scheduled for July 16, and to reopen the director nomination window. This follows Autodesk’s delayed disclosure of an internal investigation into reporting irregularities that Starboard says may have misled and possibly disenfranchised shareholders. The Delaware Chancery Court ruled against Starboard on June 20, but the activist still thinks that Autodesk requires board enhancement, as well as improved growth and profitability through operational performance, capital allocation policies and investor communications.

Behind the scenes

Autodesk is a global leader in design, engineering and entertainment software solutions. About 75% of revenue is generated from Architecture, Engineering, and Construction (AEC) solutions. These are application areas in which Autodesk is the No. 1 or No. 2 player — where it generates significant recurring revenue and maintains pricing power. Its remaining revenue comes from its growing manufacturing applications (20%) and legacy applications in entertainment like movies and TV (5%).

With 90%+ gross margins and 35% operating margins, Autodesk is a leader in AEC software. The company’s gross margins are best in class, a reflection of its value add and pricing power. Further, its operating margins are not much worse than those of its peers at first blush. However, Starboard correctly does not judge the company’s operating margins on the mean of its peer set, but by the potential embodied in its gross margins and market position. Autodesk currently spends approximately 28% of its revenue on sales and marketing versus 23% for peers, and 9% on general and administrative expenses compared to 5% to 7% for peers. In other words, operating expenses as a percent of revenue is roughly 1,000 basis points higher than peers. Moreover, the company’s FY2023 operating margins of 36% missed its own target of 38%, which was adjusted downward from an original target of 40% despite front-loading revenue through multiyear contracts. This engagement had great potential to be an excellent amicable and constructive activist campaign for Starboard. The firm has had great experience working with companies just like Autodesk from a board level to improve margins and create tremendous shareholder value. That would have been a great plan here and would have likely meant adding only two or three directors to the board.

But the cooperative, constructive scenario was seemingly dashed on April 1, when Autodesk publicly notified shareholders that its annual report would be submitted late following information being delivered to the audit committee, which resulted in the launch of an investigation regarding the company’s free cash flow and non-GAAP operating margin practices. Ultimately, the committee found that despite signaling to investors that it would be shifting its enterprise customers toward annual billing, Autodesk had recently pursued multi-year upfront contracts at levels that even exceeded their historical use, helping the company meet its FY23 free cash flow goal.

To make matters worse, the company informed the U.S. Securities and Exchange Commission of these issues by early March, but it withheld the information from investors until after the closure of its nomination window, preventing a potential activist director nomination this year. Despite this, Starboard said it reached out privately to offer to work with Autodesk to improve the board, but the company declined. So, Starboard requested that Autodesk reopen the nomination window so that shareholders could make a fully informed decision following the recent disclosures, given the fact pattern. The company rejected that offer. Starboard filed a lawsuit in the Delaware Court of Chancery to compel Autodesk to delay its 2024 annual meeting set for July 16 and to reopen its nomination window, which closed on March 23. The court rejected Starboard’s claim on June 20.

While the findings of the investigation alone are worrisome, there are two things in our mind that could elevate it from an acute accounting issue to a much more serious governance issue. First, while Autodesk reports free cash flow as a key operational metric, it was also a factor in executive compensation. Second, how the board and management responded to this investigation might be an even bigger problem. Here, the board seemed to determine that Deborah Clifford could no longer remain as CFO. What happened next did not exactly inspire a strong feeling of board oversight and accountability: Instead of firing her, Autodesk appointed Clifford to the role of chief strategy officer. While the first issue reflects on management and its lack of alignment with shareholders, the second issue goes directly to the board’s ability to oversee management and hold them accountable.

It is incontrovertible that these developments at Autodesk will require governance changes. The level of change that is necessary will not depend on the company’s acts, but rather the level of involvement. Starboard does not know yet whether this situation can be rectified with a few board seats or a total board and management overhaul, but that will become clearer as more facts as to accountability come out. From our perspective, the company’s response with respect to penalizing management and notifying and working with shareholders does not bode well for the “minor change” scenario. The governance issue is paramount here and must be addressed before Starboard can make any real economic changes directly enhancing shareholder value.

Once that is resolved, a reconstituted board and management team to the extent necessary can focus on improving operating margins and trading multiples. Improving margins by 1,000 basis points by itself could greatly increase shareholder value, but applying a bigger multiple to that will have an exponential effect. Presently, Autodesk trades at an EV/CY2025E earnings before interest, taxes, depreciation and amortization multiple of 19.4x versus some peers above 30x and a peer average of 23.5x. A good argument can be made that a market leader like Autodesk should trade at a higher-than-average multiple, but just getting to the peer average would be very meaningful for shareholders. This happens when shareholders have more confidence in the governance of the company – when the board offers more transparency, oversight and accountability – and when management hits its targets as opposed to missing and lowering them.

Whether that happens will depend on several things. Starboard’s loss in the Delaware Court takes the quick scenario off of the table. While there is a proposal on the proxy this year that would allow 25% of shareholders to call a special meeting, even if that is approved, the company can drag its feet on implementation so it would not really be useful prior to the next annual meeting. This might come down to how hard the board wants to dig in and how convincing Starboard and other shareholders can be. Otherwise, it will have to wait until 2025. The good news is that Starboard is an activist with the patience and conviction to wait until 2025. If it comes to that, the company’s chances of winning would go down dramatically.

One final note: This is not the first time Autodesk has been engaged by an activist. Sachem Head had an activist campaign here between November 2015 and June 2017, and ultimately settled for three board seats and the appointment of a new CEO, Andrew Anagnost, who is currently at Autodesk’s helm. It should be noted that one of the director designees pursuant to Sachem Head’s agreement was Rick Hill, who has a very interesting relationship with Starboard. He was the chairman of Tessera when Starboard waged a proxy fight there. At the time, he fought the firm tooth and nail and was its most vocal opponent. Starboard ultimately replaced a majority of the board with Hill staying on and eventually becoming the firm’s biggest supporter. Since then, he has served as its director designee at both Marvell Technology and Symantec. He no longer serves on the board of Autodesk, but he could certainly be an informal advisor to Starboard – or a cautionary tale for Autodesk.

Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.

Late last year, 33-year-old Justin Ruka of Orlando met a flight attendant at a gay bar. About a month later, Ruka saw a familiar face coming down the aisle during an Alaska Airlines flight to San Francisco. 

The flight attendant needed only one guess to know what Ruka was drinking. In a flash, Ruka’s tray had two tiny bottles of Tito’s vodka, a can of seltzer water and a lime flavoring packet. Voila: vodka soda.

“It’s kind of cliche,” Ruka said of his drink, but “it was a really nice way to kick off that trip.”

The combination of soda water and vodka has long been a fixture of boozy LGBTQ+ life, particularly among gay men. Over time, it has become a cultural touchpoint and somewhat of an inside joke within the community.

The so-called “gay water” has created business opportunities for entrepreneurs ranging from local bar owners to canned cocktail makers.

Multiple gay-identifying men told CNBC that the drink is their go-to because it’s low in sugar and calories. It can also lead to less of a hangover compared with alternatives, such as tequila or gin, they said. Some add a lime wedge or a splash of cranberry juice to their vodka soda for extra flavor.

There’s little recent data on LGBTQ+ consumers and specific alcohol preferences, despite some showing a higher propensity to spend in the category as a whole. But anecdotal evidence or a peek inside a gay bar prove the drink’s unique popularity.

“It’s something that you see everywhere,” said Lucas Hilderbrand, a film and media studies professor at the University of California, Irvine. He documented gay drinking establishments across the country in his 2023 book “The Bars Are Ours.”

Just look at the listing for “gay water” in the online Urban Dictionary, which explains slang. It names vodka soda with a lemon or lime on the side, calling the concoction a queer man’s “perfect gateway to a good buzz and a small waistline.”

The libation has been the subject of countless memes and jokes on social media platforms such as Instagram and X. One of those came from Houston-based lawyer Jeff Watters, who called the vodka soda the “gay water” of the nighttime in a post on X. Its daytime counterpart, he said, is Diet Coke.

Some of the lore centers around the notoriously heavy pours from bartenders at gay establishments. Watters said that during a recent Pride Month event hosted at a typically “straight” venue, a friend remarked that Watters’ vodka soda might be stronger at an LGBTQ+ bar.

The club soda in the drink, Hilderbrand said, is a successor to tonic water, which was popular in these establishments before 2000. More broadly, he said, sparkling water has long been associated with the gay community: In the 1980s cult classic “Heathers,” for example, a bottle of mineral water is left as a clue to persuade police that two dead football players were lovers.

Vodka, meanwhile, has always been a spirit of choice for the community, Hilderbrand said. This can be tied in part to decadeslong efforts by vodka producers to market directly to LGBTQ+ consumers, he said.

‘Bread and butter’ — spiked edition

At Henry’s Upstairs in Lawrence, Kansas, a cocktail version of the drink, called Gay Ice Water, is far and away its best seller.

For $9, customers get a combination of lemongrass vodka, chamomile tea-infused vermouth, sherry wine, elderflower and key lime acid. The drink is premixed in a keg, then poured over ice and topped with a homemade tonic water.

“We wanted to take the vodka soda and elevate it,” said owner Mary Holt. “People just fell in love with it.”

Her team was aware of the gay water moniker when they named the drink, but there was an advocacy angle they also felt was important. When Holt takes Gay Ice Water kegs to external events, she said, its name requires Kansans to acknowledge queer people at a time when LGBTQ+ rights have increasingly become a political football.

In other words, Holt said, people have to “say gay.”

More than 1,000 miles away, the vodka soda is the most popular mixture in well-known New York City gay bars co-owned by Eric Einstein, including Pieces and Playhouse. The drink accounts for around 3 of every 10 orders, he said.

“It’s really our bread and butter,” Einstein said. “It’s just so commonplace. It’s sort of like asking for a pack of gum at a bodega.”

Einstein said this affinity for club soda has a business benefit, too. When a customer orders just soda water along with alcohol, the bar saves money, since no flavoring syrup is used for the mixer.

For Brendan Oudekerk, vodka soda is a simple and universally liked refreshment to choose when buying for several friends at once. He said bartenders at the LGBTQ+ venues he frequents in Washington, D.C., know his “Rose Kennedy” order. Named after the political family’s matriarch, the drink refers to a classic vodka soda with a splash of cranberry juice.

“I’d be a bartender at a gay bar, and I would just make the vodka sodas ready to go, because that’s all people want,” the 34-year-old financial analyst said. “It sounds so basic, but it’s true.”

Canned cocktails to candles

Knowing the vodka soda’s popularity within their community, LGBTQ+ entrepreneurs have formulated the drink into canned cocktails, a beverage type gaining favor.

World of Wonder, the production company behind competition show “RuPaul’s Drag Race,” launched a “vodka soda citrus” canned cocktail earlier this year. It was one of several released in tandem with the 16th season of the Emmy Award-winning reality program, in which drag queens compete against each other.

“People call it the gay Super Bowl,” said Tom Campbell, head of development for World of Wonder and executive producer of the show.

The company’s House of Love arm offered samples at viewing parties for the show around the country. That kicked off a market-by-market strategy, where the team builds a retail presence in communities with gay bars already hosting these types of events, according to Campbell.

But there’s opportunity beyond just geographic locations with bustling gay life, he said. The growing prevalence of drag brunches in communities that haven’t typically been deemed queer havens around the country create new entry points. And contestants on the show serve as “built in” influencers for the product, which can also be purchased online, he said.

Campbell said non-LGBTQ+ consumers often follow the community’s trends, whether they realize it or not. This can mean a brand or drink that’s currently preferred by this group can garner a wider appeal down the road.

“Queer culture is pop culture, and pop culture is queer culture,” he said. “Our show is kind of on the cutting edge of what people are thinking, saying, wearing, doing and drinking.”

Retail is also central to the business for Gay Water, a startup offering canned cocktail variations of vodka soda. While founder Spencer Hoddeson acknowledged that the name may not ring a bell for those outside the LGBTQ+ community, he said it is important to “create conversations” in aisles through an unabashedly queer brand.

“As a community, a big topic has always been representation in media,” Hoddeson said. “But what about representation in your grocery store or your liquor store — spaces that people frequent physically?”

Since founding the brand in July, Hoddeson has placed the product on shelves of retail chains Total Wine & More and BevMo. Gay Water can also be delivered within the New York City area through Gopuff or shipped to most states.

Hoddeson said he’s run into challenges courting investors who see the LGBTQ+ consumer as a “question mark.” His brand came into existence shortly after the meltdown around Bud Light‘s relationship with a transgender influencer rattled the alcohol and marketing industries.

But he said the business has also felt a “halo effect” from being an openly queer-run brand. One way that materializes: Allies will show their solidarity by purchasing the product, given its connection to the community.

Other brands are jumping on the canned vodka soda trend, including Kylie Jenner’s Sprinter line and Boston Beer‘s Truly brand. But Hoddeson said he’s hopeful shoppers will opt for items that have socially minded missions behind them. For Gay Water, he said, that currently takes the form of product donations to fundraisers associated with LGBTQ+ causes. Neither Sprinter nor Boston Beer responded to CNBC’s requests for comment.

Both the House of Love and Gay Water products have 4% alcohol content. The former’s vodka soda citrus is 100 calories per can, while Gay Water contains 80.

Drink makers aren’t the only businesses focused on the LGBTQ+ community that are capitalizing on the beverage’s cultural cachet. The Gay Bar Shop, a specialty retailer, sells an 11-ounce, $49 candle that smells like a vodka soda with a lime garnish.

The product’s listing showers its inspiration with praise: “Instead of paying $12 at a crowded bar, light up this candle to reminisce in the scent of the greatest drink ever created.”

Here, queer and drinking beer

Despite all the fanfare, a dislike for the vodka soda’s taste is enough to push people such as Victor Tran away from the pack.

The 24-year-old Virginia resident said he’s open to many types of beverages. He starts a typical night out with a mixture of sugar-free Red Bull and vodka, he said. Later on, he’ll turn to beer.

“I can see why it’s kind of seen as ‘manly,’ because it’s like a frat drink,” Tran said. “We need to make beer fun and girly, too.”

Disclosure: Gay Water founder Spencer Hoddeson is a former employee of NBCUniversal, which owns CNBC.

Alaska Airlines‘ flight attendants union said Friday that it reached a “record” tentative labor deal with the carrier, ending a drought of new contracts for cabin crews that have clamored for pay raises for years.

The details of the deal, struck under federal mediation, weren’t immediately made public. It will be reviewed by union leadership and then voted on by rank and file members, the Association of Flight Attendants said.

“With our combined efforts, we’ve been able to reach an agreement that provides quality of life and continued career growth at Alaska,” the airline said in a statement. 

A day earlier, American Airlines‘ flight attendants union said talks had broken down for a new contract, and that its members should prepare for a possible strike. However, a company spokeswoman said the two sides had made “good progress in negotiations this week, adding even more to the industry-leading proposal we’ve had on the table for months.”

United Airlines is also negotiating a new contract with its flight attendants union.

Strikes in the U.S. airline industry are extremely rare. If a deal cannot be reached, there could be a 30-day cooling-off period before a possible work stoppage.

Along with the five emotions featured in the first installment of the Pixar movie — joy, sadness, anger, fear, disgust — creators added four new feelings that are meant to represent the adolescent experience.

Three of them you’ve probably heard of: anxiety, envy, embarrassment. The fourth, called ennui, is perhaps a little less familiar. Animated as a moody, purple being with bangs, it is the feeling of being both tired and bored.

Lisa Damour, a psychologist who worked on “Inside Out 2,” says ennui is a coping mechanism for teens.

“It is true that one of the ways that teenagers manage the unrelenting intensity of the emotional experience of being a teenager is they find ways to disengage totally, to decide things are too ‘basic’ to be worthy of their consideration,” Damour says.

While this emotion is more consuming as a teenager, it can play a role in the lives of young adults who are transitioning from school into the workforce.

Your first job can feel like ‘a letdown’

Viral TikToks of twenty-somethings upset they have to work everyday have been met with both judgment and empathy. The feeling of being disappointed by your first job, though, isn’t new.

“It’s long been the case that one’s first job, especially if one is very limited in one’s options, can feel like a bit of a letdown,” Damour says.

Some might feel like their school work was more challenging or rewarding than their internship.

“A lot of young people’s early career days can feel quite tedious and they can feel trapped in a job,” she says. “I have definitely seen young adults struggle with the transition from a more engaging time in life in college to what can feel like a much less gratifying professional life or early phase in one’s career.”

What Damour hopes “Inside Out 2” communicates is that it’s natural to feel unenthused about some of life’s less stimulating experiences.

“There are aspects in early career work that are quite boring and I think the lesson of ‘Inside Out’ is this is a normal emotion,” she says. “And just because it’s uncomfortable doesn’t mean it’s pathological.”

Your summer internship after college probably won’t be the most exciting part of your career, and that’s OK.

Like other emotions associated teens, Ennui is often softened by time.

“One of the things that comes with age is perspective and coming to terms with one’s choices and ones options and also learning to derive satisfaction from one’s life, even if that means starting to really savor what are everyday pleasures,” she says.

Your first job is being weighed against nothing in terms of satisfaction. But, as you get older you are better able to identify which experiences are truly terrible, and which are just a little boring.

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In 1994, Affleck had found himself without a place to live after breaking up with a girlfriend he recently moved in with. His first call was to Damon, who was living with another roommate at the time. The pair invited Affleck to come stay with them.

“I was sleeping on a Naugahyde couch,” he explained in an appearance this week on Peacock’s “Hart to Heart“. “It was three of us in this two-bedroom little thing.”

While he was crashing on Damon’s couch, Hollywood began showing interest in the script they had written together. “It turned into this crazy, surreal thing,” he said of the bidding war for their screenplay.

Suddenly finding themselves with leverage, Affleck and Damon’s agent was able to push studios to commit to allowing them to appear in the film.

“When we finally sold it, we sold the script for $650,000,” he said. “We split it, $325,000 each.”

With money in the bank, Affleck and Damon were ready to splurge.

“Me and him both bought new Jeep Grand Cherokees,” he said. “Right away. First check, it was ‘When can I get my Jeep?'”

“We had to flip for colors, because we both wanted black,” he added. “One of us had to get green.”

Buying the $55,000 Jeep even came ahead of finding Affleck a bedroom of his own.

“I had the car before I got off the couch,” he said.

With their cars settled, Affleck and Damon set about finding a home with more bedrooms. The duo had no credit, but Affleck said they succeeded in securing a lease by showing their prospective landlord an issue of Variety announcing the sale of their script. They settled on a “kind of janky party house” near the Hollywood Bowl.

“At the time I thought it was the s—,” he said. “All our friends from home moved out. We had seven, eight people living in there. Between the Cherokee and the rent and taxes, I was broke in eight months.”

Of course, their finances took a turn for the better after ‘Good Will Hunting’ won them the Oscar for Best Original Screenplay at the 70th Academy Awards.

They’ve since done well for themselves. As recently as 2020, Ben Affleck was earning as much as $55 million in a year, according to Forbes data.

Damon, meanwhile, has earned enough during his career that he was able to purchase Brooklyn’s most expensive home.

Disclosure: Comcast is the parent company of NBCUniversal, Peacock and CNBC.

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Eli Lilly on Friday said it applied for U.S. approval of its weight loss drug Zepbound for the treatment of the most common sleep-related breathing disorder and expects regulators to make a decision as early as the end of the year.

If cleared by the Food and Drug Administration, the company plans to launch Zepbound for so-called obstructive sleep apnea “as quickly as we can” at the beginning of 2025, Patrik Jonsson, president of Eli Lilly diabetes and obesity, said in an interview.

Also on Friday, the company released additional data from two late-stage trials showing that Zepbound helped resolve obstructive sleep apnea, or OSA, in almost half of patients. Eli Lilly presented the new data from the trials at the American Diabetes Association’s 84th Scientific Sessions in Orlando, Florida, on Friday.

“We’re super excited. … I think it actually went beyond what most external experts were hoping for,” Jonsson said of the new data demonstrating that Zepbound can help resolve the disorder in some patients.

It adds to growing evidence that there could be further health benefits tied to a class of weight loss and diabetes treatments that have soared in popularity and slipped into shortages in the U.S. over the past year. The data also paves the way for Eli Lilly to gain broader insurance coverage for Zepbound, which, like other weight loss drugs, is not covered by many insurance plans.

The pharmaceutical giant in April released initial results from the two studies, which showed that Zepbound was more effective than a placebo at reducing the severity of OSA in patients with obesity after a year. 

OSA refers to interrupted breathing during sleep due to narrowed or blocked airways. An estimated 80 million patients in the U.S. experience the disease, Eli Lilly said in a press release. Around 20 million of those people have moderate-to-severe forms of the disease, but 85% of OSA cases go undiagnosed, according to Jonsson. 

OSA can lead to loud snoring and excessive daytime sleepiness, as well as contribute to serious complications, including stroke and heart failure. Patients with the condition have limited treatment options outside of wearing masks hooked up to cumbersome machines while sleeping that provide positive airway pressure, or PAP, to allow for normal breathing.

The first study examined the weekly injection in adults with moderate-to-severe OSA and obesity who were not on PAP therapy. The second trial tested Zepbound in adults with the same conditions, but those patients were on and planned on continuing PAP therapy. 

The new results showed that 43% of people in the first study and 51.5% of patients in the second trial who took the highest dose of Zepbound achieved “disease resolution,” according to a release. That compares with 14.9% and 13.6% of patients who took a placebo in the two trials, respectively. 

“This has huge impacts on patients’ lives,” Leonard Glass, senior vice president of medical affairs at Eli Lilly, diabetes and obesity, told CNBC. “Imagine not having to use a PAP machine, or not having to worry about waking up again in the middle of the night, or for your partners — not having to live with somebody with this condition.”

Researchers came to those conclusions by examining a so-called apnea-hypopnea index, or AHI, which records the number of times per hour a person’s breathing shows a restricted or completely blocked airway. The index is used to evaluate the severity of obstructive sleep apnea and the effectiveness of treatments for the condition. 

Disease resolution for OSA is defined as a patient having fewer than five AHI events per hour, according to Eli Lilly. It is also defined as a person having five to 14 AHI events per hour and scoring a certain number on a standard survey designed to measure excessive daytime sleepiness, the company said. 

Among other new data, the company said 62.3% of patients in the first trial who took Zepbound saw a greater than 50% reduction in AHI events, compared with 19.2% of those on placebo. Meanwhile, 74.3% of people in the second study who took Eli Lilly’s drug saw a more than 50% reduction in AHI, compared with 22.9% of participants who received a placebo.

Eli Lilly on Friday reiterated that Zepbound met the main goal of the trial, which was reducing AHI events. 

Zepbound led to an average of 27.4 fewer AHI events per hour at 52 weeks in people who were not on PAP machines. That compares to an average reduction of 4.8 events per hour for those who received a placebo in the first trial. 

The drug also led to an average of 30.4 fewer AHI events per hour at 52 weeks in patients who were on PAP machines, compared with an average reduction of six events per hour for people on the placebo in the second study.

Eli Lilly previously announced that the FDA granted Zepbound “fast track designation” for patients with moderate-to-severe OSA and obesity. The designation ensures that drugs intended to both treat a serious or life-threatening condition and fill an unmet medical need get reviewed more quickly.

Tesla’s hefty downsizing since 2023 has reduced its global head count to just over 121,000 people, including temporary workers, internal records suggest, indicating that the automaker has slashed more than 14% of its workforce so far this year.

The latest figure is not from precise payroll data, but from the number of people who are on Tesla’s “everybody” email distribution list as of June 17, a tally viewed by CNBC.

Tesla CEO Elon Musk sent an email to “everybody” that day. He told employees, “Over the next few weeks, Tesla will be doing a comprehensive review to provide stock options grants for exceptional performance.” He added that options grants will also be awarded to “anyone who does something outstanding for the company.” Tesla’s plan to reinstitute options grants, after previously pausing performance-based equity awards, was reported first by Reuters.

Tesla’s layoffs announcement landed in April, when Musk sent out a companywide email telling employees that the automaker would be cutting more than 10% of its staff. Layoffs at that point were already underway.

Bloomberg reported that Musk was aiming for a 20% staff cut. Musk indicated that the number could be even bigger. On the company’s first-quarter earnings call later in April, he said Tesla had reached an inefficiency level of 25% to 30% after “a long period of prosperity” that began in 2019.

“We’ve made some corrections along the way,” Musk said on the call. “But it is time to reorganize the company for the next phase of growth.”

In a filing for the fourth quarter, Tesla said its employee head count worldwide at the end of December was 140,473, a number that represents salaried and hourly staffers. The “everybody” email list includes temporary workers. At around 121,000, that suggests Tesla has reduced overall headcount by at least 14% since the end of 2023.

Tesla didn’t immediately respond to a request for comment.

In at least one instance, Musk’s head-count reductions went too far. Tesla dismantled its Supercharging team, which consisted of hundreds of employees, including its leader, Rebecca Tinucci. The company later hired some of those people back, according to posts on LinkedIn.

The broader cuts coincide with a slippage in sales at Tesla as the company reckons with an aging lineup of electric vehicles and increased competition in China as well as brand deterioration that a recent survey attributed partly to Musk’s “antics” and “political rants.” For the first quarter, Tesla reported a 9% drop in annual revenue, the biggest decline since 2012.

Across the auto industry, EV sales growth slowed this year after two years of rapid expansion. The slide was particularly acute for Tesla, whose Model Y was the top-selling car worldwide in 2023.

A Tesla employee, who asked not to be named in order to discuss sensitive internal issues, told CNBC that some factory workers are fearful more layoffs could follow in July, depending on second-quarter results.

A production and deliveries report for the second quarter is expected from Tesla during the first week of July.

Musk has promised investors the company will soon publish a new “Master Plan,” which would be his fourth, and that Tesla will reveal its design for a “dedicated robotaxi” on Aug. 8.

Tesla shares were little changed on Friday at $181.71. The stock is down 27% this year, while the Nasdaq is up 18%.

WATCH: Tesla shareholder vote positive sign for the stock

That’s according to Bronnie Ware, author of the 2011 book “The Top Five Regrets of the Dying.” The native Australian spent eight years as a hospice worker, taking care of people with serious illness that often turned fatal.

After developing close relationships with many of her patients, she noticed that they often wished they’d made more decisions for themselves, instead of trying to please the people around them.

“When people realise [sic] that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled,” Ware wrote in a blog post. “Most people had not honoured [sic] even a half of their dreams and had to die knowing that it was due to choices they had made, or not made.”

Here’s how you can get ahead of that regret earlier in life, according to Ware.

‘Your life’s work is to find your life’s work’

The concept of “living authentically” might sound easy — but it’s hard if you don’t really know what you want in life, or you aren’t fully comfortable in your own skin, Ware told the “Happy Place” podcast last year.

“There’s a lot of pressure on having to find out what you want to do. But a quote from [the] Buddha that I have always loved is: Your life’s work is to find your life’s work,” she said.

You can start by writing out your day-to-day activities and rating them on a scale of one to 10, based on importance and how much satisfaction they give you, advises Rainer Strack, senior partner emeritus at Boston Consulting Group.

The exercise gives you a better sense of what you’re passionate about and what you spend the most time doing, Strack told CNBC Make It in January. You may find that you aren’t spending enough time doing something you love, or you’re dedicating a lot of time and energy to a career that’s draining you.

“A great life has to be defined personally, you can’t just take a framework and say, ‘This is a great life,”‘ said Strack.

Give yourself permission to ‘slow down’

It’s easy to panic if you don’t have your life figured out in your 20s, 30s or beyond. But discovering your passions is a marathon, not a sprint, Ware said.

“For some people it can take a lifetime to find out what you’re really here to do,” she said. “But I think it’s about giving yourself permission to slow down enough to tune in to yourself and that takes a lot of courage.”

Plenty of highly successful people have taken lengthy career paths. Debra Lee spent years as a lawyer, because her father wanted her to, before forcing her way into a career at TV network BET, she told LinkedIn’s “The Path” video series in February. Lee eventually became the network’s CEO, helping grow the then-upstart into a household name.

“Permission from yourself is needed just to say, ‘I know I’ve got all these responsibilities, but this is really important to me. And if I can honor myself more, I’m going to show up better for everyone whose space I hold,'” Ware said.

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Recent graduates will also have to choose where to start their post-collegiate journey. A new study from Zumper analyzed the top 100 U.S. cities using seven key metrics to determine the best place for new college grads:

1. Median 1-bedroom rent from Zumper.com
2. Population of 18-34-year-olds (for highest concentration of ‘young people’) from American Community Survey 2019
3. Population of 25-year-olds with Bachelor’s degrees from American Community Survey 2020
4. Median income of 25-year-olds and younger from American Community Survey 2020
5. Non-married population from American Community Survey 2020
6. Restaurants per 100 thousand people from OpenStreetMap API
7. Unemployment rate from American Community Survey 2020

Each city received a ranking and a weighted score for each metric from A to F or 1-100.

The Zumper study found that San Francisco, offered the highest earning potential for new grads, while Laredo, Texas, ranked as the worst overall city for recent college grads.

Laredo, Texas, ranked in the bottom spot despite scoring well in median rent prices and unemployment rate because the overall median income, volume of restaurants, and young people with a bachelor’s degree weren’t enough.

One major city that didn’t make Zumper’s top 10 is New York City. It landed in the No. 26 spot thanks to low scores in the median 1-bedroom rent. It did score well, though, in the metric of the population for 18-34 years and the population of 25-year-olds with Bachelor’s degrees.

New York City also had the No. 1 highest concentration of young people, with Los Angeles ranking at No. 2.

The No. 1 city for new college grads: Minneapolis, MN

Minneapolis is the best city for new college graduates, according to Zumper’s report.

“The Twin Cities is a desirable location for emerging leaders to enter the workforce while maintaining a lower cost of living,” the report states.

The city received “B’s” for affordable rent and median income and an “A” for low unemployment rate. Minneapolis also received an “A” for restaurants per capita.

The Minneapolis-St. Paul metro area is richer by median household income than New York, Chicago, and Los Angeles, according to The Atlantic.

Among residents under 35, Minneapolis and the Twin Cities area placed in the top 10 for highest college-graduation rate, highest median earnings, and lowest poverty rate, according to a 2023 Neighbor.com report.

The Minneapolis-St. Paul area is also home to the headquarters of over a dozen Fortune 500 companies, including Target and General Mills.

10 best cities for new college graduates

1. Minneapolis, Minn.
2. Denver, Colo.
3. Seattle, Wash.
4. Columbus, Ohio
5. San Francisco, Calif.
6. Phoenix, Ariz.
7. Raleigh, N.C.
8. Washington, D.C.
9. Atlanta, Ga.
10. Oklahoma City, Okla.

Denver is the second-best city for the class of 2024.

The Western city received “A” grades for low unemployment and high median earnings of 25-year-olds and younger.

Denver also received high marks for restaurants per capita. It scored lowest for the median rent price for 1-bedroom apartments, with an average rent of $1,740.

The Denver-Boulder metro region in Colorado has seen a rise in its technology industry since companies started leaving Silicon Valley after the covid-19 pandemic.

The city is home to startups, and tech giants like Google, Salesforce, and Amazon have major presences there now.

CNBC’s Cities of Success reports that over the last five years, about $17 billion in VC funding has poured into the area, according to research firm CB Insights.

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Apple said Friday it won’t release three recently announced features, including its flagship “Apple Intelligence” AI product, in the European Union in 2024 due to “regulatory uncertainties” stemming from the bloc’s Digital Markets Act antitrust regulation.

Apple said in a statement that the features — Apple Intelligence, iPhone Mirroring, and enhancements to its SharePlay screen-sharing product — won’t be available to EU customers due to Apple’s belief “that the interoperability requirements of the DMA could force us to compromise the integrity of our products in ways that risk user privacy and data security.”

The EU passed the DMA in 2023, spurred by concerns that a handful of major technology companies such as Amazon, Apple, Alphabet, Meta, Microsoft and TikTok parent ByteDance were acting as “gatekeepers” in preventing smaller firms from competing. Among other things, DMA requires that basic functionalities work across competing devices and ecosystems.

The interoperability requirements apply to iPhones and iPads. But Macs are affected by the DMA because iPhone Mirroring allows users to replicate the screen of an iPhone on the screen of a Mac.

The loss of the company’s AI product could be a disappointment to consumers. Apple Intelligence can proofread writing or even rewrite it in a friendly or professional tone. It can create custom emoji called Genmoji, search through an iPhone for specific messages from someone, summarize and transcribe phone calls and show priority notifications. The company also announced a partnership with OpenAI and a roadmap to other models being added to the platform.

Apple shares were largely flat on the news. Apple saw 2023 net sales of $94.3 billion in Europe, just under a quarter of its worldwide net sales. Apple Intelligence also won’t be available in Greater China, which accounted for $72.6 billion of its 2023 sales.

The company said it will work with the European Union “in an attempt to find a solution that would enable us to deliver these features to our EU customers without compromising their safety.”

Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders.

The Federal Reserve and the Federal Deposit Insurance Corp. said the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America filed in 2023 were inadequate.

Regulators found fault with the way each of the banks planned to unwind their massive derivatives portfolios. Derivatives are Wall Street contracts tied to stocks, bonds, currencies or interest rates.

For example, when asked to quickly test Citigroup’s ability to unwind its contracts using different inputs than those chosen by the bank, the firm came up short, according to the regulators. That part of the exercise appears to have snared all the banks that struggled with the exam.

“An assessment of the covered company’s capability to unwind its derivatives portfolio under conditions that differ from those specified in the 2023 plan revealed that the firm’s capabilities have material limitations,” regulators said of Citigroup.

The living wills are a key regulatory exercise mandated in the aftermath of the 2008 global financial crisis. Every other year, the largest US. banks must submit their plans to credibly unwind themselves in the event of catastrophe. Banks with weaknesses have to address them in the next wave of living will submissions due in 2025.

While JPMorgan, Goldman and Bank of America’s plans were each deemed to have a “shortcoming” by both regulators, Citigroup was considered by the FDIC to have a more serious “deficiency,” meaning the plan wouldn’t allow for an orderly resolution under U.S. bankruptcy code.

Since the Fed didn’t concur with the FDIC on its assessment of Citigroup, the bank did receive the less-serious “shortcoming” grade.

“We are fully committed to addressing the issues identified by our regulators,” New York-based Citigroup said in a statement.

“While we’ve made substantial progress on our transformation, we’ve acknowledged that we have had to accelerate our work in certain areas,” the bank said. “More broadly, we continue to have confidence that Citi could be resolved without an adverse systemic impact or the need for taxpayer funds.”

JPMorgan, Goldman and Bank of America declined a request to comment from CNBC.

The U.S. Department of Education may extend the eligibility of a popular student loan forgiveness program to early childhood educators.

The agency on Thursday announced that it was issuing a request for information on potentially broadening the Public Service Loan Forgiveness program to include workers in early childhood education settings, many of whom report low wages.

“Early childhood educators help young children learn, grow, and thrive,” said U.S. Under Secretary of Education James Kvaal in a statement.

“But they are often poorly compensated, and student debt is a problem,” Kvaal added. “If these educators can access Public Service Loan Forgiveness, we can help our youngest children, their families, and their communities.”

The PSLF program, signed into law by President George W. Bush in 2007, allows certain not-for-profit and government employees to have their federal student loans canceled after 10 years of on-time payments. Including early childhood educators would likely expand the reach of the program to at least some for-profit employers.

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The change could make more than 450,000 additional workers eligible for the debt relief if they have student loans, the Education Department said.

The benefit would likely be retroactive in effect, said higher education expert Mark Kantrowitz.

That means some workers may be able to get their debt cleared before 10 years, depending on how long they’ve been in the line of work.

The Education Department is inviting researchers, academics, policy experts, administrators and other individuals familiar with early childhood educators to provide comments on how it may determine people’s eligibility and implement the change. The comment period will close on July 22.

Wall Street’s climb to record highs has come with conspicuously little volatility.

The S&P 500 has gone 377 days without a 2.05% sell-off. That’s the longest stretch for the benchmark since the great financial crisis, according to FactSet data compiled by CNBC. The index hasn’t experienced a gain of at least 2.15% in that time either.

This market lull comes as investors pile into megacap tech stocks, such as Nvidia, amid bets that artificial intelligence will boost profits. Year to date, the S&P 500 is up more than 14%. Expectations of Federal Reserve rate cuts have also buoyed the broad market index in 2024 as new data shows inflation moving closer to the central bank’s 2% goal.

“At a high level, the clouds of macro uncertainty have parted over the last 12 months as receding inflation provided much-needed clarity into the future path of monetary policy,” said Adam Turnquist, chief technical strategist at LPL Financial. “The changing narrative from rate hikes to rate cuts and recessions to economic resilience helped drag the VIX down to multiyear lows, ultimately shifting the backdrop for stocks to a low volatility from high volatility regime.”

Many investors consider the CBOE Volatility Index (VIX) the de facto fear gauge on the Street. Last month, it hit its lowest level going back to November 2020. On Friday, it traded around 13, near historically low levels.

“[T]he low VIX reflects the options market’s complacency, with VIX at a three-year low,” said Joseph Cusick, senior vice president and portfolio specialist at Calamos Investments. “This makes sense since institutions have been actively hedging; there is no urgency to sell underlying with these insurance products in place.”

It’s unclear how long this low-volatility period will last.

In 2017, the S&P 500 recorded just eight daily moves of more than 1%, while the VIX fell to historic lows below 9. The following year, however, volatility came back into the market, and the VIX surged above 50 before easing.

As she prepares for her third Olympic Games this summer, the 30-year-old fencer still isn’t sure how to answer the question. 

“I almost don’t know,” says Holmes, who spoke with CNBC Make It while promoting her partnership with the fitness coaching app Future. “I just closed my eyes and did it.” 

Holmes, who also graduated magna cum laude from Princeton with a degree in neuroscience, had a schedule that was packed to the brim. A normal day might see her in the anatomy lab dissecting a cadaver, followed by some time in the hospital and then, finally, fencing practice. 

On weekends when she was competing, Holmes would go to the airport straight from her Friday classes and take an overnight flight to a destination like Qatar where she’d arrive on Saturday morning for her Sunday competition.

“I wasn’t sleeping on the plane, I was studying. I’d go compete, study between each of my bouts, go right from the competition to the airport, fly back and go right from the airport to class,” she says. “It was awful, really.”

But Holmes says she pushed forward because her goals were clear: she wanted to make the 2024 Olympic team and she wanted to be a doctor. So when things got difficult, she took them one at at time. 

“I was really taking it day by day, moment by moment,” she says. “I was trying not to think much beyond that, because then it became really overwhelming.”

Holmes sat down with CNBC Make It ahead of her trip to Paris 2024 to talk about learning to deal with burnout, the perks of a paper planner and how she “would not recommend” being in medical school while training for the Olympics.

How she learned to handle burnout

I don’t think it’s possible to avoid burnout, but I’ve gotten much better at recognizing the earliest signs. 

When I was going through my first Olympic cycle [in 2016], I definitely got burnt out. I was going 100% all the time. Now that I’ve been competing at this high level for 15 years, I recognize the signs. First my body kind of starts to hurt a little bit more. Then I don’t sleep as well. Then anhedonia, you have a little harder time finding pleasure in things. 

I recognize those a bit earlier and I say “Oh, okay, I’m pushing a bit too hard.” I’m better at knowing what I need to do in order to refresh myself or combat that. Sometimes I need to take a week off. I never take a week off of training, but maybe I need to take a week off of fencing, specifically. Maybe I need to do other types of cross training. Maybe it’s as simple as needing to go out with friends for a night. 

I’m much better at being able to address it earlier. It’s much easier to be like “I need to pull back a little bit to prevent myself from burning out” than to get to the point where you’re like “I don’t want to do this anymore.” That’s really hard to come back from. 

The benefits of keeping a physical planner

I think one advantage of having competed on the international circuit since I was 15 is I’ve been learning how to manage all these things for a really long time. 

I remember in high school they gave us these school planners and made us write down all of our homework and stuff. I actually still buy a paper planner every year and I write everything I need to do for the week in there. I sit down and I write every single due date as far into the future as I can. When I’m done, I cross it off and I know I don’t have to deal with it.

I’m a big fan of lists, calendars and schedules, color coded. [In school] I would sit down at the beginning of every week, write it all down, highlight the stuff, and then I would just go. 

Why the challenges of the Olympics and med school are worthwhile

It’s not fun training for the Olympics while being in medical school. It’s objectively not an enjoyable experience. I would not recommend it, really, to anybody. I don’t like training all the time. Some days I hate it, objectively. 

However, at the end of the day, I love fencing. I really, really do. I just try to come back to that again and again. I want to win an Olympic medal, but I don’t think that alone would have been enough to get me through it. 

It’s the same with medical school. I really love being in the hospital and dealing with patients. The coursework sucks. I think for the majority of people, nobody’s going to be like “I love medical school lectures!” They’re boring, they’re confusing, the tests are long. It’s an arduous process. But I know that it’s to get me to where I want to go. I’m really fortunate to not only have found one thing that I feel like that about, but two.

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The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon.

Enacted to support small businesses during the Covid-19 pandemic, the employee retention credit, or ERC, is worth thousands of dollars per eligible employee. However, the agency stopped processing new filings in September amid a surge of “questionable claims,” the IRS said in a news release.

The agency added that it will extend that moratorium.  

After investigating more than 1 million claims worth roughly $86 billion, the IRS said in the release that it identified 10% to 20% of the highest-risk filings, and “tens of thousands” will be rejected in the coming weeks, according to the agency. Another 60% to 70% of claims with an “unacceptable level of risk” will be further examined, the IRS said.

“We will now use this information to deny billions of dollars in clearly improper claims and begin additional work to issue payments to help taxpayers without any red flags on their claims,” IRS Commissioner Danny Werfel said in a statement.

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During the ERC review period, the agency processed 28,000 claims received before September 2023 worth $2.2 billion and disallowed more than 14,000 claims worth $1 billion, according to the release.

Overall, compliance efforts for erroneous ERC claims have topped more than $2 billion since last fall, the IRS said.

“This is one of the most complex credits the IRS has administered, and we continue to ask taxpayers for patience as we unravel this complex process,” Werfel said. “Ultimately, this period will help us protect taxpayers against improper payouts that flooded the system and get checks to those truly eligible.”

ERC withdrawal program still open

With more than 1.4 million unprocessed ERC claims and many “questionable” filings, the IRS urges taxpayers with pending ERC claims to consider the agency’s withdrawal program. 

There’s still time to withdraw a claim if you haven’t received a payment for any tax period. If you received a check but haven’t cashed or deposited it, you can use this program to return it.

If eligible, the IRS will undo the original ERC claim and no penalties or interest will apply.

“It’s a mulligan moment” because you can still fix ERC mistakes before the IRS catches them, Dean Zerbe, national managing director at Alliantgroup, previously told CNBC.

More built-for-rent single-family homes are being constructed in the U.S., according to the National Association of Home Builders, and experts say this is in part due to the housing affordability crisis.

“When mortgage rates move higher, and it’s harder to buy a home, renting becomes more of an option,” said Robert Dietz, chief economist at the NAHB.

Construction began on about 18,000 single-family, built-for-rent homes in the first quarter of 2024, a 20% jump compared with the first quarter of 2023, according to NAHB, which analyzed data from the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design.

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“People need somewhere to live, and they have a choice to make,” said Molly Boesel, principal economist at CoreLogic, a real estate data firm.

“And if they can’t find what they need in the for-sale market, they’re going to go to the rental market,” she said.

‘We are seeing this growing move’

As a share of all housing starts, single-family built-for-rent starts grew to 10% in 2023 from 5% in 2021, almost doubling in two years, according to the National Association of Realtors, which analyzed data from the Survey of Construction Data by the U.S. Census Bureau.

Single-family built-for-rent starts grew to 90,000 units in 2023, up from 81,000 units in 2022, the National Association of Realtors reported.

“We are seeing this growing move towards having built-for-rent properties in the U.S.,” said Jessica Lautz, deputy chief economist at the NAR.

The growing share of built-for-rent single-family homes is a response to demand from “people who can’t afford today’s very expensive, out-of-reach housing market,” Lautz said.

Homebuyer affordability declined in April, according to the Mortgage Bankers Association’s Purchase Applications Payment Index.

NAHB’s Dietz said builders are noticing “an expansion” among renters in their 30s and 40s.

Young adults are interested in built for rent “as a growing share who can’t afford to purchase a home today,” Lautz said.

“[They] have to turn to rental properties because there is no alternative,” Lautz added.

With the shortage of homes for sale, “potential buyers either can’t find what they’re looking for or it’s too expensive,” Boesel said.

And with mortgage rates still close to 7%, monthly mortgage payments are pretty high, she said, “keeping a lot of potential buyers in rentals.” 

“And if they’re at the stage of life where they would rather be in a single-family home, a detached single-family home is going to be the next best thing,” she said. 

Rent or buy?

The typical asking rent price for a single-family home in May was $2,262, a 4.7% increase from a year prior, according to Zillow. To compare, the rent price in a multifamily building in May was $1,896, up 2.6% in the same time frame, the real estate website found.

The national median mortgage payment applied for by purchase applicants was $2,256 in April, up $55 from March, according to the Mortgage Bankers Association. It is up $144 from one year ago, a 6.8% increase.

But keep in mind that a mortgage payment will depend on several factors, such as the size of the down payment and the interest rate.

Homeowners are also responsible for shouldering “hidden costs” that aren’t figured into a mortgage payment, such as maintenance, repairs, taxes and insurance.

As people consider their options, they need to understand what a realistic budget looks like. Also think about how long you plan to live in the home or if that house will fit your needs in the near future, Lautz said.

Find out what your true expenses and responsibilities will be as a single-family home renter. Ask the same set of questions that you would if you’d rent an apartment, Dietz said.

Also, it’s important to find out who is responsible for the upkeep of the property outside the home, such as the yard work, said Dietz. Typically, those tasks are covered by the property owner, but it can vary, he said.

Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved.

A network of eight banks held $109 million in deposits for Yotta customers as of April 11, Evolve Bank & Trust said in a bankruptcy court letter filed late Thursday.

About one month later, the ledger showed just $1.4 million in Yotta funds held at one of the banks, Evolve said. It added that neither customers nor Evolve received funds in that time period.

“These irregularities in Synapse’s ledgering of Yotta end user funds are just one example of the many discrepancies that Evolve has observed,” the bank said. “A detailed investigation of what happened to these funds, or alternatively, why the Synapse-provided ledger reflected money movement that did not actually occur, must be undertaken.”

Evolve, one of the key players in a deepening predicament that has left more than 100,000 fintech customers locked out of their bank accounts since May 11, has been attempting to piece together with other banks a record of who is owed what. Its former partner Synapse, which connected customer-facing fintech apps to FDIC-backed banks, filed for bankruptcy in April amid disputes about customer balances.

But Evolve itself was reprimanded by the Federal Reserve last week for failing to properly manage its fintech partnerships. The regulator noted that Evolve “engaged in unsafe and unsound banking practices” and forced the bank to improve oversight of its fintech program. The Fed said the enforcement action was separate from the Synapse bankruptcy.

Yotta CEO and co-founder Adam Moelis said in response to this article that Synapse has said in court filings that Evolve held nearly all Yotta customers deposits. Evolve and Synapse disagree over who holds the funds and who is responsible for the frozen accounts.

“According to the Synapse trial balance report provided on May 17, there are $112 million of customer funds held at Evolve,” Moelis said.

Evolve, which is headquartered in Memphis, Tennessee-based, had this statement late Friday:

“We believe that a meticulous forensic accounting investigation will reveal that these purported funds are not, and were not, in Evolve’s possession, contrary to Synapse’s claims,” a spokesman told CNBC. “Evolve will continue cooperating with the Trustee and other banks to perform reconciliation and determine the most appropriate path forward for any funds actually held at Evolve.”

The bank has been trying to separate itself from Synapse since late 2022 because of ledger problems it has found, the Evolve spokesman said.

Unclear timeline

Despite mounting pressure on the banks involved to unfreeze all the locked accounts, the messy records and a dearth of funds to pay for an outside forensic analysis has created uncertainty over when that will happen.

Evolve maintains that because of discrepancies in the ledgers, it is hesitant to allow payments to be made to many customers until a full reconciliation of the mismatched ledgers is complete, in particular related to a group of banks used in the Synapse brokerage program.

Synapse moved most of the fintech customer funds held at Evolve to a group of banks affiliated with its brokerage program in late 2023, Evolve has said in court filings.

Last week, the court-appointed trustee, former FDIC Chairman Jelena McWilliams, noted that a “full reconciliation to the last dollar with the Synapse ledger” may not be possible.

Even the total shortfall in funds owed to all impacted depositors isn’t known. Earlier this month, McWilliams pegged the amount at $85 million; but in subsequent reports stated that it was between $65 million and $96 million.

Pleading with regulators

Meanwhile, the disruption to thousands of fintech customers has stretched into its sixth week. Many Yotta customers contacted by CNBC said they used the service as their primary checking account, and have had their lives turned upside down by the situation.

In a letter sent Thursday, McWilliams pleaded with five U.S. regulators to get more involved in the Synapse collapse, asking for resources to help impacted customers understand where their funds are held and to aid communication with banks.

“The impact of Synapse’s bankruptcy on end-users has been devastating,” McWilliams wrote to the regulators. “Many end-users are unable to pay for basic living expenses and food. I appreciate your prompt attention to this request and respectfully request that your agencies act on it as quickly as possible.”

McWilliams is scheduled to present her latest status report in the bankruptcy case during a hearing starting 1 p.m. E.T. Friday.

She’s the mother of Dorothy Jean Tillman II, a Chicago teen who earned a doctoral degree in integrated behavioral health from Arizona State University last year. The younger Tillman was just 17 at the time, the latest in a string of academic achievements — including a bachelor’s degree at age 12 and a master’s degree in environmental science by age 14, both online.

“I look to her even as inspiration for things I do in my own day to day life,” Jimalita tells CNBC Make It.

Jimalita, a single parent who started home-schooling her daughter around the age of 7, did a lot to facilitate those accomplishments. She recognized early that her daughter possessed outsized curiosity and a zeal for learning that set her apart from many other children, she says.

Her best advice for other parents: Follow your child’s lead when they show you what interests and excites them, and let them teach you.

“Early on, what was important was allowing her to lead and teach me things, even if I knew them already,” Tillman says.

Building confidence and a thirst for learning

Kids can develop a deeper understanding of subjects, and become more personally invested, when they’re given an opportunity to teach it to someone else, research shows — whether it’s a parent or a peer.

For Jimalita, that meant showing a clear interest in the subjects that excited her daughter. She asked a lot of questions, and gave Dorothy Jean a forum to explain the concepts she was learning.

“Whatever [subject] she took interest in, I would take interest in that and allow her to teach me, which built up her own confidence and the things that she knew. And then [it left her] wanting to learn more,” Jimalita says.

Dorothy Jean breezed through home-school courses quickly, learning high school subjects by age 8. A year later, she took college-level courses online through the College of Lake County, where she earned an associate’s degree in psychology at age 10.

“Originally, she loved how the mind works and how people interact with each other,” Jimalita says. “It was really her wondering why grownups do what they do.” 

Encouraging her daughter’s instincts

Growing up, Dorothy Jean often hung out with a group of fellow home-schooled students, and Jimalita noticed early on how much her daughter enjoyed sharing what she was learning with others.

“It wasn’t just about her loving to learn, but she liked to experience and share new things with other children and other people,” says Jimalita. “Half the battle of learning new things is: Can you learn it well enough to teach it?”

Another part of the battle: social skills. Dorothy Jean’s advanced courses and busy schedule made her miss out on typical teen experiences like homecoming or spirit week. Jimalita tried to make up for it by regularly hosting Dorothy Jean’s friends for group vacations and study sessions, especially after most schools went remote during the Covid-19 pandemic, she says.

The outgoing teen recently attended her best friend’s prom, she told the New York Times last month.

Encouraging Dorothy Jean to teach her peers also helped her leadership skills flourish, Jimalita says. In 2020, Dorothy Jean launched the Dorothy Jeanius STEAM Leadership Institute, which offers educational programming in the STEM and arts subjects for Black youths in Chicago. Now that she’s finished with her doctorate, she’ll spend part of this summer teaching through that organization, her mom says.

“I want her to be able to work toward whatever she sees herself as a vision of peace,” says Jimalita. “I want her to be able to speak, share her story and impact more people … She really enjoys that.”

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The unemployment rate, which has remained low for two years, has been inching higher in the first half of the year, according to data from the Bureau of Labor Statistics.

For the first time since January 2022, the unemployment rate ticked to 4.0% last month, up from 3.9% in April. It was as low as 3.4% in April 2023.

Even though the employment rate has reached the highest it has been in a couple of years, 4% is still historically low, experts point out.

Economists say people shouldn’t be too concerned because both the number of jobs and the size of the labor force are growing. And while the year kicked off with layoffs from big names such as Google and Amazon, the trend hasn’t caught on in the broader labor market, experts said.

May’s unemployment rate was impacted heavily by people, particularly those who are between 20 and 24 years old, entering and reentering the workforce, according to Moody’s Analytics head labor economist Marisa DiNatale.

With school out for the summer, it’s typical to see a boost in teenagers, college students and recent graduates beginning their job search. 

“It’s a very volatile age group,” DiNatale said. “People are finding it more difficult to find a job when they graduate from college, but there is no evidence that there are some sort of massive layoffs going on in the economy.”

Payrolls soar, ‘no real indicator for a recession’

Meanwhile, another factor boosting confidence for economists is job growth. Nonfarm payrolls grew by 272,000 in May, BLS data shows, outperforming the Dow Jones consensus estimate of 190,000.

In addition to workforce and payroll growth, a high labor force participation among prime-age workers is reassuring, according to Stephen Juneau, U.S. economist at Bank of America. The percentage of people between 25 and 54 participating in the workforce is 83.6%. That’s the highest it has been in at least 20 years according to BLS data.

“When you look at the aggregate labor market data, there’s no real indicator for a recession,” Juneau said.

While economists say they aren’t concerned about a 4% unemployment rate on its own, they are paying attention to how fast the rate is rising. 

One way to measure this is through the “Sahm Rule,” named after economist Claudia Sahm.

The rule compares the average unemployment rate for the past three months with the lowest reported rate in the past year. If the three-month average is half a percentage point higher than the yearly low, then the unemployment rate is rising fast enough to signal the start of a recession.

Following the May jobs report, the Sahm Rule stood at 0.37. This means the unemployment rate would have to stay at 4% or higher for the next couple of reports to bring the three-month average 0.5% above the yearly low, which in this case is 3.5%.

“The Sahm Rule is a contemporary indicator that we’re in a recession,” Juneau said, “We’re not worried it’s going to cross that 0.5% next month.”

When to worry

Moody’s DiNatale said she is keeping an eye on unemployment insurance claims, which are historically low. For the week ending June 15, the BLS reported that 238,000 Americans applied for unemployment benefits. 

“If they go near or above 260,000, then it’s usually time to worry. We’re nowhere near that,” DiNatale said. “What would be more worrying is if employers were actually laying people off. We’re looking for big, sharp movements.”

As for the number of jobs added in future reports, Juneau said he wouldn’t be concerned unless it dropped below 100,000.

“Outright job losses, they can kind of come out of nowhere and the labor market tends to snowball,” Juneau said. “We don’t expect that in the next labor report, but there’s always that risk.”

The stock price of Trump Media has nearly been cut in half in the roughly three weeks since a New York jury convicted the company’s majority owner, former President Donald Trump, of criminal charges.

Shares of the company behind Truth Social, which trades on the Nasdaq Stock Market as DJT, ended Friday’s trading session at $27.66 apiece.

That’s a 46% decline from Trump Media’s $51.84-per-share price at the market close on May 30, the day Trump was found guilty of 34 felony counts of falsifying business records.

Trump Media shares closed up more than 3% on Friday, a reprieve from a weekslong slide.

It is not clear if the conviction itself contributed to that decline — though the company in regulatory filings has acknowledged that, “An adverse outcome in one or more of the ongoing legal proceedings in which President Donald J. Trump is involved could negatively impact TMTG and its Truth Social platform.”

Analysts have attributed the stock’s downward trend to Trump Media’s registration of additional shares, which was declared effective after the bell Tuesday by the Securities and Exchange Commission.

The SEC clearance allows early investors in the company to resell certain shares and exercise stock warrants, threatening to dilute the stock price.

The company has noted that it could net up to $247 million if all the warrants are exercised for cash. But Trump Media shares nevertheless plummeted as much as 17% in after-hours trading on Tuesday.

In a press release Friday afternoon, the company announced it expects to receive more than $69.4 million from the cash exercise of warrants on Thursday and Friday alone.

The stock fell more than 25% this week. Much of that drop came during volatile trading sessions Thursday, when shares tumbled nearly 15%, and on Tuesday, when shares closed nearly 10% down. The stock market was closed Wednesday for the Juneteenth holiday.

Trump Media’s stock price has whipsawed since its public debut in late March, as retail investors and short sellers bought and sold the company tied to the controversial presumptive Republican presidential nominee.

The stock in April was identified as the most expensive U.S. stock to sell short.

Sales of previously owned homes are sitting at a 30-year low and didn’t move much in May as prices hit a new record and mortgage rates remain high.

So-called existing home sales in May were essentially flat, down 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million units, according to the National Association of Realtors, or NAR. Sales fell 2.8% from May of last year.

This count of closed sales is based on contracts likely signed in March and April. The sluggish sales pace came as rates took a big leap in April.

The average rate on the popular 30-year fixed loan started the month just below 7% and then rose to just over 7.5% by mid-April, before settling back slightly in May, according to Mortgage News Daily. That rate is now right around 7%.

“Home sales refuse to recover,” said Lawrence Yun, chief economist at the NAR. “I thought we would see a recovery this spring. We are not seeing it.”

Sales were unchanged month to month in all regions except the South, where they fell 1.6%.

The biggest change in May is that the inventory of homes for sale jumped, up 6.7% month to month and 18.5% higher than in May last year. At the current sales pace, there is now a 3.7-month supply. While inventory is gaining, it is still very low given demographics and demand.

“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months. Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions,” Yun added.

Record prices

That demand continues to push prices higher. The median price of an existing home sold in May was $419,300, a record-high price in the Realtors’ recording and up 5.8% year over year. The gain was the strongest since October 2022. Prices gained in all regions.

The Realtors noted in a release that the mortgage payment for a typical home today is more than double what it was five years ago. Not only have rates climbed, but home prices are more than 50% higher than they were five years ago. That comes in part because the median is skewing to the higher end.

Sales of homes priced below $250,000 were lower than a year ago, while sales priced between $250,000 and $500,000 were up just 1%. Sales priced between $750,000 and $1 million were 13% higher, and sales priced over $1 million were up nearly 23%.

Cash is still king, accounting for 28% of sales. First-time buyers are hanging in at 31% of sales, up from 28% the year before.

Two-thirds of homes went under contract in less than a month, so competition is still strong despite higher prices. Redfin, a real estate brokerage, is reporting that an increasing number of listings are becoming stale, so if a home comes on the market that is well-priced and doesn’t need much work, it goes fast. Other homes are sitting longer.

A majority, 74%, of companies have changed their hybrid work policy more than once since 2020, according to an April survey of 2,556 workers around the world by Lucid Software, which makes digital collaboration tools.

That share reflects organizations that have added in-office days, scaled them back, or both, “and I don’t think we’re done yet,” says Dave Grow, CEO of Lucid.

As of April, most people, 67%, reported being satisfied with their hybrid work policy. But those who aren’t satisfied are willing to go to drastic measures to find a better fit: 20% of global workers say they’ve considered quitting their job because of their current hybrid setup.

Big challenges for the leaders who set hybrid policies

Happy or not, workers admit big pain points persist, with productivity being their No. 1 biggest challenge with hybrid work. Many say they don’t have the right technology or training to work well with their team members across different locations, which stifles their innovation. Less than half of U.S. workers say their workplace has hybrid meeting and working guidelines to begin with.

Meanwhile, miscommunication and feeling disconnected from colleagues are their biggest frustrations with hybrid schedules.

Workers at the top of organizations — the ones setting rules around hybrid work — are struggling the most with it, according to the survey. Managers and department heads are the most likely group to say they experience “hybrid whiplash” due to changing policies, while executives struggle the most with staying motivated through hybrid changes.

Working in a hybrid setting may be more challenging for leaders who oversee many team members if they don’t have good systems in place to gauge productivity. It can also be tough to work across departments if hybrid communication tools (and guidelines) aren’t in place.

The fact that “executives who are often the ones setting the policy still have a relatively high level of dissatisfaction is indicative that we have not gotten to the right end state” of how to operate in a hybrid workplace effectively, Grow says.

Many acknowledge that they don’t have the “perfect solution” to make everyone happy and enable great work. Despite the challenges, adding more in-office days isn’t necessarily the solution to overcoming hybrid challenges, Grow adds.

Research shows hybrid work may have more benefits than being fully in-office

New research supports the benefits of making hybrid work: A recent study (the largest of hybrid work to date) indicates that three days working from an office with two at home resulted in higher employee performance, satisfaction and retention compared with a full week in the office.

To better adjust to a hybrid workplace, leaders should rethink how work gets done, and they should become comfortable with new measures of productivity and success. Measuring productivity will look different for every organization, but for Grow’s team, it means reaching goals through cross-collaborative initiatives instead of focusing on only the achievements of siloed teams.

To improve teamwork across hybrid teams, Grow says, decisionmakers should “focus more on enablement and training” with the “right resources, tools and expectations.”

For example, just 24% of entry-level workers feel they’ve been adequately trained in hybrid collaboration; meanwhile, 39% of executives say they’ve created guidelines and 34% have provided training for their employees.

Guidelines and training should cover the basics of what tools people use to communicate, the best practices for hybrid meetings, and how to work well with colleagues whether they’re in the office or remote.

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In 2020, Everdeen launched a side hustle as a freelance voiceover artist. She grew it into a full-time business that brings in up to $15,000 per month, according to documents reviewed by CNBC Make It — and when her earnings dipped slightly last year, she decided to search for another source of cash on the side.

She picked up a freelance job facilitating skill-building workshops for a company that hosts career trainings. In those classes, she teaches her simple strategy for figuring out what side gig to start.

“I have people make two separate lists: One is what people’s skills are, what they’re good at, then another of things they enjoy, their passions and hobbies,” says Everdeen, 33. “Then, I have people look at both sides of the list and try to combine them.”

DON’T MISS: The ultimate guide to earning passive income online

If you love dogs and own a house, you could try dog-sitting, for instance. If you are strong and like to help your friends, you could look into becoming a professional mover. In Everdeen’s case, the strategy helped her find those skill-building workshops in the first place, she says.

“I wanted to do more speaking … but I really enjoy the helping people aspect of presenting and virtual facilitating,” says Everdeen. “I looked for facilitating jobs, and found one that was a good in-between.”

The strategy worked for her: The new side hustle helped stabilize her income, which is highly valuable for any freelancer, she says.

Tailor your side hustle to your lifestyle

More Americans than ever before have side hustles, to fund a variety of goals — like pursuing entrepreneurship, paying off bills and debt, or saving up to afford big-ticket items like cars, houses and vacations.

Everdeen’s strategy can be a good starting point for anyone trying to join the side hustle craze. Kathy Kristof, whose blog SideHusl.com has reviewed more than 500 side gigs, also recommends asking yourself two more questions.

1. How much do I want to work? This can help you decide between more active and passive side hustles.
2. Do I want to run a business alone? Big and small side hustle platforms from Fiverr to Contently can often bring customers to you, taking some marketing and advertising work off your plate — but for a cut of your earnings.

Then, make sure your side hustle solves a problem or falls into a specific niche, Kristof says. Her website offers a quiz that helps visitors narrow down their side hustle options based on interests, skillsets and available time.

“There’s too many generalists,” says Kristof. “Be specific about what you offer and just take the time, even if it’s a month, to hone down your elevator pitch.”

Mark Cuban’s similar advice

Billionaire investor Mark Cuban has given advice similar to Everdeen: Instead of following what you love, “follow your effort,” he said in a 2017 Amazon entrepreneurship video series.

“A lot of people talk about passion, but that’s really not what you need to focus on,” he said. Instead, “look at where you put in your time, where you put in your effort — that tends to be the things that you are good at. And if you put in enough time, you tend to get really good at it.”

Cuban set aside his childhood dream of being a professional basketball player when he “realized I had a 7-inch vertical,” he said. Years later, after selling audio streaming company Broadcast.com to Yahoo for $5.7 billion in 1999, Cuban bought a majority stake in the NBA’s Dallas Mavericks.

“It was all about fun,” Cuban, 65, told NBA player Draymond Green’s podcast, “The Draymond Green Show,” in April. “That was like a dream … I didn’t even negotiate, I was just like, ‘Yes, whatever.'”

Cuban sold his majority stake in the Mavericks last year to the Adelson and Dumont families, who run the Las Vegas Sands casino and resort company, in a deal valued at $3.5 billion. Cuban reportedly retained a 27% minority stake in the team, plus control of basketball operations.

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China-founded e-commerce company Shein’s hopes of going public in the United States are growing slimmer by the day, according to experts, as rising tensions between Beijing and the U.S. roil business and trade.

The company, last valued at $66 billion, confidentially filed to go public in the U.S. in November. Since then, it has faced resistance as it tries to join the American retail sphere, including through numerous rejected attempts to become a member of the National Retail Federation, the industry’s largest trade association, CNBC previously reported.

The e-commerce upstart filed to go public while becoming a household name in the U.S. by offering low prices and a facility to offer new styles quickly. The company is poised to take major market share from U.S. retailers, particularly Gap, TJX Companies and Macy’s, according to UBS data from last year, and continues to challenge Target, Walmart and Amazon.

But as political resistance to its U.S. IPO mounts, Shein is seemingly shifting gears, as it reportedly prepares to confidentially file for a £50 billion offering in London in the coming weeks. The company likely would have preferred to list in the U.S., because the offering could bring a higher valuation than in the U.K., said Angelo Bochanis, an IPO analyst at Renaissance Capital, which provides pre-IPO research and IPO-focused ETFs. 

But its path hasn’t been easy, as federal and state officials call on the Securities and Exchange Commission to scrutinize or even block the initial public offering in the U.S.

“Scrutinizing companies with high-profiles and roots in China is very politically in-vogue right now in the United States,” Bochanis said.

A London IPO could, in theory, be easier than a U.S. offering, according to Bochanis. With the British parliament dissolved and the London Stock Exchange “desperate for big wins” as it suffers an IPO drought, Shein could circumvent some of the hurdles that it might have otherwise faced, he said.

If Shein’s London IPO succeeds, it is unlikely to keep pursuing a U.S. offering, said University of Florida finance professor Jay Ritter, who studies IPOs.

Not all China-linked companies are getting tangled in the webs of rising political tensions. Chinese electric vehicle company Zeekr went public in the U.S. last month. It became one of the first prominent Chinese companies to do so in the U.S. even as the Biden administration has increasingly cracked down on Chinese-made electric vehicles.

China ties and data privacy

Shein is “one of the few” China-tied companies that have gained deep brand awareness with U.S. consumers, Bochanis said.

The size of the potential offering, and the long, high-profile process accompanying it, have helped to make Shein an attractive target for politicians from both parties who want to look tough on Beijing-linked companies.

Shein was founded in China and has since moved its headquarters to Singapore. But a good chunk of the company’s supply chain is still based in the country.

In December, the House Committee on Energy and Commerce sent a letter to Shein seeking information about the company’s user data collection and its relationship to the Chinese government, calling a potential link to Beijing a “serious risk for e-commerce, consumer safety and people’s data privacy and security.”

The panel sent a similar letter to TikTok, the popular social media platform owned by China-based parent ByteDance.

The Chinese Communist Party can by law request any Chinese-owned company to share information on its customers, according to George Washington University professor Susan Ariel Aaronson. While Shein is headquartered offshore, its manufacturing ties in China and reports that it sought Beijing’s permission to go public in the U.S. raised concerns among U.S. officials about what data it could share with the Chinese government.

That relationship helped to spark a proposed U.S. ban on TikTok. Legislation that Congress passed last month aims to force the platform to sell its U.S. assets by Jan. 19 or cease all activity in the country.

ByteDance and several creators on the platform have filed lawsuits to block the bill.

While Shein does not have access to the magnitude of data that a social media giant like TikTok has, the proposed ban has raised more doubts about a U.S. IPO for the company.

“[Congress] just showed us that if a particular Chinese-owned company is perceived to be posing a threat, they can unify and pass a law, and that’s much stronger than an executive order or presidential order,” said Antonia Tzinova, a national security attorney at Holland & Knight.

Shein shipping concerns

The political scrutiny beyond data privacy may prove more difficult for Shein to overcome.

The retailer has long been criticized for its alleged use of forced labor in its supply chain and poor working conditions for its employees.

In 2021, the United States passed the Uyghur Forced Labor Prevention Act, which prohibits companies that manufacture goods in the Xinjiang region of China notorious for its Uyghur detention camps from selling in the U.S. Although U.S. government agencies claim Shein’s supply chain has links to the Xinjiang region, the company doesn’t manufacture its own goods and instead uses China-based micro-manufacturers that make materials tougher to track.

Shein has repeatedly denied the forced-labor allegations, saying it implements a system to support compliance with the U.S. law within the company.

The company has also come under fire for its use of U.S. customs law loopholes.

Because the company doesn’t import its products in bulk to sell from a U.S. warehouse and instead ships on an order-by-order basis, it’s exempt from some of the heaviest U.S. import taxes. Rivals have criticized this practice as giving Shein an unfair competitive advantage.

— CNBC’s Gabrielle Fonrouge and Reuters contributed to this report.

U.S. crude oil on Friday posted a second weekly gain in a row, as gasoline demand has surged to post-pandemic highs.

Oil prices fell Friday but were ahead nearly 2.9% for the week. The oil rally has lifted the energy stocks, with the sector up 2.4% to lead the S&P 500 this week.

Gasoline consumption in the U.S. surged to 9.4 million barrels per day, or bpd, last week, the highest level for that time of year since the Covid-19 pandemic ended, according to JPMorgan.

Here are Friday’s closing energy prices:

• West Texas Intermediate August contract: $80.73 per barrel, down 56 cents, or 0.69%. Year to date, U.S. crude oil has gained 12.6%.
• Brent August contract: $85.24 per barrel, down 47 cents, or 0.55%. Year to date, the global benchmark is ahead by 10.6%.
• RBOB Gasoline July contract: $2.51 per gallon, up 0.52%. Year to date, gasoline is up 19.5%.
• Natural Gas July contract: $2.70 per thousand cubic feet, down 1.31%. Year to date, gas has increased 7.6%.

“Gasoline demand in the US has been on a steady rise since the Memorial Day weekend and we expect a further advance as record 71 million Americans are expected to travel during the upcoming July 4th holiday,” JPMorgan analyst Prateek Kedia told clients in a research note.

Patrick De Haan, head of petroleum analysis at GasBuddy, said prices at the pump could rise after U.S. oil, gasoline, and distillate stocks all fell for the first time in weeks, indicating stronger demand.

“Crude oil continues to prove resilient, with inventory draws offering modest support to the complex,” Ryan McKay, senior commodity strategist at TD Securities told clients in a note Friday.

“However, we still argue that the rally could start to fade,” McKay said, arguing that commodity trading advisors could ease up on their buying if WTI prices fall below $81.73 per barrel and Brent drops under $85.46 per barrel.

Global oil demand has risen by 1.4 million bpd so far this month on U.S. gas consumption and robust summer travel in Europe and Asia, according to JPMorgan. Oil inventories rose by 15 million barrels in the second week of June as China restocked, though the investment bank is forecasting drawdowns later this summer.

JPMorgan is forecasting a Brent price of $90 per barrel by September as the market tightens on falling stockpiles due to summer fuel demand.

Forever 21 is asking landlords for a break on rent as the legacy fast-fashion player’s sales decline and it struggles to keep up with savvier competitors, CNBC has learned.

The retailer, which has more than 380 stores in the U.S., has asked some landlords to cut its rent by as much as 50%, people familiar with the matter told CNBC. 

While the company is facing financial difficulties, it has yet to hire advisors and isn’t considering a second bankruptcy protection filing, the people said. It’s working to restructure its many leases so it can cut costs, they said. 

Forever 21 faces a range of issues that have long plagued its business. It operates in the increasingly saturated fast-fashion market, the people said. They also added that the retailer struggles to manage inventory and understand and respond to its consumers.

The retailer’s struggles come after it filed for bankruptcy protection in 2019 and was later bought by a consortium including brand management company Authentic Brands Group and landlords Simon Property Group and Brookfield Property Partners.

When the company sought bankruptcy protection, it had more than 800 locations globally.

Similar to many retailers, Forever 21’s massive store footprint weighed on its balance sheet when it first filed for bankruptcy protection. The retailer had expanded too quickly during its growth phase, leaving it unable to invest in its supply chain and rapidly respond to changing trends. 

Closing hundreds of stores after filing for bankruptcy protection has not resolved its issues.

Forever 21’s financial position has also hurt the performance of its operator Sparc Group — the joint venture that includes Authentic, Simon and as of last summer, Chinese-linked fast-fashion behemoth Shein. Sparc runs Forever 21’s operations, as well as several other formerly bankrupt retailers, including Aeropostale, Brooks Brothers and Lucky Brand. 

Sparc declined to comment to CNBC. Simon didn’t return a request for comment.

Forever weighs on Sparc

Sparc has been scrutinizing its budgets and contending with its own financial struggles, people familiar with the matter said. 

Many of Sparc’s challenges come from the difficulty of merging numerous legacy brands and attempting to centralize their teams, technology, marketing, e-commerce, sourcing and supply chains, one of the people said. It’s also contended with the issue of running brands that have long operated primarily in malls.

Expensive leases for stores that perform poorly relative to their size can often weigh down retailers’ balance sheets and drain cash.

Forever 21 has consistently paid its vendors late over the last year, according to data from Creditsafe, a business intelligence platform that analyzes companies’ financial, legal and compliance risks. The data shows Forever 21’s payment patterns to vendors have fluctuated, with some bills going more than 70 days past due in late 2023, according to Creditsafe.

Plenty of companies, including many that are healthy, leave bills unpaid for weeks or months, but late payments can also signal larger financial troubles. The industry average hovered between 12 and 13 days past due for the last 12 months, said Creditsafe spokesperson Ragini Bhalla.

Racing to compete

In the past, Forever 21’s top rivals included H&M and Zara. These days, its biggest foes are ultra-fast-fashion retailers like Shein and Temu. 

“The speed is almost impossible to compete with. So if you juxtapose any brand that was around 20 years ago to these new, on-demand manufacturing fast-fashion companies … it’s like comparing a mobile phone from 2000 to the newest iPhone. The speed, the quality, everything is just different,” one of the people said. “As soon as someone goes viral in a new outfit on TikTok, Shein is immediately making it and no regular brand can keep up with that.” 

At the ICR conference in January, Authentic Brands CEO Jamie Salter said acquiring Forever 21 was “probably the biggest mistake” of his career, adding he also erred when he failed to recognize the competitive threat posed by Shein and Temu earlier. 

He recalled a conversation he had with Simon’s CEO David Simon, who asked Salter why he wanted to partner with Shein. 

“I said, ‘David, it’s the right decision, we cannot beat them. Their supply chain is too good. They know what’s going on. They’ve figured this out. We need to partner with them,'” Salter said. “So I was the brave one that said, ‘Let’s go partner with these guys.'”

As part of the two retailers’ partnership, Shein will design, manufacture and distribute a line of co-branded Forever 21 apparel and accessories that will be sold primarily on Shein’s website. Forever 21 has also hosted Shein pop-up stores and begun accepting Shein returns, both of which have driven positive foot traffic to Forever 21’s shops, one of the people said. 

The two originally linked up last August and under the terms of the agreement, Shein acquired about one-third of Sparc while Sparc took a minority stake in Shein. 

Given the concerns that Forever 21 is having with its leases, and the success of Shein’s pop-up shops, some industry observers questioned whether the digital giant could soon take over Forever 21’s stores. However, one of the people said that’s unlikely because the retailer lacks experience in physical retail and its business model involves small-batch production and an inventory that constantly shifts based on trends.