Insider Today: Nvidia workers are too rich

December 17, 2023 • 4 min read

with Matt Turner

Welcome back to our Sunday edition, a roundup of some of our top stories.

On the agenda today:

But first: A deep dive on young Americans, covering everything from workplace anxiety and dating to shopping habits and news consumption.

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Getty Images; Chelsea Jia Feng; Alyssa Powell/BI

Dispatch

Gen Z and me

Let me start this by sharing that I’m an elder millennial. It’s a label I don’t particularly enjoy, although I do prefer it to geriatric millennial, which I’ve also seen thrown around. 

Like many of my generation, I remember dial-up internet and wasting hours playing Snake on my Nokia cellphone. The earliest photo of me on Facebook is dated 2006. I graduated into the teeth of the great financial crisis. 

Inevitably, those years shaped me. I’m fascinated by how the technology of the times, and the economic conditions when one enters the workforce, can influence a generation. 

I particularly enjoyed a series of stories from our newsroom this week focused on Gen Z, or those born between 1997 and 2012. The oldest of this group have just passed into adulthood, and are coming into their own as consumers and professionals.

Our reporters examined Gen Z’s taste for dupes, which has been supercharged by social media and fast-fashion retailers. And they asked what happens when a generation gets its news from 24-second TikToks. 

Our reporting found that entering the workforce at an unprecedented time has given many Gen Zers cause for anxiety. Others are asking for more flexibility and higher wages, emboldened by the Great Resignation and hot hiring market of the last few years. A significant percentage say they prefer socialism to capitalism.

One key question of course is whether these views are a reflection of age and inexperience and will change with time. I’m happy to say I see the world differently now to how I did in 2007. Or, perhaps, the world will bend to this younger generation. What do you think? Let me know at insidertoday@insider.com.

Nvidia CEO Jensen Huang. Michael M. Santiago/Getty, Tyler Le/BI

This week's top reads

Nvidia's wealth problem

Nvidia's stratospheric rise has caused an unusual problem: Some of its employees are now so rich because of company stock they’re no longer doing their fair share of work.

It’s such a big problem, insiders say, that Nvidia's CEO Jensen Huang even addressed it. During last month's internal all-hands meeting, he chose to answer a question on what to do about those in "semi-retirement" mode.

Go inside the unusual problem at Nvidia.

Bobby Jain. Jared Siskin/Getty Images for Madison Square Park Conservancy

Inside a monster hedge fund launch

There’s big. There’s really big. And then there’s Bobby Jain’s hedge fund launch. 

The former Millennium and Credit Suisse executive is preparing to launch his hedge fund this summer with what could be as much as $10 billion in capital. And details about the fund are slowly starting to emerge. 

From the type of trading strategies Jain will pursue to the staff he’s hiring, this is everything we know so far about the launch of Jain Global.

Inside Bobby Jain's monster hedge fund launch.

Also read:

• How 9 hedge funds including Millennium and AQR are thinking about AI — and the 11 experts leading the charge

Adam Neumann. Visual China Group via Getty Images; Ben Bergman; Rebecca Zisser/BI

Adam Neumann’s secretive startup

Adam Neumann, the controversial cofounder of WeWork, started Flow in 2022, promising to revolutionize apartment living. The company, which received $350 million from Andreessen Horowitz, has been shrouded in mystery — until now.

Our senior correspondent Ben Bergman was the first reporter to step inside Society Las Olas, which will officially be Flow's first building come early next year. 

Take a look inside.

Also read:

• Travis Kalanick's $15 billion CloudKitchens has put some facilities in 'hibernation' mode while robots come to others

Arantza Pena Popo/ Business Insider

Elon’s luck runs out

Elon Musk has had plenty of big wins, but he seems to be on the losing side of things lately.

The world’s richest person and Time’s 2021 Person of the Year hasn’t had a fun 2023. His ownership of X has had more headaches than happiness. And Tesla’s shrinking profits haven’t helped matters.

In short, the man who couldn’t seem to lose is doing a lot more of it these days. 

More on how the walls are starting to cave in on Elon Musk.

This week's quote

"We're just going to continue to push the boundaries and ask questions, like is this meeting an effective use of our time or is coming into the office five days a week an effective use of our time?"

— A Gen Zer told BI’s Juliana Kaplan and Sarah Jackson.

More of this week's top reads:

The Insider Today Sunday team

Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, deputy editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.

Get in touch

insidertoday@insider.com

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