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Happy Friday! Have a great weekend:
👉Boeing’s new CEO
👉Paramount Global earnings are in
👉New tool at JP Morgan
BOEING: New CEO
Robert "Kelly" Ortberg takes over as Boeing’s CEO with a clear mission: to restore the reputation of this iconic U.S. manufacturer. Ortberg must rebuild trust with regulators, airlines, and the public while addressing persistent production issues and cash burn, which reached $8 billion this year.
Source: CNN
On his first day, Ortberg will visit Boeing’s Renton factory to discuss safety and quality plans with employees. With decades of experience in the aerospace industry and as an outsider to Boeing, he is seen as a strong candidate to stabilize production and tackle ongoing challenges.
🎯GRIT TAKE: Taking on the role of Boeing's… upgrade to VIP now to read the full GRIT Take!
EARNINGS: Paramount
Paramount Global is cutting 15% of its U.S. workforce, about 2,000 jobs, as part of a $500 million cost-saving plan ahead of its merger with Skydance Media. The cuts will focus on marketing, communications, finance, legal, and tech roles and are expected to be completed by year-end.
Source: CNBC
Meanwhile, Paramount's streaming division turned a surprise profit of $26 million this quarter despite a 2.8 million drop in Paramount+ subscribers. However, overall revenue fell 11%, missing analyst expectations, and the company took a $6 billion impairment charge due to declining cable networks.
JPMorgan: Launches AI assistant
JPMorgan Chase has launched a generative AI assistant called LLM Suite to over 60,000 employees, marking the start of a broader integration across the bank. This tool, developed with OpenAI’s models, assists with tasks like writing emails, summarizing documents, and generating ideas. It's expected to become as common as Zoom within the company.
Source: NY Times
Despite initially restricting ChatGPT, JPMorgan is now fully embracing AI, aiming to enhance virtually every job. The bank has been working on AI for years but pivoted to generative AI after ChatGPT's debut. The technology is already used for marketing, client itineraries, and meeting summaries.
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📊 Seven Types Of Moats
Source: Raising Investor IQ
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Source: @wallstreetoasis
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