Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today's Sunday edition, a roundup of some of our top stories.
On the agenda today: |
But first: The US effort to become a semiconductor superpower risks running into a different kind of shortage — Matt Turner |
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DISPATCH When the chips are down |
Lisa Strothers in a "bunny suit." Tennessee Promise |
Lisa Strothers was one of many workers in the real-estate industry to get laid off in 2022. Soon after, she heard about a 10-day crash course on how to become a semiconductor-processing technician. The course, the product of a partnership between major chip companies and three community colleges in Arizona, guaranteed her a job interview if she completed the course. Today, Strothers works as a technician for Intel, earning more than she had in her previous role. The industry, and America, needs more people like her. President Biden signed the Chips and Science Act into law last summer in an effort to reduce US dependence on Chinese- and Taiwanese-made goods, helping to trigger a boom in computer, electronic, and electrical manufacturing. But while billions of dollars are being invested in complex factories, some of these initiatives are running into more human challenges. The Taiwanese giant TSMC pushed back the opening of its Arizona facility until 2025, saying there was a shortage of specialized workers able to install the most advanced equipment. It has proposed flying in 500 technicians from Taiwan to train local skilled workers, but the Arizona Pipe Trades Union is lobbying to block that effort in the name of protecting US jobs. It's not just TSMC that's likely to face this issue as the movement to reshore manufacturing to the US gathers steam. Deloitte has forecast a talent shortage of between 70,000 and 90,000 workers in the semiconductor-chip industry in the US over the next few years. Beyond semiconductors, unemployment in manufacturing is lower than the national average. New workers will have to be found. Programs like the 10-day crash course Strothers attended can only help. |
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THIS WEEK'S TOP READS A simple home-price solution |
The US wants to build more homes, slow down rent growth, and ensure more people can find an affordable place to live. But strict zoning laws make it nearly impossible to build anything but single-family homes in many parts of the country. There is a way out of this housing morass — and New Zealand has already provided a blueprint. New Zealand long had the same issue: very low-density residential neighborhoods that restricted the amount and type of housing that could be built. But after implementing upzoning measures that legalized the building of medium-density housing like duplexes and townhomes, New Zealand slowed down its skyrocketing housing costs. America should take note |
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Goldman is losing its edge |
David Solomon. Reuters / Shannon Stapleton |
Remember Goldman Sachs in 2009? It was the adamantine firm that managed to make its way through the crisis relatively unscathed. The Goldman Sachs of 2023 could never.
Insider's Linette Lopez explored the source of the stagnation. It's both strategic and cultural — but, ultimately, the bank's stumbles come down to the leadership of CEO David Solomon. His bets on consumer banking turned into a mess. Now, the bank is losing its edge in the bread-and-butter investment banking for which it became famous. Read the full story. Also read:
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For Hamptonites, a Tracy Anderson membership is a status symbol akin to owning a waterfront home in Southampton. But with a $5,500 mat fee — in addition to the $900 monthly membership cost — some devotees say it's turned into a chaotic, overpriced mess. The high price means only the wealthiest people can afford to attend, Insider's Katie Warren writes — and that's laid the groundwork for some titanic power struggles among "queen bees." Read more on the chaos. |
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The moon is open for business |
iStock; Robyn Phelps/Insider |
NASA is going back to the moon — but this isn't just another scientific mission. This time around, it means business. With the Apollo missions of the 1960s and '70s, NASA wanted to find out if humans could reach the moon. Now, with its Artemis missions, it hopes to lay the groundwork for humans to live, work, and build there.
In doing so, NASA wants to empower the commercial sector to take charge of space exploration, opening up a game-changing new market for humanity that could be worth over $100 billion.
There's big money on the moon. |
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THIS WEEK'S QUOTE "I think it's important to discuss the realities of consulting. Many people hear about only the positives, but I believe it's crucial to mentally prepare people for the challenges they might face in the industry." |
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ICYMI More of this week's top reads: |
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