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Insider Today: Startling city trend

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July 26, 2023

Welcome back, Insiders. It's another Federal Reserve interest rate decision day, so keep an eye out for news later this afternoon.

In the meantime, there's a problem with America's up-and-coming cities: They're all starting to look… exactly the same. That's our big story.

We're also covering:

HGTV's Galey Alix wants to be a star. Will the spotlight crush her — or set her free?
A former senior leader at Amazon reveals the secret reason you're not getting promoted.
Six financial experts shared how they'd invest $10,000 right now.

But first, spot the difference.

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THE BIG STORY

Generic Town, USA

Chelsea Jia Feng/Insider

Now that remote work is here to stay, troves of people have moved away from big metropolises to small and midsize cities.

This may seem like a boon for these up-and-coming metros, but they also have a problem, writes David A. Banks for Insider.

In their attempt to lure in these middle- and high-income workers, these cities have all used the same playbook and now, well, they're starting to look the same. Consider these "unique" features:

Old architecture: Instead of tearing buildings down, these cities are "converting" old spaces — which signals authenticity.
Doing it for the Gram: Many of these "old" places are redesigned to be perfectly Instagrammable. Sprinkle in an influencer or two and, boom, instant hype for the city.
Local everything: Locally-sourced eateries with eerily similar menus. Craft breweries with the same selection of IPAs. Food halls that check the box of every cuisine. It's all photocopied "authentic."

Add it all up and cities blur together like tired replicas of each other, Banks writes.

Of course, there is nothing wrong with enjoying your weekend farmers-market jaunt. Making a city that's exciting, fun, and inviting is generally good. But the default way cities do it now is creating uninspired cityscapes.

So to stand out from the crowd, these cities need to invest in themselves — in local businesses and in amenities that aren't carbon copies of the next town over, Banks writes. If they don't, the hype of America's new Generic Towns is certain to fade.

READ THE FULL STORY HERE

TOP READS

Promotions, EVs, & billionaires

Sonya Revell for Insider

Where most HGTV personalities keep their personal lives semiprivate, "Home in a Heartbeat's" Galey Alix is all about oversharing. Alix, who's also a Goldman Sachs executive, overcame an eating disorder and a tumultuous breakup with her fiancé to become a home-renovation star. Now she's poised for the big time — whether it makes or breaks her.
New report: China is sending enough military gear to Russia to equip an army. Despite sanctions, Russia has brought in $100 million worth of drones from China this year. This is possible through a loophole, which permits shipping in equipment that can have civilian and military use.
Former Amazon senior leader reveals the secret reason you're not getting promoted. He shared that getting promoted isn't necessarily about hard work. Instead, people should focus on building their personal brand — getting noticed and valued by leaders above their pay grade.
"I sold electric cars for a decade. I'm frustrated some dealers still don't get it." Nigel Zeid said dealers often still don't have answers to customer questions about EVs. He said he wished dealerships would give salespeople the car for a weekend so they could better understand the vehicles.
It's a shirtless tech bro summer. Jeff Bezos is the latest topless tech bro (joining the ranks of muscly Mark Zuckerberg — who's now a blue belt in jiu-jitsu, by the way). Bezos' fiancé Lauren Sanchez posted the shirtless picture of him — looking pretty buff — on Instagram.
CEO of the company that made ChatGPT says some jobs are "definitely going away." Sam Altman said the technology could give a boost to some people's quality of life. Yet he also warned that it would be "crazy not to be a little afraid of AI."
Modern-day pirates. Photos showed nearly 10,000 rifles, 200 rocket launchers, and other weapons seized from smugglers. "As long as ships go to sea, there's gonna be piracy," said the former first commander of an international anti-piracy task force.

BEFORE THE OPENING BELL

Dow, investing, & AI

All the Dow does is win, win, win no matter what. For the 12th straight day, stocks continued to rise. This comes amid major tech companies reporting their earnings and ahead of a possible interest rate hike from the Fed.
Stocks, bonds, ETFs: Financial experts reveal how to invest $10,000. Amid upcoming economic uncertainty, six financial experts shared where they would invest $10,000. Multiple mentioned looking toward Japan, index funds, and short-term investments.
Three signs an AI bubble hasn't formed in the stock market. The head of research at Fundstrat compared the performance of Cisco's stock during the dot-com bubble to Nvidia's stock performance today.

WHAT ELSE IS GOING ON

Tom Brady, student debt, & more

How Tom Brady is spending his retirement: investing in sports teams, starring in commercials, vacationing with family — and spending time with supermodel Irina Shayk.
The Education Department said it's wiping out $130 million in student debt for 7,400 borrowers who attended Colorado-based campuses of CollegeAmerica between 2006 and 2020.
Microsoft's valuation could be set to rise by over $350 billion thanks to its looming AI spending spree, according to Wedbush's managing director.
Lebron James' son Bronny is in stable condition after he went into cardiac arrest during basketball practice at USC.
The SEC says Brandon Charnas — the husband of Something Navy founder Arielle Charnas — isn't cooperating with its investigation into "possible insider trading violations."

LAST LOOK

Sam Altman's Orb

Worldcoin

OpenAI CEO Sam Altman just launched his dystopian eyeball-scanning device. It's a small, sculptural sphere that verifies you're actually a human.

P.S. We're working behind the scenes to revamp Insider Today. Got some thoughts you want to share? Fill out our quick, five-question survey.

Correction: In yesterday's edition, we misstated what day Samsung will be reporting earnings this week. The electronics company's earnings call is slated for Thursday, July 27.

Get in touch: insidertoday@insider.com.

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