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Tesla CEO Elon Musk said it's "crazy" that automakers don't want to license Tesla FSD.Marc Piasecki/Getty ImagesThe world's power players and top executives braced for what Trump would say — or not say — about Greenland on Wednesday. Now that the speech is done and dusted, the sun dawns on Davos, bringing forth another day of discussion on the top topics in tech, governance, and the markets.All eyes now turn to the world's richest person, Elon Musk, who is on his way to make an unexpected appearance at the conference at 4:30 p.m. local time (10:30 a.m. ET). He'll be in conversation with Larry Fink, the WEF's cochair. Musk's private jet landed at Zurich airport just before 2:30 p.m.We'll be bringing you live updates throughout day four of Davos right here. Follow along for the latest.A standing ovation for President Zelenskyy in the Congress HallZelenskyy DavosBenedikt von Imhoff/picture alliance via Getty Images"Today we met with President Trump. Our teams are working every single day. It's not simple. The documents ending this war are nearly there and that really matters."Citadel's CEO on the AI boom: 'Is it hype? Of course'Founder and CEO of Citadel Ken Griffin spoke at Davos on Wednesday.Fabrice COFFRINI / AFP via Getty ImagesHedge fund tycoon Ken Griffin has a blunt message for anyone expecting artificial intelligence to instantly rewrite the global economy: the hype is real — and it's there to justify enormous spending.Speaking in Davos yesterday the Citadel CEO said the AI boom is being fueled as much by narrative as by real productivity gains. Griffin, the world's 39th richest person, said that doesn't mean AI isn't powerful — but expectations have run far ahead of reality.Read full storyUkrainian President Volodymyr Zelenskyy's speech starts around 30 minutes lateZelenskyy DavosMandel NGAN / AFP via Getty ImagesA previous speech, given by Indonesian President Prabowo Subianto, overran significantly.Zelenskyy met with President Donald Trump prior to his speech.Trump appears to be heading homeTrump's motorcade leaves Davos.INA FASSBENDER / AFP via Getty ImagesPhotos show the presidential motorcade heading down the mountain and out of Davos just before 3 p.m. local time.Elon Musk's plane has landedFlight-tracking data shows Elon Musk's Gulfstream G650 has reached Zurich. It landed at 2:22 p.m. local time, some 10 hours after departing San Jose.Zurich is 75 miles from Davos, where Musk is scheduled to speak at the World Economic Forum at 4:30 p.m. (11:30 a.m. ET).As was US Secretary of State Marco RubioMarco Rubio DavosDan DeFrancesco/Business InsiderWorld Economic Forum cochair Larry Fink was in the buildingLarry Fink DavosDan DeFrancesco/Business InsiderThe media is gathering ahead of Zelenskyy's speechPress gather outside the Davos Congress hall ahead of a speech by Ukrainian President Volodymyr Zelenskyy.Dan DeFrancesco/Business InsiderZelenskyy is due to speak in roughly 20 minutes.Musk's first Davos tripElon MuskNathan Howard/ReutersDespite being probably the most prominent figure in the world of business over the past decade, today's appearance will be Musk's first in Davos.He has a difficult history with the conference, having frequently criticized it in the past, famously calling it "boring af" ahead of the 2023 edition. That incident sparked the WEF into publicly saying it had not invited Musk since 2015.He was invited last year, when he was heading up Trump's shortlived Department of Government Efficiency, but did not attend.Musk crosses paths with his new adversary: budget airline RyanairADS-B ExchangeElon Musk's private jet is back in tracking range, flying over France and about 200 miles from Zurich.For much of the past week, Musk has been locked in a war of words with Michael O'Leary, CEO of Europe's biggest airline Ryanair, over Starlink.Perhaps…

I enjoyed hiking around Torres del Paine National Park.Isabel Vasquez LarsonIn 2022, I quit my job to backpack through South America for 10 weeks with my partner.We visited 16 cities across eight countries, and even saw one of the Seven Wonders of the World.One of my favorite cities was Buenos Aires — the sightseeing, shopping, and food were incredible.In the summer of 2022, I quit my full-time job to spend 10 weeks backpacking through South America with my then-boyfriend (now-husband).Consumed by the travel bug, we packed up all our belongings and moved them from our Miami apartment to a storage unit before hitting the road, visiting 16 cities across eight countries.The whole trip was incredible, but four places hold a special place in my memory. From ancient wonders and bustling cities to breathtaking mountains, each of these destinations has a unique draw that would bring me back in a heartbeat.I knew I'd love Buenos Aires as soon as we arrivedWe enjoyed visiting the Jardín Botánico Carlos Thays.Isabel Vasquez LarsonI couldn't quite place my finger on why, but as soon as we arrived in Buenos Aires, I had a feeling I'd love the city — and I was right.On the cab ride from the airport to the hotel, we passed long stretches of waterside parks with miles of bike lanes. I enjoyed seeing how bike-friendly the city is — there's even a system in place where riders can rent them for free.Beyond being a cyclists' paradise, Buenos Aires was full of energy, with no shortage of fun things to do and neighborhoods to explore.During our time there, my partner and I enjoyed visiting a free botanical garden (Jardín Botánico Carlos Thays), shopping at street fairs, touring the underground tunnels (El Zanjón), and savoring delicious Argentine steak.By the end of our 10-week trip, most of the cities started to blur together, but Buenos Aires still stands out from the rest.Ushuaia, Argentina, cemented my love for this geographically diverse countryThe views from the plane ride were incredible.Isabel Vasquez LarsonFrom Buenos Aires, we flew south to Ushuaia, Argentina. We were immediately greeted by a blizzard, and the snow-capped mountain views were unlike anything I'd seen before.We tried to be as budget-conscious as possible on our trip, but in Ushuaia, we spontaneously splurged on a private plane ride over Tierra del Fuego National Park. I never imagined I'd be on a tiny plane with a bird's-eye view of both Chile and Argentina, but sometimes the most unexpected experiences turn out to be the best.Another highlight of Ushuaia was the boat tour we took through the Beagle Channel. We spent a couple of hours on the water, taking in breathtaking mountain views, as well as a picturesque lighthouse, sea lions, and even elephant seals.Sadly, we missed penguin season by less than a month, so I'd love to return sometime between October and March to do a penguin boat tour.In Puerto Natales, Chile, the hiking and views were unrealI enjoyed hiking around Torres del Paine National Park.Isabel Vasquez LarsonPuerto Natales, Chile, is located in the Patagonia region of South America.We spent about two hours traveling from our hostel in the city to Torres del Paine National Park. During the journey, I squealed with excitement as we passed herds of guanacos (close relatives of llamas), gasped in awe at the mountains, and held my breath as our little rental sedan drove over unpaved, rocky roads.And when we arrived, I thoroughly enjoyed hiking up mountains, around lakes, and past icebergs. It was the first (and as of now, only) time I've seen a glacier — a paradise for true outdoor adventure lovers like myself.Machu Picchu was everything it's cracked up to be and moreMachu Picchu was just as breathtaking as I'd imagined.Isabel Vasquez LarsonIt may not come as a surprise to see Machu Picchu on this list — it's one of the New Seven Wonders of the World for a reason.What caught me by…

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Citadel CEO Ken Griffin says the AI boom is being driven as much by hype and spending pressure as by real productivity gains.Fabrice COFFRINI / AFP via Getty ImagesKen Griffin says AI hype is real, as productivity gains lag the spending boom.Citadel's CEO says bold AI forecasts run ahead of what the tech can deliver today.Griffin says AI has empowered CTOs, but generative tools still fall apart on depth tests.Hedge fund tycoon Ken Griffin has a blunt message for anyone expecting artificial intelligence to instantly rewrite the global economy: the hype is real — and it's there to justify enormous spending. Speaking at the World Economic Forum in Davos on Wednesday, the Citadel CEO said the AI boom is being fueled as much by narrative as by real productivity gains.Griffin, who ranks as the 39th wealthiest person in the world with a net worth of about $48.3 billion, according to the Bloomberg Billionaires Index, said that doesn't mean AI isn't powerful — but expectations have run far ahead of reality."Is it hype? Of course," Griffin said, pointing to the extraordinary scale of investment now pouring into AI infrastructure. Griffin said that data center spending in the US is estimated to top $500 billion this year. Bank of America previously estimated that Microsoft, Amazon, Google, and Meta — who are leading the data center construction boom — will spend a combined $385 billion annually on AI infrastructure between 2025 and 2028."You're not going to generate this kind of spend unless you're going to make a promise you're going to profoundly change the world," Griffin said."How else are you going to get people to write $500 billion of checks just this year alone?" he added.AI's job-loss warnings collide with real productivityGriffin's skepticism came after he was asked whether he agreed with predictions from AI leaders such as Anthropic CEO Dario Amodei, who has said that half of all entry-level white-collar jobs could disappear within five years.Griffin didn't endorse that view, instead questioning whether AI systems are delivering the kind of deep productivity gains that would justify such forecasts.Tech leaders, such as OpenAI CEO Sam Altman and Microsoft cofounder Bill Gates, have pointed to overheated valuations and investor overexcitement to predict a looming bubble.Others, such as Nvidia CEO Jensen Huang and Meta CEO Mark Zuckerberg, have said AI spending reflects a fundamental shift in computing and that demand and model capabilities are still growing fast enough to justify the buildout.What is certain for Griffin said is that AI has "re-empowered the head of technology in every business in the United States," he said.AI's early results impress — until you look closerGriffin was especially critical of generative AI outputs in white-collar work, saying they often look impressive at first glance but fall apart under scrutiny.He described reviewing an AI-generated report that seemed insightful at the top but devolved into "garbage" further down.Still, Griffin isn't dismissing AI's long-term impact. He said the technology will be transformative in areas like call centers and software development, and that massive investment in technology broadly is already benefiting the economy.Read the original article on Business Insider

The turn of the century saw a rise in labor movements as industry grew largely unregulated.Bettmann/Getty ImagesTrump has credited a 19th-century US president for inspiring his aggressive approach to tariffs.William McKinley came to power during a time of economic instability and inequality.During his political career, McKinley authored the most protectionist tariff act in US history.President Donald Trump's sweeping tariffs have become a defining feature of his second term, central to his strategy for reshaping global trade.Aggressive tariff policies have been rare at the White House in recent decades, but history offers clues about how they can ripple through everyday American life.The last time sweeping tariffs were enacted, in the 1890s, it was at the hand of William McKinley, who authored the highly protectionist Tariff Act of 1890, imposing tariffs of more than 50% on many imported goods.McKinley, who was the US president from 1897 to 1901, introduced his tariff policies while serving as a congressman. They had far-reaching effects on the economy and were ultimately unpopular among voters, leading him and other Republican congressmen to lose their seats in the 1890 midterms. Even McKinley himself changed his mind on foreign trade by the time he became president."This was protectionist at its height," William K. Bolt, a professor of history at Francis Marion University in South Carolina, told Business Insider of McKinley's original policy. "And there was a significant political backlash against it."Trump has credited McKinley's tariff policies for making America a "very wealthy country," and repeatedly namedropped him on the 2024 campaign trail."In the 1890s, our country was probably the wealthiest it ever was because it was a system of tariffs," Trump said in a Michigan town hall in September. "We had a president, you know McKinley?"Since returning to the White House, Trump has pushed an expansive and often unpredictable tariff agenda, from his "Liberation Day" tariffs to country-specific threats that have rattled markets and trade partners.In recent weeks, Trump's desire for the US to buy Greenland has reignited concerns over a potential trade war between the US and its European allies, as Trump threatened eight European nations with a new 10% tariff starting February 1. He has since paused those plans.Photos from the late 19th century and early 20th century highlight the economic factors at the time of McKinley's tariffs, how they changed day-to-day life for Americans, and what ultimately led to his backtracking on his policies.By the late 1800s, industry leaders had accumulated exorbitant amounts of wealth.Bettmann/Getty ImagesIn the latter half of the century, industries like oil, steel, railroads, and manufacturing were growing rapidly in the United States. The Economic History Association estimated that industrial output in the US had reached a value of $9.4 billion by 1890. Nearly five million people were employed by the 350,000 industrial firms operating in the country, and the rapid expansion of business generated unprecedented revenue.The businessmen who led the expanding manufacturing economy amassed massive amounts of personal wealth, even by today's standards.The average family's annual income was around $500 (about $18,000 in today's money), according to an 1892 report from the Senate Finance Committee, yet the top 1% of families owned over half of America's wealth. During this era, known as the Gilded Age, the wealthiest families in America, such as the Rockefellers and Vanderbilts, formed a new social elite akin to European aristocracy.The economic disparity became more obvious through the wealthy's over-the-top displays of their riches in social gatherings like the 1897 Bradley-Martin Ball in New York City, where 700 members of the country's elite gathered in a royalty-themed costume party.Other displays of the…