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Luke Kawa

Artificial intelligence will help save souls, ServiceNow CEO kind of says

ServiceNow CEO Bill McDermott isn’t saying that artificial intelligence will save your soul.

But he’s not not saying it.

“We’re slowing down the hiring in jobs that are — quite frankly — soul-crushing jobs,” McDermott said in an interview on Bloomberg TV that followed the release of the cloud software company’s impressive quarterly earnings.

He highlighted fields like IT and customer support as well as security and risk management as areas where AI was reducing ServiceNow’s need for labor.

“The supporting cast of the soul-crushing work is now being done by agents,” he said. “They work hard 24 by 7, you don’t have to pay ’em, and they don’t need any lunch, and they don’t have any healthcare benefits, so they’re very affordable and that really complements our workforce.”

ServiceNow is still hiring, but hiring less for these functions, McDermott added, saying that he expects this approach to be adopted by “all well-run companies.”

Josh Kahn, senior vice president and general manager of core business workflows, was singing from a similar hymnal back in May at a conference hosted by Bernstein, but in a way that sounded a little brighter for workers:

“For those people in the procurement team, we can give them a new interface with AI agents that’s going to automatically do a lot of their soul-crushing manual work,” he said. “So instead of spending four days prioritizing potential sourcing events, they’re going to spend five days executing on real high-value sourcing opportunities.”

At the very least, comments like these should help lead to a resurgence in sales for David Graeber’s “Bullshit Jobs.”

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Bullish options flows boost Rivian

EV maker Rivian is up nearly 5% on Monday afternoon as bullish options flows lift the stock ahead of its third-quarter earnings, set to drop next week.

According to Bloomberg, Rivian call options traded outnumber put options more than five to one, for a put/call ratio of less than 0.2 as of 2:38 p.m. ET. That’s significantly less than the 20-day put/call average of 0.4. More than 116,000 call options have changed hands, more than 60% above the full-day average over the past 20 days.

Rivian’s upcoming earnings will measure the automaker’s sales ahead of the expiration of the $7,500 EV tax credit. Since September, Rivian has performed two rounds of layoffs as it seeks to cut costs amid the end of regulatory credits and ahead of next year’s lower-cost SUV launch.

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Palantir inks defense deal with Poland, touches new intraday high

Palantir Technologies touched a new intraday high of $192.83 early Monday, as the company rode the China trade truce rally in AI tech stocks and retail favorites.

Palantir also signed a new deal to supply the government of Poland with data, AI, and cybersecurity software, according to Bloomberg.

Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.

Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.

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Intellia tanks as it pauses late-stage CRISPR gene-editing trials after one patient was hospitalized

Intellia dropped sharply on Monday after it announced that it’s pausing two late-stage CRISPR gene-editing trials because one patient was hospitalized with liver damage.

Intellia had also disclosed in May that a patient had experienced elevated liver enzymes. The news is a major setback for the company, which currently has no products on the market and is working on a one-time treatment for heart and nerve conditions.

The news dragged down other companies working on CRISPR treatments, including Beam Therapeutics Inc, Crispr Therapeutics, Editas Medicine, and Prime Medicine.

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Gold craters as retail traders pull money from commodity ETFs

As its fierce rally begins to fade, it looks like retail traders are waving au revoir to gold.

JPMorgan strategist Arun Jain noted that retail traders have pulled about $120 million from commodity ETFs as of 11 a.m. ET on Monday, a level that stands in the 0.4th percentile relative to its one-year average. The SPDR Gold Shares ETF is down 2.8% as of 11:53 a.m. ET after suffering its worst loss since April 2013 last Tuesday. That day, retail had pulled just $50 million from commodity ETFs by 11 a.m.

The five-session average daily flows into the product hit an all-time high of nearly $1.1 billion last Monday as gold and silver had effectively become the new meme stocks, displaying strong momentum and heavy options activity.

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