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Sports is a “red-hot” sector for investment, thanks to exploding team valuations. But with those rising price tags (Forbes recently found the average NFL franchise value was $5.7 billion, for instance), team ownership is available to only a select few.
Instead, investors are turning to sports technology startups in areas ranging from wearables and performance enhancement to the fan experience. The first half of 2024 featured a record 225 sports tech deals, worth more than $27 billion, a new report from investment bank Drake Star found.
“Whether you talk about the digital media rights, whether you talk about all the FAANGs moving into it—Apple, Amazon—everyone is trying to get a piece of the sports puzzle,” says Mohit Pareek, a principal at Drake Star and the report’s co-author.
People walk by a produce store in Brooklyn.
Consumer prices rose 2.4% in September, faster than economists predicted for the first time since March. The hotter-than-expected inflation poses a potential obstacle to the yearslong fight to return to 2% inflation, but it’s still the lowest inflation rate since February 2021.
ChatGPT creator OpenAI is trying to court creators and influencers to its platform, including by hiring for a “Head of Internet Creators” role, according to a new job listing spotted by Forbes. At the same time, the company is facing complaints from creators who are frustrated by reports that it used transcriptions of YouTube videos to train its models underpinning ChatGPT.
The tariffs proposed by former President Donald Trump would pose a major headwind to stocks globally, according to a report from UBS. If the U.S. implements the 60% import tax on Chinese goods and 10% tariff on other imports backed by Trump, the S&P 500 would end next year at 5,200 and 2026 at 5,650, accounting for any retaliatory policies from U.S. trade partners. That would be 11% and 2% respective declines from the stock index’s record close on Wednesday.
TD Bank’s stock fell around 5% after agreeing to pay $3 billion in penalties to regulators, after it pleaded guilty to failing to maintain an anti-money laundering program. The Justice Department said the bank was aware it allowed money laundering networks belonging to international drug traffickers to flourish.
Cody Pickens for Forbes
Walter Wang, CEO and owner of........