Gen Zers and millennials are willing to go on summer vacation at all costs. Literally.

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Happy Friday! Democrats are freaking out following Joe Biden's performance in the first US presidential debate last night. Donald Trump fired off a number of lies and misleading statements, but the debate was still a complete disaster for Biden.

In today's big story, we're looking at how young people are booking their summer vacations, finances be damned.

What's on deck:

• Markets: Imposter syndrome is an asset for this tech banker.
• Tech: Tech CEOs explain why layoffs are plaguing the industry.
• Business: It turns out nice employees finish last.

But first, just charge it.

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The big story

Destination debt

Buy the ticket, take the ride… go into crippling debt?

Summer is in full swing, and Independence Day is approaching. That means plenty of people are entering vacation mode. But these trips also put a good chunk of young people into debt, writes Business Insider's John Towfighi.

Surveys from Credit Karma, Bankrate, and Bank of America show Gen Zers and millennials are willing to go on summer vacation at all costs… literally.

Almost half of millennials surveyed (47%) were willing to take on debt to fund their travel plans, with Gen Z not far behind (42%). (However, it's not just young people. A third of Americans were happy to swipe their way to their next trip, according to Bankrate's report.)

Multiple surveys also found young people are willing to put travel plans ahead of their financial goals. In fairness, you'll always be saving for something, but you can't frolic on the Amalfi Coast in your 20s forever.

To be clear, we're not talking about a couple of overdraft fees to make it through a long weekend on the beach.

Almost a quarter of young people surveyed by Credit Karma expected to rack up $2,000 in debt this summer. And about 10% of that group were willing to push it even further, surpassing $4,000 in summer debt.

Fueling your summer vacation with debt isn't a great idea, but it's easy to see how young people can fall into that trap.

This is, after all, a country built on debt. When the government can't stop borrowing money, it's no wonder its citizens feel so comfortable doing it.

The summer is also prime time for the bane of most people's finances: weddings. Bachelor and bachelorette parties can be a particular drag. In 2023, one app estimated the typical bachelorette attendee spends $1,200 per party.

But even if exercising your credit limit might feel like a necessary evil these days, it's a particularly bad time to do it.

The average credit card interest rate is above 24% right now! So what happens in Vegas stays in Vegas, but the charges you piled up to get there will stay with you for a while, thanks to interest.

That's not to say you should be a homebody this summer. There are plenty of ways to travel on a budget. Maybe you do a tiny bit of work while you're there, or perhaps you don't pay to pick your seat (the middle's not so bad).

Whatever the case, just be able to afford it.

3 things in markets

1. How imposter syndrome fueled a tech banker's rise on Wall Street. As a college kid, Rob Chisholm was turned off by Wall Street's cutthroat reputation. But today, he's at the center of some of the biggest deals shaping the tech landscape. He got candid about dealing with imposter syndrome and offered advice for bankers trying to stay true to themselves.
2. TIMBER! Lumber prices are dropping. With peak home-building season coming up flat due to a lack of demand, lumber prices are down 24% from their mid-March peak. It's a sharp 180 from the start of the year when lumber brokers thought business would boom to address the housing shortage.
3. Trump's policies could be disastrous for the economy, experts warn. A group of Nobel Prize-winning economists led by Joseph Stiglitz sounded the alarm on the economic consequences of a second Trump administration. Stiglitz told BI exactly how Trump's second coming could result in higher inflation, worse inequality, and a broader economic slowdown.

3 things in tech

1. OpenAI's head start fizzles. Though ChatGPT launched OpenAI to the forefront of an intense AI arms race, the company has struggled to maintain that momentum. It's getting harder to match the buzz created by ChatGPT's initial launch — and OpenAI's rivals are catching up.
2. What's driving Big Tech's relentless cuts, according to its CEOs. Leaders like Mark Zuckerberg and Sundar Pichai are blaming tech layoffs on overhiring and a shift toward a smaller workforce. Others say they're restructuring to prioritize AI development.
3. AI will help — not hurt — livestreaming, Twitch CEO says. Contrary to the fear that AI could displace creators, Twitch's Dan Clancy is confident AI will actually help them. He said it's because viewers are looking for a human connection, something AI alone can't deliver.

3 things in business

1. Nice workers finish last. A TikToker went viral after sharing a work theory: people who are both good at their jobs and a pleasure to work with will never get promoted past junior levels. Cynical as that sounds, she may be onto something. Experts say "performance punishment" is a real thing.
2. Amazon Prime + Gigi = advertising win. Gigi, a new adtech startup, wants to help brands with streaming TV ads on Amazon. Working together could help boost Amazon's rise in TV advertising.
3. The Supreme Court had a big week. In a ruling on Thursday, the country's highest court dealt a blow to the SEC by severely limiting the way it pursues financial fraud cases. It also nixed a $7 billion bankruptcy plan for Purdue Pharma that protected the Sackler family from further lawsuits.

In other news

• A crisis comms expert says now is Gavin Newsom's chance to get what he wants: the presidency.
• Summer camps are cracking down on 'Sephora Kids' by banning luxury skincare products.
• I'm delighted by this car dealership's parody of 'The Office'.
• Billionaire Joe Ricketts' latest drama is right out of 'Yellowstone.'
• A Tesla driver says he crashed his brand new Cybertruck after the brakes stopped working.
• The 'worst moment' of Sam Altman's OpenAI ousting happened just before midnight, Airbnb CEO said.
• Patagonia gave 90 staff a choice — relocate across the US or leave the company. They've got 3 days to decide.
• Arizona Iced Tea founder explains why he's bucked the inflation trend and never raised its iconic 99-cent price in 32 years.
• Roaring Kitty post of a dog sparks brief rally in shares of Chewy and Petco.

What's happening today

• Iranian presidential election: Four candidates vie to succeed former President Ebrahim Raisi, who was killed in a plane crash in May.
• Glastonbury festival begins in the UK with Dua Lipa, Coldplay, and SZA headlining.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.