Linkedin's job-seeking solution comes with both success and shame

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In today's big story, why LinkedIn's #opentowork banner is so controversial.

What's on deck:

• Markets: He used to be one of Tesla's biggest fans. Now, he's a huge critic.
• Tech: Nvidia's biggest blind spot.
• Business: How people are making the most of their credit card rewards.

But first, I'm low-key looking for a job.

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The big story

Not open to being open

One of the biggest debates on the internet has nothing to do with politics, the market, or sports. Instead, it's about your LinkedIn profile picture.

The argument focuses on the benefits or downsides of using the Open to Work banner on LinkedIn after losing your job.

That last sentence alone might have elicited an internal reaction from some of you. Like it or not, the banner is viewed by some as "the digital-age equivalent of standing on the sidewalk wearing a sandwich board that reads Job Wanted," writes Business Insider's Aki Ito.

And besides the shame job seekers might feel, some people believe the banner comes with a risk. Touting that you are #opentowork could actually discourage recruiters from reaching out, so the thinking goes. Welcome to the internet in 2024.

The result is a "bizarre" environment: One where job seekers worry that showing you're looking for work will actually make it harder to get a job, a source told Aki.

"Saying 'we can't hire you because you said you want a job' is like saying 'we can't feed you because you said you're hungry.'"

Not everyone is scared of the banner.

About 40 million users signaled they were #opentowork in July. And for good reason.

Only one of the eight recruiters Aki spoke to said the banner would give them pause when looking at a candidate. Several even said they actively seek out candidates who publicize that they're open to work.

But the #opentowork hesitation could be more about our personal biases than what recruiters might think. The negative reaction to the banner, while not fair, is understandable.

For many, #opentowork represents our corporate mortality. A little ugly reminder that we could be next on the chopping block.

None of that, however, should stop someone from using every tool in their arsenal to get a job.

And even if you still feel embarrassed about using the banner, rest assured there's plenty of stuff people should be hesitant to post.

LinkedIn has gotten incredibly weird since the pandemic. People are comfortable oversharing intimate details on what's meant to be a professional network. In some cases, they've even used it as a place to find a date.

News brief

Top headlines

• Hewlett Packard confirms it will continue to sue Mike Lynch's family for $4 billion after he died in a tragic yacht sinking.
• Elon Musk thinks he knows why your X feed might be getting more toxic.
• Chip companies like Nvidia and Intel are facing a major gender gap amid the AI boom.
• Why everyone in tech is talking about 'founder mode.'
• A grocery tycoon turned Walmart robotics supplier is one of this year's biggest wealth losers after $9 billion wipeout.

3 things in markets

1. The stock-half-full view. Americans who own stocks generally feel much better about the economy than Americans who don't. The gap between the top one-third of stock owners and those who don't own any stocks has never been wider, and those who feel good have reason to — the S&P 500 has soared nearly 50% in the past two years.
2. Blackstone's using generative AI to supercharge an internal search tool. The PE giant's DocAI acts like an internal ChatGPT thanks to the trove of documents uploaded by workers. The tool, which will be fully rolled out this fall, is designed to help workers search and summarize more efficiently.
3. How one of Tesla's biggest bulls turned bearish. Ross Gerber, a longtime supporter of Elon Musk, has shed around half of his fund's stake in Tesla since November 2023. He spoke to BI about why he's done a 180 on the EV maker and its polarizing CEO.

3 things in tech

1. It's getting harder to make big leaps at the frontier of AI. There are a lot of capable AI models now, and they're all pretty similar to each other, which has pushed costs down. Now that the AI frontier has become "a commodity," as one startup CEO put it, there will be huge winners and losers in the space.
2. Nvidia's got some competition. The chip giant's dominance isn't certain in one particular area of AI computing: inference. Demand for inference chips will only increase as AI matures, and the field is growing crowded with formidable competitors, like the ex-Googler-founded Groq and the California powerhouse Cerebras.
3. Supersized seed rounds shake up VC. The earliest stage of the startup market is getting out of control. As investors rush to fund the next big startup, the amount they're willing to pledge upfront has ballooned in the past three years. The $5 million-plus seed round might be the new normal.

3 things in business

1. Welcome to credit card points mania. Credit card rewards are having a moment thanks to great perks, points, and cashback deals. Gen Zers explained the mix of cards they use to level up their rewards and live a life of more luxury. (Rule number one: Stay out of debt.)
2. Meet the quiet luxury millionaires. Not all millionaires have flashy homes and cars. Six wealthy-on-the-DL people told BI their strategies for growing and keeping wealth that are at odds with a loud-luxury lifestyle. Here's how they build wealth modestly without sacrificing comfort.
3. The most promising healthcare AI startups, according to VCs. AI is dominating healthcare investments this year as VC funding picks back up after a slump. BI spoke to leading VCs to identify 22 companies using AI to improve cardiovascular care, insurance payments, and more.

In other news

• Take a look inside the LA home Elon Musk is foreclosing on, which once belonged to Hollywood royalty.
• Mercer advises institutions with more than $16 trillion in assets. Here's what its top investment strategist is telling the world's biggest investors.
• These 2024 status symbols show that it's not all about quiet luxury anymore.
• Investors are headed into the worst time of year for stocks. Here's why September is brutal for the market.
• A US Army vet moved to Japan with his wife and bought an abandoned house for $35,000. They have no plans to leave.
• Wasteful consumerism has a new worst enemy: Gen Alpha tweens.

What's happening today

• Supreme Court Justice Ketanji Brown Jackson's memoir is released.
• Russian president Vladimir Putin visits Mongolia.

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. Grace Lett, associate editor, in Chicago. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.