Why more Americans than ever are 401(k) millionaires, Figure Technology CEO talks big IPO

Market Overview - Consumer prices have risen by nearly 3% year-over-year, with the headline CPI increasing from 2.7% in July to 2.9% in August, aligning with economist expectations [4][9] - Initial jobless claims have reached a four-year high, indicating ongoing weakness in the labor market [4][9] - All three major U.S. stock indices (Dow, S&P, Nasdaq 100) are at record levels, driven by technology stocks [2][3] Federal Reserve Outlook - The Federal Reserve is expected to cut interest rates next week due to concerns over the labor market, despite rising inflation [3][9] - Market sentiment suggests that the Fed is more focused on job market deterioration than on inflation concerns [9][12] Salesforce Insights - Salesforce CEO Mark Benioff discussed the transformative impact of AI on the company, highlighting the integration of AI agents in customer service, which has led to a significant reduction in human support staff [34][42] - The company has seen rapid growth in its Agent Force product, with over 12,000 customers and generating approximately $1.2 billion in revenue [39][40] - Benioff expressed skepticism about the immediate arrival of Artificial General Intelligence (AGI), emphasizing the importance of human capabilities beyond language models [35][38] Figure Technologies IPO - Figure Technologies, a blockchain lender, has gone public, raising over $780 million and is set to trade under the ticker FIGR [58][60] - The company reported $340 million in revenue and over $100 million in EBITDA last year, showcasing strong financial performance [61] - Figure's business model focuses on using blockchain technology to streamline capital markets, aiming to reduce the number of intermediaries in transactions [63][64] Chewy and Other Analyst Calls - Chewy's stock has been upgraded by Deutsche Bank from hold to buy, citing growth investments that could enhance market share [51] - Fannie Mae and Freddie Mac have also received buy ratings based on potential IPO prospects, with expectations of being released from federal control [52] - Apple has been downgraded to neutral by DA Davidson due to uninspiring product announcements and a lack of a near-term AI strategy [53][54]