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A new wave of desalination startups argues that deeper is better

10 December 2024 at 06:00

Advances in robotics and seabed electrification have enabled a trio of startups to pursue deep sea reverse osmosis.

Β© 2024 TechCrunch. All rights reserved. For personal use only.

How to get hired at top hedge funds like Citadel, D.E. Shaw, and Point72

8 December 2024 at 06:49
Four D. E. Shaw interns gathered around a computer.
D.E. Shaw interns.

D. E. Shaw

  • The biggest hedge funds are battling it out to attract and retain top talent and outperform peers.
  • Business Insider has talked to elite hedge funds to get a peek into their recruiting processes.
  • From internships to how they hire for tech, here's what we know about getting a job at a hedge fund.

The war for the best hedge fund talent cuts across all levels and positions. Firms like Citadel, Point72, D.E. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat industry.Β 

These behemoth funds are now putting serious time and resources into recruiting for internship and training programs to create a steady employee pipeline.

Eye-popping pay, prestige, challenging work environments, and the promise of working with some of the best investors in the industry means there's a lot of competition for a spot at one of these firms.Β 

The money is top-shelf, even for financial services jobs.

These funds, which have grown into behemoths, are now contributing serious time and resources to recruit for internship and training programs that could better guarantee them a steady employee pipeline.

Eye-popping pay, prestige, challenging work environments, and the promise of working with some of the best investors in the industry means they have a pretty attractive proposition to offer.

Internships at quant fund D.E. Shaw can pay up to $22,000. Entry-level analysts and software engineers get paid above 6 figures a year. Portfolio managers with winning strategies can take home millions.Β 

Business Insider has talked to some of the biggest hedge fund managers about how they attract talent, as well as ways to join their ranks and be successful at their firms. Here's everything we know.Β 

Internships and fellowships

The opaque and secretive world of hedge funds might not necessarily be an obvious choice for many college graduates. Massive money managers are launching new programs to change that and attract young, diverse wunderkinder at earlier stages than before.Β 

Citadel intern Justin Lou and Johnna Shields.
Citadel’s Johnna Shields with Justin Luo of the Citadel Associate Program.

Citadel

Internships have also become huge talent pipelines for some of the biggest multi-strategy hedge funds in the industry, which employ armies of traders and engineers. Programs are uber-competitive and harder to get into than many top Ivy League schools.

Analyst and investment training programs

Typically, hedge funds acquire their investment talent after a few years of working at an investment bank. Increasingly though, the industry's top players are paying graduates to train through intensive programs that can lead to joining investment teams straight after college.Β 

Even the way up-and-coming portfolio managers cut their teeth has evolved.

Tech jobs and training programs

Hedge funds have long been competing with the finance industry and top tech companies for top technologists. Engineers and algorithm developers are key to helping researchers, data scientists, and traders develop cutting-edge investment strategies and platforms. Quant shop D.E. Shaw also has a unique approach to finding talent.

Other resources, including recruiter insight and how to dominate a 5-hour interview

Read the original article on Business Insider

Meta is reportedly building a $10 billion underwater cable that will circle the globe

29 November 2024 at 14:44
Undersea ocean cable underwater
Meta plans to build an underwater cable that will circle the globe.

Ullstein Bild/Getty

  • Meta plans a $10 billion global underwater cable project spanning 25,000 miles, TechCrunch reported.
  • The project is reportedly in the early planning stages, though the exact route has not been announced.
  • Meta aims for sole cable ownership of the cable, avoiding geopolitical tension areas like the Red Sea.

Meta is reportedly planning to build a fiber-optic underwater cable that would traverse the globe, TechCrunch reported.

Sources close to Meta, which owns Facebook, Instagram, and WhatsApp, said the company may spend over $10 billion on a nearly 25,000-mile project. Meta would reportedly own 100% of the cable's capacity, per TechCrunch. It's unclear what role, if any, AI plays in the project's motivations.

TechCrunch reported the project is in its early stages, but the intended capacity and route are not public. Planning is reportedly being led by Meta's South Africa office.

Underwater fiber-optic cables are frequently used to carry telecommunication signals over large areas of water. Meta is part owner of various cables including 2Africa, a submarine telecommunications cable extending across Africa's coastline.

Google is the sole owner of 17 submarine cable holdings, while Amazon and Microsoft are part owners in a handful, telecom analyst Teleography found.

Entrepreneur Sunil Tagare first reported the plan, telling TechCrunch that the cable would cost $2 billion but would jump to over $10 billion in the next five to 10 years. Tagare told TechCrunch that he speculates India's capacity to build data centers more cheaply than the US could explain why the cable may end in India.

"It will start on the East Coast of the US and go straight to India with a stop in South Africa (for powering and restoration purposes)," Tagare wrote on LinkedIn. "And it will also go from India straight to the Western Coast of the US with a powering and restoration stop in Darwin, Australia β€” avoiding the Red Sea, the South China Sea and more importantly Egypt, Marseilles, the Straits of Malacca and Singapore β€” all of whom are now major single points of failure."

The project would take years to complete, given limited resources like cable ships, TechCrunch reported.

TechCrunch reported that the cables could also be strategically placed to avoid areas of geopolitical tension where cables have been damaged, such as the Baltic or Red Seas.

Meta did not respond to a request for comment.

Read the original article on Business Insider

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