The U.S. job market is currently showing a mix of signals, indicating a cooling trend while still maintaining strength post-pandemic. In April, employers added 175,000 jobs, leading to moderate and steady hiring, with the unemployment rate slightly increasing to 3.9%. Despite this uptick, the job market remains stronger than pre-pandemic levels, with the ratio of job openings to unemployed workers still higher than before the pandemic. This suggests that the labor market is tight, with pay gains for job switchers surpassing those who stay in their current roles. Additionally, the tech hiring market displayed signs of recovery in April, with IT unemployment dropping to 2.8% and technology companies adding nearly 4,300 workers. This indicates a positive trend in the tech sector, with strong demand for skilled IT workers and IT spending projected to reach $5.1 trillion this year. Overall, while there are indications of cooling in the job market, the U.S. job market remains robust post-pandemic, offering growth opportunities in various sectors.

Microsoft CEO Satya Nadella championed a security-first strategy in an employee memo. The company is overhauling its security processes to prioritize secure design, default security, and secure operations. This initiative aims to enhance security measures after a series of high-profile attacks, emphasizing the importance of technical and operational rigor.

Three things to know today

00:00 US Job Market Shows Signs of Cooling Yet Remains Strong Post-Pandemic

06:13 Microsoft's Security Overhaul: CEO Satya Nadella Champions 'Security First' Strategy in Employee Memo

08:32 Canalys Forecasts: 60% of PCs to Be AI-Capable by 2027, Boosting Opportunities

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Kaseya recently made headlines with the introduction of a new subscription-based offering called Kaseya 365. This comprehensive package is tailored for managed services providers and comes at a competitive price, starting at $3.99 per endpoint per month. The Kaseya 365 subscription encompasses a variety of essential features such as RMM, antivirus, EDR, MDR, patch management, ransomware rollback, and endpoint backup, all consolidated into a single license. This pricing strategy by Kaseya marks a significant reduction that could potentially create competitive pressure for other vendors in the market.

The launch of Kaseya 365 also introduced the Partner First pledge, designed to address partner concerns by offering more flexibility and affordability. This pledge includes initiatives like providing products in one-year and three-year agreements, enabling partners to switch between backup solutions through the FlexSpend program, offering catastrophic client loss protection, and implementing a Price Lock Guarantee to safeguard against price increases.

The provision of child care benefits can significantly impact employee retention rates, productivity, and work absences. A study by the non-profit Moms First, mentioned in a podcast episode, revealed that companies offering child care benefits experience higher employee retention rates and increased productivity. Working parents often struggle with child care costs and access, leading to decreased productivity. By providing child care benefits, companies can see a return on investment through higher retention rates, improved employee satisfaction, and reduced work absences.

The cost of recruiting and training new employees is typically higher than retaining existing ones. By offering child care benefits, companies can cover the cost of these benefits by retaining just 1% of eligible working parents. Additionally, child care benefits have been shown to enhance recruitment and retention as much as paid time off and health insurance benefits. Employees receiving child care support are more likely to stay with their company, experience increased productivity, and report higher job satisfaction.

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Evergreen's investment thesis revolves around the concept of long-term ownership and decentralized operating models, which they believe are ideal for the Managed Service Provider (MSP) space. Co-founder Ramsey Sahyoun emphasizes their goal of establishing a lasting home for businesses rather than engaging in quick turnovers. This strategy mirrors the Berkshire Hathaway model of holding businesses indefinitely, albeit on a smaller scale.

The decentralized operating model enables Evergreen to run acquired MSP businesses independently while still benefiting from shared best practices and collective scale. This approach ensures that businesses maintain close relationships with customers, a critical factor for customer retention and business growth in the MSP industry.

Drawing from their experience with acquiring and managing MSPs like Executech and Wolf Consulting, Evergreen has witnessed the transformation and shift to managed services, making MSPs more recurring, profitable, sticky, and rapidly growing. These characteristics align with Evergreen's investment thesis of long-term ownership and decentralized operations, making the MSP niche an attractive investment opportunity for the company.

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The episode sheds light on the challenges major retailers like Walmart face in the healthcare industry. Despite striving to enhance healthcare accessibility and affordability, Walmart made the tough decision to close all 51 of its health centers and discontinue its virtual care program due to profitability concerns. This move raises doubts about the feasibility of healthcare ventures for retailers such as Walmart, Best Buy, and Amazon.

Clear contractual agreements and robust risk management strategies are crucial components in the event of a data breach dispute between a managed services provider and a client. The episode highlights a case where a consulting firm, Barry Dunn, blamed its managed services provider, Reliable Networks, for a data breach compromising identifying data stored by its health analytics practice group. Barry Dunn alleged that the breach occurred due to unauthorized access to Reliable Networks systems, while Reliable Networks denied responsibility, stating that the breach occurred on Barry Dunn's network and systems.

Furthermore, the episode mentioned Microsoft's efforts to address concerns about AI technology misuse and impact on privacy and civil liberties. Microsoft released its first AI Transparency Report, highlighting the implementation of responsible AI tools, risk mapping for generative AI applications, and content moderation systems to prevent misuse. This demonstrates the importance of incorporating ethics and compliance considerations into AI strategies to ensure responsible and secure use of AI technologies.

Four things to know today

00:00 Challenges in Healthcare Drive Walmart to Close Physical Health Clinics and End Virtual Care

02:41 Managed Services Dispute: BerryDunn and Reliable Networks Clash Over Responsibility in Data Breach

04:22 HPE Report Unveils Major Gaps in Organizational AI Strategies, Impacting Data Security and ROI

06:08 White-Collar Woes: High-Earning Professionals Face Job Market Slowdown Despite Economic Growth

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Microsoft's April 2024 security updates have caused significant disruptions, including VPN connection failures and NTLM authentication issues, across various Windows versions such as Windows 11, Windows 10, and Windows Server 2008 and later. Users have reported experiencing connectivity issues and potential security vulnerabilities due to these problems.

Marriott's admission of using outdated SHA-1 hashing instead of encryption during a 2018 data breach reveals a significant oversight in their forensic investigations. This revelation came to light during a court case where Marriott falsely claimed to have used encryption to secure their data, raising questions about their security measures and forensic processes.

Pax8 recently announced a leadership transition with Scott Chazen appointed as the new CEO, taking over from John Street who stepped down.

Four things to know today

00:00 Microsoft's April 2024 Security Updates Disrupt VPN Services and NTLM Across Windows Platforms

03:30 Forensic Flaw: Marriott Admits to Using Outdated SHA-1 Hashing Instead of Encryption

05:25 Ukrainian Hacker Ordered to Pay $16 Million After Pleading Guilty in Kaseya Cyberattack

07:20 Pax8 Announces Leadership Transition: Scott Chasin to Take Over as CEO, John Street Steps Down

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The National Institute of Standards and Technology (NIST) has recently launched the GenAI program with the goal of establishing benchmarks for generative AI technologies. This initiative is crucial for enhancing transparency in the AI field and ensuring the safe and reliable use of these technologies. The program will focus on evaluating generative AI technologies, releasing benchmarks, developing deepfake detection systems, and promoting the creation of software to identify the source of AI-generated information.

In the podcast episode, it was highlighted that Microsoft, Google, and Amazon all experienced significant revenue growth in the first quarter of the year. Microsoft reported a 17% revenue growth, attributed to the momentum from CoPilot, its AI-powered chatbot. The growth rate remained steady compared to the previous quarter. Additionally, revenue from Activision, which Microsoft acquired in October, contributed to the overall growth. Azure Cloud Computing Service saw a 21% revenue growth, potentially boosted by new AI-powered services.

Three things to know today

00:00 NIST Launches GenAI Program to Set Benchmarks for Generative AI and Enhance Transparency

03:50 White House Updates Critical Infrastructure Oversight with National Security Memorandum-22

06:35 Microsoft, Google, and Amazon Leverage AI and Cloud for Substantial Q1 Revenue Growth

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AI is expected to significantly disrupt the job market, potentially affecting up to 90% of workers in the next decade, as noted by Professor Eric Posner from the University of Chicago. The increasing prevalence of AI technology raises concerns about the potential displacement of millions of jobs and the necessity for a social safety net to protect workers from long-term unemployment. Posner emphasizes the emotional toll individuals may experience when they are unable to contribute to society due to AI-driven job disruptions.

The podcast episode also brings attention to the ethical concerns and security risks associated with the use of AI in voice cloning. An incident is mentioned where an AI-generated voice message deceived a company into using a BBC presenter's likeness in an ad campaign without her consent, illustrating how AI can be exploited for fraudulent purposes.

Voice cloning technology has become increasingly sophisticated, capable of replicating various aspects of a person's voice. While this technology has commercial applications, it also poses significant security risks, such as potential misuse by cybercriminals to deceive individuals or bypass security systems.

Three things to know today

00:00 AI Set to Disrupt Job Market, Impacting 90% of Workers Within a Decade, Says UChicago Professor

03:17 AI Ethical Dilemmas: Bumble's New Features and the Risks of Voice Cloning in Cybersecurity

06:03 Circular Computing Partners with Total IT Global to Offer Carbon-Neutral Hardware as a Service

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The U.S. experienced a slowdown in Q1 GDP growth, with a rate of 1.6%, signaling a deceleration in the economy at the start of 2024. Despite this, consumer spending displayed resilience, showing solid growth in personal consumption expenditures. In the last quarter, consumer spending increased at an annualized rate of 2.5%, indicating that American consumers are maintaining their spending habits despite high borrowing costs and persistent inflation.

The Cybersecurity and Infrastructure Security Agency (CISA) released AI guidelines for critical infrastructure, emphasizing the importance of managing risks and leveraging opportunities associated with artificial intelligence. These guidelines aim to provide operators and owners of critical infrastructure with a framework to effectively govern, measure, and manage the use of AI technology.

Three things to know today

00:00 U.S. Q1 GDP Growth Slows to 1.6%, But Consumer Spending Shows Resilience

03:42 CISA’s Latest AI Guidelines: Managing Risks and Harnessing Opportunities in Critical Infrastructure

06:00 Mosyle Launches Fuse MSP for Streamlined Apple Device Management, Offering High Commissions for MSPs

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