Nike CEO's retirement, AI-powered ETF: Asking for a Trend
On today's episode of Asking for a Trend, Host Josh Lipton breaks down some of the biggest stories from the trading day. A big C-suite shake-up is coming to Nike (NKE) as CEO John Donahoe announced his retirement. He will be replaced by former Nike executive Elliott Hill, effective October 14. Bernstein senior analyst Aneesha Sherman likes the move, arguing it's good news for the stock for two reasons: Hill will be the new CEO and the announcement's timing. She notes that Hill has a long history at Nike, especially with the product, and appears to be well-liked at the company. "This is not only the right skill set in terms of understanding product and understanding Nike. I think he will be the right leader in terms of communication and vision because he's already very well known and liked within the organization," Sherman tells Yahoo Finance. Intelligent Alpha founder and CEO Doug Clinton joins the show to break down the investment firm’s new artificial intelligence-powered exchange-traded fund (ETF), Intelligent Livermore (LIVR), and how AI could transform trading. “We have created an investment committee built on AI [with] three different large language AI models: GPT, Claude, and Gemini. They analyze data and a philosophy that we give those committee members, and then they create a portfolio of stocks that reflect whatever portfolio or exposure we want the AI to create for us,” Clinton explains. Intelligent Alpha launched its AI-powered ETF Wednesday on the Nasdaq, and says that it is currently exposed to major investing themes like AI through names like Meta (META), as well as global markets like Asia and Latin America. TikTok was in court earlier this week making its case against the so-called "ban bill" which would require its Chinese parent company ByteDance to divest from the social video app or risk a nationwide ban. Project Liberty Founder Frank McCourt is hoping to acquire the company. "I think it's pretty clear to everyone now that the Chinese Communist Party controls TikTok and that they're holding the information on 170 million Americans, is not a good thing. It's a real threat. And of course, the ability to manipulate 170 million Americans is even more of a threat." If McCourt were to acquire TikTok, he would plan to migrate the platform's users to a "new protocol where each individual would control their identity and their data." He emphasizes that he is not interested in the algorithm, saying, "We don't need it, and we don't want it." This post was written by Melanie Riehl
