The ultra-rich hopping on the AI bandwagon might be the biggest sign the tech is legit

Hello! Dan DeFrancesco in NYC.

Fun Fact Friday: There's a Darth Vader Gargoyle at Washington's National Cathedral. Here's why, per Mental Floss.

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Today, we've got stories on a top investment bank slipping in the rankings, how Mastercard is recruiting technologists, and a really expensive condo no one wants to buy.

But first, here come the ultra-rich.

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1. The rich and their robots.

The job of family offices, investment firms tasked with managing the fortunes of the ultra-rich, has never been about getting massive returns.

When you have hundreds of millions — or even billions — of dollars to your name, your priority isn't so much growing as it is maintaining.

Which is why Hayley Cuccinello's story on family offices investing in artificial intelligence is so fascinating.

Hayley spoke to executives at family offices about how they're navigating the modern-day gold rush that is AI investing. A key focus in this type of environment, as you can imagine, is sorting the reality from the hype.

Lest we forget, we've been down this road before. Back in 2021, when bitcoin and NFTs were all the rage, the younger heirs were all begging their family offices to get in on crypto.

Of course, a lot of those deals never materialized and most family offices have now largely eschewed digital currencies altogether.

The difference is family offices have largely gotten in on AI long before the bandwagon arrived, Hayley reports.

Perhaps that's an indication of — despite the hype — how revolutionary this tech will truly be.

Because if there is one thing the ultra-rich hate, it's being left behind.

Read more on family offices getting in on the AI gold rush.

In other news:

2. Goldman takes silver in M&A race. The prestigious investment bank lost the top M&A ranking at the midyear mark for the first time in five years, per data from Refinitiv Deals Intelligence. More on what led to Goldman's slip up, and why it could still make a comeback.

3. A developer job at Mastercard: Priceless (or $200,000). The payments giant is looking to lure in technologists with a revamped culture that includes free days to work on passion projects. Here's how that's going.

4. Female applicants to Bill Gates' family office were reportedly asked sexually explicit questions. Some woman who applied to Gates Ventures were asked by a third-party security firm questions that ranged from their preference in porn to if they had STDs, according to The Wall Street Journal. The questions were focused on issues that could lead to blackmailing the potential employee, per the report, but a Gates Ventures spokesperson denied knowledge of the alleged questions. More here.

5. A meteor is hurtling toward Silicon Valley. An "extinction event" is threatening to wreck havoc on the startup industry thanks to myriad factors making it difficult for early-stage companies. Except for Spain, which seems to be doing just fine. Otherwise, brace for impact.

6. Yes, you can still find jobs where you can work in your pajamas. For all the talk of pushing people back into the office, there are plenty of remote opportunities. Read more here.

7. Succession plans at Morgan Stanley are heating up. The bank's board plans to consider a successor for CEO James Gorman in upcoming meetings, per Reuters.

8. These are the best cities to move to if you're just starting out. According to a recent study, Austin, Texas is considered the best city for young professionals. More on the criteria and the other top four cities.

9. Here are pictures of a $35 million NYC penthouse no one seems to want to buy. A 9,450-square-foot condo in Midtown Manhattan believed to be owned by the Guccis has been on the market since 2015. Take a peak inside.

10. Caniacs rejoice! Raising Cane's flagship restaurant just opened in New York City. Check out photos from the grand opening of the 8,000-square-foot store located in Times Square.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email [email protected], tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.