Motley Fool Money
Billions in Lost Business
Jul 26, 2024
David Gardner, co-founder of Motley Fool and Chief Rule Breaker, shares his keen investing insights. He discusses the massive $5B loss across industries due to a critical IT outage by CrowdStrike, emphasizing its financial implications. Gardner also dives into the evolving world of AI and his top stock recommendation, encouraging listeners to navigate this complex space. Meanwhile, the talk touches on Tesla's profitability struggles, Spotify's impressive performance, and up-and-coming stocks like Twilio and Coupang.
40:31
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Quick takeaways
- The $5 billion loss from CrowdStrike's IT outage highlights the critical vulnerabilities in tech infrastructure across various industries.
- Tesla's 10% stock decline reflects concerns over diminishing demand in the electric vehicle market despite long-term growth potential.
Deep dives
Impact of the Global IT Outage
A significant global IT outage stemming from CrowdStrike's update has severely affected various industries, particularly airlines and banking. Travelers, including a guest who experienced a 16.5-hour delay followed by a cancellation, faced immense challenges, with reports suggesting potential losses amounting to $5 billion for Fortune 500 companies alone. The outage disrupted payment systems, with some businesses forced to delay payment deadlines due to tech failures. This incident is expected to have far-reaching effects, prompting discussions on accountability and potential Congressional hearings.
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