AI Is Coming for Your Job—Shopify Just Made It Policy

Suit & Times Daily Briefing – April 14, 2025

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What We’re Covering Today

• 🌍 World News | Global Investors Pull Back From U.S. Markets

  A wave of international investors is shifting capital away from the U.S. amid deepening trade tensions. Trump’s tariff escalation has rattled global confidence, triggering asset selloffs and renewed talk of de-dollarization. China, meanwhile, is ramping up retaliatory levies, targeting key U.S. exports and strategic supply chains.

• 📈 Finance | Bessent Becomes Wall Street’s New Power Broker
  Treasury Secretary Scott Bessent is emerging as a pivotal figure in Trump's economic strategy. After advising a temporary tariff pause to calm markets, he’s now leading talks for a new anti-China trade alliance. A hedge fund veteran, Bessent’s influence is reshaping how Wall Street views the Trump administration—no longer just combative, but coordinated.

• 📊 Economy | UK Warns of Shock to Financial System
  The Bank of England has issued a rare financial stability alert, warning that Trump’s tariffs may trigger a cascade of economic shocks. With leverage rising among hedge funds and global markets strained, the UK sees vulnerabilities across real estate, corporate debt, and commodities. Analysts say volatility could deepen if trade negotiations falter.

• 🤖 Tech | AI Is Coming for Your Job—Shopify Just Made It Policy
  Shopify CEO Tobi Lütke isn’t mincing words: from now on, no one gets hired unless AI can’t do the job. It’s part of a sweeping internal shift that makes AI adoption a requirement—not an option. Employees must now prove their value beyond automation, with performance reviews tracking AI integration. The message is clear: adapt or be replaced.

• 🏀 Sports | Sports Franchises Prove Recession-Proof (Mostly)
  A new report from Arctos Partners highlights why pro sports teams remain resilient in downturns. Franchises boast locked-in media deals, loyal fanbases, and rising valuations—even as markets waver. But risks remain: Canadian clubs are facing currency shocks, and tariffs are driving up stadium construction costs.

📈 The Ledger

Tracking key market indexes to give you a pulse on global financial movements. 

These indexes cover U.S. markets, global equities, small-cap stocks, volatility, and economic trends, offering a snapshot of where the market is heading.

🔹 Why These Indexes Matter:

• Broad Market Trends: The S&P 500, Dow Jones, and Nasdaq show how major U.S. companies are performing.

• Volatility & Risk: The VIX measures market uncertainty and investor sentiment.

• Global Perspective: FTSE 100, Nikkei 225, and MSCI World reflect international market health.

🌍 World News | Global Investors Pull Back From U.S. Markets

A wave of international investors is shifting capital away from U.S. assets amid intensifying trade tensions and economic uncertainty. President Trump’s tariff escalation has rattled global confidence, triggering selloffs in Treasurys, weakening the U.S. dollar, and accelerating capital outflows to European and Asian markets.

Foreign capital flight is especially pronounced among Asian central banks and sovereign wealth funds, many of which have begun reallocating reserves to emerging markets and energy-linked commodities.

China, in retaliation, announced a fresh wave of levies on over $80 billion worth of U.S. exports, including semiconductors, soybeans, and liquified natural gas. Analysts warn that if these tensions persist, the U.S. may face a structural decline in foreign investment that could raise borrowing costs and trigger broader economic instability.

🔗 Read more at the WSJ

📈 Finance | Bessent Becomes Wall Street’s New Power Broker

Scott Bessent, the hedge fund veteran turned Treasury Secretary, is now considered the most influential economic advisor in the Trump administration. After persuading the President to pause further tariff escalation following a 9.5% market drop, Bessent is working behind the scenes to launch a “Free Trade Compact” among U.S. allies to counter China’s growing economic dominance.

Wall Street insiders say Bessent’s presence has calmed investor nerves, signaling that the administration may finally pair its populist rhetoric with more sophisticated financial strategy.

He is reportedly meeting with leaders from Japan, Canada, and the UK to lay the groundwork for a high-tech and energy-focused alliance. While Trump remains combative in public, Bessent’s diplomatic pivot may be what keeps markets stable through election season.

🔗 Read more at Politico

📊 Economy | UK Warns of Shock to Financial System

In a stark warning, the Bank of England’s Financial Policy Committee said that the UK economy is at risk of a “global financial event” due to the combined effects of trade shocks, asset bubbles, and leverage among hedge funds.

Key concerns include:

• Overexposure in the real estate and credit markets

• Surging prices in agricultural and energy commodities

• Potential defaults in developing economies linked to dollar-denominated debt

The report emphasized that Trump’s tariff regime and global uncertainty have “increased the probability of an abrupt market correction.” The Bank has begun stress-testing major institutions under more severe conditions than those modeled during the COVID-19 pandemic.

🔗 Read more at Yahoo Finance

🤖 Tech | Shopify CEO: AI Will Kill Jobs—Other CEOs Just Won’t Admit It

Shopify CEO Tobi Lütke is saying the quiet part out loud: artificial intelligence is going to kill jobs—and most CEOs won’t admit it.

In a blunt internal memo shared with Shopify’s workforce last week, Lütke outlined a bold shift in the company’s hiring and operating philosophy. Effective immediately, no new hires will be approved unless managers can demonstrate that the job cannot be done by AI. Lütke declared that “being good at using AI” is now part of the job description for everyone at the company—from product managers to designers and support staff.

“We should not start from the assumption that humans are required,” Lütke wrote. “We should assume AI can do it—and only hire if it can’t.”

The approach makes Shopify one of the first major tech companies to openly structure workforce planning around AI displacement. And while many in Silicon Valley are investing heavily in AI tools, most executives are careful not to acknowledge its downsizing potential so directly. Lütke, by contrast, said leaders need to stop being “dishonest” about what’s coming.

Why It Matters:
This isn’t just a philosophical statement. Shopify’s internal policies are already shifting:

• 🔹 Every team must now prove that an open role cannot be filled by AI before a requisition is approved.

• 🔹 Employee performance evaluations will begin tracking AI integration and usage.

• 🔹 Teams are being encouraged to automate before they expand.

Lütke’s message reflects a broader theme emerging in tech: AI isn't just an enhancement—it's a restructuring tool. And unlike euphemisms around "efficiency" or "optimization," Lütke is putting the impact on jobs front and center.

Pushback & Praise:
Reactions have been mixed. Some Shopify employees see it as forward-thinking and transparent, praising the clarity and honesty. Others are worried about career stability and ethical oversight, noting that such automation-first frameworks could disproportionately affect junior roles and support teams.

Outside the company, industry watchers say this could mark a turning point. “Lütke just made it OK for CEOs to say the quiet part out loud,” said one analyst at Bain. “This policy gives other tech leaders cover to adopt similar playbooks.”

Still, critics argue that the approach lacks nuance, especially when it comes to ethical boundaries and long-term talent development. As one tech ethicist put it: “The question isn’t whether AI can do something, but whether it should.”

What’s Next:
Shopify is reportedly piloting an internal AI training bootcamp, requiring all employees to demonstrate proficiency in AI tools relevant to their roles. The company is also exploring new incentive structures tied to automation adoption.

If successful, this could become the template for post-2025 tech workforces—leaner, AI-native, and radically pragmatic.

🔗 Read more at Fortune

🏀 Sports | Sports Franchises Stay Hot Despite Market Woes

Even as equities falter and consumer confidence dips, pro sports franchises continue to thrive, according to a new report from Arctos Partners. The firm, which holds minority stakes in over 30 global teams, says these assets are proving “remarkably recession-resistant.”

What’s driving the stability:

• Multi-year media rights contracts protect teams from short-term ad slumps

• Dedicated fanbases keep ticket sales and merchandise revenue flowing

• Inflation hedge: Franchise valuations continue to rise even as traditional stocks cool

However, not all teams are immune. Canadian NHL franchises are being hit by currency volatility, while stadium construction costs have soared due to tariffs on concrete, steel, and imported materials.

Still, analysts expect that sports-backed funds will outperform the S&P 500 if current macro conditions persist. Arctos is reportedly raising a new $3 billion fund focused exclusively on acquiring stakes in European football clubs and emerging-market leagues.

🔗 Read more at Business Insider

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!