Insider Today: How much employees at top AI firms earn

Welcome to Insider Today, a quick look at the top stories in markets, tech, and business. In today's big story, we recapped earnings from three tech giants: Meta, Apple, and Amazon. Sign up here to get the full Insider Today in your inbox every day.

Happy Groundhog Day! Here’s hoping Punxsutawney Phil doesn’t disappoint us the way Sephora bummed out some of its employees by giving them a “stale” cookie after hitting $10 billion in revenue.?

Here’s what to know today:

Markets:

Before the opening bell:?US stock futures rise early Friday following Big Tech earnings. Investors now await January's Non-Farm Payrolls report.

• What to expect when you're expecting... rate cuts. Fed Chair Jerome Powell threw cold water on the market’s hope of a March rate cut. Now Bank of America is targeting June as the likely landing spot for the Fed’s first cut. Santander’s chief economist thinks we’ll have to wait until after the US presidential election. But Fundstrat’s Tom Lee still thinks we’re on track for a March cut.

Tech:

• How much do employees at top AI firms earn? Business Insider analyzed salary data from 16 of the top artificial-intelligence companies in the US and Europe. Industry leaders like CoreWeave and Databricks offer base salaries of over $200,000 for some roles.

Business:

• Executive pay cuts probably wouldn’t prevent layoffs, an expert says. It’s a common question when employees get let go: Why don’t our leaders just downsize their cushy salaries? According to a former VP at Microsoft, even if they did take a pay cut, it wouldn’t make enough of a difference.

Written by Dan DeFrancesco and Jordan Parker Erb.

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