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Melinda French Gates says one role model impacts women’s a future career the most: her father

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Growing up, many little girls were told they should be seen and not heard. The billionaire philanthropist Melinda French Gates, however, was told something entirely different: that she could do anything—and it shaped who she is today.

“My father, who worked on the Apollo missions, believed that women could do anything,” French Gates recently said at the Power of Women’s Sports Summit, presented by e.l.f. Beauty. “He empowered female mathematicians on his team, and talked about that in our house often.”

Raised in Dallas, Texas, with two younger brothers and one older sister, French Gates had parents who were determined that all four children, no matter their gender, would go to college—even when that meant stretching the family finances to send them. 

“It was not very easy for them to send us,” she added. “But my father and mother believed that women could do anything in society.”

Her mother, Elaine Agnes Amerland was a stay at home mom, meanwhile, her father Raymond Joseph French Jr. was an aerospace engineer who worked on the Apollo space program. And it was his respect for the women on his team—and his insistence that his own daughters had every right to dream big—that laid the foundation for French Gates’ belief that she could thrive in any room, no matter how male-dominated.

He even sent his daughter on her first business course during the summer after seventh grade. It was called the “Successful Life Course,” and she was just 12 at the time.

In the end, French Gates said that wider progress in “society”—like the push for more women leading Fortune 500 companies—begins at home because that’s where everyone’s belief system is born and impact how they’ll interact with others going forward.

Tennis legend Billie Jean King, who appeared alongside French Gates on the panel, echoed the power of fathers. 

“It’s wonderful to read your book, and I did love the part about your dad—thank you sticking up for the girls,” she said, adding that her dad was the same way and that fathers have a huge impact on their daughters’ future success.

“If he believes in you, like my dad believed in me as much as my brother. I cannot tell you how important it was psychologically.” 

Bill Gates’ parenting style for success

As a parent to Gen Z children of her own, French Gates seems to be paying it forward. She and her ex-husband, Microsoft co-founder Bill Gates, were intentional about instilling similar values of confidence and independence in their three children. 

Even after they pass away,  the Gates children have been told they’ll need to start on their own two feet and will inherit less than “less than 1%” of the family fortune.

But the latest example of this is refusing to fund their daughter’s startup

“I have a daughter who just started a business this year,” French Gates revealed earlier on the panel. “She got capitalized not because of my contacts, not because of me. I wouldn’t put money into it.”

Her reasoning? If this is a “real business,” she said, then others need to be willing to back it. And more important, her daughter should learn how to navigate the sting of rejection if it doesn’t get that funding. “That’s what I told her,” French Gates added. “She’s growing from this.”

And while the 60-year-old mother didn’t reveal which daughter she was referring to, their youngest, Phoebe, recently launched a fashion-tech startup, Phia, with her Stanford roommate, Sophia Kianni.

The platform compares clothing prices from over 40,000 sites to help users find the best deals. Back in April, the 22-year-old “nepo baby” revealed that her parents wouldn’t let her drop out of the prestigious university to launch a startup, like her dad did.

Two other factors behind girls’ success: Female role models and sports

It’s not just dads that mould the female leaders of tomorrow. Two other factors play a huge part, French Gates said: Sports and female role models. 

“When a young man looks up in society, he can see if he wants to be a politician, three dozen archetypes of male politicians. He can look up and see three dozen archetypes of business leader, three dozen archetypes in sports that he might want to be,” she explained.

“When a young girl looks up, she doesn’t see three dozen archetypes of different types of women she might want to be in sport, politicians, media, business. Take your field.” 

That’s why representation matters. “This role modeling that Billie Jean has done over time, it’s what we all have to do so that young girls see that they can be a leader, that they can have money, that they can play the game in society that we all play,” French Gates added.

And when it comes to women in sports, it has a two-fold effect on the success of young girls: Those inspired to join a football, gymnastics, or any sport team have a higher chance of making it to the corner office later in life.   

“The only correlation they can find of women in the C suite, the CEO spot, is that they all played sport—or the majority played sport,” Melinda French Gates highlighted. “And the thesis is they didn’t mind failing.” 

“You step out of bounds playing soccer, you go right back to it. You lose the tennis match sometimes. You learn to fail and that failing is okay.”



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Fed chair race: Warsh overtakes Hassett as favorite to be nominated by Trump

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Wall Street’s top parlor game took a sudden turn on Monday, when the prediction market Kalshi showed Kevin Warsh is now the frontrunner to be nominated as the next Federal Reserve chairman, overtaking Kevin Hassett.

Warsh, a former Fed governor, now has a 47% probability, up from 39% on Sunday and just 11% on Dec. 3. Hassett, director of the National Economic Council, has fallen to 41%, down from 51% on Sunday and 81% on Dec. 3.

A report from CNBC saying Hassett’s candidacy was running into pushback from people close to President Donald Trump seemed to put Warsh on top. The resistance stems from concerns Hassett is too close to Trump.

That followed Trump’s comment late Friday, when he told The Wall Street Journal Warsh was at the top of his list, though he added “the two Kevins are great.”

According to the Journal, Trump met Warsh on Wednesday at the White House and pressed him on whether he could be trusted to back rate cuts. 

The report surprised Wall Street, which had overwhelming odds on Hassett as the favorite, lifting Warsh’s odds from the cellar.

But even prior to the Journal story, there have been rumblings in the finance world Hassett wasn’t their preferred choice to be Fed chair.

At a private conference for asset managers on Thursday, JPMorgan Chase CEO Jamie Dimon signaled support for Warsh and predicted Hassett was likelier to support Trump on more rate cuts, sources told the Financial Times.

And in a separate report earlier this month, the FT said bond investors shared their concerns about Hassett with the Treasury Department in November, saying they’re worried he would cut rates aggressively in order to please Trump.

Trump has said he will nominate a Fed chair in early 2026, with Jerome Powell’s term due to expire in May. 

For his part, Hassett appeared to put some distance between himself and Trump during an appearance on CBS’ Face the Nation on Sunday.

When asked if Trump’s voice would have equal weighting to the voting members on the rate-setting Federal Open Market Committee, Hassett replied, “no, he would have no weight.”

“His opinion matters if it’s good, if it’s based on data,” he explained. “And then if you go to the committee and you say, ‘well the president made this argument, and that’s a really sound argument, I think. What do you think?’ If they reject it, then they’ll vote in a different way.”



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What happens to old AI chips? They’re still put to good use and don’t depreciate that fast

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New AI chips seem to hit the market at a quicker pace as tech companies scramble to gain supremacy in the global arms race for computational power.

But that begs the question: What happens to all those older-generation chips?

The AI stock boom has lost a lot of momentum in recent weeks due, in part, to worries that so-called hyperscalers aren’t correctly accounting for the depreciation in the hoard of chips they’ve purchased to power chatbots.

Michael Burry—the investor of Big Short fame who famously predicted the 2008 housing collapse—sounded the alarm last month when he warned AI-era profits are built on “one of the most common frauds in the modern era,” namely stretching the depreciation schedule. He estimated Big Tech will understate depreciation by $176 billion between 2026 and 2028.

But according to a note last week from Alpine Macro, chip depreciation fears are overstated for three reasons.

First, analysts pointed out software advances that accompany next-generation chips can also level up older-generation processors. For example, software can improve the performance of Nvidia’s five-year-old A100 chip by two to three times compared to its initial version.

Second, Alpine said the need for older chips remains strong amid rising demand for inference, meaning when a chatbot responds to queries. In fact, inference demand will significantly outpace demand for AI training in the coming years.

“For inference, the latest hardware helps but is often not essential, so chip quantity can substitute for cutting-edge quality,” analysts wrote, adding Google is still running seven- to eight-year-old TPUs at full utilization.

Third, China continues to demonstrate “insatiable” demand for AI chips as its supply “lags the U.S. by several generations in quality and severalfold in quantity.” And even though Beijing has banned some U.S. chips, the black market will continue to serve China’s shortfalls.

Meanwhile, not all chips used in AI belong to hyperscalers. Even graphics processors contained in everyday gaming consoles could work.

A note last week from Yardeni Research pointed to “distributed AI,” which draws on unused chips in homes, crypto-mining servers, offices, universities, and data centers to act as global virtual networks.

While distributed AI can be slower than a cluster of chips housed in the same data center, its network architecture can be more resilient if a computer or a group of them fails, Yardeni added.

“Though we are unable to ascertain how many GPUs were being linked in this manner, Distributed AI is certainly an interesting area worth watching, particularly given that billions are being spent to build new, large data centers,” the note said.



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‘I had to take 60 meetings’: Jeff Bezos says ‘the hardest thing I’ve ever done’ was raising the first million dollars of seed capital for Amazon

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Today, Amazon’s market cap is hovering around $2.38 trillion, and founder Jeff Bezos is one of the world’s richest men, worth $236.1 billion. But three decades ago, in 1995, getting the first million dollars in seed capital for Amazon was more grueling than any challenge that would follow. One year ago, at New York’s Dealbook Summit, Bezos told Andrew Ross Sorkin those early fundraising efforts were an absolute slog, with dozens of meetings with angel investors—the vast majority of which were “hard-earned no’s.”

“I had to take 60 meetings,” Bezos said, in reference to the effort required to convince angel investors to sink tens of thousands of dollars into his company. “It was the hardest thing I’ve ever done, basically.”

The structure was straightforward: Bezos said he offered 20% of Amazon for a $5 million valuation. He eventually got around 20 investors to each invest around $50,000. But out of those 60 meetings he took around that time, 40 investors said no—and those 40 “no’s” were particularly soul-crushing because before getting an answer, each back-and-forth required “multiple meetings” and substantial effort.

Bezos said he had a hard time convincing investors selling books over the internet was a good idea. “The first question was what’s the internet? Everybody wanted to know what the internet was,” Bezos recalled. Few investors had heard of the World Wide Web, let alone grasped its commercial potential.

That said, Bezos admitted brutal honesty with his potential investors may have played a role in getting so many rejections.

“I would always tell people I thought there was a 70% chance they would lose their investment,” he said. “In retrospect, I think that might have been a little naive. But I think it was true. In fact, if anything, I think I was giving myself better odds than the real odds.”

Bezos said getting those investors on board in the mid-90s was absolutely critical. “The whole enterprise could have been extinguished then,” he said.

You can watch Bezos’ full interview with Andrew Ross Sorkin below. He starts talking about this interview gauntlet for seed capital around the 33-minute mark.

This story was originally featured on Fortune.com



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