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Business Insider
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Jack Ng immigrated to the US at 12. Courtesy of Jack Ng Jack Ng immigrated to the US at 12 and struggled in school. Fishing for two years allowed him to save enough to start a business. Now he has financial security and has achieved his American dream, he says. This as-told-to essay is based on a conversation with Jack Ng, founder of NGMA Group. It has been edited for length and clarity. I grew up on a rice paddy in China, with no running water or electricity. The idea of coming to America felt like going into space. It was a dream that was almost unimaginable. Then, when I was 12, it became reality. My uncle owned a Chinese restaurant in Washington and sponsored my parents for work visas. I was the only one of my five siblings who was still a child, and I immigrated with my parents while my two brothers and two sisters stayed behind. Other than my cousin, it felt like I was the only Asian kid in the whole school district. I spoke no English and often fell asleep in class. I couldn't help it, as I listened to the teacher speak for six hours in a language I didn't understand. Eventually, I learned English through work and friends, but I still didn't graduate from high school. I learned from other immigrants on the boats I started working at my uncle's restaurant as soon as I arrived in the US, and at 14, I got my first job outside the family. I always worked hard, but I didn't really have an education. I knew I needed to save money and start my own company. That led me to Alaska, to the Bering Sea, to be a deep-sea fisherman. It was really hard work. Every time I left the dock, I'd be severely seasick. I worked 12 hours on, 12 off every day for three months at a time. But when I came back from those three months, I had about $15,000 in my bank account. That was a lot of money at the time. On the boats, I worked with other immigrants: Vietnamese, Mexicans, and Filipinos, many of whom were older than me. They taught me to work hard and not complain, but I also knew I didn't want to be doing this type of labor for long. My siblings came to the US and worked in my restaurant After two years, I had about $60,000 in the bank. I used that to open my first restaurant, China City, when I was 21. It was a bit more upscale than my uncle's restaurant, but not too different. By that time, my siblings had immigrated to the US, too. We all bought a house together, and rode to work in the same car. Jack Ng saved $60,000 to open his firtst restaurant. Courtesy of Jack Ng The first year was difficult, and we didn't make much money. Still, opening that restaurant felt like I had achieved my American dream. After two years, we started a second location, on the water in a tourist town. We had white linens and a more upscale feel. We started getting very positive reviews and making more money. I went to the best restaurants in Seattle, learning from other chefs whenever I could. I hope my son takes over my businesses Today, I'm 48. My company, NGMA Group, owns five restaurants in Washington, and in 2025, we did more than $13 million in sales. I've built a good team around me and have financial security that allows me to travel back to China when I want. I could retire, but that doesn't sound fun. One of my sisters still works for me, but my other three siblings have left the business to pursue their own opportunities. I think differently about business than my siblings do because I've been in the US longer. I spend more on branding and marketing, for example, which isn't the right choice for them. My son is 22 and works in one of the restaurants. I hope that one day he'll take over the business, but first he needs to get a college degree. He also needs to work in the kitchen for at least a year. It's one thing to know how to run a business, but if you're going to have a restaurant, you also need to know how to cook and wash dishes. You have to always be ready to jump in and work hard. Read the original article on Business Insider

Business Insider
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Elon Musk made the case for a "universal high income" that wouldn't cause inflation. Kevin Dietsch/Getty Images Elon Musk said government checks for all could address job losses from AI without causing inflation. The Tesla and SpaceX CEO said AI and robotics will supercharge production, driving down prices. Steve Hanke said Musk is right in theory, but there's been both inflation and deflation during past booms. Elon Musk recently said the "best way" to handle job losses from AI would be for the federal government to pay a "universal high income" to every American. The Tesla and SpaceX CEO headed off concerns that doling out big checks would drive up prices: "AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation." In other words, Musk believes that AI and robotics will supercharge production and push down prices, offsetting the inflationary impact of the government boosting the money supply when it pays large incomes to all. Steve Hanke — a professor of applied economics at Johns Hopkins known as the "Money Doctor" because of his experience helping governments solve inflation and currency crises — told Business Insider that Musk has a point. "By applying the quantity theory of money, Musk's conjecture, as far as it goes, would be true," Hanke said, referring to the idea that the general price level of goods and services in an economy is directly proportional to the amount of money in circulation. "Indeed, it would not result in inflation, but in deflation," Hanke continued. "But that is not the end of the story." The former economic advisor to President Ronald Reagan noted that between 1866 and 1897, the US saw "a boom in productivity, strong economic growth, and a secular deflation." Yet between 1897 and 1914, the nation experienced an economic boom and inflation, showing that rates of growth and price change have been "independent of each other" in the past, Hanke said. That means there's no guarantee an AI-fueled boom in growth and productivity wouldn't be accompanied by inflation. Steve Hanke is a professor of applied economics at Johns Hopkins University. Steve Hanke Men in white coats Hanke told Business Insider that many of Musk's predictions about aging — he labeled it a "very solvable problem" in Davos this year — and advances in AI and productivity would sound crazy from someone less successful. Those comments, if "uttered by anyone less than the world's richest man, would generate calls to bring in the men in white coats," Hanke said. Musk has gone as far as proclaiming that saving for old age will soon become pointless if he's right about a future of abundance. "Don't worry about squirreling money away for retirement in 10 or 20 years," Musk said on a podcast episode released in January. "If any of the things that we've said are true, saving for retirement will be irrelevant." Hanke recently highlighted just how far the world is from Musk's grand vision by publishing Hanke's Annual Misery Index (HAMI). The index measures "misery" by factoring in a country's unemployment, inflation, interest rates, and real GDP per capita. The US ranked 119th out of 178 countries, making it less miserable than Norway or Australia, but more miserable than Cameroon or Taiwan, the happiest place on the list. Read the original article on Business Insider

Product Hunt
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By Kiran Jd

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MIT Technology Review
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AI needs a strong data fabric to deliver business value

By MIT Technology Review Insights

Artificial intelligence is moving quickly in the enterprise, from experimentation to everyday use. Organizations are deploying copilots, agents, and predictive systems across finance, supply chains, human resources, and customer operations. By the end of 2025, half of companies used AI in at least three business functions, according to a recent survey. But as AI becomes…

OpenAI Blog
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Workspace agents in ChatGPT are Codex-powered agents that automate complex workflows, run in the cloud, and help teams scale work across tools securely.

MIT Technology Review
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There is no nature anymore

By Mat Honan

When people talk about “nature,” they’re generally talking about things that aren’t made by human beings. Rocks. Reefs. Red wolves. But while there is plenty of God’s creation to go around, it is hard to think of anything on Earth that human hands haven’t affected. In the Brazilian rainforest, scientists have found microplastics in the…

MIT Technology Review
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“Pull over!” I order my brother one sunny February afternoon. Our target is in sight: a gaggle of Canada geese, pecking at grass near the dog park. As I approach, tiptoeing over their grayish-white poop, I notice that one bird wears a white cuff around its slender black neck. It’s a GPS tracker—part of a…

OpenAI Blog
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Workspace agents

Learn how to build, use, and scale workspace agents in ChatGPT to automate repeatable workflows, connect tools, and streamline team operations.

MIT Technology Review
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3 things Michelle Kim is into right now

By Michelle Kim

Isegye Idol If you thought K-pop was weird, virtual idols—humans who perform as anime-style digital characters via motion capture—will blow your mind. My favorite is a girl group called Isegye Idol, created by Woowakgood, a Korean VTuber (a streamer who likewise performs as a digital persona). Isegye Idol’s six members are anonymous, which seems to…

MIT Technology Review
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Los Angeles deserves its reputation as the quintessential car city—the rhythms of its 2,200 square miles are dictated by wide boulevards and concrete arcs of freeways. But it once had a world-class rail transit system, and for the last three decades, the city has been rebuilding a network of trolleys and subways. In May, a…

The Rundown AI
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OpenAI reclaims the image crown

By Zach Mink

PLUS: Build a daily command center with Claude Live Artifacts