Tech
Can Homeowners In The U.S. Afford Climate Change?
From western wildfires to east coast flooding, climate change is wreaking havoc on American homes. In this thrilling and emotional documentary, CNBC follows life after fire victim Jenna Johnson narrowly escaped California’s deadliest and most destructive fire, the Camp Fire. Meanwhile, standing in his flooding garage, Miami Beach resident Curt Dyer debates raising his house 4 feet to escape the water. Watch the full documentary to see how climate change victims are trying to protect themselves and their homes.
The rain fell steadily at Curt Dyer’s Miami Beach, Florida, home on a mid-July day this summer. He opened the door to the garage and pointed to the flood already collecting in his driveway. He said it wouldn’t be long until the whole garage flooded.
Even though he faces daily nuisance flooding, the 30-year Miami Beach resident said he is not considering moving. “It’s paradise living here.”
Dyer estimates he’s spending about $250,000 in renovation costs to make his home more resilient to flooding. While that figure includes some upgrades to the cabinetry in the kitchen, the main structural change will raise the driveway 3 feet and pitch it so water will flow into the street. He’s also raising his guest bedroom and bathroom 4 feet.
Jesse Keenan, associate professor of real estate at Tulane University, says these types of resiliency fixes, which are primarily available to the wealthy, create a game of musical chairs with home equity.
As long as homeowners like Dyer are able to sell their property at a higher price after resiliency investments, they come out on top. Eventually, however, a homeowner or bank could end up losing everything if a flood or other disaster destroys the house and makes the property unlivable. Over time, this risk will increase insurance rates and make it harder to get mortgages.
“We anticipate a rapid decline in valuation,” Keenan told CNBC. “Only the wealthy can afford to live, for instance, in high-risk coastal areas, because everybody else can’t insure it and won’t be able to get a mortgage.”
In fact, homes exposed to sea level rise sell for about 7% less than their unexposed counterparts, according to a study published in 2019 in the Journal of Financial Economics. That discount jumps to 10% when the owner of the property is not living there.
Flooding is the most common and most expensive natural disaster in the U.S., according to FEMA. Ninety percent of all natural disasters in the U.S. involve flooding and just 1 inch of water can cause $25,000 of damage to a home.
A 2018 Insurance Information Institute survey found that only 15% of American homeowners have flood insurance. Keenen fears all this combined will lead to a situation where only the wealthy will be able to protect themselves from climate danger.
Dyer said registering his flood claims has been relatively simple but he and his husband are paying out of pocket for these major renovations. But it’s worth it to make his dream home complete, and he expects Miami Beach will continue to be livable for at least another 20 years.
“If I didn’t have the resources and the capability to make the repairs, I would probably have no desire to live in these conditions in this environment. It would be unacceptable. But I do have the resources. I have the ability to make the correction. So I’m going to do it,” he said.
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Can U.S. Homes Survive Climate Change?
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Grocery stores like Kroger are using AI to help find value for perishable food that would otherwise end up in the trash. The data being generated by Flashfood and companies like it are giving retailers insights into consumer behaviors like showing what products will sell, at what price and at what point they are in their shelf life. CNBC’s Brandon Gomez looks into this growing technology.
Produced, Shot and Edited by: Natalie Rice
Reporting by: Brandon Gomez
Animation: Jason Reginato, Christina Locopo
Senior Director of Video: Lindsey Jacobson
Additional Footage: Flashfood, Getty Images
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How AI Is Helping Grocery Shoppers Save Money
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The main demand signal for artificial intelligence looks explosive on paper, but it may be significantly overstated. Token consumption, the basic unit of AI usage, is becoming a distorted metric. Companies like Shopify and Meta have created internal “tokenmaxxing” leaderboards that track how many tokens employees use, and Nvidia CEO Jensen Huang said engineers should be spending half their salary on tokens. But token demand is what the entire AI investment cycle is built on, and that demand number may not be real. CNBC’s Deirdre Bosa shares her perscpective on why Anthropic, by pricing its tools for that reality, might be the best positioned AI company if a correction comes.
Anchor and Columnist: Deirdre Bosa
Produced by: Jasmine Wu
Additional Production: Drew Troast
Edited by: Matt Soto
Animation: Emily Park
Senior Director of Video: Jeniece Pettitt
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AI Demand Is Overstated — Only Anthropic Is Being Realistic
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The minivan has ticked back up in sales in recent years, and is a surprisingly significant share of sales for those still in the segment–Honda, Toyota, Kia, and Chrysler. The Pacifica minivan is the only model line Chrysler sells–something that has led industry watchers to fear the legendary American brand is on its last legs. Chrysler brand CEO Matt McAlear, who also runs Dodge, says more plans will be revealed at parent Stellantis’s investor day on May 21. In the meantime, the minivan is faring rather well, he said. Affordability is a growing concern for many buyers, and a minivan’s average transaction price is about $20,000 dollars less than that of a large SUV in the US. That is a great value for a buyer that needs a spacious vehicle for ferrying passengers or even cargo, say analysts.
Reporting by: Robert Ferris
Editing and Camera: Darren Geeter
Additional Camera: Natalie Rice
Senior Director of Video: Jeniece Pettit
Additional Footage: Getty Images, Stellantis, Toyota
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Why Chrysler Says There Is A Minivan ‘Resurgence’
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SUVs and pickups have really taken over the US car market. But with average vehicle prices so high, some automakers are still selling healthy numbers of sedans and other low-roofed passenger cars. Kia, Toyota, and Volkswagen, among others have kept sedans in the market, and EVs like the Tesla Model 3 are popular. Detroit automakers Ford and GM have hinted they might want back in.
Reporting by: Robert Ferris
Editing and Camera: Darren Geeter
Additional Camera: Natalie Rice
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, Kia, Toyota, Volkswagen
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‘Affordable’ Sedans Are Luring Buyers…Including Young Ones
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Artificial intelligence is reshaping cybersecurity across the crypto industry. While Bitcoin itself is considered resilient, the platforms that connect users to their assets may be more vulnerable. AI can scan complex software systems quickly, uncovering hidden flaws and enabling faster attacks. This shift is forcing crypto companies to rethink how they protect their infrastructure.
Chapters:
0:00 Introduction
0:40 Anthropic’s Mythos model
3:35 Where crypto is most exposed
4:59 Solutions?
Produced, shot and edited by: Charlotte Morabito
Additional Editing by: Andrea Miller
Additional Reporting by: Tanaya Macheel
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images
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What Anthropic’s Mythos Means For Crypto Security
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