Economy
Ongoing Housing Market Challenges
The ongoing slump in the American housing market remains a significant driver of economic uncertainty. Many homeowners who locked in lower mortgage rates before recent rate hikes are reluctant to sell, particularly as mortgage rates, which briefly declined in September, have risen again. This rise is likely tied to a shift in the 10-year Treasury yield, which has climbed above 4% again this month.

While some forecasts predict a drop in rates next year (with the consensus estimate placing the 10-year Treasury yield around 3.7%), high home prices may keep overall housing costs elevated. In September, the median price for existing homes exceeded $400,000, approaching record levels. With reduced competition, current buyers have greater negotiating power; however, overall sales are expected to remain low through the holiday season due to seasonal trends that typically reduce market activity (more purchase activity usually occurs during spring and summer periods). Real estate agents anticipate a stronger buyer presence by early 2025 as market conditions stabilize.

Technology
AI Search Startup Perplexity Seeks $8B Valuation in Latest Funding Round
Perplexity, an AI-driven search company, is currently in fundraising talks aimed at bringing its valuation to over $8 billion. After raising three funding rounds in the past year, Perplexity saw its valuation jump from $520 million in January to $3 billion by summer. With annualized revenue projected at $50 million—up from $10 million in March—Perplexity’s growth has attracted significant interest in and beyond Silicon Valley.

Founded two years ago and backed by Jeff Bezos, the founder of Amazon, Perplexity offers a blend of search engine and AI chatbot capabilities, similar to Google and ChatGPT, with around 15 million daily queries. The company recently announced a new AI tool for financial services companies aiming to help in investment research. The firm claims its advantage lies in combining customer-provided information with real-time external financial intelligence sources. However, the startup has faced criticism from publishers, including the New York Times and Dow Jones, the publisher of the Wall Street Journal, for using content without permission. Responding to the allegations, Perplexity CEO Aravind Srinivas has expressed a desire to work cooperatively with publishers.

Special from Bridges to Business
Impactathon: November 1-3
In this fast-paced competition, participants will be guided to form teams that will have 48 hours to design and develop projects that address pressing social issues. With mentorship from industry experts, you’ll turn ideas into action and compete for the chance to implement your solution. Take the risk to build new skills, make new friends, eat great food, and have an impact, as well as to get an opportunity to win up to $2,000 in funding.

Finance Workshop from Soka’s Investment Analyst: October 31
Get a grip on the basics of business finance and learn how different business models drive success. This workshop covers essential financial principles and introduces the frameworks that power successful ventures. Workshop is facilitated by Soka Investment Analyst Eddie Ng (SUA ’13), and experienced consultant with a strong background in advising mid to large global corporations and investment firms on acquisition due diligence, supply chain management, and operational performance. His deep expertise in analytics and model development, combined with international project management experience, enables him to address complex strategic and tactical issues, engaging effectively with stakeholders at all levels.

Critical Conversations @ Soka: AI & The Future of Education and Work (November 7)
[FREE TICKETS FOR SOKA STUDENTS]
Join a lively evening exploring the impact of Artificial Intelligence (AI) on our educational and professional landscapes with Kevin Roose & Casey Newton, co-hosts of the award-winning New York Timespodcast Hard Fork, and influential data scientist Hilary Mason, co-founder and CEO of Hidden Door. Named to Fast Company’s 100 Most Creative People in Business and Fortune’s 40 Under 40, Mason has over 20 years of experience building AI-powered products across diverse industries, and her innovative work at Hidden Door aims to revolutionize gaming by creating interactive story adventures set in beloved fictional worlds. Moderated by Soka alumna Jihii Jolly ‘11, this panel will explore how AI is reshaping education, career paths, and society at large. Don’t miss this rare opportunity to gain insights from leading voices in technology and prepare for the AI-driven future.