Tech
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Musk may already be a trillionaire while these SpaceX employees and investors will hit multibillion-dollar jackpots after blockbuster IPO
The biggest initial public offering of all time will deliver massive windfalls for Elon Musk, other SpaceX employee, and investors. In fact, shares aren’t even public yet, but Musk may have already become the world’s first trillionaire. Based on how SpaceX has traded recently on private markets, Barron’s calculated the CEO’s 6.4 billion shares are…
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A school district’s lawsuit against Meta for mental health costs was set for trial next month. Zuckerberg settled
Social media companies including Meta have settled the first of many lawsuits brought by hundreds of school districts seeking compensation for costs they say they incurred dealing with harms to children’s mental health from social media addiction. The lawsuit brought by a small, rural Kentucky school district was set to go to trial next month…
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Inside Microsoft’s high-stakes push to win back its AI lead
Good morning. Microsoft was once the undisputed front-runner of the generative AI boom, fueled by a $13 billion OpenAI bet. But that narrative has flipped, and so has the stock. “Microsoft lost its way in the AI race. Can Copilot get it back on course?” is a new Fortune feature article by Jeremy Kahn. He…
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Inside the fraud-ripe feeding frenzy to snag Anthropic shares while the company remains private
A feeding frenzy in the animal kingdom is, at its core, vicious competition. The idiom “feeding frenzy” gained prominence in the mid-century, first primarily to describe the behavior of sharks frenetically ripping into large schools of fish. It’s chaotic, ruthless, and triggered by the perception of abundance. And I suspect the phrase gained popularity both…
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Prakash Arunkundrum, HP’s first-ever chief strategy and transformation officer, bets edge AI will ‘bring the token cost down’
ChatGPT transformed AI from a niche, behind-the-scenes tool into one of the fastest-growing consumer products in history. That’s only accelerated this year, as use of tokens—the basic building blocks of any AI query—has exploded, thanks to widespread enterprise adoption and the rise of agentic AI platforms like OpenClaw. That’s caused surging AI costs in enterprises,…
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Cloudflare posted record revenue, then cut 20% of its workforce. CEO Matthew Prince says AI has made an entire category of workers obsolete
The prospect of AI-related layoffs has been the talk of Silicon Valley and Wall Street since ChatGPT launched its first AI model in late 2022. This year, a handful of tech companies are delivering on that promise. Cloudflare is one of the latest to do so. In a Wall Street Journal op-ed published Wednesday, Cloudflare…
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Meta laid off 10% of its workforce as Mark Zuckerberg warns that in the AI race ‘success isn’t a given’
Meta CEO Mark Zuckerberg has hardened his tone on layoffs. Far from the red-eyed admission of fault he gave when Meta conducted some of its first mass layoffs in 2022, on Wednesday, Zuckerberg dismissed 8,000 workers, or about 10% of its workforce, with a detached-sounding memo that emphasized that “success isn’t a given” in the…
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Malaysia slams ‘grossly offensive, false, menacing and insulting’ TikTok memes about its king
Malaysia said Thursday it has ordered TikTok to explain and address what it described as the social media platform’s failure to act swiftly against offensive, defamatory and fake content targeting the royal institution. The Communications and Multimedia Commission said the move followed the circulation of “grossly offensive, false, menacing and insulting” content, including AI-generated videos…
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McKinsey partner says up to 50% of work hours could be transformed within the next 5 years
In the past few years, AI tools have entered the rank-and-file mainstream—and now, being skilled with the tech is increasingly a prerequisite for employees. AI fluency is quickly becoming table stakes; Anu Madgavkar, a partner at the McKinsey Global Institute, predicts that up to half of professionals’ working lives could be transformed by advanced tech…
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Allbirds’ 600% stock surge says a lot about how ‘AI washing’ became the new ‘greenwashing’
Across corporate earnings calls, investor presentations and marketing pitches, “artificial intelligence” has become the buzzword of choice. Yet a troubling pattern lies under the hype. Many claims vastly overstate actual AI sophistication, misleading people about true capabilities, future outcomes and potential harms. A case in point is the recent 600% share price surge of Allbirds,…