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The AI boom is heading toward a massive financial crash

The AI boom is heading toward a massive financial crash

Joachim Klement writes: I calculate that over the past four quarters, 93 per cent of US GDP growth was explained by tech investments. Even at the peak of the technology, media and telecom bubble [which burst in 2000], it barely reached 60 per cent. The developers of large language models such as OpenAI and Anthropic are preparing for blockbuster initial public offerings later this year to benefit from investor optimism about their growth. Meanwhile, the hyperscalers Microsoft, Alphabet, Amazon, Meta…

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AI costs are hitting corporate America

AI costs are hitting corporate America

Axios reports: Corporate leaders are starting to question whether soaring AI spending is delivering meaningful returns. Why it matters: Companies that rushed to embrace AI are now confronting ballooning IT costs, uncertain productivity gains and growing employee skepticism. Driving the news: Microsoft canceled most of its Claude Code licenses, in part over costs, according to The Verge, and Uber’s COO said AI costs are getting “harder to justify.” An AI consultant tells Axios one of their clients recently spent half a billion dollars in a single…

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The White House intervened to get a $620 million deal for a company tied to Donald Trump Jr.

The White House intervened to get a $620 million deal for a company tied to Donald Trump Jr.

By Robert Faturechi This story was originally published by ProPublica When the Pentagon announced a $620 million loan last year to a small North Carolina startup linked to Donald Trump Jr., defense officials and the company tried to tamp down suspicions of cronyism.  The president’s eldest son said through a spokesperson that he wasn’t involved. The Pentagon said Trump Jr. played no role in the record-setting deal. And the startup’s founder told reporters that his company, Vulcan Elements, received no…

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Justice Alito’s son quietly operates inside Treasury Department

Justice Alito’s son quietly operates inside Treasury Department

The Daily Beast reports: Supreme Court Justice Samuel Alito’s son quietly landed a top job in the Trump administration as his father ruled on huge cases involving the president. Philip Alito, 39, got the political appointee job as a lawyer in the Treasury Department in the early days of Trump’s second term, NOTUS reported. The “sheepish” Alito was acutely aware of the nepotism and laid low once he got through the door, according to sources. The office provides legal and…

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‘I don’t care about the midterms,’ Trump claims as Iran deal remains elusive and he threatens Oman

‘I don’t care about the midterms,’ Trump claims as Iran deal remains elusive and he threatens Oman

Jonathan Lemire and Nancy A. Youssef write: In 2015, then–Secretary of State John Kerry testified before a Senate committee about a new deal to restrict Iran’s nuclear development. After more than a year of talks, with Iran on one side and several nations—including the U.S., China, and Russia—on the other, an agreement was on the table, full of hyper-technical details about what Tehran could and couldn’t do for the next two-plus decades. The U.S. had plenty of other complaints about…

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‘It’s the West Bank’: Lebanese villagers on life inside Israel’s ‘yellow line’

‘It’s the West Bank’: Lebanese villagers on life inside Israel’s ‘yellow line’

The Guardian reports: For hours, Hussein Abdel al-El and his wife, Um Alaa, did not move. They sat in the bathroom in the dark, not daring to touch their phones; the faint glow of the screen might give them away to the Israeli soldiers outside. It was 1am, the Israelis were raiding their neighbours’ house, and the septuagenarian couple did not want their door knocked on next. In the next house over, Israeli soldiers had forced residents against the wall…

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U.S.-Israel war on Iran driving historic levels of global hunger, UN says

U.S.-Israel war on Iran driving historic levels of global hunger, UN says

The Guardian reports: The continuing US-Israel war on Iran has compounded other global disasters to drive record numbers of people into hunger at a time when funding to combat famine has fallen dramatically, the deputy head of the UN World Food Programme has said. The WFP says 363 million people around the world are now at risk of acute hunger, 45 million of them as a result of conflict in the Middle East and the consequent oil price spike. The…

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The State Department’s ‘Office of Remigration’ is a shady operation, lacking oversight or accountability

The State Department’s ‘Office of Remigration’ is a shady operation, lacking oversight or accountability

Wired reports: The State Department doesn’t seem to want anyone to know that it has an Office of Remigration. There’s no mention on the department’s social media feeds or even on the official website. There aren’t many details about when it was established, who is running the office, or what work it is carrying out. When WIRED reached out to ask if the office exists, the State Department wouldn’t share specific details about the office and its work. But the…

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Former judges urge inquiry into slush fund deal Trump struck with IRS

Former judges urge inquiry into slush fund deal Trump struck with IRS

The New York Times reports: A bipartisan group of 35 former federal judges on Wednesday asked the judge who oversaw President Trump’s remarkable lawsuit against the Internal Revenue Service to reopen the case and conduct an inquiry into whether the hasty deal to resolve it could be challenged as an act of fraud. The move by the former judges was one of an increasing number of legal efforts to attack the validity of the two extraordinary benefits that emerged from…

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Trump wants all federal employees to sign NDAs

Trump wants all federal employees to sign NDAs

Don Moynihan writes: Scott Kupor, the Director of the Office of Personnel Management, explained why nearly every federal employee should sign a Non Disclosure Agreement In much of the private sector, employees handling sensitive business or customer information are routinely required to sign confidentiality agreements, and the federal government should not be held to a lower standard. Set aside the small problem that Kupor — previously a longtime executive at Andreessen Horowitz — does not work in the private sector…

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Neuroscience needs to stop treating the brain as if it is a computer

Neuroscience needs to stop treating the brain as if it is a computer

Àlex Gómez-Marín writes: What is a brain? The question might seem obvious, but it is not trivial. Neuroscience has progressed in the past century, with the development of sophisticated techniques to measure and manipulate brain cells, neural circuits and even animal behaviours. Yet how the brain actually works still eludes us. In The Brain, In Theory, neuroscientist Romain Brette deconstructs the predominant model of the brain, which treats the organ like a computer. He concedes that engineering metaphors can be…

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The Democratic Party cannot continue giving unconditional support to Israel

The Democratic Party cannot continue giving unconditional support to Israel

Sen. Chris Van Hollen writes: Democrats need to face a hard truth. While Republicans’ approach to the Israeli-Palestinian conflict has failed, so has ours. The Democratic Party has provided reflexive and unconditional support to Israeli governments, even as their actions have increasingly undermined American interests and values. For decades, we have called for a two-state solution, but we’ve failed to use our leverage to make it real. It’s past time that we use that leverage to end the occupation and…

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Israel escalates Lebanon offensive as U.S. pushes for Iran peace deal

Israel escalates Lebanon offensive as U.S. pushes for Iran peace deal

The New York Times reports: Israel intensified its military campaign against Hezbollah on Tuesday, striking targets across Lebanon and advancing deeper into Lebanese territory after Prime Minister Benjamin Netanyahu said he had ordered the military to “increase the blows” against the Iran-backed group. The Israeli military said it had struck more than 100 Hezbollah sites overnight in southern and eastern Lebanon, including weapons storage facilities and command centers. It also issued an evacuation warning on Tuesday for the entire city…

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Iran threatens to renew strikes against U.S. amid ongoing push for diplomatic deal

Iran threatens to renew strikes against U.S. amid ongoing push for diplomatic deal

The New York Times reports: Iran’s Islamic Revolutionary Guards Corps said on Tuesday that it would launch a “decisive reciprocal response” to any attack that violated the cease-fire, injecting more uncertainty into fragile diplomatic efforts a day after the U.S. military struck targets in southern Iran. Iran’s supreme leader, Mojtaba Khamenei, also suggested that the country could renew strikes on U.S. military installations in the Persian Gulf, which Tehran had repeatedly targeted after the United States and Israel started bombing…

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