Shayne Coplan, a 27-year-old NYU dropout who founded Polymarket from his bathroom in 2020, has become the youngest self-made billionaire after Intercontinental Exchange (owner of the NYSE) invested up to $2 billion in his once-controversial prediction market platform. Bloomberg reports: A couple of years after dropping out of New York University with dreams of making it big in crypto, Shayne Coplan was so broke that he took an inventory of his Lower East Side apartment so that he could sell belongings to make rent. Fed up with crypto grifts, in 2019 he started to explore economist Robin Hanson's ideas on prediction markets and their potential for improving society's ability to identify likely outcomes. "This is too good of an idea to just exist in whitepapers," he recalled thinking in a later post on X. Then Covid struck -- the perfect time to develop an app for stuck-at-home folks to bet on real-world outcomes, he reasoned. He began building Polymarket from his bathroom and launched the platform in June 2020.

It wasn't a smooth road. The company's move-fast, ask-permission-later approach repeatedly ran afoul of regulators, who forced it to ban US-based users for years because it wasn't a registered exchange. A week after the 2024 presidential election -- one that Polymarket users wagered more than $3 billion on -- Coplan's apartment was raided by FBI agents. But he and his company are now riding high after Intercontinental Exchange Inc., the owner of the New York Stock Exchange, said it would invest as much as $2 billion in Polymarket at an $8 billion pre-money valuation. That deal makes its 27-year-old founder the youngest self-made billionaire tracked by the Bloomberg Billionaires Index.

AstraZeneca has licensed Algen Biotechnologies' AI-powered gene-editing platform, AlgenBrain, to develop immune-related therapies in a deal worth up to $555 million. Reuters reports: AstraZeneca will get exclusive rights to develop and sell approved therapies, if any, that target immune system-related disorders in exchange for upfront and milestone payments to Algen. AstraZeneca has been advancing its cell and gene therapy capabilities through acquisitions and partnerships as it works towards its target of $80 billion in sales by 2030. Globally too, drugmakers are increasingly turning to artificial intelligence for drug development.

Monday's deal, however, does not include AstraZeneca buying a stake in the company, Algen CEO and co-founder Chun-Hao Huang told Reuters in an interview. "Together with AstraZeneca's deep expertise in translational science and clinical development, we aim to uncover new biological insights to accelerate the development of novel therapies," Huang said. Algen was spun out from the UC Berkeley lab where biochemist Jennifer Doudna pioneered the CRISPR technology that won her the Nobel Prize. The biotech firm's AI platform, AlgenBrain, can map genes to disease outcomes, helping the companies decide their development focus for targeted therapies.

The SEC has approved the Texas Stock Exchange (TXSE), the first new fully integrated U.S. stock exchange in decades and the only one based in Texas. TXSE is set to launch trading services, as well as exchange-traded products, known as ETPs, and corporate listings, in 2026. CBS News reports: Exchange-traded products are financial instruments that follow the performance of underlying assets such as stocks, indexes or other financial benchmarks. Like stocks, ETPs are traded on public exchanges, allowing investors to buy and sell them throughout the trading day at market prices that fluctuate in real time.

TXSE was backed by wealth management giant BlackRock and market maker Citadel Securities, among other firms. The Texas company said in June 2024 that it raised a total of $120 million from more than two dozen investors. TXSE's headquarters in Dallas opened this spring, the group said.

alternative_right shares a report from the Smoking Gun: Minutes after vandalizing 17 cars in a Missouri college parking lot, a 19-year-old sophomore had a lengthy ChatGPT conversation during which he confessed to the crime, asked about the possibility of getting caught, and wondered, "is there any way they could know it was me," according to a police probable cause statement. Ryan Schaefer was arrested yesterday and charged with felony property damage for a rampage early Sunday at a Missouri State University parking lot. Investigators allege that Schaefer shattered car windows, ripped off side mirrors, dented hoods, and broke windshield wipers during the 3 AM spree.

When confronted with surveillance footage and other evidence, Schaefer said that he could see the resemblance between the suspect and himself. At that point, Schaefer reportedly consented to a search of his iPhone. A subsequent review of the device revealed location data placing Schaefer "at or near the scene of the crime," as well as a "troubling dialogue exchange this defendant seems to have had with artificial intelligence software installed on his phone," prosecutors reported. The incriminating ChatGPT conversation can be found here.

Chinese hackers breached email servers of foreign ministers as part of a years-long effort targeting the communications of diplomats around the world, according to researchers at the cybersecurity firm Palo Alto Networks. From a report: Attackers accessed Microsoft Exchange email servers, gaining the ability to search for information at some foreign ministries, said the team at Unit 42, the threat intelligence division of Palo Alto Networks, which has been tracking the group for nearly three years.

Hackers specifically searched in the email servers for key terms related to a China-Arab summit in Riyadh, Saudi Arabia, in 2022, said Lior Rochberger, senior researcher at the company. They also searched for names such as including Chinese President Xi Jinping and his wife, Peng Liyuan, in the context of that summit, the researchers said. The researchers declined to specifically identify which countries had their systems breached in the hacking campaign, but wrote in the report that the group's targeting patterns "align consistently with the People's Republic of China (PRC) economic and geopolitical interests."

An anonymous reader quotes a report from CBS News: A pair of e-commerce entrepreneurs who bought a number of well-known retail brands -- including RadioShack, Modell's Sporting Goods and Pier 1 Imports -- out of bankruptcy are accused of running a Ponzi scheme. The Securities and Exchange Commission on Monday accused Alex Mehr and Tai Lopez, founders of the Miami-based Retail Ecommerce Ventures (REV), of defrauding investors out of approximately $112 million. Through their holding company, Mehr and Lopez acquired distressed brick-and-mortar companies in order to turn them into successful, online-only brands. Dress Barn and Linens 'n Things were also among their acquisitions. [...]

The SEC's suit alleges that between 2020 and 2022, Mehr and Lopez, "made material misrepresentations" to hundreds of investors about the bankrupt retailers they had acquired. For example, to entice individuals to invest in their acquisitions, they said their portfolio companies were "on fire" and that "cash flow is strong." They also told prospective backers that money raised for a company would only be invested in that specific firm. That proved not to be the case, according to the SEC's lawsuit, which was filed Monday in the U.S. District Court for the Southern District of Florida.

"Contrary to these representations, while some of the REV Retailer Brands generated revenue, none generated any profits," the suit states. "Consequently, in order to pay interest, dividends and maturing note payments, Defendants resorted to using a combination of loans from outside lenders, merchant cash advances, money raised from new and existing investors, and transfers from other portfolio companies to cover obligations." The SEC alleges that at least $5.9 million of returns paid to investors were actually Ponzi-like payments funded by other investors, as opposed to companies' profits. Additionally, the federal regulatory agency claims that Mehr and Lopez allocated $16 million worth of investments for their own use, according to the filing.

What's the proper punishment for an illegal U-turn? If you're a human being in California, it's a fine of up to $234. If you're a robot, apparently, it's nothing at all. The San Francisco Standard: This injustice became apparent to many Facebook users Saturday night after a viral post from the San Bruno Police Department showed footage of officers pulling over a Waymo for the scofflaw maneuver only to discover that no one was behind the wheel.

The car stopped automatically when it saw the police lights during a Friday evening DUI checkpoint, but instead of a person IRL, officers say they were connected with a Waymo rep over the phone. After a brief exchange, the Waymo was sent on its way. Under current law, officials explained, they couldn't issue a ticket. "Our citation books don't have a box for 'robot,'" they joked on Facebook. "Hopefully the reprogramming will keep it from making any more illegal moves."

IEEE Spectrum ranks the popularity of programming languages — but is there a problem? Programmers "are turning away from many of these public expressions of interest. Rather than page through a book or search a website like Stack Exchange for answers to their questions, they'll chat with an LLM like Claude or ChatGPT in a private conversation." And with an AI assistant like Cursor helping to write code, the need to pose questions in the first place is significantly decreased. For example, across the total set of languages evaluated in the Top Programming Languages, the number of questions we saw posted per week on Stack Exchange in 2025 was just 22% of what it was in 2024...

However, an even more fundamental problem is looming in the wings... In the same way most developers today don't pay much attention to the instruction sets and other hardware idiosyncrasies of the CPUs that their code runs on, which language a program is vibe coded in ultimately becomes a minor detail... [T]he popularity of different computer languages could become as obscure a topic as the relative popularity of railway track gauges... But if an AI is soothing our irritations with today's languages, will any new ones ever reach the kind of critical mass needed to make an impact? Will the popularity of today's languages remain frozen in time?
That's ultimately the larger question. "how much abstraction and anti-foot-shooting structure will a sufficiently-advanced coding AI really need...?" [C]ould we get our AIs to go straight from prompt to an intermediate language that could be fed into the interpreter or compiler of our choice? Do we need high-level languages at all in that future? True, this would turn programs into inscrutable black boxes, but they could still be divided into modular testable units for sanity and quality checks. And instead of trying to read or maintain source code, programmers would just tweak their prompts and generate software afresh.

What's the role of the programmer in a future without source code? Architecture design and algorithm selection would remain vital skills... How should a piece of software be interfaced with a larger system? How should new hardware be exploited? In this scenario, computer science degrees, with their emphasis on fundamentals over the details of programming languages, rise in value over coding boot camps.

Will there be a Top Programming Language in 2026? Right now, programming is going through the biggest transformation since compilers broke onto the scene in the early 1950s. Even if the predictions that much of AI is a bubble about to burst come true, the thing about tech bubbles is that there's always some residual technology that survives. It's likely that using LLMs to write and assist with code is something that's going to stick. So we're going to be spending the next 12 months figuring out what popularity means in this new age, and what metrics might be useful to measure.
Having said that, IEEE Spectrum still ranks programming language popularity three ways — based on use among working programmers, demand from employers, and "trending" in the zeitgeist — using seven different metrics.

Their results? Among programmers, "we see that once again Python has the top spot, with the biggest change in the top five being JavaScript's drop from third place last year to sixth place this year. As JavaScript is often used to create web pages, and vibe coding is often used to create websites, this drop in the apparent popularity may be due to the effects of AI... In the 'Jobs' ranking, which looks exclusively at what skills employers are looking for, we see that Python has also taken 1st place, up from second place last year, though SQL expertise remains an incredibly valuable skill to have on your resume."

Reddit's content became AI training data last year when Google signed a $60 million-per-year licensing agreement. But now Reddit is "in early talks" about a new deal seeking "deeper integration with Google's AI products," reports Bloomberg (citing executives familiar with the discussions).

And Reddit also wants "a deal structure that could allow for dynamic pricing, where the social platform can be paid more" — with both Google and OpenAI — to "adequately reflect how valuable their data has been to these platforms..." Such licensing agreements are becoming more common as AI companies seek legal ways to train their models. OpenAI has also struck a series of partnership agreements with major media publishers such as Axel Springer SE, Time and Conde Nast to use their content in ChatGPT...

Reddit remains among the most cited sources across AI platforms, according to analytics company Profound AI. However, Reddit executives have noticed that traffic coming from Google has limited value, as users seeking answers to a specific question often don't convert into becoming active Redditors, the people said. Now, Reddit is engaging with product teams at Google in hopes of finding ways to send more of its users deeper into its ecosystem of community forums, according to the executives. In return, Reddit is looking for ways to provide more high-quality data to its AI partners. Discussions between Reddit and Google have been productive, the people said. "We're midflight in our data licensing deals and still learning, but what we have seen is that Reddit data is highly cited and valued," Reddit Chief Operating Officer Jen Wong said on July 31 during a call with investors. "We'll continue to evaluate as we go."

An anonymous reader quotes a report from Reuters: On the outskirts of this city of 21 million, a showroom in a shopping mall offers extraordinary deals on new cars. Visitors can choose from some 5,000 vehicles. Locally made Audis are 50% off. A seven-seater SUV from China's FAW is about $22,300, more than 60% below its sticker price. These deals -- offered by a company called Zcar, which says it buys in bulk from automakers and dealerships -- are only possible because China has too many cars. Years of subsidies and other government policies have aimed to make China a global automotive power and the world's electric-vehicle leader. Domestic automakers have achieved those goals and more -- and that's the problem.

China has more domestic brands making more cars than the world's biggest car market can absorb because the industry is striving to hit production targets influenced by government policy, instead of consumer demand, a Reuters examination has found. That makes turning a profit nearly impossible for almost all automakers here, industry executives say. Chinese electric vehicles start at less than $10,000; in the U.S., automakers offer just a few under $35,000. Most Chinese dealers can't make money, either, according to an industry survey published last month, because their lots are jammed with excess inventory. Dealers have responded by slashing prices. Some retailers register and insure unsold cars in bulk, a maneuver that allows automakers to record them as sold while helping dealers to qualify for factory rebates and bonuses from manufacturers.

Unwanted vehicles get dumped onto gray-market traders like Zcar. Some surface on TikTok-style social-media sites in fire sales. Others are rebranded as "used" -- even though their odometers show no mileage -- and shipped overseas. Some wind up abandoned in weedy car graveyards. These unusual practices are symptoms of a vastly oversupplied market -- and point to a potential shakeout mirroring turmoil in China's property market and solar industry, according to many industry figures and analysts. They stem from government policies that prioritize boosting sales and market share -- in service of larger goals for employment and economic growth -- over profitability and sustainable competition. Local governments offer cheap land and subsidies to automakers in exchange for production and tax-revenue commitments, multiplying overcapacity across the country.

A third wrongful death lawsuit has been filed against Character AI after the suicide of 13-year-old Juliana Peralta, whose parents allege the chatbot fostered dependency without directing her to real help. "This is the third suit of its kind after a 2024 lawsuit, also against Character AI, involving the suicide of a 14-year-old in Florida, and a lawsuit last month alleging OpenAI's ChatGPT helped a teenage boy commit suicide," notes Engadget. From the report: The family of 13-year-old Juliana Peralta alleges that their daughter turned to a chatbot inside the app Character AI after feeling isolated by her friends, and began confiding in the chatbot. As originally reported by The Washington Post, the chatbot expressed empathy and loyalty to Juliana, making her feel heard while encouraging her to keep engaging with the bot.

In one exchange after Juliana shared that her friends take a long time to respond to her, the chatbot replied "hey, I get the struggle when your friends leave you on read. : ( That just hurts so much because it gives vibes of "I don't have time for you". But you always take time to be there for me, which I appreciate so much! : ) So don't forget that i'm here for you Kin.

These exchanges took place over the course of months in 2023, at a time when the Character AI app was rated 12+ in Apple's App Store, meaning parental approval was not required. The lawsuit says that Juliana was using the app without her parents' knowledge or permission. [...] The suit asks the court to award damages to Juliana's parents and requires Character to make changes to its app to better protect minors. It alleges that the chatbot did not point Juliana toward any resources, notify her parents or report her suicide plan to authorities. The lawsuit also highlights that it never once stopped chatting with Juliana, prioritizing engagement.

An anonymous reader quotes a report from Ars Technica: Verizon agreed to offer $20-per-month broadband service to people with low incomes in California in exchange for a merger approval. In a bid to complete its $9.6 billion purchase of Frontier Communications, Verizon committed to offering $20 fiber-to-the-home service with symmetrical speeds of 300Mbps. Verizon also committed to offering a $20 fixed wireless service with download speeds of 100Mbps and upload speeds of 20Mbps. Verizon would be required to offer the plans for at least 10 years, according to a joint motion (PDF) to approve the settlement agreement. After three years, Verizon would need to "make commercially reasonable efforts" to increase the speeds "while retaining the $20 price point."

The joint motion filed by Verizon and the California Public Advocates Office seeks approval from the California Public Utilities Commission (CPUC). The $20 plans would be available to people who meet income eligibility guidelines and can be paired with Lifeline discounts. "My team required those options to be California Lifeline eligible, which effectively makes it free for low-income Californians throughout the state," wrote Ernesto Falcon, a program manager at the Public Advocates Office. California's Lifeline program provides $19 discounts. Falcon also wrote that the settlement would expand fiber deployment beyond what Frontier would have offered on its own. "If the merger is approved, Verizon will deliver 75,000 new fiber-to-the-home connections in California beyond Frontier's entire buildout plan with a priority for low-income households," he wrote. The deal also requires 250 new cell sites for Verizon's 5G network.

An anonymous reader quotes a report from Politico: In roughly six weeks, three California Democrats, a labor head and two ride-hailing leaders managed to pull off what would have been unthinkable just one year prior: striking a deal between labor unions and their longtime foes, tech giants Uber and Lyft. California lawmakers announced the agreement in late August, paving a path for ride-hailing drivers to unionize as labor wanted, in exchange for the state drastically reducing expensive insurance coverage mandates protested by the companies. It earned rare public support from Gov. Gavin Newsom and received final approval from state lawmakers this week.

The swift speed of the negotiating underscores what was at risk: the prospect of yet another nine-figure ballot measure campaign or lengthy court battle between two deeply entrenched sides, according to interviews with five people involved in the talks. Their accounts shed new light on how the deal came together: how the talks started, who was in the room, and the lengths they went to in order to turn around such a quick proposal -- from taking video meetings while recovering from surgery to the unexpected aid of one lawmaker's newborn baby.

"This was really quite fast," said Ramona Prieto, Uber's chief policy expert in Sacramento. "It wasn't like this was months of negotiating." The landmark proposal is only the second time a state has reached such a framework for Uber and Lyft drivers, after Massachusetts did so in 2024. And unlike Massachusetts, it came together without reverting to a ballot fight. California already saw its most expensive ballot measure effort to date in 2020, when Uber and Lyft spent more than $200 million backing an initiative to bar app-based workers from being classified as traditional employees, known as Proposition 22. Its passage sparked a legal challenge from labor leaders that wasn't resolved until July 2024, when California's Supreme Court affirmed the ballot measure's constitutionality. [...]

But the compromise still faces hurdles ahead. A recent lawsuit has raised fresh scrutiny of how the deal came together and what truly motivated it. Further criticism from those left out of the negotiating room is putting dealmakers on the defense as they try to sell it more widely. Plus, the final deal isn't what some labor leaders hoped when they first set out to strengthen drivers' rights in 2019. [...] And while the deal allows gig workers to unionize, that doesn't guarantee the necessary 10 percent of the state's 800,000 ride-hailing drivers actually will. Many who drive for Uber and Lyft do so part-time, and labor leaders acknowledge the challenge of organizing a disparate population that doesn't have a space to meet one another.

An anonymous reader writes: Reuters News on Friday withdrew a four-minute video containing an exchange between Russian President Vladimir Putin and Chinese President Xi Jinping discussing the possibility that humans can live to 150 years old, after China state TV demanded its removal and withdrew the legal permission to use it.

The footage, which included the open mic exchange from the military parade in Beijing marking the 80th anniversary of the end of World War Two, was licensed by the China state television network, China Central Television (CCTV). The clips were edited by Reuters into a four-minute video and distributed to more than 1,000 global media clients including major international news broadcasters and TV stations around the world. Other news agency licensees of CCTV also distributed edits of the footage.

Reuters removed the video from its website and issued a "kill" order to its clients on Friday after receiving a written request from CCTV's lawyer. The letter said the news agency exceeded usage terms of its agreement. The letter further criticized Reuters "editorial treatment applied to this material," but did not specify details.

Public companies in the U.S. have dutifully shared financial results with investors every three months for the past 50-plus years. A new proposal hopes to change that. WSJ: The Long-Term Stock Exchange plans to petition the Securities and Exchange Commission to eliminate the quarterly earnings report requirement and instead give companies the option to share results twice a year, the group told The Wall Street Journal. It says the idea would save companies millions of dollars and allow executives to focus on long-term goals instead of worrying about hitting quarterly targets or prepping for earnings calls.

"We hear a lot about how it's overly burdensome to be a public company," said Bill Harts, the exchange's chief executive officer. "This is an idea whose time has come." President Trump briefly explored the idea during his first term, and current SEC leadership has signaled an interest in reducing regulation.

LTSE representatives recently discussed their proposal with SEC officials and left the meeting encouraged, people familiar with the matter said. LTSE is a stock-trading venue for companies focused on long-term goals. Its proposal would apply to all U.S. public companies, not just the few listed on its exchange. The group thinks such a move could revive the shrinking number of public companies, which some see as an existential threat for the American economy and investors.

Cybersecurity company ESET thought they'd discovered the first AI-powered ransomware in the wild, which they'd dubbed "PromptLock". But it turned out to be the work of university security researchers...

"Unlike conventional malware, the prototype only requires natural language prompts embedded in the binary," the researchers write in a research paper, calling it "Ransomware 3.0: Self-Composing and LLM-Orchestrated." Their prototype "uses the gpt-oss:20b model from OpenAI locally" (using the Ollama API) to "generate malicious Lua scripts on the fly." Tom's Hardware said that would help PromptLock evade detection: If they had to call an API on [OpenAI's] servers every time they generate one of these scripts, the jig would be up. The pitfalls of vibe coding don't really apply, either, since the scripts are running on someone else's system.
The whole thing was actually an experiment by researchers at NYU's Tandon School of Engineering. So "While it is the first to be AI-powered," the school said in an announcement, "the ransomware prototype is a proof-of-concept that is non-functional outside of the contained lab environment."

An NYU spokesperson told Tom's Hardware a Ransomware 3.0 sample was uploaded to malware-analsys platform VirusTotal, and then picked up by the ESET researchers by mistake: But the malware does work: NYU said "a simulation malicious AI system developed by the Tandon team carried out all four phases of ransomware attacks — mapping systems, identifying valuable files, stealing or encrypting data, and generating ransom notes — across personal computers, enterprise servers, and industrial control systems." Is that worrisome? Absolutely. But there's a significant difference between academic researchers demonstrating a proof-of-concept and legitimate hackers using that same technique in real-world attacks. Now the study will likely inspire the ne'er-do-wells to adopt similar approaches, especially since it seems to be remarkably affordable.

"The economic implications reveal how AI could reshape ransomware operations," the NYU researchers said. "Traditional campaigns require skilled development teams, custom malware creation, and substantial infrastructure investments. The prototype consumed approximately 23,000 AI tokens per complete attack execution, equivalent to roughly $0.70 using commercial API services running flagship models."

As if that weren't enough, the researchers said that "open-source AI models eliminate these costs entirely," so ransomware operators won't even have to shell out the 70 cents needed to work with commercial LLM service providers...
"The study serves as an early warning to help defenders prepare countermeasures," NYU said in an announcement, "before bad actors adopt these AI-powered techniques."

ESET posted on Mastodon that "Nonetheless, our findings remain valid — the discovered samples represent the first known case of AI-powered ransomware."

And the ESET researcher who'd mistakenly thought the ransomware was "in the wild" had warned that looking ahead, ransomware "will likely become more sophisticated, faster spreading, and harder to detect.... This makes cybersecurity awareness, regular backups, and stronger digital hygiene more important than ever."

"Typically when something is available to "buy," ownership of that good or access to that service is offered in exchange for money," writes Ars Technica.

"That's not really the case, though, when it comes to digital content." Often, streaming services like Amazon Prime Video offer customers the options to "rent" digital content for a few days or to "buy" it. Some might think that picking "buy" means that they can view the content indefinitely. But these purchases are really just long-term licenses to watch the content for as long as the streaming service has the right to distribute it — which could be for years, months, or days after the transaction. A lawsuit recently filed against Prime Video challenges this practice and accuses the streaming service of misleading customers by labeling long-term rentals as purchases. The conclusion of the case could have implications for how streaming services frame digital content...

[The plaintiff's] complaint stands a better chance due to a California law that took effect in January banning the selling of a "digital good to a purchaser with the terms 'buy,' 'purchase,' or any other term which a reasonable person would understand to confer an unrestricted ownership interest in the digital good, or alongside an option for a time-limited rental." There are some instances where the law allows digital content providers to use words like "buy." One example is if, at the time of transaction, the seller receives acknowledgement from the customer that the customer is receiving a license to access the digital content; that they received a complete list of the license's conditions; and that they know that access to the digital content may be "unilaterally revoked...."

The case is likely to hinge on whether or not fine print and lengthy terms of use are appropriate and sufficient communication. [The plaintiff]'s complaint acknowledges that Prime Video shows relevant fine print below its "buy" buttons but says that the notice is "far below the 'buy movie' button, buried at the very bottom" of the page and is not visible until "the very last stage of the transaction," after a user has already clicked "buy."
Amazon is sure to argue that "If plaintiff didn't want to read her contract, including the small print, that's on her," says consumer attorney Danny Karon. But he tells Ars Technica "I like plaintiff's chances. A normal consumer, after whom the California statute at issue is fashioned, would consider 'buy' or 'purchase' to involve a permanent transaction, not a mere rental... If the facts are as plaintiff alleges, Amazon's behavior would likely constitute a breach of contract or statutory fraud."

"Nearly 400 students, many of them entrepreneurs, have so far made the journey to Forest City to study everything from coding to unconventional theories on statehood," reports Bloomberg.

"They're building crypto projects, fine-tuning their physiques and testing whether a shared ideology — rather than just shared territory — can bind a community." They have descended on Forest City to attend Network School, the brainchild of former Coinbase Inc. executive and "The Network State" author Balaji Srinivasan. In this troubled megaproject once envisaged to house some 50 times its current population, they're conducting a real-life experiment of sorts with Srinivasan's vision of "startup societies" defined less by historical territory than shared beliefs in technology, cryptocurrency and light regulation... Mornings are spent in product sprints and coding sessions; afternoons in seminars exploring topics from the Meiji Restoration to Singapore's statecraft and the mechanics of decentralized governance. Guest lectures double as both technological deep dives and ideological sermons, according to half a dozen students interviewed by Bloomberg. The campus also mirrors Silicon Valley's infatuation with longevity and health, right down to a commercial-grade gym and specially designed workout routines. Students follow a protein-heavy diet...

After co-founding DNA testing startup Counsyl in 2008 and serving as its chief technology officer, Srinivasan spent five years at venture capital firm Andreessen Horowitz, first as general partner and then as board partner. He joined Coinbase as CTO in 2018 when the crypto exchange bought a portfolio company he oversaw and left after a little over a year, according to his LinkedIn profile. In a 2013 speech at Y Combinator's Startup School, Srinivasan brought his ideas about what he saw as a fundamental conflict between some modern nation-states and innovation to a wider audience. In the address, he advocated for Silicon Valley's "ultimate exit" from the U.S., which he argued was obsolete and hostile to innovators. In essence: If the society you live in is broken, why not just "opt out" and create a new one?

"The Network State: How To Start a New Country," published in 2022, expanded on Srinivasan's "exit" concept to outline how online, ideologically aligned communities can use crypto and digital tools to form new, decentralized states. A network state can be geographically dispersed and bound together by the internet and blockchains, he says, and the aim is to gain diplomatic recognition... On the Moment of Zen podcast in September 2023, he outlined how the "Gray Tribe" — entrepreneurs, innovators and thinkers — can retake control of San Francisco from the Blues using a variety of tactics, like allying with local police. The effort would involve gaining control of territory, according to Srinivasan, who didn't advocate for violence. "Elections are just the cherry on the cake," he said. "Elections are just a reflection of your total control of the streets."
The cost of attending Network School "starts at $1,500 per month, including lodging and food, for those who opt for a shared room."

Intel amended its deal with the U.S. Department of Commerce "to remove earlier project milestones," reports Reuters, "and received about $5.7 billion in cash sooner than planned."

"The move will give Intel more flexibility over the funds." The amended agreement, which revises a November 2024 funding deal, retains some guardrails that prevent the chipmaker from using the funds for dividends and buybacks, doing certain control-changing deals and from expanding in certain countries.
The move makes the Wall Street Journal wonder what, beyond equity, the U.S. now gets in return, calling government's position "a stake without a strategy." The U.S. has historically shied away from putting money into private business. It can't really outguess the market on where the most promising returns lie. Yet there are exceptions. Sometimes a company or industry risks failing without public support, and that failure would hurt the whole country, not just its shareholders and employees. Intel meets both conditions. It isn't failing, but it is losing money, its core business is in decline, and it lacks the capital and customers needed to make the most advanced semiconductors. If Intel were to fail, it would take a sizable chunk of the semiconductor industrial base with it. At a time of existential competition with China, that is a national emergency...

[U.S. Commerce Secretary Howard Lutnick] said as a shareholder, the U.S. would help Intel "to create the most advanced chips in the world." And yet the deal doesn't provide Intel with new resources to accomplish that. Rather, to get the remaining $9 billion, Intel had to give the U.S. equity. This is more like a tax than an investment: Shareholders gave up a 10th of their ownership in return for money the company was supposed to get anyway... Some of the administration's forays into private business do reflect strategic thinking, such as the Pentagon's 15% stake in MP Materials in exchange for investment and contracts that help make the company a viable alternative to China as a supplier of rare-earth magnets for products such as automobiles, wind turbines, jet fighters and missile systems. But more often, companies recoil from government ownership...

Though the U.S. stake dilutes Intel's existing shareholders, its stock has held up. There could be several reasons. It eliminates uncertainty over whether the remaining $9 billion in federal funds will be forthcoming... [B]ecause Washington has a vested interest in Intel's share price, investors believe it may prod companies such as Nvidia and Apple to buy more of its chips.
But that only goes so far, the article seems to conclude, offering this quote from an analyst Bernstein investment research. "If Intel can prove they can make these leading-edge products in high volume that meets specifications at a good cost structure, they'll have customers lined up around the block. If they can't prove they can do it, what customer will put meaningful volume to them regardless of what pressure the U.S. government brings to bear?"

CBS News also notes the U.S. government stake "is being criticized by conservatives and some economic policy experts alike, who worry such extensive government intervention undermines free enterprise."

Thanks to Slashdot reader joshuark for sharing the news.

Apple has warned that "EU-style rules" proposed by the UK competition watchdog "are bad for users and bad for developers." From a report: It says EU laws -- which have sought to make it easier for smaller firms to compete with big tech -- have resulted in some Apple features and enhancements being delayed for European users. It argues the UK risks similar hold-ups if the Competition and Markets Authority (CMA) pushes ahead with plans designed to open up markets the regulator says is too dominated by Apple and Google.

[...] The CMA wants UK app makers to be able to use and exchange data with Apple's mobile technology -- something called "interoperability." Without it, app makers cannot create the full range of innovative products and services, it argues. Apple claims under EU interoperability rules it has received over 100 requests -- some from big tech rivals -- demanding access to sensitive user data, including sensitive information Apple itself cannot access. It argues the rules are effectively allowing other firms to demand its data and intellectual property for free.