Intel's stock price soared 24% Friday. It's the stock's largest single-day spike since since October 1987, reports CNBC, "as investors cheered signs of renewed growth due to mounting artificial intelligence demand." The stock closed at $82.57 and is now up 124% this year after jumping 84% in 2025. Friday's rally topped a 23% gain for the stock on Sept. 18, when Nvidia agreed to invest $5 billion in the company... "INTC's new CEO fixed the balance sheet, and is executing on a strategy that appears to have put INTC back on the competitive track," analysts at Evercore ISI wrote in a report after earnings, upgrading the shares to the equivalent of a buy rating. First-quarter revenue topped estimates and rose 7.2% to $13.58 billion from $12.67 billion a year earlier. In five of the prior seven quarters, the company posted year-over-year declines in revenue...

The rally on Wall Street marks a stark turnaround for the U.S. chipmaker, which lost 60% of its value in 2024, leading to the ouster of Pat Gelsinger as CEO in December of that year... Intel's data center business is driving much of the current growth. Revenue jumped 22% from a year earlier to $5.1 billion, as AI fuels renewed demand for central processing units. Analysts at Citi upgraded the stock to a buy from a neutral rating, anticipating an uplift in CPU sales for all suppliers over the next few years.
Besides Tesla, Intel's CEO said Thursday that "multiple customers" are "actively evaluating the technology" their new 14A chip technology, according to CNBC, and that 14A development is happening faster than its 18A technology.

The sudden spike in Intel's stock price makes the stock chart look almost like a straigbht line up. Last August it was selling for less than $20 a share — so it's quadrupled in value less that nine months.

A 17,000-word expose in the New Yorker reveals "several executives connected to OpenAI have expressed ongoing reservations about Altman's leadership." Reporters Ronan Farrow and Andrew Marantz spoke to "a hundred people with firsthand knowledge of how Altman conducts business," including current and former OpenAI employees and board members.

Among other revelations, internal messages from a few years ago show that OpenAI executives and board members "had come to believe that Altman's omissions and deceptions might have ramifications for the safety of OpenAI's products..." At the behest of his fellow board members, [OpenAI cofounder] Sutskever worked with like-minded colleagues to compile some seventy pages of Slack messages and H.R. documents, accompanied by explanatory text... The memos, which we reviewed, have not previously been disclosed in full. They allege that Altman misrepresented facts to executives and board members, and deceived them about internal safety protocols. One of the memos, about Altman, begins with a list headed "Sam exhibits a consistent pattern of . . ." The first item is "Lying"....

In a tense call after Altman's firing, the board pressed him to acknowledge a pattern of deception. "This is just so fucked up," he said repeatedly, according to people on the call. "I can't change my personality." Altman says that he doesn't recall the exchange.... He attributed the criticism to a tendency, especially early in his career, "to be too much of a conflict avoider." But a board member offered a different interpretation of his statement: "What it meant was 'I have this trait where I lie to people, and I'm not going to stop.' " Were the colleagues who fired Altman motivated by alarmism and personal animus, or were they right that he couldn't be trusted?
Friday Altman responded in part to the article. ("I am not proud of being conflict-averse, which has caused great pain for me and OpenAI," he wrote in a blog post. "I am not proud of handling myself badly in a conflict with our previous board that led to a huge mess for the company.")

But the article also assembled similar stories from throughout Altman's career: - At Altman's earlier startup Loopt, "groups of senior employees, concerned with Altman's leadership and lack of transparency, asked Loopt's board on two occasions to fire him as C.E.O.," according to Keach Hagey, author of the Altman biography The Optimist.

- During Altman's time as president of Y Combinator, "several Silicon Valley investors came to believe that his loyalties were divided. An investor told us that Altman was known to 'make personal investments, selectively, into the best companies, blocking outside investors.'" The article adds that in private, Y Combinator co-founder Paul Graham "has been unambiguous that Altman was removed because of Y.C. partners' mistrust... On one occasion, Graham told Y.C. colleagues that, prior to his removal, 'Sam had been lying to us all the time.'"

- "In a meeting with U.S. intelligence officials in the summer of 2017, he claimed that China had launched an 'A.G.I. Manhattan Project,'" the article points out, "and that OpenAI needed billions of dollars of government funding to keep pace...." But one intelligence official "after looking into the China project, concluded that there was no evidence that it existed: 'It was just being used as a sales pitch.'"

- As California lawmakers considered safety testing for AI model, one legislative aide complained of "increasingly cunning, deceptive behavior from OpenAI". OpenAI later subpoenaed some of the bill's top supporters (and OpenAI critics), in some cases asking for their private communications to investigate whether Elon Musk was funding them. [The article notes an ongoing animosity between Altman and Musk. "When Altman complained on X about a Tesla he'd ordered, Musk replied, 'You stole a non-profit.'"]

And "Multiple prominent investors who have worked with Altman told us that he has a reputation for freezing out investors if they back OpenAI's competitors." [M]ost of the people we spoke to shared the judgment of Sutskever and Amodei: Altman has a relentless will to power that, even among industrialists who put their names on spaceships, sets him apart. "He's unconstrained by truth," the board member told us. "He has two traits that are almost never seen in the same person. The first is a strong desire to please people, to be liked in any given interaction. The second is almost a sociopathic lack of concern for the consequences that may come from deceiving someone."

The board member was not the only person who, unprompted, used the word "sociopathic." One of Altman's batch mates in the first Y Combinator cohort was Aaron Swartz, a brilliant but troubled coder who died by suicide in 2013 and is now remembered in many tech circles as something of a sage. Not long before his death, Swartz expressed concerns about Altman to several friends. "You need to understand that Sam can never be trusted," he told one. "He is a sociopath. He would do anything."

Multiple senior executives at Microsoft said that, despite [CEO Satya] Nadella's long-standing loyalty, the company's relationship with Altman has become fraught. "He has misrepresented, distorted, renegotiated, reneged on agreements," one said... The senior executive at Microsoft said, of Altman, "I think there's a small but real chance he's eventually remembered as a Bernie Madoff- or Sam Bankman-Fried-level scammer."

Amazon CEO Andy Jassy says the company may eventually sell its Trainium AI chips directly to outside customers, not just through AWS, which would put Amazon in more direct competition with Nvidia. "There's so much demand for our chips that it's quite possible we'll sell racks of them to third parties in the future," Jassy wrote in his annual shareholder letter Thursday. He also revealed the company's chip business is already running at more than $20 billion annually, with demand so strong that current and even future generations are largely spoken for. Quartz reports: Access to Amazon's chips is currently limited to Amazon Web Services, with customers paying for cloud-based usage rather than owning any physical hardware. Selling to AWS and external customers alike, as standalone chipmakers do, would put annual revenue at around $50 billion, up from the $20 billion the company estimates for the year, Jassy said. The $20 billion figure spans three product lines: Trainium, the AI accelerator chip; Graviton, a general-purpose processor; and Nitro, a chip that helps run Amazon's EC2 server instances. All three are growing at triple-digit rates year over year, Jassy claimed in his letter.

Jassy said demand for Trainium has outpaced supply at each generation. Trainium2 is essentially unavailable, with its entire allocated capacity spoken for. Trainium3 started reaching customers in early 2026, and reservations have filled nearly all available supply. Even Trainium4 -- which is not expected to reach wide release for another year and a half -- has substantial pre-orders committed. Jassy argued that a full-scale Trainium rollout could shave tens of billions off annual capital costs while meaningfully widening profit margin.

In many rural areas, America's online shoppers can wait half a week or more for deliveries. But Amazon started a $4 billion "rural delivery push" last year, reports Bloomberg, and has now cut delivery times to under 24 hours for 1 in 5 rural and small-town households, with 48-hour delivery to 62% of rural households. The payoff could be huge. Rural shoppers in the US collectively spend $1 trillion a year on clothing, electronics, household goods and other items, representing about 20% of retail purchases excluding cars and gasoline, according to Morgan Stanley. Amazon aims to recondition those shoppers to expect quick delivery, which would play to its strengths and make the company top-of-mind for online purchases... "Rural America is often overlooked," said Sky Canaves, an analyst at EMarketer Inc. who tracks online sales. "This is the opportunity Amazon is trying to seize because e-commerce growth is getting harder to come by...."

Amazon's rural push will require a lot more rural business owners willing to make deliveries... Today, Amazon delivers more parcels overall than UPS and FedEx, which are both shedding workers and shrinking their delivery networks, including in rural areas. By picking up the slack, Amazon is expected to become the largest parcel carrier in the US — surpassing the postal service — in 2028, according to the shipping software company Pitney Bowes. Amazon currently delivers two of three orders itself. For rural shoppers, the most visible change will be fewer brown UPS trucks, fewer packages delivered by mail carriers and more small business owners pulling up in their minivans.
Amazon's relationship with America's postal service "has become rocky following a dispute over contract terms," notes the Wall Street Journal. But they also share an interesting calculation by Marc Wulfraat, president of MWPVL International, a supply-chain consultancy monitoring the e-commerce company's logistics network. . At Amazon's current pace of constructing 40 to 50 new delivery hubs each year, he estimates Amazon will be able to ship packages to every single U.S. ZIP Code within four years.

Samsung is reportedly ending sales of the Galaxy Z TriFold just months after launch, likely due to "high production costs" and limited supply. 9to5Google reports: The Galaxy Z TriFold launched in South Korea barely four months ago, arriving in Samsung's home market ahead of a larger debut in the U.S. and other markets in January. The $2,899 smartphone brought an entirely new form factor to the foldable market, but it's apparently very short-lived.

Korean media reports (via SamMobile) that Samsung is planning to end sales of the Galaxy Z TriFold in Korea, with one more restock coming in the country this week. In the United States, the report mentions that the TriFold will be available until "the current production volume is sold out," which sounds like we might only get another restock or two here as well.

AI services may not stay cheap for long, as companies like OpenAI and Anthropic are currently subsidizing usage to rapidly grow market share. As these companies move toward profitability and potential IPOs, Axios reports that investors will likely push them to increase prices and improve margins. An anonymous reader shares an excerpt from the report: Flashback: Silicon Valley has seen this movie before. The so-called "millennial lifestyle subsidy" meant VC money helped underwrite cheap Uber rides and DoorDash deliveries. Before that, Amazon built its base with low prices, free shipping and, for years, no sales tax in most states. Eventually, all of these companies had to charge enough to cover costs -- and make a profit.

Follow the money: The current iteration of AI subsidies won't last forever. Both OpenAI and Anthropic are widely expected to go public. Public investors will demand earnings growth and expanding margins. Even as chips get more efficient, total spending keeps rising. Labs need more capacity, more upgrades and more supply to meet demand.

The bottom line: The costs of AI will keep going down. But total spend from customers will need to keep going up if AI companies are going to become profitable and investors are ever going to get returns on their massive investments.

Saturday Nvidia CEO Jensen Huang said they still planned a "huge" investment in OpenAI, according to CNBC.

Friday the Wall Street Journal had reported that Nvidia's plan to invest up to $100 billion in OpenAI "has stalled after some inside the chip giant expressed doubts about the deal, people familiar with the matter said..." [T]he talks haven't progressed beyond the early stages, some of the people said. Now, the two sides are rethinking the future of their partnership, some of the people said. The latest discussions, they said, include an equity investment of tens of billions of dollars as part of OpenAI's current funding round. Nvidia CEO Jensen Huang has privately emphasized to industry associates in recent months that the original $100 billion agreement was nonbinding and not finalized, people familiar with the matter said. He has also privately criticized what he has described as a lack of discipline in OpenAI's business approach and expressed concern about the competition it faces from the likes of Google and Anthropic, some of the people said...

OpenAI is laying the foundation to go public by the end of 2026, and has spent much of the past year racing to secure large amounts of computing capacity to help power OpenAI's future products and growth. The stalled Nvidia pact is a blow to this effort and shows how Chief Executive Sam Altman's penchant for announcing flashy big-ticket deals carries the potential to backfire if the terms have yet to be finalized. In a joint announcement unveiling the September deal with Altman and OpenAI President Greg Brockman, Huang called the deal "the largest computing project in history...." OpenAI went on to sign a string of other agreements with chip and cloud companies that helped fuel a global stock market rally.

But investors have since grown jittery about the startup's ability to pay for these deals, leading to a sell-off in some tech stocks tied to OpenAI. Altman has said that the deals put the startup on the hook for $1.4 trillion in computing commitments — more than 100 times the revenue it was on pace to generate last year. OpenAI executives say the total commitments are lower when you account for overlap in some of the deals, and that the agreements will take place over a long period of time.... Huang has indicated to associates that he still believes it's crucially important to provide OpenAI with financial support in one form or another, in part because OpenAI is one of the chip designer's largest customers, people familiar with the matter said. If OpenAI were to fall behind other AI developers, it could dent Nvidia's sales.
"Speaking to reporters in Taipei, Huang said it was 'nonsense' to say he was unhappy with OpenAI," CNBC reported Saturday: "We are going to make a huge investment in OpenAI. I believe in OpenAI, the work that they do is incredible, they are one of the most consequential companies of our time and I really love working with Sam," he said, referring to OpenAI CEO Sam Altman. "Sam is closing the round (of investment) and we will absolutely be involved," Huang added. "We will invest a great deal of money, probably the largest investment we've ever made."

Asked whether it would be over $100 billion, he said: "No, no, nothing like that."
Elsewhere the Journal has reported that Amazon is in talks to invest up to $50 billion in OpenAI. Thanks to Slashdot reader sinij for sharing the article.

Intel says it struggled to satisfy demand for its AI data-center CPUs while new PC chips squeeze margins. CEO Lip-Bu Tan framed the turnaround as supply-constrained, not demand-constrained, with manufacturing yields (18A) improving but still below targets. Reuters reports: The forecast underscores the difficulties faced by Intel in predicting global chip markets, where the company's current products are the result of decisions made years ago. The company, whose shares have risen 40% in the past month, recently launched a long-awaited laptop chip designed to reclaim its lead in personal computers just as a memory chip crunch is expected to depress sales across that industry.

Meanwhile, Intel executives said the company was caught off guard by surging demand for server central processors that accompany AI chips. Despite running its factories at capacity, Intel cannot keep up with demand for the chips, leaving profitable data center sales on the table while the new PC chip squeezes its margins.

"In the short term, I'm disappointed that we are not able "to fully meet the demand in our markets," Chief Executive Officer Lip-Bu Tan told analysts on a conference call. The company forecast current-quarter revenue between $11.7 billion and $12.7 billion, compared with analysts' average estimate of $12.51 billion, according to data compiled by LSEG. It expects adjusted earnings per share to break even in the first quarter, compared with expectations of adjusted earnings of 5 cents per share.

The Trump administration will allow Nvidia to resume selling H200 chips to China, but only if the U.S. government takes a 25% cut. Axios reports: Trump said on Truth Social that he'll allow Nvidia to sell H200 chips -- the generation of chips before its current, more-advanced Blackwell lineup -- to China, with the U.S. government pocketing a quarter of the revenue. He said he would apply "the same approach to AMD, Intel, and other GREAT American Companies."

American defense hawks fear that China could use Nvidia chips to advance its military ambitions. Trump said Monday that the sales will be subject to "conditions that allow for continued strong National Security." The blockade remains in place for Nvidia's current generation of Blackwell chips, which will be replaced in the second half of 2026 by even more advanced Rubin chips. Huang said recently he was unsure if China would want the older chips. "We applaud President Trump's decision to allow America's chip industry to compete to support high paying jobs and manufacturing in America," Nvidia said in a statement. "Offering H200 to approved commercial customers, vetted by the Department of Commerce, strikes a thoughtful balance that is great for America."

An anonymous reader quotes a report from Bloomberg: Lenovo is stockpiling memory and other critical components to navigate a supply crunch brought on by the boom in artificial intelligence. The world's biggest PC maker is holding on to component inventories that are roughly 50% higher than usual, Chief Financial Officer Winston Cheng told Bloomberg TV on Monday. The frenzy to build and fill AI data centers with advanced hardware is raising prices for producers of consumer electronics, but Lenovo also sees opportunity in this to capitalize on its stockpile.

"The price is going very, very high, of course, and I think it's been unprecedented in terms of this rate driven by the AI demand," Cheng said. His company has long-term contracts in place and the benefit of scale, he added, and "those that have the supply actually would be able to have a position in the market." Beijing-based Lenovo will aim to avoid passing on rising costs to its customers in the current quarter, as it wants to sustain this year's strong sales growth, according to the CFO. He said the company will strike a balance between price and availability in 2026. Lenovo said last week that it has enough memory chips for all of 2026 and it can navigate any shortages better than its competitors.

"The International Energy Agency's latest outlook signals that oil demand could keep growing through to the middle of the century," reports CNBC, "reflecting a sharp tonal shift from the world's energy watchdog and raising further questions about the future of fossil fuels." In its flagship World Energy Outlook, the Paris-based agency on Wednesday laid out a scenario in which demand for oil climbs to 113 million barrels per day by 2050, up 13% from 2024 levels. The IEA had previously estimated a peak in global fossil fuel demand before the end of this decade and said that, in order to reach net-zero emissions by 2050, there should be no new investments in coal, oil and gas projects... The IEA's end-of-decade peak oil forecast kick-started a long-running war of words with OPEC, an influential group of oil exporting countries, which accused the IEA of fearmongering and risking the destabilization of the global economy.

The IEA's latest forecast of increasing oil demand was outlined in its "Current Policies Scenario" — one of a number of scenarios outlined by the IEA. This one assumes no new policies or regulations beyond those already in place. The CPS was dropped five years ago amid energy market turmoil during the coronavirus pandemic, and its reintroduction follows pressure from the Trump administration... Gregory Brew, an analyst at Eurasia Group's Energy, Climate and Resources team, said the IEA's retreat on peak oil demand signified "a major shift" from the group's position over the last five years. "The justifications offered for the shift include policy changes in the U.S., where slow EV penetration indicates robust oil [consumption], but is also tied to expected increases in petrochemical and aviation fuel in East and Southeast Asia," Brew told CNBC by email. "It's unlikely the agency is adjusting based on political pressure — though there has been some of that, with the Trump administration criticizing the group's supposed bias in favor of renewable energy — and the shift reflects a broader skepticism that oil demand is set to peak any time soon," he added...

Alongside its CPS, the IEA also laid out projections under its so-called "Stated Policies Scenario" (STEPS), which reflects the prevailing direction of travel for the global energy system. In this assumption, the IEA said it expects oil demand to peak at 102 million barrels per day around 2030, before gradually declining. Global electric car sales are much stronger under this scenario compared to the CPS. The IEA said its multiple scenarios explore a range of consequences from various policy choices and should not be considered forecasts.
Thanks to Slashdot reader magzteel for sharing the news.

Sony reported that PlayStation 5 sales have reached 84.2 million units, officially surpassing every Xbox console ever released. IGN reports: The PlayStation 5 is now up to 84.2 million copies sold after shifting an additional 3.9 million units during the three-month period ending September 30, Sony has announced. That's a slight increase on the 3.8 million PS5 units Sony sold during the same quarter last year, but it's an impressive result given the price of the console has actually gone up over the course of this generation, rather than come down. [...]

As an aside, unlike Sony, Microsoft does not make Xbox Series X and S sales figures public, but analysts have suggested the combined Xbox Series effort is being outsold by the PS5 by at least a factor of 2:1. The more appropriate comparison for the PS5 then, is with its predecessor, the PlayStation 4. Five years into the current console generation, the PS5 is slightly behind the PS4 (the PS4 sold-in to retailers more than 86.1 million units after five years on sale). But Sony has said this console generation is its most financially successful ever, with sales surpassing those made during the reign of all previous Sony consoles.

Visa and Mastercard are nearing a settlement with merchants that aims to end a 20-year-old legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, WSJ reports, citing people familiar with the matter. From the report: Under terms being discussed, Visa and Mastercard would lower credit-card interchange fees, which are often between 2% and 2.5%, by an average of around 0.1 percentage point over several years, the people said. They would also loosen rules that require merchants that accept one of a network's credit cards to accept all of them.

A deal could be announced soon, the people said, and would require court approval to take effect. If an agreement is finalized, consumers could see big changes at the register. Merchants that accept one kind of Visa credit card wouldn't have to accept all Visa credit cards, for example. Under the current talks, credit-card acceptance would be divided into several categories including rewards credit cards, credit cards with no rewards programs, and commercial cards, the people familiar with the matter said.

Some stores might turn away rewards cards, which charge them higher fees and in recent years have become very popular with consumers. But stores that reject those cards would face the risk of declining sales.

An anonymous reader quotes a report from Gizmodo: It's time for Xbox to eat some humble pie and perform some real soul-searching. Microsoft released its latest quarterly earnings report and proved the worst of our fears about its gaming brand. Not only are Xbox hardware sales down significantly, but the brand itself is barely treading water. Gamers are voicing their displeasure with their wallets, but Microsoft's top brass is still only thinking about the margins. Microsoft was more keen to promote the scale of its cloud and AI services revenue -- which was up 28% year over year -- than talk about its beleaguered gaming brand. The company's overall gaming revenue fell by 2% compared to the same time last year. This was precipitated by a "decline in Xbox hardware," which was down by 22% following a steady decline quarter after quarter. Its first-party games and its Game Pass subscription were doing better, though the overall growth was only up by 1%, and even that was driven by the "better-than-expected performance" of third-party games. You can give credit to titles like Clair Obscur: Expedition 33 for why Xbox isn't in an even deeper hole than it is now.

The tech giant has no expectation that its Xbox brand will start making more money anytime soon. In its earnings call with investors, Microsoft Chief Financial Officer Amy Hood said the company expects Xbox will continue to decline "in the low to mid-single digits" for the following quarter. That's mostly due to the lack of landmark first-party titles. Just this month, Xbox released Ninja Gaiden 4, The Outer Worlds 2, and Double Fine's The Keeper. Xbox also made a huge marketing push for its first handheld, made in partnership with Asus, the ROG Xbox Ally and Ally X. In any other year, this would be a big month for any gaming company. The dour outlook comes after months of bad news. After two subsequent price hikes, Xbox Series S and Series X consoles now cost between $100 to $150 more than they did at launch five years ago. Microsoft also pushed prices of its Game Pass Ultimate subscription tier from $20 to $30 per month. A full-year's subscription would now demand $360. In a separate article, Gizmodo reviews Microsoft's new ROG Xbox Ally X handheld, which "offers a better experience overall" than the "other small-scale Windows PC gaming devices released this year." However, "it's still nowhere close to what you truly want from a console."

Amazon Web Services basically invented the cloud computing business and once held nearly half the market. That dominance is slipping. AWS captured 38% of corporate spending on cloud infrastructure services last year, down from almost 50% in 2018, according to Gartner. Microsoft now grows its backlog of corporate sales faster than Amazon. The company that brushed aside incumbents and transformed an internal startup into Amazon's profit engine now faces internal bureaucracy that has slowed it down.

Bloomberg interviewed 23 current and former AWS employees who described management layers that proliferated after a pandemic hiring binge. One sales engineer who was six managers from Jeff Bezos before the pandemic found himself fifteen rungs from CEO Andy Jassy earlier this year. AWS hesitated to invest in Anthropic when the AI startup was spending most of its cash on Amazon servers.

Executives doubted the Anthropic AI could be monetized and were culturally reluctant to pay for external technology they believed could be built in-house. Google invested in early 2023. Amazon followed that September with $4 billion in commitments. On Thursday, Google said it will supply up to 1 million AI chips to Anthropic.

Norway has effectively achieved its 2025 goal of 100% electric new car sales, prompting the government to declare "mission accomplished" and propose scaling back EV tax exemptions to reflect a mature market. "We have had a goal that all new passenger cars should be electric by 2025, and ... we can say that the goal has been achieved," announced Finance Minister Jens Stoltenberg. Electrek reports: With the finish line in sight, the Norwegian government is now fine-tuning its approach. The current incentive program maintains the crucial VAT exemption for EVs, but only up to a purchase price of 500,000 Norwegian kroner (approximately $49,000 USD). This move is designed to target more expensive, luxury EVs, ensuring that the incentive benefits a broader range of consumers.

However, the latest budget proposal aims to reduce the EV tax exemption to vehicles costing 300,000 Norwegian kroner (~30,000 USD). This would apply for 2026, and then the tax exemption would completely end in 2027. Additionally, the government plans to increase taxes on new gasoline and diesel cars, further widening the cost gap between polluting and zero-emission vehicles.

However, the proposal still needs to be adopted by Norway's government, and there is some opposition. EV associations are advocating for a more extended phase-out period to ensure that the adoption rate doesn't decline.

"I'm here to say we have to give these AI bubble predictions a rest," says Yahoo Finance executive editor Brian Sozzi. First of all, AI is a real technology being deployed in real ways inside of Corporate America. Second, this technology is requiring more physical assets in the ground — which are being built to support AI's real-world application. What Zach Dell (son of Michael Dell) is working on at startup Base Power (which just raised $1 billion) impressed me this week. It's addressing a key issue — power availability and costs in part because of rising stress on the grid due to AI development.

Next, the spending on AI infrastructure doesn't strike me as reckless. I talk to CFOs and they walk me through their thinking, which seems logical. They aren't foaming at the mouth with wild-eyed predictions of grandeur similar to the late '90s. Plus, the tech giants making the biggest AI investments are fueling their ambitions by cash on hand — not loading up balance sheets with debt. The upstarts in AI are well funded, not being 100% stupid in their organizational build-outs. They're working on tangible technology that has actual orders behind it...

Lastly here in my scolding of the AI worrywarts is that valuations don't support the warning calls. According to new research out of Goldman Sachs this week, the median forward P/E ratio across the Magnificent Seven is 27 times, or 26 times if excluding Tesla (TSLA), which has a much higher multiple than the other companies. This is roughly half the equivalent valuation of the biggest seven companies in the late 1990s, while the dominant companies in Japan (mostly banks) traded at higher valuations still. What's more, the current enterprise-to-sales ratios are also much lower than those of the dominant companies in the late 1990s.

"So it is true that valuations are high but, in our view, generally not at levels that are as high as are typically seen at the height of a financial bubble," said Goldman Sachs strategist Peter Oppenheimer.

US EV sales hit a record 146,332 in August, grabbing nearly 10% of all new car sales, according to Kelley Blue Book. That's the highest yet and up from 9.1% in July. Electrek reports: With the federal EV tax credit set to expire on September 30, analysts say Q3 2025 is shaping up to be the strongest quarter for EV sales in US history. The current record holder is Q4 2024, when 365,824 EVs were sold.

Prices ticked higher, too. The average transaction price (ATP) for an EV in August was $57,245, 3.1% more than July's revised lower ATP of $55,562. Year-over-year, though, EV prices were basically flat, down just 0.1%. The wave of EV sales also helped push up the overall market's ATP.

Incentives, while not as high as July's record, remained hefty. EV buyers received discounts averaging over $9,000 in August, equal to 16% of ATP. That's more than double the incentive rate in the overall auto market and up from 13.6% a year ago. A separate report from Rho Motion found that global EV sales surged 25% in 2025, led by strong growth in Europe and China. "That amounts to 12.5 million EVs, although the data combines both battery EVs and plug-in hybrid EVs for the total," reports Ars Technica.

As for North America? "EV sales are still growing but barely -- up just 6 percent between January and August 2025 compared to the same time period in 2024."

Microsoft and OpenAI have signed a non-binding deal to restructure their partnership, paving the way for OpenAI to shift into a conventional for-profit model and potentially go public. Reuters reports: Details on the new commercial arrangements were not disclosed, but the companies said they were working to finalize terms of a definitive agreement. [...] Microsoft invested $1 billion in OpenAI in 2019 and another $10 billion at the beginning of 2023. Under their previous agreement, Microsoft had exclusive rights to sell OpenAI's software tools through its Azure cloud computing platform and had preferred access to the startup's technology.

Microsoft was once designated as OpenAI's sole compute provider, though it lessened its grip this year to allow OpenAI to pursue its own data center project, Stargate, including signing $300 billion worth of long-term contracts with Oracle, as well as another cloud deal with Google. As OpenAI's revenue grows into the billions, it is seeking a more conventional corporate structure and partnerships with additional cloud providers to expand sales and secure the computing capacity needed to meet demand. Microsoft, meanwhile, wants continued access to OpenAI's technology even if OpenAI declares its models have reached humanlike intelligence - a milestone that would end the current partnership under existing terms.

OpenAI said under current terms, its nonprofit arm will receive more than $100 billion -- about 20% of the $500 billion valuation it is seeking in private markets -- making it one of the most well-funded nonprofits, according to a memo from Bret Taylor, chairman of OpenAI's current nonprofit board. The companies did not disclose how much of OpenAI Microsoft will own, nor whether Microsoft will retain exclusive access to OpenAI's latest models and technology. Regulatory hurdles remain for OpenAI, as attorneys general in California and Delaware need to approve OpenAI's new structure. The company hopes to complete the conversion by year's end, or risk losing billions in funding tied to that timeline.

A review of published meta-analyses examining protein supplementation found no evidence supporting intake beyond 1.6 grams per kilogram of body weight daily, according to an analysis by cardiologist Eric Topol. The review examined multiple randomized controlled trials encompassing thousands of participants. The most widely cited Morton study, which included 1,863 participants across 49 trials, showed no statistically significant benefit at higher protein levels, with a p-value of 0.079.

Recent research from Washington University identified the essential amino acid leucine as activating mTOR in macrophages, promoting atherosclerosis progression. The mechanism was demonstrated in both mouse models and human studies measuring circulating monocyte changes following acute high-protein challenges increasing dietary protein from 22% to 50% of energy intake. Current USDA data indicates 55% of American men and 35% of women already exceed the 0.8 g/kg/day recommendation from the National Academy of Medicine. The protein supplement industry, exemplified by David bars containing 28 grams of protein in 150 calories using a modified plant fat called EPG, projects $180 million in 2025 sales.