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Trump targets Biden-era billion-dollar Smithsonian budgets amid anti-'woke' push
Trump's budget proposal cuts Smithsonian funding below $1 billion for the first time since 2020 as a 162-page White House report targets woke ideology.
Opinion: Taxing billionaires will help Californians keep their health coverage
California voters have the chance to vote ‘yes’ on Proposition 40, which will make billionaires pay to keep hospitals open and healthcare affordable.
Federal Policy Priorities To Strengthen Rural Health and Maximize Rural Health Transformation Program Investments
Executive Summary Rural health care in the United States is at an inflection point. The Rural Health Transformation Program (RHTP), enacted as part of H.R. 1, is a $50 billion, five-year investment designed to help states improve access, quality, and outcomes by transforming rural health care delivery. This investment takes place alongside an estimated $137 … Continued
Watch Why Think Tanks are a Billion Dollar Business
Think tanks bring together experts and shape debates in Washington, but how do you measure the value of an idea? From the Aspen Institute to the Heritage Foundation, this episode explores the business of ideas, the billions of dollars behind America's leading think tanks, and how they measure success.
He was homeless at 16. Now, he sits on the board of David Beckham’s wellness company and his business is about to hit $1 billion in revenue
Hudson Leogrande, the founder of popular hoodie brand Comfrt, bounced between car sales and chimney telemarketing before hitting his stride as an entrepreneur.
Singer-actor Cha Eun-woo files appeal after paying $9 mil. in taxes
Singer-actor Cha Eun-woo has filed an appeal against the National Tax Service (NTS), after paying some 13 billion won ($9 million) in additional ta...
Trump Calls for $1.8 Billion Fund Over Blanche Attorney General Fight
The president vowed to push for the payout fund if Senate Republicans fail to confirm Todd Blanche as attorney general, reigniting a dispute over the settlement.
Scientists Forced to Go on OnlyFans After Their Funding Was Cut
After the Trump administration cut billions in research grants, scientists have started an OnlyFans accounts to keep their work going.
The highest-grossing entertainment franchise in the world isn't Star Wars, Marvel or Mickey Mouse — it's Pokémon, which began as a Japanese video game about collecting creatures and has since rung up north of a hundred billion dollars in retail sales
A $16 million trading card is just the beginning of how Pokémon became the most profitable entertainment empire ever built.
Meet The Highest-Ranking Black Executive In Sports
NBA Deputy Commissioner Mark Tatum runs the league’s business operations that generate more than $14 billion in revenue. These are the five business leaders who inspire him.
Amazon’s Andy Jassy sees a $1 trillion cloud built on businesses like the PGA Tour—which swapped its server trucks for AI broadcasts
AWS just posted $42.2 billion in revenue with its fastest growth in 18 quarters and the AI platform saw more spending last quarter than in every prior quarter since launch combined.
FIFA has scrapped $20 billion World Cup sell-off plan, New York Post reports
FIFA's plan to sell a piece of its business empire to outside investors has collapsed following an open revolt by soccer officials worldwide and a major rift among top FIFA executives, the New York Post reported on Friday.
FDA clears autoinjector drug for home treatment of heart failure edema
A new drug delivery system may help reduce heart failure hospitalizations and related healthcare costs, which are expected to reach $70 billion by 2030.
How Amazon became one of the world’s top chip companies in a decade
Amazon’s custom silicon business exceeded a $25 billion annual revenue run rate—here’s what that means for customers and the future of AI.
‘Now or never’ mindset opens the M&A floodgates for Corporate America
U.S. companies are pursuing large mergers and acquisitions as they seek to capitalize on what many view as the most business-friendly regulatory environment in years under the Trump administration, The New York Times reports. High-profile deals include NextEra Energy’s proposed $67 billion combination with Dominion Energy, Sysco’s $29 billion acquisition of Jetro Restaurant Depot and […]
The business of back-to-school
Back-to-school shopping is more than a seasonal ritual for families. It is one of the country's largest annual retail events, generating billions of dollars in spending.For retailers, it is a critical sales period. For economists, it offers an early snapshot of how Americans are responding to rising prices, shifting consumer confidence and broader economic uncertainty.
Jensen Huang says this is the greatest time in history to start a business—and his advice is to stop overthinking it: ‘How hard can it be?’
The billionaire CEO has spent the last three decades building Nvidia —but says one simple mindset helped turn a diner-booth idea into a $4.7 trillion giant.
Bestow Launches AI-Native Lab for Innovation and Experimentation
Plus: AT&T closes on $23 billion wireless spectrum licenses acquisition, HF Sinclair plans separation of lubricants and specialties business, and more.
‘Fluff Piece’: Sylvia Brindis (Creator/Star) on Making Entertainment that Inspires Kindness and Develops Critical Thinking in Young Viewers
We recently sat down with Stan Jantz to chat about The Chosen, the Come and See foundation, and an ambitious mission to translate the series into 600 languages and share the authentic Jesus with 1 billion people around the globe.
Trump defends DOJ weaponization fund and attacks Cornyn, further imperiling Blanche nomination
President Donald Trump said acting Attorney General Todd Blanche “should be immediately approved” as his permanent pick for for the role and defended a controversial $1.8 billion “anti-weaponization fund” that’s at the crux of why the nomination has not yet moved forward.
Watchdog unleashes database to expose 'loopholes' as $5B in foreign cash floods US nonprofits
A new database tracks over $5 billion in foreign spending flowing into 523 politically active U.S. nonprofits not required to disclose donors.
Microsoft Adds $450 Billion In A Day, Beats Nvidia. What's Behind The Surge
Azure, Microsoft's cloud computing platform, reported stronger-than-expected growth as companies continued spending heavily on AI infrastructure.
Hydrogen-powered shipping could deliver $284 billion in annual health benefits
Researchers modeled how replacing conventional global shipping fuels with hydrogen could change PM2.5 and ozone pollution, premature mortality, and monetized health benefits. Under complete transition, the model estimated 129,458 fewer premature deaths and US$284 billion in annual monetized health benefits, although some regions experienced increased pollution from hydrogen production or altered ozone chemistry.
Fiscal watchdogs weigh in on Mamdani’s savings directive
City Hall is projecting a budget gap of over $6 billion next year.
Amazon CEO: AWS could be a ‘trillion-dollar’ business
Amazon (AMZN) CEO Andy Jassy explained on the company's earnings call that while the company expects to spend approximately '$220 billion in cash capex in 2026' to meet soaring demand, he believes AWS could "very possibly be a trillion-dollar annual revenue business for us in time.'
Amazon.com Announces Second Quarter Results
Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its second quarter ended June 30, 2026. Net sales increased 20% to $200.6 billion in th...
Microsoft’s stock has biggest one-day gain since 2008, adding $480 billion in market value as cloud business booms
Azure crossed $100 billion in revenue for the first time and a new disclosure about OpenAI offered some respite.
Senate committee looks to stop AI-enabled fraud against older adults
AI-enabled fraud is projected to reach $40 billion in the United States next year
Which Microsoft businesses are growing and shrinking, according to obscure table in regulatory filing
Overall, for the fiscal year ended June 30, Microsoft's revenue increased 18%, or $50.1 billion, to $331.8 billion. Here is what a table buried in the 10-K shows about the real drivers of the business.
UK's IG Group agrees to buy sports gaming firm Underdog for up to $1.3 billion
Britain's IG Group said on Thursday it has agreed to acquire U.S. daily fantasy sports and prediction markets operator Underdog for up to $1.3 billion, in a deal that would strengthen its position in the fast-growing U.S. retail trading market.
PayPal becomes a takeover target as it attempts a turnaround
Stripe and Advent International reportedly offered to buy PayPal for $53 billion as the firm faces a turnaround.
Microsoft’s Anthropic Gain Beat an Entire Business Segment
Microsoft's $3.2 billion Anthropic gain topped the operating income of its Windows, Xbox and search division in the latest quarter.
In Italy, America does business on the ambassador’s yacht
A billionaire diplomat’s floating statecraft
The new "science golden age" looks suspiciously like a grift
This edition of PN is made possible by paid subscribers. Become one ⬇️ 🚀 Subscribe to PN 🚀 The Trump regime is trying to usher in a “Golden Age in Science” where scientific research is run like a Trump family business, artificial intelligence is all that matters, profit is everything, and expertise is for chumps. Or at least that’s the vision emerging from a new 123-page “Report to the President” from Michael Kratsios, the Director of the White House Office of Science and Technology Policy. In a normal administration, you could probably skip over learning about a science policy document — but this is no normal administration, and this is no normal science policy document. Instead, it’s Trump’s attempt to end the actual golden age of science that was kicked off in 1945 with the publication of '“The Endless Frontier” by Vannevar Bush. [ ](https://www.publicnotice.co/p/harmeet-dhillon-portland) [ Harmeet Dhillon demonstrates danger of posting through it ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Liz Dye · Jul 29 [ Read full story ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Bush, at President Franklin Delano Roosevelt’s request, laid out a vision of federal support for science that centered on funding universities to do basic research, saying that as long as those institutions were “vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere.” Kratsios’s report is supposed to be the successor to Bush’s, and even apes the format, but this isn’t really a document about science policy. It’s one about ending science research as we know it in favor of shoveling cash at big tech companies. While it might be temping to wave this away as an aspirational policy document, Trump has already begun to shift billions in research funds to AI projects and has taken a hatchet to science funding across the board. He’s teed up the shift Kratsios proposes here, and since neither Congress nor the Supreme Court seem inclined to stop him from doing whatever he wants with taxpayer money, it isn’t doomering or hyperbole to say we are staring down the barrel of a world where the only “science” the government intends to support is for-profit tech and defense advancements. Science for dummies Part of how you can tell this isn’t a document about science is that you are immediately faced with an absolute wall of business-speak of the worst sort. Did you know we must “tightly couple our science and technology enterprises to ensure that groundbreaking ideas invented in the United States are rapidly prototyped, tested, manufactured, and scaled domestically”? You do now! That tone isn’t surprising, because Kratsios has no background in science or research. He has a bachelor’s in political science and spent most of his career working for Peter Thiel at Thiel Capital. After a stint in the first Trump administration as Chief Technology Officer, where he also did not do any science, Kratsios was tasked in 2020 with overseeing the Pentagon’s research budget for a brief time, a position that, as the Wall Street Journal put it, “carries a great deal of power in terms of dictating investment allocations.” He spent the Biden years at Scale AI as “head of strategy,” which you will also note is neither a science nor a research job. But Scale AI has contracts with the Department of Defense and, as the Washington Post wrote in 2023, “has been aggressively pitching itself as the company that will help the US military in its existential battle with China.” And now you have the necessary background for our new golden age, which is going to be a golden age of taking money away from scientists and universities and giving it to companies like Scale AI. A note from Aaron: Working with brilliant contributors like Lisa takes resources. If you aren’t already a paid subscriber, please become one to support our work. 👇 Subscribe In a genuinely galling move, Katsios spends a lot of time slamming universities because of “administrative burdens on researchers” and the “well-documented inefficiencies” in academia, the message being that those damn universities waste the time of amazing researchers with paperwork. Except it’s the administration that is attempting to impose inefficient, unnecessary burdens on those researchers with a proposed Office of Management and Budget rule that would require senior political appointees to approve every science grant and ensure it aligns with Trump’s personal priorities. Researchers would also have to seek prior government approval to attend conferences or publicize their research. And political appointees could terminate any grant at any time if they feel like it. [ ](https://www.publicnotice.co/p/omb-rule-science-funding) [ The murder of expertise ](https://www.publicnotice.co/p/omb-rule-science-funding) Lisa Needham · Jun 11 [ Read full story ](https://www.publicnotice.co/p/omb-rule-science-funding) But when it comes to AI, we’re going to “restore permissionless innovation.” The report proposes to give lucky ducky innovators a pile of cash up front for grants lasting five years or longer, saying “awards should be fully-funded in year one, with all resources earmarked upfront, to minimize administrative burdens and reduce pressure for researchers to generate intermediate results to secure continued funding.” Yeah, wouldn’t want to have to make the Very Special Tech Bros show results or get money parceled out year by year like the plebes at universities. The report also proposes that we should have “fast grants” with “simplified applications requiring just a few pages of writing” because that is definitely how science works, just writing a bit off the dome and getting some cash. [ ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) [ Tech elites are turning AI into ChatGPTrump ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Paul Waldman · July 29, 2025 [ Read full story ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Oh, and we should have prizes and challenges, where multiple teams compete. The proposed prizes include incentives like “advance procurement commitments,” which means the federal government agrees to buy whatever is being developed. There’s also “regulatory fast-tracking,” making sure all those great AI thingies don’t have to wait too long to be unleashed on a market. These aren’t incentives to do science. These are incentives to develop things with tax dollars that you can then sell to the government for more tax dollars. In the suggestion that might be the most unhinged, the most very opposite of how both government and research work, our new age will include “golden tickets.” That’s where an individual reviewer in an agency — yes, just one person — can “recommend unconventional proposals that may not pass consensus-driven review panels” because somehow this will “surface valuable ideas too divisive for committees and attract higher quality reviewers by empowering them to exercise independent scientific judgment.” Yes, that’s saying that a random person in an agency should be able to shovel money at some idea even if it can’t pass a review panel, and that the opportunity to do so will attract better employees because apparently all the best minds in science are chomping at the bit to be allowed to unilaterally fund AI research based on their personal vibes. But that isn’t at all how actual science works, and actual scientists aren’t unhappy about review panels. They work collaboratively, not siloed in some secret race to create the next AI chatbot. A 2020 study by the National Bureau of Economic Research examined whether peer review panels succeed in helping agencies predict which research ideas will best advance science. Peer review was better at finding “diamond in the rough” applicants than a single government program official. How about that. Trump always wants a taste It’s painfully clear that what Katsios is trying to do here is turn the whole of government science research and funding into the sort of “move fast and break things” paradigm that is the hallmark of big tech. That method works to line the pockets of tech executives, but it isn’t science. There’s a reason the government funds different kinds of research than private tech companies do. What Katsios either fails to understand or deliberately ignores is that the federal government is the main funder of basic research precisely because it can take a long time for it to bear fruit and is not intended to be profitable as such. “Basic” here does not mean rudimentary or simple, but rather research that is designed to advance scientific knowledge instead of achieving a specific outcome or product. Big tech companies don’t widely fund that sort of research, because it doesn’t make them money. Industry dollars account for only about 20 percent of basic research funding, while the government contributes around 60 percent. Big tech companies and startups do, however, rely on and benefit from that basic research. A 2019 study found that 35 percent of all patents obtained by venture-backed startups from 1976 to 2016 cited federally supported research. Basic research funded by the NIH contributed to every single drug the FDA approved from 2010 to 2016. [ ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) [ The Saudi nuclear farce and governance by whim and meme ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Noah Berlatsky · Jul 27 [ Read full story ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Unlike inventing the next ChatGPT, actual science is slow and iterative. Government funding of research that, on its face, would not appear to lead to any big new invention is actually what underpins those big new inventions. If the government hadn’t funded research into desert lizard venom, we wouldn’t know about semaglutide, and we wouldn’t have Ozempic. If research scientists hadn’t studied how bees optimize nectar foraging within a colony, we wouldn’t have the algorithm that assigns internet traffic across computer servers. The report assiduously ignores that a symbiotic, profitable relationship between the federal government, universities, and private companies already exists. Each federal research dollar generates about $1.50 to $3.00 in long-term economic benefits. The $36 billion the government awarded in NIH research funding in fiscal year 2025 generated $94 billion in new economic activity. Trump’s proposed new golden age is intended to strip those billions from universities, resulting in the dismantling of departments and the shuttering of labs. But Katsios has a plan for that: Universities should just become trade schools to churn out no-show STEM degrees! “Require universities and community colleges to embed practical technical training and externships into STEM curricula. Let hands-on experience and industry credentials count toward degrees.” It’s quite the feat to, on the one hand, strip schools of funding for scientific research while simultaneously demanding to control what is taught and, oh, also, colleges need to give degrees to employees at big tech companies just for being employees at big tech companies. The new golden age would also exacerbate the brain drain Trump’s policies have already caused. Nature found that in the first quarter of 2025, US scientists submitted 32 percent more job applications abroad than in 2024. A March 2025 poll by Nature of roughly 1,600 scientists found that over 1,200 said they were considering leaving the country. Europe is investing $565 million to make it a “magnet for researchers” and provide funding for scientists who relocate. The new golden age is also about embedding Trump’s xenophobia into the fabric of American science. The report complains of an “over-reliance on foreign students” that “creates a security challenge our institutions are ill-equipped to address” and that a “reliance on foreign talent sidelines American students.” This is, to put it mildly, nonsense. International students pay far higher tuition and often receive no financial aid. Their tuition dollars are what make it possible for American students to get financial aid. In the 2023-2024 school year alone, international students contributed $43.8 billion to the US economy and supported over 378,000 jobs. Those 1.1 million international students accounted for only six percent of the total number of students in higher education that year, but were such an economic engine that for every three international students, one job was created or supported. It’s impossible not to wonder whether part of Trump’s loathing for universities and their leading role in scientific research is that there is no way for him to corrupt the process and make money off it in the same way he can by giving millions and billions to Silicon Valley types who, in turn, give him millions in cash. There’s no way for his children to invest in universities that the government then gives no-bid contracts to, fattening the family’s bottom line, which is pretty much the Trump sons’ current venture capital practice. Trump and Katsios’s view of science is narrow, cramped, and wrong. We’re not in a crisis, we’re not a failed state. We’ve been a science superpower for decades, and the only thing that threatens that is Donald Trump. Tech bros are already living high off the hog in this administration. They don’t need any more of our tax dollars. Hopefully this new golden age never comes to pass. Thanks for reading Public Notice. This post is public so feel free to share it. Share We’ll be back with more tomorrow. If you appreciate today’s PN, please do your part to keep us free by signing up for a paid subscription. 🚀 Subscribe to PN 🚀 Thanks for reading, and for your support.
Cuts to state, federal assistance and rising costs rock Oregon hospitals
Oregon hospitals lost $450 million in 2025 and $1.25 billion from 2022 to 2025, according to a report released July 29.
The US ‘golden age’ science strategy: what Europeans need to know
The US has unveiled what officials claim is the most radical overhaul of the public R&D system in a generation, which if implemented could have significant implications for transatlantic research collaboration. Science: A New Golden Age derides universities as “legacy institutions” and instead wants to prioritise funding on technological challenges, new research labs and funding that follows individual scientists, rather than being linked to their institutions. “Too much of our research enterprise has come to serve itself rather than the scientists within it,” writes Michael Kratsios, director of the White House’s Office of Science and Technology Policy (OSTP), the only named author of the report. “Federal funding agencies should support a broader range of performers.” But some critics argue that the strategy is a smokescreen, using genuine problems in academia as an excuse to further weaken US universities, which US vice-president JD Vance has labelled “the enemy..”Even as it talks of a “golden age” for science, the White House has proposed halving the 2027 budget of the US National Science Foundation (NSF), and has put forward double-digit cuts for other funding bodies, such as the National Institutes for Health. It asked for similarly steep savings in 2026, but Congress stopped them going through. Science: A New Golden Age says success will be measured by the extent to which scientists are “free” to pursue the most “vital questions,,” painting academia as currently hidebound by bureaucracy, sluggishness and consensual conservatism. And yet the Trump administration is simultaneously planning new rules that will hand political appointees unprecedented powers to screen and cancel grants. The report has pretentions to be the successor to Science: The Endless Frontier, the seminal 1945 document in which presidential science advisor Vannevar Bush set out the case for post-war government funding of basic research, helping to spur the creation of funders such as the NSF. Even the title page font is the same. But it remains unclear if the latest report will leave anything like as lasting a legacy.Here, Science|Business explains some of the biggest proposed changes in Science: A New Golden Age, and how Europeans think it might change the landscape of their biggest science partner.Universities under fireA key target of the report are US universities, which it repeatedly suggests are outmoded as research institutions. It criticises the NSF for channelling resources “overwhelmingly to a single type of performer, the university-based, principal investigator-led research group..” Universities “extract” money from researchers’ grants to support “growing administrative bloat,” alongside legitimate uses. The Trump administration has been trying to cut the overhead costs in federal research grants that flow to universities. Instead, new institutions are being built. In May, the NSF announced it would spend $1.5 billion on two new so-called X-Labs, focused on scientific instrumentation and quantum systems. The idea is that they fill a niche in the landscape, tackling problems that are too big for a university lab, but too early stage for private start-up funding. Parallel with Europe?This shift to new research organisations parallels moves in Europe to set up new innovation agencies, such as Germany’s Sprind, the UK’s Advanced Research and Invention Agency, and the EU’s European Innovation Council. The Dutch and French governments are looking to set up their own entities too. There’s now an emerging consensus, evident in a number of new strategies, that public R&D needs to be shaken up, Charles McIvor, an economist at the OECD, has written in response to Kratsios’s plans. “What stands out for me across these strategies [in the US, Germany, South Korea and Japan] is that governments are realising that the old ways of delivering STI [science, technology and innovation] programming no longer works,” he said in a LinkedIn post. Metascience wins?The document is, at least on the face of it, also a big win for some policy thinkers in the US who want far more experimentation with new forms of research grant and institution.It name-checks a litany of new public R&D ideas, from focused research organisations and advance market commitments to “golden tickets,” which allow grant reviewers the power to hand applicants money without requiring the consensus of other review panellists.Related articlesEuropean researchers sound the alarm that Trump rule changes will hit cooperationFocused research organisations: what are they, and how do you set them up? NIH turmoil risks reciprocal EU-US access to health research funding In addition, every federal research funding agency should set up a metascience unit, the strategy says, “with authority to run controlled experiments on review and funding mechanisms.” The UK has already set one up, the strategy points out. This mirrors recommendations to the European Commission. In 2024, a report led by former Portuguese science minister Manuel Heitor also advised the EU to set up an “experimental unit” to test out new methods of funding research. So far, however, Brussels hasn’t put forward any plans to do so. Bypass universitiesBut there’s a worry that the Trump administration is using the metascience movement to justify an overhaul of public R&D that punishes universities, which it sees as centres of political resistance. Last year, it threatened to cut Harvard University’s federal funding unless it hired and admitted a “critical mass” of new faculty and students to create “viewpoint diversity” across campus. It’s also attempted to strip academics of funding for working on politically forbidden areas, like LGBTIQ people’s health.The new strategy appears to be a “move to bypass the power of universities full stop and allow funders and political bureaucracies to handpick the projects and people who will execute them,” said Jean-Claude Burgelman, a former senior official in the Commission’s research directorate, on LinkedIn.The EU’s science counsellor in Washington, Florent Bernard, wrote that the plans risk diverting public research funding so that it “solely serves private interests.” “Who, if not independent universities, will do research that demonstrates the impact of tobacco on lung cancer or the role of human activities in our current climate crisis?” he wrote.Should we take it seriously?“I would view the overall document as a bad faith argument,” said Cole Donovan, director of science policy at the campaigning group Stand Up for Science, and a former OSTP official. “I don’t see the project itself as something that can be isolated from the broader attack on the system.” He thinks the argument that academia has become dysfunctional and in need of radical reform is being deployed as part of a “PR argument” to legitimate moves against US scientists. The strategy presents ideas like metascience units as new, whereas there were moves to set them up at the NSF during the previous administration of Joe Biden, Donovan said. The other caveat here is that the OSTP has limited power to carry out any of these recommendations. While Kratsios has issued a memo to research agencies telling them to implement the recommendations in the report, he doesn’t have direct budgetary control. “As a former OSTPer myself, this does not seem like a document that is realistic,” said Donovan.
Breaking down FIFA’s stake sale, how it compares to other sports and whether it’s necessary
The intention is to raise $4.2billion from outside investors, which led to the narrative that FIFA wants to sell (part of) the World Cup
Trump blew billions on Iran instead of keeping you insured
President Donald Trump blew more money in five months of war with Iran than it would have cost us to keep millions of Americans insured for the year.
Banijay Entertainment revenue dips as All3Media merger takes shape
Banijay Entertainment posted a first-half revenue drop of 2.2 percent to €1.37 billion amid reduced production volume, before its All3Media merger results kick in.
Samsung Stock Jumps Over 6% In Seoul as AI Memory Business Delivers Record Profit: 'Supply Constraints' Expected to Continue
Samsung Electronics Co. Ltd.‘s (OTC:SSNLF) shares rose on Thursday after the chipmaker posted a record second-quarter operating profit as surging artificial intelligence memory demand boosted its semiconductor business, though higher component costs weighed on earnings in its mobile division. Operating Profit Beat Estimates Operating profit climbed to a record 89.5 trillion KRW ($61.93 billion) for the second-quarter, beating the 88.13 trillion KRW ($60.98 billion) analysts’ forecast compiled by
Live shopping startup Whatnot eyes massive $20 billion valuation
Whatnot, a live shopping startup, aims for $20 billion valuation in financing talks, driven by livestream sales in fashion and collectibles.
Microsoft Reports $1.7 Billion Drop In Xbox Revenue For The Year
Microsoft's gaming division had a very bad quarter
Meta’s Reality Labs lost over $4.6 billion in second quarter
Meta's Reality Labs unit, which develops virtual reality and wearable devices, continues losing money.
Movies that made $2 billion at the box office
James Cameron and the Marvel Cinematic Universe are the two consistent factors when it comes to earning billions at the box office.
How a 40-year-old father launched a $1.6 billion-a-year meat snacks empire from a bankrupt Wisconsin business
Jack Link turned a bankruptcy into an opportunity to build a beef jerky empire. Four decades later, Link Snacks brings in more than $1 billion in annual sales.
How a family business went from bankrupt to $1.6 billion a year in sales
Jack Link turned a bankruptcy into an opportunity to build a beef jerky empire. Four decades later, Link Snacks brings in more than $1 billion in annual sales.
Blanche nomination in peril as key GOP senator rails on DOJ over controversial fund
Todd Blanche’s nomination to be President Donald Trump’s attorney general is hanging in the balance with a key GOP senator saying the Justice Department has not done enough to assure him a controversial $1.8 billion “anti-weaponization” fund won’t move forward.
Grant Thornton to acquire CBIZ for nearly $3 billion
The all-cash, private equity-backed deal is poised to establish the largest accounting and professional services firm outside of the Big 4.
Grant Thornton to acquire CBIZ for nearly $3 billion
The combination would establish the fifth-largest accounting firm in the U.S.
In Oregon, big grocery, retail companies have highest number of employees on Medicaid
Multi-billion-dollar grocers and retailers such as Walmart and Amazon were among the most listed employers on Oregonians’ applications for publicly-funded health insurance last year, according to a Capital Chronicle analysis of Oregon Health Authority data.
FIFA puts the World Cup up for sale
FIFA wants to sell a minority stake in a new commercial entity that values the organization at $20 billion.
⚽️ Y! Sports AM: Soccer for sale
FIFA wants to sell a minority stake in a new commercial entity that values the organization at $20 billion.
Healthcare costs are surging. Taxing billionaires will help Californians keep their coverage
Funding cuts have put a healthcare crisis on California's doorstep. With a one-time tax on billionaires, Californians will see relief, a nurse argues.
Unilever agrees two-year worker protection after $65 billion McCormick merger, memo shows
Unilever has agreed to protect employment terms of workers in its European and British food business for two years after the planned 2027 completion of its $65 billion merger of the unit with U.S. spice maker McCormick , according to a memo seen by Reuters.
India's Mahindra to transfer truck, bus business to SML Mahindra
Mahindra & Mahindra said on Wednesday it would transfer its truck and bus business to listed subsidiary SML Mahindra for 5.25 billion rupees ($54.92 million), consolidating the group's commercial vehicle operations under a single entity.
Real Madrid Posts $1.39 Billion Revenue, Record High For Sports Entity
Real Madrid has set a new benchmark in sports finance, reporting a record $1.39 billion in operating revenue for 2025/26, a new high for a sporting entity.
The Science Behind the AI Panic Is Shakier Than You Think
A column by Sascha Lobo Is AI making us dumb? So asked DER SPIEGEL on its cover a while ago. After a few weeks of recovery and a therapeutic intervention with the help of my AI, I feel able to respond. That’s a bit unfair, of course; the article itself is more nuanced than the loud cover, the image of a schoolkid with dull prompt questions, or the subtitle: “AI is conquering the schools, and educators fear a disaster.” The short answer to “Is AI making us dumb?” is: no. The long answer is more interesting, and even carries a preliminary glimmer of the spectacular. Unfortunately, it requires a detour into the sphere of artificial intelligence, into the mogul-field terrain of technology assessment, the attention economy, and the destructive virus of cultural pessimism. Along with narrowing the scope to AI’s effects on education and work rather than on intelligence. Because the honest version of the question would be: Does AI help us learn and work, or not? Generative AI, which set off the still-ongoing hype with ChatGPT, has only existed in relevant distribution since late 2022, early 2023. For a technology-driven transformation of people and society, that is extremely short. For that reason alone, research is still in its infancy. And technology assessment is not a fast discipline anyway. Prominent voices from Elizabeth Eisenstein to RAND to Tom Wheeler say we still cannot conclusively judge the consequences of the printing press. Its invention is a mere 580 years back, and some scholars would rather not circulate assessments that might have to be retracted in two or three hundred years. We’re Going Through Growing Pains A phenomenon that already caused upheaval in social media research makes serious assessment of AI’s consequences even harder: the “moving target” problem of LLM-ology, as the linguist Sean Trott called it in 2025. AI develops so quickly and so unpredictably that researchers often end up studying snapshots of the past. There are concepts, from morphological analysis to anticipatory governance, for keeping research, planning, and regulation halfway meaningful anyway. But even with those, universally valid statements are rare. DER SPIEGEL - The German View is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber. Subscribe We should therefore treat findings about the interplay between humans and AI as far more procedural and situational. Unfortunately, this challenge comes at the worst possible time. We are going through growing pains: AI’s everyday impact has grown very large very fast, and with it the longing for guidance. Annoyingly, the body of solid knowledge has not exploded along with it. Experts cannot be moved to broad consensus on even banal statements about AI. Sascha Lobo, born in 1975, is an author and strategy consultant focusing on the internet and digital technologies. Together with Jule Lobo, he explores the debates of the day in the podcast “Feel the News – Was Deutschland bewegt” (”What Moves Germany”). Nvidia CEO Jensen Huang says software developers are dying out. Bill Gates considers coders one of only three professions that will survive the AI tsunami. Top tech economists find virtually irrefutable arguments both for and against an AI bubble. The same naturally applies to the structurally youth-hostile debate over whether AI is good or bad for young people. The gap between the demand for insight and the supply of solid knowledge creates an orientation vacuum. This vacuum of AI cluelessness is filled, as the attention economy described by Georg Franck in 1998 would have it, with half-knowledge (funnily enough, often AI-generated), marketing, and self-marketing. After all, infinite money is at stake, along with academia’s best current shot at global fame. But this iridescent froth of interpretation operates more by the algorithmic principles of the digital public sphere than by seriously earned insight. That is why dramatized, fear-feeding claims about AI are so promising. It tempts parts of academia into distorted drivel, and parts of the media then sensationalize the published drivel once more. Was the Research Aimed at a Desired Result? How badly this can influence academia and public perception is demonstrated by one of the most-discussed studies on AI’s effects: “Your Brain on ChatGPT.” The MIT study by Nataliya Kosmyna also gets plenty of space in the SPIEGEL cover story. What was measured and interpreted: lower brain activity in people who write with AI assistance, compared to people who only google or write without any tools. As is common with preprints, the study has not yet been peer-reviewed, and it contains substantial weaknesses that experts have sharply criticized. The first round had 54 participants in three groups, the second only 18, who reportedly also came from MIT’s own orbit. There was no preregistration (committing in advance to what you want to find out with which data). In their analysis, Stanković et al. even discovered an opposite effect that the study does not further explain. Some measurement data has not (yet) been published. And the EEG analysis method used is considered too imprecise to support such far-reaching conclusions. The biggest criticism, though, is the suspicion of an activism-driven study. In an interview with Time, lead author Kosmyna said she published the study immediately, rather than after full peer review, because she feared politicians might otherwise decide to put ChatGPT in kindergartens. She considers that absolutely harmful. It is legitimate to hold such a view. It just seems unscientific to approach a study with it, and then to design the setup so that the chance of a fitting desired result remains as high as possible. Ideologies Collide It is not easy to separate genuine AI insights from studies that trivialize and weaken well-founded AI criticism. The same goes for the opposing, AI-enthusiastic narratives, because the pro-AI side works against it with billions in resources. Ideologies collide, fed by egos, PR strategies, moral posturing, and once-in-a-lifetime opportunities. Doomsday marketing makes the search even harder: AI companies can profit from warnings about the dangers of AI, whether through the notoriety of apocalypse narratives or because, in some target groups, danger translates into power. Some seemingly negative findings are therefore quite welcome in the AI industry. If you try to get at the findings presumably less influenced by interest groups, the picture in education seems relatively clear: AI can improve educational outcomes when the right AI is used the right way, namely pedagogically. Simply dumping an AI chatbot into a classroom, by contrast, accomplishes little. Huge surprise. But something else is also obvious: whether they are allowed to or not, kids use AI for school, which is why the controlled integration of AI tools into education is, in the medium term, entirely without alternative. In the world of work, the landscape of findings is more complex and requires more differentiation. A series of serious studies points to an AI effect that suits neither the alarmists, regulation fetishists, and AI opponents, nor the trillion-dollar corporations with their armada of paid scientists, PR professionals, and ecosystems: working with AI helps the inexperienced (at least for now) considerably more than it helps the pros, in certain fields of work, and provided they know how to use it correctly. Missing Domain Knowledge Among the experienced, the professionals, and the high flyers, by contrast, despite frequent time savings, partially negative effects and new problems are emerging. Take the jagged frontier problem: AI solves task A brilliantly and fails completely at task B, even though both look similar even to professionals. Or the verification-cost problem, in which AI’s greater productivity gets eaten up by the enormous effort of checking its output. Or the illusion of competence, because AI makes new domains seem easily penetrable, until you painfully discover that deep domain knowledge is missing. Taken as a whole, the effects of working with AI do lean positive. But the promise that AI works as a turbocharger for everyone and boosts practically everything simply refuses to materialize. The AI magic the world has been feeling since ChatGPT arrived in late 2022 has so far barely shown up in most companies’ numbers. The consulting firm McKinsey has coined a term for this, the “gen AI paradox,” and believes that work processes and corporate structures would have to be rebuilt quite fundamentally to realize AI’s benefits at scale. Reuters just reported that only 3.3 percent of Microsoft’s customers have subscribed to the AI package Copilot. That may be down to the product; in other areas we continue to see soaring successes and new AI triumphs. But after the first quarter of 2026, disillusionment is the word for all too many AI projects at traditional companies: because the promised revolution of AI agents has so far failed to arrive or been postponed, and because of the leveling effect that many of the studies cited here suggest. Against Inequality The societal effects, on the other hand, appear rather encouraging. Many previous technologies operated on the Matthew principle, named for the Gospel verse about giving to those who already have: they tended to reward the more competent and more privileged. AI, however, seems more often to have an equalizing effect once a threshold of access and education is crossed. Some anecdotal insights point in this direction, for example, how an unemployed man in Leipzig successfully defended himself in court in 2025 against fraud accusations from Germany’s federal employment agency — without a lawyer, armed only with ChatGPT. The AI made mistakes and cited invented court rulings, but in the end the man walked away unpunished. And a key capability of artificial intelligence is its capacity to learn: set up correctly and fed with data, it can keep getting better. It is a question of time, or more precisely of AI innovations and training data, until even free AI chatbots write better legal briefs than law graduates with perfect exam scores. Whether that will make anyone dumb is something the world’s press will surely inform us of in due time. Subscribe Leave a comment
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Trump administration admits grants for clean energy were canceled based on politics
The Trump administration has acknowledged in court documents that it canceled $7.6 billion in grants for hundreds of clean energy projects “based solely on the political identity of the grant recipien...
Trump administration admits grants for clean energy were canceled based on politics
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