Hedge fund Apollo has reached a deal to sell AOL to Italian tech holding group Bending Spoons in a deal valued at roughly $1.5 billion, Axios reported Wednesday From the report: AOL still drives hundreds of millions of dollars of free cash flow. Bending Spoons CEO Luca Ferrari said AOL has around 30 million monthly active users across its email and web content properties. That "incredibly loyal user base," as he called it, could be better served with greater investments in AOL's product and user experience, he noted. [...] Bending Spoons is a privately held Italian holding company that acquires assets with large user bases and invests in their turnaround with technology improvements. The company tends to sit on their investments long term after acquiring them. Some of the other companies Bending Spoons has acquired include Vimeo, Evernote, WeTransfer, Brightcove.

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schwit1 writes: China has enacted a new law regulating social media influencers, requiring them to hold verified professional qualifications before posting content on sensitive topics such as medicine, law, education, and finance, IOL reported. The new law went into effect on Saturday. The regulation was introduced by the Cyberspace Administration of China (CAC) as part of its broader effort to curb misinformation online. Under the new rules, influencers must prove their expertise through recognized degrees, certifications, or licenses before discussing regulated subjects. Major platforms such as Douyin (China's TikTok), Bilibili, and Weibo are now responsible for verifying influencer credentials and ensuring that content includes clear citations, disclaimers, and transparency about sources. Audiences expect influencers to be both creative and credible. Yet when they blur the line between opinion and expertise, the impact can be severe. A single misleading financial tip could wipe out someone's savings. A viral health trend could cause real harm. That's why many believe it's time for creators to acknowledge the weight of their influence. However, China's new law raises deeper questions: Who defines "expertise"? What happens to independent creators who challenge official narratives but lack formal credentials? And how far can regulation go before it suppresses free thought?

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Computer scientists at the University of Pennsylvania have proved that pricing algorithms can drive up prices even when they lack the capacity to collude. Aaron Roth and four colleagues studied so-called no-swap-regret algorithms, which are designed to minimize losses and were previously thought to guarantee competitive pricing. The researchers found that when such an algorithm faces an opponent using a nonresponsive strategy -- one that randomly selects from predetermined price probabilities without reacting to competitor moves -- both players can end up in equilibrium at high prices. Neither has an incentive to switch strategies because their profits are nearly equal and as high as possible under the circumstances. The nonresponsive strategy cannot express threats because it does not respond to opponent behavior, yet it effectively coaxes the learning algorithm into raising prices. Mallesh Pai, an economist at Rice University not involved in the research, said the finding matters because regulators have no clear grounds to intervene without evidence of threats or agreements. Roth conceded however that he lacks a solution to the regulatory challenge his team identified.

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Nvidia became the world's first $5 trillion company on Wednesday after its stock climbed 5% in early Wall Street trading to push its market capitalization to $5.13 trillion. The Silicon Valley chipmaker reached the milestone three months after hitting $4 trillion and three years after it was valued at roughly $400 billion before the debut of ChatGPT. Nvidia chief executive Jensen Huang said Tuesday that Nvidia had secured half a trillion dollars in orders for its AI chips over the next five quarters. The stock had already gained 5% on Tuesday and added more than $200 billion to its market value. President Donald Trump said Wednesday he planned to discuss Nvidia's Blackwell chip with China's President Xi Jinping when the two leaders meet later this week. Nvidia's latest generation of graphics processing units is not currently available in China because of US export controls. The company's shares have risen more than 85% in the past six months.

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Bill Gates is retreating from his earlier warnings about climate change. The Microsoft co-founder now argues that what he called the "doomsday view of climate change" has caused the climate community to focus too heavily on near-term emissions goals and divert resources from addressing poverty and disease in the world's poorest countries. In a blog post, Gates wrote that climate change will have serious consequences but will not lead to humanity's demise. He acknowledges that some climate advocates will call him a hypocrite given his own carbon footprint and his 2021 book warning that climate change could be as deadly as COVID-19 by mid-century and five times as deadly by 2100. The poorest countries receive less than 1% of rich countries' budgets at their highest level and that this share is shrinking as wealthy nations cut aid and low-income countries struggle with debt, he wrote. Rising temperatures are now inevitable and that the current consensus suggests Earth's average temperature will be between two and three degrees Celsius higher than 1850 levels by 2100.

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A cyclist who received severe third-degree burns to his head after being struck by a drunk driver has been fitted with a printed 3D face. The Guardian: Dave Richards, 75, was given a 3D prosthetic by the NHS that fits the space on his face and mimics his hair colour, eye colour and skin. [...] While recovering, he was referred to reconstructive prosthetics, which has opened the Bristol 3D medical centre, the first of its kind in the UK to have 3D scanning, design and printing in a single NHS location. Richards, from Devon, said surgeons tried to save his eye but "they were worried any infection could spread from my eye down the optic nerve to the brain so the eye was removed." [...] He called the process of getting a 3D-printed face "not the most pleasant." He added: "In the early days of my recovery, I felt very vulnerable, and would not expose myself to social situations. It took me a long time to feel comfortable about my image, how I thought people looked at me and what they thought of me -- but I have come a long way in that respect."

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Nearly nine in ten Windows games can now run on Linux systems, according to data from ProtonDB compiled by Boiling Steam. The gains came through work by developers of WINE and Proton translation layers and through interest in hardware like the Steam Deck. ProtonDB tracks games across five categories. Platinum-rated games run perfectly without adjustment. Gold titles need minor tweaks. Silver games are playable but imperfect. Bronze exists between silver and borked. Borked games refuse to launch. The proportion of new releases earning platinum ratings has grown. The red and dark red zones have thinned. Some popular titles remain incompatible, however. Boiling Steam noted that other developers appear averse to non-Windows gamers.

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Humanity has failed to limit global heating to 1.5C and must change course immediately, the secretary general of the UN has warned. From a report: In his only interview before next month's Cop30 climate summit, Antonio Guterres acknowledged it is now "inevitable" that humanity will overshoot the target in the Paris climate agreement, with "devastating consequences" for the world. He urged the leaders who will gather in the Brazilian rainforest city of Belem to realise that the longer they delay cutting emissions, the greater the danger of passing catastrophic "tipping points" in the Amazon, the Arctic and the oceans. "Let's recognise our failure," he told the Guardian and Amazon-based news organisation Sumauma. "The truth is that we have failed to avoid an overshooting above 1.5C in the next few years. And that going above 1.5C has devastating consequences. Some of these devastating consequences are tipping points, be it in the Amazon, be it in Greenland, or western Antarctica or the coral reefs. He said the priority at Cop30 was to shift direction: "It is absolutely indispensable to change course in order to make sure that the overshoot is as short as possible and as low in intensity as possible to avoid tipping points like the Amazon. We don't want to see the Amazon as a savannah. But that is a real risk if we don't change course and if we don't make a dramatic decrease of emissions as soon as possible."

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Nearly three out of every four restaurant orders are no longer eaten in a restaurant, according to the National Restaurant Association. The share of customers using delivery more than doubled from 2019 to 2024, and 41% of respondents in a recent poll said delivery was an essential part of their lifestyle. The transformation has fundamentally altered restaurant economics. Delivery companies charge restaurants commissions between 5 and 30%, along with fees for payment processing, advertising, and search placement. Shannon Orr runs an eight-restaurant group on the West Coast. One of her restaurants generated $1.7 million in delivery sales last year. Of that, $400,000 went to delivery companies. The restaurant, previously among her most profitable, made no money in 2024, she told the Atlantic. About a third of full-service restaurants have modified their physical spaces to accommodate the delivery boom, installing dedicated entrances, bike parking, and banks of lockers.

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OpenAI has committed to spend about $1.4 trillion on infrastructure so far, equating to roughly 30 gigawatts of data center capacity, CEO Sam Altman said on Tuesday. From a report: The statement helps clarify the many announcements the company has made with its chip, data center and financing partners. That total includes the already announced deals with AMD, Broadcom, Nvidia, Oracle and other partners. That's just the starting point, Altman said. Over time, the company would like to have in place a technical and financial apparatus that would allow it to build a gigawatt of new capacity per week at a cost of around $20 billion per gigawatt.

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Jensen Huang unveiled NVQLink at Nvidia's Washington conference on Tuesday. The interconnect links quantum processors to the AI supercomputers they require to function effectively. Nvidia is not building its own quantum computers but is positioning itself as critical infrastructure for the technology's future. Quantum processors harness principles of quantum physics to solve problems classical computers cannot address, but they need classical supercomputers to perform calculations beyond their capability and to correct the errors that naturally occur in their outputs. Tim Costa, Nvidia's general manager of industrial engineering and quantum, said AI will be necessary for full-scale error correction. Earlier attempts to integrate quantum processors with AI supercomputers failed to deliver the speed and scale needed for fast error correction at scale. Nvidia developed NVQLink with more than a dozen quantum companies including IonQ, Quantinuum and Infleqtion and worked with national labs including Sandia, Oak Ridge and Fermi. The interconnect operates on open architecture and works across different quantum modalities including trapped ion, superconducting and photonic systems. Costa declined to predict when quantum computing will produce meaningful commercial value, though some quantum companies estimate two to four years.

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China has completed the first phase of what it claims is the world's first underwater data center in Shanghai's Lingang Special Area. The facility cost roughly 1.6 billion yuan ($226 million) and operates on twenty-four megawatts of power drawn entirely from wind energy. Seawater acts as a natural cooling system for the submerged servers. Traditional land-based data centers devote up to 50% of their energy consumption to air conditioning. The underwater design reduces cooling energy demand to less than 10%. The first phase is designed to achieve a power usage effectiveness rating of no more than 1.15. More than 95% of the facility's electricity comes from offshore wind turbines in the East China Sea. The project reduces land usage by more than 90% and eliminates the need for fresh water. The main contractors signed an agreement to launch another offshore wind-powered underwater data center with a capacity of 500 megawatts.

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An anonymous reader shares a report: After last week's major AWS outage took Signal along with it, Elon Musk was quick to criticize the encrypted messaging app's reliance on big tech. But Signal president Meredith Whittaker argues that the company didn't have any other choice but to use AWS or another major cloud provider. "The problem here is not that Signal 'chose' to run on AWS," Whittaker writes in a series of posts on Bluesky. "The problem is the concentration of power in the infrastructure space that means there isn't really another choice: the entire stack, practically speaking, is owned by 3-4 players." In the thread, Whittaker says the number of people who didn't realize Signal uses AWS is "concerning," as it indicates they aren't aware of just how concentrated the cloud infrastructure industry is. "The question isn't 'why does Signal use AWS?'" Whittaker writes. "It's to look at the infrastructural requirements of any global, real-time, mass comms platform and ask how it is that we got to a place where there's no realistic alternative to AWS and the other hyperscalers."

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Chegg says it will lay off about 45% of its workforce, or 388 employees, as the "new realities" of artificial intelligence and diminished traffic from internet search have led to plummeting revenue. From a report: The online education company, founded 20 years ago, has been hit by the rise of generative AI software tools, such as OpenAI's ChatGPT, which have become increasingly popular among students. Chegg also sued Google in February, arguing that AI summaries of search results have hurt its traffic and sales. The company reiterated that claim on Monday, saying AI and "reduced traffic from Google to content publishers" have damaged its business. "As a result, and reflecting the company's continued investment in AI, Chegg is restructuring the way it operates its academic learning products," the company said. The cuts come after Chegg in May laid off 22% of its workforce, citing increasing adoption of AI. Chegg's market cap has fallen 98.8% in recent years to about $135 million.

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An anonymous reader shares a report: More than half of the grades handed out at Harvard College are A's, an increase from decades past even as school officials have sounded the alarm for years about rampant grade inflation. About 60% of the grades handed out in classes for the university's undergraduate program are A's, up from 40% a decade ago and less than a quarter 20 years ago, according to a report released Monday by Harvard's Office of Undergraduate Education. Other elite universities, including competing Ivy League schools, have also been struggling to rein in grade inflation. The report's author, Harvard undergraduate dean Amanda Claybaugh, urged faculty to curtail the practice of awarding top scores to the majority of students, saying it undermines academic culture. "Current practices are not only failing to perform the key functions of grading; they are also damaging the academic culture of the college more generally," she said in the report.

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Microsoft and OpenAI have finalized a new agreement that removes uncertainty for investors and clears the path for OpenAI to restructure as a for-profit business. Microsoft receives a 27% ownership stake in OpenAI worth approximately $135 billion and retains access to the AI startup's technology until 2032, including models that achieve AGI. OpenAI completed its recapitalization, simplifying its corporate structure while keeping the nonprofit in control of the for-profit entity. The OpenAI Foundation receives an equity stake worth roughly $130 billion and plans to initially focus on funding work to accelerate health breakthroughs. Microsoft backed OpenAI with $13.75 billion and was the biggest holdout among investors during negotiations. Once OpenAI achieves AGI, verified by an independent expert panel, Microsoft will no longer receive a cut of OpenAI's revenue. Microsoft also loses its right of first refusal on new cloud infrastructure business from OpenAI, though OpenAI commits an additional $250 billion to Azure.

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Amazon said on Tuesday it would reduce its corporate workforce by approximately 14,000 roles as part of an effort to remove bureaucracy and organizational layers. Beth Galetti, the company's senior vice president of people experience and technology, told employees in a memo that the cuts followed earlier work to strengthen teams by reducing layers and increasing ownership. The company said it would offer most affected employees 90 days to find new roles internally and that recruiting teams would prioritize internal candidates. Those unable to find positions at Amazon will receive severance pay, outplacement services and health insurance benefits, the memo added.

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An anonymous reader shares a column: As the AI boom develops, consultants are in a tricky spot. The pandemic, inflation and economic uncertainty have encouraged many of their big clients to tighten expenditure. The U.S. government, one of the biggest spenders, has been cancelling multiple billion-dollar contracts in an effort to conserve cash. In March, 10 of the largest consultants including Deloitte, Accenture, Booz Allen Hamilton, IBM and Guidehouse were targeted by the Department of Government Efficiency to justify their fees. As a result, the largest listed players' shares have collapsed by up to 30% in the past two years, against the S&P 500's 50% jump. AI is, in some respects, a boon. In September, Accenture said it had helped it cut 11,000 jobs, and CEO Julie Sweet is set to augment that with staff that cannot be retrained. Salesforce recently laid off 4000 customer support workers. Microsoft has halted hiring in its consulting business. Unfortunately, big clients are cottoning on to the advantages too. One finance chief of a large UK company outlined the issue for Breakingviews via an illustrative example. Say an outsourced project costs the client $1 million to do themselves, and Accenture and the like have historically been able to do the same job for $200,000. With the advent of machine learning, companies can do the same work for just $10,000. This gives clients considerable leverage. If consultants won't lower their prices to near the relevant level, the client can find one who will. Or just do the job itself.

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Employees are using AI to generate fake expense receipts. Leading expense software platforms report a sharp increase in AI-created fraudulent documents following the launch of improved image generation models by OpenAI and Google. AppZen said fake AI receipts accounted for 14% of fraudulent documents submitted in September compared with none last year. Ramp flagged more than one million dollars in fraudulent invoices within 90 days. About 30% of financial professionals in the US and UK surveyed by Medius reported seeing a rise in falsified receipts after OpenAI released GPT-4o last year. SAP Concur processes more than 80 million compliance checks monthly and now warns customers to not trust their eyes. The receipts include wrinkles in paper, detailed itemization matching real menus and signatures. Creating fraudulent documents previously required photo editing skills or paying for such services. Free and accessible image generation software has made it possible for anyone to falsify receipts in seconds by writing simple text instructions to chatbots.

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Microsoft's next Xbox console will run full Windows and allow users to exit the Xbox interface to access Steam, Epic Games Store, Battle.net, and other PC storefronts, according to Windows Central. The device will launch without a multiplayer paywall. Xbox CEO Phil Spencer told users last week to look at the Xbox Ally handheld for an indication of where Xbox is headed. The company has been using the Ally as a beta test to gather feedback on the experience that will power its next wave of console hardware. The new Xbox will include the entire Xbox console library spanning original Xbox, Xbox 360, Xbox One, and Xbox Series X/S titles. These games will run natively and launch through the Xbox launcher's library. Users staying within the Xbox ecosystem will encounter an onboarding experience similar to current consoles. Those who choose to access Windows will be able to install PlayStation PC titles like God of War and Spider-Man purchased through Steam or Epic Games.

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