Wells Fargo expects more job cuts and higher severance costs in this quarter that ends in three weeks, bank CEO and President Charlie Scharf said Tuesday at an investors conference in New York. He's also betting on AI to drive efficiency and, eventually, further workforce reduction.From a report: "As we've gone through the budgeting process, and even pre AI, we do expect to have less people as we go into next year," Scharf said at the Goldman Sachs Financial Services Conference in New York City. "We'll likely have more severance in the fourth quarter." The fourth quarter runs Oct. 1 through Dec. 31 for the San Francisco-basaed bank. Wells Fargo already has shrunk from 275,000 employees to about 210,000 since Scharf joined the bank in 2019 -- about a 24% decrease. Its largest employee base remains in Charlotte, with about 27,000 workers.

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As the battle over Warner Bros. Discovery grows, two Democratic lawmakers are warning that their party may try to block or unravel any acquisition by Paramount when it returns to power. Semafor: In a letter to the WBD board and Treasury Secretary Scott Bessent first shared with Semafor, Reps. Sam Liccardo (D-Calif.) and Ayanna Pressley (D-Mass.) said they were concerned about the national security risk of letting foreign entities control a large portion of the US entertainment and media industry. They also hinted that a future Democratic Congress and administration could try to unravel any Paramount-WBD deal. "Future Congresses ... will review many of the decisions of the current Administration, and may recommend that regulators push for divestitures, which would undermine the strategic logic of this merger," they wrote. "We urge the Board to weigh these national security and regulatory liabilities in evaluating a transaction burdened by uncertain but potentially extensive mitigation obligations, foreign influence risks, or adverse regulatory action."

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Amazon says it will allow authors to offer their DRM-free ebooks in the EPUB and PDF formats through its self-publishing platform, Kindle Direct Publishing. Starting on January 20, 2026, authors who set their titles as DRM-free will see their books made available in these more open formats. From a report: The decision to use Digital Rights Management (DRM), a copyright protection mechanism, is set by the authors when they publish their ebooks on Amazon's platform. The company notes these changes won't impact previously published titles. If authors want to change the status of older titles, they'll have to log into the Kindle Direct Publishing (KDP) author portal and change an option in the settings. (Instructions on how to make that change are on Amazon's KDP support site here.) This move may actually incentivize authors to apply DRM to their ebooks.

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New submitter emangwiro shares a report: The HDMI Forum, responsible for the HDMI specification, continues to stonewall open source. Valve's Steam Machine theoretically supports HDMI 2.1, but the mini-PC is software-limited to HDMI 2.0. As a result, more than 60 frames per second at 4K resolution are only possible with limitations. In a statement to Ars Technica, a Valve spokesperson confirmed that HDMI 2.1 support is "still a work-in-progress on the software side." "We've been working on trying to unblock things there." The Steam Machine uses an AMD Ryzen APU with a Radeon graphics unit. Valve strictly adheres to open-source drivers, but the HDMI Forum is unwilling to disclose the 2.1 specification. According to Valve, they have validated the HDMI 2.1 hardware under Windows to ensure basic functionality.

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Meta's newly recruited AI "superstars" have developed an us-versus-them mentality against the company's longtime executive leadership, creating internal friction over whether the team should focus on catching up to rivals like OpenAI and Google or improving Meta's core advertising and social media businesses. Alexandr Wang, the 28-year-old entrepreneur Mark Zuckerberg hired in June to be chief AI officer, leads a team called TBD Lab from a siloed space next to Zuckerberg's office. In meetings this fall, Wang privately told people he disagreed with chief product officer Chris Cox and chief technology officer Andrew Bosworth, according to the New York Times. Cox and Bosworth wanted Wang's team to use Instagram and Facebook data to train Meta's new foundational AI model for improving feeds and advertising. Wang pushed back, arguing the goal should be catching up to rival models before focusing on products. TBD Lab researchers view many Meta executives as interested only in the social media business, while the lab's ambition is to create "godlike A.I. superintelligence." Bosworth was recently asked to slash $2 billion from Reality Labs' proposed budget for next year to fund Wang's team -- a claim Meta disputes.

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A study this week has found that shoppers using Instacart are often charged different prices for identical products at the same store at the same time, even when selecting in-store pickup rather than delivery. The Groundwork Collaborative, a progressive policy group, and Consumer Reports organized nearly 200 volunteers across four cities to simultaneously check prices on 20 grocery items. Price differences appeared on nearly three-quarters of the items tested. In one test, more than 40 participants selected the same Safeway in Washington, D.C. and the same brand of eggs. Prices ranged from $3.99 to $4.79 -- a 20% spread. At a Target in North Canton, Ohio, Skippy peanut butter was $2.99 for some shoppers and $3.59 for others. The full 20-item basket varied by about 7% within each store. An Instacart spokeswoman said retailers on its platform set their own prices and that some run short-term, randomized pricing tests. The company said tests were "never based on personal or behavioral characteristics." Instacart acquired Eversight, an AI-driven pricing optimization company, in 2022. A Target spokesman said the company is not affiliated with Instacart and bears no responsibility for prices on the platform. Safeway and parent company Albertson's declined to comment.

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Nvidia has developed location verification technology that could determine which country its AI chips are operating in, Reuters reports, citing a source, a capability that may help address ongoing concerns about the smuggling of advanced semiconductors to restricted markets like China. The feature, which Nvidia has demonstrated privately in recent months but has not released, would be an optional software tool that customers install. It taps into the confidential computing capabilities of Nvidia's GPUs and uses the time delay in communicating with Nvidia-run servers to approximate a chip's location. The technology will first be available on Nvidia's newest Blackwell chips, though the company is examining options for its older Hopper and Ampere generations. U.S. lawmakers and the White House have pushed for location verification measures as the Department of Justice has brought criminal cases against smuggling rings allegedly attempting to move more than $160 million worth of Nvidia chips to China.

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McDonald's has pulled an AI-generated Christmas commercial from YouTube after viewers pushed back on what they called a distasteful, "AI slop"-filled take on the holidays. The 45-second ad, titled "It's the most terrible time of the year," was a satirical look at holiday chaos -- people tripping while carrying overloaded gift bags, getting tangled in lights, burning homemade cookies, starting kitchen fires -- and ended with a suggestion to ditch the madness and hide out at McDonald's until January. The ad was created for McDonald's Netherlands by agency TBWA\NEBOKO and production company Sweetshop, whose Los Angeles-based directing duo Mark Potoka and Matt Spicer shot the film. After the backlash, Sweetshop said it used AI as a tool but emphasized human effort in shaping the final product. "We generated what felt like dailies -- thousands of takes -- then shaped them in the edit just as we would on any high-craft production," the company said. "This wasn't an AI trick. It was a film."

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This year is set to be the world's second or third-warmest on record, potentially surpassed only by 2024'S record-breaking heat, the European Union's Copernicus Climate Change Service (C3S) said on Tuesday. From a report: The data is the latest from C3S following last month's COP30 climate summit, where governments failed to agree to substantial new measures to reduce greenhouse gas emissions, reflecting strained geopolitics as the U.S. rolls back its efforts, and some countries seek to weaken CO2-cutting measures. This year will also likely round out the first three-year period in which the average global temperature exceeded 1.5 degrees Celsius (2.7 degrees Fahrenheit) above the 1850-1900 pre-industrial period, when humans began burning fossil fuels on an industrial scale, C3S said in a monthly bulletin. "These milestones are not abstract -- they reflect the accelerating pace of climate change," said Samantha Burgess, strategic lead for climate at C3S.

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Microsoft has announced that it will raise prices on its Microsoft 365 productivity suites for businesses and government clients starting in July 2026, marking the first commercial price increase since 2022. Small business and frontline worker plans face the steepest hikes: Business Basic jumps 16.7% to $7 per user per month, while frontline worker subscriptions surge up to 33%. Enterprise plans see more modest bumps, ranging from 5.3% for E5 to 8.3% for E3. Microsoft attributed the increases to more than 1,100 new features added to the suite, including AI-driven tools and security enhancements. Copilot remains a separate $30-per-month add-on.

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Pinduoduo in China, Shopee in Southeast Asia, and Meesho in India operate in markets that could hardly be more different -- an upper-middle-income industrial state, a stitched-together archipelago of under-banked economies, and a country where three-quarters of retail is unorganized and e-commerce penetration sits at about 7% -- yet all three have landed on the same business model. These platforms run asset-light marketplaces specializing in cheap goods and slow delivery, monetizing through logistics mark-ups, advertising, and installment credit rather than retail margins. Temu and Shein are further variations now expanding in the U.S. and Europe. The economics are thin for all. Pinduoduo's EBITDA margins on GMV (gross merchandise value) sit in a 0-4% band; Meesho's group-wide EBITDA hovers around break-even. Neither charges commissions on most sales; both earn through logistics mark-ups and advertising. Sponsored listings account for 1-3% of GMV at Indian marketplaces and 4-5% at Alibaba and Pinduoduo. Credit is the more consequential side business. In India, cash on delivery functions as unofficial credit. Meesho CEO Vidit Aatrey said the customers prefer CoD for its "built-in delay," which effectively makes it "a five-day loan." Geography, income, and regulation were supposed to produce different answers. They produced one: a 3% endgame where e-commerce clips a few points of GMV and relies on attention and credit for profits.

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The Pokemon Trading Card Game has quietly transformed into something its creators never intended: a speculative asset class dominated by adults hunting for profit while children struggle to find a single pack on store shelves. The resale market has climbed so high that the latest set, Phantasmal Flames, had a rare Charizard illustration valued at more than $800 before anyone had even pulled one from a pack -- a pack that retails for about $5.3. Ben Thyer, owner of BathTCG in Bath, has watched his shop become a flashpoint. His staff have received threats from customers, and he's heard reports of attacks and robberies at other stores. He stopped selling whole boxes of booster packs and now limits individual pack purchases. On Amazon, customers can only enter raffles for the chance to buy cards at all.The Pokemon Company printed 10.2 billion cards in the year ending March 2025 and still cannot meet demand. The company shared a seven-month-old statement saying it is printing "at maximum capacity." Thyer sees signs of a correction -- prices on singles and sealed products are falling -- but expects renewed frenzy around Pokemon's 30th anniversary in early 2026.

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Microsoft announced on Tuesday its largest-ever investment in Asia -- $17.5 billion over four years starting in 2026 -- to expand cloud and AI infrastructure across India, fund skilling programs, and support ongoing operations in the country. The commitment adds to a $3 billion investment the company announced in January 2025 that is on track to be spent by the end of 2026. A new hyperscale cloud region in Hyderabad is set to go live in mid-2026 and will be Microsoft's largest in India, comprising three availability zones. The company also plans to integrate AI into two government employment platforms -- e-Shram and the National Career Service -- that serve more than 310 million informal workers. Microsoft is doubling its India skilling target to 20 million people by 2030; since January, it has already trained 5.6 million.

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Michael Saylor's software company Strategy, formerly known as MicroStrategy, built a financial model that some observers called an "infinite-money machine" by stockpiling hundreds of thousands of bitcoins and issuing stock and debt to buy more, but that machine appears to be breaking down. The company's stock peaked above $450 in mid-July and ended November at $177.18, a 60% decline. Bitcoin fell only 25% over the same period. The gap between Strategy's market cap and the value of its bitcoin holdings has nearly vanished. At one point last week, the company's market value dipped below the value of its bitcoins after accounting for debt. Strategy announced it had built a $1.4 billion dollar reserve by selling more stock to cover required dividend payments to preferred shareholders over the next twelve months. The company also disclosed it might sell some of its coins if its value continues to fall, a reversal from Saylor's February tweet declaring "Never sell your Bitcoin." Professional short seller Jim Chanos, who had questioned the strategy's sustainability, told Sherwood he made money by shorting the stock and buying bitcoins.

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Microsoft's Xbox consoles were conspicuously absent from Black Friday's winners, failing to crack the top three in U.S. sales during one of the retail calendar's most important weeks. According to Circana analyst Mat Piscatella, the PlayStation 5 captured 47% of Black Friday week console sales ending November 29, followed by the Nintendo Switch 2 at 24% and -- somewhat remarkably -- the NEX Playground, a Kinect-like Android device aimed at children, at 14%. Microsoft ran no promotions on its consoles during the period. The Xbox Series X currently retails for $650 following this year's price increase, up from its $500 launch price in 2020. Sony, by contrast, discounted the PS5 by roughly 40% at some retailers. Piscatella noted on Bluesky that products without price promotions typically see no seasonal lift. Costco has removed Xbox consoles from its U.S. and UK websites.

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In February, a six-month-old baby named KJ Muldoon became the first person ever to receive a CRISPR gene-editing treatment customized specifically for his unique genetic mutation, a milestone that researchers say marks a turning point in how medicine might approach the thousands of rare diseases that collectively affect 30 million Americans. Muldoon was born with a type of urea-cycle disorder that gives patients roughly a 50% chance of surviving infancy and typically requires a liver transplant; he is now a healthy 1-year-old who recently took his first steps. The treatment's significance extends beyond one child. Scientists at UC Berkeley's Innovative Genomics Institute and the Children's Hospital of Philadelphia are now planning clinical trials that would use Muldoon's therapy as a template, tweaking the molecular "address" in the CRISPR system to target different mutations in other children with urea-cycle disorders. Last month, FDA officials Marty Makary and Vinay Prasad announced a new drug pathway designed to accelerate approvals for such personalized treatments -- a framework inspired in large part by Muldoon's case. Current gene-editing delivery mechanisms limit treatments to disorders in the blood and liver. Many families will still go without bespoke therapies.

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A tenured USC professor is arguing that universities need to fundamentally rethink their value proposition as AI rapidly closes the gap on human instruction and a loneliness epidemic grips the generation most likely to be sitting in their lecture halls. Eric Anicich, an associate professor at USC's Marshall School of Business, wrote in the Los Angeles Times that nearly three-quarters of 16- to 24-year-olds now report feeling lonely, young adults spend 70% less time with friends in person compared to two decades ago, and a growing majority of Gen Z college graduates say their degree was a "waste of money." Anicich points to a recent Harvard study finding that students using an AI tutor learned more than twice as much as those in traditional active-learning classes, and did so in less time. The implication is stark: if instruction becomes abundant and cheap, colleges must sell what remains scarce -- genuine human community. He notes that his doctoral training included zero coursework on teaching, a norm he says persists across academia. His proposal: fund student life as seriously as research labs, hire professional "experience designers," and treat rituals and collaborative projects as core curriculum rather than amenities.

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Microsoft Excel, the 40-year-old spreadsheet application that helped establish personal computers as essential workplace tools and contributed to Microsoft's current valuation of nearly $4 trillion, has weathered both the rise of cloud computing and the current AI boom largely unscathed. In its most recent quarter, commercial revenue for Microsoft 365 -- the bundle including Excel, Word, and PowerPoint -- increased 17% year over year, and consumer revenue rose 28%. The software traces its origins to a 1983 Microsoft offsite under the code name Odyssey, where engineers set out to clone Lotus 1-2-3. That program had itself cloned VisiCalc, the first computerized spreadsheet, created by Dan Bricklin for the Apple II in the late 1970s. Bricklin never patented VisiCalc. "Financially it would have been great if we'd have been able to patent it," he told Bloomberg. "And there would be a Bricklin Building at MIT, instead of a Gates Building." Excel now counts an estimated 500 million paying users. The Pentagon pays for 2 million Microsoft 365 licenses. Google's free Sheets product, launched in 2006, captured casual use cases like potluck sign-ups but failed to dislodge Excel from enterprise work. AI chatbots present the latest challenge, but venture capitalists say nearly every AI spreadsheet startup they meet builds on top of Excel rather than replacing it.

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India's dominant airline IndiGo has cancelled roughly 3,000 flights since last week after new pilot fatigue regulations collided with technical issues and the seasonal schedule shift, stranding more than half a million passengers and forcing aviation authorities to reverse course on the safety rules they had just implemented. InterGlobe Aviation, IndiGo's parent company, told regulators that stricter requirements for night flying and weekly rest periods created an acute crew shortage. The Airline Pilots Association of India called the regulatory rollback a "dangerous precedent," noting that management had known about the requirements since early last year. IndiGo controls 65.6% of India's domestic aviation market as of October 2025 and briefly became the world's most valuable airline in April. The crisis arrives as India's second-largest carrier, Air India, remains under investigation following a June crash that killed 241 passengers and crew. Authorities have imposed temporary price caps to prevent gouging.

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Lenovo may be preparing to unveil a gaming laptop that uses rollable OLED technology to expand horizontally into an ultrawide 21:9 display, according to a Windows Latest report suggesting the device could appear at CES 2026 in January. The Lenovo Legion Pro Rollable would differ from the company's existing ThinkBook Plus Gen 6, which expands its screen vertically. The new gaming-focused design would see the left and right edges of the display extend beyond the laptop's base chassis when unrolled. Specific details remain scarce. Windows Latest doesn't know the display resolution, refresh rate, screen dimensions in either state, pricing, or release timing -- though it does mention an Intel Core Ultra processor. The ThinkBook Plus Gen 6 currently sells for $3,500.

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