Costco's consistency -- from its $1.50 hot dog and drink combo to its functional shopping carts and satisfied employees -- has produced what The Atlantic calls a "cultlike loyalty" among members at more than 600 locations across the U.S. Its annual membership costs $65. The model traces back to Fedco, a nonprofit wholesale collective for federal employees founded in Los Angeles in the 1940s. Costco's private label Kirkland Signature has become one of the world's largest consumer packaged goods brands while maintaining deliberately understated branding. The company relies on word-of-mouth marketing from satisfied members rather than traditional advertising. Atlantic staff writer Jake Lundberg, who shops at the Granger, Indiana location, describes the stores as spaces of "cooperation, courtesy, and grown-ups mostly acting like grown-ups." Shoppers follow unwritten rules: move along, don't block the way, step aside to check your phone. Checkout lines form orderly queues. The exceptions come near sample stations and before major holidays, when spatial awareness and common courtesy break down.

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Warren Buffett is retiring as CEO of Berkshire Hathaway at age 95, ending a 55-year run that reshaped how generations of Americans think about investing. "The 95-year-old, often referred to as the 'Oracle of Omaha' and the 'billionaire next door,' will relinquish the title after a career that saw him turn a failing textile firm into one of the most successful asset managers in the world," reports NBC News. From the report: Greg Abel, the 63-year-old lesser-known CEO of Berkshire's energy business, will take the helm of the conglomerate on Thursday. Buffett will remain its chairman. Under Buffett's leadership, Nebraska-based Berkshire has thrived at the intersection of Wall Street and Main Street, with investments in industries ranging from railroads and insurance to candy and ice cream. Along the way, while living in the same house he bought for just over $30,000 in the late 1950s, he redefined investing for the American public with his folksy and practical advice, became one of the wealthiest people on Earth and dedicated much of that fortune to philanthropy. Berkshire's most significant tech bet was initiated in 2016 when it invested $1 billion. Apple has since become Berkshire Hathaway's largest single holding, representing over 20% of the portfolio and valued at more than $65 billion. While Buffett largely avoided pure tech for decades, Buffett long considered technology a blind spot, famously saying "I wish I had" bought Apple earlier. Throughout the years, Buffett expressed his disinterest in cryptocurrency and said he would "never own bitcoin," referring to it as "probably rat poison squared" and a "gambling token."

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OpenAI is paying employees more than any major tech startup in history, with average stock-based compensation hitting roughly $1.5 million per worker in 2025. "That is more than seven times higher than the stock-based pay Google disclosed in 2003, before it filed for an initial public offering in 2004," reports the Wall Street Journal. "The $1.5 million is about 34 times the average employee compensation of 18 other large tech companies in the year before they went public." From the report: To keep its lead in the AI race, OpenAI is doling out massive stock compensation packages to top researchers and engineers, making them some of the richest employees in Silicon Valley. The equity awards are inflating the company's heavy operating losses and diluting existing shareholders at a rapid clip. As an AI arms race intensified this summer, frontier labs such as OpenAI faced pressure to increase employee pay after Meta Platforms Chief Executive Mark Zuckerberg began offering pay packages worth hundreds of millions of dollars -- and in some rare cases $1 billion -- to top executives and researchers at rival companies. Zuckerberg's recruiting blitz swept up 20-plus OpenAI personnel, including ChatGPT co-creator Shengjia Zhao. In August, OpenAI gave some of its research and engineering staff a one-time bonus, with some employees receiving millions of dollars, The Wall Street Journal previously reported. The financial data, shared with investors over the summer, shows that OpenAI's stock-based compensation was expected to increase by about $3 billion annually through 2030. The company recently told staff it would discontinue a policy that required employees to work at OpenAI for at least six months before their equity vests. That development could lead to further compensation increases. OpenAI's compensation as a percentage of revenue was set to reach 46% in 2025, the highest of any of the 18 companies except for Rivian, which didn't generate revenue the year before its IPO. Palantir's stock-based compensation equaled 33% of its revenue the year before its IPO in 2020, Google's was 15% and Facebook's was 6%, the analysis shows. On average, each company's stock-based compensation made up about 6% of revenue among tech companies the Journal analyzed in the year before their IPOs, according to the Equilar data.

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JPMorgan Chase is now fighting to avoid paying $10.2 million in disputed legal charges racked up by Charlie Javice, the convicted founder of student-finance startup Frank, after court filings revealed her defense team billed more than $5 million simply for attending her fraud trial -- including on days when court wasn't even in session. A previously sealed Delaware court filing [PDF] released Monday showed that Javice's total legal tab has reached $74 million, far exceeding the $30 million Elizabeth Holmes spent defending herself in the Theranos case. JPMorgan claims the five law firms representing Javice operated under the mindset that "someone else is paying her bills." The bank's filing focused on Quinn Emanuel and Mintz Levin, the two largest firms on Javice's defense. JPMorgan said Javice had between 16 and 29 lawyers and legal staff present every day of her six-week trial, billing an average of $360,000 daily. No more than four lawyers had speaking roles. Among the 2,377 pages of receipts submitted for March: a Cookie Monster toddler's toy, lavender and jasmine sachets, 57 hotel room upgrades at $300 per night, and a $900 meal at Koloman, a highly rated New York restaurant. A New York jury found Javice guilty in March of misleading JPMorgan into acquiring Frank for $175 million by fabricating millions of fake users. She was sentenced in September to seven years in prison but remains free on bail pending her appeal.

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The global airline industry is on track to post an all-time profit high of nearly $40 billion in 2025, according to trade group IATA, surpassing the pre-pandemic 2019 figure of $26 billion, but carriers are still managing a net margin of just 4% -- roughly $7.90 per passenger. Economist adds: Not everything has been in the ascent. European and North American airlines, which account for three-fifths of the industry's net profits, have had to contend with circuitous long-haul routes to avoid Russian airspace since the start of the war in Ukraine. This year parts of the Middle East became no-go zones after Israel's strike on Iran in June. America's airlines were hit by a government shutdown that stopped federal workers from travelling and kept unpaid air-traffic controllers at home, disrupting flights. What is more, despite a drop in fuel prices, which account for 25-30% of airlines' operating expenses, other costs have risen. Airlines flew 4.8 billion passengers in 2024, beating the 2019 peak, and that figure likely reached 5 billion in 2025 as combined revenues topped $1 trillion for the first time and load factors hit a record of nearly 84%. But the industry is flying older planes because Boeing and Airbus can't deliver enough new ones. The duopoly shipped under 1,400 aircraft in 2025, well below the 2018 record of just over 1,600. Boeing has struggled since two fatal 737 MAX crashes in late 2018 and early 2019 led to a 20-month grounding, and a fuselage panel blew off another 737 MAX mid-flight in early 2024. Airbus cut its 2025 delivery target from 820 to 790 in early December due to a supplier's production flaw, and Pratt & Whitney engine problems have grounded a third of the global A320neo fleet. IATA estimates the aircraft shortage won't resolve before 2031 at the earliest, and the global fleet's average age has climbed to 15 years from 13 in 2019. Annual fuel efficiency gains have slowed from about 2% to 0.3% in 2025, and an IATA and Oliver Wyman report pegs the cost of aging fleets -- extra fuel, repairs, spare parts -- at over $11 billion in 2025.

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An anonymous reader quotes a report from Bloomberg: Most people use dating apps to find love. Tiffany Chau used one to hunt for a summer internship. This fall, the 20-year-old junior at California College of the Arts tailored her Hinge profile to connect with people who could offer job referrals or interviews. One match brought her to a Halloween party, where she networked in hopes of landing a product-design internship for the summer. While there, she got some tips from someone who had recently interviewed at Accenture. As for the connection with her date? Not so much. "I feel like my approach to the dating apps is it being another networking platform like everything else, like Instagram or LinkedIn," Chau said. Chau is among a cadre of workers who are using dating apps to boost their job searches. They're recognizing that the online job hunt is broken as unemployed workers flood the system, AI screens out resumes and many job matching programs are overwhelmed. Automation has squeezed human contact out of hiring, which has pushed applicants to seek any path to a live hiring manager, no matter the means. The overall US unemployment rate continued to climb throughout 2025, reaching 4.6%, according to the Bureau of Labor Statistics. And while the number of unemployed high school graduates held steady at about 4.4% in November, the rate for workers with a bachelor's degree rose to 2.9% from 2.5% a year ago. About a third of dating app users said they had sought matches for job hook-ups, according to a ResumeBuilder.com survey of about 2,200 US dating site customers in October. Two-thirds targeted potential paramours who worked at a desirable employer. Three-quarters said they matched with people working in roles they wanted. "People are doing it to expand their networks, make connections, because the best way to get a job today is who you know," said Stacie Haller, ResumeBuilder.com's chief career advisor. "Networking is the only way people are rising above the horror show that the job search is today."

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Nvidia has completed its previously announced $5 billion investment in Intel, buying over 214 million shares at a fixed price after the deal received clearance from Federal Trade Commission. "The leading AI chip designer said in September it would pay $23.28 per share for Intel common stock, in a deal that is seen as a major financial lifeline for the chipmaker after years of missteps and capital intensive production capacity expansions drained its finances," reports Reuters.

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The AI industry, for all the anxiety about mass unemployment, is quietly minting entirely new job categories that require distinctly human skills -- empathy, judgment, and the ability to calm down a passenger trapped inside a broken-down robotaxi. Data annotators are no longer just low-paid gig workers tagging images. Experts in finance, law, and medicine now train advanced AI models, earning $90 an hour on average through platforms like Mercor, a startup recently valued at $10 billion, according to CEO Brendan Foody. Forward-deployed engineers, a role pioneered by Palantir, customize AI tools on-site for clients; YCombinator's portfolio companies now have 63 job postings for such roles, up from four last year. The AI Workforce Consortium, a research group led by Cisco that examined 50 IT jobs across wealthy countries, found AI risk-and-governance specialists to be the fastest-growing category -- outpacing even AI programmers.

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The world's largest hotel chains are aggressively pushing customers toward direct bookings as they brace for a future where AI "agents" could reshape how travelers find and reserve rooms. Marriott, Hilton, Hyatt and Wyndham have all expanded their loyalty programs and perks in recent months, aiming to reduce their reliance on online travel agents like Expedia and Booking.com that typically charge commissions of 15 to 25%. Marriott's Bonvoy program reached almost 260 million members by the end of September, an 18% jump from the prior year. Hilton has lowered the barriers to elite status and struck partnerships that let members spend points outside its hotel portfolio. AI-powered booking tools could route customers away from brand-conscious decisions, but they could also offer hotels a cheaper distribution channel than traditional OTAs. Marriott CFO Leeny Oberg said at a conference this month that AI bookings "could potentially be cheaper than the OTAs." Wyndham CEO Geoff Ballotti called tools like ChatGPT and Gemini "a unique opportunity" to reduce OTA dependency.

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The world's largest accounting body is to stop students being allowed to take exams remotely to crack down on a rise in cheating on tests that underpin professional qualifications. From a report: The Association of Chartered Certified Accountants (ACCA), which has almost 260,000 members, has said that from March it will stop allowing students to take online exams in all but exceptional circumstances. "We're seeing the sophistication of [cheating] systems outpacing what can be put in, [in] terms of safeguards," Helen Brand, the chief executive of the ACCA, said in an interview with the Financial Times. Remote testing was introduced during the Covid pandemic to allow students to continue to be able to qualify at a time when lockdowns prevented in-person exam assessment. In 2022, the Financial Reporting Council (FRC), the UK's accounting and auditing industry regulator, said that cheating in professional exams was a "live" issue at Britain's biggest companies. A number of multimillion-dollar fines have been issued to large auditing and accounting companies around the world over cheating scandals in tests.

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Those brief freezes and audio hiccups that plague video calls are not the benign nuisances that most people assume them to be, according to a new study published in Nature that found glitches during virtual interactions can meaningfully damage hiring prospects, reduce trust in healthcare providers and even correlate with lower chances of being granted parole. Researchers from Columbia, Cornell, and the University of Missouri-Kansas City conducted ten studies examining glitches across thousands of participants and real-world parole hearing transcripts. The core finding is that glitches harm interpersonal judgments because they break the illusion of face-to-face contact, triggering what psychologists call "uncanniness" -- a strange, creepy, or eerie feeling typically associated with humanoid robots or CGI characters that look almost but not quite human. In one experiment, participants watching a telehealth pitch chose to work with a health professional 77% of the time when no glitches occurred, but only 61% when brief freezes were present. The job interview studies found similar patterns, and when researchers examined 472 Kentucky parole hearings conducted over Zoom, they found that inmates were granted parole 60% of the time in glitch-free hearings versus 48% when transcripts indicated technical problems had occurred. The researchers ruled out simpler explanations like mere disruption or comprehension difficulties. Glitches inserted during natural pauses in speech -- where no information was lost -- still damaged evaluations. And critically, when participants watched presentations where a shared screen froze rather than a human face, glitches had no effect on judgments at all. The uncanniness only emerged when the technology broke the simulation of sitting across from another person.

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Two years after generative AI was supposed to render India's $250 billion IT services industry obsolete, the sector is finding that enterprises still need someone to handle the unglamorous plumbing work that large-scale AI deployment demands. Less than 15% of organizations are meaningfully deploying the new technology, according to investment bank UBS, and Indian IT firms are positioning themselves to capture the preparatory work -- data cleanup, cloud migration, system integration -- that channel checks suggest could take two to three years before enterprise-wide AI becomes feasible. The financials have held up better than the doomsday predictions suggested. Infosys now calls AI-led volume opportunities a bigger tailwind than the deflation threat, a reversal from 2024, and orderbooks held steady in the third quarter even as pricing pressure filtered through renewals. Infosys expects its orderbook to grow more than 50% this quarter, anchored by an NHS deal worth $1.6 billion over 15 years. The companies have been restructuring accordingly. TCS cut headcount by 2% and invested in a 1GW data-centre network while acquiring Salesforce advisory firm Coastal Cloud. HCLTech reduced margins by 100 basis points and became one of the first large systems integrators to partner with OpenAI; this week it announced acquisitions of Jaspersoft for $240 million and Belgian firm Wobby to expand agentic AI capabilities. The bear case for the Indian IT sector assumed that AI would work out of the box. Two years in, it does not.

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Goldman Sachs analysts have identified a notable shift in how investors respond to corporate layoff announcements, finding that even job cuts attributed to automation and AI-driven restructuring are now causing stock prices to fall rather than rise. The investment bank linked recent layoff announcements to public companies' earnings reports and stock market data, concluding that stocks dropped by an average of 2% following such announcements, and companies citing restructurings faced even harsher punishment. The traditional Wall Street playbook held that layoffs tied to strategic restructuring would boost stock prices, while cuts driven by declining sales would hurt them. That distinction appears to have collapsed. Goldman's analysts suggest investors simply don't believe what companies are saying -- firms announcing layoffs have experienced higher capex, debt and interest expense growth alongside lower profit growth compared to industry peers this year. The real driver, analysts suspect, may be cost reduction to offset rising interest expenses and declining profitability rather than any forward-looking efficiency play. Goldman expects layoffs to keep rising, motivated in part by companies' stated desire to use AI to reduce labor costs.

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Nvidia has agreed to buy assets from Groq, a designer of high-performance artificial intelligence accelerator chips, for $20 billion in cash, according to Alex Davis, CEO of Disruptive, which led the startup's latest financing round in September. From a report: Davis, whose firm has invested more than half a billion dollars in Groq since the company was founded in 2016, said the deal came together quickly. Groq raised $750 million at a valuation of about $6.9 billion three months ago. Investors in the round included Blackrock and Neuberger Berman, as well as Samsung, Cisco, Altimeter and 1789 Capital, where Donald Trump Jr. is a partner. Groq said in a blog post on Wednesday that it's "entered into a non-exclusive licensing agreement with Nvidia for Groq's inference technology," without disclosing a price. With the deal, Groq founder and CEO Jonathan Ross along with Sunny Madra, the company's president, and other senior leaders "will join Nvidia to help advance and scale the licensed technology," the post said.

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Amazon finds itself caught between two competing impulses as AI shopping agents from OpenAI, Google, Perplexity and Microsoft mushroom across the e-commerce space -- block them to protect its dominant position, or partner with them to avoid being left behind. The company has largely played defense so far. Amazon recently updated its website code to block external AI agents from crawling it, and as of this week had blocked 47 bots including those from all major AI companies. In November, Amazon sued Perplexity over an agent in the startup's Comet browser that can make purchases on users' behalf, alleging the company concealed its agents to continue scraping Amazon's site. But Amazon's stance appears to be shifting, CNBC reports. CEO Andy Jassy said on an October earnings call that Amazon expects to partner with third-party agents and has engaged in conversations with some providers. The company is now hiring a corporate development leader to forge strategic partnerships in "agentic commerce." Amazon is also investing in its own tools. The company launched shopping chatbot Rufus last February and has been testing an agent called Buy For Me that can purchase products from other sites within Amazon's app.

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An anonymous reader quotes a report from MarketWatch: ServiceNow announced a deal to acquire cybersecurity company Armis on Tuesday, marking a new milestone in the software giant's artificial-intelligence business strategy. The $7.75 billion all-cash transaction is part of ServiceNow's goal of advancing governance and trust in autonomous AI agents, and the company's largest transaction to date. "The acquisition of Armis will extend and enhance ServiceNow's Security, Risk, and [Operational Technology] portfolios in critical and fast-growing areas of cybersecurity and drive increased AI adoption by strengthening trust across businesses' connected environments," the company wrote in a press release. While ServiceNow built its foundation IT service management products, the company has positioned itself as an "AI control tower" that orchestrates workflows across HR, customer service and security operations. Organizations today are operating in increasingly complex environments, with assets spanning from laptops and servers to smart grid devices, Gina Mastantuono, chief financial officer of ServiceNow, told MarketWatch on Tuesday. "But at the same time, cyber threats are becoming more sophisticated and more complex," she added. ServiceNow's Security and Risk business crossed $1 billion in annual contract value earlier this year, and the Armis acquisition is expected to triple ServiceNow's market opportunity in the sector. Armis currently has over $340 million in annual recurring revenue, with growth exceeding 50% year-over-year, according to the press release. The Armis acquisition would allow ServiceNow to create an "end-to-end proactive cybersecurity exposure and operations stack that enables enterprises to see, decide and act across a business' entire technology footprint," Mastantuono said.

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The great return-to-office battle has effectively concluded and a clear pecking order has emerged, according to Sander van 't Noordende, the CEO of Randstad, a staffing giant that places around half a million workers in jobs every week. Remote work is becoming a status symbol reserved for star performers and those possessing rare skills. "You have to be very special to be able to demand a 100% remote job," van 't Noordende told Fortune. "That's increasingly the story. You have to have very special technology skills or some expertise." The equilibrium appears to be settling at a hybrid model of three to four days in office for most workers. Van 't Noordende noted that apart from some banks in major cities, the five-day office week isn't returning as the norm despite hardline mandates from companies like Amazon and JPMorgan. Korn Ferry predicted this "hybrid hierarchy" at the start of 2025, forecasting that flexibility would become a perk reserved for top talent. At some companies, high performers are already being offered flexible schedules as a bonus while mid-range employees don't get the privilege, the Wall Street Journal reported.

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Speaking of Italy's competition authority , it has fined Ryanair $301 million for abusing its dominant market position to limit sales of tickets by online travel agents. The Guardian: The authority said Europe's largest airline had "implemented an abusive strategy to hinder travel agencies" via an "elaborate strategy" of technical obstacles for agents and passengers to make it difficult for online travel agents to sell Ryanair tickets and instead force sales through its own website. The fine related to Ryanair's conduct between April 2023 and at least until April 2025, the authority said on Tuesday. It said Ryanair had prevented online travel agents from selling tickets on its flights in combination with other airlines and services, weakening competition. Ryanair said it would immediately appeal against the "legally flawed" ruling.

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