According to the Wall Street Journal (paywalled), Goldman Sachs is transferring Apple Card and Apple Savings to JPMorgan Chase. "It was clear in 2023 that Goldman Sachs would exit the consumer credit game, abandoning its Apple Card partnership with it," reports AppleInsider. "However, it has taken 26 months to reach a point where it can finally hand over issuing control to another bank." From the report: Goldman Sachs is reportedly expected to hand over the $20 billion of outstanding balances at a $1 billion discount. Such discounts are rare, and allegedly reflect the higher-than-average delinquency rate found with Apple Card holders. JPMorgan will have to issue new Apple Cards to existing users, but it may be some time before that is done. A new Apple Savings will be opened by JPMorgan as well, but users will be given the option to move or stay.

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A new sweeping meta-analysis has found no reliable link between economic inequality and well-being or mental health, challenging a long-held assumption that has shaped public health policy discussions for decades. The study, led by Nicolas Sommet at the University of Lausanne and Annahita Ehsan at the University of British Columbia, synthesized 168 studies involving more than 11 million participants across most world regions. The researchers screened thousands of scientific papers and contacted hundreds of researchers to compile the dataset, extracting more than 100 study features from each paper and linking them to more than 500 World Bank indicators. They also replicated their findings using Gallup World Poll data spanning 2005 to 2021, which surveyed more than two million respondents from more than 150 countries. People living in more economically unequal places did not, on average, report lower life satisfaction or happiness than those in more equal places. The average effect across studies was not statistically significant and was practically equivalent to zero. Studies that did find links between inequality and poorer mental health turned out to reflect publication bias, where small, noisy studies reporting larger effects were over-represented in the literature. The study adds: Further analyses showed that the near-zero averages conceal more-complex patterns. Greater income inequality was associated with lower well-being in high-inflation contexts and, surprisingly, higher well-being in low-inflation contexts. Greater inequality was also associated with poorer mental health in studies in which the average income was lower. We conclude that inequality is a catalyst that amplifies other determinants of well-being and mental health (such as inflation and poverty) but on its own is not a root cause of negative effects on well-being and mental health.

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OpenAI is offering a $555,000 salary (plus equity) to recruit a new "head of preparedness," a high-pressure role tasked with anticipating and mitigating extreme AI risks. "This will be a stressful job, and you'll jump into the deep end pretty much immediately," said Sam Altman as he launched the hunt to fill "a critical role" to "help the world." The Guardian reports: In what may be close to the impossible job, the "head of preparedness" at OpenAI will be directly responsible for defending against risks from ever more powerful AIs to human mental health, cybersecurity and biological weapons. That is before the successful candidate has to start worrying about the possibility that AIs may soon begin training themselves amid fears from some experts they could "turn against us." The successful candidate will be responsible for evaluating and mitigating emerging threats and "tracking and preparing for frontier capabilities that create new risks of severe harm." Some previous executives in the post have lasted only for short periods. Altman said on X as he launched the job search: "We have a strong foundation of measuring growing capabilities, but we are entering a world where we need more nuanced understanding and measurement of how those capabilities could be abused, and how we can limit those downsides both in our products and in the world, in a way that lets us all enjoy the tremendous benefits. These questions are hard and there is little precedent." One user responded sardonically: "Sounds pretty chill, is there vacation included?" What is included is an unspecified slice of equity in OpenAI, a company that has been valued at $500 billion.

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While stock investors have pushed AI-related shares to repeated highs this year, debt markets are telling a more cautious story as newer AI infrastructure companies find themselves paying significantly elevated interest rates to borrow money. Applied Digital, a data center builder, sold $2.35 billion of debt in November at a 9.25% coupon -- roughly 3.75% above similarly rated companies, or about 70% more in interest costs. The pattern has repeated across several deals. Wulf Compute, a subsidiary of Bitcoin-miner-turned-data-center-operator Terawulf, raised $3.2 billion in mid-October at 7.75%, well above the 5.5% average yield for similarly rated issuers. Cipher Compute sold $1.7 billion in early November at just over 7%. CoreWeave, which rents data centers and installs computing systems for companies like OpenAI and Meta, raised $1.75 billion in July at 9%. The company's bonds have since fallen to around 90 cents on the dollar, pushing the effective yield above 12% -- nearly double the average for companies at its single-B rating level. "We just have to be much more pessimistic and not buy into the hype," said Will Smith, a portfolio manager at AllianceBernstein. Construction delays and uncertain demand for AI computing power remain key concerns for lenders who, unlike equity investors, have no upside beyond getting their principal back.

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Oracle co-founder Larry Ellison has personally guaranteed $40.4 billion to shore up Paramount's bid for Warner Bros. Discovery, trying to ease financing doubts as Warner Bros weighs a rival offer from Netflix. Reuters reports: Paramount said the amended terms do not change the $30-per-share all-cash offer even as the fight for Hollywood's sought-after assets heats up, with control of Warner Bros' vast library offering a decisive edge in the streaming wars. "I doubt many Warner Bros shareholders that are on the fence or planning to vote no "were holding out due to issues the "revised bid addresses such as a guarantee from Larry Ellison on the funding front," said Seth Shafer, principal analyst at S&P Global. As part of the revised terms, Ellison also agreed not to revoke the family trust or transfer its assets during the pendency of the transaction, the filing showed. Paramount said it has raised its regulatory reverse termination fee to $5.8 billion from $5 billion to match the competing transaction and extended the expiration date of its tender offer to January 21, 2026. The "bid follows Warner Bros asking its shareholders to reject the $108.4 billion offer from Paramount for the whole company, including cable TV assets, on doubts over its financing and the lack of a full guarantee from the Ellison family. But Warner Bros investors, including the fifth largest shareholder Harris Associates, have said they would be open to revised offers from Paramount if it presents a superior bid and addresses issues with deal terms. Under the Netflix agreement, Warner Bros would owe Netflix $2.8 billion as breakup fee if it walks away from that deal.

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An anonymous reader quotes a report from Ars Technica: Earlier this month, Strava, the popular fitness-tracking app, released its annual "Year in Sport" wrap-up -- a cutesy, animated series of graphics summarizing each user's athletic achievements. But this year, for the first time, Strava made this feature available only to users with subscriptions ($80 per year), rather than making it free to everyone, as it had been historically since the review's debut in 2016. This decision has roiled numerous Strava users, particularly those who have relished the app's social encouragement features. One Strava user in India, Shobhit Srivastava, "begged" Strava to "let the plebs see their Year in Sport too, please." He later explained to Ars that having this little animated video is more than just a collection of raw numbers. "When someone makes a video of you and your achievements and tells you that these are the people who stood right behind you, motivated you, cheered for you -- that feeling is of great significance to me!" he said by email. "Our goal was to give our users ample notice before the personalized Year In Sport was released," said Strava spokesperson Chris Morris. "With the relaunch of our subscription this year, we wanted to clarify the core benefits of Strava -- uploading activities, finding your community, sharing and giving kudos -- remain as accessible as possible."

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GitHub will begin charging $0.002 per minute for self-hosted Actions runners used on private repositories starting in March. "At the same time, GitHub noted in a Tuesday blog post that it's lowering the prices of GitHub-hosted runners beginning January 1, under a scheme it calls 'simpler pricing and a better experience for GitHub Actions,'" reports The Register. "Self-hosted runner usage on public repositories will remain free." From the report: Regardless of the public repo distinction, enterprise-scale developers who rely on self-hosted runners were predictably not pleased about the announcement. "Github have just sent out an email announcing a $0.002/minute fee for self-hosted runners," Reddit user markmcw posted on the DevOps subreddit. "Just ran the numbers, and for us, that's close to $3.5k a month extra on our GitHub bill." [...] "Historically, self-hosted runner customers were able to leverage much of GitHub Actions' infrastructure and services at no cost," the repo host said in its blog FAQ. "This meant that the cost of maintaining and evolving these essential services was largely being subsidized by the prices set for GitHub-hosted runners." The move, GitHub said, will align costs more closely with usage. Like many similar changes to pricing models pushed by tech firms, GitHub says "the vast majority of users ... will see no price increase." GitHub claims that 96 percent of its customers will see no change to their bill, and that 85 percent of the 4 percent affected by the pricing update will actually see their Actions costs decrease. The company says the remaining 15 percent of impacted users will face a median increase of about $13 a month. For those using self-hosted runners and worried about increased costs, GitHub has updated its pricing calculator to include the cost of self-hosted runners.

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An anonymous reader quotes a report from the New York Times: Two of the largest food-delivery app companies have made a last-ditch effort to overturn tipping laws in New York City that go into effect in January just as its next mayor, who has been highly critical of the companies and the app industry, takes office. Tips to delivery workers have plummeted since some food-delivery apps switched to showing the tipping option only after a purchase had been completed; that change came after New York City established the country's first minimum pay-rate for the workers in 2023. The new laws will require the apps to suggest a minimum tip of 10 percent at checkout, though customers can contribute more or less, or nothing at all. Two of the app companies, DoorDash and Uber, filed a joint federal lawsuit in the Southern District of New York late last week targeting the City Council legislation, arguing that the new rules violated the First Amendment by requiring them to "speak a government-mandated message" and exceeded the Council's authority. Although tipping will be optional under the law, the companies wrote in the suit that a "mandated pre-delivery 10 percent tip suggestion" would cause customers to use the app less because they were suffering from "tipping fatigue." "Lessened engagement would result in fewer orders," the suit said.

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PayPal has applied to become a US bank by forming a Utah-chartered industrial loan company, signaling a push to deepen its financial services "as companies rush to capitalize on a friendly regulatory environment under the Trump administration," reports Reuters. From the report: If approved, the move will help PayPal to strengthen its lending offerings to small businesses in the U.S. as well as reduce its reliance on third parties. "Securing capital remains a significant hurdle for small businesses striving to grow and scale," said PayPal CEO Alex Chriss. "Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S." PayPal also plans to offer interest-bearing savings accounts to customers. The company has provided over $30 billion in loans and capital since 2013, it said. [...] PayPal has selected Mara McNeill to serve as PayPal Bank's president. She comes with over two decades of experience in banking and commercial lending, and has previously served as the CEO of Toyota Financial Savings Bank.

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An anonymous reader quotes a report from Fast Company: More and more people are turning to GoFundMe for help covering the cost of housing, food, and other basic needs. The for-profit crowdfunding platform's annual "Year in Help" report, released Tuesday, underscored ongoing concerns around affordability. The number of fundraisers started to help cover essential expenses such as rent, utilities, and groceries jumped 20%, according to the company's 2025 review, after already quadrupling last year. "Monthly bills" were the second fastest-growing category behind individual support for nonprofits. The number of "essentials" fundraisers has increased over the last three years in all of the company's major English-speaking markets, according to GoFundMe CEO Tim Cadogan. That includes the United States, Canada, United Kingdom and Australia. In the United States, the self-published report comes at the end of a year that has seen weakened wage growth for lower-income workers, sluggish hiring, a rise in the unemployment rate and low consumer confidence in the economy. [...] Among campaigns aimed at addressing broader community needs, food banks were the most common recipient on GoFundMe this year. The platform experienced a nearly sixfold spike in food-related fundraisers between the end of October and first weeks of November, according to Cadogan, as many Americans' monthly SNAP benefits got suddenly cut off during the government shutdown.

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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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An investigation has revealed how stablecoins -- cryptocurrencies pegged to the US dollar that exist largely beyond traditional financial oversight -- have become a practical tool for criminals and sanctioned individuals to move funds across borders almost instantly and convert them back into spendable money, often without detection. A Chainalysis report from February estimated that up to $25 billion in illicit transactions involved stablecoins last year. A New York Times reporter tested the system by converting $40 cash at a crypto ATM in Weehawken, New Jersey, into stablecoins and then using a Telegram bot to generate a Visa payment card without any identity verification. The card-issuing service, WantToPay, is incorporated in Hong Kong and led by a Russian entrepreneur in Thailand; it advertises to Russians blocked by US sanctions. Britain last month arrested members of a billion-dollar money laundering network that had purchased a bank in Kyrgyzstan to convert proceeds from drug trafficking and human trafficking into Tether, the most popular stablecoin. Further reading: China's Central Bank Flags Money Laundering and Fraud Concerns With Stablecoins.

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Meta has officially confirmed it is shifting investment away from the metaverse and VR toward AI-powered smart glasses, following a Bloomberg report of an up to 30% budget cut for Reality Labs. "Within our overall Reality Labs portfolio we are shifting some of our investment from Metaverse toward AI glasses and Wearables given the momentum there," a statement from Meta reads. "We aren't planning any broader changes than that." From the report: Following Bloomberg's report, other mainstream news outlets including The New York Times, The Wall Street Journal, and Business Insider have published their own reports corroborating the general claim, with slightly differing details... Business Insider's report suggests that the cuts will primarily hit Horizon Worlds, and that employees are facing "uncertainty" about whether this will involve layoffs. One likely cut BI's report mentions is the funding for third-party studios to build Horizon Worlds content. The New York Times report, on the other hand, seems more definitive in stating that these cuts will come via layoffs. The Reality Labs division "has racked up more than $70 billion in losses since 2021," notes Fortune in their reporting, "burning through cash on blocky virtual environments, glitchy avatars, expensive headsets, and a user base of approximately 38 people as of 2022."

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