Microsoft's investment into Inflection AI will get a full-blown UK antitrust probe, after the watchdog said it needed to take a closer look at the hiring of former employees from the artificial intelligence startup. From a report: The Competition and Markets Authority said Tuesday it was opening the formal phase one merger probe into the partnership, setting a Sept. 11 deadline on whether to escalate it to an in-depth investigation. The agency has been swift to act against big tech's AI startup investments after it found a pattern of large tech firms piling money into start ups.

An anonymous reader shared this report from the Guardian: In March, after analysing 22,000 tasks in the UK economy, covering every type of job, a model created by the Institute for Public Policy Research predicted that 59% of tasks currently done by humans — particularly women and young people — could be affected by AI in the next three to five years. In the worst-case scenario, this would trigger a "jobs apocalypse" where eight million people lose their jobs in the UK alone.... Darrell West, author of The Future of Work: AI, Robots and Automation, says that just as policy innovations were needed in Thomas Paine's time to help people transition from an agrarian to an industrial economy, they are needed today, as we transition to an AI economy. "There's a risk that AI is going to take a lot of jobs," he says. "A basic income could help navigate that situation."

AI's impact will be far-reaching, he predicts, affecting blue- and white-collar jobs. "It's not just going to be entry-level people who are affected. And so we need to think about what this means for the economy, what it means for society as a whole. What are people going to do if robots and AI take a lot of the jobs?"

Nell Watson, a futurist who focuses on AI ethics, has a more pessimistic view. She believes we are witnessing the dawn of an age of "AI companies": corporate environments where very few — if any — humans are employed at all. Instead, at these companies, lots of different AI sub-personalities will work independently on different tasks, occasionally hiring humans for "bits and pieces of work". These AI companies have the potential to be "enormously more efficient than human businesses", driving almost everyone else out of business, "apart from a small selection of traditional old businesses that somehow stick in there because their traditional methods are appreciated"... As a result, she thinks it could be AI companies, not governments, that end up paying people a basic income.

AI companies, meanwhile, will have no salaries to pay. "Because there are no human beings in the loop, the profits and dividends of this company could be given to the needy. This could be a way of generating support income in a way that doesn't need the state welfare. It's fully compatible with capitalism. It's just that the AI is doing it."

"In the largest public sector trial of the four-day week in Britain, fewer refuse collectors quit," reports the Guardian, "and there were faster planning decisions, more rapid benefits processing and quicker call answering, independent research has found." South Cambridgeshire district council's controversial experiment with a shorter working week resulted in improvements in performance in 11 out of 24 areas, little or no change in 11 areas and worsening of performance in two areas, according to analysis of productivity before and during the 15-month trial by academics at the universities of Cambridge and Salford... The multi-year study of the trial involving about 450 desk staff plus refuse collectors found:

- Staff turnover fell by 39%, helping save £371,500 in a year, mostly on agency staff costs.
- Regular household planning applications were decided about a week and a half earlier.
- Approximately 15% more major planning application decisions were completed within the correct timescale, compared with before.
- The time taken to process changes to housing benefit and council tax benefit claims fell....
Under the South Cambridgeshire trial, which began in January 2023 and ran to April 2024, staff were expected to carry out 100% of their work in 80% of the time for 100% of the pay. The full trial cut staff turnover by 39% and scores for employees' physical and mental health, motivation and commitment all improved, the study showed. "Coupled with the hundreds of thousands of pounds of taxpayer money that we have saved, improved recruitment and retention and positives around health and wellbeing, this brave and pioneering trial has clearly been a success," said John Williams, the lead council member for resources...

Scores of private companies have already adopted the approach, with many finding it helps staff retention. Ryle said the South Cambridgeshire results "prove once and for all that a four-day week with no loss of pay absolutely can succeed in a local government setting".
Thanks to long-time Slashdot reader AmiMoJo for sharing the article.

An anonymous reader quotes a report from DefenseScoop: A group of NATO countries are set to begin implementing a new project aimed at improving the alliance's ability to quickly share intelligence gathered by space-based assets operated by both member nations and the commercial sector. Seventeen NATO members signed a memorandum of understanding for the Alliance Persistence Surveillance from Space (APSS) program as part of the annual NATO summit being held in Washington this week, the alliance announced Tuesday. Members will now move into a five-year implementation phase of the project, during which allies will contribute more than $1 billion "to leverage commercial and national space assets, and to expand advanced exploitation capacities," according to a press release.

The United States is one of the nations signed onto the initiative, as well as Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hungary, Italy, Luxembourg, the Netherlands, Norway, Poland, Romania, Sweden and Turkey, according to a NATO source. The transatlantic organization created APSS last year with the intent to establish a "virtual constellation" -- dubbed Aquila -- comprising both national and commercial space systems, sensors and data that can be used by NATO's command structure and other allies. The project is considered "the largest multinational investment in space-based capabilities" in the alliance's history, and is set to increase NATO's ability "to monitor activities on the ground and at sea with unprecedented accuracy and timeliness," a press release stated.

Participating nations will be able to use their own space systems, provide tools for intelligence collection and analysis, or purchase space-based data gathered by commercial constellations. "Integrating and exploiting data from space effectively has been a growing challenge over time," a NATO press release stated. "By leveraging latest technologies from industry, APSS will help advance NATO's innovation agenda and offer a new platform to engage with the growing space industry." The APSS project is part of the larger implementation of NATO's overarching space policy adopted in 2019, which officially recognized space as a new operational domain. Since then, the alliance has worked to bolster its presence in space -- including the establishment of a NATO Space Centre in 2020 and approval of an official Space Branch within the Allied Command Transformation in June.

The European Commission has approved Apple's commitments to open its "tap to pay" iPhone payment system to rivals, avoiding a potentially hefty fine. The Guardian reports: Regulators had accused Apple in 2022 of abusing its dominant position by limiting access to its mobile payment technology. Apple responded by proposing in January to allow third-party mobile wallet and payment service providers access to the contactless payment function in its iOS operating system. After Apple tweaked its proposals following testing and feedback, the commission said those "final commitments" would address its competition concerns.

"Today's commitments end our Apple Pay investigation," Margrethe Vestager, the commission's executive vice-president for competition policy, told a press briefing in Brussels. "The commitments bring important changes to how Apple operates in Europe to the benefit of competitors and customers." Apple said in a prepared statement that it is "providing developers in the European Economic Area with an option to enable NFC [near-field communication] contactless payments and contactless transactions" for uses like car keys, corporate badges, hotel keys and concert tickets. [...] Apple must open up its payment system in the EU's 27 countries plus Iceland, Norway and Liechtenstein by July 25.

"As of this date, developers will be able to offer a mobile wallet on the iPhone with the same 'tap-and-go' experience that so far has been reserved for Apple Pay," Vestager said. The changes will remain in force for a decade and will be monitored by a trustee. Breaches of EU competition law can draw fines worth up to 10% of a company's annual global revenue, which in Apple's case could have amounted to tens of billions of euros.

Despite soaring investment in AI hardware, most companies are struggling to turn the technology into profitable ventures, Goldman Sachs' latest AI adoption tracker reveals. Equity markets project a $330 billion boost to annual revenues for AI enablers by 2025, up from $250 billion forecast just last quarter, yet only 5% of US firms currently use AI in their production processes.

The disconnect between sky-high investment and tepid adoption underscores the significant hurdles businesses face in implementing AI effectively. Industry surveys by Goldman indicate that while many small businesses are experimenting with the technology, most have yet to define clear use cases or establish comprehensive employee training programs. Data compatibility and privacy concerns remain substantial roadblocks, with many firms reporting their existing tech platforms are ill-equipped to support AI applications.

The lack of in-house expertise and resources further compounds these challenges, leaving many companies unable to bridge the gap between AI's theoretical potential and practical implementation. Even among those organizations actively deploying AI, only 35% have a clearly defined vision for creating business value from the technology. This strategic uncertainty is particularly acute in consumer and retail sectors, where just 30% of executives believe they have adequately prioritized generative AI. The barriers to profitable AI use are not limited to technical and strategic issues. Legal and compliance risks loom large, with 64% of businesses expressing concerns about cybersecurity risks and roughly half worried about misinformation and reputational damage stemming from AI use.

Despite these challenges, investment continues to pour into AI hardware, particularly in semiconductor and cloud computing sectors. Markets anticipate a 50% revenue growth for semiconductor companies by the end of 2025. However, this enthusiasm has yet to translate into widespread job displacement, with AI-related layoffs remaining muted and unemployment rates for AI-exposed jobs tracking closely with broader labor market trends.

"For 55 years, San Diego Comic-Con has been offering fans and aficionados of all things comic and movie related a place to meet, gawk, show off, and in general bask in their geekery," writes longtime Slashdot reader smooth wombat. "That may be coming to an end. Due to hotels' price gouging the cost of rooms, Comic-Con may be moving." Forbes reports: "We would never want to leave, but if push came to shove and it became untenable for us, it's something that we would certainly have to look into," said David Glanzer, Chief Communication and Strategy Officer for Comic-Con International, the nonprofit group that puts on SDCC and WonderCon, in a phone interview Monday. "As event planners, we're always contacted by different cities and it would be reckless for us to not at least acknowledge that." Asked if the show was locked in to San Diego for 2025, Glanzer responded, "2025 is when our contract expires, unless something happens before the convention this year. And if so, I imagine we would make an announcement during the show."

The sticking point for the Convention is the behavior of some of the hotels in the area. For decades, SDCC has negotiated block rates for rooms that they offer to out-of-town attendees, exhibitors, professionals and guests at a discount. Typically, the more deluxe hotels within walking distance of the convention center run $275-335/night, and ones further out can be had for as low as $215 through the Con's hotel site for registered attendees. Competition for rooms in the desirable hotels has become so intense that the day the reservations open has become known as "Hotelocapylse."

Recently, Glanzer said some hotels have been making fewer and fewer rooms available in the blocks, knowing they can charge top dollar on the open market. Rates for non-block rooms during Comic-Con weekend at some of the bigger hotels can go for two or three times the ordinary high season rate, and even smaller hotels and Airbnbs in the area charge significantly more to take advantage of the peak demand. Now that opportunistic behavior is threatening to kill the golden goose that brings hundreds of thousands of visitors and hundreds of millions of dollars into the city in a single week. "If attendees opt not to come because they can't afford to stay at a hotel here, they'll go to another convention," said Glanzer. "And if that starts to happen, the studios won't be able to make as big an impact, and it becomes a downward spiral that no one wants to go down. If we can't accommodate the people who want to attend the show then we're in a pretty bad situation."

"I think there is a belief that because we opened the Comic-Con Museum here [in San Diego] and we have always had the show here, that we are anchored to San Diego and could never leave. Well, we don't want to leave, but we've run conventions in Oakland, San Francisco, Los Angeles, Anaheim, San Jose, and they were very successful. I think there are a lot of cities that would want to accommodate us. In my experience with other science fiction cons I have attended, cities would bid for the convention."

A bipartisan group of senators reached a new agreement on legislation that would ban members of Congress, their spouses and dependent children, as well as the president and vice president, from purchasing and selling stocks while in office. According to CNBC, it would also give lawmakers 90 days to sell their stocks. From the report: The proposal is the latest chapter in a yearslong saga in Congress to pass regulations that limit lawmakers' ability to buy and sell stocks, and the first one to get formal consideration by a Senate committee -- in this case the Homeland Security & Governmental Affairs Committee on July 24. Ethics experts say that legislators' access to the kind of information they receive gives them the potential of having an unfair advantage to the investing public.

Sens. Hawley, Jon Ossoff, D-Ga., Jeff Merkley, D-Ore., and Gary Peters, D-Mich., negotiated and announced the new details. If passed, the bill would also prohibit lawmakers' spouses and dependent children from trading stocks, beginning March 2027. Also starting that year, the U.S. president, vice president and all members of Congress would have to divest from any covered investments. The penalty for violating the divestment mandate, as proposed by the senators, would cost a lawmaker the greater amount of either their monthly salary, or 10% of the value of each covered asset in violation.

An anonymous reader shares a report: For years now, Microsoft's Xbox Game Pass has set itself apart by offering subscribers launch-day access to new first-party titles in addition to a large legacy library of older games. That important "day one" perk is now set to go away for all but the highest tier of Game Pass' console subscribers, even as Microsoft asks for more money for Game Pass across the board. Let's start with the price increases for existing Game Pass tiers, which are relatively straightforward:

"Game Pass Ultimate" is going from $16.99 to $19.99 per month.
"Game Pass for PC" is going from $9.99 to $11.99 per month.
"Game Pass Core" (previously known as Xbox Live Gold) is going from $59.99 to $74.99 for annual subscriptions (and remains at $9.99 for monthly subscriptions).
Things get a bit more complicated for the $10.99/month "Xbox Game Pass for Console" tier.

Microsoft announced that it will no longer accept new subscriptions for that tier after today, though current subscribers will be able to keep it (for now) if they auto-renew their subscriptions.

Andy Maxwell reports via TorrentFreak: On November 4, 2022, the United States Department of Justice and the FBI began seizing Z-Library's domains as part of a major operation to shut down the infamous 'shadow library' platform. A criminal investigation had identified two Russian nationals, Anton Napolsky and Valeriia Ermakova, as the alleged operators of the site. On October 21, 2022, at the U.S. District Court for the Eastern District of New York, Judge Sanket J. Bulsara ordered their arrest. They were detained in Argentina on November 3, 2022. After arriving at the Ambrosio Taravella International Airport, the unsuspecting couple cleared customs and hired a car from a popular rental company. The United States Embassy informed local authorities that the pair were subject to an Interpol Red Notice.

At what point the Russians' phones were tapped is unclear but, under the authority of a Federal Court arrest warrant, Argentinian law enforcement began tracking the couple's movements as they traveled south in their rented Toyota Corolla. [...] [F]ollowing a visit to El Calafate, the pair were arrested by airport security police as they arrived in Rio Gallegos, Santa Cruz. They were later transferred to Cordoba. In January 2023, Judge Miguel Hugo Vaca Narvaja authorized the Russians to be detained under house arrest. Approval from Cordoba prosecutor Maximiliano Hairabedian, who was responsible for the request to extradite Napolsky and Ermakova to the United States, was not obtained. With a federal indictment, alleging criminal copyright infringement, wire fraud, and money laundering offenses, waiting for them in the United States, the priority for Napolsky and Ermakova would soon be their fight against extradition. [...]

Patronato del Liberado (Patronage of the Liberated) is responsible for assisting people who have previously been detained by the authorities with family and social reintegration. It's also tasked with monitoring compliance of those on probation or subject to house arrest. According to unnamed 'judicial sources' cited by La Voz, which receives full credit for a remarkable scoop, when the group conducted a regular visit in May, to verify that Napolsky and Ermakova were in compliance with the rules set by the state, there was no trace of them. Patronato del Liberado raised the alarm and Judge Sanchez Freytes was immediately notified. Counsel for the defense during the extradition hearings said that he hadn't been able to contact the Russians either. The Judge ordered an international arrest warrant although there appeared to be at least some hope the pair hadn't left the country. However, that was many weeks ago and with no obvious news suggesting their recapture, the pair could be anywhere by now.

Remember those researchers who spent years training AI tools to analyze the reviews drivers left on the smartphone apps where they pay for EV charging?

There was one more unexpected finding. "Rideshare drivers who work for companies such as Uber are increasingly turning to electric vehicles to reduce fuel costs." That trend is boosting demand for conveniently located, publicly accessible EV chargers... "They are mostly relying on public chargers for their daily Uber needs, usually every day or every couple of days, which dramatically increases electric vehicle miles traveled," [climate fellow Omar Asensio told the Institute's blog], explaining that many drivers live in apartments that lack garages or space for a residential EV charger. Uber CEO Dara Khosrowshahi considers the issue so pressing he urged U.S. policymakers to accelerate plans to improve the nation's EV charging infrastructure in a Fast Co. op-ed in January — during the World Economic Forum in Davos, when media messaging can influence policymakers.

Independent Uber drivers, Khosrowshahi said, are converting to electric vehicles seven times faster than the general public and they tend to be disproportionately from low- and middle-income households that need access to public charging stations. "Charging infrastructure must be more equitable," Khosrowshahi wrote. "Many drivers don't have driveways or garages, so access to nearby overnight charging is essential. Yet our data shows us that Uber drivers often live in neighborhoods lacking this infrastructure. These 'charging deserts' hold countless people back from making the switch."

Harvard Business School has an "Institute for Business in Global Society" that explores the societal impacts of business. And they've recently published some new AI-powered research about EV charging infrastructure, according to the Institute's blog, conducted by climate fellow Omar Asensio.

"Asensio and his team, supported by Microsoft and National Science Foundation awards, spent years building models and training AI tools to extract insights and make predictions," using the reviews drivers left (in more than 72 languages) on the smartphone apps drivers use to pay for charging. And ultimately this research identified "a significant obstacle to increasing electric vehicle (EV) sales and decreasing carbon emissions in the United States: owners' deep frustration with the state of charging infrastructure, including unreliability, erratic pricing, and lack of charging locations..." [C]harging stations in the U.S. have an average reliability score of only 78%, meaning that about one in five don't work. They are, on average, less reliable than regular gas stations, Asensio said. "Imagine if you go to a traditional gas station and two out of 10 times the pumps are out of order," he said. "Consumers would revolt...." EV drivers often find broken equipment, making charging unreliable at best and simply not as easy as the old way of topping off a tank of gas. The reason? "No one's maintaining these stations," Asensio said.
One problem? Another blog post by the Institute notes that America's approach to public charging has differed sharply from those in other countries: In Europe and Asia, governments started making major investments in public charging infrastructure years ago. In America, the initial thinking was that private companies would fill the public's need by spending money to install charging stations at hotels, shopping malls and other public venues. But that decentralized approach failed to meet demand and the Biden administration is now investing heavily to grow the charging network and facilitate EV sales... "No single market actor has sufficient incentive to build out a national charging network at a pace that meets our climate goals," the report declared. Citing research and the experience of other countries, it noted that "policies that increase access to charging stations may be among the best policies to increase EV sales." But the U.S. is far behind other countries.
Thanks to Slashdot reader NoWayNoShapeNoForm for sharing the article.

In Communications of the ACM, long-time FreeBSD contributor Poul-Henning Kamp mocks the idea that the free and open-source software movement has "come apart" and "will end in tears and regret." Economists and others focused on money — like my bank — have had a lot of trouble figuring out the free and open source software (FOSS) phenomenon, and eventually they seem to have reached the conclusion that it just makes no sense. So, they go with the flow. Recently, very serious people in the FOSS movement have started to write long and thoughtful opinion pieces about how it has all come apart and will end in tears and regret. Allow me to disagree...
What follows is a humorous history of how the Open Source movement bested a series of ill-conceived marketing failures starting after the "utterly bad" 1980s when IBM had an "unimaginably huge monopoly" — and an era of vendor lock-in from companies trying to be the next IBM: Out of that utter market failure came Minix, (Net/Free/Open)BSD, and Linux, at a median year of approximately 1991. I can absolutely guarantee that if we had been able to buy a reasonably priced and solid Unix for our 32-bit PCs — no strings attached — nobody would be running FreeBSD or Linux today, except possibly as an obscure hobby. Bill Gates would also have had a lot less of our money...
The essay moves on to when "that dot-com thing happened, fueled by the availability of FOSS operating systems, which did a much better job than any operating system you could buy — not just for the price, but in absolute terms of performance on any given piece of hardware. Thus, out of utter market failure, the FOSS movement was born."

And ultimately, the essay ends with our present day, and the phenomenon of companies that "make a business out of FOSS or derivatives thereof..." The "F" in FOSS was never silent. In retrospect, it seems clear that open source was not so much the goal itself as a means to an end, which is freedom: freedom to fix broken things, freedom from people who thought they could clutch the source code tightly and wield our ignorance of it as a weapon to force us all to pay for and run Windows Vista. But the FOSS movement has won what it wanted, and no matter how much oldsters dream about their glorious days as young revolutionaries, it is not coming back; the frustrations and anger of IT in 2024 are entirely different from those of 1991.

One very big difference is that more people have realized that source code is a liability rather than an asset. For some, that realization came creeping along the path from young teenage FOSS activists in the late 1990s to CIOs of BigCorp today. For most of us, I expect, it was the increasingly crushing workload of maintaining legacy code bases...

"For two years, many unprofitable tech startups have cut costs, sold themselves or gone out of business," reports the New York Times.

"But the ones focused on artificial intelligence have been thriving." Now, the AI boom that started in late 2022, has become the strongest counterpoint to the broader startup downturn. Investors poured $27.1 billion into AI startups in the United States from April to June, accounting for nearly half of all U.S. startup funding in that period, according to PitchBook, which tracks startups. In total, U.S. startups raised $56 billion, up 57% from a year earlier and the highest three-month haul in two years. AI companies are attracting huge rounds of funding reminiscent of 2021, when low interest rates pushed investors away from taking risks on tech investments...

The startup downturn began in early 2022 as many money-losing companies struggled to grow as quickly as they did in the pandemic. Rising interest rates also pushed investors to chase less risky investments. To make up for dwindling funding, startups slashed staff and scaled back their ambitions. Then in late 2022, OpenAI, a San Francisco AI lab, kicked off a new boom with the release of its ChatGPT chatbot. Excitement around generative AI technology, which can produce text, images and videos, set off a frenzy of startup creation and funding. "Sam Altman canceled the recession," joked Siqi Chen, founder of the startup Runway Financial, referring to OpenAI's chief executive. Chen said his company, which makes finance software, was growing faster than it otherwise would have because "AI can do the job of 1.5 people...."

An analysis of 125 AI startups by Kruze Consulting, an accounting and tax advisory firm, showed that the companies spent an average of 22% of their expenses on computing costs in the first three months of the year — more than double the 10% spent by non-AI software companies in the same period. "No wonder VCs are throwing money into these companies," said Healy Jones, Kruze's vice president of financial strategy. While AI startups are growing faster than other startups, he said, "they clearly need the money."
Startups receiving funding include CoreWeave ($1.1 billion), ScaleAI ($1 billion), and the Elon Musk-founded xAI ($6 billion), according to the article.

"For investors who back fast-growing startups, there is little downside to being wrong about the next big thing, but there is enormous upside in being right. AI's potential has generated deafening hype, with prominent investors and executives predicting that the market for AI will be bigger than the markets for the smartphone, the personal computer, social media and the internet."

An anonymous reader quotes a report from Ars Technica: A California-based credit union with over 450,000 members said it suffered a ransomware attack that is disrupting account services and could take weeks to recover from. "The next few days -- and coming weeks -- may present challenges for our members, as we continue to navigate around the limited functionality we are experiencing due to this incident," Patelco Credit Union CEO Erin Mendez told members in a July 1 message (PDF) that said the security problem was caused by a ransomware attack. Online banking and several other services are unavailable, while several other services and types of transactions have limited functionality.

Patelco Credit Union was hit by the attack on June 29 and has been posting updates on this page, which says the credit union "proactively shut down some of our day-to-day banking systems to contain and remediate the issue... As a result of our proactive measures, transactions, transfers, payments, and deposits are unavailable at this time. Debit and credit cards are working with limited functionality." Patelco Credit Union is a nonprofit cooperative in Northern California with $9 billion in assets and 37 local branches. "Our priority is the safe and secure restoration of our banking systems," a July 2 update said. "We continue to work alongside leading third-party cybersecurity experts in support of this effort. We have also been cooperating with regulators and law enforcement."

Patelco says that check and cash deposits should be working, but direct deposits have limited functionality. Security expert Ahmed Banafa "said Tuesday that it looks likely that hackers infiltrated the bank's internal databases via a phishing email and encrypted its contents, locking out the bank from its own systems," the Mercury News reported. Banafa was paraphrased as saying that it is "likely the hackers will demand an amount of money from the credit union to restore its systems back to normal, and will continue to hold the bank's accounts hostage until either the bank finds a way around the hack or until the hackers are paid." Patelco hasn't revealed details about how it will recover from the ransomware attack but acknowledged to customers that their personal information could be at risk. "The investigation into the nature and scope of the incident is ongoing," the credit union said. "If the investigation determines that individuals' information is involved as a result of this incident, we will of course notify those individuals and provide resources to help protect their information in accordance with applicable laws." While ATMs "remain available for cash withdrawals and deposits," Patelco said many of its other services remain unavailable, including online banking, the mobile app, outgoing wire transfers, monthly statements, Zelle, balance inquiries, and online bill payments. Services with "limited functionality" include company branches, call center services, live chats, debit and credit card transactions, and direct deposits.

An anonymous reader quotes a report from Neowin: Former Microsoft CEO Steve Ballmer, known for his enthusiastic energy and salesmanship, is now richer than Microsoft co-founder Bill Gates. This is the first time Ballmer has surpassed Bill Gates in wealth. According to the Bloomberg Billionaires Index, Steve Ballmer is now the sixth-richest person in the world with a $157.2 billion net worth.

Steve Ballmer surpassed Bill Gates for two reasons: - Ninety percent of Steve Ballmer's wealth is in Microsoft stock. Ballmer remains the single largest individual shareholder of Microsoft stock. Microsoft's stock continues its strong growth momentum and is up 21% this year alone.
- Bill Gates diversified his portfolio through Cascade Investment. Therefore, his other investments did not yield the returns that Microsoft stock would have provided. "[T]he Bloomberg Billionaires Index only considers an individual's current personal wealth," notes the report. It doesn't take into consideration each of the executives' various charitable donations, such as Gates' $60 billion donation to the Gates Foundation or Ballmer's million-dollar donations to major universities in the U.S.

The Biden administration said Tuesday that it was providing $504 million in implementation grants for a dozen technology hubs in Ohio, Montana, Nevada and Florida, among other locations. From a report: The money would support the development of quantum computing, biomanufacturing, lithium batteries, computer chips, personal medicine and other technologies. The Democratic administration is trying to encourage more technological innovation across the country, instead of allowing it be concentrated in a few metro areas such as San Francisco, Seattle, Boston and New York City.

"The reality is there are smart people, great entrepreneurs, and leading-edge research institutions all across the country," Commerce Secretary Gina Raimondo said in a call previewing the announcement. "We're leaving so much potential on the table if we don't give them the resources to compete and win in the tech sectors that will define the 21st century global economy."

An anonymous reader shares a report: The money transfer and fintech company Wise says some of its customers' personal data may have been stolen in the recent data breach at Evolve Bank and Trust. The news highlights that the fallout from the Evolve data breach on third-party companies -- and their customers and users -- is still unclear, and it's likely that it includes companies and startups that are yet unknown.

In a statement published on its official website, Wise wrote that the company worked with Evolve from 2020 until 2023 "to provide USD account details." And given that Evolve was breached recently, "some Wise customers' personal information may have been involved." [...] So far, Affirm, EarnIn, Marqeta, Melio and Mercury -- all Evolve partners -- have acknowledged that they are investigating how the Evolve breach impacted their customers.

Keith Gill, the investor known as "Roaring Kitty" online, is being used by GameStop investors for helping spur the meme stock mania of 2021. The plaintiffs said they lost money through his "pump-and-dump" scheme, which led to a "short squeeze" that caused losses for hedge funds betting stock prices would fall. Reuters reports: A proposed class action accusing Gill of securities fraud was filed on Friday in the Brooklyn, New York federal court. Investors led by Martin Radev, who lives in the Las Vegas area, said Gill manipulated GameStop securities between May 13 and June 13 by quietly accumulating large quantities of stock and call options, and then dumping some holdings after emerging from a three-year social media hiatus. They said Gill's activities caused GameStop's share price to gyrate wildly, generating "millions of dollars" in profit for him at their expense. "Defendant still enjoys celebrity status and commands a following of millions through his social media accounts," the complaint said. "Accordingly, Defendant was well aware of his ability to manipulate the market for GameStop securities, as well as the benefits he could reap."

He had on May 12 posted a cryptic meme on the social media platform X that was widely seen as a bullish signal for GameStop, whose stock he cheerleaded in 2021. GameStop's share price more than tripled over the next two days, but gave back nearly all the gains by May 24. On June 2, Gill revealed that he owned 5 million GameStop shares and 120,000 call options, and on June 13 revealed he had shed the call options but owned 9 million GameStop shares. Investors said the truth about Gill's investing became known on June 3 when the Wall Street Journal wrote about the timing of his options trades and said the online brokerage E*Trade considered kicking him off its platform.

An anonymous reader shares a report: Amazon built a $2 trillion company through years of aggressive spending on its retail and logistics businesses. Its future gains will likely be determined by the billions designated to fund its artificial-intelligence push. Amazon is planning to spend more than $100 billion over the next decade on data centers, an impressive level of investment even for a company known for its spending ways. The Seattle company is now devoting more investment money to its cloud computing and AI infrastructure than to its sprawling network of e-commerce warehouses.

Amazon Web Services, the arm that manages Amazon's cloud business, has opened data centers for years, but executives said there is a surge in investment now to meet demand triggered by the excitement around AI. "We have to dive in. We have to figure it out," said John Felton, who took over as AWS's chief financial officer this year after spending most of his career in Amazon's retail fulfillment operations. The company's financial commitment reflects the importance and high costs of AI. Felton said building for AI today feels like building that massive delivery network in years past. "It's a little uncertain," he said. AWS is expanding in Virginia, Ohio and elsewhere.