Melinda French Gates announced today she is stepping down from the Bill and Melinda Gates Foundation, three years after announcing her separation from Microsoft co-founder Bill Gates. With her departure as co-chair, the foundation will change its name to Gates Foundation and Bill Gates will be its sole chairperson, said CEO Mark Suzman. NBC News reports: In a statement posted on her Instagram account, she said that as part of her agreement to step down from the foundation, she will retain $12.5 billion that she plans to put toward her ongoing work supporting women and families. "This is not a decision I came to lightly," French Gates wrote. "I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world." In a separate statement, Bill Gates said, "I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work."

Now worth $75.2 billion, the Gates Foundation has over the course of its three-decade lifespan made $77.6 billion worth of grant payments, making it one of the largest donor organizations in the world, with a focus on health and developmental goals. It is one of the largest contributors to the World Health Organization, and played a key role in efforts to address the Covid pandemic. "After a difficult few years watching women's rights rolled back in the U.S. and around the world, she wants to use this next chapter to focus specifically on altering that trajectory," Suzman said of French Gates.

"I want to reassure you that the millions of people our work serves and the thousands of partners we work alongside can continue to count on the foundation. The foundation today is stronger than it has ever been."

"I know we all wish Melinda the best in her next chapter," he added, noting that French Gates "will not be bringing any of the foundation's work with her when she leaves."

OpenAI CEO Sam Altman gave an hour-long interview to the "All-In" podcast (hosted by Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg).

And when asked about this summer's launch of the next version of ChatGPT, Altman said they hoped to "be thoughtful about how we do it, like we may release it in a different way than we've released previous models...

Altman: One of the things that we really want to do is figure out how to make more advanced technology available to free users too. I think that's a super-important part of our mission, and this idea that we build AI tools and make them super-widely available — free or, you know, not-that-expensive, whatever that is — so that people can use them to go kind of invent the future, rather than the magic AGI in the sky inventing the future, and showering it down upon us. That seems like a much better path. It seems like a more inspiring path.

I also think it's where things are actually heading. So it makes me sad that we have not figured out how to make GPT4-level technology available to free users. It's something we really want to do...

Q: It's just very expensive, I take it?

Altman: It's very expensive.
But Altman said later he's confident they'll be able to reduce cost. Altman: I don't know, like, when we get to intelligence too cheap to meter, and so fast that it feels instantaneous to us, and everything else, but I do believe we can get there for, you know, a pretty high level of intelligence. It's important to us, it's clearly important to users, and it'll unlock a lot of stuff.
Altman also thinks there's "great roles for both" open-source and closed-source models, saying "We've open-sourced some stuff, we'll open-source more stuff in the future.

"But really, our mission is to build toward AGI, and to figure out how to broadly distribute its benefits... " Altman even said later that "A huge part of what we try to do is put the technology in the hands of people..." Altman: The fact that we have so many people using a free version of ChatGPT that we don't — you know, we don't run ads on, we don't try to make money on it, we just put it out there because we want people to have these tools — I think has done a lot to provide a lot of value... But also to get the world really thoughtful about what's happening here. It feels to me like we just stumbled on a new fact of nature or science or whatever you want to call it... I am sure, like any other industry, I would expect there to be multiple approaches and different peoiple like different ones.
Later Altman said he was "super-excited" about the possibility of an AI tutor that could reinvent how people learn, and "doing faster and better scientific discovery... that will be a triumph."

But at some point the discussion led him to where the power of AI intersects with the concept of a universal basic income: Altman: Giving people money is not going to go solve all the problems. It is certainly not going to make people happy. But it might solve some problems, and it might give people a better horizon with which to help themselves.

Now that we see some of the ways that AI is developing, I wonder if there's better things to do than the traditional conceptualization of UBI. Like, I wonder — I wonder if the future looks something more like Universal Basic Compute than Universal Basic Income, and everybody gets like a slice of GPT-7's compute, and they can use it, they can re-sell it, they can donate it to somebody to use for cancer research. But what you get is not dollars but this like slice — you own part of the the productivity.
Altman was also asked about the "ouster" period where he was briefly fired from OpenAI — to which he gave a careful response: Altman: I think there's always been culture clashes at — look, obviously not all of those board members are my favorite people in the world. But I have serious respect for the gravity with which they treat AGI and the importance of getting AI safety right. And even if I stringently disagree with their decision-making and actions, which I do, I have never once doubted their integrity or commitment to the sort of shared mission of safe and beneficial AGI...

I think a lot of the world is, understandably, very afraid of AGI, or very afraid of even current AI, and very excited about it — and even more afraid, and even more excited about where it's going. And we wrestle with that, but I think it is unavoidable that this is going to happen. I also think it's going to be tremendously beneficial. But we do have to navigate how to get there in a reasonable way. And, like a lot of stuff is going to change. And change is pretty uncomfortable for people. So there's a lot of pieces that we've got to get right...

I really care about AGI and think this is like the most interesting work in the world.

Reddit reported its first results since going public in late March. Yahoo Finance reports: Daily active users increased 37% year over year to 82.7 million. Weekly active unique users rose 40% from the prior year. Total revenue improved 48% to $243 million, nearly doubling the growth rate from the prior quarter, due to strength in advertising. The company delivered adjusted operating profits of $10 million, versus a $50.2 million loss a year ago. [Reddit CEO Steve] Huffman declined to say when the company would be profitable on a net income basis, noting it's a focus for the management team. Other areas of focus include rolling out a new user interface this year, introducing shopping capabilities, and searching for another artificial intelligence content licensing deal like the one with Google.
Bloomberg notes that already Reddit "has signed licensing agreements worth $203 million in total, with terms ranging from two to three years. The company generated about $20 million from AI content deals last quarter, and expects to bring in more than $60 million by the end of the year."

And elsewhere Bloomberg writes that Reddit "plans to expand its revenue streams outside of advertising into what Huffman calls the 'user economy' — users making money from others on the platform... " In the coming months Reddit plans to launch new versions of awards, which are digital gifts users can give to each other, along with other products... Reddit also plans to continue striking data licensing deals with artificial intelligence companies, expanding into international markets and evaluating potential acquisition targets in areas such as search, he said.
Meanwhile, ZDNet notes that this week a Reddit announcement "introduced a new public content policy that lays out a framework for how partners and third parties can access user-posted content on its site." The post explains that more and more companies are using unsavory means to access user data in bulk, including Reddit posts. Once a company gets this data, there's no limit to what it can do with it. Reddit will continue to block "bad actors" that use unauthorized methods to get data, the company says, but it's taking additional steps to keep users safe from the site's partners.... Reddit still supports using its data for research: It's creating a new subreddit — r/reddit4researchers — to support these initiatives, and partnering with OpenMined to help improve research. Private data is, however, going to stay private.

If a company wants to use Reddit data for commercial purposes, including advertising or training AI, it will have to pay. Reddit made this clear by saying, "If you're interested in using Reddit data to power, augment, or enhance your product or service for any commercial purposes, we require a contract." To be clear, Reddit is still selling users' data — it's just making sure that unscrupulous actors have a tougher time accessing that data for free and researchers have an easier time finding what they need.
And finally, there's some court action, according to the Register. Reddit "was sued by an unhappy advertiser who claims that internet giga-forum sold ads but provided no way to verify that real people were responsible for clicking on them." The complaint [PDF] was filed this week in a U.S. federal court in northern California on behalf of LevelFields, a Virginia-based investment research platform that relies on AI. It says the biz booked pay-per-click ads on the discussion site starting September 2022... That arrangement called for Reddit to use reasonable means to ensure that LevelField's ads were delivered to and clicked on by actual people rather than bots and the like. But according to the complaint, Reddit broke that contract...

LevelFields argues that Reddit is in a particularly good position to track click fraud because it's serving ads on its own site, as opposed to third-party properties where it may have less visibility into network traffic... Nonetheless, LevelFields's effort to obtain IP address data to verify the ads it was billed for went unfulfilled. The social media site "provided click logs without IP addresses," the complaint says. "Reddit represented that it was not able to provide IP addresses."
"The plaintiffs aspire to have their claim certified as a class action," the article adds — along with an interesting statistic.

"According to Juniper Research, 22 percent of ad spending last year was lost to click fraud, amounting to $84 billion."

The Royal Institution of Australia is a national non-profit hub for science communication, publishing the science magazine Cosmos four times a year.

This month they argued that small modular nuclear reactors "don't add up as a viable energy source." Proponents assert that SMRs would cost less to build and thus be more affordable. However, when evaluated on the basis of cost per unit of power capacity, SMRs will actually be more expensive than large reactors. This 'diseconomy of scale' was demonstrated by the now-terminated proposal to build six NuScale Power SMRs (77 megawatts each) in Idaho in the United States. The final cost estimate of the project per megawatt was around 250 percent more than the initial per megawatt cost for the 2,200 megawatts Vogtle nuclear power plant being built in Georgia, US. Previous small reactors built in various parts of America also shut down because they were uneconomical.
The cost was four to six times the cost of the same electricity from wind and solar photovoltaic plants, according to estimates from the Australian Commonwealth Scientific and Industrial Research Organisation and the Australian Energy Market Operator. "The money invested in nuclear energy would save far more carbon dioxide if it were instead invested in renewables," the article agues: Small reactors also raise all of the usual concerns associated with nuclear power, including the risk of severe accidents, the linkage to nuclear weapons proliferation, and the production of radioactive waste that has no demonstrated solution because of technical and social challenges. One 2022 study calculated that various radioactive waste streams from SMRs would be larger than the corresponding waste streams from existing light water reactors...

Nuclear energy itself has been declining in importance as a source of power: the fraction of the world's electricity supplied by nuclear reactors has declined from a maximum of 17.5 percent in 1996 down to 9.2 percent in 2022. All indications suggest that the trend will continue if not accelerate. The decline in the global share of nuclear power is driven by poor economics: generating power with nuclear reactors is costly compared to other low-carbon, renewable sources of energy and the difference between these costs is widening.
Thanks to Slashdot reader ZipNada for sharing the article.

The head of the world's biggest advertising group was the target of an elaborate deepfake scam that involved an AI voice clone. From a report: The CEO of WPP, Mark Read, detailed the attempted fraud in a recent email to leadership, warning others at the company to look out for calls claiming to be from top executives. Fraudsters created a WhatsApp account with a publicly available image of Read and used it to set up a Microsoft Teams meeting that appeared to be with him and another senior WPP executive, according to the email obtained by the Guardian.

During the meeting, the impostors deployed a voice clone of the executive as well as YouTube footage of them. The scammers impersonated Read off-camera using the meeting's chat window. The scam, which was unsuccessful, targeted an "agency leader," asking them to set up a new business in an attempt to solicit money and personal details. "Fortunately the attackers were not successful," Read wrote in the email. "We all need to be vigilant to the techniques that go beyond emails to take advantage of virtual meetings, AI and deepfakes."

An anonymous reader shares a report: Disney Plus, Hulu, and Max are teaming up for a new bundle this summer, Netflix is focused on the WWE and celebrity boxing, Disney Plus is getting ESPN, and Bloomberg reported earlier this week that Max could get a price hike. A familiar refrain emerged around all this news: streaming is becoming cable TV all over again and getting crummier in the process.

And it's true! When streaming first emerged, it was a beautiful alternative to piracy, which was very convenient and very illegal, and cable, which was festooned with ads and weighed down by channels you were paying for and didn't want. Streaming gave you a world of content on demand for a fraction of the cost of cable. But that experience was never sustainable. Content costs money to make, and companies are apparently obligated to "increase revenue" and "make profit." This means Netflix spending billions of dollars a year on content isn't necessarily sustainable unless it's adding new users and monetizing them through some combination of ads and increasing subscription fees for stuff that used to be free, like sharing an account or streaming in 4K.

A new national survey (PDF) from CNBC/Generation Lab of 1,033 people aged 18 to 34 found that an overwhelming 81% of respondents believe a four-day workweek would boost their company's productivity, while 19% said productivity would decline. CNBC reports: Those results from the "Youth & Money in the USA" survey come amid discussions around the potential benefits of switching from the standard five-day U.S. workweek to a four-day cadence without a pay cut. Some companies have begun testing the arrangement, and say it has mitigated employee burnout and strengthened business performance. Exos, a U.S. coaching company that trains top athletes and leads corporate wellness programs, recently reported results from the first six months of an ongoing four-day workweek experiment. The company said the shortened workweek increased efficiency along with revenue and retention.

Although respondents to the CNBC/Generation Lab survey largely agreed on workweek length, they were less unified when asked about work setting. A 60% majority said they do their best work in the office, while the other 40% said they do so at home. Further reading: 32-Hour Workweek for America Proposed by Senator Bernie Sanders

An anonymous reader quotes a report from MSN: The US has revoked licenses allowing Huawei to buy semiconductors from Qualcomm and Intel, according to people familiar with the matter, further tightening export restrictions against the Chinese telecom equipment maker. Withdrawal of the licenses affects US sales of chips for use in Huawei phones and laptops, according to the people, who discussed the move on condition of anonymity. House Foreign Affairs Committee Chairman Michael McCaul confirmed the administration's decision in an interview Tuesday. He said the move is key to preventing China from developing advanced AI. "It's blocking any chips sold to Huawei," said McCaul, a Texas Republican who was briefed about the license decisions for Intel and Qualcomm. "Those are two companies we've always worried about being a little too close to China."

While the decision may not affect a significant volume of chips, it underscores the US government's determination to curtail China's access to a broad swathe of semiconductor technology. Officials are also considering sanctions against six Chinese firms that they suspect could supply chips to Huawei, which has been on a US trade restrictions list since 2019. [...] Qualcomm recently said that its business with Huawei is already limited and will soon shrink to nothing. It has been allowed to supply the Chinese company with chips that provide older 4G network connections. It's prohibited from selling ones that allow more advanced 5G access.

An anonymous reader shares a report: According to data analyzed by Morgan Stanley and Pitchbook, the number of active venture capital firms worldwide surged from 2014 levels, more than doubling by 2021, before sharply contracting to below 2014 figures in a stunning reversal.

Lawyers for the defunct cryptocurrency exchange FTX said customers would receive all the money they lost when the firm collapsed in 2022 and receive interest on top of it. "But the recoveries come with a caveat," reports the New York Times. "The amount owed to customers was calculated based on the value of their holdings at the time of FTX's bankruptcy in November 2022. That means customers won't reap the benefits of a recent surge in the crypto market that sent the price of Bitcoin to a record high." From the report: The announcement was a landmark in the attempt to recover the $8 billion in customer assets that disappeared when FTX imploded virtually overnight, setting off a crisis in the crypto industry. Under a plan filed in federal bankruptcy court in Delaware, virtually all FTX's creditors, including hundreds of thousands of ordinary investors who used the exchange to buy and sell cryptocurrencies, would receive cash payments equivalent to 118 percent of the assets they had stored on FTX, the lawyers said. Those payments would flow from a pool of assets that FTX's lawyers have pulled together in the 17 months since the exchange collapsed, the lawyers said. [...] It will take months for the payouts to begin. The plan must be approved by the federal judge overseeing FTX's bankruptcy, John T. Dorsey.

An anonymous reader quotes a report from TechCrunch: CoreWeave, the GPU infrastructure provider that began life as a cryptocurrency mining operation, this week raised $1.1 billion in new funding from investors, including Coatue, Fidelity and Altimeter Capital. The round brings its valuation to $19 billion post-money and its total raised to $5 billion in debt and equity -- a remarkable figure for a company that's less than 10 years old. It's not just CoreWeave. Lambda Labs, which also offers an array of cloud-hosted GPU instances, in early April secured a "special purpose financing vehicle" of up to $500 million, months after closing a $320 million Series C round. The nonprofit Voltage Park, backed by crypto billionaire Jed McCaleb, last October announced that it's investing $500 million in GPU-backed data centers. And Together AI, a cloud GPU host that also conducts generative AI research, in March landed $106 million in a Salesforce-led round.

So why all the enthusiasm for -- and cash pouring into -- the alternative cloud space? The answer, as you might expect, is generative AI. As the generative AI boom times continue, so does the demand for the hardware to run and train generative AI models at scale. GPUs, architecturally, are the logical choice for training, fine-tuning and running models because they contain thousands of cores that can work in parallel to perform the linear algebra equations that make up generative models. But installing GPUs is expensive. So most devs and organizations turn to the cloud instead. Incumbents in the cloud computing space -- Amazon Web Services (AWS), Google Cloud and Microsoft Azure -- offer no shortage of GPU and specialty hardware instances optimized for generative AI workloads. But for at least some models and projects, alternative clouds can end up being cheaper -- and delivering better availability.

On CoreWeave, renting an Nvidia A100 40GB -- one popular choice for model training and inferencing -- costs $2.39 per hour, which works out to $1,200 per month. On Azure, the same GPU costs $3.40 per hour, or $2,482 per month; on Google Cloud, it's $3.67 per hour, or $2,682 per month. Given generative AI workloads are usually performed on clusters of GPUs, the cost deltas quickly grow. "Companies like CoreWeave participate in a market we call specialty 'GPU as a service' cloud providers," Sid Nag, VP of cloud services and technologies at Gartner, told TechCrunch. "Given the high demand for GPUs, they offers an alternate to the hyperscalers, where they've taken Nvidia GPUs and provided another route to market and access to those GPUs." Nag points out that even some Big Tech firms have begun to lean on alternative cloud providers as they run up against compute capacity challenges. Microsoft signed a multi-billion-dollar deal with CoreWeave last June to help provide enough power to train OpenAI's generative AI models.

"Nvidia, the furnisher of the bulk of CoreWeave's chips, sees this as a desirable trend, perhaps for leverage reasons; it's said to have given some alternative cloud providers preferential access to its GPUs," reports TechCrunch.

More than 90% of stablecoin transaction volumes aren't coming from genuine users, according to a new metric co-developed by Visa, suggesting such crypto tokens may be far away from becoming a commonly used means of payment. Bloomberg: The dashboard from Visa and Allium Labs is designed to strip out transactions initiated by bots and large-scale traders to isolate those made by real people. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from "organic payments activity," according to Visa.

Visa's finding challenges stablecoin proponents' argument that the tokens, pegged to an asset like the dollar, are poised to revolutionize the $150 trillion payments industry. PayPal and Stripe are among the fintech giants making inroads into stablecoins, with Stripe co-founder John Collison in April citing "technical improvements" for being bullish on the tokens. [...] Visa itself, which handled more than $12 trillion worth of transactions last year, is among companies that could stand to lose out should stablecoins become a generally accepted means of payment.

Wednesday Rest of World noticed an overlooked tech story in Argentina: Olga de León looked confused as she walked out of a nightclub on the edge of Buenos Aires on a recent Tuesday afternoon. She had just had her iris scanned. "No one told me what they'll do with my eye," de León, 57, told Rest of World. "But I did this out of need." De León, who lives off the $95 pension she receives from the state, had been desperate for money. Persuaded by her nephew, she agreed to have one of her irises scanned by Worldcoin, Sam Altman's blockchain project. In exchange, she received nearly $50 worth of WLD, the company's cryptocurrency.

De León is one of about half a million Argentines who have handed their biometric data over to Worldcoin. Beaten down by the country's 288% inflation rate and growing unemployment, they have flocked to Worldcoin Orb verification hubs, eager to get the sign-up crypto bonus offered by the company. A network of intermediaries — who earn a commission from every iris scan — has lured many into signing up for the practice in Argentina, where data privacy laws remain weak. But as the popularity of Worldcoin skyrockets in the country, experts have sounded the alarm about the dangers of giving away biometric data. Two provinces are now pushing for legal investigations. "Seeing that [iris scans have] been banned in European countries, shouldn't we be trying to stop it, too?" Javier Smaldone, a software consultant and digital security expert, told Rest of World.
Last month Worldcoin's web site announced that more than 10 million people in 160 countries had created a World ID and compatible wallet (performing 75 million transactions) — and that 5,195,475 people had also verified their World ID using Worldcoin's iris-scanning Orb.

But the article notes a big drop in the number of countries even allowing Worldcoin's iris-scanning — from 25 to just eight. While in less than a year Worldcoin opened nearly 60 centers across Argentina...

A "string of legal victories" by America's market-regulating Securities and Exchange Commission "has jolted some of crypto's biggest players," reports Politico — even as they're seeking more credibility with U.S. lawmakers: Judges have recently rebuked claims that the SEC lacks authority to police the market. Coinbase, the largest U.S. exchange, lost a bid to throw out charges that it is violating investor-protection rules. And a New York jury found one-time billionaire entrepreneur Do Kwon and his firm liable for fraud. Now, the crackdown is about to expand, with the SEC preparing for a new round of lawsuits. "The SEC just keeps winning," said John Reed Stark, a former agency attorney and prominent crypto critic. "The law is catching up...."

[I]t's the SEC crackdown that is raising foundational questions about crypto's future. [SEC Chairman Gary] Gensler has been among the industry's most implacable foes, saying most crypto tokens are unregistered securities that are being sold illegally and blasting the industry as "rife with fraud, scams, bankruptcies and money laundering." His opposition has been so unwavering that many in the industry are holding out hope that he leaves the agency after the November elections...

[T]he SEC's enforcement sweep appears to be on the brink of spreading across the crypto world. Consensys is facing potential charges from the agency, according to the company's lawsuit. And the SEC recently warned Uniswap Labs, a decentralized finance company that created one of the world's largest DeFi exchanges, that staff was preparing to sue.

Uniswap executives have vowed to fight the agency in court.

Last month Reuters reported that Venezuela's state-run oil company "plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said." [The oil company] since last year had been slowly moving oil sales to USDT, a digital currency also known as Tether whose value is pegged to the U.S. dollar and designed to maintain a stable value. The return of oil sanctions is speeding up the shift, a move to reduce the risk of sale proceeds getting frozen in foreign bank accounts due to the measures, the people said...

Tether said in an email it respects the U.S. Treasury's list of sanctioned entities and "is committed to working to ensure sanction addresses are frozen promptly."
This week Reuters reported that now experts are saying the situation "will require greater scrutiny by regulators and law enforcement." They spoke to Kristofer Doucett, national security leader at U.S. blockchain analysis firm Chainalysis, who said "Structures must be set up to combat this type of money laundering." Reuters writes: Technology for digital transactions is changing fast and transactions are rapidly growing in developing regions including Latin America and Africa benefiting people without access to the banking system. But some corrupt governments are moving faster, making it difficult to prevent fraud, the experts said. Doucette and Sigal Mandelker, a lawyer who previously worked at the U.S. Treasury Department, said during a conference organized by the Wilson Center in Washington that the U.S. administration is making efforts to increase regulation and encourage other countries to improve supervision.
Slashdot reader RossCWilliams asks a loaded question. Whether this is "the beginning of the end of unregulated cryptocurrencies... the recognition of cryptocurrency as a national security threat that threatens international financial controls."

Apple reported fiscal second-quarter earnings that topped estimates, despite a 10% drop in iPhone sales. The company also announced that its board had authorized $110 billion in share repurchases, "a 22% increase over last year's $90 billion authorization," notes CNBC. "It's the largest buyback in history, ahead of Apple's previous repurchases." From the report: Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC's Steve Kovach that overall sales would grow in the "low single digits" during the June quarter. Apple posted $81.8 billion in revenue during the year-ago June quarter and LSEG analysts were looking for a forecast of $83.23 billion. On an earnings call with analysts, Apple finance chief Luca Maestri said the company expected the current quarter will deliver double-digit year-over-year percentage growth in iPad sales. What's more, he said the Services division is forecast to continue growing at about the current high rate it's achieved during the past two quarters.

Apple reported net income of $23.64 billion, or $1.53 per share, down 2% from $24.16 billion, or $1.52 per share, in the year-earlier period. Cook told CNBC that sales in the fiscal second quarter suffered from a difficult comparison to the year-earlier period, when the company realized $5 billion in delayed iPhone 14 sales from Covid-based supply issues. "If you remove that $5 billion from last year's results, we would have grown this quarter on a year-over-year basis," Cook said. "And so that's how we look at it internally from how the company is performing."

Apple said iPhone sales fell nearly 10% to $45.96 billion, suggesting weak demand for the current generation of smartphones, which were released in September. The sales were in line with analyst estimates, and Cook said that without last year's increased sales, iPhone revenue would have been flat. Mac sales were up 4% to $7.45 billion, but they are still below the segment's high-water mark set in 2022. Cook said sales were driven by the company's new MacBook Air models which were released with an upgraded M3 chip in March. Other Products, which is how Apple reports sales of its Apple Watch and AirPods headphones, was down 10% year over year to $7.9 billion.

Several users on Reddit have noticed that Spotify has started hiding song lyrics behind a paywall. "This means you won't be able to sing along unless you know the lyrics already, or are willing to look them up in another app," reports Android Police. From the report: Still, you lose the convenience of real-time sync with the track and automatic scrolling. Like skips per hour, it appears Spotify will implement a limit system and accessing lyrics will count against the user's limit, which should ideally reset after a stipulated time.

Spotify usually requests lyrics from songwriters, publishers, and independent artists. However, in most other cases, the company has a working relationship with MusixMatch to provide lyrics, and perhaps Spotify isn't willing to absorb the costs of this partnership. That would explain why lyrics are now paywalled, but as a free-tier user, such changes are chipping away at the service's appeal.

Sony Pictures Entertainment and Apollo Global Management have made a bid to acquire Paramount for $26 billion and take it private. Variety reports: Sony and private-equity giant Apollo submitted a letter with the non-binding offer Wednesday to Paramount Global, as first reported by the Wall Street Journal. The bid, which would include the assumption of debt and could be negotiated, would be a premium over the company's current $22 billion enterprise value. Shares of Paramount Global jumped 13% on news of the offer from Apollo and Sony Entertainment, closing at $13.86 per share Thursday.

It's not clear how Paramount's board will proceed on the Sony-Apollo proposal, having rejected previous overtures from the private-equity firm. The company has an exclusive negotiating window with Skydance that ends Friday (May 3), but discussions among the parties could extend beyond that. If it happens, the combination of Sony Pictures with Paramount Pictures would likely result in mass layoffs -- and knock the number of major Hollywood studios from five to four, after Disney took over 20th Century. Sony Corp., which acquired Columbia Pictures in 1990 for $3.5 billion, is the largest studio operator in the industry that does not have a broad-scale direct-to-consumer streaming play.

Under the proposed bid with Apollo, Sony would be the majority owner of the combined company. Sony Corp. would merge Sony Pictures Entertainment into a joint venture with Paramount Global. Sony and Apollo would both contribute cash to finance the deal. What's unclear is what would happen to the 28 local TV stations CBS owns; FCC rules bar foreign entities (i.e. Tokyo-based Sony) from having majority ownership control of broadcast TV stations, so Sony would need to carve out a separate U.S. ownership structure for the station group.

In the Skydance scenario, Redstone would sell her stake in National Amusements, which holds 77% of the voting shares in Paramount Global, to Skydance, whereupon Skydance would merge with Paramount Global in an all-stock deal that would value Skydance at roughly $5 billion. Paramount Global would remain a publicly traded company. Redstone would receive up to $2 billion from the Skydance-NAI transaction; in addition, Skydance would pay a premium for Paramount Global shares and pay $3 billion to the company to help pay down debt. Ellison would serve as CEO of the merged Paramount-Skydance, while Jeff Shell, the former NBCUniversal CEO who is chairman of sports and media at RedBird and works under founder and managing partner Gerry Cardinale, would take on a key management role.

An anonymous reader quotes a report from Ars Technica: The Federal Communications Commission chair today made a final plea to Congress, asking for money to continue a broadband-affordability program that gave out its last round of $30 discounts to people with low incomes in April. The Affordable Connectivity Program (ACP) has lowered monthly Internet bills for people who qualify for benefits, but Congress allowed funding to run out. People may receive up to $14 in May if their ISP opted into offering a partial discount during the program's final month. After that there will be no financial help for the 23 million households enrolled in the program.

"Additional funding from Congress is the only near-term solution for keeping the ACP going," FCC Chairwoman Jessica Rosenworcel wrote in a letter to members of Congress today. "If additional funding is not promptly appropriated, the one in six households nationwide that rely on this program will face rising bills and increasing disconnection. In fact, according to our survey of ACP beneficiaries, 77 percent of participating households report that losing this benefit would disrupt their service by making them change their plan or lead to them dropping Internet service entirely." The ACP started with $14.2 billion allocated by Congress in late 2021. The $30 monthly ACP benefit replaced the previous $50 monthly subsidy from the Emergency Broadband Benefit Program.

Roblox announced it'll be rolling out virtual billboards with video advertisements that will be displayed in its virtual worlds. Reuters reports: Users will now see billboards featuring content from brands such as e.l.f beauty, Walmart and Warner Bros Discovery, just as they would in real life. That would give advertisers access to Roblox's nearly 72 million daily active users -- half of whom are Gen-Z customers, a population group prized by marketers and businesses.

The company in November began testing the video ads -- that will be served to users who are 13 years and older -- as part of its efforts to reduce reliance on revenue generated from its in-game currency "Robux", which players can use to buy outfits, vehicles and other features inside the company's digital worlds. It charges a fee on all purchases done on its platform, which hosts millions of videogames that are built by its users -- who get a share of any related revenue.

That practice will extend to the ads, with creators of the virtual worlds who opt to show the billboards getting a portion of the revenue Roblox makes from them. Roblox is hoping its large Gen-Z user base will give it an edge in the competitive ad market, where it would have to wrestle for marketing dollars with tech giants such as Google and Meta and smaller players such as Snap.