"Asian stocks rallied Monday while oil prices tumbled," reports CNBC, "after the U.S. and Iran agreed to a peace deal aimed at ending nearly four months of conflict..." The strongest reaction was seen in energy markets. U.S. crude oil futures for July delivery were down 4.77% to $80.83 per barrel by 8:27 p.m. ET. Brent futures, the international benchmark, for August delivery traded about 4% lower to $83.77 per barrel. Asian equities surged. South Korea's Kospi jumped 5.1%, Japan's Nikkei 225 climbed 3.6%, and the broader Topix advanced 2.6%... The U.S. dollar index weakened 0.32% to 99.483, while the yield on the benchmark 10-year Treasury note fell 5 basis points to 4.423%, suggesting that investors were dialing back inflation concerns on easing energy prices. "The most immediate implication is a repricing of the inflation risk premium that markets have been carrying since the Strait closed," said Billy Leung, investment strategist at Global X ETFs...

Besides safe-haven Treasurys, gold also rose. "Gold is the interesting outlier here," Leung said. "In a clean risk-on trade, gold should be selling off as the geopolitical premium unwinds, but it is holding bid around $4,300, which tells you the market is not fully trusting the deal yet." Spot gold prices were up almost 2% at $4,302.19 per ounce. That skepticism reflects lingering uncertainty around the agreement, which remains unsigned and subject to implementation risks. [Josh Gilbert, lead Asia Pacific analyst at trading platform eToro] cautioned that "the deal isn't actually signed until June 19th, the details are still thin, and this conflict has shown more than once that headlines can turn on a dime."

Analysts at Commonwealth Bank of Australia also stressed that the oil outlook hinges on how quickly shipping and production can normalize. Vivek Dhar, head of commodities and sustainability research at CBA, expects Brent to fall to around $80 a barrel by year-end, assuming the Strait remains open and exports recover. However, he warned that damage to refining infrastructure, the presence of sea mines and uncertainty over tanker traffic could slow the return to normal operations. Even so, he said markets are likely to take comfort from the prospect that oil flows need only recover to around 60%-70% of pre-war levels to restore expectations of a global supply surplus.

For investors, the biggest implication will likely be what cheaper energy means for inflation and central banks. Lower oil prices ease pressure on households and businesses while reducing the risk of a broader inflation resurgence just as major central banks enter a busy week of policy meetings.
UPDATE: "A US official is rejecting Iran's assertion that it will receive billions of dollars in frozen funds before a planned 60-day negotiating period begins following Friday's signing of an agreement," reports CNN: The pushback came after Iran's deputy foreign minister, Kazem Gharibabadi, said the next phase of talks would depend on Washington first fulfilling several obligations, including releasing Iranian funds frozen abroad. The differing accounts underscore a significant gap between how the United States and Iran are describing what must happen before the next round of negotiations can move forward.

UK's Members of Parliament (MP) were "looking for proof that smartphones and social media are rotting children's brains," writes The Register — but they got "a less satisfying answer from neuroscientists on Wednesday: nobody can really prove it." Appearing before the Science, Innovation and Technology Committee this week, three researchers spent much of the session explaining that concern and evidence are not quite the same thing. Asked what evidence exists on the impact of digital devices on infants and young children, Professor Denis Mareschal, director of the Centre for Brain and Cognitive Development at Birkbeck, replied: "There is very little, if any, causal research in the early years. Almost everything is correlational."

MPs kept coming back to the question — and the experts kept coming back to the same answer. When questioned about social media's impact on adolescents, Professor Sarah-Jayne Blakemore of the University of Cambridge was equally cautious. "What evidence do we have of the impact of digital devices or social media on the adolescent brain?" she asked. "Almost nothing. There are a few small studies, but they haven't been replicated, and they're purely correlational...."

MPs also wanted to know whether neuroscience could settle one of the liveliest arguments in the debate: how old a child should be before they're allowed onto social media. "What neuroscience can't do is pinpoint a precise age," Blakemore said. "The individual differences in brain development are vast...." If there was a takeaway from the hearing, it was that concern about digital childhood is running well ahead of the evidence needed to settle the argument.

The Sunday Times reports: A criminal investigation has begun after a police officer allegedly used AI to create evidential material in a "number of cases". Derbyshire Constabulary said an officer was being investigated over an allegation of suspected perverting the course of justice. The Crown Prosecution Service (CPS) confirmed it was engaging with defence lawyers and the courts over potentially affected cases...

It is the first known allegation of AI misuse by police in a criminal case in the UK, but it follows an incident last year in which West Midlands police relied on AI-generated material that fabricated a match involving Maccabi Tel Aviv. The material was used in intelligence supporting a proposed ban on away fans at the club's match against Aston Villa.

A few weeks ago on a bike ride "inspiration struck" for Dave Eggers, reports SFGate... Without a pen and paper handy, he was stuck texting the idea to himself. The problem? Eggers doesn't own a smartphone. "It takes 20 minutes to write a sentence," Eggers said... It's a funny predicament for Eggers, given that he's arguably the city's biggest proponent of the written word... Now age 56, Eggers' latest book is called "Contrapposto"...

On writing days, Eggers bikes to his sailboat docked near the Golden Gate Bridge. He writes using a hefty 1998 Mac that has never been connected to the internet. On the boat, he keeps "banker's hours," working 9 to 5 without any meetings or interruptions except for the occasional wildlife visit. "You're there with the cormorants and the occasional porpoise and sea lions and seals, and when you want to take a break, you walk around and you're in the thick of it, one of the most beautiful spots on Earth," he said. "Especially coming from the Midwest, it never gets old."

Given Eggers' decidedly low-tech existence, it's not surprising that the current state of San Francisco gives him pause, but there's a streak of hope that underlies his concerns. He abhors the growing surveillance technology that's gripping the city, refusing to get into Ubers that use recording devices, but he feels a well-written ballot measure about Flock cameras could potentially save our dwindling privacy. ChatGPT's effects on the art of writing are demoralizing, but he welcomes that teachers are re-embracing pencil and paper, with cursive making a big comeback. The wave of artificial intelligence ads blanketing bus stops imploring companies to stop hiring humans are so over the top, they'd sound cliché if he were to include them in one of his dystopian tech industry novels like "The Circle" or "The Every," but tech philanthropy has helped many of his projects flourish.

Case in point, Art + Water, a new art space scheduled to open next year on Pier 29 funded largely by art world donations... Co-founded with the artist JD Beltran, the space is slated to operate as an old-school apprenticeship system, hosting 10 artists in residence mentoring 20 students, all free of charge... The ultimate goal is to break down the financial barriers that keep students from pursuing art.
Thanks to Slashdot reader destinyland for sharing the article.

The Wall Street Journal reports: The Trump administration's decision to halt all foreign use of Anthropic's most capable AI models was prompted by conversations between Amazon Chief Executive Andy Jassy and U.S. officials including Treasury Secretary Scott Bessent, people familiar with the matter said.

Researchers at Amazon had used a series of prompts to get Anthropic's Fable 5 model to provide them with information that could be used to aid cyberattacks and was supposed to be off limits, Jassy told the officials, according to people familiar with the matter. Tech industry executives have been in regular touch with the administration about the power of cutting-edge AI tools. Shortly afterward, White House officials held a meeting to discuss how to respond and security researchers began testing Amazon's claims. The officials asked Anthropic to fix the vulnerabilities or take down the model, according to administration officials. The officials decided that the most direct way to address that risk was by preventing foreign governments, companies and individuals from accessing the tool, the people said. President Trump later signed off on the action despite reservations about it hindering innovation, a senior White House official said.

The administration had long felt that Anthropic, one of the leaders in America's AI race, couldn't be trusted to manage the security risks its new model presented. Friday's call between some administration officials and Anthropic Chief Executive Dario Amodei reinforced that feeling, the people said...

Anthropic has said that the vulnerabilities like those flagged by Amazon are relatively basic. The company has said that other publicly available models are capable of discovering them and that they don't represent a full so-called jailbreak, a point of view shared by some security researchers familiar with Amazon's research.
The article points out that Amazon is "a big investor in Anthropic, supply Anthropic with chips for data centers.

This month saw the release of Vim Classic 8.3, the first stable version of a new long-term support fork of Vim maintained without generative AI tools. Linuxiac reports: The release is based on Vim 8.2.0148 and includes selected bug fixes and patches backported from later upstream Vim releases. Vim Classic was first announced by [SourceHut's CEO/founder] Drew DeVault in March 2026 after he objected to LLM-assisted development in Vim and Neovim. In his announcement, DeVault said he no longer wanted to use software developed with LLM assistance and introduced Vim Classic as a fork for users who want to continue using Vim without that involvement... Vim Classic follows Vim's charityware model and continues to direct users toward Bram Moolenaar's long-running support for children in Uganda. The release is distributed as a signed source tarball from SourceHut, while future important announcements are expected through the project's mailing list.
"Vim is important to me..." DeVault wrote in March. (DeVault even tattooed "hjkl" on his right arm.) "[A]lmost every word I have ever committed to posterity, through this blog, in my code, all of the docs I've written, emails I've sent, and more, almost all of it has passed through Vim."

But DeVault wrote that he also cares about AI's impact on air pollution, fresh water supplies, global supply chains, and the working conditions of miners in African companies: And at a moment when the climate demands immediate action to reduce our footprint on this planet, the AI boom is driving data centers to consume a full 1.5% of the world's total energy production in order to eliminate jobs and replace them with a robot that lies... All this to enrich the few, centralize power, reduce competition, and underwrite an enormous bubble that, once it bursts, will ruin the lives of millions of the world's poor and marginalized classes.

I don't think it's cute that someone vibe coded "battleship" in VimScript. I think it's more important that we stop collectively pretending that we don't understand how awful all of this is. I don't want to use software which has slop in it. I do what I can to avoid it, and sadly even Vim now comes under scrutiny in that effort as both Vim and NeoVim are relying on LLMs to develop the software... To keep my conscience clear, and continue to enjoy the relationship I have with this amazing piece of software, I have forked Vim...

Since forking from this base, I have backported a handful of patches, most of which address CVEs discovered after this release, but others which address minor bug fixes. I also penned a handful of original patches which bring the codebase from this time up to snuff for building it on newer toolchains...

I invite you to use Vim Classic, if you feel the same way as me, and to maintain it with me, contributing the patches you need to support your own use cases.

"A coalition of state attorneys general has opened an investigation into OpenAI," reports the Wall Street Journal, citing "people familiar with the matter." OpenAI was served Friday with a subpoena seeking documents related to a broad range of its activities and impact on users, including advertising, user engagement and retention, handling of consumer data and health data, activities related to minors and seniors, deep learning models, model sycophancy and company policies, some of the people said. The subpoena, viewed by The Wall Street Journal, was sent by New York's attorney general....

Earlier this month, Florida became the first state to file a lawsuit against OpenAI and its chief executive, Sam Altman. The lawsuit claims OpenAI and Altman knowingly released an unsafe product and ignored warnings that it could harm users. Florida's Attorney General, James Uthmeier, opened a criminal investigation into OpenAI in April over the role its chatbot played in a mass shooting that killed two people at Florida State University last year. The suspect allegedly turned to ChatGPT as a confidant and sounding board to plan the attack, and the chatbot dispensed advice for his questions...

State attorneys general have been scrutinizing OpenAI's competitors in the AI industry as well. In December, a coalition of 42 state attorneys general led by Pennsylvania's Dave Sunday sent a letter to companies including OpenAI, Meta, Anthropic, Google and xAI. In the letter, the Attorneys General demanded safeguards to protect vulnerable users from harmful interactions with chatbots, warning that "developers may be held accountable for the outputs of their GenAI products" for "encouraging an individual to commit a criminal act."
"We take the concerns raised by state attorneys general seriously," OpenAI told the Journal in a statement, "and intend to engage constructively with their offices."

The article also acknowledges that The Wall Street Journal's parent company "has a content-licensing partnership with OpenAI."

It's the 10-year anniversary of Britain's "Brexit" vote withdrawing from the European Union. But a new UK poll "shows that a new Brexit referendum would reverse the vote that led to Britain's departure," reports Bloomberg: Fifty-two percent of Britons think the UK should rejoin the EU, according to an Ipsos survey of 1,137 British adults conducted between May 14 and May 20. That's the inverse of the mood in June 2016 when a comparable share of the electorate backed Brexit... Younger voters overwhelmingly favor reversing Brexit, whereas half of those ages 55 and above oppose returning to the bloc.
"The number of people who say Brexit is going worse than they had predicted has almost doubled in the past five years," reports The Independent, " from 27% in 2021 to 48% today — more than those saying it was going as well as or better than expected." [T]here is more backing for a second referendum, with 48 per cent now saying they would support one, against 27 per cent who would oppose it. Even a fifth of Reform UK voters and a quarter of those who voted Leave in 2016 would back a second vote, the study found.
Tufts University discussed the last 10 years with the European Studies chair at their international relations graduate school: Q: Have their fears of negative financial effects been realized?

A: The figures are quite revealing: The British GDP has been reduced by 6-8%, business investment has been reduced by 12%, and trade volume has been reduced by 15%, compared to what it could have been if the U.K. had remained in the EU...

Q: What do you think happens next?

A: The United Kingdom made a choice and they might have the opportunity, at some point, to revise this choice. I hope that when they have to decide again, they will be much more informed.

It's the U.S. law that allows wiretaps without a warrant for surveilling foreign targets. And the U.S. Congress just let it lapse. Sort of. NPR reports: Each year, the provision is used by American intelligence agencies to collect the electronic communications of hundreds of thousands of foreigners located outside of the United States. The government says that more than 60% of the president's daily intelligence briefing relies on information collected under the authority. The tool officially lapsed at the end of the day on Friday. What happens now?

Intelligence collection under FISA's Section 702 is authorized annually by a federal court — and the law allows for that collection to continue for the duration of the court's authorization, even if the law lapses before the court's next approval. That means companies — electronic communications service providers, in this context — will still be legally required to turn over material to intelligence agencies.

Still, some lawmakers worry that the companies compelled to turn over communications may attempt to challenge the law in court, possibly leading to an indeterminately long window during which they stop providing intel. Advocates on all sides of the surveillance fight believe those challenges are ultimately likely to fail, but those closely linked to the intelligence community emphasize that even a small pause comes with risks ahead of major events like America's 250th celebration and the World Cup.

UPDATE: Amazon CEO's Talks With U.S. Officials Triggered Crackdown on Anthropic Models.

"Anthropic said on Friday it will 'abruptly disable' its most advanced AI models for all users," reports Reuters, "after the U.S. government ordered it to suspend access to the models for foreign nationals, citing national security concerns. The company received the export control directive to suspend access to Fable 5 and Mythos 5 for all foreign nationals, without being given specific details of its national security concern, Anthropic said in a statement."

Anthropic's blog post writes that the directive applies to foreign nationals "whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance."

"Access to all other Anthropic models will not be affected." We received the directive from the government today at 5:21pm (ET)... Our understanding is that the government believes it has become aware of a method of bypassing, or "jailbreaking" Fable 5... We have not even received a disclosure of a concerning non-universal potential jailbreak that led to a harmful result. The potential jailbreaks that have been disclosed to us are either entirely benign responses or are minor findings that provide no Mythos-specific uplift.

To date, the government has only given us verbal evidence of a potential narrow, non-universal jailbreak, which essentially consists of asking the model to read a specific codebase and fix any software flaws. Our understanding is that one potential jailbreak was shared with the government. We have reviewed a report that we believe is the basis of the government's directive and validated that the level of capability displayed there is widely available from other models (including OpenAI's GPT-5.5), and is used every day by the defenders who keep systems safe... We are complying with the government's legal directive and are removing access to Fable 5 and Mythos 5 for all users. However, we disagree that the finding of a narrow potential jailbreak should be cause for recalling a commercial model deployed to hundreds of millions of people. If this standard was applied across the industry, we believe it would essentially halt all new model deployments for all frontier model providers.

As we have stated publicly, we believe the government should have the ability to block unsafe deployments, as part of a statutory process that is transparent, fair, clear, and grounded in technical facts. This action does not adhere to those principles. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Reuters notes that Amazon's cloud unit AWS "said late on Friday that Anthropic has asked it to revoke access to the models for 'all users in all regions.'" Dean Ball, a former White House official who contributed to the AI Action Plan the administration issued in the summer of 2025, said in a post on X that the order suggests all "non-Americans" would be restricted from using Anthropic's latest models, including those based in the U.S. "This means you should expect to have to prove your citizenship to use Anthropic models," Ball said. Several key Anthropic personnel, including co-founder Chris Olah, AI researcher Andrej Karpathy and philosopher Amanda Askell, were born outside the United States.

An anonymous reader quotes a report from NBC News: The first quarter of 2026 produced the most blocked and delayed data center projects on record, according to a new study shared with NBC News. The study -- conducted by Data Center Watch, a project of the AI intelligence firm 10a Labs that tracks local data center activity -- found that data center opponents blocked or delayed at least 75 projects nationwide worth about $130 billion from January through March, the most in a three-month period since the group began tracking in 2023.

"The quarter reflected a structural shift rather than a cyclical spike: communities have internalized an opposition playbook, legislative sessions introduced formal regulatory uncertainty, and the number of active opposition groups more than doubled to 833 across 49 states," the authors wrote, noting that the total number and value of data centers blocked or delayed during the first three months of 2026 roughly matched the total for all of 2025.

[...] The report found that legislative pushes for moratoriums on constructing data centers ballooned during the first quarter of 2026, sponsored by lawmakers on both sides of the aisle. The report found such proposals introduced in 14 states from January through March, with Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y., introducing a federal version. Though none of the proposals has been signed into law, one did reach the desk of Democratic Gov. Janet Mills in Maine. She vetoed it in April.

More than 300 bills were introduced in statehouses across the country just in the first six weeks of 2026, the authors found, saying it marked "a clear shift from incentive-focused policies toward regulatory oversight as the scale of energy demands became clearer." What's more, the study found that the number of active grassroots opposition groups across the country more than doubled from 396 at the end of 2025 to 833 by March. The authors found that the states with the most opposition groups through that month were Maryland, Ohio and Texas. "In some cases," they wrote, "opposition mobilized before any project was officially filed, the mere rumor of a data center was enough to trigger organized resistance."

An anonymous reader quotes a report from Reuters: Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world's first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth and without the folksy persona that endeared other tycoons such as Warren Buffett to the masses.

While admirers view Musk's no-filter style as part of his appeal, critics have accused him of wielding oligarch-like power, raised concerns about governance at his companies and objected to his increasingly partisan political interventions. Still, SpaceX, the sprawling rocket, satellite and AI company that together with electric-car maker Tesla form the center of Musk's empire, raised a record $75 billion in its initial public offering on Thursday, highlighting investor enthusiasm for his business ventures. Prior to the share sale, Forbes pegged his net worth at roughly $780 billion, far ahead of the man next in line, Alphabet co-founder Larry Page.

"The second richest person has been hovering around $300 billion, so about less than one-third of what Musk can potentially be worth tomorrow," said Matt Durot, deputy editor at Forbes Wealth. "And only one other person, (Oracle founder) Larry Ellison, has ever been worth $400 billion." Most of Musk's wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading Friday, according to Forbes and Reuters calculations based on company filings.

Two recent studies argue that smartphones may have contributed to falling birthrates by reducing in-person social interaction, sexual frequency, and other conditions tied to unintended pregnancies. "One of the studies published in May is called 'The Collapse of Teen Fertility in the Digital Era' and the other, published just Monday, is titled 'Is the iPhone Birth Control? Causal Evidence from AT&T's 2007-2011 Carrier Monopoly,'" reports KTLA. "Both were chronicled in a New York Times piece by political writer Sabrina Tavernise on Monday." Slashdot reader sabbede submitted the story. From the report: The one from May, authored by two University of Cincinnati professors, posits that teen fertility "collapsed globally" starting around 2007 -- the same year the first iPhone was released. "Smart phones changed how teens spend time with each other ... this change in turn drove the collapse in teen fertility," the study's abstract reads. "Once enough teens are on the phone, being on the phone is where the peer network is; in-person time falls sharply, and with it the unstructured contact in which most unintended teen conceptions occur." The study claimed that countries "across the income and policy spectrum" were affected by the teen fertility drop, and that researchers used data from multiple countries, including the U.S., England and Wales, to rule out "country-specific contraceptive access and welfare reform stories." "This model predicts that the shift towards the phone-mediated equilibrium affects multiple aspects of teen behavior," the abstract continues, concluding that "the same instrument that produces a collapse in teen fertility produces a surge in teen suicides."

The study published on Monday looks more closely at the United States, explaining that nationwide general fertility rates have fallen 22% since 2007. "[This is] a sustained decline not readily explained by economic conditions, contraceptive use, housing or childcare costs, or other commonly cited factors," the National Bureau of Economic Researchers study states. "We assess the potential role of a different shock: the diffusion of the smartphone." As mentioned before, the first iPhone was rolled out in 2007, and this study makes use of that timeframe as "a natural experiment" by using data from 2007 through 2011, when iPhones were only sold on AT&T. "From June 2007 through February 2011, the device was sold only on AT&T, allowing us to identify its effect from variation in AT&T's mobile broadband coverage," the study says. "Entropy-balanced Poisson and synthetic difference-in-differences event studies imply that access to the iPhone reduced births by 4.5-8.0% at ages 15-19 and 3.2-6.6% at ages 20-24, with statistically significant but smaller declines among older cohorts. Placebo analyses applied to Verizon and Sprint's pre-2011 coverage footprint are null.

Taken together, these cohort effects imply that the diffusion of the iPhone deepened the decline in births among women under 30 while suppressing the rise in births among older women." "Overall, the diffusion of the iPhone explains 33-52% of the decline in the general fertility rate among women aged 15-44," researchers continued. "National-survey evidence on time use and sexual behavior is consistent with the iPhone reducing in-person interactions, increasing pornography use and reducing sexual frequency."

An anonymous reader quotes a report from ZDNet: If digital sovereignty is important to you, and it certainly is in the European Union (EU), then you'll be pleased to know that EuroOffice, a new open-source browser-based office suite alternative to Microsoft 365 and Google Workspace, has officially reached its first stable release. A coalition of EU-based companies, including Nextcloud, Ionos, and other Euro-Stack participants, is positioning Euro-Office as a cornerstone of European digital sovereignty. However, The Document Foundation (TDF), LibreOffice's steward, accuses the project of reinforcing Microsoft's document lock-in, which TDF argues isn't friendly to open standards.

Setting aside the open-source politics for the moment, here's what Euro-Office brings you. The release went live on June 9. It is, however, not a stand-alone office suite. As the software's backers explain in a FAQ, "Euro-Office is more of an integration component. It merely handles document editing itself. Storage, as well as navigation, permissions, and sharing logic, have to be offered by a platform it is integrated in, like Proton Docs, Nextcloud Hub, or OpenProject." So, while you can install Euro-Office on your own Linux server, you'll need to integrate it yourself. If you're not a Linux expert, however, don't give up hope. Some companies have already released packaged, ready-to-install Euro-Office stacks, including Nextcloud Hub 26 Spring, Ionos' Nextcloud Workspace, and Office.eu. These initial deployments are web-based rather than standalone desktop suites.

The goal, organizers say, is to give European organizations a way to host their office suite on EU infrastructure under EU law, while maintaining an experience familiar to Microsoft Office users. Specifically, Euro-Office is meant to be "a solution for editing documents, spreadsheets, and presentations, developed as a true sovereign community collaboration of over a dozen different organizations." TDF's main objection is that Euro-Office's decision to default to Microsoft's OOXML format undercuts its claims of European digital sovereignty, since OOXML remains closely tied to Microsoft Office behavior and control. "Compatibility is not sovereignty," TDF warned, saying a European-branded suite that saves files in OOXML by default "is de facto an ally of Microsoft in its content lock-in strategy."

Xbox CEO Asha Sharma and Chief Content Officer Matt Booty told staff that Xbox's current economics "cannot continue," citing more than $20 billion in spending over five years, declining revenue outside Activision Blizzard King, console supply constraints tied to RAMaggedon, and an overextended studio portfolio. The memo stops short of announcing layoffs, but a Bloomberg report says substantial Xbox cuts are expected after Microsoft's fiscal year ends on June 30. Engadget reports: The takeaways are pretty grim. For starters, the simple math of Xbox's revenue isn't adding up to success. "Excluding Activision Blizzard King, over the past five years, we have spent over $20 billion on ongoing investments in our content, platform, and hardware subsidy, but our annual revenue has declined nearly half a billion during that time," the execs state. "Going forward, this cannot continue." They also acknowledge the impact of RAMaggedon: "We are currently unable to make as many consoles as players want to buy, and we need a new business model and partnerships for hardware as we remain committed to Helix." (Helix, in this case, is Project Helix, the codename for Xbox's new console.)

Then there's the kicker, a renewed admission that Xbox still can't support the many studios it acquired in the late 2010s in an effort to grow its first-party game ambitions. "We have found ourselves over extended as we executed on changing strategies in a landscape of more readily available content," the pair said, noting elsewhere that with so many good games, not to mention the plethora of other forms of entertainment available, "Going forward, our competition is attention."