While stock investors have pushed AI-related shares to repeated highs this year, debt markets are telling a more cautious story as newer AI infrastructure companies find themselves paying significantly elevated interest rates to borrow money. Applied Digital, a data center builder, sold $2.35 billion of debt in November at a 9.25% coupon -- roughly 3.75% above similarly rated companies, or about 70% more in interest costs. The pattern has repeated across several deals.

Wulf Compute, a subsidiary of Bitcoin-miner-turned-data-center-operator Terawulf, raised $3.2 billion in mid-October at 7.75%, well above the 5.5% average yield for similarly rated issuers. Cipher Compute sold $1.7 billion in early November at just over 7%. CoreWeave, which rents data centers and installs computing systems for companies like OpenAI and Meta, raised $1.75 billion in July at 9%. The company's bonds have since fallen to around 90 cents on the dollar, pushing the effective yield above 12% -- nearly double the average for companies at its single-B rating level.

"We just have to be much more pessimistic and not buy into the hype," said Will Smith, a portfolio manager at AllianceBernstein. Construction delays and uncertain demand for AI computing power remain key concerns for lenders who, unlike equity investors, have no upside beyond getting their principal back.

While America's largest corporations are riding a wave of surging profits and AI-fueled stock market enthusiasm to record highs, small businesses across the country are cutting staff and scaling back operations as years of high inflation, cautious consumers and tariff confusion take their toll.

Private firms with fewer than 50 workers have steadily shed jobs over the past six months, according to payroll processor ADP, cutting 120,000 positions in November alone. Midsize and large firms continued adding jobs during the same period. The divergence mirrors what's happening among American consumers.

The Federal Reserve's latest beige book noted that overall consumer spending declined further even as higher-end retail spending remained resilient. Workers at small businesses tend to earn less than those at large companies, and stock market gains from large public company shares flow mostly to wealthier Americans. Small businesses -- those with up to 500 workers -- employ nearly half the American workforce and represent more than 40% of GDP, according to the U.S. Chamber of Commerce. But their profits are slightly lower than a year ago, per a Bank of America Institute analysis. Net income at S&P 500 companies rose 12.9% from a year earlier in the third quarter.

The Trump administration has announced it would replace the lottery programme used to grant H-1B visas for skilled foreign workers with a system that prioritises higher-paid individuals. From a report: The Department of Homeland Security said it would begin to implement a "weighted" selection process to give an advantage to higher-skilled and higher-paid applicants from February, according to a statement posted on its website. Matthew Tragesser, Citizenship and Immigration Services spokesperson, said: "The existing random selection process of H-1B registrations was exploited and abused by US employers who were primarily seeking to import foreign workers at lower wages than they would pay American workers."

The move is the latest in a broad crackdown on US immigration by President Donald Trump, who has dramatically stepped up deportations of immigrants and sent enforcement agents into cities across the country to carry out arrests. The change also follows moves earlier this year to curb the number of applicants for the H-1B visa, which is popular among technology and professional services companies, including charging an additional $100,000 fee.

Beryl Howell, a federal judge on the US District Court for the District of Columbia, late on Tuesday ruled the White House could move forward with the application charge after the US Chamber of Commerce had sued in October to block the six-figure fee.

"In the age of Spotify and AI slop, tapes remind us what we're missing when we stop taking risks," writes author Janus Rose in an article for 404 Media. Here's an excerpt: There are lots of advantages to the cassette lifestyle. Unlike vinyl records, tapes are compact and super-portable, and unlike streaming, you never have to worry about a giant company suddenly taking them away from you. They can be easily duplicated, shared, and made into mixtapes using equipment you find in a junk shop. When I was a kid, the first music I ever owned were tapes I recorded from MTV with a Kids' Fisher Price tape recorder. I had no money, so I would listen to those tapes for hours, relishing every word Kim Gordon exhaled on my bootlegged copy of Sonic Youth's "Bull in the Heather." Just like back then, my rediscovery of cassettes has led me to start listening more intentionally and deeply, devoting more and more time to each record without the compulsion to hit "skip." Most of the cassettes I bought in Tokyo had music I probably never would have found or spent time with otherwise.

Getting reacquainted with tapes made me realize how much has been lost in the streaming era. Over the past two decades, platforms like Spotify co-opted the model of peer-to-peer filesharing pioneered by Napster and BitTorrent into a fully captured ecosystem. But instead of sharing, this ecosystem was designed around screen addiction, surveillance, and instant gratification -- with corporate middlemen and big labels reaping all the profits. Streaming seeks to virtually eliminate what techies like to call "user friction," turning all creative works into a seamless and unlimited flow of data, pouring out of our devices like water from a digital faucet. Everything becomes "Content," flattened into aesthetic buckets and laser-targeted by "perfect fit" algorithms to feed our addictive impulses. Thus the act of listening to music is transformed from a practice of discovery and communication to a hyper-personalized mood board of machine-optimized "vibes."

What we now call "AI Slop" is just a novel and more cynically efficient vessel for this same process. Slop removes human beings as both author and subject, reducing us to raw impulses -- a digital lubricant for maximizing viral throughput. Whether we love or hate AI Slop is irrelevant, because human consumers are not its intended beneficiaries. In the minds of CEOs like OpenAI's Sam Altman, we're simply components in a machine built to maintain and accelerate information flows, in order to create value for an insatiably wealthy investor class. [...]

Tapes and other physical media aren't a magic miracle cure for late-stage capitalism. But they can help us slow down and remember what makes us human. Tapes make music-listening into an intentional practice that encourages us to spend time connecting with the art, instead of frantically vibe-surfing for something that suits our mood from moment-to-moment. They reject the idea that the point of discovering and listening to music is finding the optimal collection of stimuli to produce good brain chemicals. More importantly, physical media reminds us that nothing good is possible if we refuse to take risks. You might find the most mediocre indie band imaginable. Or you might discover something that changes you forever. Nothing will happen if you play it safe and outsource all of your experiences to a content machine designed to make rich people richer.

An anonymous reader quotes a report from Wired: Two years ago, Lizmary Fernandez took a detour from studying to be an immigration attorney to join a free Apple course for making iPhone apps. The Apple Developer Academy in Detroit launched as part of the company's $200 million response to the Black Lives Matter protests and aims to expand opportunities for people of color in the country's poorest big city. But Fernandez found the program's cost-of-living stipend lacking -- "A lot of us got on food stamps," she says -- and the coursework insufficient for landing a coding job. "I didn't have the experience or portfolio," says the 25-year-old, who is now a flight attendant and preparing to apply to law school. "Coding is not something I got back to."

Since 2021, the academy has welcomed over 1,700 students, a racially diverse mix with varying levels of tech literacy and financial flexibility. About 600 students, including Fernandez, have completed its 10-month course of half-days at Michigan State University, which cosponsors the Apple-branded and Apple-focused program. WIRED reviewed contracts and budgets and spoke with officials and graduates for the first in-depth examination of the nearly $30 million invested in the academy over the past four years -- almost 30 percent of which came from Michigan taxpayers and the university's regular students. As tech giants begin pouring billions of dollars into AI-related job training courses across the country, the Apple academy offers lessons on the challenges of uplifting diverse communities.

[...] The program gives out iPhones and MacBooks and spends an estimated $20,000 per student, nearly twice as much as state and local governments budget for community colleges. [...] About 70 percent of students graduate, which [Sarah Gretter, the academy leader for Michigan State] describes as higher than typical for adult education. She says the goal is for them to take "a next step," whether a job or more courses. Roughly a third of participants are under 25, and virtually all of them pursue further schooling. [...] About 71 percent of graduates from the last two years went onto full-time jobs across a variety of industries, according to academy officials. Amy J. Ko, a University of Washington computer scientist who researches computing education, calls under 80 percent typical for the coding schools she has studied but notes that one of her department's own undergraduate programs has a 95 percent job placement rate.

Los Angeles Times (non-paywalled source): When police questioned Marvin Margolis following the murder of Elizabeth Short -- who became known as the Black Dahlia -- he lied about how well he had known her. The 22-year-old Short had been found mutilated in a weedy lot in South Los Angeles, severed neatly in half with what detectives thought was surgical skill. Margolis was on the list of suspects. He was a sullen 21-year-old premed student at USC, a shell-shocked World War II veteran who had expressed an eagerness to practice surgery. He was "a resentful individual who shows ample evidence of open aggression," a military psychiatrist had concluded.

At first, Margolis did not tell detectives that he had lived with Short for 12 days at a Hollywood Boulevard apartment, three months before her January 1947 murder. Margolis later admitted they had lived together in Apartment 726 at the Guardian Arms Apartments. But he soon moved to Chicago and changed his name, frustrating further attempts to question him. Among many suspects, a district attorney investigator would note, Margolis was "the only pre-medical student who ever lived as a boy friend with Beth Short."

A generation later and hundreds of miles north, a killer who called himself the Zodiac terrorized the San Francisco Bay Area with five seemingly random murders from 1968 to 1969, taunting police and media for years with letters and cryptograms. The toughest to decipher was the letter he sent in April 1970 to the San Francisco Chronicle, with the words "My name is -" followed by a 13-character string of letters and symbols. It came to be called the Z13 cipher, and its brevity has stymied generations of PhDs and puzzle prodigies.

Alex Baber, a 50-year-old West Virginia man who dropped out of high school and taught himself codebreaking, now says he has cracked the Zodiac killer's identity -- and in the process solved the Black Dahlia case as well. "It's irrefutable," said Baber, obsessive, hyperfocused and cocksure in manner, his memory encyclopedic and his speech a firehose of dates, locations and surprising linkages.

[...] To attack the problem, Baber used artifical intelligence and generated a list of 71 million possible 13-letter names. Using known details of the Zodiac killer, based on witness descriptions, he cross-checked those names against military, marriage, census and other public records. "This takes me nine months of working 18-20 hour days," he said. "I'm starting to kill this onion. I'm starting to eliminate layers: Too tall, too short, or wrong race." The candidates narrowed to 185, to 14, and then, he said, to one. The name he found buried in the Z13 code: "Marvin Merrill."

European leaders including Emmanuel Macron have accused Washington of "coercion and intimidation," after the US imposed a visa ban on five prominent European figures who have been at heart of the campaign to introduce laws regulating American tech companies. From a report: The visa bans were imposed on Tuesday on Thierry Breton, the former EU commissioner and one of the architects of the bloc's Digital Services Act (DSA), and four anti-disinformation campaigners, including two in Germany and two in the UK.

The other individuals targeted were Imran Ahmed, the British chief executive of the US-based Center for Countering Digital Hate; Anna-Lena von Hodenberg and Josephine Ballon of the German non-profit HateAid; and Clare Melford, co-founder of the Global Disinformation Index. Justifying the visa bans, the US secretary of state, Marco Rubio, wrote on X: "For far too long, ideologues in Europe have led organised efforts to coerce American platforms to punish American viewpoints they oppose. The Trump administration will no longer tolerate these egregious acts of extraterritorial censorship."

Macron condemned the visa ban in furious terms. "These measures amount to intimidation and coercion aimed at undermining European digital sovereignty," he wrote, also on X. "The European Union's digital regulations were adopted following a democratic and sovereign process by the European Parliament and the Council. They apply within Europe to ensure fair competition among platforms, without targeting any third country, and to ensure that what is illegal offline is also illegal online. The rules governing the European Union's digital space are not meant to be determined outside Europe."

Russia plans to put a nuclear power plant on the moon in the next decade to supply its lunar space programme and a joint Russian-Chinese research station, as major powers rush to explore the earth's only natural satellite. Reuters: Ever since Soviet cosmonaut Yuri Gagarin became the first human to go into space in 1961, Russia has prided itself as a leading power in space exploration, but in recent decades it has fallen behind the United States and, increasingly, China. Russia's ambitions suffered a massive blow in August 2023 when its unmanned Luna-25 mission smashed into the surface of the moon while attempting to land, and Elon Musk has revolutionised the launch of space vehicles - once a Russian speciality.

Russia's state space corporation, Roscosmos, said in a statement that it planned to build a lunar power plant by 2036 and signed a contract with the Lavochkin Association aerospace company to do it. Roscosmos did not say explicitly that the plant would be nuclear but it said the participants included Russian state nuclear corporation Rosatom and the Kurchatov Institute, Russia's leading nuclear research institute. Roscosmos said the purpose of the plant was to power Russia's lunar programme, including rovers, an observatory and the infrastructure of the joint Russian-Chinese International Lunar Research Station.

The Justice Department justified its delayed release of sensitive files by citing the need to carefully redact information that could identify victims, but at least some of those redactions have proven to be technically ineffective and can be bypassed by simply copying and pasting the blacked-out text into a new document.

A 2022 complaint filed by the US Virgin Islands seeking damages from Jeffrey Epstein's estate appeared on the DOJ's "Epstein Library" website with black boxes throughout. Techdirt founder Mike Masnick and others shared on Bluesky that the redactions could be trivially circumvented. The exposed text includes allegations that a co-executor signed over $400,000 in foundation checks "payable to young female models and actresses, including a former Russian model," and details about an immigration lawyer allegedly "involved in one or more forced marriages arranged among Epstein's victims."

Separately, Drop Site News was also apparently able to guess URLs of files not yet published by extrapolating the format.

YouTube has been winning the streaming wars for years, but its real competitive advantage comes not from prime-time viewing but from its stranglehold on daytime hours when Americans are meditating, exercising, cooking, or simply looking for background noise. At 11 a.m. in October, YouTube commanded an average audience of 6.3 million viewers compared to Netflix's 2.8 million, according to Nielsen data. Amazon drew about a million viewers at that hour, and HBO Max, Paramount+ and Peacock each pulled fewer than 600,000.

The gap narrows significantly at night -- Netflix's audience swells to over 11 million at 9 p.m., trailing YouTube's 12 million -- but YouTube's dominance reasserts itself in overnight hours and through the next day. Netflix is responding by bringing at least 34 video podcasts to its service next year, including "The Breakfast Club," "The Bill Simmons Podcast," and "Pardon My Take." Amazon added the Kelce brothers' "New Heights" podcast to Prime Video in September. The strategy is intentional: roughly 75 percent of all podcast listening happens between 6 a.m. and 6 p.m., according to Edison Research. YouTube said viewers watched 700 million hours of video podcasts on living room devices in October alone, a 75% increase from the previous year.

Goldman Sachs, in a note this week, via India Dispatch: There are various reasons that explains this: (i) A large part of the global education spend goes towards formal education (schools, colleges and universities), which are typically either run by governments or are not-for-profit institutions;

(ii) It is difficult to replicate education quality at scale in our view, since most teachers would have a different pedagogy, and thus standardization is harder to achieve vs that in other internet categories;

(iii) Education is fragmented - it includes various fields (schools, undergrad courses, medicine, engg, management, etc.), each with their own curriculum, and the same being vastly different across countries globally; this makes scalability difficult beyond a few certain specializations and regions.

Additionally, we believe the ability for online education to capture a sizable value share of supplemental education is limited since the perceived value of offline, including that from community, in-person engagement and doubt solving, rigour, etc., is typically higher.

However, we note that before China's double reduction policy in 2021, TAL and EDU had market caps of up to US$50 bn; these companies were mostly domestic focused and on the K-12 tutoring segment, which has large volumes. Similarly in India, Byju's reached a peak valuation of US$20 bn+ (link; again, focused on K-12), before issues around governance etc. impacted the business.

An anonymous reader quotes a report from the Associated Press: The State Department announced Tuesday it was barring five Europeans it accused of leading efforts to pressure U.S. tech firms to censor or suppress American viewpoints. The Europeans, characterized by Secretary of State Marco Rubio as "radical" activists and "weaponized" nongovernmental organizations, fell afoul of a new visa policy announced in May to restrict the entry of foreigners deemed responsible for censorship of protected speech in the United States. "For far too long, ideologues in Europe have led organized efforts to coerce American platforms to punish American viewpoints they oppose," Rubio posted on X. "The Trump Administration will no longer tolerate these egregious acts of extraterritorial censorship."

The five Europeans were identified by Sarah Rogers, the under secretary of state for public diplomacy, in a series of posts on social media. [...] The five Europeans named by Rogers are: Imran Ahmed, chief executive of the Centre for Countering Digital Hate; Josephine Ballon and Anna-Lena von Hodenberg, leaders of HateAid, a German organization; Clare Melford, who runs the Global Disinformation Index; and former EU Commissioner Thierry Breton, who was responsible for digital affairs. Rogers in her post on X called Breton, a French business executive and former finance minister, the "mastermind" behind the EU's Digital Services Act, which imposes a set of strict requirements designed to keep internet users safe online. This includes flagging harmful or illegal content like hate speech. She referred to Breton warning Musk of a possible "amplification of harmful content" by broadcasting his livestream interview with Trump in August 2024 when he was running for president.

In the late 1980s, Merriam-Webster's Collegiate Dictionary sat on the New York Times best-seller list for 155 consecutive weeks and eventually sold 57 million copies, a figure believed to be second only to the Bible in the United States -- but those days are thoroughly gone. Stefan Fatsis's new book "Unabridged: The Thrill of (and Threat to) the Modern Dictionary" chronicles what Louis Menand describes in The New Yorker as "a losing struggle" for legacy dictionaries to survive in the internet age.

The profession has been decimated: an estimated 200 full-time lexicographers worked in the US 25 years ago, and Fatsis believes that number is "probably closer to thirty" today. "By the time I finished this book," Fatsis writes, "it wasn't clear how long flesh-bone-and-blood lexicographers would be needed to chronicle the march of the English language."

Merriam-Webster is now owned by Encycloaedia Britannica, another print-era giant that stopped publishing physical volumes in 2012. The company's free website draws about a billion page views annually, but the content has shifted dramatically -- word games, trending slang and ads dominate rather than lexicographic depth. The scale of the challenge facing dictionaries is staggering. One study of digitized library books found the English lexicon grew from about 600,000 words in 1950 to over a million by 2000, and concluded that 52% of English words in printed books are "lexical dark matter" that appears in no standard reference work.

An anonymous reader shares a report: The United States will take action against China's semiconductor industry, setting new tariffs on chips from China from June 23, 2027, that have 0% duties currently, the US Trade Representative said.

The announcement comes following a year-long investigation into China's chip imports into the United States, launched by the Biden administration and led by the U.S. Trade Representative. "China's targeting of the semiconductor industry for dominance is unreasonable and burdens or restricts U.S. commerce and thus is actionable," the agency said in its release.

Uber and Lyft plan to trial robotaxis in London starting in 2026 using autonomous vehicles from Baidu, as the UK fast-tracks approvals for self-driving cars on public roads. CNBC reports: Lyft's testing of Baidu's initial fleet of dozens of vehicles will begin in 2026, pending regulatory approval, "with plans to scale to hundreds from there," Lyft CEO David Risher said in a post on social media platform X on Monday. Meanwhile, Uber said that its first pilot is expected to start in the first half of 2026. "We're excited to accelerate Britain's leadership in the future of mobility, bringing another safe and reliable travel option to Londoners next year," the company added.

The moves add to Baidu's growing global footprint, which it says includes 22 cities and more than 250,000 weekly trips, as it races against other Chinese players like WeRide and Western giants like Alphabet's Waymo. The UK, in particular, has seen a wave of interest from driverless taxi companies, following the government's announcement in June that it would accelerate its plans to allow autonomous vehicle tech on public roads. The government now aims to begin permitting robotaxis to operate in small-scale pilots starting in spring 2026, with Baidu likely aiming to be among the first. The city of London has also established a "Vision Zero" goal to eliminate all serious injuries and deaths in its transportation systems by 2041, with autonomous driving technology expected to play a large role.