Coming soon: Amazon sellers duking it out on TV to get their wares prime placement at the world's largest online retailer. Think "Shark Tank" meets Home Shopping Network. From a report: The e-commerce giant plans to introduce a new competition show next month in which entrepreneurs pitch their products to a studio audience as well as to judges including Amazon executives and celebrities like Goop founder Gwyneth Paltrow and designer Christian Siriano. Finalists will have their inventions sold in a new Amazon "Buy It Now" online store, and the winner of each episode will earn $20,000.

The show is the retailer's latest attempt to marry content and commerce. Persuading consumers to shop through Internet-enabled televisions has long been a goal of traditional entertainment companies, but getting viewers to scan the QR code can be difficult. By creating shows that highlight its sellers and their products, Amazon has a better shot at getting viewers to shop -- especially younger audiences who are already doing this on apps like TikTok, said Bernstein analyst Mark Shmulik. "This feels more elegant than QR codes," Shmulik said of Amazon's new game show. Over the past few years, Amazon has introduced ads with QR codes in about 100 shows and movies, including "The Summer I Turned Pretty," "The Boys" and, more recently, NFL football games.

ZDNet's Steven Vaughan-Nichols reports: After 20 years, Real-Time Linux (PREEMPT_RT) is finally -- finally -- in the mainline kernel. Linus Torvalds blessed the code while he was at Open Source Summit Europe. [...] The real-time Linux code is now baked into all Linux distros as of the forthcoming Linux 6.12 kernel. This means Linux will soon start appearing in more mission-critical devices and industrial hardware. But it took its sweet time getting here. An RTOS is a specialized operating system designed to handle time-critical tasks with precision and reliability. Unlike general-purpose operating systems like Windows or macOS, an RTOS is built to respond to events and process data within strict time constraints, often measured in milliseconds or microseconds. As Steven Rostedt, a prominent real-time Linux developer and Google engineer, put it, "Real-time is the fastest worst-case scenario." He means that the essential characteristic of an RTOS is its deterministic behavior. An RTOS guarantees that critical tasks will be completed within specified deadlines. [...]

So, why is Real-Time Linux only now completely blessed in the kernel? "We actually would not push something up unless we thought it was ready," Rostedt explained. "Almost everything was usually rewritten at least three times before it went into mainline because we had such a high bar for what would go in." In addition, the path to the mainline wasn't just about technical challenges. Politics and perception also played a role. "In the beginning, we couldn't even mention real-time," Rostedt recalled. "Everyone said, 'Oh, we don't care about real-time.'" Another problem was money. For many years funding for real-time Linux was erratic. In 2015, the Linux Foundation established the Real-Time Linux (RTL) collaborative project to coordinate efforts around mainlining PREEMPT_RT.

The final hurdle for full integration was reworking the kernel's print_k function, a critical debugging tool dating back to 1991. Torvalds was particularly protective of print_k --He wrote the original code and still uses it for debugging. However, print_k also puts a hard delay in a Linux program whenever it's called. That kind of slowdown is unacceptable in real-time systems. Rostedt explained: "Print_k has a thousand hacks to handle a thousand different situations. Whenever we modified print_k to do something, it would break one of these cases. The thing about print_k that's great about debugging is you can know exactly where you were when a process crashed. When I would be hammering the system really, really hard, and the latency was mostly around maybe 30 microseconds, and then suddenly it would jump to five milliseconds." That delay was the print_k message. After much work, many heated discussions, and several rejected proposals, a compromise was reached earlier this year. Torvalds is happy, the real-time Linux developers are happy, print_K users are happy, and, at long last, real-time Linux is real.

An anonymous reader quotes a report from Data Center Dynamics: BlackRock plans to launch a new $30 billion artificial intelligence (AI) investment fund focused on data centers and energy projects. Microsoft and Abu Dhabi-backed investment company MGX are general partners of the fund. GPU giant Nvidia will also advise. Run through BlackRock's Global Infrastructure Partners fund, which it acquired for $12.5 billion earlier this year, the 'Global AI Investment Partnership,' plans to raise up to $30 billion in equity investments. Another $70 billion could come via leveraged debt financing. "Mobilizing private capital to build AI infrastructure like data centers and power will unlock a multi-trillion-dollar long-term investment opportunity," said Larry Fink, chairman and CEO of BlackRock. "Data centers are the bedrock of the digital economy, and these investments will help power economic growth, create jobs, and drive AI technology innovation."

Brad Smith, Microsoft's president, added: "The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance. This financial partnership will not only help advance technology, but enhance national competitiveness, security, and economic prosperity."

Bayo Ogunlesi, CEO of Global Infrastructure Partners, said: "There is a clear need to mobilize significant amounts of private capital to fund investments in essential infrastructure. One manifestation of this is the capital required to support the development of AI. We are highly confident that the combined capabilities of our partnership will help accelerate the pace of investments in AI-related infrastructure."

All seven independent directors of DNA-testing company 23andMe resigned Tuesday, following a protracted negotiation with founder and Chief Executive Anne Wojcicki over her plan to take the company private. WSJ: It is the latest challenge for 23andMe, which has struggled to find a profitable business model. The stock price fell to $0.30 per share after hours on Tuesday. At that price the company is worth less than the cash on its balance sheet. In a letter addressed to Wojcicki, the directors wrote that "after months of work, we have yet to receive from you a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders."

It is very rare for a publicly traded company to see so many directors resign simultaneously. The board members wrote that they differ with Wojcicki on the "strategic direction for the company" and because of her voting power, it was best that they resign. Wojcicki controls 49% of 23andMe votes, giving her a level of control that blocked board members from shopping the company to other potential bidders. She is the only remaining board member after the resignations. Further reading: 23andMe's Fall From $6 Billion To Nearly $0 (January 2024)

Fossil fuel companies pumped at least $5.6bn of sponsorship money into motorsports, football, golf and even snow sports in an effort to "buy social licence to operate," according to a new report. From a report: Almost no major spectator sport remains untouched by oil and gas money, according to research carried out by the New Weather Institute (NWI), a climate thinktank, which traced more than 200 sponsorship deals between sports teams and the industry. In addition, sports stars such as Cristiano Ronaldo, Lionel Messi, Tyson Fury and Anthony Joshua have all been successfully recruited to spend time in the Middle East as part of sponsorship deals, the report says.

It comes as concern grows about the fossil fuel industry's increasing efforts to launder its global standing through "sportswashing" -- a practice, long used by nation states, of building associations with sporting events to improve tarnished reputations. In 2023, Mohammed bin Salman, the crown prince of Saudi Arabia, said: "If sportswashing is going to increase my GDP by 1%, then we'll continue doing sportswashing." According to NWI's Dirty Money report, Aramco, Saudi Arabia's national oil company, was the biggest single investor in sports sponsorship identified by NWI's report, handing out almost $1.3bn across 10 deals. The petrochemical company Ineos was second, with $777m in sponsorship deals; Shell had sponsored sports to the tune of $470m; and TotalEnergies, France's leading oil company, had $340m in deals.

The entertainment company behind "The Hunger Games" and "Twilight" plans to start using generative AI in the creation of its new movies and TV shows, a sign of the emerging technology's advance in Hollywood. From a report: Lions Gate Entertainment has agreed to give Runway, one of several fast-evolving AI startups, access to its content library in exchange for a new, custom AI model that the studio can use in the editing and production process.

The deal -- the first of its kind for Runway and one that could become a blueprint in the entertainment industry -- comes as creatives, actors and studio executives debate whether to use the new technology and how to protect their copyright material. Advocates say generative AI can enhance creators' work and help a cash-strapped industry save time and money. Michael Burns, vice chairman of Lionsgate Studio, expects the company to be able to save "millions and millions of dollars" from using the new model. The studio behind the "John Wick" franchise and "Megalopolis" plans to initially use the new AI tool for internal purposes like storyboarding -- laying out a series of graphics to show how a story unfolds -- and eventually creating backgrounds and special effects, like explosions, for the big screen.

The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. From a report: The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo. Fintech apps often lean on a practice where many customers' funds are pooled into a single large account at a bank, which relies on either the fintech or a third party to maintain ledgers of transactions and ownership.

That situation exposed customers to the risk that the nonbanks involved would keep shoddy or incomplete records, making it hard to determine who to pay out in the event of a failure. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these "for benefit of" accounts have been unable to access their money since May.

An anonymous reader quotes a report from Wired: Eric and Donald Trump Jr., the sons of former president Donald Trump, have pledged to "make finance great again" with a new family-run crypto endeavor called World Liberty Financial. Introduced in a meandering livestream on X Monday, the Trump family and their associates described World Liberty Financial as a crypto platform that would let users conduct transactions without a bank sitting in the middle and extracting fees -- a concept known as decentralized finance, or DeFi. While short on details, Donald Trump, Jr. and Eric Trump both stressed repeatedly that World Liberty Financial's primary goal was to make DeFi more broadly accessible. "It's truly our job to make it understandable," said Eric Trump during the livestream. "We have to make it intuitive, we have to make it user-friendly, and we will." Former President Donald Trump joined the call as well, stressing his pro-crypto stance. "I do believe in it," said Trump of cryptocurrency generally. "It has a chance to really be something special."

The Trumps aren't alone in leading World Liberty Financial. They're joined by crypto veterans Chase Herro and Zak Folkman, as well as Steve Witkoff, a real estate investor and friend of Donald Trump's. In addition to the platform itself, World Liberty Financial will come with a governance token, WLFI, which will provide owners the right to vote "on matters of the platform." Approximately 63 percent of the tokens will be sold to the public; 17 percent are set aside for user rewards, and 20 percent will be reserved for World Liberty Financial team compensation. [...] World Liberty Financial will face steep competition in a DeFi market already crowded with similar services, among them Aave, Compound, Venus Protocol, and others. "DeFi is pretty mature, especially on the over-collateralized side," says Zach Hamilton, founder of crypto startup Sarcophagus and venture partner at VC firm Venture51. But the Trumps need not necessarily do anything novel, if they can capitalize on their mammoth public platform to peddle the new venture. "[World Liberty Financial] is launching with the most free marketing that any crypto company could ever get," says Hamilton. "Trump is the king of living rent free in people's minds." "I welcome any effort to bring DeFi into the mainstream," says Brad Harrison, CEO of Venus Protocol. "But like the autopilot in a Tesla, DeFi may give the appearance of something that's simple, but the inner workings are complex. Without a solid grasp of its nuances in the hands of seasoned technologists and financial engineers, a new platform risks being more of a branding exercise than a substantive and safe contribution to the space."

The U.S. government said Monday that it has issued fresh financial sanctions against five individuals and a corporate entity associated with spyware-making consortium Intellexa, months after the government sanctioned its founder. From a report: In its latest statement, the U.S. Treasury said it sanctioned the five people, including senior Intellexa executives and associates, who are alleged to be involved in the sale of Intellexa's phone spyware, dubbed Predator, to authoritarian governments. Predator can be used to hack into fully patched phones nearly invisibly, allowing the organization that deployed the spyware to obtain complete access to the target's device, including their private messages and real-time location. The Treasury said the spyware has been used to target U.S. government officials, journalists, and opposition politicians.

The sanctions include Felix Bitzios, who owns an Intellexa consortium company that the Treasury says was used to supply Predator spyware to an unnamed foreign government; Merom Harpaz and Panagiota Karaoli, who hold senior positions in Intellexa's corporate structure, according to the Treasury; and Andrea Nicola Constantino Hermes Gambazzi, who the Treasury says was involved in processing transactions for companies within Intellexa's consortium. The Treasury added that the Aliada Group, a company based in the British Virgin Islands and a member of the Intellexa group of companies, was also sanctioned for enabling tens of millions of dollars in transactions for the spyware-making consortium. A senior U.S. government official told reporters during a background call on Monday that the latest round of sanctions were part of the government's ongoing effort to target the commercial spyware industry. The U.S. official said the government was tracking money flows and movements to determine what entities might be trying to avoid or circumvent the sanctions.

Intel lost a bid to design and manufacture Sony's PlayStation 6 chip in 2022, dealing a blow to its contract manufacturing business. The contract, worth potentially billions in revenue, went to rival AMD after Intel failed to agree on pricing with Sony, Reuters reported Monday.

Discussions between the companies spanned months and involved top executives. Intel's loss has hampered CEO Pat Gelsinger's turnaround strategy, which hinges on expanding the company's foundry operations. The PlayStation deal would have provided steady business for Intel's struggling manufacturing arm, which reported $7 billion in operating losses last quarter. Sony's need for backwards compatibility with older PlayStation models complicated Intel's bid, as AMD designed chips for previous console generations, the report adds.

Further reading:
Intel Foundry Achieves Major Milestones;
Intel Weighs Options Including Foundry Split To Stem Losses:
Intel's Money Woes Throw Biden Team's Chip Strategy Into Turmoil.

"For 75 years Cosm built planetariums," reports a Texas news station, "and then a few years ago realized this technology could take you from the night sky to anywhere under the sun."

So now Los Angeles and Dallas have massive 9,600-square-foot, 8K-resolution screens that one reviewer for SFGate calls "an absolute game-changer" for sports fans. "At its best, Cosm's floor-to-ceiling screen gives anyone with a seat the opportunity to embrace a face full of on-the-field action at such high quality that it can be staggering, almost overwhelming at times — so just be sure to hold on tight, to the handrails and to your wallets."

There's also a bar with a 150-foot band of screens and a rooftop area with mounted TV, but they're "not why anyone has come," SFGate points out. Even the Dome has three distinct floors, though it's the second floor "where full visual immersion happens." The action feels so close, I can almost smell it, and all the focus is pulled to the center of the giant screen. Patrons truly do feel at the absolute heart of the action, with better seats than perhaps they could even pay for at Manchester's Old Trafford stadium. From a sports-viewing standpoint, I can't imagine it gets much better than this... Over the course of just a few minutes, the viewing angle flips from corner looks to right up against the goalkeeper's net, and then it widens out to dead center to catch crisp passes. Some angles put me right in the stands, cheering along with the loyalists at a stadium half a world away...

To be clear, the premium ticket costs are good for recouping Cosm's substantial investment in this gorgeous technological product, which has been in the works for years. The price tag is also likely to be little issue for any Los Angeles fan with money to spend, but the cost really does lay bare the growing division between the haves and have-nots in American sports society... If you paid $20 for a general admission entry that mostly just grants access to the fringes of the action, well ... good luck getting the most out of the Dome... The edges of the massive screen are stretched to comic effect, making the fisheye perspective more disorienting than fun. At the center of the room, it feels like you're absolutely in the meat of the action; at the fringes, you're left to pick at a few digital bones...

[F]or the rest of us, the normal sports fans who like to sway with strangers during the seventh-inning stretch, the ones who want to be able to take their kids to a game without feeling quite so financially wrung out, Cosm is yet another troubling sign of big, expensive things to come. Being a fan of a sports franchise in 2024 is an increasingly costly proposition. Watching your favorite NFL team now requires cable access, as well as multiple streaming services like Amazon Prime... There is no question that Cosm is a unique experience and that it will absolutely have a hand in transforming the modern digital sports-watching landscape, especially for those who want a digital re-creation of the best seat in the house over the camaraderie of a shared, in-person sports experience. The place will be able to charge incredible sums for the Super Bowl or World Series games, and — when at its best, with a prime seat in the middle of the action — the cost will be justifiable for many.

But for the folks at the financial fringes, the ones with the most spirit and often the least to spend, Cosm undoubtedly feels like a widening of the economic chasm that is pulling fans and their favorite teams further apart.
Besides sports events, Cosm's Dome also offers other immersive experiences like Circque du Soleil's "O" and Planetary Collective's "Orbital".

Another Cosm location is planned for Phoenix in 2025.

Wired published some thoughts from Hans Peter Brondmo, the former head of "Google's seven-year mission to give AI a robot body".

An anonymous reader shared this report from Axios: Building AI-powered robots that can flexibly operate in the real world is going to take much longer than Silicon Valley believes and promises, according to the former head of Google's robotics moonshot project, writing in Wired...

Everyday Robotics spent seven years and a small Google fortune developing a one-armed robot on a wheeled platform. By the time Google pulled the plug on the project in February 2023, the robots were helping clean up researchers' desks and sorting trash during the daytime; in the evening, they were improvising dances. [Google hired a professional dancer as an artist-in-residence who teamed with "a few other engineers" to build an AI algorithm trained on the dancer's choreography preferences...]

Google founder Larry Page — favored moving directly to "end to end" (e2e) learning, where you'd hand robots a general task and they'd be able to figure out how to execute it. That, Page felt, was a goal worthy of a moonshot. But it also turned out to be out of reach. "I have come to believe," Brondmo writes, "it will take many, many thousands, maybe even millions of robots doing stuff in the real world to collect enough data to train e2e models that make the robots do anything other than fairly narrow, well-defined tasks...." ["Building robots that perform useful services — like cleaning up and wiping all the tables in a restaurant, or making the beds in a hotel — will require both AI and traditional programming for a long time to come. In other words, don't expect robots to go running off outside our control, doing something they weren't programmed to do, anytime soon."]

The bottom line: So far, robot hype is outpacing robot reality. Boston Dynamics' back-flipping humanoid and quadruped bots have wowed YouTube viewers — but you wouldn't want to let them anywhere near your office or home.
It's an interesting look back. "My job: help figure out what to do with the employees and technology left over from nine robot companies that Google had acquired," Brondmo writes: Andy "the father of Android" Rubin, who had previously been in charge, had suddenly left. Larry Page and Sergey Brin kept trying to offer guidance and direction during occasional flybys in their "spare time...." I knew from firsthand experience how hard it was to build a company that, in Steve Jobs' famous words, could put a dent in the universe, and I believed that Google was the right place to make certain big bets. AI-powered robots, the ones that will live and work alongside us one day, was one such audacious bet.

Eight and a half years later — and 18 months after Google decided to discontinue its largest bet in robotics and AI — it seems as if a new robotics startup pops up every week. I am more convinced than ever that the robots need to come. Yet I have concerns that Silicon Valley, with its focus on "minimum viable products" and VCs' general aversion to investing in hardware, will be patient enough to win the global race to give AI a robot body. And much of the money that is being invested is focusing on the wrong things...

When I arrived, the lab had already hatched Waymo, Google Glass, and other science-fiction-sounding projects like flying energy windmills and stratospheric balloons that would provide internet access to the underserved... [But] in January 2023, two months after OpenAI introduced ChatGPT, Google shut down Everyday Robots, citing overall cost concerns. The robots and a small number of people eventually landed at Google DeepMind to conduct research. In spite of the high cost and the long timeline, everyone involved was shocked.
They'd tackled the problem with earnestness. ("[S]even robots working for months to learn how to pick up a rubber duckling? That wasn't going to cut it... So we built a cloud-based simulator and, in 2021, created more than 240 million robot instances in the sim.ma")

Brondmo adds this his mother had advanced Parkinson's disease, and hoped that one day robots could support her. "Our frequent conversations toward the end of her life convinced me more than ever that a future version of what we started at Everyday Robots will be coming. In fact, it can't come soon enough.

"So the question we are left to ponder becomes: How does this kind of change and future happen? I remain curious, and concerned."

The Washingon Post reports that a regulatory dispute in Ohio may help answer a big question about America's power grid: who will pay for the huge upgrades needed to meet soaring energy demand "from the data centers powering the modern internet and artificial intelligence revolution?" Google, Amazon, Microsoft and Meta are fighting a proposal by an Ohio power company to significantly increase the upfront energy costs they'll pay for their data centers, a move the companies dubbed "unfair" and "discriminatory" in documents filed with Ohio's Public Utility Commission last month. American Electric Power Ohio said in filings that the tariff increase was needed to prevent new infrastructure costs from being passed on to other customers such as households and businesses if the tech industry should fail to follow through on its ambitious, energy-intensive plans. The case could set a national precedent that helps determine whether and how other states force tech firms to be accountable for the costs of their growing energy consumption... The energy demands of data centers have created similar concerns in other hot spots such as Northern Virginia, Atlanta and Maricopa County, Arizona, leaving experts concerned that the U.S. power grid may not be capable of dealing with the combined needs of the green energy transition and the computing boom that artificial intelligence companies say is coming...

Energy customers must sometimes make a monthly payment to a utility that is a percentage of the maximum amount of electricity they predict that they could need. In Ohio, data center companies had agreed to pay 60 percent of the projected amount. But in May, the power company proposed a new, 10-year fee structure raising the charges to 90 percent of the expected load, even if they don't end up using that much. The major tech companies — all of whom are increasing spending on data center infrastructure to compete in AI — strenuously opposed the proposed contract in documents filed last month... According to testimony from AEP Ohio Vice President Lisa Kelso, there are 50 pending requests from data center customers seeking electric service at more than 90 sites, a potential 30,000 megawatts of additional load — enough to power more than 20 million households. That additional demand would more than triple the utility's previous peak load in 2023, she said. Between 2020 and 2024, the data center energy load in central Ohio increased sixfold, from 100 to 600 megawatts, her testimony reads. By 2030, that amount will reach 5,000 megawatts, according to the utility's signed agreements, she testified...

Meeting that demand will require AEP Ohio to build new transmission lines, an expensive and time-consuming process... Chief among the power company's concerns, according to the documents, is what will happen if it invests billions of dollars into new grid infrastructure only for the data centers to leave for greener pastures, or for the AI bubble to burst and the facilities to need much less power than initially projected. If the power company spends big on new infrastructure but the power demand it was built to serve doesn't materialize, other customers — including business and residential payers — will be stuck with the bill, the utility said... AEP Ohio's testimony in the case also questions whether data centers bring as much to local communities as factories or other high-energy-load businesses. Since 2019, non-data center businesses have created approximately 25 jobs for every megawatt of power requested, while data centers have created less than one job per megawatt, according to Kelso's testimony.

The tech companies rejected this criticism, saying the number of jobs they create is not relevant to how much power they have a right to purchase, and highlighted their other contributions to local economies... Amazon said in filings that it pays fees as high as 75 percent of projected demand in some states but that Ohio's proposal to bill it 90 percent goes too far.
"Should the Ohio tariff be approved, Microsoft and Google both threatened in their testimony to leave Ohio." (Although at the same time, "pressure on the electric grid is mounting all over the country...")

And the article points out that on Thursday, "the White House announced measures intended to speed up data center construction for AI projects, including by accelerating permitting."

23andMe has agreed to pay $30 million to settle a lawsuit over a data breach that exposed the personal information of 6.4 million customers in 2023. BleepingComputer reports: The proposed class action settlement (PDF), filed Thursday in a San Francisco federal court and awaiting judicial approval, includes cash payments for affected customers, which will be distributed within ten days of final approval. "23andMe believes the settlement is fair, adequate, and reasonable," the company said in a memorandum filed (PDF) Friday.

23andMe has also agreed to strengthen its security protocols, including protections against credential-stuffing attacks, mandatory two-factor authentication for all users, and annual cybersecurity audits. The company must also create and maintain a data breach incident response plan and stop retaining personal data for inactive or deactivated accounts. An updated Information Security Program will also be provided to all employees during annual training sessions. "23andMe denies the claims and allegations set forth in the Complaint, denies that it failed to properly protect the Personal Information of its consumers and users, and further denies the viability of Settlement Class Representatives' claims for statutory damages," the company said in the filed preliminary settlement.

"23andMe denies any wrongdoing whatsoever, and this Agreement shall in no event be construed or deemed to be evidence of or an admission or concession on the part of 23andMe with respect to any claim of any fault or liability or wrongdoing or damage whatsoever."

Former FTX CEO Sam Bankman-Fried's legal team has filed an appeal challenging his conviction on seven felony counts and his 25-year prison sentence. They argue that he was not presumed innocent, that the jury received incomplete information about FTX user funds, and that the prosecution's narrative was biased. CoinTelegraph reports: In a Sept. 13 filing in the United States Court of Appeals for the Second Circuit, SBF's lawyers filed a 102-page brief claiming that the former FTX CEO was "never presumed innocent," subject to scrutiny that allegedly affected prosecutors, the presiding judge, and treatment by the media. Bankman-Fried's legal team announced in April -- a few weeks after a federal judge sentenced him to 25 years in prison -- that they intended to appeal. According to the appeal, SBF's lawyers alleged the jury was "only allowed to see half the picture" with FTX user funds, claiming prosecutors had "presented a false narrative" that the money was permanently lost and Bankman-Fried intentionally caused that loss. They also claimed that counsel for the FTX debtors worked with the US government in a way that was above and beyond "cooperation," providing information allegedly as an "arm of the prosecution."

"From day one, the prevailing narrative -- initially spun by the lawyers who took over FTX, quickly adopted by their contacts at the US Attorney's Office -- was that Bankman-Fried had stolen billions of dollars of customer funds, driven FTX to insolvency, and caused billions in losses," said the appeal. "Now, nearly two years later, a very different picture is emerging -- one confirming FTX was never insolvent, and in fact had assets worth billions to repay its customers. But the jury at Bankman-Fried's trial never got to see that picture." The legal team requested the appellate court grant SBF a new trial with a different judge. It's unclear whether the Second Circuit could rule to affirm Bankman-Fried's conviction in the US District Court for the Southern District of New York or reverse the decision and set the groundwork for a new trial.

Can AI kill the enterprise software app industry that's led by companies such as Salesforce and Workday? The Information: That's the trillion-dollar question at the heart of recent comments from the CEO of Klarna, Sebastian Siemiatkowski, who's made a name for himself -- and drawn some skepticism too -- as a chief cheerleader of OpenAI's software. In the latest example from a couple of weeks ago, Siemiatkowski told investors in his buy now, pay later firm that it's shutting down a lot of the enterprise software apps it uses, including some run by the above-mentioned CRM and HR firms, because it can replicate them with AI. SeekingAlpha picked up those comments, which went viral in recent days.

The idea behind the comments is the following: Conversational AI can understand natural-language commands and be ordered to write software code, so companies can cheaply and quickly build customized apps that do most of the things that traditional enterprise apps can do, especially if most of what those apps do is manage corporate data. Siemiatkowski expanded on the comments in a Wednesday X post, saying he wasn't looking to primarily save money on software license fees "even though that is nice upside."

The tax agency again delays a vital software upgrade, at the cost of billions. WSJ's Editorial Board: Taxpayers endure drudgery to file on time each year, but the tax collectors seem less concerned with deadlines. A new Internal Revenue Service database, more than a decade in the making, will be delayed another year. And its cost is billions of dollars and climbing. The IRS told the press this week that it won't replace its Individual Master File until the 2026 tax year, at the earliest. That falls short of Commissioner Danny Werfel's goal of launching a new system in time for 2025 taxes, and the delay could mean another year of grief for countless taxpayers. The file is the digital silo in which more than 154 million tax files are held, and keeping it up-to-date helps to enable speedy, accurate refunds.

The code that powers the database was written in the 1960s by IBM engineers at the same time their colleagues worked on the Apollo program. The system runs on a nearly extinct computer language known as Cobol, and though it retains its basic functionality, maintaining it requires bespoke service. By 2018 the IRS had only 17 remaining developers considered to be experts on the system. The agency has sought and failed to overhaul or replace the database since the 1980s. It spent $4 billion over 14 years to devise upgrades, but it canceled that effort in 2000 "without receiving expected benefits," according to the Government Accountability Office.

The costs continue to mount. IRS spending on operating and maintaining its IT systems has risen 35% in the past four years, to $2.7 billion last year from $2 billion in 2019. These costs will "likely continue to increase until a majority of legacy systems are decommissioned," according to a report last month by the agency's inspector general. Each year major upgrades are pushed back adds a larger sum to the final tab. The IRS usually pleads poverty as an excuse for failing to stay up-to-date. Yet Congress gave the agency billions of extra dollars through the Inflation Reduction Act to fund a speedy database overhaul. Since 2022 it has spent $1.3 billion beyond its ordinary budget to modernize its business systems. Taxpayers will have to wait at least another year to see if that investment has paid off.

A U.S. District Court judge on Thursday allowed New York-based startup Kalshi to legally offer betting on the outcome of the November Congressional elections (Warning: source paywalled; alternative source), despite opposition from the Commodity Futures Trading Commission (CFTC), which plans to appeal the decision due to concerns about potential market manipulation and public trust in the electoral process. Within minutes of the ruling, people began placing bets on Kalshi's website. It's currently the only legal opportunity for Americans to bet on U.S. elections under government regulation. Fortune reports: A startup company on Thursday began taking what amounts to bets on the outcome of the November Congressional elections after a judge refused to block them from doing so. The ruling by U.S. District Court Judge Jia Cobb in Washington permitted the only legally sanctioned bets on U.S. elections by an American jurisdiction. It enabled, at least temporarily, New York-based Kalshi to offer prediction contracts -- essentially yes-or-no bets -- on which party will win control of the Senate and the House in November. The company and its lawyer did not respond to requests for comment, but within 90 minutes of the judge's ruling, the bets were being advertised on the company's web site. Earlier in the day, the website had said they were "coming soon."

It was not clear how long such betting might last; the Commodity Futures Trading Commission, which last year prohibited the company from offering them, said it would appeal the ruling as quickly as possible. Contrasting his client with foreign companies who take bets from American customers on U.S. elections without U.S. government approval, Roth said Kalshi is trying to do things the right way, under government regulation. "It invested significantly in these markets," he said during Thursday's hearing. "They spent millions of dollars. It would be perverse if all that investment went up in smoke."

But Raagnee Beri, an attorney for the commission, said allowing such bets could invite malicious activities designed to influence the outcome of elections and undermine already fragile public confidence in the voting process. "These contracts would give market participants a $100 million incentive to influence the market on the election," she said. "There is a very severe public interest threat." She used the analogy of someone who has taken an investment position in corn commodities. "Somebody puts out misinformation about a drought, that a drought is coming," she said. "That could move the market on the price of corn. The same thing could happen here. The commission is not required to suffer the flood before building a dam."

Some executives are embracing old technology like dumbphones and fax machines, seeking digital detox and prioritizing focus. They see these vintage tools as power moves, allowing them to control their time and avoid constant distractions, WSJ writes in a story. These bosses believe old tech enhances leadership, enabling them to be present and productive.

OpenAI is in talks to raise $6.5 billion from investors at a valuation of $150 billion, Bloomberg reported Wednesday, citing people familiar with the situation. From the report: The new valuation, a figure that doesn't include the money being raised, is significantly higher than the $86 billion valuation from the company's tender offer earlier this year, and cements its place as one of the most valuable startups in the world. At the same time, OpenAI is also in talks to raise $5 billion in debt from banks in the form of a revolving credit facility, said one of the people, all of whom asked not to be identified discussing private information.

The funding round is slated to be led by Thrive Capital, Bloomberg previously reported. Thrive declined to comment on the latest valuation. Microsoft, the company's largest investor, is also set to participate, and Apple and Nvidia, have been in talks about investing.