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.

An anonymous reader shares a report: A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce. Its name: tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily. In essence, tether is a digital U.S. dollar -- though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments.

Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados. But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement. Wherever the U.S. government has restricted access to the dollar financial system -- Iran, Venezuela, Russia -- tether thrives as a sort of incognito dollar used to move money across borders. Russian oligarchs and weapons dealers shuttle tether abroad to buy property and pay suppliers for sanctioned goods. Venezuela's sanctioned state oil firm takes payment in tether for cargoes. Drug cartels, fraud rings and terrorist groups such as Hamas use it to launder income.

Yet in dysfunctional economies such as Argentina and Turkey, beset by hyperinflation and a shortage of hard currency, tether is also a lifeline for people who use it for quotidian payments and as a way to protect their savings. Tether is arguably the first successful real-world product to emerge from the cryptocurrency revolution that began over a decade ago. It has made its owners immensely rich. Tether has $120 billion in assets, mostly risk-free U.S. Treasury bills, along with positions in bitcoin and gold. Last year it generated $6.2 billion in profit, outearning BlackRock, the world's largest asset manager, by $700 million.

Ars Technica's Benj Edwards writes: In an age when you can get just about anything online, it's probably no surprise that you can buy a diamond-making machine for $200,000 on Chinese eCommerce site Alibaba. If, like me, you haven't been paying attention to the diamond industry, it turns out that the availability of these machines reflects an ongoing trend toward democratizing diamond production -- a process that began decades ago and continues to evolve. [...] Today, there are two primary methods for creating lab-grown diamonds: the HPHT process and chemical vapor deposition (CVD). Both types of machines are now listed on Alibaba, with prices starting at around $200,000, as pointed out in a Hacker News comment by engineer John Nagle (who goes by "Animats" on Hacker News). A CVD machine we found is more pricey, at around $450,000.

While the idea of purchasing a diamond-making machine on Alibaba might be intriguing, it's important to note that operating one isn't as simple as plugging it in and watching diamonds form. According to Lakha's article, these machines require significant expertise and additional resources to operate effectively. For an HPHT press, you'd need a reliable source of high-quality graphite, metal catalysts like iron or cobalt, and precise temperature and pressure control systems. CVD machines require a steady supply of methane and hydrogen gases, as well as the ability to generate and control microwaves or hot filaments. Both methods need diamond seed crystals to start the growth process. Moreover, you'd need specialized knowledge to manage the growth parameters, handle potentially hazardous materials and high-pressure equipment safely, and process the resulting raw diamonds into usable gems or industrial components. The machines also use considerable amounts of energy and require regular maintenance. Those factors may make the process subject to some regulations that are far beyond the scope of this piece. In short, while these machines are more accessible than ever, turning one into a productive diamond-making operation would still require significant investment in equipment, materials, expertise, and safety measures. But hey, a guy can dream, right?

An anonymous reader shares a report: Russia's communications watchdog Roskomnadzor plans to spend 59 billion rubles ($644 million) over the next five years to upgrade its internet traffic-filtering capabilities, the Russian edition of Forbes reported on Tuesday. The money will be used to upgrade hardware used to filter internet traffic, as well as block or slow down certain resources, Forbes reported, citing documents.

Russia passed a law in 2019 to enable the country to cut itself off entirely from the internet, in what it calls a campaign to maintain its digital sovereignty. Following the full-scale invasion of Ukraine, the Kremlin forced out several foreign social media and internet companies, although many services remain accessible via virtual private networks, or VPNs. The system upgrades will allow Russian authorities to better restrict access to VPNs, according to the document. New equipment has been purchased yearly since 2020 as traffic volumes grow, Roskomnadzor's press service said, according to Forbes.

Oracle missed the tech industry's move to cloud computing last decade and ended up an also-ran. Now the AI boom has given it another shot. WSJ: The 47-year-old company that made its name on relational database software has emerged as an attractive cloud-computing provider for AI developers such as OpenAI, sending its long-stagnant stock to new heights. Oracle shares are up 34% since January, well outpacing the Nasdaq's 14% rise and those of bigger competitors Microsoft, Amazon.com and Google.

It is a surprising revitalization for a company many in the tech industry had dismissed as a dinosaur of a bygone, precloud era. Oracle appears to be successfully making a case to investors that it has become a strong fourth-place player in a cloud market surging thanks to AI. Its lateness to the game may have played to its advantage, as a number of its 162 data centers were built in recent years and are designed for the development of AI models, known as training.

In addition, Oracle isn't developing its own large AI models that compete with potential clients. The company is considered such a neutral and unthreatening player that it now has partnerships with Microsoft, Google and Amazon, all of which let Oracle's databases run in their clouds. Microsoft is also running its Bing AI chatbot on Oracle's servers.

Americans lost over $5.6 billion to cryptocurrency fraud schemes in 2023, with investment fraud accounting for the majority of losses, according to the FBI (PDF). The Associated Press reports: The FBI received nearly 70,000 complaints in 2023 by victims of financial fraud involving bitcoin, ether and other cryptocurrencies, according to the FBI. The most rampant scheme was investment fraud, which accounted for $3.96 billion of the losses. "The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals, while creating challenges to recover stolen funds," wrote Michael Nordwall, assistant director of the FBI's criminal investigative division.

A month before its planned delivery after years of delay and cost growth, RTX's $7.6 billion ground network to control GPS satellites is still marred by problems that may further stall its acceptance by the US Space Force, congressional auditors said Monday. From a report: RTX's system of 17 ground stations for current and improved GPS satellites was supposed to be ready by October, when it would undergo a series of intense Space Force tests to assess whether it can be declared operational by December 2025. The system continues to draw the ire of lawmakers because it's running more than seven years late in a development phase that's about 73% costlier than initial projections.

Two rounds of testing by the company have been "marked by significant challenges that drove delays to the program's schedule," the Government Accountability Office said Monday in a broad review of the US military's GPS program, including improvements intended to block jamming by adversaries.

The Next Generation Operational Control System, known as OCX, is intended to provide improvements, including access to more secure, jam-resistant software for the military's use of the GPS navigation system, which is also depended on by civilians worldwide. "The program faces challenges from product deficiencies" that "create a risk of further delay," the Pentagon's Defense Contract Management Agency told the GAO, adding that it expects RTX at the earliest to deliver OCX by December.

Abstract of a paper by Clifford Asness of quant investor AQR Capital: Market efficiency is a central issue in asset pricing and investment management, but while the level of efficiency is often debated, changes in that level are relatively absent from the discussion. I argue that over the past 30+ years markets have become less informationally efficient in the relative pricing of common stocks, particularly over medium horizons. I offer three hypotheses for why this has occurred, arguing that technologies such as social media are likely the biggest culprit. Looking ahead, investors willing to take the other side of these inefficiencies should rationally be rewarded with higher expected returns, but also greater risks. I conclude with some ideas to make rational, diversifying strategies easier to stick with amid a less-efficient market.

Amazon's Audible will begin inviting a select group of US-based audiobook narrators to train AI on their voices, the clones of which can then be used to make audiobook recordings. From a report: The effort, which kicks off next week, is designed to add more audiobooks to the service, quickly and cheaply -- and to welcome traditional narrators into the evolving world of audiobook automation which, to date, many have regarded warily. Last year, Audible began offering US-based, self-published authors who make their books available on the Kindle Store the option of having their works narrated by a generic "virtual voice." The initiative has been popular. As of May, more than 40,000 books in Audible were marked as having made use of the technology. Under the new arrangement, rather than limiting the audio work entirely to company-owned synthetic voices, Audible will be encouraging professional narrators to get in on the action.

Alorica — which runs customer-service centers around the world — has introduced an AI translation tool that lets its representatives talk with customers in 200 different languages. But according to the Associated Press, "Alorica isn't cutting jobs. It's still hiring aggressively." The experience at Alorica — and at other companies, including furniture retailer IKEA — suggests that AI may not prove to be the job killer that many people fear. Instead, the technology might turn out to be more like breakthroughs of the past — the steam engine, electricity, the internet: That is, eliminate some jobs while creating others. And probably making workers more productive in general, to the eventual benefit of themselves, their employers and the economy. Nick Bunker, an economist at the Indeed Hiring Lab, said he thinks AI "will affect many, many jobs — maybe every job indirectly to some extent. But I don't think it's going to lead to, say, mass unemployment.... "

[T]he widespread assumption that AI chatbots will inevitably replace service workers, the way physical robots took many factory and warehouse jobs, isn't becoming reality in any widespread way — not yet, anyway. And maybe it never will. The White House Council of Economic Advisers said last month that it found "little evidence that AI will negatively impact overall employment.'' The advisers noted that history shows technology typically makes companies more productive, speeding economic growth and creating new types of jobs in unexpected ways... The outplacement firm Challenger, Gray & Christmas, which tracks job cuts, said it has yet to see much evidence of layoffs that can be attributed to labor-saving AI. "I don't think we've started seeing companies saying they've saved lots of money or cut jobs they no longer need because of this,'' said Andy Challenger, who leads the firm's sales team. "That may come in the future. But it hasn't played out yet.''

At the same time, the fear that AI poses a serious threat to some categories of jobs isn't unfounded. Consider Suumit Shah, an Indian entrepreneur who caused a uproar last year by boasting that he had replaced 90% of his customer support staff with a chatbot named Lina. The move at Shah's company, Dukaan, which helps customers set up e-commerce sites, shrank the response time to an inquiry from 1 minute, 44 seconds to "instant." It also cut the typical time needed to resolve problems from more than two hours to just over three minutes. "It's all about AI's ability to handle complex queries with precision,'' Shah said by email. The cost of providing customer support, he said, fell by 85%....

Similarly, researchers at Harvard Business School, the German Institute for Economic Research and London's Imperial College Business School found in a study last year that job postings for writers, coders and artists tumbled within eight months of the arrival of ChatGPT.
On the other hand, after Ikea introduced a customer-service chatbot in 2021 to handle simple inquiries, it didn't result in massive layoffs according to the article. Instead Ikea ended up retraining 8,500 customer-service workers to handle other tasks like advising customers on interior design and fielding complicated customer calls.