The House Foreign Affairs Committee on Wednesday voted overwhelmingly to advance a bill that would make it easier for the Biden administration to restrict the export of AI systems, citing concerns China could exploit them to bolster its military capabilities. From a report: The bill, sponsored by House Republicans Michael McCaul and John Molenaar and Democrats Raja Krishnamoorthi and Susan Wild, also would give the Commerce Department express authority to bar Americans from working with foreigners to develop AI systems that pose risks to U.S. national security. Without this legislation "our top AI companies could inadvertently fuel China's technological ascent, empowering their military and malign ambitions," McCaul, who chairs the committee, warned on Wednesday.

"As the (Chinese Communist Party) looks to expand their technological advancements to enhance their surveillance state and war machine, it is critical we protect our sensitive technology from falling into their hands," McCaul added. The Chinese Embassy in Washington did not immediately respond to a request for comment. The bill is the latest sign Washington is gearing up to beat back China's AI ambitions over fears Beijing could harness the technology to meddle in other countries' elections, create bioweapons or launch cyberattacks.

The Consumer Financial Protection Bureau declared on Wednesday that customers of the burgeoning buy now, pay later industry have the same federal protections as users of credit cards. From a report: The agency unveiled what it called an "interpretive rule" that deemed BNPL lenders essentially the same as traditional credit card providers under the decades-old Truth in Lending Act. That means the industry -- currently dominated by fintech firms like Affirm, Klarna and PayPal -- must make refunds for returned products or canceled services, must investigate merchant disputes and pause payments during those probes, and must provide bills with fee disclosures.

"Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under long-standing laws and regulations already on the books," CFPB Director Rohit Chopra said in a release. The CFPB, which last week was handed a crucial victory by the Supreme Court, has pushed hard against the U.S. financial industry, issuing rules that slashed credit card late fees and overdraft penalties. The agency, formed in the aftermath of the 2008 financial crisis, began investigating the BNPL industry in late 2021.

The United States has assessed that Russia launched what is likely a counter space weapon last week that's now in the same orbit as a U.S. government satellite, Pentagon spokesman Maj. Gen. Pat Ryder confirmed Tuesday. From a report: "What I'm tracking here is on May 16, as you highlighted, Russia launched a satellite into low Earth orbit that we that we assess is likely a counter space weapon presumably capable of attacking other satellites in low Earth orbit," Ryder said when questioned by ABC News about the information, which was made public earlier Tuesday by Robert Wood, deputy U.S. ambassador to the United Nations.

"Russia deployed this new counter space weapon into the same orbit as a U.S. government satellite," Ryder continued. "And so assessments further indicate characteristics resembling previously deployed counter space payloads from 2019 and 2022." Ryder added: "Obviously, that's something that we'll continue to monitor. Certainly, we would say that we have a responsibility to be ready to protect and defend the space domain and ensure continuous and uninterrupted support to the joint and combined force. And we'll continue to balance the need to protect our interests in space with our desire to preserve a stable and sustainable space environment." When asked if the Russian counter space weapon posed a threat to the U.S. satellite, Ryder responded: "Well, it's a counter space weapon in the same orbit as a U.S. government satellite."

The U.S. securities regulator on Wednesday urged U.S. lawmakers not to adopt a bill that aims to create a new legal framework for digital currencies, saying it would undermine existing legal precedent and put capital markets at "immeasurable risk." From a report: The U.S. House of Representatives is expected later on Wednesday to take up the Republican-sponsored Financial Innovation and Technology for the 21st Century Act, which would in part determine which agencies have jurisdiction over which digital assets. The bill's supporters in Congress say it will provide regulatory clarity, helping promote the industry's growth.

The legislation faces an uncertain fate in the U.S. Senate but comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry. But SEC Chair Gary Gensler said in a statement that the bill "would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk."

An anonymous reader quotes a report from Electrek: In a major clean energy benchmark, wind, solar, and hydro exceeded 100% of demand on California's main grid for 69 of the past 75 days. Stanford University professor of civil and environmental engineering Mark Z. Jacobson continues to track California's renewables performance – and it's still exciting. In an update today on Twitter (X), Jacobson reports that California has now exceeded 100% of energy demand with renewables over a record 45 days straight, and 69 out of 75. [...]

Jacobson predicted on April 4 that California will entirely be on renewables and battery storage 24/7 by 2035. California passed a law that commits to achieving 100% net zero electricity by 2045. Will it beat that goal by a decade? We hope so. It's going to be exciting to watch. Further reading: California Exceeds 100% of Energy Demand With Renewables Over a Record 30 Days

Apple said on Tuesday it plans to ask a U.S. judge to dismiss a lawsuit filed by the Justice Department and 15 states in March that alleged the iPhone maker monopolized the smartphone market, hurt smaller rivals and drove up prices. From a report: In a letter to U.S. District Judge Julien X. Neals in New Jersey, Apple said "far from being a monopolist, Apple faces fierce competition from well-established rivals, and the complaint fails to allege that Apple has the ability to charge supra-competitive prices or restrict output in the alleged smartphone markets." In the letter to the judge, Apple said the DOJ relies on a new "theory of antitrust liability that no court has recognized."

The government is expected to respond within seven days to the Apple letter, which the court requires parties to submit, hoping to expedite cases before advancing to a potentially more robust and expensive effort to dismiss a lawsuit. The Justice Department alleges that Apple uses its market power to get more money from consumers, developers, content creators, artists, publishers, small businesses and merchants. The civil lawsuit accuses Apple of an illegal monopoly on smartphones maintained by imposing contractual restrictions on, and withholding critical access from, developers.

Companies working with the US government may be required to start protecting their data and technology from attacks by quantum computers as soon as July. From a report: The National Institute for Standards and Technology, part of the Department of Commerce, will in July stipulate three types of encryption algorithms the agency deems sufficient for protecting data from quantum computers, setting an internationally-recognized standard aimed at helping organizations manage evolving cybersecurity threats. The rollout of the standards will kick off "the transition to the next generation of cryptography," White House deputy national security adviser Anne Neuberger told Bloomberg in Cambridge, England on Tuesday. Breaking encryption not only threatens "national security secrets" but also the the way we secure the internet, online payments and bank transactions, she added.

Neuberger was speaking at an event organized by the University of Cambridge and Vanderbilt University, hosting academics, industry professionals and government officials to discuss the threats posed to cybersecurity by quantum computing, which vastly accelerates processing power by performing calculations in parallel rather than sequentially and will make existing encryption systems obsolete.

The U.S. Environmental Protection Agency on Monday urged water utilities to take action to improve their digital defenses, following a spate of recent cyberattacks. From a report: The agency's "enforcement alert" said that recent inspections of water systems found that more than 70 percent fail to meet basic cybersecurity standards, including some with "critical" vulnerabilities, such as relying on default passwords that haven't been updated and single logins that "can easily be compromised." The notice comes after a Russian hacktivist group claimed credit for digital assaults on water sites in Texas and Indiana. Late last year, Iran-linked Cyber Av3ngers group took responsibility for striking a water authority in Pennsylvania.

An anonymous reader shares a report: Hims & Hers Health, one of the online pharmacies that got its start prescribing dick pills, is now offering knockoff versions of GLP-1 weight loss drugs. Hims & Hers says it will offer drugs that mimic Ozempic and Wegovy, the active ingredient of which is semaglutide. The copycat versions are made by compounding pharmacies. The formulations aren't the same as the FDA-approved versions of the drug and haven't been directly evaluated by the FDA, either. But they're cheaper than the real thing: $199 a month, compared to the branded version, which can cost more than $1,000 a month without insurance.

Compounding pharmacies can make knockoff versions of branded drugs when they are in shortage, as the GLP-1 drugs -- prescribed for diabetes and weight loss -- currently are. The FDA has already received reports of adverse events for compounded versions of semaglutide. Hims & Hers says it "conducted extensive research for over a year" into finding a supplier, but does not name the one it chose to partner with. "Over the last year, we have grown in our conviction -- based on our medical experts' evaluation and the strength of our infrastructure -- that if done properly, compounded GLP-1s are safe and effective," the company said in its statement.

Earlier this week the Washington Post reported that America's Defense department "is growing concerned that the United Launch Alliance, one of its key partners in launching national security satellites to space, will not be able to meet its needs to counter China and build its arsenal in orbit with a new rocket that ULA has been developing for years." In a letter sent Friday to the heads of Boeing's and Lockheed Martin's space divisions, Air Force Assistant Secretary Frank Calvelli used unusually blunt terms to say he was growing "concerned" with the development of the Vulcan rocket, which the Pentagon intends to use to launch critical national security payloads but which has been delayed for years. ULA, a joint venture of Boeing and Lockheed Martin, was formed nearly 20 years ago to provide the Defense Department with "assured access" to space. "I am growing concerned with ULA's ability to scale manufacturing of its Vulcan rocket and scale its launch cadence to meet our needs," he wrote in the letter, a copy of which was obtained by The Washington Post. "Currently there is military satellite capability sitting on the ground due to Vulcan delays...."

ULA originally won 60 percent of the Pentagon's national security payloads under the current contract, known as Phase 2. SpaceX won an award for the remaining 40 percent, but it has been flying its reusable Falcon 9 rocket at a much higher rate. ULA launched only three rockets last year, as it transitions to Vulcan; SpaceX launched nearly 100, mostly to put up its Starlink internet satellite constellation. Both are now competing for the next round of Pentagon contracts, a highly competitive procurement worth billions of dollars over several years. ULA is reportedly up for sale; Blue Origin is said to be one of the suitors...

In a statement to The Post, ULA said that its "factory and launch site expansions have been completed or are on track to support our customers' needs with nearly 30 launch vehicles in flow at the rocket factory in Decatur, Alabama." Last year, ULA CEO Tory Bruno said in an interview that the deal with Amazon would allow the company to increase its flight rate to 20 to 25 a year and that to meet that cadence it was hiring "several hundred" more employees. The more often Vulcan flies, he said, the more efficient the company would become. "Vulcan is much less expensive" than the Atlas V rocket that the ULA currently flies, Bruno said, adding that ULA intends to eventually reuse the engines. "As the flight rate goes up, there's economies of scale, so it gets cheaper over time. And of course, you're introducing reusability, so it's cheaper. It's just getting more and more competitive."
The article also notes that years ago ULA "decided to eventually retire its workhorse Atlas V rocket after concerns within the Pentagon and Congress that it relied on a Russian-made engine, the RD-180. In 2014, the company entered into a partnership with Jeff Bezos' Blue Origin to provide its BE-4 engines for use on Vulcan. However, the delivery of those engines was delayed for years — one of the reasons Vulcan's first flight didn't take place until earlier this year."

The article says Cavelli's letter cited the Pentagon's need to move quickly as adversaries build capabilities in space, noting "counterspace threats" and adding that "our adversaries would seek to deny us the advantage we get from space during a potential conflict."

"The United States continues to face an unprecedented strategic competitor in China, and our space environment continues to become more contested, congested and competitive."

The Washington Post reports that America took "one of its biggest steps yet to keep fossil fuels in the ground," announcing Thursday that it will end new coal leasing in the Powder River Basin, "which produces nearly half the coal in the United States...

"It could prevent billions of tons of coal from being extracted from more than 13 million acres across Montana and Wyoming, with major implications for U.S. climate goals." A significant share of the nation's fossil fuels come from federal lands and waters. The extraction and combustion of these fuels accounted for nearly a quarter of U.S. carbon dioxide emissions between 2005 and 2014, according to a study by the U.S. Geological Survey. In a final environmental impact statement released Thursday, Interior's Bureau of Land Management found that continued coal leasing in the Powder River Basin would harm the climate and public health. The bureau determined that no future coal leasing should happen in the basin, and it estimated that coal mining in the Wyoming portion of the region would end by 2041.

Last year, the Powder River Basin generated 251.9 million tons of coal, accounting for nearly 44 percent of all coal produced in the United States. Under the bureau's determination, the 14 active coal mines in the Powder River Basin can continue operating on lands they have leased, but they cannot expand onto other public lands in the region... "This means that billions of tons of coal won't be burned, compared to business as usual," said Shiloh Hernandez, a senior attorney at the environmental law firm Earthjustice. "It's good news, and it's really the only defensible decision the BLM could have made, given the current climate crisis...."

The United States is moving away from coal, which has struggled to compete economically with cheaper gas and renewable energy. U.S. coal output tumbled 36 percent from 2015 to 2023, according to the Energy Information Administration. The Sierra Club's Beyond Coal campaign estimates that 382 coal-fired power plants have closed down or proposed to retire, with 148 remaining. In addition, the Environmental Protection Agency finalized an ambitious set of rules in April aimed at slashing air pollution, water pollution and planet-warming emissions spewing from the nation's power plants. One of the most significant rules will push all existing coal plants by 2039 to either close or capture 90 percent of their carbon dioxide emissions at the smokestack.

"The nation's electricity generation needs are being met increasingly by wind, solar and natural gas," said Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and Financial Analysis, an energy think tank. "The nation doesn't need any increase in the amount of coal under lease out of the Powder River Basin."

An anonymous reader shared this report from Automotive News: Automotive News recently reported that eight automakers sent vehicle location data to police without a court order or warrant. The eight companies told senators that they provide police with data when subpoenaed, getting a rise from several officials.

BMW, Kia, Mazda, Mercedes-Benz, Nissan, Subaru, Toyota, and Volkswagen presented their responses to lawmakers. Senators Ron Wyden from Oregon and Ed Markey from Massachusetts penned a letter to the Federal Trade Commission, urging investigative action. "Automakers have not only kept consumers in the dark regarding their actual practices, but multiple companies misled consumers for over a decade by failing to honor the industry's own voluntary privacy principles," they wrote.

Ten years ago, all of those companies agreed to the Consumer Privacy Protection Principles, a voluntary code that said automakers would only provide data with a warrant or order issued by a court. Subpoenas, on the other hand, only require approval from law enforcement. Though it wasn't part of the eight automakers' response, General Motors has a class-action suit on its hands, claiming that it shared data with LexisNexis Risk Solutions, a company that provides insurers with information to set rates.
The article notes that the lawmakers praised Honda, Ford, GM, Tesla, and Stellantis for requiring warrants, "except in the case of emergencies or with customer consent."

America's Defense Department "is rushing to expand its capacity to wage war in space," reports the New York Times, "convinced that rapid advances by China and Russia in space-based operations pose a growing threat to U.S. troops and other military assets on the ground and U.S. satellites in orbit." [T]he Defense Department is looking to acquire a new generation of ground- and space-based tools that will allow it to defend its satellite network from attack and, if necessary, to disrupt or disable enemy spacecraft in orbit, Pentagon officials have said in a series of interviews, speeches and recent statements... [T]he move to enhance warfighting capacity in space is driven mostly by China's expanding fleet of military tools in space... [U.S. officials are] moving ahead with an effort they are calling "responsible counterspace campaigning," an intentionally ambiguous term that avoids directly confirming that the United States intends to put its own weapons in space. But it also is meant to reflect this commitment by the United States to pursue its interest in space without creating massive debris fields that would result if an explosive device or missile were used to blow up an enemy satellite. That is what happened in 2007, when China used a missile to blow up a satellite in orbit. The United States, China, India and Russia all have tested such missiles. But the United States vowed in 2022 not to do any such antisatellite tests again.

The United States has also long had ground-based systems that allow it to jam radio signals, disrupting the ability of an enemy to communicate with its satellites, and is taking steps to modernize these systems. But under its new approach, the Pentagon is moving to take on an even more ambitious task: broadly suppress enemy threats in orbit in a fashion similar to what the Navy does in the oceans and the Air Force in the skies.
The article notes a recent report drafted by a former Space Force colonel cited three ways to disable enemy satellite networks: cyberattacks, ground or space-based lasers, and high-powered microwaves. "John Shaw, a recently retired Space Force lieutenant general who helped run the Space Command, agreed that directed-energy devices based on the ground or in space would probably be a part of any future system. 'It does minimize debris; it works at the speed of light,' he said. 'Those are probably going to be the tools of choice to achieve our objective." The Pentagon is separately working to launch a new generation of military satellites that can maneuver, be refueled while in space or have robotic arms that could reach out and grab — and potentially disrupt — an enemy satellite. Another early focus is on protecting missile defense satellites. The Defense Department recently started to require that a new generation of these space-based monitoring systems have built-in tools to evade or respond to possible attack. "Resiliency feature to protect against directed energy attack mechanisms" is how one recent missile defense contract described it. Last month the Pentagon also awarded contracts to two companies — Rocket Lab and True Anomaly — to launch two spacecraft by late next year, one acting as a mock enemy and the other equipped with cameras, to pull up close and observe the threat. The intercept satellite will not have any weapons, but it has a cargo hold that could carry them.
The article notes that Space Force's chief of space operations has told Senate appropriators that about $2.4 billion of the $29.4 billion in Space Force's proposed 2025 budget was set aside for "space domain awareness." And it adds that the Pentagon "is working to coordinate its so-called counterspace efforts with major allies, including Britain, Canada and Australia, through a multinational operation called Operation Olympic Defender. France has been particularly aggressive, announcing its intent to build and launch by 2030 a satellite equipped with a high-powered laser." [W]hat is clear is that a certain threshold has now been passed: Space has effectively become part of the military fighting domain, current and former Pentagon officials said. "By no means do we want to see war extend into space," Lt. Gen. DeAnna Burt, deputy chief of space operations, said at a Mitchell Institute event this year. "But if it does, we have to be prepared to fight and win."

An anonymous reader quotes a report from The Guardian, written by Caroline Haskins: On May 7th and 8th in Washington, D.C., the city's biggest convention hall welcomed America's military-industrial complex, its top technology companies and its most outspoken justifiers of war crimes. Of course, that's not how they would describe it. It was the inaugural "AI Expo for National Competitiveness," hosted by the Special Competitive Studies Project -- better known as the "techno-economic" thinktank created by the former Google CEO and current billionaire Eric Schmidt. The conference's lead sponsor was Palantir, a software company co-founded by Peter Thiel that's best known for inspiring 2019 protests against its work with Immigration and Customs Enforcement (Ice) at the height of Trump's family separation policy. Currently, Palantir is supplying some of its AI products to the Israel Defense Forces.

The conference hall was also filled with booths representing the U.S. military and dozens of its contractors, ranging from Booz Allen Hamilton to a random company that was described to me as Uber for airplane software. At industry conferences like these, powerful people tend to be more unfiltered – they assume they're in a safe space, among friends and peers. I was curious, what would they say about the AI-powered violence in Gaza, or what they think is the future of war?

Attendees were told the conference highlight would be a series of panels in a large room toward the back of the hall. In reality, that room hosted just one of note. Featuring Schmidt and the Palantir CEO, Alex Karp, the fire-breathing panel would set the tone for the rest of the conference. More specifically, it divided attendees into two groups: those who see war as a matter of money and strategy, and those who see it as a matter of death. The vast majority of people there fell into group one. I've written about relationships between tech companies and the military before, so I shouldn't have been surprised by anything I saw or heard at this conference. But when it ended, and I departed DC for home, it felt like my life force had been completely sucked out of my body. Some of the noteworthy quotes from the panel and convention, as highlighted in Haskins' reporting, include:

"It's always great when the CIA helps you out," Schmidt joked when CIA deputy director David Cohen lent him his microphone when his didn't work.

The U.S. has to "scare our adversaries to death" in war, said Karp. On university graduates protesting Israel's war in Gaza, Karp described their views as a "pagan religion infecting our universities" and "an infection inside of our society."

"The peace activists are war activists," Karp insisted. "We are the peace activists."

A huge aspect of war in a democracy, Karp went on to argue, is leaders successfully selling that war domestically. "If we lose the intellectual debate, you will not be able to deploy any armies in the west ever," Karp said.

A man in nuclear weapons research jokingly referred to himself as "the new Oppenheimer."

According to the Solar Energy Industries Association (SEIA), the U.S. has officially surpassed 5 million solar installations. "The 5 million milestone comes just eight years after the U.S. achieved its first million in 2016 -- a stark contrast to the four decades it took to reach that initial milestone since the first grid-connected solar project in 1973," reports Electrek. From the report: Since the beginning of 2020, more than half of all U.S. solar installations have come online, and over 25% have been activated since the Inflation Reduction Act became law 20 months ago. Solar arrays have been installed on homes and businesses and as utility-scale solar farms. The U.S. solar market was valued at $51 billion in 2023. Even with changes in state policies, market trends indicate robust growth in solar installations across the U.S. According to SEIA forecasts, the number of solar installations is expected to double to 10 million by 2030 and triple to 15 million by 2034.

The residential sector represents 97% of all U.S. solar installations. This sector has consistently set new records for annual installations over the past several years, achieving new highs for five straight years and in 10 out of the last 12 years. The significant growth in residential solar can be attributed to its proven value as an investment for homeowners who wish to manage their energy costs more effectively. California is the frontrunner with 2 million solar installations, though recent state policies have significantly damaged its rooftop solar market. Meanwhile, other states are experiencing rapid growth. For example, Illinois, which had only 2,500 solar installations in 2017, now boasts over 87,000. Similarly, Florida has seen its solar installations surge from 22,000 in 2017 to 235,000 today. By 2030, 22 states or territories are anticipated to surpass 100,000 solar installations. The U.S. has enough solar installed to cover every residential rooftop in the Four Corners states of Colorado, Utah, Arizona, and New Mexico.

Samsung has released a response to Apple's recently criticized "Crush" ad, which featured the destruction of instruments, arcade games, and sculptures to promote the new iPad Pro. Apple subsequently apologized, with an executive admitting they "missed the mark."

In a video titled "UnCrush," created by BBH USA and directed by Zen Pace, Samsung depicts a woman navigating debris reminiscent of Apple's ad, using a Galaxy Tab S9 and Galaxy AI to play guitar, in contrast to Apple's destructive message. "We would never crush creativity," the caption of Samsung's video reads.

After bipartisan constituents introduced the Transparency in Charges for Key Events Ticketing (TICKET) Act in June 2023, the United States House of Representatives passed the legislation this week in the ongoing efforts to reform the ticketing industry. From a report: The bill received a substantial amount of bipartisan support, passing 338-24. This comes after the House of Representatives' Energy and Commerce Committee unanimously approved the bill 45-0 in Dec. 2023. It will, of course, now need to move through the Senate before President Joe Biden signs it into law, and there is currently no floor vote in place for the measure.

If enacted, the TICKET Act will require ticket sellers to implement simple all-in pricing; ban speculative ticketing, where the seller does not have actual possession of the ticket; ban deceptive websites and website marketing; provide full refunds for any canceled event; offer comparable replacement tickets for any postponed event with buyers' approval; and require the FTC to issue a report on the BOTS Act Enforcement, which passed in 2016. Representatives Jan Schakowsky (IL-09) and Gus Bilirakis (FL-12) introduced the legislation last year "to improve transparency in the entertainment industry by requiring all event ticket sellers to display the total ticket price -- including all required fees -- in any advertisement, marketing or promotional materials." It was meant to mirror advertising guidelines for airline tickets and have full transparency throughout the purchasing process.

Longtime Slashdot reader necro81 writes: The U.S. Federal Energy Regulatory Commission (FERC), which controls interstate energy infrastructure, approved a rule Monday that should boost new transmission infrastructure and make it easier to connect renewable energy projects. (More coverage here, here, and here.)

Some 11,000 projects totaling 2,600 GW of capacity are in planning, waiting to break ground, or connect to the grid. But they're stymied by the need for costly upgrades, or simply waiting for review. The frustrations are many. Each proposed project undergoes a lengthy grid-impact study and assessed the cost of necessary upgrades. Each project is considered in isolation, regardless of whether similar projects are happening nearby that could share the upgrade costs or auger different improvements. The planning process tends to be reactive -- examining only the applications in front of them -- rather than considering trends over the coming years. It's a first-come, first-served queue: if one project is ready to break ground, it must wait behind another project that's still securing funding or permitting.

Two years in development, the dryly-named Improvements to Generator Interconnection Procedures and Agreements directs utility operators to plan infrastructure improvements with a 20-yr forecast of new energy sources and increased demand. Rather than examining each project in isolation, similar projects will be clustered and examined together. Instead of a First-Come, First-Served serial process, operators will instead examine First-Ready, allowing shovel-ready projects to jump the queue. The expectation is that these new rules will speed up and streamline the process of developing and connecting new energy projects through more holistic planning, penalties for delays, sensible cost-sharing for upgrades, and justification for long-term investments.

With Amazon on its heels, the nation's biggest company by revenue is hunting for ways to continue growing. From a report: For a decade, Walmart has reigned as the nation's biggest company by revenue. Its sales last year added up to $648 billion -- more than $1.2 million a minute. That status comes with benefits. It gives Walmart power in negotiations with product manufacturers and in dealing with government officials over policy issues. It's also a point of pride: Job postings often tout working at the "Fortune 1" company as a perk. Its reign is looking shaky lately [non-paywalled link]. If current sales trends persist, Amazon is likely to overtake Walmart soon. Amazon reported $575 billion in total revenue last year, up 12% from the previous year, compared with Walmart's revenue growth of 6%.

Walmart's behemoth size means that to meet its own sales target of around 4% growth each year, the company has to find an additional $26 billion in sales this year. That's no easy task. About 90% of Americans already shop at the retailer. The pandemic and rising inflation boosted Walmart's revenue by $100 billion since 2019. It faces continued uncertainty in consumer confidence and while it's spending in some areas, it's pulling back in others. Earlier this week, Walmart told workers it would cut hundreds of corporate jobs and ask most remote workers to move to offices. While Amazon's and Walmart's businesses compete head on, there are big differences. Amazon earns much of its profit from non-retail operations such as cloud computing and advertising, while grabbing retail market share with fast shipping. Walmart gets the bulk of its sales and profits from U.S. stores, while growing side businesses like advertising and digital sales.

Walmart executives are most wary of Amazon's ability to keep increasing profits through its non-retail business, while eating more of the retail landscape with ever-faster shipping and a bigger product selection, people familiar with the company said. Internally some executives are highlighting Walmart's role as a good corporate citizen and emphasizing that it's important to be the best at serving customers and workers, not just the biggest, say some of those people. Its scale can also have downsides, say some, like outsize attention on every misstep.

A bipartisan group of four senators led by Majority Leader Chuck Schumer is recommending that Congress spend at least $32 billion over the next three years to develop AI and place safeguards around it, writing in a report released Wednesday that the U.S. needs to "harness the opportunities and address the risks" of the quickly developing technology. AP: The group of two Democrats and two Republicans said in an interview Tuesday that while they sometimes disagreed on the best paths forward, it was imperative to find consensus with the technology taking off and other countries like China investing heavily in its development. They settled on a raft of broad policy recommendations that were included in their 33-page report. While any legislation related to AI will be difficult to pass, especially in an election year and in a divided Congress, the senators said that regulation and incentives for innovation are urgently needed.