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Tech billionaires in Democrats’ crosshairs: Who could face congressional probes? Here’s the hit list
Elon Musk, Mark Zuckerberg, Jeff Bezos and other tech leaders could face congressional investigations as Democrats prepare to take control of Congress in 2027. Their scrutiny could focus on ties to Donald Trump, political influence, AI development, data center expansion and the industry's impact on American jobs and communities.
US polls hit tech stocks; Qcomm’s Dhanteras gold rush
US technology stocks took a major beating days after the Democratic Party took control of both chambers of the Congress. This and more in today’s ETtech Top 5.
California could become the first state to tax billionaires' wealth
The state of California is deliberating on a proposed one-off 5% tax on the net worth of billionaires via Proposition 40. The initiative encounters significant pushback from wealthy opponents and considerable financial resources aimed at defeating it. Governor Gavin Newsom warns that it might trigger a tax flight among the richest residents.
Decoded: Will AI agents outlast the hype?
Krish Ramineni, founder of AI note-taking company Fireflies.ai, said consumers were experimenting with applications ranging from shopping and price comparisons to booking flights and hotels, making restaurant reservations, managing bills and subscriptions, and seeking refunds.
Anthropic says revenue surged 1,100% ahead of IPO
Anthropic, one of the world's leading artificial intelligence companies, on Monday reported a more than 1,100 percent surge in quarterly revenue and nearly $900 billion in spending commitments as it counts down to its Wall Street listing later this month. The filing said the company has committed to spend about $895 billion, mostly on computing power, with $70 billion of that due before September 2027.
Instinct's WhatsApp scare: Glitch that cried wolf
The incident has also brought attention to Meta’s restrictions on competing AI assistants and the challenges facing companies building personal AI agents. Tanya Pandey explains what happened and why it matters.
SaaS firm Capillary’s AI platform drives new customer wins, revenue grows 51%
Capillary’s aiRA (AI-powered Research Assistant) is an AI agent for enterprise brands that helps connect customer data across platforms and identifies opportunities to acquire, convert, retain and reactivate customers. It also executes campaigns through existing marketing tools, with human approval. It works with data from platforms such as Salesforce, Snowflake, Databricks, Google Ads and Meta, according to the investor presentation.
Anthropic revenue jumps 1,100% ahead of IPO as AI spending commitments near $900 billion
Anthropic reported a 1,100% surge in third quarter revenue to $17 billion ahead of its planned IPO later this month. However, the AI company also disclosed a $23.3 billion net loss and nearly $895 billion in spending commitments, raising questions about AI infrastructure costs and investor appetite for its proposed listing.
AI agent Instinct back on WhatsApp after technical issues: Here’s what we know
Instinct, a leading AI firm, faced a brief disruption in its WhatsApp services due to a technical glitch linked to its configuration. This led to confusion among users and sparked rumors regarding Meta's restrictions. Following the resolution of the billing issue, founder Noah Shinn reassured everyone that the services were once again operational. To mitigate future disruptions, Instinct is implementing proactive measures to enhance service reliability.
Musk and Zuckerberg officially adopt Trump’s “super intelligence” label for AI, other tech chiefs yet to follow
In a significant shift, tech giants Elon Musk and Mark Zuckerberg have embraced the term 'super intelligence' to describe AI, following a pivotal lunch with Donald Trump that resulted in a new safety standards agreement. Meanwhile, executives from Alphabet, Amazon, and Microsoft still favor the traditional AI nomenclature in their dialogues.
AI giants' funding ambitions test Wall Street's appetite for risk
The heavyweights of the AI industry are facing a reckoning on Wall Street, reflecting concerns over who will bear the cost of the artificial intelligence buildout that has fueled much of this year's stock market gains.
AMD and Meta advance strategic partnership to power Meta's Superintelligence Infrastructure
Advanced Micro Devices, or AMD, is teaming up with Meta to enhance its superintelligence infrastructure. As part of this strategic partnership, AMD plans to invest a whopping $1 billion into Meta’s projects. This collaboration aims to push the envelope on advanced technologies and improve how superintelligence functions within Meta's framework.
Big Tech earnings a test of the AI boom amid market turmoil
Investors are pressing for evidence that the AI boom can deliver swift returns to justify its enormous price tag. Rising bond yields at AI cloud providers such as CoreWeave and record costs to insure Meta Platform's debt have amplified concerns about how the massive AI infrastructure buildout is being funded, particularly as higher US interest rates loom.
Meta to create non-voting shares to fund AI expansion, retain Zuckerberg’s control
Meta Platforms plans to introduce publicly traded non-voting Class C shares to fund AI investments, acquisitions and employee compensation while preserving Mark Zuckerberg’s voting control. The proposed one-for-one share distribution is expected to begin trading in January 2027.
Meet Mahmoud Felfel and Hammad Syed, two Egyptian founders who built a text-to-speech tool; their voice AI startup was later acquired by Meta
Mahmoud Felfel and Hammad Syed are the founders of PlayAI. Both of them Egyptian entrepreneurs who had previously worked at Dubai-based classifieds platform Dubizzle. The idea for starting the company came when they got frustrated by limited access to regional content in audio formats. The aim was to make written content more available through speech technology.
Explained: Why is Meta creating a new class of non-voting shares amid its AI growth?
Meta plans to create a new class of publicly traded non-voting stock, known as Class C shares, and distribute one Class C share for each existing Class A and Class B share - effectively splitting its stock two-for-one. The new shares are expected to begin trading in January 2027.
Mark Zuckerberg, worth $240 billion, threatens to leave California over 5% billionaire tax as Meta creates new Class C shares to keep him in state
Mark Zuckerberg has threatened to leave California if the state introduces a proposed 5% billionaire wealth tax. In response, Meta has approved a new class of nonvoting Class C shares that would allow the Facebook co-founder to raise money to pay a potential tax bill without losing control of the company. The new stock arrangement also comes with an eight-year commitment from Zuckerberg to remain a California resident.
Mark Zuckerberg makes deal with Meta to help him pay billionaire tax if it passes
Mark Zuckerberg has made a deal to manage potential tax liabilities from a proposed wealth tax in California. The tax would impose a one-time 5 percent charge on billionaires' net worth. Zuckerberg's agreement allows him to maintain ownership of Meta while selling non-voting shares to finance his tax obligations. Proponents argue the tax ensures the rich contribute fairly to state revenues.
Meta’s AI app Muse crosses 10 million US downloads within 40 days
Meanwhile, Zuckerberg highlighted in his post that the most common use case for Muse is shopping, with more than a quarter of people using the platform engaging in this activity with an average purchase size over $200.
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