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		<title>Spirit Airlines CEO on carrier&#8217;s collapse: &#8216;We just kind of ran out of runway&#8217;</title>
		<link>https://lsd.hu/spirit-airlines-ceo-on-carriers-collapse-we-just-kind-of-ran-out-of-runway/</link>
		
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		<pubDate>Mon, 04 May 2026 20:15:41 +0000</pubDate>
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					<description><![CDATA[A Spirit Airlines plane sits parked at Hollywood Burbank Airport on April 16, 2026 in Burbank, California. Justin Sullivan &#124; Getty Images Spirit Airlines struggled for years, battered by larger, cash-rich airlines that copied its business model, failed mergers, higher costs and, most recently, a surge in jet fuel prices because of the war in [&#8230;]]]></description>
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<p>A Spirit Airlines plane sits parked at Hollywood Burbank Airport on April 16, 2026 in Burbank, California. </p>
<p>Justin Sullivan | Getty Images</p>
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<p>Spirit Airlines struggled for years, battered by larger, cash-rich airlines that copied its business model, failed mergers, higher costs and, most recently, a surge in jet fuel prices because of the war in Iran. It then faced the most unforgiving foe: time.</p>
<p>&#8220;We just kind of ran out of runway,&#8221; CEO Dave Davis said in an interview with CNBC on Monday.</p>
<p>Spirit had hoped to exit bankruptcy, its second in less than a year, in mid-2026. Four days before the U.S. and Israel attacked Iran, a conflict that has sent fuel prices skyrocketing, Davis said he and his team were optimistic that the exit strategy could still work. But that was contingent on fuel prices moderating in April.</p>
<p>They didn&#8217;t. </p>
<p>&#8220;Late March, early April, it became clear that it was going to be tough for us to get through,&#8221; Davis said, noting that crude oil prices were above $100 a barrel.</p>
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<h2 class="ArticleBody-subtitle"><a id="headline0"/>Time&#8217;s up</h2>
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<p>Other airlines leave printed instructions for travelers affected by the Spirit Airlines shut down at LaGuardia Airport&#8217;s Marine Air Terminal in New York on May 2, 2026.</p>
<p>Leslie Josephs/CNBC</p>
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<p>To try to save the company from collapsing, Davis and others inside Spirit talked to the Trump administration about a bailout.</p>
<p>&#8220;We got connected with some various folks in government, including [Commerce] Secretary [Howard] Lutnick, through some contacts,&#8221; he said. &#8220;These guys &#8230; particularly Commerce, very eager to help.&#8221;</p>
<p>The Trump administration had been working on an offer for a $500 million loan to keep the airline afloat in a plan that could have given the U.S. government an up to 90% stake in the carrier. Bondholders weren&#8217;t on board and floated a counter proposal. </p>
<p>&#8220;Our bondholders also worked very hard to try to get something done,&#8221; Davis said. </p>
<p>The two sides were far apart on deal terms and it was clear by Thursday that it wasn&#8217;t going to work.</p>
<p>&#8220;I think we just ran out of time,&#8221; he said.</p>
<p>Spirit said some 17,000 people, both direct and indirect airline workers, lost their jobs in the airline&#8217;s collapse. Other carriers, smelling blood, had been circling for nearly a year if not longer, and within hours of the airline&#8217;s collapse were scrambling to both fly ticketed Spirit customers and add to their schedules in the absence left by Spirit&#8217;s yellow planes.</p>
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<h2 class="ArticleBody-subtitle"><a id="headline1"/>What&#8217;s next?</h2>
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<p>A Spirit Airlines poster on a LaGuardia Airport shuttle bus the day it shut down.</p>
<p>Leslie Josephs/CNBC</p>
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<p>Spirit hired longtime airline executive Davis, most recently CFO at <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8">Sun Country<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, a year ago, about a month after the company zipped out of its first bankruptcy. Critics said it avoided bigger changes in that first bankruptcy, like shedding more assets to get costs down.</p>
<p>Last August, the airline filed for Chapter 11 bankruptcy protection again, facing many of the same problems, though it had slashed flights, gotten rid of some of its Airbus jets and furloughed crew members to save cash.</p>
<p>Davis previously worked at Northwest Airlines, which combined with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-10">Delta Air Lines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> in 2008, and also worked at US Airways, which merged with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-11">American Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> in 2013. Along with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-12">United Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-13">Southwest Airlines<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, the four airlines control about 80% of U.S. capacity, after a major wave of consolidation.</p>
<p>More consolidation is likely and &#8220;what the lower end of the industry needs,&#8221; Davis predicted. He said if Spirit&#8217;s planned acquisition by <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-14">JetBlue Airways<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> wasn&#8217;t blocked by a judge two years ago &#8220;I believe that we wouldn&#8217;t be in the situation we are right now.&#8221;</p>
<p>Low-fare airlines for a time were a headache for big legacy carriers, since they swooped into markets and offered eye-catching fares.  </p>
<p>&#8220;There was no better exemplar of that than Spirit,&#8221; Davis said. </p>
<p>But then the big airlines started to copy some of the budget model, offering no-frills basic economy tickets and other add-on fees. That hurt carriers like Spirit, which was profitable in the 2010s but hadn&#8217;t turned a profit since 2019.</p>
<p>&#8220;Everybody saw the low-cost airlines just taking massive share,&#8221; he said. &#8220;The shoe was completely on the other foot then, then where it is today.&#8221;</p>
<p>He said another benefit the larger airlines have is their huge credit card programs, in which they earn money from banks when customers swipe their credit cards, a business that gives them a bigger cash cushion to weather shocks like high fuel prices.</p>
<p>Davis said in Spirit&#8217;s final days he was between Washington, D.C., and the company headquarters in Dania Beach, Florida, trying to get to a deal. Some staff members, including pilots, didn&#8217;t get final word about the airline&#8217;s last flights until they were getting close to landing Friday night or early Saturday.</p>
<p>&#8220;You can&#8217;t announce ahead of time that you&#8217;re going to shut down,&#8221; he said. &#8220;What happens is vendors stop working. Fuelers stop fueling. Some crew members probably don&#8217;t come in. So then you&#8217;ve got airplanes and people and passengers scattered all over the place in foreign countries. It needs to be done in a very orderly way, and it needs to be done all at once.&#8221;</p>
<p>Davis said he is staying on at Spirit to oversee the airline&#8217;s closure. Leased planes will go back to lessors. Owned ones will get sold. Gates will be overseen by airports and likely used by other airlines. About 130 other employees are set to stay on for that work as well.</p>
<p>When asked if he would stay in the industry, Davis said: &#8220;I just love airplanes, and I like the industry, so I&#8217;ll probably never leave it, although sometimes it&#8217;s very trying and taxing on a person.&#8221;</p>
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		<title>Alibaba leads $290 million investment for building a new kind of AI model as LLM limits emerge</title>
		<link>https://lsd.hu/alibaba-leads-290-million-investment-for-building-a-new-kind-of-ai-model-as-llm-limits-emerge/</link>
		
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		<pubDate>Sun, 12 Apr 2026 08:40:24 +0000</pubDate>
				<category><![CDATA[Finance]]></category>
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					<description><![CDATA[A mechanical hand is on display at the Robot Mall, world&#8217;s first embodied intelligent robot 4S store, on August 13, 2025 in Beijing, China. Vcg &#124; Visual China Group &#124; Getty Images BEIJING — Alibaba Cloud is investing in a new type of artificial intelligence designed to better replicate the real world using a different [&#8230;]]]></description>
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<p>A mechanical hand is on display at the Robot Mall, world&#8217;s first embodied intelligent robot 4S store, on August 13, 2025 in Beijing, China. </p>
<p>Vcg | Visual China Group | Getty Images</p>
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<p>BEIJING — <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Alibaba<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> Cloud is investing in a new type of artificial intelligence designed to better replicate the real world using a different approach from chatbots such as OpenAI&#8217;s ChatGPT.</p>
<p>The shift recognizes the <a href="https://kevinkelly.substack.com/p/three-modes-of-cognition" target="_blank" rel="noopener">limits of &#8220;large language models&#8221;</a> trained primarily on text. Instead, developers are starting to focus more on <a href="https://www.scientificamerican.com/article/world-models-could-unlock-the-next-revolution-in-artificial-intelligence/" target="_blank" rel="noopener">&#8220;world models</a>&#8221; built on videos and real-life physical scenarios.</p>
<p>To jump on the trend, Alibaba led a 2 billion yuan ($290 million) investment in ShengShu, the startup behind the AI video generation tool Vidu, the company announced Friday. TAL Education and Baidu Ventures also participated in the series B funding round.</p>
<p>The investment comes about two months after ShengShu raised <a href="https://www.prnewswire.com/news-releases/shengshu-technology-completes-series-a-funding-of-over-rmb-600-million-302679760.html" target="_blank" rel="noopener">600 million yuan</a> from Qiming Venture Partners and other backers. The startup declined to disclose its valuation.</p>
<p>ShengShu said the latest funding will support the development of a &#8220;general world model&#8221; that uses AI to bridge two currently separate domains: the digital world of games and AI-generated video, and the physical world of autonomous driving and robots.</p>
<p>&#8220;ShengShu believes that a general world model, built on multimodal data such as vision, audio, and touch, more naturally captures how the physical world works than large language models,&#8221; the three-year-old startup said in a statement. </p>
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<p>&#8220;We aim to connect perception and action,&#8221; Zhu Jun, founder of ShengShu, added in a statement, allowing AI systems to better model and predict real-world behavior consistently.</p>
<p>ShengShu&#8217;s latest Vidu Q3 Pro model, released in January, ranks among the top 10 AI models for generating videos from text and images, according to <a href="https://artificialanalysis.ai/video/leaderboard/image-to-video" target="_blank" rel="noopener">Artificial Analysis</a>.</p>
<p>The company launched Vidu globally months before OpenAI made its now-shuttered Sora tool for AI video generation widely available. Chinese short-video companies <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-8">Kuaishou<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and ByteDance have also released similar competing AI tools for generating videos.</p>
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<h2 class="ArticleBody-subtitle"><a id="headline0"/>World model competition</h2>
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<p>Alibaba has expanded its investments in related startups.</p>
<p>The Chinese tech giant and Baidu Ventures last month led a <a href="https://en.prnasia.com/releases/global/tripo-ai-announces-50-million-in-funding-and-new-models-for-production-ready-3d-generation-526728.shtml#:~:text=ABOUT%20TRIPO%20AI,next%2Dgeneration%20productivity%20across%20industries." target="_blank" rel="noopener">$50 million investment</a> in Tripo AI, a platform that uses AI to quickly generate digital 3D models from photographs. Tripo said it is also moving away from techniques used by language models toward AI tools grounded in physical space and is developing its own world model.</p>
<p>In September, Alibaba also led a $60 million investment in PixVerse, which released an AI <a href="https://realtime.pixverse.ai/" target="_blank" rel="noopener">world model</a> earlier this year that allows users to direct how a video unfolds while it is being generated.</p>
<p>Alibaba, which got its start in e-commerce, has also released free, open-source AI models for video generation and, in February, launched one for powering robots. </p>
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<p>Shengshu said Friday it has strategic partnerships with companies developing embodied AI — systems such as humanoid robots that interact with the physical world — for use across industrial, commercial and home settings.</p>
<p>World models are critical for robotics because the technology needs more than LLMs to work, Kevin Kelly, co-founder of the U.S. tech magazine Wired, wrote <a href="https://kevinkelly.substack.com/p/three-modes-of-cognition" target="_blank" rel="noopener">last month</a> on his Substack.</p>
<p>Ultimately, to replicate human intelligence, AI will need three things: reasoning, an understanding of the physical world and continuous learning, Kelly said. While AI for the learning category hasn&#8217;t been developed yet, LLM-powered chatbots have created the knowledge element, he said, making world models a key area requiring a breakthrough.</p>
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		<title>Former ICE director warns &#8216;wartime recruitment&#8217; tactics like influencer campaigns and $50,000 bonuses could attract the wrong kind of agents &#124; Fortune</title>
		<link>https://lsd.hu/former-ice-director-warns-wartime-recruitment-tactics-like-influencer-campaigns-and-50000-bonuses-could-attract-the-wrong-kind-of-agents-fortune/</link>
		
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		<pubDate>Thu, 08 Jan 2026 23:01:07 +0000</pubDate>
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		<guid isPermaLink="false">https://lsd.hu/former-ice-director-warns-wartime-recruitment-tactics-like-influencer-campaigns-and-50000-bonuses-could-attract-the-wrong-kind-of-agents-fortune/</guid>

					<description><![CDATA[The Department of Homeland Security’s deployment of more than 2,000 Immigration and Customs Enforcement officers and agents—the largest such enforcement action in U.S. history—turned fatal on Wednesday when an ICE officer shot and killed a 37-year-old woman in Minneapolis.  The shooting was just one of several fatal incidents since ICE ramped up its mass deportation [&#8230;]]]></description>
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<br /><img decoding="async" src="https://fortune.com/img-assets/wp-content/uploads/2026/01/AP26008063038679-e1767883057213.jpg?w=2048" alt="AP26008063038679 e1767883057213" title="Former ICE director warns &#039;wartime recruitment&#039; tactics like influencer campaigns and $50,000 bonuses could attract the wrong kind of agents | Fortune 6"></p>
<p>The Department of Homeland Security’s deployment of more than 2,000 Immigration and Customs Enforcement officers and agents—the largest such enforcement action in U.S. history—turned fatal on Wednesday when an ICE officer shot and killed a 37-year-old woman in Minneapolis. </p>
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<p>The shooting was just one of several fatal incidents since ICE ramped up its mass deportation effort last year and raises questions about how officers are trained, especially as DHS has dodged questions about this process while more than doubling its number of agents since 2024. Recruitment efforts have been juiced by massive funding from the One Big Beautiful Bill Act, as taxpayers have found themselves funding an unprecedented swelling of immigration enforcement hiring.</p>
<p>Federal officers have also killed at least three other people, according to <a aria-label="Go to https://www.themarshallproject.org/2026/01/07/ice-minneapolis-shooting-renee-good" class="" href="https://www.themarshallproject.org/2026/01/07/ice-minneapolis-shooting-renee-good" target="_blank" rel="noopener">The Marshall Project</a>, and have shot at least nine people since September, according to <a aria-label="Go to https://www.themarshallproject.org/2026/01/07/ice-minneapolis-shooting-renee-good" class="" href="https://www.themarshallproject.org/2026/01/07/ice-minneapolis-shooting-renee-good" target="_blank" rel="noopener"><em>The New York Times</em></a>. </p>
<p>While ICE has ballooned to more than 22,000 agents—more than double from early 2025—the “wartime recruitment” tactics it has employed could be attracting combat-hungry or inexperienced people to the job, experts warn.</p>
<h2 class="wp-block-heading"><strong>Recruitment tactics led to over 200,000 applications</strong></h2>
<p>DHS announced last summer its plans to hire 10,000 deportation officers, using what they internally called a “wartime recruitment,” according to an internal document reviewed by <em>The Washington Post</em>. </p>
<p>ICE officials planned to spend $100 million over a one-year period to recruit gun rights and military support through influencers and geo-targeted advertising campaigns, according to <em>The Post</em>. The funding is part of the $1.7 billion allocated for border and interior enforcement, including $75 billion for ICE, to be spent over four years. </p>
<p>The department’s strategy dedicated $8 million to influencers, including “former agents, veterans and pro-ICE creators,” with Gen Z and millennial audiences, according to internal documents reviewed by <em>The Post</em>. DHS planned to work with creators across traditional social media platforms like Facebook, Instagram, and X as well as platforms with more conservative users such as Rumble. DHS anticipated that their influencer would bring more than 5,000 applications. </p>
<p>In addition to a <a aria-label="Go to https://www.usajobs.gov/job/838081000" class="" href="https://www.usajobs.gov/job/838081000" target="_blank" rel="noopener">salary</a> ranging from $49,739 to $89,528 a year, DHS offers up to a $50,000 signing bonus split over three years, up to $60,000 in student loan repayment and forgiveness options, and retirement benefits. </p>
<p>ICE also uses a marketing strategy called “geofencing” to send ads to the phone web browsers and social media feeds of anyone located near military bases, NASCAR races, college campuses, or gun and trade shows, according to <em>The Post</em>.</p>
<p>“The recruitment initiative utilized data-driven outreach efforts to recruit qualified patriotic Americans from across the country. As a result, ICE was able to exceed its hiring surge target while maintaining rigorous standards for training and readiness,” the agency <a aria-label="Go to https://www.ice.gov/news/releases/ice-announces-historic-120-manpower-increase-thanks-recruitment-campaign-brought" class="" href="https://www.ice.gov/news/releases/ice-announces-historic-120-manpower-increase-thanks-recruitment-campaign-brought" target="_blank" rel="noopener">wrote</a> in the Jan. 3 statement. </p>
<p>ICE did not respond to a request for comment.</p>
<p>Sarah Saldaña, former director of ICE, recently told <em>The Post</em> she was concerned that the speed of recruitment and the framing of jobs as a war effort in marketing campaigns increased the risk of attracting people seeking combat experience. </p>
<p>The department received over 220,000 applications and hired 12,000 new officers in four months. Despite reaching their personnel goal, DHS is still recruiting more officers.  </p>
<p>“We continue to call on American patriots to serve the homeland because we know that there’s still more work to do — and we will not stop until every community in this nation is safe,”” said ICE Deputy Director Madison D. Sheahan in a statement.</p>
<h2 class="wp-block-heading"><strong>Officer training questioned</strong> </h2>
<p>Renee Nicole Macklin Good was shot in her car as ICE agents approached her vehicle and demanded she open the door, according to video filmed by bystanders. An ICE officer shot her at close range and was briefly hospitalized after the vehicle hit him. </p>
<p>Homeland Security Secretary Kristi Noem defended the officer who killed Macklin Good, saying that the officer “followed his training.” President Donald Trump doubled down on Wednesday, calling the video of the shooting “horrible to watch,” but said Macklin Good had “behaved horribly” and ran the agent over, even though video evidence <a aria-label="Go to https://www.cnn.com/2026/01/07/us/minneapolis-shooting-ice-video-analysis-vis" class="" href="https://www.cnn.com/2026/01/07/us/minneapolis-shooting-ice-video-analysis-vis" target="_blank" rel="noopener">disputes</a> that claim. </p>
<p>All new ICE agents are required to undergo the 8-week Basic Immigration Law Enforcement Training Program, during which they train 6 days a week at a facility in Georgia and learn to find, arrest, and deport people. In the past, ICE officials underwent a five-week Spanish-language training program and 16 weeks of basic training, according to the ICE <a aria-label="Go to https://www.ice.gov/careers/faqs#:~:text=What%20are%20the%20training%20requirements,career%20as%20a%20deportation%20officer." class="" href="https://www.ice.gov/careers/faqs#:~:text=What%2520are%2520the%2520training%2520requirements,career%2520as%2520a%2520deportation%2520officer." target="_blank" rel="noopener">website</a>. </p>
<p>The shooting comes after months of allegations of unprofessionalism and misconduct from advocacy groups. Even after a federal judge ordered ICE officers to wear individual badges, officers were seen without badges, according to <a aria-label="Go to https://chicago.suntimes.com/immigration/2025/10/31/ice-border-patrol-operation-midway-blitz-ids-gregory-bovino-immigration-enforcement-chicago-arrests-detention" class="" href="https://chicago.suntimes.com/immigration/2025/10/31/ice-border-patrol-operation-midway-blitz-ids-gregory-bovino-immigration-enforcement-chicago-arrests-detention" target="_blank" rel="noopener">the <em>Chicago Sun-Times</em></a>. Some new recruits showed up to training<a aria-label="Go to https://www.nbcnews.com/politics/immigration/new-ice-recruits-showed-training-full-vetting-rcna238739" class="" href="https://www.nbcnews.com/politics/immigration/new-ice-recruits-showed-training-full-vetting-rcna238739" target="_blank" rel="noopener"> without full vetting</a>, having failed drug tests, physical, or academic standards, and without disclosing criminal backgrounds. </p>
<p>A senior DHS official told <a aria-label="Go to https://www.nbcnews.com/news/us-news/live-blog/minnesota-ice-shooting-live-updates-rcna252852#rcrd95863" class="" href="https://www.nbcnews.com/news/us-news/live-blog/minnesota-ice-shooting-live-updates-rcna252852#rcrd95863" target="_blank" rel="noopener">NBC News</a> on Wednesday that ICE officers are trained to never approach a vehicle from the front and not to shoot at a moving vehicle because it will not stop it from moving towards the officer.</p>
<p>Representative Robin Kelly (D-IL) filed articles of impeachment against Noem on Wednesday. </p>
<p>“Secretary Noem wreaked havoc in the Chicagoland area, and now, her rogue ICE agents have unleashed that same destruction in Minneapolis, fatally shooting Renee Nicole Good,” Kelly wrote in a statement announcing the move. “ It’s one thing to be incompetent and dangerous, but it’s impeachable to break the rule of law.”</p>
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		<title>It&#8217;s &#8216;kind of jarring&#8217;: AI labs like Meta, Deepseek, and Xai earned some of the worst grades possible on an existential safety index &#124; Fortune</title>
		<link>https://lsd.hu/its-kind-of-jarring-ai-labs-like-meta-deepseek-and-xai-earned-some-of-the-worst-grades-possible-on-an-existential-safety-index-fortune/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Sat, 06 Dec 2025 03:18:50 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[deepseek]]></category>
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		<category><![CDATA[Existential]]></category>
		<category><![CDATA[Fortune]]></category>
		<category><![CDATA[grades]]></category>
		<category><![CDATA[Index]]></category>
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		<category><![CDATA[Kind]]></category>
		<category><![CDATA[LABS]]></category>
		<category><![CDATA[Meta]]></category>
		<category><![CDATA[Safety]]></category>
		<category><![CDATA[worst]]></category>
		<category><![CDATA[xAI]]></category>
		<guid isPermaLink="false">https://lsd.hu/its-kind-of-jarring-ai-labs-like-meta-deepseek-and-xai-earned-some-of-the-worst-grades-possible-on-an-existential-safety-index-fortune/</guid>

					<description><![CDATA[A recent report card from an AI safety watchdog isn’t one that tech companies will want to stick on the fridge. The Future of Life Institute’s latest AI safety index found that major AI labs fell short on most measures of AI responsibility, with few letter grades rising above a C. The org graded eight companies across [&#8230;]]]></description>
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<br /><img decoding="async" src="https://fortune.com/img-assets/wp-content/uploads/2025/12/GettyImages-2168198379-e1764973088304.jpg?w=2048" alt="GettyImages 2168198379 e1764973088304" title="It&#039;s &#039;kind of jarring&#039;: AI labs like Meta, Deepseek, and Xai earned some of the worst grades possible on an existential safety index | Fortune 8"></p>
<p>A recent report card from an AI safety watchdog isn’t one that tech companies will want to stick on the fridge.</p>
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<p>The Future of Life Institute’s <a aria-label="Go to https://futureoflife.org/ai-safety-index-winter-2025/" class="" target="_blank" rel="noreferrer noopener" href="https://futureoflife.org/ai-safety-index-winter-2025/">latest AI safety index</a> found that major AI labs fell short on most measures of AI responsibility, with few letter grades rising above a C. The org graded eight companies across categories like safety frameworks, risk assessment, and current harms.</p>
<p>Perhaps most glaring was the “existential safety” line, where companies scored Ds and Fs across the board. While many of these companies are explicitly chasing superintelligence, they lack a plan for safely managing it, according to Max Tegmark, MIT professor and president of the Future of Life Institute.</p>
<p>“Reviewers found this kind of jarring,” Tegmark told us.</p>
<p>The reviewers in question were a panel of AI academics and governance experts who examined publicly available material as well as survey responses submitted by five of the eight companies.</p>
<p>Anthropic, OpenAI, and GoogleDeepMind took the top three spots with an overall grade of C+ or C. Then came, in order, Elon Musk’s Xai, Z.ai, Meta, DeepSeek, and Alibaba, all of which got Ds or a D-.</p>
<p>Tegmark blames a lack of regulation that has meant the cutthroat competition of the AI race trumps safety precautions. California <a aria-label="Go to https://www.techbrew.com/stories/2025/10/02/california-ai-law-us-tech-regulation" class="" href="https://www.techbrew.com/stories/2025/10/02/california-ai-law-us-tech-regulation" target="_blank" rel="noopener">recently passed</a> the first law that requires frontier AI companies to disclose safety information around catastrophic risks, and New York is <a aria-label="Go to https://www.techbrew.com/stories/2025/11/18/new-york-ai-safety-bill-alex-bores" class="" href="https://www.techbrew.com/stories/2025/11/18/new-york-ai-safety-bill-alex-bores" target="_blank" rel="noopener">currently within spitting distance</a> as well. Hopes for federal legislation are <a aria-label="Go to https://www.techbrew.com/stories/2025/12/02/trump-gop-push-to-block-state-ai-laws" class="" href="https://www.techbrew.com/stories/2025/12/02/trump-gop-push-to-block-state-ai-laws" target="_blank" rel="noopener">dim</a>, however.</p>
<p>“Companies have an incentive, even if they have the best intentions, to always rush out new products before the competitor does, as opposed to necessarily putting in a lot of time to make it safe,” Tegmark said.</p>
<p>In lieu of government-mandated standards, Tegmark said the industry has begun to take the group’s regularly released safety indexes more seriously; four of the five American companies now respond to its survey (Meta is the only holdout.) And companies have made some improvements over time, Tegmark said, mentioning Google’s transparency around its whistleblower policy as an example.</p>
<p>But real-life harms reported around issues like <a aria-label="Go to https://www.nytimes.com/2025/10/24/magazine/character-ai-chatbot-lawsuit-teen-suicide-free-speech.html" class="" target="_blank" rel="noreferrer noopener" href="https://www.nytimes.com/2025/10/24/magazine/character-ai-chatbot-lawsuit-teen-suicide-free-speech.html">teen suicides</a> that chatbots allegedly encouraged, inappropriate interactions with minors, and <a aria-label="Go to https://www.axios.com/2025/11/13/anthropic-china-claude-code-cyberattack" class="" target="_blank" rel="noreferrer noopener" href="https://www.axios.com/2025/11/13/anthropic-china-claude-code-cyberattack">major cyberattacks</a> have also raised the stakes of the discussion, he said.</p>
<p>“[They] have really made a lot of people realize that this isn’t the future we’re talking about—it’s now,” Tegmark said.</p>
<p>The Future of Life Institute recently enlisted public figures as diverse as Prince Harry and Meghan Markle, former Trump aide Steve Bannon, Apple co-founder Steve Wozniak, and rapper Will.i.am to sign a <a aria-label="Go to https://superintelligence-statement.org/" class="" target="_blank" rel="noreferrer noopener" href="https://superintelligence-statement.org/">statement</a> opposing work that could lead to superintelligence.</p>
<p>Tegmark said he would like to see something like “an FDA for AI where companies first have to convince experts that their models are safe before they can sell them.</p>
<p>“The AI industry is quite unique in that it’s the only industry in the US making powerful technology that’s less regulated than sandwiches—basically not regulated at all,” Tegmark said. “If someone says, ‘I want to open a new sandwich shop near Times Square,’ before you can sell the first sandwich, you need a health inspector to check your kitchen and make sure it’s not full of rats…If you instead say, ‘Oh no, I’m not going to sell any sandwiches. I’m just going to release superintelligence.’ OK! No need for any inspectors, no need to get any approvals for anything.”</p>
<p>“So the solution to this is very obvious,” Tegmark added. “You just stop this corporate welfare of giving AI companies exemptions that no other companies get.”</p>
<p><em>This report was <a aria-label="Go to https://www.techbrew.com/stories/2025/12/05/ai-labs-future-of-life-institute-report-card" class="" href="https://www.techbrew.com/stories/2025/12/05/ai-labs-future-of-life-institute-report-card" target="_blank" rel="noopener">originally published</a> by </em><a aria-label="Go to https://www.techbrew.com/" class="" href="https://www.techbrew.com/" target="_blank" rel="noopener">Tech Brew</a>.</p>
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		<title>CNBC Daily Open: November hasn&#8217;t been kind — or typical — for U.S. stocks</title>
		<link>https://lsd.hu/cnbc-daily-open-november-hasnt-been-kind-or-typical-for-u-s-stocks/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Sat, 29 Nov 2025 22:14:55 +0000</pubDate>
				<category><![CDATA[Tech]]></category>
		<category><![CDATA[Alibaba Group Holding Ltd]]></category>
		<category><![CDATA[Apple Inc]]></category>
		<category><![CDATA[business news]]></category>
		<category><![CDATA[CNBC]]></category>
		<category><![CDATA[Daily]]></category>
		<category><![CDATA[Donald Trump]]></category>
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		<category><![CDATA[Hasnt]]></category>
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		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Meta Platforms Inc]]></category>
		<category><![CDATA[NASDAQ Composite]]></category>
		<category><![CDATA[Nikkei 225 Index]]></category>
		<category><![CDATA[November]]></category>
		<category><![CDATA[open]]></category>
		<category><![CDATA[S&P 500 Index]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[STOXX 600]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[typical]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[World Markets]]></category>
		<guid isPermaLink="false">https://lsd.hu/cnbc-daily-open-november-hasnt-been-kind-or-typical-for-u-s-stocks/</guid>

					<description><![CDATA[Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Nov. 26, 2025. Brendan McDermid &#124; Reuters The U.S. stock market was closed Thursday stateside for Thanksgiving Day and will reopen on Friday until 1 p.m. ET. With approximately just 3 hours of trading left for the month, [&#8230;]]]></description>
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<p>Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Nov. 26, 2025.  </p>
<p>Brendan McDermid | Reuters</p>
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<p>The U.S. stock market was closed Thursday stateside for Thanksgiving Day and will reopen on Friday until 1 p.m. ET. </p>
<p>With approximately just 3 hours of trading left for the month, major U.S. indexes are looking to end November in the red, based on CNBC calculations.</p>
<p>As of Wednesday&#8217;s close, the <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-1">S&amp;P 500<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> was down 0.4% month to date, the <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-2">Dow Jones Industrial Average<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> 0.29% lower during the same period and the <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-3">Nasdaq Composite<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> retreating 2.15%, vastly underperforming its siblings as technology stocks stumbled in November.</p>
<p>Unless there&#8217;s a huge jump in stocks during the shortened trading session on Friday stateside — which might not be an unequivocally positive move since it would raise more questions about the market&#8217;s sustainability — that means the indexes are on track to snap their winning streaks. The S&amp;P 500 and Dow Jones Industrial Average have risen in the past six months, and the Nasdaq Composite seven.</p>
<p>It will also mark a divergence from the historical norm. The S&amp;P 500 has advanced an average of 1.8% in November since 1950, according to the Stock Trader&#8217;s Almanac. And in the year following a U.S. presidential election, it typically rises 1.6%. </p>
<p>But it&#8217;s not been a typical post-presidential election year. It&#8217;s hard to see the market, in the coming months, or even years, moving according to any historical trajectory.</p>
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<h2 class="ArticleBody-subtitle"><a id="headline0"/>What you need to know today</h2>
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<p><strong>U.S. futures are mostly flat Thursday night. </strong>The stock market was closed during the day for Thanksgiving in the U.S. Asia-Pacific markets traded mixed Friday. Japan&#8217;s <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-7">Nikkei 225<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> ticked up in volatile trading after Tokyo inflation came in hotter than expected.</p>
<p><strong>Trump to suspend migration from &#8216;Third World Countries.&#8217; </strong>The U.S. president will also cancel federal benefits and subsidies to &#8220;noncitizens&#8221; in the country, he said in Truth Social posts on Thursday night stateside. Trump did not specify which countries would be affected.</p>
<p><strong>South Korea imposes sanctions on Prince Group. </strong>The Cambodian conglomerate is accused of running large-scale fraud operations across Southeast Asia. The U.S., U.K. and Singapore have also imposed punitive measures on the company.</p>
<p><strong>Russia is ready for &#8216;serious&#8217; discussions for peace</strong>. The U.S.-led framework &#8220;can be the basis for future agreements,&#8221;<strong> </strong>Russian President Vladimir Putin said Thursday, as translated by Reuters. He added that the U.S. seemed to take Moscow&#8217;s position &#8220;into account.&#8221;</p>
<p><strong>[PRO] Bank of America doesn&#8217;t see much upside for 2026. </strong>The S&amp;P 500 should rise by a single-digit percentage point, a slowdown from recent years because one supporting factor will be shrinking, said a strategist from the bank.</p>
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<h2 class="ArticleBody-subtitle"><a id="headline1"/>And finally&#8230;</h2>
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<p>An operator works at the data centre of French company OVHcloud in Roubaix, northern France on April 3, 2025.     </p>
<p>Sameer Al-doumy | Afp | Getty Images</p>
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<p><strong>Europe&#8217;s slow and steady approach to AI could be its edge</strong></p>
<p>It&#8217;s unlikely that Europe will lead in building facilities for AI hyperscalers or for the training of AI — that race is considered all but won — but the general consensus is that it could excel in smaller, cloud-focused and connectivity-style facilities.</p>
<p>Europe has &#8220;a lot of constraints, but, actually, the more difficult something is to replicate, the more long-term value what you&#8217;ve got has,&#8221; said Seb Dooley, senior fund manager at Principal Asset Management.</p>
<p><em>— Tasmin Lockwood</em></p>
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		<title>&#8216;It&#8217;s kind of surreal that it happened to us&#8217;: Rural West Texas woman witnesses NASA space junk as it lands in her neighbor&#8217;s yard &#124; Fortune</title>
		<link>https://lsd.hu/its-kind-of-surreal-that-it-happened-to-us-rural-west-texas-woman-witnesses-nasa-space-junk-as-it-lands-in-her-neighbors-yard-fortune/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Fri, 10 Oct 2025 06:52:44 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<category><![CDATA[junk]]></category>
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		<guid isPermaLink="false">https://www.lsd.hu/its-kind-of-surreal-that-it-happened-to-us-rural-west-texas-woman-witnesses-nasa-space-junk-as-it-lands-in-her-neighbors-yard-fortune/</guid>

					<description><![CDATA[When Ann Walter looked outside her rural West Texas home, she didn’t know what to make of the bulky object slowly drifting across the sky. She was even more surprised to see what actually landed in her neighbor’s wheat field: a boxy piece of scientific equipment about the size of a sport-utility vehicle, attached to [&#8230;]]]></description>
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<br /><img decoding="async" src="https://fortune.com/img-assets/wp-content/uploads/2025/10/AP25282814659899.jpg?w=2048" alt="AP25282814659899" title="&#039;It&#039;s kind of surreal that it happened to us&#039;: Rural West Texas woman witnesses NASA space junk as it lands in her neighbor&#039;s yard | Fortune 10"></p>
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<p>When Ann Walter looked outside her rural West Texas home, she didn’t know what to make of the bulky object slowly drifting across the sky.</p>
<div class="paywall">
<p>She was even more surprised to see what actually landed in her neighbor’s wheat field: a boxy piece of scientific equipment about the size of a sport-utility vehicle, attached to a massive parachute, adorned with NASA stickers. She called the local sheriff’s office and learned that NASA, indeed, was looking for a piece of equipment that had gone lost.</p>
<p>“It’s crazy, because when you’re standing on the ground and see something in the air, you don’t realize how big it is,” she said. “It was probably a 30-foot parachute. It was huge.”</p>
<p>Walter said she soon got a call from NASA’s <a href="https://www.csbf.nasa.gov/" target="_blank" rel="noopener" aria-label="Go to https://www.csbf.nasa.gov/" class="sc-5ad7098d-0 lcJVdL">Columbia Scientific Balloon Facility</a>, which launches large unmanned, high altitude research balloons more than 20 miles into the atmosphere to conduct scientific experiments.</p>
<p>Officials at NASA, which is impacted by the <a href="https://apnews.com/hub/government-shutdown" target="_blank" rel="noopener" aria-label="Go to https://apnews.com/hub/government-shutdown" class="sc-5ad7098d-0 lcJVdL">ongoing government shutdown</a>, did not return messages Thursday. A message left with the balloon facility also was not immediately returned.</p>
<p>A <a href="https://www.nasa.gov/scientificballoons/launchschedule/" target="_blank" rel="noopener" aria-label="Go to https://www.nasa.gov/scientificballoons/launchschedule/" class="sc-5ad7098d-0 lcJVdL">launch schedule</a> on the balloon facility’s website shows a series of launches from Fort Sumner, New Mexico, about 140 miles (225 kilometers) west of where the equipment landed.</p>
<p>Hale County Sheriff David Cochran confirmed that NASA officials called his office last week in search of the equipment.</p>
<p>Walter said she ultimately spoke with someone at the balloon facility who told her it had been launched a day earlier from Fort Sumner, and uses telescopes to gather information about stars, galaxies and black holes.</p>
<p>“The researchers came out with a truck and trailer they used to pick it up,” she said.</p>
<p>But not before Walter and her family, who live in Edmonson, Texas, were able to capture some photos and videos.</p>
<p>“It’s kind of surreal that it happened to us and that I was part of it,” she said. “It was a very cool experience.”
</p>
</div>
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		<title>Disney heiress says any billionaire who can’t manage to share their wealth is &#8216;kind of a sociopath&#8217; &#124; Fortune</title>
		<link>https://lsd.hu/disney-heiress-says-any-billionaire-who-cant-manage-to-share-their-wealth-is-kind-of-a-sociopath-fortune/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Tue, 23 Sep 2025 18:06:46 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Billionaire]]></category>
		<category><![CDATA[Disney]]></category>
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		<category><![CDATA[heiress]]></category>
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		<guid isPermaLink="false">https://www.lsd.hu/disney-heiress-says-any-billionaire-who-cant-manage-to-share-their-wealth-is-kind-of-a-sociopath-fortune/</guid>

					<description><![CDATA[While many of the world’s wealthiest people make an effort to share their fortunes, some do not—at least to the extent more generous peers wish they would.  Abigail Disney, one of the heiresses to the Walt Disney fortune who said in 2019 she’s worth about $120 million, shared her feelings about how much of their [&#8230;]]]></description>
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<br /><img decoding="async" src="https://fortune.com/img-assets/wp-content/uploads/2025/04/GettyImages-1146148455-2-e1744046179364.jpg?w=2048" alt="GettyImages 1146148455 2 e1744046179364" title="Disney heiress says any billionaire who can’t manage to share their wealth is &#039;kind of a sociopath&#039; | Fortune 12"></p>
<p>While many of the world’s wealthiest people make an effort to share their fortunes, some do not—at least to the extent more generous peers wish they would. </p>
<div>
<p>Abigail Disney, one of the heiresses to the Walt Disney fortune who <a href="https://www.ft.com/content/b2a8b2ea-9c16-11e9-9c06-a4640c9feebb?segmentId=f3289c48-dcc4-c499-2c4c-8a3c887fc8b0" target="_blank" rel="noopener" aria-label="Go to https://www.ft.com/content/b2a8b2ea-9c16-11e9-9c06-a4640c9feebb?segmentId=f3289c48-dcc4-c499-2c4c-8a3c887fc8b0" class="sc-4f49155c-0 hLtviE">said</a> in 2019 she’s worth about $120 million, shared her feelings about how much of their wealth billionaires should be willing to share.</p>
<p>“I am of the belief that every billionaire who can’t live on $999 million is kind of a sociopath,” Disney <a href="https://www.theguardian.com/us-news/2025/apr/07/abigail-disney-every-billionaire-who-cant-live-on-999m-is-kind-of-a-sociopath" target="_blank" rel="noopener" aria-label="Go to https://www.theguardian.com/us-news/2025/apr/07/abigail-disney-every-billionaire-who-cant-live-on-999m-is-kind-of-a-sociopath" class="sc-4f49155c-0 hLtviE">told</a> the <em>Guardian</em> in an interview published in April. “Like, why? You know, over a billion dollars makes money so fast that it’s almost impossible to get rid of.”</p>
<p>Disney has begrudgingly disclosed her net worth in the past only to make a point about how important it is to her to give away the vast fortune bestowed upon her by being a part of one of the major family dynasties in the U.S. The<em> Financial Times</em> even <a href="https://www.ft.com/content/b2a8b2ea-9c16-11e9-9c06-a4640c9feebb?segmentId=f3289c48-dcc4-c499-2c4c-8a3c887fc8b0" target="_blank" rel="noopener" aria-label="Go to https://www.ft.com/content/b2a8b2ea-9c16-11e9-9c06-a4640c9feebb?segmentId=f3289c48-dcc4-c499-2c4c-8a3c887fc8b0" class="sc-4f49155c-0 hLtviE">called her</a> a “class warrior” for how vocal she’s been about how much the wealthiest should be taxed. </p>
<p>“The need to tax rich people like me has never been so dire,” Disney wrote in a 2024 <a href="https://www.theguardian.com/commentisfree/2024/apr/18/world-leaders-raise-taxes-rich-people-inequality-abigail-disney" target="_blank" rel="noopener" aria-label="Go to https://www.theguardian.com/commentisfree/2024/apr/18/world-leaders-raise-taxes-rich-people-inequality-abigail-disney" class="sc-4f49155c-0 hLtviE">op-ed</a> titled, “World leaders have a chance to raise taxes for rich people like me. I’m begging them to take it,” published by the <em>Guardian. </em>“Extreme wealth concentration in the hands of a few oligarchs is a threat to democracy the world over.”</p>
<p>Disney was also behind a 2019 <a href="https://medium.com/@letterforawealthtax/an-open-letter-to-the-2020-presidential-candidates-its-time-to-tax-us-more-6eb3a548b2fe" target="_blank" rel="noopener" aria-label="Go to https://medium.com/@letterforawealthtax/an-open-letter-to-the-2020-presidential-candidates-its-time-to-tax-us-more-6eb3a548b2fe" class="sc-4f49155c-0 hLtviE">letter</a> signed by financier George Soros and Facebook cofounder Chris Hughes calling for a “moderate wealth tax on the fortunes of the richest one-tenth of the richest 1% of Americans—on us.”</p>
<p>The Disney heiress and <a href="https://abigaildisney.com/" target="_blank" rel="noopener" aria-label="Go to https://abigaildisney.com/" class="sc-4f49155c-0 hLtviE">filmmaker</a> in 1991 also founded the <a href="https://daphnefoundation.org/" target="_blank" rel="noopener" aria-label="Go to https://daphnefoundation.org/" class="sc-4f49155c-0 hLtviE">Daphne Foundation</a>, a New York City–based nonprofit that invests funds for causes like fighting poverty, violence, and discrimination. The organization had <a href="https://www.insidephilanthropy.com/home/2021-12-22-how-multiple-generations-of-the-disney-family-come-together-to-fund-social-justice-in-la-and-beyond" target="_blank" rel="noopener" aria-label="Go to https://www.insidephilanthropy.com/home/2021-12-22-how-multiple-generations-of-the-disney-family-come-together-to-fund-social-justice-in-la-and-beyond" class="sc-4f49155c-0 hLtviE">donated</a> about $70 million as of 2019.</p>
<p>Although Disney has <a href="https://milliondollarlist.org/giving-stories/disney.html" target="_blank" rel="noopener" aria-label="Go to https://milliondollarlist.org/giving-stories/disney.html" class="sc-4f49155c-0 hLtviE">said</a> she’d given away about a third of her net worth, it came “back to me as quickly as I’ve given it away,” referencing how investments can grow wealth.</p>
<p>“By just sitting on your hands, you become more of a billionaire until you’re a double billionaire,” Disney told the <em>Guardian.</em> “It’s a strange way to live when you have objectively more money than a person can spend.”</p>
<h2 class="wp-block-heading">Billionaires who have given away their wealth</h2>
<p>Other ultrawealthy people have been giving vast amounts of their fortunes away. One prime example is MacKenzie Scott, who’s donated more than $19 billion of her $34.3 billion fortune. In September, she made one of her largest gifts: a $70 million donation to historically Black colleges and universities. The five-year donation spree by the ex-wife of Amazon founder Jeff Bezos has been “transformational” for nonprofits, according to a <a href="https://cep.org/report-backpacks/breaking-the-mold-the-transformative-effect-of-mackenzie-scotts-big-gifts/?section=intro" target="_blank" rel="noopener" aria-label="Go to https://cep.org/report-backpacks/breaking-the-mold-the-transformative-effect-of-mackenzie-scotts-big-gifts/?section=intro" class="sc-4f49155c-0 hLtviE">study</a> by the Center for Effective Philanthropy. </p>
<p>“It could take decades to truly understand the effects these gifts have had on nonprofits and the sector at large,” according to the report. “However, after five years of giving, the reported effects of her gifts on recipient organizations…remain overwhelmingly positive.”</p>
<p>Bill and Melinda French Gates have also been major philanthropists, have <a href="https://www.gatesfoundation.org/ideas/articles/next-chapter#:~:text=During%20the%20first%2025%20years%20of%20the%20Gates%20Foundation%E2%80%94powered,endowment%20and%20my%20future%20contributions." target="_blank" rel="noopener" aria-label="Go to https://www.gatesfoundation.org/ideas/articles/next-chapter#:~:text=During%20the%20first%2025%20years%20of%20the%20Gates%20Foundation%E2%80%94powered,endowment%20and%20my%20future%20contributions." class="sc-4f49155c-0 hLtviE">given away more than $100 billion</a> since founding the Gates Foundation in 2000. </p>
<p>“I believe that people who are financially successful have a responsibility to give back to society,” Bill Gates <a href="https://www.gatesnotes.com/meet-bill/my-philanthropy" target="_blank" rel="noopener" aria-label="Go to https://www.gatesnotes.com/meet-bill/my-philanthropy" class="sc-4f49155c-0 hLtviE">wrote</a> on his blog <em>Gates Notes</em>. “In the 1990s, as Microsoft became successful, I decided I would eventually give away virtually all of my wealth. The goal of my philanthropy is to reduce inequity.”</p>
<p>Although French Gates resigned from the Gates Foundation in 2024, she put out an open call for nonprofits related to the betterment of women and girls to apply for grants through her organization, <a href="https://www.pivotalventures.org/" target="_blank" rel="noopener" aria-label="Go to https://www.pivotalventures.org/" class="sc-4f49155c-0 hLtviE">Pivotal</a>, pledging to donate $1 billion during the next two years. French Gates’ net worth is about $16.8 billion, according to Bloomberg<em>.</em></p>
<p>By “using my own personal resources to put substantial investments behind women or minorities,” she <a href="https://www.npr.org/2024/10/09/nx-s1-5137259/melinda-french-gates-charitable-giving-women-girls-womens-health" target="_blank" rel="noopener" aria-label="Go to https://www.npr.org/2024/10/09/nx-s1-5137259/melinda-french-gates-charitable-giving-women-girls-womens-health" class="sc-4f49155c-0 hLtviE">told</a> NPR in October 2024, “I am pointing in a direction, I hope, for other philanthropists or even other governments.” <em>Fortune </em>reported in May The Gates Foundation will end in 2045.</p>
<p>And Warren Buffett, the sixth-richest man in the world with a $155 billion net worth, also <a href="https://money.cnn.com/2010/06/15/news/newsmakers/Warren_Buffett_Pledge_Letter.fortune/index.htm" target="_blank" rel="noopener" aria-label="Go to https://money.cnn.com/2010/06/15/news/newsmakers/Warren_Buffett_Pledge_Letter.fortune/index.htm" class="sc-4f49155c-0 hLtviE">pledged</a> in 2010 to give away more than 99% of his wealth to philanthropy during his lifetime or at his death. In June, Buffett donated another $6 billion in Berkshire Hathaway shares—with the lion’s share going to the Gates Foundation.</p>
<p>“Measured by dollars, this commitment is large. In a comparative sense, though, many individuals give more to others every day,” Buffett wrote. “In contrast, my family and I will give up nothing we need or want by fulfilling this 99% pledge.”</p>
<p><em>A version of this story originally published on </em><em>Fortune.com</em><em> on April 7, 2024.</em></p>
<h2 class="wp-block-heading">More on philanthropy:</h2>
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		<title>&#8216;We&#8217;re all kind of in shock.&#8217; Oracle&#8217;s revenue projections leave analysts slack-jawed</title>
		<link>https://lsd.hu/were-all-kind-of-in-shock-oracles-revenue-projections-leave-analysts-slack-jawed/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Wed, 10 Sep 2025 02:53:18 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/were-all-kind-of-in-shock-oracles-revenue-projections-leave-analysts-slack-jawed/</guid>

					<description><![CDATA[Oracle Chair and Chief Technology Officer Larry Ellison speaks at the Oracle OpenWorld conference in San Francisco on Sept. 16, 2019. Justin Sullivan &#124; Getty Images News &#124; Getty Images John DiFucci from Guggenheim Securities said he was &#8220;blown away.&#8221; TD Cowen&#8217;s Derrick Wood called it a &#8220;momentous quarter.&#8221; And Brad Zelnick of Deutsche Bank [&#8230;]]]></description>
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<p>Oracle Chair and Chief Technology Officer Larry Ellison speaks at the Oracle OpenWorld conference in San Francisco on Sept. 16, 2019.</p>
<p>Justin Sullivan | Getty Images News | Getty Images</p>
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<p>John DiFucci from Guggenheim Securities said he was &#8220;blown away.&#8221; TD Cowen&#8217;s Derrick Wood called it a &#8220;momentous quarter.&#8221; And Brad Zelnick of Deutsche Bank said, &#8220;We&#8217;re all kind of in shock, in a very good way.&#8221;</p>
<p>That&#8217;s how the analysts opened their comments and questions during <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Oracle&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> quarterly earnings call on Tuesday, as the company&#8217;s stock price was in the midst of a 28% after-hours rally. The software vendor had just reported an earnings and revenue miss, but nobody was paying attention to that.</p>
<p>Wall Street was singularly focused on Oracle&#8217;s forward-looking numbers and a massive growth trajectory that the company now sees thanks to its booming cloud infrastructure business and a host of new artificial intelligence deals.</p>
<p>&#8220;There&#8217;s no better evidence of a seismic shift happening in computing than these results that you just put up,&#8221; Zelnick said on the earnings call.</p>
<p>Analysts are often effusive in their praise of companies on their earnings calls after results beat expectations or a forecast is particularly impressive. Executives are used to being congratulated on an excellent quarter.</p>
<p>But the latest Oracle call was different, and investors knew why.</p>
<p>Based on its post-market move, Oracle&#8217;s stock is poised to surge more on Wednesday than it has in any single session since the dot-com boom in 1999. And the shares, trading at $310 in extended trading, are set to zoom past their record close of $256.43, which they hit last month. Oracle&#8217;s market cap would jump past $870 billion.</p>
<p>The excitement is mostly around cloud infrastructure, where Oracle competes with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Amazon<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-4">Microsoft<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-5">Google<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>. Oracle said that revenue this fiscal year in that business will jump 77% to $18 billion from $10 billion in the last year.</p>
<p>In fiscal 2027, the figure will almost double to $32 billion, before reaching $73 billion, $114 billion and $144 billion in the subsequent three years.</p>
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<p>CEO Safra Catz said in the earnings statement that the company signed four multibillion-dollar contracts with three different customers in the quarter. OpenAI said during the quarter that it agreed to to develop 4.5 gigawatts of U.S. data center capacity with Oracle.</p>
<p>Oracle&#8217;s remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier.</p>
<p>Wood from TD Cowen said the RPO figure is &#8220;just really amazing to see.&#8221; He asked Catz for more clarity on how much it was going to cost the company to build out the infrastructure needed to service those customers.</p>
<p>Catz said that one difference between Oracle and some of its rivals is in the way it deals with the property that houses data centers.</p>
<p>&#8220;I know some of our competitors, they like to own buildings,&#8221; she said. &#8220;That&#8217;s not really our specialty. Our specialty is the unique technology, the unique networking, the storage — just the whole way we put these systems together.&#8221;</p>
<p>In an interview with CNBC&#8217;s &#8220;Fast Money&#8221; after the report, D.A. Davidson analyst Gil Luria called Oracle&#8217;s projected cloud revenue figure &#8220;absolutely staggering,&#8221; and said it represents a tenfold increase in the next five years.</p>
<p>But he also had a word of caution. The big hyperscalers like Microsoft and Google, he said, have instituted a strategy of &#8220;offloading their capacity to other data center providers.&#8221; That&#8217;s leading businesses to use Oracle.</p>
<p>&#8220;These are not organic customers to Oracle,&#8221; said Luria, who recommends holding the stock. &#8220;This is Microsoft, Google and Amazon&#8217;s customers that will use Oracle capacity.&#8221;</p>
<p>Heading into Tuesday&#8217;s report, Oracle shares were up 46% for the year, while the Nasdaq had gained 13%.</p>
<p><strong>WATCH:</strong> Luria on Oracle&#8217;s &#8216;staggering&#8217; numbers</p>
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		<title>State Street, Apollo team up to launch first of its kind private credit ETF</title>
		<link>https://lsd.hu/state-street-apollo-team-up-to-launch-first-of-its-kind-private-credit-etf/</link>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Fri, 28 Feb 2025 08:01:28 +0000</pubDate>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Apollo]]></category>
		<category><![CDATA[business news]]></category>
		<category><![CDATA[credit]]></category>
		<category><![CDATA[ETF]]></category>
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		<guid isPermaLink="false">https://www.lsd.hu/state-street-apollo-team-up-to-launch-first-of-its-kind-private-credit-etf/</guid>

					<description><![CDATA[Omar Marques &#124; Lightrocket &#124; Getty Images There&#8217;s a new ETF in town. SPDR SSGA Apollo IG Public &#38; Private Credit ETF (PRIV) will trade Thursday at the NYSE.  This fund intends to invest at least 80% of its net assets in investment grade debt securities, including a combination of public credit and private credit. What&#8217;s [&#8230;]]]></description>
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<p>Omar Marques | Lightrocket | Getty Images</p>
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<p>There&#8217;s a new ETF in town. SPDR SSGA Apollo IG Public &amp; Private Credit ETF (PRIV) will trade Thursday at the NYSE. </p>
<p>This fund intends to invest at least 80% of its net assets in investment grade debt securities, including a combination of public credit and private credit. What&#8217;s surprising is that there is a significant component of private credit in the ETF wrapper. Because private credit is illiquid, it has been a problem getting this in an ETF wrapper, since ETFs need liquidity. </p>
<p>They are trying to solve this problem by having Apollo provide credit assets and they will purchase those investments back if need be. </p>
<p>ETFs have owned illiquid investments in the past (there are bank loan ETFs that have illiquid investments) so this is not the first time this issue has been addressed. But Wall Street is eager to provide access to private equity and credit to the masses, and ETFs are the obvious wrapper.</p>
<p>Normally, ETFs are only allowed to own illiquid investments up to 15% of the fund, but the SEC says that in this case private credit can range between 10% and 35%, but can be above or below that.</p>
<p>This filing has been controversial. One early concern was that if Apollo is the only firm providing the liquidity, it naturally raises questions about what type of pricing State Street will get. However, State Street apparently can source from other firms if it can get better prices.</p>
<p>Another issue: Apollo is required to buy back the loans, but only up to a daily limit, and it&#8217;s not clear what happens after that. It&#8217;s not clear if the market makers would accept private credit instruments for redemption.</p>
<p>Bottom line: This is a groundbreaking but very complicated ETF. It will be closely monitored for liquidity.</p>
<p><em>Note: Anna Paglia, executive vice president, chief business officer for State Street Global Advisors, will be on ETF Edge Monday to explain how this ETF works.</em></p>
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		<title>Less than 20 companies in US have our kind of track record, says Prem Watsa of Fairfax Financial</title>
		<link>https://lsd.hu/less-than-20-companies-in-us-have-our-kind-of-track-record-says-prem-watsa-of-fairfax-financial/</link>
					<comments>https://lsd.hu/less-than-20-companies-in-us-have-our-kind-of-track-record-says-prem-watsa-of-fairfax-financial/#respond</comments>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Mon, 12 Feb 2024 19:35:19 +0000</pubDate>
				<category><![CDATA[Stock]]></category>
		<category><![CDATA[Companies]]></category>
		<category><![CDATA[csb bank]]></category>
		<category><![CDATA[Fairfax]]></category>
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		<guid isPermaLink="false">https://www.lsd.hu/less-than-20-companies-in-us-have-our-kind-of-track-record-says-prem-watsa-of-fairfax-financial/</guid>

					<description><![CDATA[Indian-Canadian billionaire Prem Watsa has responded to allegations by short seller Muddy Waters firmly standing by his company’s track record of returns to investors amidst charges of accounting abuse against Fairfax Financial Holdings, a Toronto-listed investment giant that he founded four decades ago. Fairfax has invested $7 billion in India. “We are neither Berkshire Hathaway, [&#8230;]]]></description>
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<br /><img decoding="async" src="https://img.etimg.com/photo/msid-107636984,imgsize-40398.cms" alt="msid 107636984,imgsize 40398" title="Less than 20 companies in US have our kind of track record, says Prem Watsa of Fairfax Financial 18"></p>
<div data-brcount="24">Indian-Canadian billionaire Prem Watsa has responded to allegations by short seller Muddy Waters firmly standing by his company’s track record of returns to investors amidst charges of accounting abuse against Fairfax Financial Holdings, a Toronto-listed investment giant that he founded four decades ago.</p>
<p>Fairfax has invested $7 billion in India.</p>
<p>“We are neither Berkshire Hathaway, nor GE, as Muddy Waters suggests”, said Watsa, who earned the moniker of Canada’s Warren Buffet because of his hugely successful track record as an investor.</p>
<p>Muddy Waters has alleged that Fairfax was “The GE of Canada” and not the Berkshire Hathaway that it was touted to be in a report on 8 february that sent Fairfax’s shares tumbling 12% . Its shares had pared half the losses in early trading in Toronto on 12 February. Muddy Waters reference to GE has to do with the company settling $200 million in penalties from US stock market regulator in 2020 for alleged accounting violations.</p>
<p>&#8220;Over 38 years, our book value per share has compounded by 18.9% and our stock price at 18% per year. Out of 6000 companies listed in the US in 1985, less than 20 companies have a similar record&#8221;, said Watsa strongly refuting the claims of the short seller.</p>
<p>Fairfax owns multiple companies in India including Thomas Cook, CSB Bank, Bangalore International Airport, Quess Corp and Digit Insurance.Fairfax termed allegations of the short seller ‘false and misleading’.“Muddy Waters has never attended our conference calls and never asked a question, called us or written to us, but instead went to CNBC during our quiet period with these one-sided, ill-informed allegations and insinuations in a transparent attempt to profit by short selling our stock”, Fairfax said in the statement.</p>
<p>Meanwhile, shares of all listed Fairfax group companies in India – Thomas Cook, CSB Bank and Quess Corp – recorded losses between 2-6% in trading on Monday.</p>
<p>Muddy Waters has alleged that Fairfax, which has total assets of $84 billion, largely comprising investments in companies, inflated the fair value of certain investments to boost its book value by $4.5 billion.</p>
<p>It has also alleged that Fairfax’s investment in India-listed Quess Corp was assigned a fair value in its books that was 87% higher than the company’s stock price in September 2023. This it claimed had led to notional profits and accounting gains for the parent company that boosted its book value.</p>
<p>Fairfax will hold a conference at its earnings announcement on 16 February to answer queries .regarding the allegations.</p>
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