SpaceX stock soars in debut and makes Elon Musk the first trillionaire
NEW YORK (AP) — Shares of SpaceX soared 19% in their Wall Street debut, making the rocket maker’s founder and CEO Elon Musk the first-ever trillionaire. The shares opened at $150 and finished Friday slightly below $161. That price gave the company a market value of around $2.1 trillion. Forbes estimates that Musk, who is also a major shareholder in Tesla, is now worth $1.1 trillion. Musk says SpaceX is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars. The $75 billion in proceeds from the IPO tops the previous high of $26 billion for Saudi Aramco's IPO in 2019.
Paramount Skydance merger with Warner Bros. Discovery won't harm competition, consumers, DOJ says
The U.S. Justice Department has determined that Paramount Skydance’s proposed acquisition of Warner Bros. Discovery is unlikely to be harmful to consumers. The agency said Friday that an investigation by antitrust regulators concluded that the merger would increase competition in areas like video streaming, giving consumers more options. It also found that the merger is not likely to harm competition in the film industry. Paramount Skydance reached the deal in February, beating a rival bid by Netflix. Critics, however, worry about industry consolidation. The merger is still under review by other regulators, including those in Europe and the U.K., with decisions expected in the coming months.
Anthropic says it has taken its latest AI models offline to comply with new export controls
WASHINGTON (AP) — AI giant Anthropic says it has taken its latest artificial intelligence models, known as Fable 5 and Mythos 5, offline to comply with a directive from the Trump administration to prevent their use by foreign nationals. The export controls mark the U.S. government’s most significant step to date to restrict access to the most advanced AI models. Anthropic released Fable widely this week. That model is a limited version of the even more advanced Mythos, to which the company has tightly limited access due to cybersecurity fears. In a statement Friday, Anthropic said it disagrees with the government’s handling of the matter.
Anthropic announces 'Claude Corps' to teach nonprofits to use AI more effectively
SAN FRANCISCO (AP) — Anthropic will donate $150 million to launch a fellowship program called Claude Corps that plans to help nonprofits effectively use artificial intelligence by embedding 1,000 trained fellows in various organizations for a year. Anthropic President Daniela Amodei says the program will be evaluated after its first year to determine its future. The company, known for balancing profits with social impact, is also donating $200 million to support displaced workers. Anthropic, valued at $965 billion, is moving toward an IPO. As a public benefit corporation, Amodei said Anthropic balances financial goals and social impact in its business decisions.
Elon Musk's SpaceX is about to make its debut on Wall Street
Elon Musk’s rocket company SpaceX is set to make its debut on Wall Street Friday. Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at $135 apiece. Underwriters now have to match buyers and sellers to determine an opening price. Musk is already the world’s richest man and he could become its first trillionaire. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space.
Japan's struggling flagship H3 rocket returns to flight with the debut of a low-cost variant
TOKYO (AP) — Japan’s H3 rocket has returned to flight with the debut of its new low-cost variant. The H3 took off Friday from the Tanegashima Space Center on a southwestern Japanese island. The Japan Aerospace Exploration Agency says the second stage successfully reached a targeted orbit. The launch is a badly needed success for the country’s struggling new flagship after two failures as it faces an increasingly competitive space industry. The H3 rocket is designed to be more cost-competitive in the global space market. Japan sees a stable, commercially competitive space transport capability as key to its space program and national security.
Pentagon reviews are blocking wind farms, putting jobs at risk, lawsuit says
A coalition of renewable energy groups is suing Pentagon officials over their failure to complete national security reviews for new onshore wind farms on private lands. They say it’s an unlawful freeze that jeopardizes $47 billion in investments and thousands of jobs in 21 states. The plaintiffs filed a motion late Thursday asking the court to order the Pentagon to resume its ordinary review process. The economic analysis included with the motion states that 106 wind projects are impacted by the delays so far. The Pentagon says its siting clearinghouse is actively evaluating these projects to ensure they do not impair national security or military operations. It did not comment on the economic benefits at risk.
Reactor reboot at world's largest nuclear plant highlights flaws in Japan's radioactive waste plans
KASHIWAZAKI, Japan (AP) — A reactor at the world’s largest nuclear power plant in Japan has resumed operations. The country is pushing to maximize nuclear power generation to cope with growing electricity needs and a global oil crisis. The restart at the Kashiwazaki-Kariwa plant in May captured public attention over safety improvements by the operator behind the 2011 Fukushima meltdowns. But the reboot highlights a dire problem for the country’s nuclear program. Japan is running out of space to store spent nuclear fuel and lacks plans for radioactive waste disposal. In the Fukushima disaster, a 9.0 earthquake off Japan’s northeastern coast and a subsequent tsunami caused meltdowns at three reactors.
Anthropic pledges $200 million to research AI's economic impact as CEO suggests job loss solutions
Anthropic has joined calls for the AI industry to find ways to cushion people from AI's disruptions to the workforce. The company announced a $200 million investment to research AI's economic impact. On Wednesday, CEO Dario Amodei published an essay with proposals for government support for those financially affected by AI. He warned that AI could cause significant and lasting labor market disruptions. Amodei suggested data collection, pro-employment policies, and possibly universal basic income. Anthropic plans to fund research and a fellowship program to extend AI benefits. The announcement follows similar plans by OpenAI and discussions with political leaders about public compensation.
Visa plugs its payment network into ChatGPT, letting AI agents shop and pay for users
SAN FRANCISCO (AP) — Visa is embedding its payment network into ChatGPT, allowing the chatbot to shop and complete transactions for users. This collaboration enables ChatGPT to make purchases at any merchant accepting Visa, unlike previous attempts limited to specific retailers. OpenAI will provide the technology for decision-making and purchasing, while Visa ensures secure transactions. The companies haven't disclosed financial terms or fees. Concerns include potential overspending and unauthorized purchases, but Visa plans to implement safeguards like spending limits. This move could impact businesses, with AI agents authorized to procure items and handle invoicing. Mastercard is also developing AI-shopping features.
