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Magic Johnson on what it takes to build a billion-dollar business portfolio
"I've always gravitated to people who are smart or have been through something because I want to learn," Magic Johnson said.
White House says more than 40 nations help China dodge tariffs
A new White House report says that China sends billions of dollars worth of goods to the U.S. via third countries in order to skirt Trump's high tariffs.
Republicans see Minnesota fraud scandal as a chance to go on offense in a blue state
The newly minted GOP ticket wasted no time before hammering Democrats over fraud. Dozens of people have been convicted of stealing hundreds of millions of dollars meant to provide food, shelter, healthcare and childcare to people in need.
President Of Law&Crime And Court TV Talks The Business Of True Crime
Rachel Stockman, the president of Law&Crime and Court TV, joined "Forbes True Crime" to discuss the multi-billion-dollar true crime industry.
AI needs science’s search history
“Actually, that’s where the gold is,” said Alasdair Russell, my graduate school friend who leads a pre-clinical genome editing group at Cambridge. He was talking about the winding road of science that is omitted from published papers. “When you’re discussing how to do the experiment, and why this way is better than another way, and what does the data really mean? I know what it shows, but what does it mean?” At RAAIS 2026, he described how his group has begun logging the twisting path of discovery as it happens, recording the verbal and written exchanges that normally disappear. Ideas become nodes in a living graph: they branch when a meeting produces two plausible experiments, merge when separate lines of evidence converge, and go dark when someone quietly stops pursuing them. In his implementation, one agent scores novelty, while another tries to learn “how scientists think and how they navigate through a complex world of data,” so that high-potential nodes can trigger deeper investigation. As frontier AI labs deploy agents toward scientific discovery, giving AI authentic scientific taste remains a trillion-dollar dilemma. The bottleneck is that the record we have kept for centuries of science might be insufficient to get us there. The experiments that never make the paper Peter Medawar, 1960 Nobel laureate and “father of transplantation,” asked in 1963 whether the scientific paper was a fraud, and answered yes: the form of the paper misrepresents the thinking that produced it. Sixty years on, the diagnosis is unchanged. A paper presents a clean progression from hypothesis to result to conclusion. Lost along the way are the unconventional theories, the abandoned or unaffordable methods, and the underwhelming and inconclusive data. It reads like a browser history with every dead end deleted: the ten open tabs, the four rephrased queries, the wrong turn down a subforum. All scrubbed, leaving one clean path from question to answer as the canonical path. What has changed since then is that the discarded material is now worth something. No high-impact journal wants these artifacts, but raw trial and error is the most likely source of the training data required to develop scientific intuition, or what researchers call taste. Earlier attempts to capture the discards were motivated by scientific integrity. The Journal of Negative Results in Biomedicine launched in 2002 to publish rigorous studies that disputed established models or exposed ineffective treatments. Its archive preserved negative conclusions after they had become papers, rather than the live alternatives and arguments that produced them. BioMed Central closed it in 2017, saying the mission had been served now that other journals publish null results. A less generous reading is that in fifteen years it published around 200 papers because almost nobody wants to read a negative result, let alone write one up when it will not count toward academic tenure. AI models are different. Even an uninteresting negative result can be useful, provided it is labeled. Earlier this year, Anthropic put a version of this to the test. The company pulled 129 decision points from real Claude Code sessions between January and March 2026, showed models the work up to a human detour, and asked what should happen next. Claude Mythos Preview beat the human choice 64% of the time, while Opus 4.5 managed 51%. The comparison was tilted toward the models because Anthropic deliberately chose moments where the human decision had room for improvement. On 127 further scenarios where the human action was already strong, the models improved on it only about 20% of the time. The study was possible because Anthropic’s researchers work inside a tool that logs by default. The reasoning, detours and outcome are produced in the same working environment. Biology has no equivalent. Its reasoning happens in hallways, at benches, in Slack threads and on whiteboards, while the outcome arrives weeks later somewhere else. The record has to emerge from the work itself. Ask scientists to reconstruct it afterwards and we’ll create another polished account. Subscribe A log is not a label Before any of this becomes training data, a negative result has to say what failed. The first paper published in the Journal of Negative Results in Biomedicine examined 234 negative studies across five leading medical journals. Only 30% discussed statistical power, and half clearly defined a primary outcome. Tell a model an experiment failed, without telling it whether the assay was underpowered, a reagent had degraded, or the hypothesis was simply wrong, and it will learn noise with confidence. Decision histories have a second missing label too. When a lab considers five experiments and runs one, only the chosen branch returns an outcome. The other four are experimental counterfactuals. Researchers call this the selective labels problem: the data reveal results only for the actions someone chose to take. Such a record can teach a model to imitate a lab’s taste, but it cannot establish that the taste was good. It also smuggles local constraints into general lessons. A lab that never ran cryo-EM because it did not own a microscope teaches a model that cryo-EM is rarely the right call. Alasdair’s nodes preserve the candidate set, which is the necessary first step. To be useful, each decision record needs six fields: The evidence available at that moment, and nothing that arrived later. The candidates considered, including the ones dismissed in a sentence. For each candidate: the expected result, the confidence attached to it, and the cost in time and money. The route chosen, and the reason. What happened next. How the evidence changed the scientist’s view. These must be timestamped before the outcome, because hindsight turns uncertainty into inevitability. Disagreement also has to survive. Averaging three scientists into one clean rationale reproduces exactly the information loss we are trying to fix. But there is an obvious failure mode here. Once decisions are logged and scored, people log for the record post-facto. Anyone who has watched an electronic lab notebook fill up with retrospective tidying knows how quickly a research tool becomes a compliance exercise. A record that costs a scientist ten minutes of honest reflection per decision is worth far more than one that costs an hour of performance. A publication initiative called Registered Reports offers a useful starting point. Here, researchers submit their rationale, methods and analysis plan for peer review before the data exist, and the journal commits in principle to publish if they follow the approved plan. Nature has now expanded the format across every field it covers. This approach to paper writing timestamps intent before the outcome, but it freezes one plan. A useful search history must also preserve how the plan changed, which alternatives were rejected, when, and on what evidence. Subscribe Run the runner-up Autonomous labs show what happens when decisions and outcomes are connected in a loop. Liverpool’s mobile robotic chemist ran 688 experiments over eight days in a ten-variable formulation space. A batched Bayesian search used each result to choose the next experiments and found photocatalyst mixtures six times more active than the starting formulations. Every completed experiment changed what the system did next. The robot optimized within a goal and search space that humans had already chosen. It did not decide which scientific question mattered. So what this work demonstrates is narrower, but still useful: a search history pays off when the options return standardized outcomes quickly. Open-ended biology is harder because branches can take weeks and the discarded alternatives may never be run. Some exploration therefore has to be bought. Where two branches are plausible and the stakes justify the cost, a lab should sometimes run the runner-up. Otherwise the record captures what today’s scientists usually chose and stays silent on what they systematically overlooked. A funder could ring-fence a small fraction of a grant for the branch not taken, provided that the decision record and the outcome are both deposited. That costs money, but so does having every lab rediscover the same abandoned path. Test whether taste transfers When it comes time to evaluate if our new AI system exhibits taste, the comparison should run across laboratories and fields. At selected decision points in a live research campaign, we should freeze the six fields: the evidence, the candidates, expected results, confidence, costs and the choice made. Experts then rank the options before the outcomes are known, and those outcomes are checked independently later. We could give models one of two diets - papers alone, or papers plus decision histories - and ask them to rank the next experiment on unfamiliar projects. Then, we score information gained per dollar and week, calibration, and how quickly weak branches are abandoned. If histories improve choices only inside the lab that produced them, they amount to useful organizational memory. If they improve choices on unfamiliar problems elsewhere, Alasdair’s group will have captured something science has never managed to write down: a transferable record of taste. Until that happens, a scientific search history is a promising record, not yet a training set.
Group sues AMA seeking transparency over Medicare billing codes
PatientRightsAdvocate.org says it wants to republish the proprietary billing codes that guide billions of dollars in health care payments.
NJ towns, school districts owe millions to public worker health plans
As state-run health benefits plans rise in cost, some towns and school districts owe the plans tens of millions of dollars.
Bozeman hosts ribbon cutting on new million dollar turf field
Bay District Schools will unveil a new AstroTurf field during a ribbon cutting ceremony at Deane Bozeman this Friday.
Gov. Hochul puts $7M toward legal services for immigrant minors
The funding is meant to fill a hole left by the federal government that allowed a multimillion-dollar contract to lapse.
Padilla leads Democrats in push for answers about cancelled wind projects
Over the last several months, the Trump administration has made a series of announcements that the federal government would be buying back off-shore wind leases issued during the Biden administration for billions of dollars.
ENTERTAINMENT: Benton’s Royal Players take a gamble on ‘Guys and Dolls’
The Royal Players stage “Guys and Dolls” (music and lyrics by Frank Loesser, book by Abe Burrows and Jo Swerling, based on stories by Damon Runyon), 7 p.m. Thursday-Saturday, 2 p.m. Sunday through Aug. 23 at the Royal Theatre.
Pritt Investment Partners Introduces a Long-Term Investment Philosophy Centered on Viable Businesses Rather Than Unicorns
RESTON, Va., Aug. 12, 2026 (GLOBE NEWSWIRE) -- For decades, much of the venture capital industry has focused on finding the next billion-dollar ...
‘Glow Life’ brings Smokies science to fifth-grade classrooms
Fifth graders across East Tennessee and Western North Carolina will have a chance to explore one of the Great Smoky Mountains’ most fascinating natural wonders — and their creativity could earn them a trip to Dollywood. Smokies Life and its partners are launching “Glow Life” for the 2026-27 school year, a science-based educational project centered […]
Trump administration finalizes rule restricting trans healthcare for minors on Medicaid
The Trump administration on Tuesday released a final rule blocking the use of federal Medicaid dollars for transgender healthcare for minors, as well as barring Children’s Health Insurance Program …
Health Brief: Tariff refunds are rolling in
Medical device companies are getting millions of dollars back from Trump’s overturned tariffs. Now they’re bracing for what comes next.
The U.S. Healthcare System is Already Mostly Socialized
Now that Abdul El-Sayed is the Democratic nominee for Michigan’s open Senate seat, the outcome of this crucial race will depend mainly on two things: Whether Republicans succeed in demonizing El-Sayed because he’s brown and a Muslim, and whether they succeed in demonizing him as a left-wing radical. I will defer for the now the question of whether bigotry will be effective this year, although I will address it another day. What I want to address instead is El-Sayed’s signature issue — healthcare. Yes, El-Sayed advocates Medicare for All, a position the usual suspects denounce as “socialism.” I will get to the politics of his stance soon. Today, however, I want to talk about the substance. We should be clear that El-Sayed doesn’t even call himself a socialist. On the contrary, he explicitly disavows the label, saying “I’m a capitalist who just knows about capitalism”. In fact, as I explained in a previous post, the policies that El-Sayed advocates qualify him as a social democrat, not a socialist. Still, El-Sayed advocates a system under which the government would pay almost all medical expenses. Isn’t that socialism? Well, if that is the criterion then much of U.S. healthcare is already socialist. In fact, the government’s role is so large that U.S. healthcare is better described as partially privatized socialism than as anything resembling a free market. Let’s start with the raw numbers on health insurance, which pays the bulk of Americans’ medical expenses. Americans receive health insurance either from private companies or from public programs, overwhelmingly Medicare and Medicaid. Here’s what the breakdown of coverage and spending between private and public looked like in 2024: While a majority of Americans with health insurance get it from private companies, well over 100 million of us are covered by government programs instead. And these government programs pay more total dollars for medical bills than the private insurers do. Why do government programs that cover a minority of the population account for a majority of health insurers’ outlays? Mainly because Medicare covers seniors, and we’re expensive. Also, while Medicaid covers many younger Americans, disabled and elderly beneficiaries account for most of its spending. Even by the raw numbers, then, U.S. health insurance looks as much public as private. But that understates the government’s role: Private health insurance in the U.S. is both highly regulated and heavily subsidized. This is obviously true for the insurance coverage purchased by tens of millions of Americans through the exchanges established by the Affordable Care Act. But employment-based health insurance, which covers 161 million Americans, is far more of a government creation than most people realize. For employment-based insurance exists largely because of huge implicit government subsidies that come with major strings attached. Here’s how that works. If your employer pays you $10,000, that’s taxable income. But if your employer pays $10,000 toward a company health insurance plan that meets certain criteria, it isn’t taxable. That’s a huge effective subsidy, running at more than $300 billion a year. Take that subsidy into account, along with the more than $100 billion per year spent subsidizing policies purchased under the ACA, as well as the outlays on Medicare and Medicaid, and net effect is that the government pays for more than two-thirds of Americans’ health insurance. Granted, there are strings attached. Roughly speaking, employment-based health plans can’t discriminate based on medical history — that is, they can’t deny coverage to employees with pre-existing conditions — and they also can’t offer the plans only to highly compensated employees — a health plan that is only for the C-suite is considered taxable income. So given the restrictions of the federal tax code, employer-based health insurance is a lot like Obamacare, which also prohibits discrimination based on medical history and provides subsidies to make insurance affordable to lower-paid workers. The fact is that virtually all of private healthcare insurance is already well under some form of government control through regulation and tax subsidies. How should we think about this system? First of all, is Medicare socialist? Don’t tell anyone, but the way Medicare operates — it covers every senior’s medical expenses, whatever they turn out to be, while being funded by taxes that depend on one’s income — could be summarized by the old Marxist slogan “From each according to his ability, to each according to his need.” And back in 1961, when Ronald Reagan was the face of a last-ditch effort by the American Medical Association to block the creation of Medicare, he denounced Medicare as “socialized medicine” and warned that it would destroy our freedom. In reality, American freedom survived until Jan. 20, 2025, while Medicare is immensely popular, with an 82 percent favorable rating in the most recent KFF survey. Medicaid, government health insurance for lower-income Americans, comes in at 73 percent. This is in sharp contrast to public views about private insurers, who are widely disliked if not hated and accused of denying essential care. Furthermore, if Medicare is socialism, then the whole U.S. health insurance system, with the government paying most of the bills and placing conditions on private insurers, is almost equally socialist. If you insist on calling any program the government pays for and regulates socialist, then U.S. healthcare would best be described as a partially privatized form of socialism. And one must ask, what is the point of the part that is privatized? Do private insurers add anything positive? Or are they simply parasites, skimming off money that could have been paying for care? The case for viewing insurers as parasites is strong. Many Medicare benefits are now delivered via Medicare Advantage, that is, plans paid for by the government but run through insurance companies. MedPAC, an independent advisory commission, estimates that last year Medicare Advantage plans were overpaid by $84 billion, thanks to practices such as “upcoding,” in which patients’ health problems are overstated to get larger sums from Medicare. Assessing the waste from employer-based insurance is harder, but most evidence suggests that private insurers have substantially higher administrative costs than Medicare does. Furthermore, the complexity of private insurance, with multiple payers all trying to deny care when they can, is a huge burden both on providers — doctors, nurses, and hospitals — and on patients. What do private insurers offer to compensate for these costs? One must go through intellectual contortions to avoid the conclusion that they are, in fact, parasites. Which brings me back to El-Sayed. In supporting Medicare for All, he’s basically calling for an end to the partial, parasitic privatization of a healthcare system that is already hugely dependent on public funding. When one looks at it that way, it’s not at all a radical proposal. Admittedly, the political lift requires overcoming the opposition to higher taxes to pay for Medicare for All. Political realism rather than economics was the reason I and many other progressives supported Obamacare, with all its complexities, rather than demanding an immediate move to Medicare for All. But the political calculus may very well have shifted since the 2000s, as Americans are fed up with a system of unaffordable premiums, rampant claim denials, and byzantine claim administration. Moreover, funding healthcare insurance through taxation would allow for a much more progressive distribution of the cost. That is, compared to the present system, middle-income households would pay less as high-income households would pay more. And the U.S. would stop wasting large sums on pointless administrative costs. So let’s be clear: El-Sayed’s healthcare platform is perfectly reasonable on the merits of cost, fairness and health efficacy. And with private insurers never more hated, while millions of Americans are losing their health insurance, 2026 may be its time. MUSICAL CODA
Mamdani takes aim at Amazon subcontracting model in multimillion-dollar delivery bill fight
Mayor Zohran Mamdani publicly threw his support Monday behind legislation that aims to reshape New York City’s last-mile delivery industry, escalating a fight
Violent crime falls in Scranton under Mayor Cognetti
The decrease comes after the Cognetti administration invested millions of dollars in the local police force.
I'm a former professional cleaner: Best supplies at Dollar Tree
As a former professional cleaner, I'm always looking for quality, affordable cleaning products and supplies. These are my favorite Dollar Tree finds.
Designing Direct-to-Government Assistance: Three Case Studies in Global Health Financing
In September 2025, the US State Department released the America First Global Health Strategy, announcing a major shift in how the United States programs foreign assistance in one of its largest sectors, representing over $13 billion in FY 2024. Global health dollars, the strategy states, will now flow primarily to foreign governments, not to nongovernmental organizations (NGOs), as has been the case in recent decades. The Department has sought to advance this strategy by signing non-binding, multi-year memoranda of understanding (MOUs) with dozens of its largest aid recipients. While officials acknowledge that there will be real challenges to providing direct assistance in the near term, the explicit goal of these MOUs is to transition from donor-driven systems to partner government-led implementation.
Gates Foundation to give historic $540 million to UW health institute
The Gates Foundation is donating over half a billion dollars to UW's Institute of Health Metrics and Evaluation, whose research informs policies around the world.
Trump Family Business Empire Faces Fresh Scrutiny as Republicans Join Calls for Answers
President Donald Trump’s family businesses are facing renewed scrutiny over billions of dollars in earnings, a paid service offering faster access to his social media posts and financial transactions ...
Florida Is Betting That NIL Isn't Everything in Recruiting
Rejecting flashy million-dollar bidding wars and luxury penthouses, the Florida Gators are targeting prospects who prioritize professional development and long-term stability over the immediate lure of massive payouts.
Clementine Douglas Announces Debut Australian Headline Shows
Earlier this year, Douglas made her Madison Square Garden debut alongside Dom Dolla.
Box of rare Nintendo games found in Waukesha could be worth millions
A box of old Nintendo games discovered in Waukesha could be worth millions of dollars.
California Prop 44 would force health clinics to spend 90% on patient care
A measure aimed at changing how community health clinics spend taxpayer dollars is heading to the ballot box this November. Voters will decide the fate of Proposition 44. Supporters say it will increase accountability, but opponents warn it could threaten services patients rely on.
Blazers' Moda Center Battle Has Become a PR War
Local influencers and hundred-million-dollar ultimatums take center stage as the franchise deploys new tactics to secure massive public funding for a high-stakes arena renovation project.
Southwoods Health completes expansion project at The Surgical Hospital
Southwoods Health has completed a multimillion-dollar, 40,000-square-foot expansion project at The Surgical Hospital.
Letters: Dollars and sense of Dodgers acquiring Tarik Skubal
Readers of the Los Angeles Times Sports section give their thoughts on the Dodgers acquiring ace pitcher Tarik Skubal, the Angels situation, Aaron Donald and more.
Letters to Sports: The dollars and sense of the Dodgers acquiring Tarik Skubal
Readers of the Los Angeles Times Sports section give their thoughts on the Dodgers acquiring ace pitcher Tarik Skubal, the Angels situation, Aaron Donald and more.
Judge orders Meta to pay hundreds of millions over kids’ mental health
Meta says it will appeal the order by a New Mexico judge that said the social media giant has to pay close to one billion dollars to address how its apps have contributed to harm to children. NBC News’ Brian Cheung reports.
How will ruling affect Meta’s business practices in New Mexico?
NEW MEXICO (KRQE) – Meta is being forced to pay and change the way it does business. A New Mexico judge ordered the social media giant to pay more than half a billion dollars and make changes to ho…
These 'five pillars' for living healthier longer are easy and affordable
Longevity has become a bit of a buzz word, and has become increasingly aligned with the tech industry. But while it remains unclear whether the billions of US dollars being invested in life-extending bioscience is something any of us can access, a timely report from Harvard Medical School reminds us what we can do on our own – and it's backed by a huge body of evidence.
Business Restructuring Review Vol. 25 No. 4 July-August 2026
In This Issue New York Bankruptcy Court: Premature Allegations of Creditor Mistreatment Insufficient to Deny Chapter 15 Recognition of Foreign Restructuring Proceeding In In re ARD Finance, S.A., No. 25-12794 (MG), 2026 WL 817458 (Bankr. S.D.N.Y. Mar. 25, 2026), the U.S. Bankruptcy Court for the Southern District of New York was presented with a petition seeking chapter 15 recognition of Luxembourg's recently enacted bankruptcy law governing judicial reorganization proceedings. The court granted the petition, turning aside challenges to recognition voiced by a creditor group arguing that recognition should be denied based upon allegations of unfairness to creditors in the Luxembourg proceeding that would make recognition manifestly contrary to U.S. public policy. According to the bankruptcy court, recognition was warranted because: (i) the rules and procedures governing the proceeding under Luxembourg law were fundamentally fair; (ii) the petition otherwise satisfied chapter 15's recognition requirements; and (iii) the creditor group's allegations were premature, given the fact that the Luxembourg court presiding over the debtor's restructuring proceeding had not confirmed a restructuring plan, and all creditors had the right to participate fully and voice their objections in the proceeding (including the right to appeal an order approving a plan). [read more …] Florida Bankruptcy Court Examines Scope of Discovery in Chapter 15 Cases In In re Banco Master, S.A., No. 25-24568-SMG, 2026 WL 931729 (Bankr. S.D. Fla. Apr. 6, 2026), the U.S. Bankruptcy Court for the Southern District of Florida granted in part and denied in part post-recognition motions filed by an insider of a foreign debtor seeking to bar or limit discovery sought by the debtor's foreign representative concerning allegedly voidable transfers involving the debtors' U.S. real property. According to the court: (i) although chapter 15 includes its own discovery provisions among the relief that may be granted to a foreign representative, the expansive discovery available in cases under other chapters of the Bankruptcy Code is also available in chapter 15 cases; (ii) the discovery sought by the foreign representative was permissible; (iii) discovery regarding matters that were the subject of a pending adversary proceeding had to be undertaken under the more restrictive rules applicable to such proceedings; and (iv) a discovery request would be barred to the extent that it sought production of documents or testimony from a subpoenaed entity that exceeded the geographic limitations specified in such rules. [read more …] Delaware District Court Affirms Chapter 15 Recognition Order Enforcing Nonconsensual Third-Party Releases In U.S. Int'l Dev. Fin. Corp. v. Credito Real S.A.B. de C.V. SOFOM, E.N.R. (In re Credito Real S.A.B. de C.V. SOFOM, E.N.R.), 677 B.R. 192 (D. Del. 2026), appeal filed, No. 26-2356 (3d Cir. June 5, 2026), the U.S. District Court for the District of Delaware affirmed a bankruptcy court order granting chapter 15 recognition to a Mexican "concurso mercantile" proceeding and enforcing nonconsensual third-party releases approved by the Mexican court. Agreeing with the bankruptcy court that the releases were not manifestly contrary to U.S. public policy, the district court concluded: "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. [The appellant's] arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." The ruling has been appealed to the U.S. Court of Appeals for the Third Circuit. [read more …] Fifth Circuit: Bankruptcy Court, Not State Court, Had Jurisdiction to Allow or Disallow Administrative Expense Claim In Storey Minerals Ltd. v. EP Energy E&P Co., LP (Matter of EP Energy E&P Co., LP), 169 F.4th 609 (5th Cir. 2026), the U.S. Court of Appeals for the Fifth Circuit affirmed lower courts' rulings disallowing a creditor's administrative expense claim. It also rejected the creditor's argument that, because the claims were predicated on state law, a state court should adjudicate the merits of the state law causes of action before the bankruptcy court could allow or disallow the claim as an administrative expense. According to the Fifth Circuit, even though the causes of action were based on state law, the bankruptcy court had jurisdiction to determine whether the creditor's claims should be conferred with administrative expense priority in the debtors' chapter 11 case. [read more …] New York Bankruptcy Court: Dismissal of Involuntary Chapter 11 Case Filed Prior to Commencement of Foreign Restructuring Proceeding Unwarranted In In re Xinyuan Real Estate Co. Ltd., No. 25-10745 (PB), 2026 WL 592250 (Bankr. S.D.N.Y. Mar. 3. 2026), the U.S. Bankruptcy Court for the Southern District of New York considered the bona fides of an involuntary chapter 11 petition filed by certain holders of U.S. dollar-denominated notes against a holding company for a group of Chinese property development companies that filed a restructuring proceeding in the Cayman Islands after the noteholders filed the involuntary chapter 11 petition. The court denied the debtor's motion to dismiss the chapter 11 case. Given the timing of the filing of the Cayman Islands restructuring proceeding, the absence of any progress in the proceeding for seven months, the debtor's need to restructure notes governed by U.S. law, and the debtor's lack of any meaningful contacts to the Cayman Islands, dismissal of the chapter 11 case was unwarranted under the applicable provision of the Bankruptcy Code, international comity, or the doctrine of forum non conveniens. [read more …] Bankruptcy Court Evaluates Trustee's Authority to Sell Avoidance Actions and Right of Target Defendants to Object In In re Law Enf't Officers Sec. Union, No. 24-70277-JAD, 2026 WL 560452 (Bankr. W.D. Pa. Feb. 27, 2026), a chapter 7 trustee sought court approval to sell certain avoidance actions to a creditor of the debtor's estate. Potential targets of the subject avoidance actions objected, arguing that such claims were nontransferable powers of the trustee rather than saleable estate property and urging the court to approve their competing settlement with the trustee. The U.S. Bankruptcy Court for the Western District of Pennsylvania disagreed with the potential defendants, holding that they lacked standing to object to the proposed sale, that avoidance actions are indeed estate property, and that the sale—rather than the settlement—best served the estate's interests. [read more …] U.S. Supreme Court Bankruptcy Roundup in Brief In Keathley v. Buddy Ayers Construction Inc., No. 25-6, 2026 WL 1686028 (U.S. June 11, 2026), the U.S. Supreme Court overturned a Fifth Circuit decision judicially estopping a chapter 13 debtor from asserting a personal injury claim against a construction company because the debtor failed to disclose the claim during his bankruptcy case. In so ruling, the Court held that "[t]he Fifth Circuit erred by artificially narrowing its inquiry to whether the debtor had knowledge of the underlying facts or a potential motive to conceal the claim." It represents the first time that the Court has applied judicial estoppel in the bankruptcy context, although it has suggested in other contexts that it may be inappropriate where an inconsistent legal position resulted from "inadvertence or mistake." Also in June, the Court denied petitions for certiorari in a few notable bankruptcy cases. [read more …] Newsworthy Heather Lennox (Cleveland/New York) (Star Individual), Bruce Bennett (Los Angeles) (Senior Statesperson), Kevyn D. Orr (Washington) (Eminent Practitioner), Gregory M. Gordon (Dallas) (Band 1), Carl E. Black (Cleveland), Corinne Ball (New York) (Senior Statesperson), Brad B. Erens (Chicago), Jeffrey B. Ellman (Atlanta), T. Daniel Reynolds (Cleveland), and Dan T. Moss (Washington/New York) were recognized as leading lawyers in the practice area Bankruptcy/Restructuring in the 2026 edition of Chambers USA: The World's Leading Lawyers for Business. The 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers ranked the following lawyers: Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington). Fabienne Beuzit (Paris) and Jasper Berkenbosch (Amsterdam) were among the "Leading Individuals" ranked in the 2026 edition of The Legal 500 EMEA guide in the field of Restructuring and Insolvency or Insolvency. Rodolphe Carrière (Paris) was named a "Next Generation Partner" in the practice area Insolvency. Sid Pepels (Amsterdam) was selected by Global Restructuring Review's 40 under 40 2026. He was identified as a Rising Star within the global cross-border restructuring community. Global Restructuring Review is a leading digital subscription service, news outlet, and information platform dedicated exclusively to cross-border insolvency and corporate restructuring law. Fabienne Beuzit (Paris), Rodolphe Carrière (Paris), and Isabelle Maury (Paris) were recognized in the 2027 edition of The Best Lawyers in France™ in the practice area Insolvency and Reorganization Law. An article written by Corinne Ball (New York) titled "Comity and Fairness are Critical to Granting Additional Assistance under Chapter 15: A Canadian Reverse Vesting Order and Related Releases in Proceedings Involving Canadian and U.S.-Affiliated Companies Are Approved" was published in the June 24, 2026, edition of the New York Law Journal. An article written by Caitlin K. Cahow (Detroit) titled "New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions" was published on June 8, 2026, in Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on June 16, 2026, in the Harvard Law School Bankruptcy Roundtable. An article written by Dan T. Moss (Washington/New York), Corinne Ball (New York), Isel M. Perez (Miami), and David S. Torborg (Washington) titled "Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief" was published on June 10, 2026, in Lexis Practical Guidance. An article written by Daniel J. Merrett (Atlanta) and Nathaniel Parr (Atlanta) titled "Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions" was published on June 11, 2026, in Lexis Practical Guidance. An article written by Corinne Ball (New York) titled "LMEs, Sophisticated Investors and Equitable Mootness: The Fifth and Third Circuits Warn Against Testing the Limits of Chapter 11" was published in the June 2026 issue of the American Bankruptcy Institute Journal. Nicholas J. Morin (New York) was quoted in an article titled "Serta Ruling Offers Damages Road Map in Lender-on-Lender Disputes," published by Bloomberg Law on July 7, 2026. The article discussed U.S. Bankruptcy Judge Christopher Lopez's July 7, 2026, ruling that participating lenders in Serta Simmons Bedding's 2020 non-pro rata uptier exchange breached the credit agreement's ratable-sharing provision, and awarding excluded lenders more than $261 million in damages. The opinion resolves six years of litigation related to Serta's 2020 transaction, where it raised $200 million in new financing and exchanged $1.2 billion of term loans for $875 million in superpriority debt. Judge Lopez found that the debt-for-debt exchange constituted a "payment" under the credit agreement, requiring proportional sharing among lenders, and dismissed various defenses raised by the participating lenders. The case is Serta Simmons Bedding LLC v. AG Centre Street Partnership (In re Serta Simmons Bedding LLC), 2026 WL 1968535 (Bankr. S.D. Tex. Jul. 7, 2026). The New York Law Journal has recognized Andrew M. Butler (New York) as a 2026 "Rising Star" in Restructuring/Bankruptcy as part of the New York Legal Awards. The Rising Star category recognizes New York's most promising lawyers age 40 and under who have distinguished themselves through exceptional legal work, leadership, and contributions to the profession. Lawyer Spotlight: Daniel J. Merrett Dan Merrett, a partner in the Atlanta Office, has spent nearly 20 years representing all manner of stakeholders in complex corporate restructurings and chapter 11 reorganizations. His practice extends to related transactions and disputes involving acquisitions; divestitures; credit facilities; securities; environmental obligations; and vendor, employee, and governance matters. Dan has substantial experience managing mass tort liabilities, including the restructurings and related chapter 11 cases of affiliates of Georgia Pacific and Johnson & Johnson, implemented to resolve asbestos and talc liabilities. He also represents key parties in energy and infrastructure matters, including facility owners, EPC contractors, and joint-venture parties. Dan was a key player in the restructuring teams in the historic bankruptcies of the City of Detroit and Chrysler. His other significant representations in chapter 11 cases include AFA Foods, Alpha Natural Resources, Dana Corporation, M&G Chemicals, McDermott International, Monster/CareerBuilder, Transtar Industries, and Westinghouse. He is licensed in both the United States and England & Wales and recognized in restructuring by Chambers USA and Best Lawyers.
Dr. Abdul El-Sayed on Historic Michigan Win: “People Are Sick and Tired of This Politics of Hatred”
We speak with Dr. Abdul El-Sayed after his victory in Michigan’s primary race for U.S. Senate sent shockwaves through the Democratic Party. El-Sayed, a former public health official, ran a progressive campaign focused on affordability, Medicare for All, getting money out of politics, and opposing Israel’s genocide in Gaza. He defeated Congressmember Haley Stevens, who was backed by tens of millions in outside spending including by AIPAC, the powerful pro-Israel lobby group. “In an era where many of us can’t afford basic things like groceries or rent or healthcare, the idea that your government is sending your tax dollars to buy bombs and tanks for foreign governments seems anathema,” El-Sayed says. “That money could be spent to fix your potholes, rebuild your kid’s school.” El-Sayed says his focus now is on beating Republican nominee Mike Rogers, whom he calls a “bootlicker for Trumpism,” and to present a positive vision for his party that can lead into the next Democratic presidential administration.
Budget Battle Erupts in Nation’s Capital Over Opioid Settlement Money
Washington, D.C.’s 2027 fiscal-year blueprint reflects a debate playing out around the U.S.: whether opioid settlement money should be used to free up taxpayer dollars by paying for existing responsibilities instead of new programs.
Employee versus entrepreneur mentality: Is the wealth management business 'dying comfortably'?
As the industry logs record-high profits alongside anemic organic growth, it's time to ask whether firms have permanently lost their business development muscle.
As Michigan ages, are we overlooking a critical type of caregiver – the friend?
Friends may not see themselves as caregivers, yet when they help with activities of daily living, they are crucial to a person’s independence and longevity. That, in turn, can save tax dollars by curbing the odds at nursing home care.
The Business Training Fortune 500 Employees to Stay Safe at Work Makes Millions of Dollars for Its Unlikely Creator: ‘Sort of Magic’
COVE is on a mission to help people see — and reduce injuries on the job.
Activist pressure pushes Eagan-based Solventum to divest billion-dollar business
Activist investor Trian had been pushing the 3M spinoff to make changes, including the divestiture.
Activist pressure pushes Eagan-based Solventum to divest billion-dollar business
Activist investor Trian had been pushing the 3M spinoff to make changes, including the divestiture.
COOL: Bad math makes for bad business
While some claim the cost of the program is “just pennies per pound,” those pennies add up – to an estimated nearly $30/head.
Families angry that Baystate Health still not providing gender care, despite legal developments
In February 2026, Baystate announced it was ending most of its gender affirming care for minors, other than counseling, saying it could not risk losing millions of dollars in federal reimbursement. Since then, the legal landscape has evolved. But Baystate has not restarted gender affirming care.
Complete Health to pay $14M to settle Medicare Advantage fraud allegations
The value-based primary care provider submitted false diagnosis codes to the CMS for three years, inflating its reimbursement by millions of dollars, according to the DOJ.
South African rand edges up ahead of business activity PMI as risk appetite improves
The South African rand edged up in early trade on Wednesday as a softer dollar and lower oil prices lent support to the risk-sensitive currency, while domestic investors awaited the release of a business conditions purchasing managers' index.
Paramount CEO says politics fueling Warner Bros. merger battle
Paramount CEO David Ellison said Tuesday that the legal battle over his proposed multibillion-dollar takeover of Warner Bros. Discovery was fueled by politics rather than concerns over market share.
Trump Is Making Another Big Mess With White House Helipad
He reportedly ordered workers to scrap some of their completed work on the multimillion-dollar project because he didn’t like how it looked.
Daphne child exposed to meth residue on dollar bill found inside business, police say
After the child handled it, adults noticed a white powder on the child’s hands, police said.
MrBeast Sales Slow, Angel Stock Falls, MUBI and Neon Look for Hits, and Will an NBA Franchise Set a Sales Record?
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) You probably remember egg prices spiking a few years ago. This led to a lot of debate between the pro-market/pro-competition/antitrust/Neo-Brandesian crowd and the center/center-right/center-left/abundance/libertarian crowd over the cause, whether it was the avian flu outbreak or whether industry consolidation led to price fixing, using avian flu as a convenient cover. Basel Musharbash wrote a whole investigation at BIG looking at it. Well, two years later, we have our answer: it was price fixing. The Justice Department found proof, via emails, of price fixing. Indeed, just the threat of an investigation brought prices down two years ago: I bring this up because at least half a dozen of my favorite political writers and pundits, who were skeptical about price fixing at the time, haven’t written any mea culpas on this issue. It’s really dispiriting and makes it much, much harder to trust their work on other issues. If you take a hard stand on an issue, then you get it wrong, you need to explain how and why you got it wrong. Or update your priors. This is how epistemological bubbles are formed! All of which is to say, it’s time for another installment of “What I Got Right, What I Got Wrong”. Last issue, I mostly focused on the “wrong” side of the equation, so today’s is a bit more balanced, but with one big mea culpa (though I still stand by my original concerns). Let’s dive right in! Subscribe CORRECTION: UFC Didn’t Release Subscriber Data (But Seems to Have Bragged About It Internally) In my analysis of the viewership of UFC Freedom 250, I wrote... “Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers.” Well, that datecdote did not come from a PR rep, but from great reporting from James Faris at Business Insider. The actual quote was this: “Paramount’s flagship streaming service generated about a million new subscribers on the day of its first-ever UFC event, Paramount product chief Dane Glasgow told employees in a town hall on Tuesday morning, three staffers who attended the meeting told Business Insider.“ This wasn’t the biggest goof in the world; even Faris emphasized to me that this is more a “clarification” than a correction. Still, it sounds like, internally, the folks at Paramount were very happy about this result—and I’m guessing they were happy with this news getting out—even though the gains didn’t last through the quarter, dropping to 700K adds. RIGHT: MrBeast’s Struggles Continue... I’m very skeptical about MrBeast’s burgeoning media “empire” and, in particular, its $5 billion valuation, as I wrote earlier this year and last year. Sure enough, according to Business Insider, regarding its “booming” consumer products division_:_ “US sales volume grew 13% year-over-year in 2025, following a 33% leap the previous year, according to a presentation deck dated May 2026....A February 2025 investor deck viewed by Business Insider showed Feastables’ net revenue more than doubled in 2024 from 2023, to $215 million, and was forecast to grow 74% in 2025, to $375 million.” [Emphasis mine.] If you told investors that you projected 74% growth but delivered 13%,1 that’s not ideal. But it’s not just MrBeast. Logan Paul and KSI’s Prime had sales drop in half for their energy drinks. It’s one thing to build a successful entertainment company and an entirely different thing to succeed in the heavily-consolidated-but-also-very-competitive consumer packaged goods space! CPGs are dominated by a few firms with very wide moats compared to YouTube, which has few barriers to entry. These businesses require different skill sets and have completely different business environments. WRONG: Does the NBA Have an $8 Billion Bidder? Almost as soon as I published my article about the NBA’s finances, casting skepticism on NBA expansion, I saw this Front Office Sports headline: One group “claims to have already raised $8 billion” for the Vegas expansion team. I mean, wow. That’s just $2 billion less than what the Los Angeles Lakers were valued at when they were sold just last year. And they’re arguably the most popular team in the NBA. (Side note: the new owner is now under an investigation for fraud in how he went about financing the Lakers and the Dodgers purchases.) So much for the “dried up” language I used in that article. (This is why I usually stick to my “Entertainment Nuance Guy” tone in articles...) I went off old information—from April, when I read/heard about the NBA downplaying expansion efforts—instead of doing a quick double-check for new news. That said...if you read the article, the market for Seattle is “slow”, with just one reported bidder. So I wasn’t entirely off. This goof has annoyed me since I first published it, mainly because it undercut that article’s real point, which I stand by: NBA franchises are really overvalued right now. Now, I get why NBA teams are overvalued. When it comes to owning sports teams, it’s basically never wrong to assume that some rich person somewhere will care more about owning a team (or just being part of a group since they’re so expensive) than the actual financials. There are only so many teams to own, and opportunities to buy in preferred markets don’t come along very often. This explains why the teams sell for such high multiples (usually above a 10 to 12.5 revenue multiple, which is very high). You only need one person to overpay! Beyond the ultra-wealthy luxury good explanation, I worry NBA teams are becoming speculative assets. More and more private equity investors are buying into NBA teams. But the value, in owning a team, comes from selling it later, not any meaningful relationship to revenue or profit growth. In other words, the newer NBA owners are increasingly expecting someone later to buy their inflated asset. That’s not sound economics; that’s the “greater fool” theory at work.2 At some point, actually making money has to matter. Especially since revenue growth is now below the growth of the stock market. (And this matters because the NBA doesn’t have easy levers to pull to drastically lower their costs—half of their revenue has to go to players and then you actually have to run a team, including coaching, training, travel, media expenses, and more—or raise revenues aside from one-off expansions in America and overseas.) I just don’t see how investors make their money back buying NBA teams, except for selling at a higher price later on down the line. But if revenue/profit growth continues to slow, at some point, someone will be left holding the bag. RIGHT: Baseball and Basketball are about equally popular. Related to the above, I wanted to cite two quick pieces of evidence for one of my other theories: that the NBA and MLB are about as popular as each other, but the NBA gets much, much better media coverage. One YouGov survey has that fans prefer basketball to baseball by 52% to 48%, which I’m guessing is within the margin of error for that poll. That’s virtually even, meaning they’re about the same popularity. Over on NBC, a recent Red Sox-Yankees game averaged 4 million viewers, higher than Sunday Night Basketball’s average of 3.4 million on the same network. A Yankees-Dodgers game averaged 3.9 million two weeks ago. Not every game averages this much, but it shows you that baseball isn’t far off from basketball, depending on the matchup. Altogether, the NBA is just slightly more popular than baseball, but NBC is paying MLB a fraction of what they pay the NBA, a point I’ve made before. RIGHT: Angel, MUBI and Neon Updates... I’ve long been skeptical about many of Hollywood’s buzziest startups/smaller indie studios. It’s not that they don’t make great movies—films like Anora and Everything Everywhere All at Once are amazing—or that they’re not (rightfully) pushing the majors to make better films, but...they get a ton of hype, and that hype often doesn’t live up to the reality or difficulty in scaling up. Starting with MUBI, well, The Wall Street Journal wrote a feature on MUBI’s struggles last April, best summarized by the subheader “After Sequoia valued Mubi at $1 billion, a left-wing revolt sent the indie film company into a tailspin”. MUBI lost $7.3 million on $200 million in revenue in Q4 2025, but reportedly hit a record 1.7 million subscribers at the end of Q1. As for Neon, Department M purchased a “significant stake” in the company earlier this year. How much is that “stake” worth? According to Deadline, “No financial figures for the Neon-Department M deal were disclosed.” So...that’s not great! If it was a big valuation, we’d hear about. Also, I found this curious: “Both Neon and Department M already have separate partnerships with Qatar. The Qatar Film Committee has a slate deal in place with the former, and a biopic production pact with the latter.” Color me skeptical about much Middle Eastern investment dollars. See: LIV Golf. Finally, as for Angel (formerly Angel Studios), their stock very, very slightly popped last month after Young Washington ($20 million budget) which made $45 million in the US, but their stock is still way down from its opening. Smaller Updates RIGHT: The WGA should focus on antitrust concerns! I’ve been on this for years. Post-WGA/AMTPT deal in 2023, I wrote an article for the Ankler calling on the WGA to focus and organize against industry consolidation. Sure enough, the WGA filed a lawsuit against the Paramount-WBD merger, and people are organizing around this issue now. I wish this energy had coalesced earlier (specifically to lobby Washington much earlier), but better late than never! WRONG: Actually, the chip shortage might be due to market manipulation. In my last “Long Reads for the Long Summer” article, I shared an article about how LLMs are causing memory chip prices to spike, which will make all electronics more expensive. Well, turns out, three RAM manufacturers control 90% of the market, and now a private lawsuit accuses them of price-fixing. So yeah. WRONG/UPDATE: The Odyssey will hold! Two weeks ago, I wrote, “As of this moment, we haven’t had a super-blockbuster, though The Odyssey, Spider-Man: Brand New Day and Avengers: Doomsday could all cross the $500 million mark. (At this point, The Odyssey would need a very strong hold to get there.)” Well, it’s safe to say it’s going to have that hold! It only dropped 30% in weekend two and IMAX screenings are sold out all month. Spider-Man: Brand New Day is also off to a great start. RIGHT: People are rushing to get shows out yearly. I’ve long been bullish on yearly, weekly-released shows, and Leslie Goldberg at The Ankler wrote about how many people in town are now listening. WRONG: Mark Carney reverses Canada’s stance on homegrown production. After writing about Canada installing domestic production quotas, Canada has backed off. WRONG: I don’t trust Spider-Man: Brand New Day’s online “views”. When I originally wrote about the latest Spider-Man film’s record-breaking trailer, I thought this was just YouTube views, but after watching this Corridor Crew video and doing more research, well, it’s all social views of the trailer globally. Really? That stat includes TikTok, Reels and YouTube Shorts views. Basically, I don’t trust it anymore. (This film will probably set record, but I trust the pre-sales data more.) RIGHT: Celebrity Production companies are still struggling. I’ve written about this for years, but the company that I didn’t track was Kevin Hart’s HartBeat, which was valued at $650 million but is struggling now and might just end soon, especially after Kevin Hart pulled his endorsement deals. And Bad Robot is moving to NYC. CORRECTION: SpongeBob is a “second run” title. In my 2025 recap article, I had _SpongeBob SquarePants_labelled as a “library” title, when it is still a “second run” show, with new episodes still coming out on Nickelodeon. CORRECTION: In my last “What I Got Right, What I Got Wrong” update, I offered a correction from Doug Creutz and misspelled TD Cowen. Thanks, Grammarly! 1 Though he could have increased prices to make up for the gap, he couldn’t have increased them that much. 2 There’s a theory, which I think that Daryl Morey created and Bill Simmons popularized, that, to be successful building your team, you only need a handful of bad GMs in the league to take advantage of. To be clear, Daryl Morey’s theory was also for signing bad contracts, that you could always get out of bad contracts. Basically, there’s always someone who will make a bad trade. It’s not the same exact thing, but similar enough to the Greater Fool Theory that I really like it.
NYC Mayor Zohran Mamdani Terminates Business Leaders Advising Multimillion-Dollar Mayor’s Fund
New York City Mayor Zohran Mamdani is changing up what the Mayor’s Fund to Advance New York City advisory board will look like. On Monday, August 3, Bloomberg reported that the entire board of adviser...
Negative, false and misleading political ads pollute and undermine the election process
What is your reaction when viewing TV, listening to the radio or surfing digital platforms and there is a political ad filled with false and misleading information that you can neither verify nor confirm? Billions of dollars are spent in a national election cycle. Millions of those dollars are spent by candidates and ballot-measure campaigns […]
Raleigh business owner sentenced for concealing bankruptcy assets
RALEIGH, N.C. — The owner of a Raleigh paving company will spend more than a year in federal prison for concealing hundreds of thousands of dollars during bankr
Judge greenlights multi-billion-dollar class action over Apple Photos’ face recognition
Apple will face a class-action lawsuit alleging it violated Illinois’ BIPA, in a case that could cost the company more than $30 billion.
A single US measles outbreak can cost millions of dollars, study estimates
The overall cost of containing a 2025 measles outbreak in New Mexico was nearly $5.4 million, a new study estimates.
Mamdani Dismisses Business Leaders Advising NYC’s Mayor’s Fund
New York City Mayor Zohran Mamdani dismissed the business and civic leaders who advised a multimillion-dollar fund that channels private donations into public programs, removing a longstanding group of corporate advisers from City Hall’s philanthropic arm.
Watch Ford's Hypercar V8 Rev Through a Lap of Le Mans on the Dyno
With loads of data flowing in from Ford Racing's multi-million-dollar simulator, dyno engineers can get to work simulating laps around the Circuit de la Sarthe.
How Vanessa Best Built A Million-Dollar Business Without Venture Capital
What does it take to build a million-dollar Black-owned business? Vanessa Best shares the growth strategies that helped her scale without VC funding.
Senate aims to block White House from gaining new power over science funding
A bipartisan spending bill unveiled Sunday by Senate Republican leaders would prevent the White House from asserting greater control over hundreds of billions of dollars in federal grants.
Trump targets Biden-era billion-dollar Smithsonian budgets amid anti-'woke' push
Trump's budget proposal cuts Smithsonian funding below $1 billion for the first time since 2020 as a 162-page White House report targets woke ideology.
Adam Schefter Is Facing Criticism For 'Questionable' Business Move
ESPN NFL insider Adam Schefter is a rich man. The prominent NFL reporter earns millions of dollars per year in salary at ESPN, covering the biggest league in America. But Schefter is an even richer man today, thanks to a smart investment. Schefter, who previously worked for the Denver Post and the ...
Watch Why Think Tanks are a Billion Dollar Business
Think tanks bring together experts and shape debates in Washington, but how do you measure the value of an idea? From the Aspen Institute to the Heritage Foundation, this episode explores the business of ideas, the billions of dollars behind America's leading think tanks, and how they measure success.
Big Money In Hawaiʻi Politics — The Carpenters Union Is Crushing Everyone
Other political action committees are spending hundreds of thousands of dollars on candidates, too, but their financial efforts fall far short of the Carpenters Union.
Small-Business Owners Put Millions Into “Good Faith Accounts.” He Bought a Yacht
Small-business owners transferred millions of dollars to William Thomas Engle after he promised to help them obtain large commercial loans and assured them that their ... Read More
The highest-grossing entertainment franchise in the world isn't Star Wars, Marvel or Mickey Mouse — it's Pokémon, which began as a Japanese video game about collecting creatures and has since rung up north of a hundred billion dollars in retail sales
A $16 million trading card is just the beginning of how Pokémon became the most profitable entertainment empire ever built.
Matt Reddin named EVP, Chief Development Officer of Partners Bank
Partners Bank announced that Matt Reddin has joined the bank as Executive Vice President and Chief Development Officer. In this role, he will work closely with the CEO and board...
Southlake man gets 9 years in prison for $8M business loan scheme
A former Southlake attorney was sentenced to nine years in federal prison for defrauding small-business owners seeking multimillion-dollar loans.
The business of back-to-school
Back-to-school shopping is more than a seasonal ritual for families. It is one of the country's largest annual retail events, generating billions of dollars in spending.For retailers, it is a critical sales period. For economists, it offers an early snapshot of how Americans are responding to rising prices, shifting consumer confidence and broader economic uncertainty.
The Streaming Bubble Keeps Popping
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) One of my rules is “never bet against PE [private equity]”. This isn’t to say that I agree with their methods or tactics or strategies or financial innovations (aka shenanigans). Just that in the long arc of financial history, they’ve tended to return very good returns to their shareholders. That said, their forays into entertainment have left me...skeptical. I’ve written before about PE’s production company/celebrity production company roll ups, and those haven’t really worked out. Some PE groups tried to “roll up” an industry that isn’t “roll-up-able” for lack of a better term—since the barrier to entry for starting a production company is very low—often paying top dollar for celebrity production companies at the height of streaming valuations. So yeah maybe we can bet against PE when they venture into filmed entertainment. I’ve also noted that studio lots seemed to be a bubble back in 2022. Sure enough… Yikes! That sure sounds like some private equity guys lost some money. The only caveat being that holding a lot of land in Los Angeles is always valuable. But that wasn’t the pitch and likely real estate investment companies overpaid for said land. I mean, Goldman Sachs had to repossess it after all. (Technically, I’m not sure these buyers were traditional private equity, but PE was buying LA studio lots earlier this decade.) All to say: I call out bubbles when I see them, and they often pop. Anywho, my most famous bubble call was the “streaming bubble”, specifically that the major streamers were making too many shows and films. And that it could all come crashing down. Notably, I made this call before the strikes of 2023, but those strikes potentially accelerated the popping. And now it has indeed popped. One of my most popular articles of last year made that exact case. A year later, it’s time to update that analysis. The bottom line is that the streaming contraction continues. Credit where credit is due, Luminate—an analytics company whose data I use weekly in my streaming ratings report—called this out in a recent report I saw highlighted in both Bloomberg and The Hollywood Reporter. But I’m adding my data to their look, including streaming films and kids TV shows. I’ll also provide some other data that all tells the same picture. Let’s dive in! Subscribe The Number of Streaming TV Shows, Films and Specials Is Declining AGAIN in 2026 Let’s get right to the data, starting with my dataset. Specifically, each week I track every “notable” title to come out on streaming. I try to grab every title on every major streamer, meaning if it’s a first run or original or exclusive, I track it. This helps me call out the “dogs not barking” and the misses/flops each week. So that will be our first series of charts, my weekly collection data. Let’s start with the raw TV show, film and special data, by week. Note: As the years have gone by, I have actually added more sources (going from just one source to five sources) to find new titles, meaning that this data collection is, likely, more accurate now than in the past. Which means my team and I are more likely to have undercounted titles in the past rather than today. I like to cut the data several different ways. Here’s that same look, by quarter, to more sharply show the trends: And here’s the data just looking at the first half of each year. That’s the same data, just cut three different ways with three different time periods. Note that films, TV shows, and specials are all down by 25%, 42% and 17%, respectively, from 2022. The good news is that the number of films and specials actually increased year-over-year from 2025 to 2026, but not enough to offset the 25% decline in TV shows. Now, I also look at kids shows, and here they are pulled out on their own: And here’s that by quarter: This really seems to be a notable area of pullback by the streamers. Kids shows are down 80% from 2022. This reflects some formerly Disney+ shows going to cable TV first, but also pullbacks from HBO Max, Prime Video and Netflix. I also categorize the TV shows by English language and non-English language, and that also reveals a lot of where the drop comes from: And here is by the half-year: In this look, the good news is the drop for English language shows seems to have stabilized in the last year. But the bad news is the long term decline from the 2022 peak. Other Data So I wasn’t the only person to notice this decline in the number of shows. I have a few other data sources for this, though most only go through the end of 2025. As I said, Luminate beat me to the punch, so let’s look at their data. We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… What TV loss streaming didn’t make up for... How Netflix has changed their programming slate over time… Ten more images charting the decline of production... What type of films aren’t being made anymore... The good news (for movie theaters)… And more... ...please subscribe! We can only keep doing this great work with your support.
Inside Tencent’s Failed Attempt to Take On ‘Grand Theft Auto’
Lightspeed’s Last Sentinel burnt through six years of development and hundreds of millions of dollars
U.S. Small Business Administration offering up to millions in loans for summer storm damage
Homeowners, business owners, and nonprofit leaders who have been impacted by the summer’s severe storms and tornadoes are eligible for up to millions of dollars in loans to fix up their damaged properties.
The competition passed on a flying toy. We built it into $100 million dollar business
In his new book, Spin Master's Ronnen Harary explains how three founders in their 20s took a toy everyone rejected and turned it into Air Hogs.
Amazon CEO: AWS could be a ‘trillion-dollar’ business
Amazon (AMZN) CEO Andy Jassy explained on the company's earnings call that while the company expects to spend approximately '$220 billion in cash capex in 2026' to meet soaring demand, he believes AWS could "very possibly be a trillion-dollar annual revenue business for us in time.'
Senate Panel Advances Science of Reading, Dyslexia Bills with Bipartisan Support
A bill that would require states to only use the science of reading in classrooms in order to qualify for a multi-million dollar funding grant passed with bipartisan support from a committee of federa...
How Medicaid fraud could affect your tax dollars and health care
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The new "science golden age" looks suspiciously like a grift
This edition of PN is made possible by paid subscribers. Become one ⬇️ 🚀 Subscribe to PN 🚀 The Trump regime is trying to usher in a “Golden Age in Science” where scientific research is run like a Trump family business, artificial intelligence is all that matters, profit is everything, and expertise is for chumps. Or at least that’s the vision emerging from a new 123-page “Report to the President” from Michael Kratsios, the Director of the White House Office of Science and Technology Policy. In a normal administration, you could probably skip over learning about a science policy document — but this is no normal administration, and this is no normal science policy document. Instead, it’s Trump’s attempt to end the actual golden age of science that was kicked off in 1945 with the publication of '“The Endless Frontier” by Vannevar Bush. [ ](https://www.publicnotice.co/p/harmeet-dhillon-portland) [ Harmeet Dhillon demonstrates danger of posting through it ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Liz Dye · Jul 29 [ Read full story ](https://www.publicnotice.co/p/harmeet-dhillon-portland) Bush, at President Franklin Delano Roosevelt’s request, laid out a vision of federal support for science that centered on funding universities to do basic research, saying that as long as those institutions were “vigorous and healthy and their scientists are free to pursue the truth wherever it may lead, there will be a flow of new scientific knowledge to those who can apply it to practical problems in Government, in industry, or elsewhere.” Kratsios’s report is supposed to be the successor to Bush’s, and even apes the format, but this isn’t really a document about science policy. It’s one about ending science research as we know it in favor of shoveling cash at big tech companies. While it might be temping to wave this away as an aspirational policy document, Trump has already begun to shift billions in research funds to AI projects and has taken a hatchet to science funding across the board. He’s teed up the shift Kratsios proposes here, and since neither Congress nor the Supreme Court seem inclined to stop him from doing whatever he wants with taxpayer money, it isn’t doomering or hyperbole to say we are staring down the barrel of a world where the only “science” the government intends to support is for-profit tech and defense advancements. Science for dummies Part of how you can tell this isn’t a document about science is that you are immediately faced with an absolute wall of business-speak of the worst sort. Did you know we must “tightly couple our science and technology enterprises to ensure that groundbreaking ideas invented in the United States are rapidly prototyped, tested, manufactured, and scaled domestically”? You do now! That tone isn’t surprising, because Kratsios has no background in science or research. He has a bachelor’s in political science and spent most of his career working for Peter Thiel at Thiel Capital. After a stint in the first Trump administration as Chief Technology Officer, where he also did not do any science, Kratsios was tasked in 2020 with overseeing the Pentagon’s research budget for a brief time, a position that, as the Wall Street Journal put it, “carries a great deal of power in terms of dictating investment allocations.” He spent the Biden years at Scale AI as “head of strategy,” which you will also note is neither a science nor a research job. But Scale AI has contracts with the Department of Defense and, as the Washington Post wrote in 2023, “has been aggressively pitching itself as the company that will help the US military in its existential battle with China.” And now you have the necessary background for our new golden age, which is going to be a golden age of taking money away from scientists and universities and giving it to companies like Scale AI. A note from Aaron: Working with brilliant contributors like Lisa takes resources. If you aren’t already a paid subscriber, please become one to support our work. 👇 Subscribe In a genuinely galling move, Katsios spends a lot of time slamming universities because of “administrative burdens on researchers” and the “well-documented inefficiencies” in academia, the message being that those damn universities waste the time of amazing researchers with paperwork. Except it’s the administration that is attempting to impose inefficient, unnecessary burdens on those researchers with a proposed Office of Management and Budget rule that would require senior political appointees to approve every science grant and ensure it aligns with Trump’s personal priorities. Researchers would also have to seek prior government approval to attend conferences or publicize their research. And political appointees could terminate any grant at any time if they feel like it. [ ](https://www.publicnotice.co/p/omb-rule-science-funding) [ The murder of expertise ](https://www.publicnotice.co/p/omb-rule-science-funding) Lisa Needham · Jun 11 [ Read full story ](https://www.publicnotice.co/p/omb-rule-science-funding) But when it comes to AI, we’re going to “restore permissionless innovation.” The report proposes to give lucky ducky innovators a pile of cash up front for grants lasting five years or longer, saying “awards should be fully-funded in year one, with all resources earmarked upfront, to minimize administrative burdens and reduce pressure for researchers to generate intermediate results to secure continued funding.” Yeah, wouldn’t want to have to make the Very Special Tech Bros show results or get money parceled out year by year like the plebes at universities. The report also proposes that we should have “fast grants” with “simplified applications requiring just a few pages of writing” because that is definitely how science works, just writing a bit off the dome and getting some cash. [ ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) [ Tech elites are turning AI into ChatGPTrump ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Paul Waldman · July 29, 2025 [ Read full story ](https://www.publicnotice.co/p/trump-ai-action-plan-altman-llms) Oh, and we should have prizes and challenges, where multiple teams compete. The proposed prizes include incentives like “advance procurement commitments,” which means the federal government agrees to buy whatever is being developed. There’s also “regulatory fast-tracking,” making sure all those great AI thingies don’t have to wait too long to be unleashed on a market. These aren’t incentives to do science. These are incentives to develop things with tax dollars that you can then sell to the government for more tax dollars. In the suggestion that might be the most unhinged, the most very opposite of how both government and research work, our new age will include “golden tickets.” That’s where an individual reviewer in an agency — yes, just one person — can “recommend unconventional proposals that may not pass consensus-driven review panels” because somehow this will “surface valuable ideas too divisive for committees and attract higher quality reviewers by empowering them to exercise independent scientific judgment.” Yes, that’s saying that a random person in an agency should be able to shovel money at some idea even if it can’t pass a review panel, and that the opportunity to do so will attract better employees because apparently all the best minds in science are chomping at the bit to be allowed to unilaterally fund AI research based on their personal vibes. But that isn’t at all how actual science works, and actual scientists aren’t unhappy about review panels. They work collaboratively, not siloed in some secret race to create the next AI chatbot. A 2020 study by the National Bureau of Economic Research examined whether peer review panels succeed in helping agencies predict which research ideas will best advance science. Peer review was better at finding “diamond in the rough” applicants than a single government program official. How about that. Trump always wants a taste It’s painfully clear that what Katsios is trying to do here is turn the whole of government science research and funding into the sort of “move fast and break things” paradigm that is the hallmark of big tech. That method works to line the pockets of tech executives, but it isn’t science. There’s a reason the government funds different kinds of research than private tech companies do. What Katsios either fails to understand or deliberately ignores is that the federal government is the main funder of basic research precisely because it can take a long time for it to bear fruit and is not intended to be profitable as such. “Basic” here does not mean rudimentary or simple, but rather research that is designed to advance scientific knowledge instead of achieving a specific outcome or product. Big tech companies don’t widely fund that sort of research, because it doesn’t make them money. Industry dollars account for only about 20 percent of basic research funding, while the government contributes around 60 percent. Big tech companies and startups do, however, rely on and benefit from that basic research. A 2019 study found that 35 percent of all patents obtained by venture-backed startups from 1976 to 2016 cited federally supported research. Basic research funded by the NIH contributed to every single drug the FDA approved from 2010 to 2016. [ ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) [ The Saudi nuclear farce and governance by whim and meme ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Noah Berlatsky · Jul 27 [ Read full story ](https://www.publicnotice.co/p/trump-saudi-nuclear-deal) Unlike inventing the next ChatGPT, actual science is slow and iterative. Government funding of research that, on its face, would not appear to lead to any big new invention is actually what underpins those big new inventions. If the government hadn’t funded research into desert lizard venom, we wouldn’t know about semaglutide, and we wouldn’t have Ozempic. If research scientists hadn’t studied how bees optimize nectar foraging within a colony, we wouldn’t have the algorithm that assigns internet traffic across computer servers. The report assiduously ignores that a symbiotic, profitable relationship between the federal government, universities, and private companies already exists. Each federal research dollar generates about $1.50 to $3.00 in long-term economic benefits. The $36 billion the government awarded in NIH research funding in fiscal year 2025 generated $94 billion in new economic activity. Trump’s proposed new golden age is intended to strip those billions from universities, resulting in the dismantling of departments and the shuttering of labs. But Katsios has a plan for that: Universities should just become trade schools to churn out no-show STEM degrees! “Require universities and community colleges to embed practical technical training and externships into STEM curricula. Let hands-on experience and industry credentials count toward degrees.” It’s quite the feat to, on the one hand, strip schools of funding for scientific research while simultaneously demanding to control what is taught and, oh, also, colleges need to give degrees to employees at big tech companies just for being employees at big tech companies. The new golden age would also exacerbate the brain drain Trump’s policies have already caused. Nature found that in the first quarter of 2025, US scientists submitted 32 percent more job applications abroad than in 2024. A March 2025 poll by Nature of roughly 1,600 scientists found that over 1,200 said they were considering leaving the country. Europe is investing $565 million to make it a “magnet for researchers” and provide funding for scientists who relocate. The new golden age is also about embedding Trump’s xenophobia into the fabric of American science. The report complains of an “over-reliance on foreign students” that “creates a security challenge our institutions are ill-equipped to address” and that a “reliance on foreign talent sidelines American students.” This is, to put it mildly, nonsense. International students pay far higher tuition and often receive no financial aid. Their tuition dollars are what make it possible for American students to get financial aid. In the 2023-2024 school year alone, international students contributed $43.8 billion to the US economy and supported over 378,000 jobs. Those 1.1 million international students accounted for only six percent of the total number of students in higher education that year, but were such an economic engine that for every three international students, one job was created or supported. It’s impossible not to wonder whether part of Trump’s loathing for universities and their leading role in scientific research is that there is no way for him to corrupt the process and make money off it in the same way he can by giving millions and billions to Silicon Valley types who, in turn, give him millions in cash. There’s no way for his children to invest in universities that the government then gives no-bid contracts to, fattening the family’s bottom line, which is pretty much the Trump sons’ current venture capital practice. Trump and Katsios’s view of science is narrow, cramped, and wrong. We’re not in a crisis, we’re not a failed state. We’ve been a science superpower for decades, and the only thing that threatens that is Donald Trump. Tech bros are already living high off the hog in this administration. They don’t need any more of our tax dollars. Hopefully this new golden age never comes to pass. Thanks for reading Public Notice. This post is public so feel free to share it. Share We’ll be back with more tomorrow. If you appreciate today’s PN, please do your part to keep us free by signing up for a paid subscription. 🚀 Subscribe to PN 🚀 Thanks for reading, and for your support.
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A column by Sascha Lobo Is AI making us dumb? So asked DER SPIEGEL on its cover a while ago. After a few weeks of recovery and a therapeutic intervention with the help of my AI, I feel able to respond. That’s a bit unfair, of course; the article itself is more nuanced than the loud cover, the image of a schoolkid with dull prompt questions, or the subtitle: “AI is conquering the schools, and educators fear a disaster.” The short answer to “Is AI making us dumb?” is: no. The long answer is more interesting, and even carries a preliminary glimmer of the spectacular. Unfortunately, it requires a detour into the sphere of artificial intelligence, into the mogul-field terrain of technology assessment, the attention economy, and the destructive virus of cultural pessimism. Along with narrowing the scope to AI’s effects on education and work rather than on intelligence. Because the honest version of the question would be: Does AI help us learn and work, or not? Generative AI, which set off the still-ongoing hype with ChatGPT, has only existed in relevant distribution since late 2022, early 2023. For a technology-driven transformation of people and society, that is extremely short. For that reason alone, research is still in its infancy. And technology assessment is not a fast discipline anyway. Prominent voices from Elizabeth Eisenstein to RAND to Tom Wheeler say we still cannot conclusively judge the consequences of the printing press. Its invention is a mere 580 years back, and some scholars would rather not circulate assessments that might have to be retracted in two or three hundred years. We’re Going Through Growing Pains A phenomenon that already caused upheaval in social media research makes serious assessment of AI’s consequences even harder: the “moving target” problem of LLM-ology, as the linguist Sean Trott called it in 2025. AI develops so quickly and so unpredictably that researchers often end up studying snapshots of the past. There are concepts, from morphological analysis to anticipatory governance, for keeping research, planning, and regulation halfway meaningful anyway. But even with those, universally valid statements are rare. DER SPIEGEL - The German View is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber. Subscribe We should therefore treat findings about the interplay between humans and AI as far more procedural and situational. Unfortunately, this challenge comes at the worst possible time. We are going through growing pains: AI’s everyday impact has grown very large very fast, and with it the longing for guidance. Annoyingly, the body of solid knowledge has not exploded along with it. Experts cannot be moved to broad consensus on even banal statements about AI. Sascha Lobo, born in 1975, is an author and strategy consultant focusing on the internet and digital technologies. Together with Jule Lobo, he explores the debates of the day in the podcast “Feel the News – Was Deutschland bewegt” (”What Moves Germany”). Nvidia CEO Jensen Huang says software developers are dying out. Bill Gates considers coders one of only three professions that will survive the AI tsunami. Top tech economists find virtually irrefutable arguments both for and against an AI bubble. The same naturally applies to the structurally youth-hostile debate over whether AI is good or bad for young people. The gap between the demand for insight and the supply of solid knowledge creates an orientation vacuum. This vacuum of AI cluelessness is filled, as the attention economy described by Georg Franck in 1998 would have it, with half-knowledge (funnily enough, often AI-generated), marketing, and self-marketing. After all, infinite money is at stake, along with academia’s best current shot at global fame. But this iridescent froth of interpretation operates more by the algorithmic principles of the digital public sphere than by seriously earned insight. That is why dramatized, fear-feeding claims about AI are so promising. It tempts parts of academia into distorted drivel, and parts of the media then sensationalize the published drivel once more. Was the Research Aimed at a Desired Result? How badly this can influence academia and public perception is demonstrated by one of the most-discussed studies on AI’s effects: “Your Brain on ChatGPT.” The MIT study by Nataliya Kosmyna also gets plenty of space in the SPIEGEL cover story. What was measured and interpreted: lower brain activity in people who write with AI assistance, compared to people who only google or write without any tools. As is common with preprints, the study has not yet been peer-reviewed, and it contains substantial weaknesses that experts have sharply criticized. The first round had 54 participants in three groups, the second only 18, who reportedly also came from MIT’s own orbit. There was no preregistration (committing in advance to what you want to find out with which data). In their analysis, Stanković et al. even discovered an opposite effect that the study does not further explain. Some measurement data has not (yet) been published. And the EEG analysis method used is considered too imprecise to support such far-reaching conclusions. The biggest criticism, though, is the suspicion of an activism-driven study. In an interview with Time, lead author Kosmyna said she published the study immediately, rather than after full peer review, because she feared politicians might otherwise decide to put ChatGPT in kindergartens. She considers that absolutely harmful. It is legitimate to hold such a view. It just seems unscientific to approach a study with it, and then to design the setup so that the chance of a fitting desired result remains as high as possible. Ideologies Collide It is not easy to separate genuine AI insights from studies that trivialize and weaken well-founded AI criticism. The same goes for the opposing, AI-enthusiastic narratives, because the pro-AI side works against it with billions in resources. Ideologies collide, fed by egos, PR strategies, moral posturing, and once-in-a-lifetime opportunities. Doomsday marketing makes the search even harder: AI companies can profit from warnings about the dangers of AI, whether through the notoriety of apocalypse narratives or because, in some target groups, danger translates into power. Some seemingly negative findings are therefore quite welcome in the AI industry. If you try to get at the findings presumably less influenced by interest groups, the picture in education seems relatively clear: AI can improve educational outcomes when the right AI is used the right way, namely pedagogically. Simply dumping an AI chatbot into a classroom, by contrast, accomplishes little. Huge surprise. But something else is also obvious: whether they are allowed to or not, kids use AI for school, which is why the controlled integration of AI tools into education is, in the medium term, entirely without alternative. In the world of work, the landscape of findings is more complex and requires more differentiation. A series of serious studies points to an AI effect that suits neither the alarmists, regulation fetishists, and AI opponents, nor the trillion-dollar corporations with their armada of paid scientists, PR professionals, and ecosystems: working with AI helps the inexperienced (at least for now) considerably more than it helps the pros, in certain fields of work, and provided they know how to use it correctly. Missing Domain Knowledge Among the experienced, the professionals, and the high flyers, by contrast, despite frequent time savings, partially negative effects and new problems are emerging. Take the jagged frontier problem: AI solves task A brilliantly and fails completely at task B, even though both look similar even to professionals. Or the verification-cost problem, in which AI’s greater productivity gets eaten up by the enormous effort of checking its output. Or the illusion of competence, because AI makes new domains seem easily penetrable, until you painfully discover that deep domain knowledge is missing. Taken as a whole, the effects of working with AI do lean positive. But the promise that AI works as a turbocharger for everyone and boosts practically everything simply refuses to materialize. The AI magic the world has been feeling since ChatGPT arrived in late 2022 has so far barely shown up in most companies’ numbers. The consulting firm McKinsey has coined a term for this, the “gen AI paradox,” and believes that work processes and corporate structures would have to be rebuilt quite fundamentally to realize AI’s benefits at scale. Reuters just reported that only 3.3 percent of Microsoft’s customers have subscribed to the AI package Copilot. That may be down to the product; in other areas we continue to see soaring successes and new AI triumphs. But after the first quarter of 2026, disillusionment is the word for all too many AI projects at traditional companies: because the promised revolution of AI agents has so far failed to arrive or been postponed, and because of the leveling effect that many of the studies cited here suggest. Against Inequality The societal effects, on the other hand, appear rather encouraging. Many previous technologies operated on the Matthew principle, named for the Gospel verse about giving to those who already have: they tended to reward the more competent and more privileged. AI, however, seems more often to have an equalizing effect once a threshold of access and education is crossed. Some anecdotal insights point in this direction, for example, how an unemployed man in Leipzig successfully defended himself in court in 2025 against fraud accusations from Germany’s federal employment agency — without a lawyer, armed only with ChatGPT. The AI made mistakes and cited invented court rulings, but in the end the man walked away unpunished. And a key capability of artificial intelligence is its capacity to learn: set up correctly and fed with data, it can keep getting better. It is a question of time, or more precisely of AI innovations and training data, until even free AI chatbots write better legal briefs than law graduates with perfect exam scores. Whether that will make anyone dumb is something the world’s press will surely inform us of in due time. Subscribe Leave a comment
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