After the rise (and fall) of reservation scalping, DoorDash and a host of apps are fighting to book you a seat at the country's most exclusive restaurants. At The Eighty-Six in Manhattan, exclusivity is the point. The luxe, 11-table steakhouse is the sort of place that lavishes caviar and aged mimolette cheese on its potatoes, and crows that your market-price duck was raised by one Dr. Taylor Swift has reportedly dined there in a Miu Miu skirt. Reservations are a scarce commodity that the restaurant, and New York law forbids you from selling one. "Access is the main asset," wrote food writer Helen Rosner in a recent New Yorker review of The Eighty-Six. "The product is the door, and what a door!

Two Literal Crypto Bros Built a Real Estate Empire. In 2019, two Canadian brothers blew into Detroit with an irresistible pitch: For $50, almost anyone could become a property owner. When houses decayed and the city intervened, the blame games began. A fire broke out at 10410 Cadieux in March 2025, burning a hole in the roof. The smell hit me first: damp brick, stagnant water, mold, and bleach. I was partway down a flight of wooden stairs that led to the basement of a 1920s duplex in east Detroit, Michigan. Leading the way was Cornell Dorris, a tenant in the building for nearly a decade. Dorris is in his early forties, has two daughters who visit on weekends, and makes a living smoking meat and cooking for events. As my eyes adjusted, I made out rodent droppings and a black puddle that spread across the basement floor. "Anytime it rains, the water comes down," Dorris said. The air was unnaturally heavy, and I felt a nagging urge to leave. Dorris doesn't have a typical landlord. Almost four years ago, his building was acquired by a startup called RealToken, or RealT.

As the legal war over how to regulate prediction markets rages on, financial institutions are embracing the industry anyway. When Troy Dixon first suggested incorporating prediction markets into the electronic trading platform where he works, he was met with incredulity. "People told us we were crazy," Dixon, Tradeweb's cohead of global markets, tells WIRED. But after the company announced it was partnering with Kalshi in February, Dixon says, the mood changed dramatically. "We've been inundated with calls," he says.

An AI crash could bring down the economy. Some in the tech world think that's the price of progress. The tech billionaire Hemant Taneja admits that AI is a bubble. In fact, he welcomes it: "Bubbles are good," Taneja, the CEO of General Catalyst, a venture-capital firm, told me in an email. If AI comes crashing down, it will lead to "some spectacular failures," he said--companies will go under and people will lose their jobs--but that's a price worth paying for "enduring companies that change the world forever."

The Boston startup uses AI to translate and verify legacy software for defense contractors, arguing modernization can't come at the cost of new bugs. Code Metal, a Boston-based startup that uses AI to write code and translate it into other programming languages, just closed a $125 million Series B funding round from new and existing investors. The news comes just a few months after the startup raised $36 million in series A financing led by Accel. Code Metal is part of a new wave of startups aiming to modernize the tech industry by using AI to generate code and translate it across programming languages. One of the questions that persists about AI-assisted code, though, is whether the output is any good--and what the consequences might be if it's not.

Gay men have long been rumored to run Silicon Valley. No one can say exactly when, or if, gay men started running Silicon Valley. They seem to have dominated its upper ranks at least the past five years, maybe more. On platforms like X, the clues are there: whispers of private-island retreats, tech executives going "gay for clout," and the suggestion that a "seed round" is not, strictly speaking, a financial term. It is an idea so taken for granted, in fact, that when I call up a well-connected hedge fund manager to ask his thoughts about what is sometimes referred to in industry circles as the "gay tech mafia," he audibly yawns. "This has always been the case." It had been the case, the hedge funder says, back in 2012, when he was raising money from a venture capitalist whose office was staffed with dozens of "attractive, strong young men," all of whom were "under 30" and looked as though they had freshly decamped from "the high school debate club." "They were all sleeping with each other and starting companies," he says. And it is absolutely the case now, he adds, when gay men are running influential companies in Silicon Valley and maintain entire social calendars with scarcely a straight man, much less a woman, in sight. "Of course the gay tech mafia exists," he continues. "This is not some Illuminati conspiracy theory. And you do not have to be gay to join. They like straight guys who sleep with them even more." Ever since I started covering Silicon Valley in 2017, I've heard variations of this rumor--that "gays," as an AI founder named Emmett Chen-Ran has quipped, "run this joint." On its face, a gay tech mafia seemed too dumb to warrant actual investigative inquiry.

Traders on the floor of the New York Stock Exchange as markets fell on Friday morning trading after a steep drop on Thursday, as investors continue to worry about the impact of AI on business and the wider economy. Traders on the floor of the New York Stock Exchange as markets fell on Friday morning trading after a steep drop on Thursday, as investors continue to worry about the impact of AI on business and the wider economy. The message from investors to the software, wealth management, legal services and logistics industries this month has been clear: AI is coming for your business. The release of new, ever more powerful AI tools has coincided with a stock market slide, which has swept up sectors as diverse as drug distribution, commercial property and price comparison sites. Advances in the technology are giving increasing credulity to predictions that it could render millions of white-collar jobs obsolete - or, at least, eat into the profits of established companies.

A key part of the SpaceX-xAI deal's rationale is to move datacentres - the central nervous system of AI tools - into space. A key part of the SpaceX-xAI deal's rationale is to move datacentres - the central nervous system of AI tools - into space. Why has Elon Musk merged his rocket company with his AI startup? SpaceX's acquisition of xAI creates business worth $1.25tn but whether premise behind deal will work is questioned The acquisition of xAI by SpaceX is a typical Elon Musk deal: big numbers backed by big ambition. As well as extending "the light of consciousness to the stars", as Musk described it, the transaction creates a business worth $1.25tn (£920bn) by combining Musk's rocket company with his artificial intelligence startup.

Despite today's drop in software and data companies, the UK's FTSE 100 share index is down just 0.07% this session as investors rotate into other sectors. Worryingly, that pattern "echoes what we saw in 2000 as the dot-com bubble started to burst", analysts at Deutsche

Wild fluctuations in the price of gold continued on Wednesday as geopolitical tensions reignited after the US downed an Iranian drone . The precious metal, which is seen as a so-called safe haven for investors in times of uncertainty, shot back above $5,000 (£3,650) an ounce following days of sharp falls. Gold prices had been propelled to record highs by rapid changes in US trade policy, ongoing geopolitical uncertainty and conflict and central banks increasing their purchases of bullion. Wednesday's jump, to $5,061 per ounce, left the price of gold around 80% higher than the same time a year ago. A US military spokesman confirmed the Iranian drone had been shot down after it aggressively approached an American aircraft carrier in the Arabian Sea. Tehran has not commented on Tuesday's incident.