Anthropic's draft IPO prospectus has now started circulating in the media (after its confidential June SEC filing) and revealed some significant risks, Reuters reported. The first of those is fiscal, as the company reported an operating loss of 8 billion last year (on a 42 billion net loss), despite a 12-fold revenue increase from the year before to 4.6 billion. The other is a veritable first for a company prospectus, with Anthropic stating that its AI tech may pose "existential risks to humanity." Despite an estimated 2 trillion valuation ahead of its IPO, Anthropic hasn't been a money-spinning operation so far. The company plans to spend 518 billion on data center infrastructure over the coming years despite its meager 2025 revenue.

Annual spending on artificial intelligence infrastructure may reach as much as $1.5 trillion by 2031, consulting firm Bain & Co. said in its annual global technology report. The global artificial intelligence industry needs to earn $6 trillion in annual revenue by 2031 to justify the capital being deployed to build data centers around the world, Bain & Co. said. Existing consumer and enterprise AI services may generate as much as $1.8 trillion of that sum, leaving $4.2 trillion in new revenue that needs to be created, the consulting firm said Tuesday in its annual global technology report. The shortfall likely will come from nascent segments ranging from autonomous machines to robotics, as well as emerging fields such as drug discovery, mental health and energy generation, it said. "What the industry needs is a wave of innovation that will dwarf what mobile and cloud unlocked," said David Crawford, the report's lead author and chair of Bain's Global Technology, Media, and Telecommunications practice.

When Jessica Wachter, a finance professor at the University of Pennsylvania's Wharton School, wanted to assess AI's impact on the economy over the next few years, she faced a long list of business and technical uncertainties. So she started with what she calls a "remarkable fact" that is not in question: A handful of so-called hyperscalers are investing huge amounts of money to build AI data centers. Instead of trying to predict how useful and widely deployed AI models will be, she simply asked how fast the hyperscalers' earnings will need to grow to justify their spending through 2027, when--she and her collaborator estimate--expenditures will reach nearly $1.1 trillion.

A new proposal would pay rural Americans thousands of dollars in "data center dividends," sharing AI data center tax revenue directly with households.

Uber Technologies has laid off 3,300 employees, or 10 percent of its workforce, marking the largest cuts to the ride-hailing company's headcount since the onset of the COVID-19 pandemic. In a memo to employees on Wednesday, CEO Dara Khosrowshahi said that the cuts were part of wider efforts reducing layers of management and "simplifying team structures" as the company looks to "build the autonomous future" as well as "invest even more in drivers, couriers and merchants". "A leaner organisation will mean clearer ownership, faster decisions, and more time spent building rather than coordinating," Khosrowshahi said. Khosrowshahi also told employees that the company is pushing for most of its workers to return to the office, declaring, "going forward, only ~1% of employees will be remote". The latest round of cuts comes just weeks after the ride-sharing giant eliminated 10 percent of its customer service roles as it embraced artificial intelligence (AI), according to Bloomberg, which first reported the July cuts.

West Virginia Gov. Patrick Morrisey unveils a plan to use hyperscale data center revenue to eliminate the state income tax while funding schools, infrastructure, and water upgrades.

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It's no secret that Spotify is the dominant player in the music streaming market, with 293 million paid subscribers and 761 million monthly active users across both paid and free tiers. Along with massive market dominance has come a fair bit of controversy in recent years. As the biggest music-streaming platform, Spotify is usually the first mentioned in the discussion about whether artists are fairly compensated for their work. The math around that question is obvious -- buying a digital album outright typically costs between 10 and 15 depending on where you buy it, while a Spotify Premium subscription costs 13 a month in the US. Fair pay is far from the only drama surrounding Spotify, though.

Taiwan's tech titan Foxconn has reported a forecast-busting second-quarter net profit, as exploding demand for artificial intelligence servers needed in data centres powers the company's growth. The world's largest contract electronics maker said on Wednesday that net income rose 35 percent to $59.97 billion New Taiwan dollars ($1.86bn) in the April-June period. "AI infrastructure is driving growth," Foxconn said in its earnings announcement. In an earnings release, Foxconn, Nvidia's biggest server maker and Apple's top iPhone assembler, stuck to its previous forecast of "strong" growth for revenue this year. Governments and tech giants are pouring huge sums into building data centres that can train and run AI tools such as chatbots, image generators and agents that can execute tasks.

Is the war entering a new phase? 'Long-range sanctions': Ukraine hopes strikes cause Russia fear and losses Then come indistinguishable shouts of male voices, followed by a crescendo - a loud sound like scissors tearing through wrapping paper. "Like an orchestra, every part has to work together in order for us to achieve effective strikes," says Colonel Ray, commander of the Kairos Battalion of the Magyars Birds Brigade. The drone, roughly the length of a compact SUV with a wingspan of nearly 6 metres (19.7 feet), climbs into the night. Where exactly it is headed is known only to him.