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.

Fox News correspondent William La Jeunesse joins'Fox News Sunday' to discuss the evolution of AI and the push lawmakers are making to regulate it. FIRST ON FOX: A select group of tech industry titans and venture capitalists will gather in Washington, D.C., this week to welcome the incoming Trump administration and celebrate new opportunities for global innovation in artificial intelligence and entrepreneurship. Presidents and CEOs from companies on the cutting edge of AI tech and their big financial backers, along with personnel from the incoming administration, will attend a dinner on Thursday organized by Outside the Box Ventures, a firm founded last year by journalist-turned-investment banker Katherine Tarbox, along with Laurent Bili, the French ambassador to the U.S. The list of those invited to Thursday's dinner includes "DOGE" chief Elon Musk, Silicon Valley investor and GOP mega-donor Peter Thiel, NVCA chief executive Bobby Franklin, incoming White House AI and crypto czar David Sacks, OpenAI's Sam Altman, investor Joe Lonsdale and Narya co-founder Colin Greenspon. "This gathering represents more than discussion. We hope it symbolizes a new chapter in public-private collaboration to harness technology's transformative power for the nation's future," a source close to the planning told Fox News Digital.

Sign up for the Slatest to get the most insightful analysis, criticism, and advice out there, delivered to your inbox daily. On Thursday evening, President-elect Donald Trump announced on his Truth Social platform that he would be appointing David O. Sacks--the "PayPal Mafia" alum, longtime venture capitalist, All-In Podcast co-host, Elon Musk pal, and rock-ribbed Silicon Valley conservative--as the "White House A.I. & Crypto Czar." In his statement, Trump wrote that "Sacks will focus on making America the clear global leader" in artificial intelligence and cryptocurrency, which he deemed to be "two areas critical to the future of American competitiveness." In addition, Sacks will "safeguard Free Speech online," "steer us away from Big Tech bias and censorship," and "lead the Presidential Council of Advisors for Science and Technology." For his first-ever Truth Social post, the incoming czar responded to Trump with gratitude and claimed that he "looks forward to advancing American competitiveness in these critical technologies."

Keeping a poker face had never struck me as much of a feat--until I had to keep one. My pulse quickened, my cheeks felt flushed, and my eyes were desperate to dart and size up the pot. What had been a mediocre hand was transformed, after the flop came down, into something spectacular: every card from seven to jack--a straight. All that remained was to play it cool and build up my cash prize. The bets started small, and then grew. The next two cards looked innocuous enough.

Nothing is more interesting to poker players and less interesting to everyone else than a breathless recounting of who bet how much with a jack and six of clubs in some game years ago. There's an awful lot of that kind of thing in this book, which celebrates poker players as paradigmatic citizens of a global intellectual community it calls "the River", which also counts among its inhabitants venture capitalists, crypto traders, fashionable philosophers and mild-mannered statisticians. One such statistician, Nate Silver himself, came to public prominence as a data-driven analyst of political polls at his website FiveThirtyEight, which predicted the results of US elections in 2008 and 2012 with seemingly uncanny accuracy. But before that he was a poker player, making money especially in the nascent internet-casino business, until Congress banned online poker in 2006. That, he has said, was his political awakening.

The tech industry is currently embroiled in a heated debate over the future of AI: should powerful systems be open-source and freely accessible, or closed and tightly monitored for dangers? On Tuesday, Meta CEO Mark Zuckerberg fired a salvo into this ongoing battle, publishing not just a new series of powerful AI models, but also a manifesto forcefully advocating for the open-source approach. The document, which was widely praised by venture capitalists and tech leaders like Elon Musk and Jack Dorsey, serves as both a philosophical treatise and a rallying cry for proponents of open-source AI development. It arrives as intensifying global efforts to regulate AI have galvanized resistance from open-source advocates, who see some of those potential laws as threats to innovation and accessibility. At the heart of Meta's announcement on Tuesday was the release of its latest generation of Llama large language models, the company's answer to ChatGPT.

Hardly a week passes without another billionaire endorsing Donald Trump. With Joe Biden proposing a 25% tax on those with assets over 100m ( 80m), this is no shock. The pro-Trump multimillionaire club now includes a growing number of venture capitalists. Unlike hedge funders or private equity barons, venture capitalists have traditionally held progressive credentials. They've styled themselves as the heroes of innovation, and the Democrats have done more to polish their progressive image than anyone else.

President Joe Biden's recent visit to India and Vietnam marked one of the administration's recent signals for economic and technological "de-risking" with China. The trip followed Biden's executive order, issued in August, that vowed to block U.S. venture capital and private equity investment in Chinese firms working on sensitive technologies such as semiconductors, artificial intelligence, and quantum computing. An era of global venture capital appears to be coming to a close. As Washington attempts to limit cross-border capital flows, however, America might be at risk of forfeiting its own access to Chinese technology and long-standing commitment to global investment. While the executive order is intended to be narrow and targeted at military acquisitions of key technology, it epitomizes a broader trend of increasing scrutiny on high-tech venture investment relationships between the U.S. and China. In a high-profile rebranding, Sequoia Capital recently spun off its highly successful China arm in June.

PALO ALTO, California, March 24 (Reuters) - In December and January, several venture capitalists from the U.S. and Britain raced to Paris to vie for a stake in a new artificial intelligence company that could reshape how people work. The startup they courted, Dust, consisted of just two people. It had not been incorporated yet. And it rejected a generous proposal by top investment firm Coatue Management among other offers, three people familiar with the deal told Reuters. Sequoia Capital won, two of the people said, leading a sizable "seed" fundraising round of $5 million.

If the technological innovation coming out of Silicon Valley is as important as venture capitalists insist, the past few days suggest they haven't been very responsible stewards of it. The collapse of Silicon Valley Bank late last week may have resulted from a perfect storm of ugly events. But it was also emblematic of a startup ecosystem and venture-capital apparatus that are too unstable, too risky, and too unmoored from reality to be left in charge of something as important as the direction of our technological development. As the startups that make up Silicon Valley Bank's customer base scrambled to figure out whether they would be able to make payroll, a group of extremely online venture capitalists spent four days emoting on Twitter, ginning up confusion and hysteria about the threat of a systemic risk if depositors didn't get all their money back, pronto. All weekend, they screamed that there would be an economic collapse, that they were concerned about the workers, that the Federal Reserve was responsible, that-that-that … until finally, on Sunday evening, they got what they wanted: the government promising full account access to all Silicon Valley Bank depositors. By now, it is relatively clear what happened at Silicon Valley Bank.