The White House said Wednesday Intel has been awarded up to $8.5 billion in CHIPS Act funding, as the Biden administration ramps up its effort to bring semiconductor manufacturing to U.S. soil. From a report: Intel could receive an additional $11 billion in loans from the CHIPS and Science Act, which was passed in 2022. The awards will be announced by President Joe Biden in Arizona on Wednesday. The money will help "leading-edge semiconductors made in the United States" keep "America in the driver's seat of innovation," U.S. Secretary of Commerce Gina Raimondo said on a call with reporters. Intel and the White House said their agreement is nonbinding and preliminary and could change.

Intel has long been a stalwart of the U.S. semiconductor industry, developing chips that power many of the world's PCs and data center servers. However, the company has been eclipsed in revenue by Nvidia, which leads in artificial intelligence chips, and has been surpassed in market cap by rival AMD and mobile phone chipmaker Qualcomm.

Ethiopia's biggest commercial bank is scrambling to recoup large sums of money withdrawn by customers after a "systems glitch." From a report: The customers discovered early on Saturday that they could take out more cash than they had in their accounts at the Commercial Bank of Ethiopia (CBE). More than $40m was withdrawn or transferred to other banks, local media reported.

It took several hours for the institution to freeze transactions. Much of the money was withdrawn from state-owned CBE by students, bank president Abe Sano told journalists on Monday. News of the glitch spread across universities largely via messaging apps and phone calls. Long lines formed at campus ATMs, with a student in western Ethiopia telling BBC Amharic people were withdrawing money until police officers arrived on campus to stop them.

The Guardian reports that this week "Bernie Sanders, the independent senator from Vermont who twice ran for the Democratic presidential nomination, introduced a bill to establish a four-day US working week." "Moving to a 32-hour workweek with no loss of pay is not a radical idea," Sanders said on Thursday. "Today, American workers are over 400% more productive than they were in the 1940s. And yet millions of Americans are working longer hours for lower wages than they were decades ago. "That has got to change. The financial gains from the major advancements in artificial intelligence, automation and new technology must benefit the working class, not just corporate chief executives and wealthy stockholders on Wall Street.

"It is time to reduce the stress level in our country and allow Americans to enjoy a better quality of life. It is time for a 32-hour workweek with no loss in pay."
The proposed bill "has received the endorsement of the American Federation of Labor and Congress of Industrial Organizations, United Auto Workers, the Service Employees International Union, the Association of Flight Attendants" — as well as several other labor unions, reports USA Today: More than half of adults employed full time reported working more than 40 hours per week, according to a 2019 Gallup poll... More than 70 British companies started to test a four-day workweek last year, and most respondents reported there has been no loss in productivity.
A statement from Senator Sanders: Bill Gates, the founder of Microsoft, and Jamie Dimon, the CEO of JP Morgan Chase, predicted last year that advancements in technology would lead to a three or three-and-a-half-day workweek in the coming years. Despite these predictions, Americans now work more hours than the people of most other wealthy nations, but are earning less per week than they did 50 years ago, after adjusting for inflation.
"Sanders also pointed to other countries that have reduced their workweeks, such as France, Norway and Denmark," adds NBC News.

USA Today notes that "While Sanders' role as chair of the Senate Health, Education, Labor, and Pensions Committee places a greater focus on shortening the workweek, it is unlikely the bill will garner enough support from Republicans to become federal law and pass in both chambers."

And political analysts who spoke to ABC News "cast doubt on the measure's chances of passage in a divided Congress where opposition from Republicans is all but certain," reports ABC News, "and even the extent of support among Democrats remains unclear."

Databricks CTO Matei Zaharia "said that Databricks had to keep track of scheduling a million things," remembers adjunct MIT professor Michael Stonebraker. " He said that this can't be done with traditional operating system scheduling, and so this was done out of a Postgres database. And then he started to whine that Postgres was too slow, and I told him we can do better than that...."

This resulted in DBOS — short for "database operating system" — which they teamed up to build with teams Stanford and MIT, according to The Next Platform: They founded a company to commercialize the idea in April 2023 and secured $8.5 million initial seed funding to start building the real DBOS. Engine Ventures and Construct Capital led the funding, along with Sinewave and GutBrain Ventures...

"The state that the operating system has to keep track of — memory, files, messages, and so on — is approximately linear to the resources you have got," says Stonebraker. "So without me saying another word, keeping track of operating system state is a database problem not addressed by current operating system schedulers. Moreover, OLTP [Online Transaction Processing] database performance has gone up dramatically, and that is why we thought instead of running the database system in user space on top of the operating system, why don't we invert our thinking 180 degrees and run the operating system on top of the database, with all of the operating services are coded in SQL...?"

For now, DBOS can give the same kind of performance as that full blown Linux operating system, and thanks to the distributed database underpinnings of its kernel, it can do things that a Linux kernel just cannot do... One is provide reliable execution, which means that if a program running atop DBOS is ever interrupted, it starts where it left off and does not have to redo its work from some arbitrary earlier point and does not crash and have to start from the beginning. And because every little bit of the state of the operating system — and therefore the applications that run atop it — is preserved, you can go backwards in time in the system and restart the operating system if it experiences some sort of anomaly, such as a bad piece of application software running or a hack attack. You can use this "time travel" feature, as Stonebraker calls it, to reproduce what are called heisenbugs — ones that are very hard to reproduce precisely because there is no shared state in the distributed Linux and Kubernetes environment and that are increasingly prevalent in a world of microservices.

The other benefit of the DBOS is that it presents a smaller attack surface for hackers, which boosts security, and that you analyze the metrics of the operating system in place since they are already in a NoSQL database that can be queried rather than aggregating a bunch of log files from up and down the software stack to try to figure out what is going on...

There is also a custom tier for DBOS, which we presume costs money, that can use other databases and datastores for user application data, stores more than three days of log data, can have multiple users per account, that adds email and Slack support with DBOS techies, and that is available on other clouds as well as AWS.
The operating system kernel/scheduler "is itself largely a database," with services written in TypeScript, according to the article. The first iteration used the FoundationDB distributed key-value store for its scheduling core (open sourced by Apple in 2018), according to the article — "a blazingly fast NoSQL database... Stonebraker says there is no reason to believe that DBOS can't scale across 1 million cores or more and support Java, Python, and other application languages as they are needed by customers..."

And the article speculates they could take things even further. "There is no reason why DBOS cannot complete the circle and not only have a database as an operating system kernel, but also have a relational database as the file system for applications."

Amazon announced a new AI-powered chatbot last month — still under development — "to help you figure out what to buy," writes the Washington Post. Their conclusion? "[T]he chatbot wasn't a disaster. But I also found it mostly useless..."

"The experience encapsulated my exasperation with new types of AI sprouting in seemingly every technology you use. If these chatbots are supposed to be magical, why are so many of them dumb as rocks?" I thought the shopping bot was at best a slight upgrade on searching Amazon, Google or news articles for product recommendations... Amazon's chatbot doesn't deliver on the promise of finding the best product for your needs or getting you started on a new hobby.

In one of my tests, I asked what I needed to start composting at home. Depending on how I phrased the question, the Amazon bot several times offered basic suggestions that I could find in a how-to article and didn't recommend specific products... When I clicked the suggestions the bot offered for a kitchen compost bin, I was dumped into a zillion options for countertop compost products. Not helpful... Still, when the Amazon bot responded to my questions, I usually couldn't tell why the suggested products were considered the right ones for me. Or, I didn't feel I could trust the chatbot's recommendations.

I asked a few similar questions about the best cycling gloves to keep my hands warm in winter. In one search, a pair that the bot recommended were short-fingered cycling gloves intended for warm weather. In another search, the bot recommended a pair that the manufacturer indicated was for cool temperatures, not frigid winter, or to wear as a layer under warmer gloves... I did find the Amazon chatbot helpful for specific questions about a product, such as whether a particular watch was waterproof or the battery life of a wireless keyboard.
But there's a larger question about whether technology can truly handle this human-interfacing task. "I have also found that other AI chatbots, including those from ChatGPT, Microsoft and Google, are at best hit-or-miss with shopping-related questions..." These AI technologies have potentially profound applications and are rapidly improving. Some people are making productive use of AI chatbots today. (I mostly found helpful Amazon's relatively new AI-generated summaries of customer product reviews.)

But many of these chatbots require you to know exactly how to speak to them, are useless for factual information, constantly make up stuff and in many cases aren't much of an improvement on existing technologies like an app, news articles, Google or Wikipedia. How many times do you need to scream at a wrong math answer from a chatbot, botch your taxes with a TurboTax AI, feel disappointed at a ChatGPT answer or grow bored with a pointless Tom Brady chatbot before we say: What is all this AI junk for...?
"When so many AI chatbots overpromise and underdeliver, it's a tax on your time, your attention and potentially your money," the article concludes.

"I just can't with all these AI junk bots that demand a lot of us and give so little in return."

"Workers at an Amazon air hub in Kentucky celebrated a victory Thursday," reports the Washington Post, "after federal labor regulators found that Amazon violated labor law by trying to prevent workers there from unionizing." The employees have been demanding higher pay, more flexible schedules and safer working conditions since 2022. After a months-long investigation, the National Labor Relations Board issued a complaint against Amazon last week, alleging the e-commerce behemoth illegally attempted to curtail those efforts by interrogating workers, threatening to call the police on them and demoting workers involved in union organizing.

The complaint is a victory for union organizers at a crucial air cargo hub in Kentucky who have been alleging that Amazon has been unfairly interfering with their unionization efforts there for months.... Amazon workers at various sites around the country have been trying to unionize for years, with little to show for it. Many have accused Amazon of using illegal tactics to discourage workers from supporting unions — more than 240 such charges have been filed with the labor board, workers said... Amazon employee Marcio Rodriguez said he was threatened with termination for his union-organizing activity along with 10 co-workers. For two weeks, Rodriguez said, Amazon management would "show up to where I was working out on the ramp in front of my co-workers in a truck and take me to the HR office," where they would interrogate him...

Amazon workers in Kentucky are seeking to form Amazon Labor Union, an independent but associated branch of the group that won a historic victory at an Amazon warehouse on Staten Island in 2021. Lawyers for the union there are still battling Amazon, which has yet to come to the bargaining table and continues to argue that the NLRB unfairly sided with workers during that election. More recently, the company has argued in another New York case that the National Labor Relations Board itself is structured unconstitutionally, following legal arguments set forth by lawyers for SpaceX and Trader Joe's...

Amazon is scheduled to appear at a hearing before labor regulators regarding its alleged anti-union activities in Kentucky on April 22.

The Washington Post reports: Nearly a decade ago, Congress passed a law that allows private American space companies the rights to resources they mine on celestial bodies, including the moon.

Now, there's a private venture that says it intends to do just that.

Founded by a pair of former executives from Blue Origin, the space venture founded by Jeff Bezos, and an Apollo astronaut, the company, Interlune, announced itself publicly Wednesday by saying it has raised $18 million and is developing the technology to harvest and bring materials back from the moon... Specifically, Interlune is focused on Helium-3, a stable isotope that is scarce on Earth but plentiful on the moon and could be used as fuel in nuclear fusion reactors as well as helping power the quantum computing industry.

The company, based in Seattle, has been working for about four years on the technology, which comes as the commercial sector is working with NASA on its goal of building an enduring presence on and around the moon... Rob Meyerson, the former president of Blue Origin, co-founded Interlune with Gary Lai, another former executive at Blue, and Harrison Schmitt, a geologist who flew to the moon during Apollo 17... In an interview, Meyerson said that the company intends to be the first to collect, return and then sell lunar resources and test the 2015 law. There is a large demand for Helium-3 in the quantum computing industry, which requires some of its systems to operate in extremely cold temperatures, and Interlune has already lined up a "customer that wants to buy lunar resources in large quantities," he said.

"We intend to be the first to go commercialize and deliver and support those customers," he said. NASA might want to be a customer as well. In 2020, it said it was looking for companies to collect rocks and dirt from the lunar surface and sell them to NASA as part of a technology development program that would eventually help astronauts "live off the land...." The company's funding round was led by the venture capital firm Seven Seven Six, whose founder and general partner, Alexis Ohanian, said that the space sector has become far more appealing to investors. "The space economy is something we can actually talk about with a straight face now, and I think some of the smartest people on the planet are making those efforts," he said...

He said he was aware that it might take years, or longer for a moon mining business to make money. But he said that, "we're comfortable waiting for a decade plus to see those returns."
NASA is planning more missions like the Intuitive Machines landing earlier this year, according to the article, "which it says will not only help pave the way for humans to return to the moon but for private industry to begin commercial operations there as well." Interlune plans "a prospecting machine" as soon as 2026, followed by an "end-to-end demonstration" in 2028 that harvests and returns a small quanity of Helium-3, and then full-scale operations by 2030.

"China has also said that it is interested in extracting other resources, including Helium-3, which it said was present in a sample it returned from the moon in 2020."

When it comes to TikTok, "The Chinese government is signaling that it won't allow a forced sale..." reported the Wall Street Journal Friday, "limiting options for the app's owners as buyers begin lining up to bid for its U.S. operations..."

"They have also sent signals to TikTok's owner, Beijing-based ByteDance, that company executives have interpreted as meaning the government would rather the app be banned in the U.S. than be sold, according to people familiar with the matter."

But that's not always how it plays out. McClatchy notes that in 2019 the Committee on Foreign Investment in the U.S. ordered Grindr's Chinese owners to relinquish control of Grindr. "A year later, the Chinese owners voluntarily complied and sold the company to San Vicente Acquisition, incorporated in Delaware, for around $608 million, according to Forbes."

And CNN reminds us that the world's most-populous country already banned TikTok more than three years ago: In June 2020, after a violent clash on the India-China border that left at least 20 Indian soldiers dead, the government in New Delhi suddenly banned TikTok and several other well-known Chinese apps. "It's important to remember that when India banned TikTok and multiple Chinese apps, the US was the first to praise the decision," said Nikhil Pahwa, the Delhi-based founder of tech website MediaNama. "[Former] US Secretary of State Mike Pompeo had welcomed the ban, saying it 'will boost India's sovereignty.'"

While India's abrupt decision shocked the country's 200 million TikTok users, in the four years since, many have found other suitable alternatives. "The ban on Tiktok led to the creation of a multibillion dollar opportunity ... A 200 million user base needed somewhere to go," said Pahwa, adding that it was ultimately American tech companies that seized the moment with their new offerings... Within a week of the ban, Meta-owned Instagram cashed in by launching its TikTok copycat, Instagram Reels, in India. Google introduced its own short video offering, YouTube Shorts. Homegrown alternatives such as MX Taka Tak and Moj also began seeing a rise in popularity and an infux in funding. Those local startups soon fizzled out, however, unable to match the reach and financial firepower of the American firms, which are flourishing.
In fact, at the time India "announced a ban on more than 50 Chinese apps," remembers the Washington Post, adding that Nepal also announced a ban on TikTok late last year.

Their article points out that TikTok has also been banned by top EU policymaking bodies, while "Government staff in some of the bloc's 27 member states, including Belgium, Denmark and the Netherlands, have also been told not to use TikTok on their work phones." Canada banned TikTok from all government-issued phones in February 2023, after similar steps in the United States and the European Union.... Britain announced a TikTok ban on government ministers' and civil servants' devices last year, with officials citing the security of state information. Australia banned TikTok from all federal government-owned devices last year after seeking advice from intelligence and security agencies.
A new EFF web page warns that America's new proposed ban on TikTok could also apply to apps like WeChat...

According to Bloomberg, Apple has acquired Canada-based AI startup DarwinAI for an undisclosed sum. Macworld reports: Apple has reportedly folded the DarwinAI staff into its own AI team, including DarwinAI co-founder Alexander Wong, an AI researcher at the University of Waterloo who "has published over 600 refereed journal and conference papers, as well as patents, in various fields such as computational imaging, artificial intelligence, computer vision, and multimedia systems."

According to its LinkedIn profile, DarwinAI is "a rapidly growing visual quality inspection company providing manufacturers an end-to-end solution to improve product quality and increase production efficiency." In layman's terms, that means Apple is likely interested in DarwinAI to streamline its manufacturing to be more efficient. That's something that could save Apple a ton of money in annual costs.

Far more interesting to our consumer devices, however, is Bloomberg's report that DarwinAI's tech can be used to make AI models more efficient in general. Apple has been said to want any generative AI features to run on the device rather than the cloud, so models will need to be as small as possible and DarwinAI could definitely help there. Last month, Apple CEO Tim Cook said the iPhone maker sees "incredible breakthrough potential for generative AI, which is why we're currently investing significantly in this area. We believe that will unlock transformative opportunities for users when it comes to productivity, problem solving and more."

Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. From a report: "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money," federal prosecutors in Manhattan wrote. "And even now Bankman-Fried refuses to admit what he did was wrong." A jury found Bankman-Fried, 32, guilty in November on seven counts of fraud and conspiracy.

Lawyers for the former billionaire told U.S. District Judge Lewis Kaplan that a 5-1/4 to 6-1/2 year prison term would be appropriate. They said FTX clients would get most of their money back, and that Bankman-Fried did not set out to steal. Kaplan is scheduled to sentence Bankman-Fried on March 28 in Manhattan federal court. Bankman-Fried plans to appeal his conviction and sentence.

An anonymous reader quotes a report from Reuters: Two years into office, President Donald Trump authorized the Central Intelligence Agency to launch a clandestine campaign on Chinese social media aimed at turning public opinion in China against its government, according to former U.S. officials with direct knowledge of the highly classified operation. Three former officials told Reuters that the CIA created a small team of operatives who used bogus internet identities to spread negative narratives about Xi Jinping's government while leaking disparaging intelligence to overseas news outlets. The effort, which began in 2019, has not been previously reported.

The CIA team promoted allegations that members of the ruling Communist Party were hiding ill-gotten money overseas and slammed as corrupt and wasteful China's Belt and Road Initiative, which provides financing for infrastructure projects in the developing world, the sources told Reuters. Although the U.S. officials declined to provide specific details of these operations, they said the disparaging narratives were based in fact despite being secretly released by intelligence operatives under false cover. The efforts within China were intended to foment paranoia among top leaders there, forcing its government to expend resources chasing intrusions into Beijing's tightly controlled internet, two former officials said. "We wanted them chasing ghosts," one of these former officials said. [...]

The CIA operation came in response to years of aggressive covert efforts by China aimed at increasing its global influence, the sources said. During his presidency, Trump pushed a tougher response to China than had his predecessors. The CIA's campaign signaled a return to methods that marked Washington's struggle with the former Soviet Union. "The Cold War is back," said Tim Weiner, author of a book on the history of political warfare. Reuters was unable to determine the impact of the secret operations or whether the administration of President Joe Biden has maintained the CIA program.

Refund fraud groups are exploiting lenient refund policies, resulting in significant losses for retailers like Amazon and prompting civil lawsuits and arrests. The scheme has become so pervasive that groups now market their services on Reddit, TikTok and Telegram. CNBC reports: Fraud groups are taking advantage of retailers' lenient return policies, experts told CNBC, which often include unlimited free returns and sometimes even a preference that customers keep the items. It's ballooned into a massive problem for retailers, costing them more than $101 billion last year, according to a survey by the National Retail Federation and Appriss Retail. The figure includes multiple forms of fraud, such as sending back clothing after it's been worn, known as "wardrobing," and returning shoplifted merchandise, the survey said.

In December, Amazon filed a lawsuit against Page and 47 other people across the globe with alleged ties to Rekk, accusing them of conspiring to steal millions of dollars worth of products in a refund fraud operation. Amazon described these services as "illegitimate 'businesses'" that look to "exploit the refund process for their own financial gain to the detriment of honest consumers and retailers who must bear the brunt of increased costs, decreased inventory, and service disruption that impacts genuine customers." An Amazon spokesperson said the company is addressing the issue "head on" through specialized teams and machine learning tools that detect and prevent refund fraud.

Here's how it works: A shopper buys a product online and sends the order information to a group such as Rekk, which then poses as the customer in requesting a refund. Amazon refunds the money to the customer, who then pays the fraud group usually between 15% and 30% of the refund amount, often via PayPal or with bitcoin. That means the customer ends up buying the product for what amounts to a huge discount. The fraud group then pays the conspiring employee at the retailer, typically a certain amount for a batch of packages the employee scans as returned.

New emails from before the launch of the Epic Games Store in 2018 show just how angry Epic CEO Tim Sweeney was with the "assholes" at companies like Valve and Apple for squeezing "the little guy" with what he saw as inflated fees. "The emails, which came out this week as part of Wolfire's price-fixing case against Valve (as noticed by the GameDiscoverCo newsletter), confront Valve managers directly for platform fees Sweeney says are 'no longer justifiable,'" writes Ars Technica's Kyle Orland. "They also offer a behind-the-scenes look at the fury Sweeney and Epic would unleash against Apple in court proceedings starting years later. From the report: The first mostly unredacted email chain from the court documents, from August 2017 (PDF), starts with Valve co-founder Gabe Newell asking Sweeney if there is "anything we [are] doing to annoy you?" That query was likely prompted by Sweeney's public tweets at the time questioning "why Steam is still taking 30% of gross [when] MasterCard and Visa charge 2-5% per transaction, and CDN bandwidth is around $0.002/GB." Later in the same thread, he laments that "the internet was supposed to obsolete the rent-seeking software distribution middlemen, but here's Facebook, Google, Apple, Valve, etc." Expanding on these public thoughts in a private response to Newell, Sweeney allows that there was "a good case" for Steam's 30 percent platform fee "in the early days." But he also argues that the fee is too high now that Steam's sheer scale has driven down operating costs and made it harder for individual games to get as much marketing or user acquisition value from simply being available on the storefront.

Sweeney goes on to spitball some numbers showing how Valve's fees are contributing to the squeeze all but the biggest PC game developers were feeling on their revenues: "If you subtract out the top 25 games on Steam, I bet Valve made more profit from most of the next 1,000 than the developer themselves made. These guys are our engine customers and we talk to them all the time. Valve takes 30% for distribution; they have to spend 30% on Facebook/Google/Twitter [user acquisition] or traditional marketing, 10% on server, 5% on engine. So, the system takes 75% and that leaves 25% for actually creating the game, worse than the retail distribution economics of the 1990's." Based on experience with Fortnite and Paragon, Sweeney estimates that the true cost of distribution for PC games that sell for $25 or more in Western markets "is under 7% of gross." That's only slightly lower than the 12 percent take Epic would establish for its own Epic Games Store the next year.

The second email chain (PDF) revealed in the lawsuit started in November 2018, with Sweeney offering Valve a heads-up on the impending launch of the Epic Games Store that would come just weeks later. While that move was focused on PC and Mac games, Sweeney quickly pivots to a discussion of Apple's total control over iOS, the subject at the time of a lawsuit whose technicalities were being considered by the Supreme Court. Years before Epic would bring its own case against Apple, Sweeney was somewhat prescient, noting that "Apple also has the resources to litigate and delay any change [to its total App Store control] for years... What we need right now is enough developer, press, and platform momentum to steer Apple towards fully opening up iOS sooner rather than later." To that end, Sweeney attempted to convince Valve that lowering its own platform fees would hurt Apple's position and thereby contribute to the greater good: "A timely move by Valve to improve Steam economics for all developers would make a great difference in all of this, clearly demonstrating that store competition leads to better rates for all developers. Epic would gladly speak in support of such a move anytime!"

In a follow-up email on December 3, just days before the Epic Games Store launch, Sweeney took Valve to task more directly for its policy of offering lower platform fees for the largest developers on Steam. He offered some harsh words for Valve while once again begging the company to serve as a positive example in the developing case against Apple: "Right now, you assholes are telling the world that the strong and powerful get special terms, while 30% is for the little people. We're all in for a prolonged battle if Apple tries to keep their monopoly and 30% by cutting backroom deals with big publishers to keep them quiet. Why not give ALL developers a better deal? What better way is there to convince Apple quickly that their model is now totally untenable?" After being forwarded the message by Valve's Erik Johnson, Valve COO Scott Lynch simply offered up a sardonic "You mad bro?"

An anonymous reader quotes a report from The Verge: When Nintendo sued the developers of Yuzu out of existence on March 4th, it wasn't just an attack on the leading way to play Nintendo Switch games without a Switch. It was a warning to anyone building a video game emulator. Seven developers have now stepped away from projects, are shutting them down, or have left the emulation scene entirely. Of those that remain, many are circling the wagons, getting quieter and more careful, trying not to paint targets on their backs. Four developers declined to talk to The Verge, telling me they didn't want to draw attention. One even tried to delete answers to my questions after we'd begun, suddenly scared of attracting press.

Not everyone is so afraid. Four other emulator teams tell me they're optimistic Nintendo won't challenge them, that they're on strong legal footing, and that Yuzu may have been an unusually incriminating case. One decade-long veteran tells me everyone's just a bit more worried. But when I point out that Nintendo didn't have to prove a thing in court, they all admit they don't have money for lawyers. They say they'd probably be forced to roll over, like Yuzu, if the Japanese gaming giant came knocking. "I would do what I'd have to do," the most confident of the four tells me. "I would want to fight it... but at the same time, I know we exist because we don't antagonize Nintendo."

There's a new meme where Yuzu is the mythical Hydra: cut off one head, and two more take its place. It's partly true in how multiple forks of Yuzu (and 3DS emulator Citra) sprung up shortly after their predecessors died: Suyu, Sudachi, Lemonade, and Lime are a few of the public names. But they're not giving Nintendo the middle finger: they're treating Nintendo's lawsuit like a guidebook about how not to piss off the company. In its legal complaint, Nintendo claimed Yuzu was "facilitating piracy at a colossal scale," giving users "detailed instructions" on how to "get it running with unlawful copies of Nintendo Switch games," among other things. Okay, no more guides, say the Switch emulator developers who spoke to me. They also say they're stripping out some parts of Yuzu that made it easier to play pirated games. As Ars Technica reported, a forked version called Suyu will require you to bring the firmware, title.keys, and prod.keys from your Switch before you can decrypt and play Nintendo games. Only one of those was technically required before. (Never mind that most people don't have an easily hackable first-gen Switch and would likely download these things off the net.) The developer of another fork tells me he plans to do something similar, making users "fend for yourself" by making sure the code doesn't auto-generate any keys.

Most developers I spoke to are also trying to make it clear they aren't profiting at Nintendo's expense. One who initially locked early access builds behind a donation page has stopped doing that, making them publicly available on GitHub instead. The leader of another project tells me nothing will ever be paywalled, and for now, there's "strictly no donation," either. When I ask about the Dolphin Emulator, which faced a minor challenge from Nintendo last year, I'm told it publicly exposes its tiny nonprofit budget for anyone to scrutinize. But I don't know that these steps are enough to prevent Nintendo from throwing around its weight again, particularly when it comes to emulating the Nintendo Switch, its primary moneymaker. Since Yuzu's shut down, a slew of other emulators left the scene. The include (as highlighted by The Verge):

- The Citra emulator for Nintendo 3DS is gone
- The Pizza Boy emulators for Nintendo Game Boy Advance and Game Boy Color are gone
- The Drastic emulator for Nintendo DS is free for now and will be removed
- The lead developer of Yuzu and Citra has stepped away from emulation
- The lead developer of Strato, a Switch emulator, has stepped away from emulation
- Dynarmic, used to speed up various emulators including Yuzu, has abruptly ended development
- One contributor on Ryujinx, a Switch emulator, has stepped away from the project
- AetherSX2, a PS2 emulator, is finally gone (mostly unrelated; development was suspended a year ago)

Roman Sterlingov, the founder of a $400 million crypto-mixing service called Bitcoin Fog, has been convicted of money laundering in a United State District Court on Tuesday. Other charges include money laundering conspiracy, operating an unlicensed money-transmitting business, and violations of the D.C. Money Transmitters Act. CoinTelegraph reports: Sterlingov, however, had argued throughout the trial that he was only a user of the service, and not its operator. His attorney, Tok Ekeland said in a March 12 X post that his team will appeal the verdict. According to evidence presented at the trial, Sterlingov operated Bitcoin Fog from October 2011 to April 2021, which acted as a money laundering service for "criminals seeking to hide their illicit proceeds from law enforcement."

The service moved over 1.2 million Bitcoin over the decade-long operation -- worth $400 million at the time of the transactions -- with the bulk of cryptocurrency coming from darknet marketplaces tied to narcotics, computer fraud abuse and identity theft, the government said. Bitcoin Fog also served distributors of child sexual abuse material. Evidence used to convict Sterlingov found that the "vast majority" of crypto deposited to his crypto exchange accounts came from "Bitcoin clusters" associated with Bitcoin Fog. "Evidence presented at trial clearly showed that the defendant laundered hundreds of millions of illicit funds from the dark web through Bitcoin Fog in an attempt to conceal the origin of those funds," said Internal Revenue Service (IRS) Criminal Investigation Chief Jim Lee.

According to a new analysis of the subscription app economy from mobile subscription toolkit provider RevenueCat, the top 5% of apps generate 200 times the revenue of the bottom quartile after their first year, while the median monthly revenue an app generates after 12 months is under $50 USD. From a report: The "State of Subscription Apps" report offers a bird's-eye view into the subscription app universe, as RevenueCat has nearly 30,000 apps using its platform's tools to manage their monetization. Outside of Apple and Google, that makes RevenueCat the largest collection of subscription app developers on one platform.

This report specifically looks at data from over 29,000 apps and over 18,000 developers who collectively generate over $6.7 billion in tracked revenue and have over 290 million subscribers. After crunching its data, the company found that only 17.2% of apps will reach even $1,000 in monthly revenue, but after they hit that point, the odds of them growing further increase.

An article in Inc notes a "wild projection" in Reddit's SEC filing that Reddit's global market opportunity by 2027 is $1.4 trillion." Some of the numbers lead back to a single individual: Sam Altman. The co-founder and chief executive of ChatGPT-maker OpenAI owns an 8.7 percent stake in Reddit, more than its co-founder and CEO, Steve Huffman, who owns 3.3 percent... Altman, through various funds and holding companies he owns or manages, controls more than a million shares of Reddit at $60 million in aggregate purchase price — and holds more than 9 percent of voting rights...

Discussing Reddit's future, financial analyst and journalist Herb Greenberg recently told CNBC, "This is an AI play."
But the senior investing editor for Kiplinger.com argues that retail investors "may want to hold tight before rushing out to buy the Reddit IPO." While IPO stocks tend to have strong first-day showings, returns for the first year are generally weak, says the team of analysts at Trivariate Research, a market research firm based in New York. And since 2020, "the average IPO has lagged its industry average by 30% over the subsequent three years following its first closing price..."

Other commenters have noted that Reddit's allotment of shares to select Redditors could lower demand on the first day of trading, which would work against any IPO pop.
"Over the past few years, there have been a bunch of IPOs in the U.S. in which overhyped names enjoyed flashy stock-market debuts only to drop sharply soon after," notes the Street. Notable examples include Coinbase, which plummeted by almost 90% after its debut, Robinhood, still down 53% since its IPO, and Rivian, down over 91% since its debut. However, it's crucial to note that all of these IPOs occurred in 2021 amid market euphoria fueled by low interest rates, significant economic stimulus, and the lingering effects of the Covid-19 pandemic. Although the current macroeconomic landscape differs from three years ago, valuations of tech and growth stocks remain stretched.
Kiplingers.com concludes it "boils down to your own personal investing goals and risk tolerance. If you do decide to buy Reddit stock when it first begins trading, do so in a small amount that you can afford to lose."

But they also cite analysis from David Trainer, CEO of New Constructs, a research firm powered by artificial intelligence. "Reddit's IPO marks the return of the junk IPO," Trainer wrote in Forbes. "[The valuation] implies that Reddit will grow its user base to 26 times current levels, which would be nearly five times the size of [Snapchat-maker] Snap, and a highly unlikely feat. Reddit looks overvalued, and we think investors should pass on this IPO."

Trainer writes: [T]he company has never been profitable and should not be a publicly traded company... I think the company may never monetize its platform without angering its users and the entire premise of Reddit is user-generated content. This business model is inescapably built on a catch-22: make money or please users... Reddit looks overvalued, and I think investors should pass on this IPO.
Buyers and analysts told the site Marketing Brew "that they see the platform as nice-to-have, but that it is not an essential part of their media plans, like Meta or Google are." "They've always been solidly in the second or third tier of social networks," alongside Snap, Pinterest, and X, Brian Wieser, a former GroupM exec who's now author of the industry newsletter Madison and Wall, told Marketing Brew.
Yet Trainer notes that "98% of Reddit's revenue in 2023 came from third-party advertising on the site and 28% of all revenue came from ten customers," and "Reddit's cost of revenue, sales & marketing, general & administrative, and research & development costs were 117% of revenue in 2023."

Trainer concludes "Reddit is nowhere near breakeven. Reddit is an unprofitable social media company fighting for users."

Bloomberg adds that the subreddit r/WallStreetBets "has threatened to bet against the stock, with many people noting that the company still loses money two decades into its existence. (Reddit lost $90.8 million last year, down from $158.6 million the year before.)" Some have complained that the invitation to invest fails to make up for the unpaid labor they've invested making the site work... In 2021 the platform's WallStreetBets forum ignited a meme-stock frenzy, propelling skyward the stocks of nostalgic but struggling companies like GameStop Corp. and AMC Entertainment Holdings Inc. and sending shockwaves through the financial industry... When it goes public, the platform that invented meme stocks runs the risk of becoming one itself.

Reddit noted the possibility as a risk in its IPO filing. "Given the broad awareness and brand recognition of Reddit, including as a result of the popularity of r/wallstreetbets among retail investors," the company warned that its stock could "experience extreme volatility ... which could cause you to lose all or part of your investment if you are unable to sell your shares at or above the initial offering price."

Users on WallStreetBets got a kick out of the fact that the company listed the forum as a risk factor, posting about it with a sly smiling emoji...
Meanwhile, reports that marketers are infiltrating subreddits have been confirmed. Over 200 businesses have "integrated Reddit Pro into their digital strategies," reports Search Engine Land, including "well-known names such as Taco Bell, the NFL, and The Wall Street Journal...

"During the initial alpha testing phase with approximately 20 businesses, Reddit reported its Pro partners, on average, generated 11 additional posts and comments per month."

America's Department of Justice "has launched a criminal investigation into the Boeing jetliner blowout that left a gaping hole on an Alaska Airlines plane," reports the Associated Press, citing a report from the Wall Street Journal.

"As part of the new investigation, the Justice Department has interviewed pilots and flight attendants on the flight..." the Journal reports. "Investigators have taken steps to begin notifying Alaska passengers on board during the Jan. 5 accident that they are potential crime victims in the case, according to a document viewed by The Wall Street Journal." The probe would inform the Justice Department's review of whether Boeing complied with an earlier settlement that resolved a federal investigation following two fatal 737 MAX crashes in 2018 and 2019. Investigations don't always result in formal charges of wrongdoing.

Separately, investigators with the Transportation Department's Inspector General's office in recent weeks have been seeking to interview Federal Aviation Administration officials in the Seattle area who oversee Boeing's manufacturing...

If the Justice Department finds that Boeing violated the terms of the 2021 settlement, the company could face prosecution on the original count of defrauding the U.S. Alternatively, the government could seek to extend the probationary, three-year agreement that requires Boeing to update the Justice Department on its compliance improvements.
In a related development, Boeing "has acknowledged in a letter to Congress that it cannot find records for work done on the door panel of the Alaska Airlines plane," reports the Associated Press: "We have looked extensively and have not found any such documentation," Ziad Ojakli, Boeing executive vice president and chief government lobbyist, wrote to Sen. Maria Cantwell on Friday. The company said its "working hypothesis" was that the records about the panel's removal and reinstallation on the 737 MAX final assembly line in Renton, Washington, were never created, even though Boeing's systems required it.
Not having the documents "raises concerns about quality assurance, quality management safety management systems within Boeing," said the chair of the National Transportation Safety Board earlier this week.

"This is a serious, potentially illegal, lapse in standard aviation manufacturing quality processes," reports the Seattle Times.

Meanwhile, America's National Transportation Safety Board is also investigating a United Airlines Boeing 737-8 flight "that last month experienced 'stuck' rudder pedals," reports Axios, "after touching down in Newark, per a preliminary report released Thursday." The captain reported that during the landing rollout, which is after touchdown but before the plane slows to taxi speed, the pedals did not respond to foot pressure and remained stuck. "The captain used the nosewheel steering tiller to keep the airplane near the runway centerline while slowing to a safe taxi speed before exiting the runway onto a high-speed turn-off," the report states.

Shortly after, the rudder pedals began to operate normally, the captain said. There were no injures and the airplane was removed from service for maintenance and troubleshooting. An inspection found no obvious malfunctions, said the National Transportation Safety Board. After removing the rudder system components, United conducted a second flight test and found the rudder controls operated normally, per the report. "With coordination with United, the issue was successfully resolved with the replacement of three parts and the airplane returned to service last month," Boeing said in a statement, adding that this is the only report of such an issue that they've received for the 737 MAX fleet.

The investigation is ongoing.

One year after Silicon Valley Bank's collapse and seizure, "Regional bank stocks remain volatile compared to other types of financial institutions," reports the Observer, "indicating investors' lingering worries about the sector."

But not everyone suffered: Benefiting from the crisis were big players, like JPMorgan Chase. After acquiring First Republic's $212.6 billion in loans and $92.4 billion in deposits for just over $10 billion in May 2023, JPMorgan saw a 67 percent year-over-year growth in profits that quarter. Overall, larger commercial banks saw inflows as customers sought safer institutions to hold their money.
And what happened to Silicon Valley Bank? Axios reports: Today, SVB says it's still the same bank customers loved, but with better risk management and some other tweaks, like smaller deposit requirements for startup borrowers, president Marc Cadieux told Axios last month. 81% of SVB's clients from a year ago are still banking with SVB, according to Cadieux, with "thousands of them" returning after initially switching out...

"I think there was an inference that this was a regional bank crisis, but it really wasn't — those were niche banks," Citizens CEO Bruce Van Saun tells Axios. "The failure was is in governance and the business model."
Citizens is America's 14th largest bank, and as its CEO, Van Saun was asked by CNN what caused 2023's failures at other banks: CEO Van Saun: Both of those banks [Signature Bank and Silicon Valley Bank] went from $50 billion in assets to over $200 billion in four years. They grew too fast, took in a high percentage of uninsured deposits, had very concentrated, narrow customer bases so they were susceptible to [deposit] flight risk. They also borrowed short and invested long, which is a cardinal sin of banking. They didn't manage their interest rate risk well because they didn't have the muscle that you would have if you grew slowly over the years and were heavily regulated like bigger banks like ourselves.

CNN: Who deserves more blame: failed banks' management teams for not ensuring proper guardrails were in place or financial supervisors whose jobs are to identify red flags?

Van Saun: It's a joint failure...

CNN: [W]hat about commercial real estate? The number of people working in offices is much, much lower than it was pre-pandemic. Are you bracing for another chapter of banking stress? What is Citizens doing to cushion against potential high losses in the sector given close to one-fifth of your loans are there?

Van Saun: You have to look under the covers. The nature of our portfolio matters.

Within commercial real estate, industrial, warehouse and distribution space is fine. Multi-family homes are generally fine. When it comes to offices, we have certain pockets of life science businesses like lab research facilities that are super safe because they never had to close during Covid. [Loans to general office buildings are riskier though, he said.] We go through all of that and we say we'll lose some money here, but we're not going to lose our shirt and we've put up big reserves against them. We're working on a loan-by-loan basis with our most senior people. I think it's a well-managed process.

A recent survey found that academic organizations are failing to preserve digital material -- "including science paid for with taxpayer money," reports Ars Technica, highlighting the need for improved archiving standards and responsibilities in the digital age. From the report: The work was done by Martin Eve, a developer at Crossref. That's the organization that organizes the DOI system, which provides a permanent pointer toward digital documents, including almost every scientific publication. If updates are done properly, a DOI will always resolve to a document, even if that document gets shifted to a new URL. But it also has a way of handling documents disappearing from their expected location, as might happen if a publisher went bankrupt. There are a set of what's called "dark archives" that the public doesn't have access to, but should contain copies of anything that's had a DOI assigned. If anything goes wrong with a DOI, it should trigger the dark archives to open access, and the DOI updated to point to the copy in the dark archive. For that to work, however, copies of everything published have to be in the archives. So Eve decided to check whether that's the case.

Using the Crossref database, Eve got a list of over 7 million DOIs and then checked whether the documents could be found in archives. He included well-known ones, like the Internet Archive at archive.org, as well as some dedicated to academic works, like LOCKSS (Lots of Copies Keeps Stuff Safe) and CLOCKSS (Controlled Lots of Copies Keeps Stuff Safe). The results were... not great. When Eve broke down the results by publisher, less than 1 percent of the 204 publishers had put the majority of their content into multiple archives. (The cutoff was 75 percent of their content in three or more archives.) Fewer than 10 percent had put more than half their content in at least two archives. And a full third seemed to be doing no organized archiving at all. At the individual publication level, under 60 percent were present in at least one archive, and over a quarter didn't appear to be in any of the archives at all. (Another 14 percent were published too recently to have been archived or had incomplete records.)

The good news is that large academic publishers appear to be reasonably good about getting things into archives; most of the unarchived issues stem from smaller publishers. Eve acknowledges that the study has limits, primarily in that there may be additional archives he hasn't checked. There are some prominent dark archives that he didn't have access to, as well as things like Sci-hub, which violates copyright in order to make material from for-profit publishers available to the public. Finally, individual publishers may have their own archiving system in place that could keep publications from disappearing. The risk here is that, ultimately, we may lose access to some academic research.