Less than a year ago he was the #1 richest man in the world. 10 weeks ago he was #2. But yesterday Larry Ellison dropped to #8, Forbes reports, falling behind Nvidia CEO Jensen Huang. Ellison's net worth is now estimated at just $192.6 billion — after a $104 billion decline: Shares of Oracle plunged roughly 54% between hitting a high of just over $250 on June 1 to a low of $114.50 on July 28, though the stock rebounded slightly to $150.52 as of Friday. A decline followed Oracle telling investors it expected to raise $40 billion through debt and equity financing, with capital expenditures surging 162% to $55.7 billion and spending expected to top $95 billion by fiscal 2027. Jacob Bourne, an analyst at eMarketer, told Reuters there are broader concerns about how Oracle would fund its capital spending to match its revenue projections, and Bank of America analysts separately flagged in a note cautioning that more than 50% of Oracle's remaining performance obligation comes from OpenAI. Melius Research analysts wrote last month that Oracle's spending plans may not hold if OpenAI or Anthropic demands more computing capacity. S&P Global also downgraded Oracle's credit rating in July, arguing the firm's "rapidly expanding" AI infrastructure business could pay off, but may be too expensive and could weaken Oracle's financial position in the meantime. $443 billion. That's how much Oracle's market valuation has dropped since peaking at $877.1 billion in September, hitting $433.5 billion as of Friday... Oracle, once viewed as a potential winner of the booming AI infrastructure buildout, has since raised concerns among investors who appear to view the firm as taking on too much financial risk to fund its projects. Wall Street has cautioned that mega-cap tech firms may be taking on too much spending to match growing demand for AI products, with firms like Amazon expecting to spend more than $200 billion. Oracle's backlog has exploded to $638 billion, but more than half is reportedly associated with OpenAI, and some analysts have cautioned that most of those funds may not be guaranteed.

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"An engineering director at Google said four years ago that AI would deliver a four-day work week by 2025," remembers the BBC. And earlier this year OpenAI "formally urged companies to start testing out a four-day work week (with no change in pay), claiming that AI will soon be able to speed up so much human labour that the corporate world should prepare itself." However, a former OpenAI technical employee who left the company last year told the BBC the firm never actually trialled the four-day work week it suggested others should try while they were there. Instead, the person described what was often a gruelling work culture marked by frequent "crisis meetings", working on weekends, and "super cut-throat" performance reviews that would see colleagues suddenly let go... [T]he former OpenAI employee said they would put in at least 70 hours a week, much more than they did in previous tech jobs... Other companies have also pushed the idea that AI will effectively reduce the number of hours people need to work, for better or worse. [At OpenAI and Anthropic] sprints can stretch on for many weeks and top 90 hours of work in a seven-day period, tech workers that the BBC spoke to for this story said... At Meta, workers said they have been abruptly pushed onto teams this year doing AI work being treated as urgent... The hours on such teams at Meta are often long, with staff working into the night, on weekends, and feeling they are "on call" during the hours they are not working, according to descriptions of the work from the current and former employees... Some new research suggests that AI tools are making people's workloads even more burdensome. A study out of UC Berkeley followed hundreds of workers at a US tech company for eight months as they used AI. It found the employees "worked at a faster pace, took on a broader scope of tasks, and extended work into more hours of the day"... The UC Berkeley research found that the workload of tech employees was expanded in part because of the need to constantly check the output of AI tools. In the article Neil Thompson, an innovation scholar at MIT, pointed out a problem with estimates that AI will ease the workload on humans. "People assume that 20% less work means four-day weeks. But new work emerges." The BBC also points out helpfully that "there are no limits in the U.S. on how many hours a person over the age of 16 can work." (While in the UK and Europe, "laws limit a working week to 48 hours, including overtime.") Thanks to long-time Slashdot reader hadleyburg for sharing the article.

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It's not just RAM prices that are going up, writes CNET. "Reports suggest the cost of Windows licenses for manufacturers is rising by up to 10%." Several sites that closely follow Microsoft news, including Windows Central and Windows Latest, have published articles citing a report from Taiwan's Economic Daily News that claims some PC manufacturers are seeing a 7% to 10% increase in the cost of Windows 11 licenses... Because they buy licenses in bulk, they get a sizeable discount over what a consumer would pay for a new copy of Windows 11. But given the existing cost pressures from other components, a big Windows 11 price hike could lead them to pass on some of the added cost to PC buyers. According to the EDN story, PC makers could raise prices by about 5% over the next quarter due to the reported Windows price hike. .. A translated version of the Economic Daily News article contains information from an unnamed PC brand executive. It says that while Microsoft typically raises licensing costs every year by single-digit percentages, that hike has reached 7% to 10% this year, a significant increase. "A representative for Microsoft declined to comment on the report," according to the article. But it also notes that three weeks ago laptop maker Framework blamed price hikes and reconfigurations for some of their models on processor, memory, storage, "and other silicon costs — but also "an increase in Windows license costs." Thanks to Slashdot reader joshuark for sharing the article.

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"The European Union's Copernicus climate monitoring service confirmed Monday that June and July were the hottest on record in western Europe," .according to a report from the CBC. "The period saw an estimated 25,000 heat-related deaths." CNN has before-and-after photos of Europe's dried rivers, calling it "a crisis so dire it can be seen from space" River levels are so low that commercial ships have had to reduce their loads by as much as 80% to avoid running aground. It's disrupting supply chains and making shipping more expensive. Other effects of Europe's drying rivers The BBC reports that Romania has "shut down its only nuclear power station because of extremely low water levels in the Danube river." A bridge built in the year 39 AD by the Roman emperor Caligula "is usually entirely underwater," reports CNN, but this year full blocks of the ancient structure are visible, giving archaeologists a rare opportunity to study it." The reports adds that drying Tiber has also now also revealed formerly submerged e-bikes, scooters, refrigerators and a car." The CBC reports a dozen Nazi warships scuttled in a river during the Second World War are now resurfacing as water levels plunge. "Elsewhere, the drying Danube has revealed a German military motorcycle in Hungary, an unexploded 700-kilogram British bomb in Slovakia, and what are believed to be the ancient remains of a mammoth in Bulgaria."

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This week Meta CEO Mark Zuckerberg published a 6,500 word open letter titled "The Future is for Everyone". But the BBC is more interested in why big tech executives keep writing manifestos about AI: [Zuckerberg's] vision echoes what AI leaders have expressed in various forms: the product they are building is among the "most important technologies in history." Marc Andreessen, co-founder of early web titan Netscape, perhaps started this trend in 2023 with a 5,000-word essay he called "The Techno-Optimist Manifesto", which argued innovation was the way to solve life's problems... As the International Monetary Fund warns AI could affect nearly 40% of jobs and worsen global financial inequality, Zuckerberg says he believes there will be an abundance of jobs in the future. "I do not understand why anyone who believes that AI will eliminate most jobs and much of humanity's relevance would rush to build that future." Never mind that Zuckerberg's Meta has cut 10% of its global workforce — about 8,000 jobs — as the company reorganizes to focus on AI. Zuckerberg's manifesto is the latest to land in our social media feeds in an effort to put a positive spin on AI. In 2024, ChatGPT-maker OpenAI boss Sam Altman released a manifesto called "The Intelligence Age", a sweeping expression of optimism about the tech's potential... That same year, in a manifesto titled "Machines of Loving Grace", Anthropic CEO Dario Amodei touted the potential of AI to transform everything from healthcare to politics. So what's going on with these tech executives' manifestos? Economics blogger Noah Smith suggested to the BBC "they all feel like it's such an important moment that it's incumbent upon them to do whatever they can to shape the direction that this technology is going." Although he does see some value in their engagement with important issues. "Should we open-source something that has the ability to kill humanity? If you don't take that seriously, you're just a fool." But Rob Lalka, a business professor at Tulane University, had a different explanation for the BBC: Lalka said the timing of Zuckerberg's manifesto coincides with rising anger over AI's impact on everything from jobs to the environment. And while tech journalists and academics might pore over them trying to glean nuggets of meaning, these executive manifestos are not necessarily landing with the general public. "They're trying to make the case that the positives will far outweigh some of those negatives that the public backlash is pointing out," he said. "But I think a lot of the reasons for optimism are still yet to be seen."

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