Bloomberg: SK Hynix raises $26.5B in the largest ever US market debut by a foreign company, selling 177.9M ADRs for $149 each; the sale was more than 7x oversubscribed  —  SK Hynix Inc. raised $26.5 billion in its American depositary share offering, as the South Korean memory chipmaker powered through volatility …

Fidji Simo, OpenAI's CEO of applications. Bloomberg/Getty Images Fidji Simo is stepping down from her executive role at OpenAI after her medical leave. The former Instacart CEO will transition to a part-time advisor role. Simo said her chronic illness pushed her to take medical leave three months ago. Fidji Simo, one of OpenAI's top executives, is stepping down. Simo, the company's CEO of applications, wrote on X on Thursday that she has decided to leave her full-time role and become a part-time advisor. Simo went on medical leave three months ago. She said on Thursday that she would focus on recovery amid her long-running chronic illness, which does not have a cure. "During that time, it became clear that the road to recovery would be much longer and more complex than I had anticipated—and that I needed to focus on it fully," she added. Simo was diagnosed with postural tachycardia syndrome, or POTS, in 2019. The disorder can cause fainting, intense bouts of dizziness, and an elevated heart rate. She joined OpenAI in 2025, decamping from her CEO job at Instacart, which she'd steered through an initial public offering. She'd previously worked at Meta, formerly Facebook, for more than a decade. Simo's role was to turn cutting-edge AI models into a sustainable business. The company poured tens of billions of dollars into its tech, only to find itself trailing rival Anthropic earlier this year for some lucrative enterprise customers. Now, the two companies are nearing trillion-dollar valuations and eyeing IPOs, and the pressure is on to boost revenues. Simo revealed a strategy shift earlier this year, Business Insider reported, pushing the company to focus on productivity for companies and customers above all else. "We cannot miss this moment because we are distracted by side quests," Simo told employees at an all-hands meeting, a person familiar with her remarks told Business Insider. The company soon shut down Sora, its video app, and has recently poured resources into the Codex coding tool to compete with Anthropic's Claude Code. Former colleagues of Simo told Business Insider that they'd seen her as a laser-focused, empathetic, relentless leader skilled in long-term strategy. Simo said she did a "listening tour" to better understand the company and aimed to keep OpenAI's culture feeling like a research lab rather than a nascent tech giant. As CEO Sam Altman focused on research and computing, Simo said she would drive work on the company's products and commercialization. In her Thursday post, Simo thanked OpenAI's board, Altman, and company president Greg Brockman for their support, and wrote that her journey with her illness had reinforced her belief in the importance of technology. Altman wrote on X, "i am really sad about this and very grateful for all fidji has done for openai, and even grateful for her friendship and who she is as a person. we all wish her the best for a speedy recovery. this sucks." Simo was plain in her own post about the toll the illness has taken. "It has been a jarring experience to spend my days helping build the future while simultaneously navigating a disabling disease that still has no cure," she wrote. Have a tip? Contact this reporter via email at scouncil@businessinsider.com, or over text, Signal, Telegram, or WhatsApp at 415-757-8198. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. Read the original article on Business Insider

The move comes after Simo took significant medical leave. She will stay on as a part-time adviser.

Wall Street Journal: Fidji Simo says she has decided to leave her full-time role at OpenAI and transition to being a part-time adviser after her medical condition worsened  —  The head of artificial general intelligence won't return from extended medical leave, a major leadership change as the AI giant prepares to go public

How Databricks hackathons workWe run these hackathons for a simple reason: the fastest...

The leadership of five new task forces at the Fed includes Marc Andreesen, Asha Sharma, and Raghuram Rajan. David Paul Morris/Bloomberg via Getty Images; Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty Images Fed Chair Kevin Warsh tapped economists and tech execs for task forces to overhaul the central bank. The task forces will assess the Fed's communication, data, productivity, and inflation frameworks. Marc Andreessen and XBOX CEO Asha Sharma will lead the task force on productivity and jobs. Fed Chair Kevin Warsh on Thursday named the members of five outside task forces that will help shape recommendations for overhauling the central bank. The groups bring together heavyweight economists alongside prominent business leaders and tech executives, and are expected to deliver recommendations by the end of the year. Here's what we know so far: Communications Arminio Fraga, former president of the Central Bank of Brazil, and Mervyn King, former governor of the Bank of England will sit on the Fed's new Communications task force. DANIEL RAMALHO/AFP via Getty Images and Daniele Venturelli/Getty Images Leaders: Peter R. Fisher, former Treasury official and ex-New York Fed executive Arminio Fraga, former governor of Brazil's central bank Mervyn King, former governor of the Bank of England Their Mission: Review how the Fed communicates with markets and the public, including policy statements and broader messaging. This group is stacked with former central bankers known for shaping monetary policy communication. Warsh has previously signaled he wants the Fed to speak less about its future rate intentions than it has in recent years. Balance Sheet Policy Jeremy Stein, former governor of the Federal Reserve, and Raghuram Rajan, former governor of the Reserve Bank of India (RBI), will serve on the Fed's new Balance Sheet Policy task force. Andrew Harrer/Bloomberg via Getty Images; Tomohiro Ohsumi/Bloomberg via Getty Images Leaders: Karen Dynan, Harvard economist and former Treasury official Raghuram Rajan, former Reserve Bank of India governor Jeremy Stein, Harvard economist and former Fed governor Their Mission: Evaluate how the Fed should manage its balance sheet and asset holdings. Warsh has been an outspoken critic of the Fed's large post-crisis balance sheet. This task force includes economists with deep experience in central banking and financial markets. Data Former Walmart CEO Doug McMillon will serve on the Fed's new Data Task Force. Michael M. Santiago/Getty Images Leaders: Raj Chetty, Harvard economist Doug McMillon, former Walmart CEO Kevin Murphy, University of Chicago economist Their Mission: Recommend ways the Fed can improve the data it uses to understand the economy. McMillon brings a real-time business perspective from one of the nation's largest retailers, while Chetty is known for pioneering the use of big data in economics. Productivity and Jobs Marc Andreessen and XBOX CEO Asha Sharma will serve on the Fed's new Productivity and Jobs task force, alongside Charles I. Jones, a professor of economics at Stanford University. Bloomberg/Getty Images; Bloomberg/Getty Images Leaders: Marc Andreessen, cofounder of Andreessen Horowitz Charles I. Jones, Stanford economist Asha Sharma, CEO of XBOX Their Mission: Study how artificial intelligence and technological change are affecting productivity, employment, and economic growth. This is arguably the highest-profile panel. Andreessen has been one of Silicon Valley's most vocal AI advocates, while Sharma leads Microsoft's XBOX business, with both bringing firsthand experience developing next-gen tools. Inflation Frameworks Nobel Prize in Economics 2011 laureate Thomas Sargent and Greg Mankiw, professor of economics at Harvard University, will serve on the Fed's new task force for Inflation Frameworks alongside William White, a senior fellow at the C.D. Howe Institute and former economic advisor for the Bank for International Settlements. Visual China Group via Getty Images; Bradley C. Bower/Bloomberg via Getty Images Leaders: Greg Mankiw, Harvard economist Thomas J. Sargent, Nobel Prize-winning economist William White, former chief economist at the Bank for International Settlements Their Mission: Review the Fed's inflation framework and its measures of price stability. The panel features three of the world's best-known monetary economists. Warsh has suggested the Fed should reconsider how it thinks about inflation as the economy evolves. Read the original article on Business Insider

Critics and boosters are both looking in the wrong place

If Homo floresiensis wasn't a fire-using hunter, its origins could be different than we thought.

Disney is exploring making some content on its namesake streamer free to watch. Stefano Facchin/Alessio Morgese/NurPhoto via Getty Images Disney leaders are discussing a potential Disney+ free tier, two inside sources say. TV viewers have embraced free streamers like YouTube as paid services have become more expensive. Disney and its peers are also experimenting with short-form vertical video to capture attention. Disney is exploring making some of its streaming content available at an unbeatable price: free. The Mouse House is discussing making some content accessible on Disney+ without a paywall, according to two people familiar with the matter. Product and tech chief Adam Smith spoke about enabling free-tier content during a streaming town hall on Thursday afternoon, one staffer said. Smith didn't share a timeline for this initiative or a sense of the scope, this person added. A person familiar with Disney's streaming strategy said these talks are part of an ongoing discussion about concepts to better serve fans. Currently, the Disney+ and Hulu bundle costs $12.99 a month with ads or $19.99 without ads at full price. Free streaming services like YouTube have become popular with audiences, generating significant growth in viewership share on US-based TVs compared to their paid peers, according to Nielsen data. The three largest free streamers accounted for 18.7% of watch time on US TVs in April, up from 16.8% a year earlier and 12.7% in April 2024. As paid streamers have raised prices, consumers have increasingly sought out free content on YouTube and on ad-supported services like Tubi and The Roku Channel. (Tubi parent Fox is planning to double down on free streaming by buying Roku for $22 billion.) A free tier could help Disney+ stand out among paid streamers. Apple TV and Paramount+ let users sample some full episodes, but paid streaming services generally don't have robust free offerings. Disney and its Hollywood peers are also looking to boost engagement by embracing new formats like short-form video, podcasts, and micro dramas, which are bite-sized vertical shows. In recent months, Disney has added vertical clips to its flagship streaming app, as has Paramount+. Disney CEO Josh D'Amaro has told staffers he's prioritizing "product and technology innovation" in streaming. Netflix announced this week that it's adding 3- to 20-minute videos next month from publishers like BuzzFeed Studios, Condé Nast, Hearst Magazines, Penske Media, and People Inc. The streaming giant made a major move into video podcasts earlier this year and has also dabbled in vertical video. Read the original article on Business Insider

Market data platform startup Databento Inc. today revealed that it has raised $97 million in new funding to broaden its data coverage across asset classes and expand internationally. Investor demand ran past $300 million, according to the company, more than three times what the round finally took. Founded in 2019, the company sells real-time and […] The post Market data platform startup Databento closes $97M round after drawing $300M in investor demand appeared first on SiliconANGLE.

OpenAI's latest family of models promises improvements across a range of areas, including cybersecurity.

Lyzr, a startup that builds AI agents for enterprises, used its own AI agent to raise a $100 million round — proof, evidently, that the product actually works.

OpenAI is sunsetting its AI-powered browser after less than a year. But it's moving some agentic browsing features to its desktop app and a Chrome extension.

Should Anthropic trust Elon Musk to host its models? With about $40 billion in revenue at stake, Musk insists that the company can.

In neighboring Ohio, cases have reportedly reached over 500.

Lily Mae Lazarus / Fortune: Mercor acquires Deeptune, which builds reinforcement learning environments for AI agents, three months after CEO Brendan Foody backed Deeptune's $43M Series A  —  Brendan Foody started Mercor when he was 19 years old.  Now he's 23, worth billions on paper, and running one of the fastest-growing companies in AI history.

“Creators deserve credit, compensation, and consent. If that's not on the table, the crawlers can stay the fuck off Patreon," CEO Jack Conte wrote on Thursday.

Elon Musk has previously criticized Anthropic's business and training data practices. Krisztian Bocsi/Bloomberg via Getty Images Elon Musk previously criticized Anthropic over its business practices and its AI model behavior. In recent weeks, the SpaceX CEO made an about-face, praising his rival. Anthropic has a partnership with SpaceX to access computing power from Colossus 1. Elon Musk has kinder words for his rival — and now business partner — Anthropic. In recent weeks, the CEO of SpaceX has struck a friendlier posture toward his competitor, praising Anthropic's team and its progress with its AI models. It's a notable about-face from the man who once called Anthropic "hypocritical," "woke," and an inevitable loser in the AI race. In an X post on Thursday, Musk said outright that he was "clearly wrong about Anthropic." "They are obviously currently the leader in AI. No company has released a model as good as Mythos/Fable and they will undoubtedly have Mythos 2 ready soon," Musk wrote, referring to Anthropic's latest model releases. In May, the two companies announced a deal that would give Anthropic access to compute capacity from SpaceX's Colossus 1 data center. Anthropic said the deal would give it access to more than 300 megawatts of capacity or more than 220,000 Nvidia GPUs. SpaceX's S-1 filing showed that Anthropic agreed to pay $1.25 billion a month through May 2029 for compute power; though either side can terminate the agreement with 90 days' notice. The warmer tone is a sharp shift from the comments Musk has previously made about the Claude maker. In January, Musk joked that Anthropic's "fate is to be misanthropic." In February, he accused the company of stealing training data "at massive scale" and called it "smug, sanctimonious and hypocritical." Later that month, he wrote that "Anthropic hates Western Civilization." In March, he asked, "Is there a more hypocritical company than Anthropic?" and called Claude "woke," accusing the company of instilling left-wing bias into its models. Musk also dismissed Anthropic's chances in the AI race. Last September, he wrote that "winning was never in the set of possible outcomes for Anthropic." Rivals, not enemies Musk's latest comment, deeming Anthropic a leader in AI, came in response to an X user who said SpaceX now has a "legitimate frontier model" that competes with Claude Opus 4.8. "Also, Anthropic is completely reliant on the compute rented from SpaceXAI," the X user wrote. "If Elon wanted to kill anthropic, he could." Musk responded that he was clearly wrong about Anthropic and that he "would never cut them off in a way that hurt them badly, even as a competitor." "That's not my style," the CEO wrote. Musk has praised Anthropic several times in the weeks after the partnership's announcement. And the recognition has extended beyond Anthropic's models. "I spent a lot of time last week with senior members of the Anthropic team to understand what they do to ensure Claude is good for humanity and was impressed," Musk wrote on May 6, the day the partnership was publicly announced. "Everyone I met was highly competent and cared a great deal about doing the right thing. No one set off my evil detector. So long as they engage in critical self-examination, Claude will probably be good." Musk, though, hasn't forgotten that Anthropic is a rival to his own AI ambitions. "Space(XAI) is only 3 years old. That's half the age of Anthropic and quarter the age of OpenAI," he wrote on May 26. "Let's see where things stand 3 years from now." Spokespeople for Anthropic and SpaceX did not respond to a request for comment. Read the original article on Business Insider

The AI ROI debate has returned and the numbers are even bigger, as are, perhaps, the consequences.

Wall Street Journal: Sources: Netflix executives are increasingly worried about declining engagement and are exploring adding live TV and bundling streaming services like Peacock  —  Streamer is rethinking some of its core strategies to compete with rivals  —  Top Netflix executives who gathered …