The AI fund disaster should be a cautionary tale for buyers of thematic ETFs, which now cover virtually anything you can think of, including Californian carbon permits (down 15% this year), Chinese cloud computing (down 21%) and pet care (up 10%). Put simply: You probably won’t get what you want, you’ll likely buy at the wrong time and it will be hard to hold for the long term.
Every penny (worth one cent) costs three cents to produce. I can think of a coin we should mint instead.
[The New York Times]
Someone go get David Hume — we’re trying to figure out what blue is. I scored 174, true neutral.
[ismy.blue]
Why is OpenAI paying publishers if it already took their work?
In which a scientific feud gets surprisingly personal:
When During looks at a bone, she sees a chemical matrix waiting to be investigated. She sees an opportunity to extract information. When DePalma looks at a bone, he sees a narrative. He tells stories about the bones, some of them true.
[Intelligencer]
More than 1,000 people will lose their jobs — and others will be relocated to sites outside China. This follows Microsoft’s similar move in May. In a call, an IBM exec blamed increasing competition in China.
Michael Lewis has a new essay to accompany the paperback version of Going Infinite, a book about Sam Bankman-Fried that appeared just before his trial. Sure, SBF did crimes because he was an arrogant gambler, but Lewis still loves his gamer son.
[Washington Post]
Conway wrote a furious, and occasionally all-caps, email to his former crypto allies, including Marc Andreessen and Ben Horowitz, after finding out they were going to try to unseat Senator Sherrod Brown. “Im the one using my 25+ year old personal relationships to help this movement the most significantly and not one person bothered to inform me.”
The resulting write-downs have hobbled the banks’ loan books and, in one case, was a factor that crimped compensation for a bank’s merger department, according to people involved with the deal.
Oh.