Biden warns against extreme wealth and rise of "tech industrial complex"

• Meanwhile, Big Tech CEOs have recently moved to embrace President-elect Trump — with Meta CEO Mark Zuckerberg overhauling longstanding policies and the board of Facebook and Instagram's parent company to be more Trump-friendly.

What he's saying: In his address, Biden pointed to President Dwight Eisenhower's 1961 farewell address in which he warned of "military-industrial complex" and "'the potential for the disastrous rise of misplaced power."

• Six decades later, Biden said he's "equally concerned about the potential rise of a tech industrial complex."
• Americans "are being buried under an avalanche of misinformation and disinformation enabling the abuse of power," Biden said.
• "The free press is crumbling. Errors are disappearing. Social media is giving up on fact-checking," added Biden, in reference to Meta's move to replace checking facts with X-style community notes.

• "The truth is smothered by lies told for power and for profit."

Of note: Biden called artificial intelligence the "most consequential technology of our time, perhaps of all time."

• He added: "AI could spawn new threats to our rights, our way of life, our privacy, how we work and how we protect our nation."

Go deeper: Biden jabs at Trump in farewell address, but pledges peaceful transition