Axios

Prices of popular holiday items will see deeper cuts online compared to last year's discounts.

Why it matters: While the U.S. economy has kicked into disinflation mode, deflation has been the prevailing trend for goods sold online — with more than half of the 18 main categories tracked by Adobe showing prices falling year-over-year.

Americans are expected to cook up plenty of order confirmation emails this Thanksgiving.

• Over the five days from Thanksgiving through Cyber Monday, shoppers will shell out $37.2 billion online — up 5.4% from last year, Adobe Analytics projects.

Larry Summers, a controversial former Treasury secretary and the president emeritus of Harvard University, is one of three men comprising the interim board of OpenAI.

Why it matters: Summers now holds enormous sway over the future of the organization that, more than any other, has driven the commercialization and widespread adoption of AI.

Robotaxi operator Cruise is plotting a slow return to service, starting in one city — potentially in Texas or Arizona — as it works to overcome safety concerns and a lack of public trust.

• It's also narrowing its engineering focus to its existing robotaxi, and will lay off an unspecified number of non-engineers in multiple cities.

A record number of shoppers are expected to shop Black Friday sales either in-store or online this weekend with the day after Thanksgiving projected as the busiest day, according to the National Retail Federation.

Why it matters: The days of camping out for doorbuster deals are over but inflation-weary consumers plan to shop for holiday gifts and treat themselves.

The Federal Communications Commission announced a rule proposal this week that would forbid cable and satellite companies from charging customers for canceling their services mid-contract.

Why it matters: It's the latest front in the Biden administration's war on junk fees, the hidden charges that drive up the cost of everything from hotel and travel bookings to concert tickets to banking.

With Sam Altman back at OpenAI, one thing has become clear — how economic considerations have triumphed over moral qualms.

Why it matters: Technologists in general, and AI researchers in particular, are susceptible to the kind of flummery that tells them they have the power to make or break the world. At some point, however, base financial considerations always seem to trump high-minded ideals.

OpenAI said late Tuesday that it had reached a deal in principle for Sam Altman to return as CEO, with a new board chaired by former Salesforce co-CEO Bret Taylor.

Why it matters: The move appears to resolve the roller-coaster drama that began Friday when OpenAI announced that its non-profit board had voted to remove Altman.

There was no Top 10 list, but David Letterman on Monday still made his long-awaited return to the Ed Sullivan Theater, Nathan writes.

Catch up quick: The comedian made his first appearance on his successor Stephen Colbert's version of "The Late Show" since departing in 2015, generating thunderous applause and chants of his name.

At one point, Colbert switched seats with Letterman, who then sat behind the host's desk, just like old times.

• "What do you think of my supplies?" Colbert asked, pointing to his stash below the desk. "Is that anything like what you had over there?"
• "What, all this weed?" Letterman responded.

💭 Nathan's thought bubble: He's still got it.

Scott Shleifer is stepping down as head of private equity at Tiger Global, one of the driving forces behind the tech "unicorn" boom, Axios has learned.

Details: Shleifer will remain a senior advisor to Tiger, which was founded to manage hedge funds, while firm founder Chase Coleman will assume the chairman role on a new private equity investment committee.

Changpeng "CZ" Zhao, founder and CEO crypto exchange Binance, agreed to step down and plead guilty as part of a $4.3 billion settlement agreement involving U.S. criminal and civil charges against him and his company.

Why it matters: Binance is the world's largest crypto exchange, and CZ the most powerful player in the industry — even before SBF.

Most Federal Reserve officials continue to see upside risks to the U.S.'s battle against inflation but suggested a more cautious stance on raising borrowing costs further, according to newly released minutes from the central bank's most recent policy meeting.

Why it matters: The minutes from the Oct. 31-Nov. 1 meeting, where officials decided to hold interest rates steady, said Fed officials agreed to "proceed carefully" with future interest rate decisions as they look to wind down their rate-hiking campaign.

The OpenAI saga appears to be in a holding pattern, although the smart money remains on Sam Altman and Greg Brockman returning to the company instead of becoming official parts of the Bellevue borg.

Why it matters: This episode is highlighting how corporate governance matters. A lot. And how too many venture capitalists have either ignored it or downplayed it in favor of FOMO.

For a glimpse of how the Fed's rate hikes are roiling the finances of some American companies, look to the private credit markets.

The big picture: A growing share of U.S. companies borrow money in the trillion-dollar private credit market, where the debt is floating-rate, meaning interest payments go up as benchmark rates rise.

Austin Russell, the 28-year-old CEO of electric vehicle company Luminar Technologies, is no longer buying Forbes, the company’s CEO told staff in a statement Tuesday.

Why it matters: Russell’s bid has been on shaky ground ever since he announced a deal to buy the company in May. His failure to close the deal means Forbes will now need to go through another process to find a buyer, which could prolong its sale ever further.

The Rolling Stones are hitting the road again in 2024.

Driving the news: The band has announced a 16-city tour that starts on April 28 in Houston and concludes on July 17 in Santa Clara, California.

Two partners of RedBird Capital Partners have left to launch their own private equity firms, one focused on pro sports team rights and the other on energy, Axios has learned.

Behind the scenes: The moves come after the nine-year-old firm decided to stop focusing on both areas.

Alex Rodriguez and Marc Lore are working toward a deal whereby private equity giant Carlyle Group would invest in their purchase of the Minnesota Timberwolves NBA franchise and Minnesota Lynx WNBA franchise, Axios has learned from several sources.

Why it matters: This would settle down widespread speculation that the pair's financing might not come together, and reflects the ever-climbing values of pro sports clubs.

Corporate America roared back into growth mode last quarter.

Why it matters: Better-than-expected numbers from third-quarter earnings season — which unofficially ended with Walmart's results last Thursday — helped lift stocks sharply this month.

The chaos at OpenAI in the wake of CEO Sam Altman's abrupt firing is no mere boardroom drama — it's a fight for the future of AI.

Why it matters: OpenAI and its ChatGPT product ignited the boom in AI, the most important new technology since the advent of the internet — and now the company is essentially up for grabs.

Austin Russell, the 28-year-old CEO of electric vehicle company Luminar Technologies, is trying to replace hundreds of millions of dollars for his bid to buy Forbes, sources close to the deal told Axios.

What's happening: Russell was blindsided by Indian investment firm Sun Group and others who didn't wire the money they were contractually obligated to send on the day the deal was supposed to close, per the sources.

Mariah Carey might not be the queen of the holiday charts after all.

The big picture: Carey's ubiquitous "All I Want for Christmas is You" is only the second most-played Christmas hit, according to Spotify, trailing Brenda Lee's "Rockin' Around the Christmas Tree."

Elon Musk's X Corp. sued Media Matters for America for defamation on Monday after the left-leaning nonprofit released a report on ads on X running next to pro-Nazi content and helped trigger an advertiser exodus.

Driving the news: The lawsuit, filed in the U.S. District Court for the Northern District of Texas Fort Worth Division, alleged the organization's tactics were manipulative and deceptive.

The U.S. Securities and Exchange Commission on Monday filed charges against crypto company Kraken for operating what it says is an unregistered securities exchange, clearing agency and broker.

Why it matters: This is the latest high-profile move by the regulatory agency in its quest to reign in what it sees as crypto companies running amok with securities law.