The ways in which artificial intelligence will fuel economic growth are coming into sharper focus.
Why it matters: Much like the web and mobile revolutions did in preceding eras, AI is on track to spawn new business models and processes, tightening up the relationship between people and technology.
Fisher-Price, Kids2 and the U.S. Consumer Product Safety Commission on Monday “reannounced” recalls from 2019, after more babies died in the recalled baby sleepers.
Driving the news: “This is an urgent warning for consumers to check their homes for these products,” Patty Davis, spokesperson for the CPSC, told Axios Monday. “Do not put your baby to sleep in inclined sleepers ever. It is not safe.”
The Intercept, a progressive nonprofit investigative news outlet, is spinning 0ff as an independent nonprofit from its parent, First Look Media, according to a memo sent to staff obtained by Axios.
Why it matters: The company had been planning to spin off the organization for some time. Doing so, it believes, will help the outlet more easily secure outside funding to build a more sustainable long-term business model.
AstraZeneca on Monday announced plans to buy CinCor Pharma, a Boston-based biopharma focused on hypertension and chronic kidney disease, for upwards of $1.8 billion.
Why it matters: This reflects the symbiotic mashup of falling biotech stock prices, and incumbent drugmakers needing to refresh portfolios as top-sellers fall off the patent cliff.
Crypto shops weary from last year's sequence of unfortunate events likely have strenuous regulatory calisthenics waiting for them, and executives see compliance costs rising across the board.
Why it matters: Regulators' hawkish stance on the industry signals a coming torrent of enforcement action — one that the major exchanges might be able to withstand, but that could choke out smaller firms, their products, or shrink the number of jurisdictions they operate in.
The former CEO of McDonald's was charged Monday with making false and misleading statements to investors about the circumstances that led to his termination in 2019.
Driving the news: Stephen Easterbrook, without admitting or denying the Securities and Exchange Commission's findings, agreed to pay $400,000 over the allegations that he misrepresented the cause behind his termination, the SEC said.
The guy behind layoffs.fyi, a popular website that tracks job cuts at tech companies, just started a new website that tracks tech salaries, called Comprehensive.io.
Why it matters: Even as the tech industry is going through a turbulent period of downsizing, employers are still advertising some eye-popping pay scales.
Yields on government bonds plunged on Friday, as reports suggested that the sought-after soft landing for the economy may be a possibility.
Why it matters: A soft landing — meaning inflation eases, without the economy falling into a recession — would allow the Fed to ease up on the interest rate hikes that crushed the stock and bond markets last year.
The hot new thing in the moribund housing market is called a mortgage buydown — it's one of the concessions home sellers are increasingly offering buyers to seal a deal.
Why it matters: Though they've been around a while, buydowns seem a tailor-made solution for the current real estate market's biggest problem: High mortgage rates hovering around 6% have turned off buyers.
TikTok enters 2023 facing deepening doubts in Washington about its future in the U.S. thanks to its ownership by China-based ByteDance.
Why it matters: The short-video colossus now dominates the American social media landscape, raising concerns among lawmakers, competitors and users over data security, privacy and freedom of speech.
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