Alibaba Group

Facebook's next big economic bet

Illustration: Aïda Amer/Axios

Yesterday's privacy announcement from Facebook CEO Mark Zuckerberg has been framed as a response to public outcry about the company's lax data privacy standards, but it's really about Facebook going all in on what it sees as the future of communication, payments and life.

What's next? The new "Facebook coin," even if not quickly adopted by payment processors, can become a global currency that users of Facebook, WhatsApp and Instagram can use to complete transactions among themselves anywhere in the world.

The companies that broke AI may be the ones to fix it

Illustration: Aïda Amer/Axios

Just 9 rich tech companies have come to dominate the development of AI. In the process they have made monumental errors, leading to privacy meltdowns and biased algorithms.

In a new book, New York University professor Amy Webb stakes out the controversial position that these companies — though they stirred up the trouble — are also the best hope to fix it.

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