Big Tech has lost $278 billion in stock-market value since the Facebook data-harvesting revelations two weekends ago, per the Financial Times (subscription):
By the numbers: Facebook: $75 billion ... Amazon: $61 billion ... Apple: $54 billion ... Alphabet, parent of Google: $62 billion ... Microsoft $26 billion.
In a fascinating interview with Wired's Nicholas Thompson, French president Emmanuel Macron explains why he is making big investments to bring France into the "winner takes all" race with the U.S. and China on artificial intelligence.
One key quote: "At some point, as citizens, people will say, 'I want to be sure that all of this personal data is not used against me, but used ethically, and that everything is monitored. I want to understand what is behind this algorithm that plays a role in my life.'”
Why it matters: A source told Axios' Jonathan Swan that the "whole post office thing" has been "explained to [Trump] in multiple meetings that his perception is inaccurate and that the post office actually makes a ton of money from Amazon." Amazon pays the same bulk rate as other shippers, and USPS is legally required to avoid shipping at a loss.
P.S. ... Newspapers are not required to register as lobbyists. But Trump has singled out the Post for being owned by Amazon owner Jeff Bezos. Back in July, the president called WaPo a "lobbyist weapon" for Amazon.
From next week's issue of The New Yorker ... "Letter from Silicon Valley: At Uber, a New C.E.O. Shifts Gears: Dara Khosrowshahi is charged with turning the scandal-plagued startup into a traditional company — without sacrificing what made it successful," by Sheelah Kolhatkar:
Why it matters: "Uber has been criticized for taking advantage of its drivers, who work without job security or benefits, and whose commissions the company has reduced more than once. Shortly before Kalanick’s departure, Uber realized that this was a strategic mistake — the company needed to attract drivers ... if it wanted to continue to grow. Many riders, meanwhile, felt increasingly uncomfortable using the app, which had come to symbolize gig-economy exploitation. Courting drivers is now a priority at the company."
