Finance

The price of the tokens by which corporates pay frontier labs for AI usage has been falling dramatically for months now. For research affiliate Paul Kedrosky, token pricing represents "the first hyperdeflationary commodity in the history of modern economies" because, whether or not they come into contact with other parts of the economy, "they do huge damage to it," causing price deflation. With these falling token prices, Kedrosky calculates that frontier model companies must achieve 400% annual unit growth "just to stand still financially," he said.

For years, the conventional wisdom about young workers has been: Gen Z doesn't want a traditional career. They'd rather freelance, day-trade, chase side hustles, and treat a 9-to-5 as a relic that their parents clung to. Professor Emeritus Paul Osterman has spent decades testing that kind of assumption against hard labor-market data, and in his new book "Disposable Workers: The Transformation of Employment," he says the evidence points in the opposite direction. "Is that rhetoric really reflected in the attitudes of younger people?" Osterman asked. "The evidence is that it's absolutely not."

Principal research scientist Andrew McAfee said: "If you can't successfully address the fundamental fact of Moore's Law — the rule that the number of transistors on silicon chips doubles every 18 to 24 months — you're just not going to be around for long. The business model that we developed for running a company in the 20th century doesn't work in the digital, hardware, software, or networking industries."

Kevin M. Warsh made his first appearance as the Federal Reserve's chairman at its annual conference in Jackson, Wyoming. "He was very clear: He is not telling us what he's doing at the next meeting," said professor Kristin Forbes. Still, Ms. Forbes conceded that Mr. Warsh was in a "tricky situation" as he contends with the market's reactions.