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OpenAI Had Quite the Week

OpenAI was all over the news this week. First, we found out they're working on their own hardware device with help from Jony Ive, the former Apple designer. But they're not stopping there—they're actively trying to poach Apple's hardware people and get access to Apple's supply chain.

The company is also planning to spend $100 billion on backup servers to improve their computing capacity. That's a massive investment just to make sure their systems can handle demand.

But OpenAI wasn't the only AI company making headlines. Oracle's stock has been climbing because of their AI cloud deals, though analysts are pointing out some risks with the current valuation. Insurance funds are apparently becoming a new funding source for AI developers too.

On the flip side, some big software companies are struggling with AI. Salesforce is finding it harder than expected to sell AI-powered software, despite CEO Marc Benioff's earlier promises. And we looked at how AI firms are building services that can automate white-collar jobs by interacting directly with software apps.

Elon Musk's xAI is also raising more money. They profiled the ex-oil executive who's become the public face of xAI in Memphis, where Musk is building those giant supercomputers.

Everyone Wants to Kill the iPhone (Good Luck With That)

Eighteen years after the first iPhone, people still line up outside Apple stores for new models. It happened again Friday when the iPhone 17 series launched. Apple even had to quickly ramp up production of the entry-level iPhone 17 because preorders were stronger than expected.

But that's not stopping other companies from trying to build the iPhone killer. Meta thinks eyeglasses will eventually replace phones as our main device. At their Connect event Wednesday, Mark Zuckerberg said glasses are "the only form factor where you can let AI see what you see, hear what you hear and talk to you throughout the day."

Except you can already do that with your phone. Google's Gemini has a live video feature where you point your camera at something and have a conversation about it. One analyst called it "easily the best experience I've ever had of a multimodal AI experience."

OpenAI has similar plans to replace the phone. When Sam Altman announced they were working with former Apple designer Jony Ive back in May, he talked about interacting with AI chatbots like you had to open a laptop—completely ignoring that phones exist. That supposedly inspired OpenAI to build their own AI device. They're now hiring Apple's hardware people and using Apple's supply chain to make it happen.

The problem is phones are really hard to beat. People aren't even that excited about AI features yet, but when they do get interested, phones seem like the obvious place to use them. The iPhone has survived a lot of would-be killers over the years. This might not be any different.

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Meta's New Glasses: The Solution to a Problem We Don't Have

Mark Zuckerberg thinks he's solved the problem of people rudely checking their phones during conversations. His solution? Meta's new "display" glasses that let you read texts and take calls through a little screen in one lens. They go on sale in a couple weeks for $799.

Zuckerberg claims the glasses will "preserve the sense of presence that you have when you're with other people," something he says we've lost with phones. He's not wrong that phones can be distracting during dinner. But his glasses might actually make this worse.

At least when someone pulls out their phone, you know they're not paying attention to you. With these glasses, you'll be talking to someone who looks like they're listening, but they're actually reading a text message or scrolling through notifications. It's like finding out someone's been wearing earbuds the whole time you were talking to them.

Meta's demonstration Wednesday night was pretty glitchy, and it was clear that controlling the glasses with finger gestures is going to take serious practice. This isn't like learning to type on an iPhone's glass keyboard instead of BlackBerry buttons. This is learning an entirely new way to interact with technology while trying to look normal in public.

The whole pitch feels like solving a problem by creating a bigger version of the same problem. Sure, people looking at phones during conversations is annoying. But people secretly looking at screens while pretending to pay attention might be even worse.

Meta deserves credit for pushing new technology forward. But if you buy these glasses, prepare for some very awkward moments when people realize you're not actually listening to them.

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Nvidia Throws Intel a $5 Billion Lifeline (But Don't Get Too Excited)

Nvidia just invested $5 billion in Intel, and Intel's stock jumped 23% in a single day—its biggest surge in nearly four decades. That sounds like great news for Intel, but let's pump the brakes a bit.

The comparison everyone's making is to Microsoft's $150 million investment in Apple back in 1997, when Apple was basically broke and Steve Jobs had just returned. That investment helped save Apple, which then went on to create the iPod and iPhone. But Intel isn't Apple, and it doesn't have a Steve Jobs.

Intel has been falling behind rivals like Nvidia and TSMC for years. They're still struggling with manufacturing and haven't found the big outside customers they need. A $5 billion investment doesn't magically fix those fundamental problems.

Here's the kicker: Nvidia is already making money on this deal. They're paying $23.28 a share, but the news sent Intel's stock to $30.57. So Nvidia's investment looks pretty smart from a pure financial standpoint. The real reason for the deal? It's probably more about winning points with the Trump administration than saving Intel.

TikTok's Sale: Finally Happening, But at What Cost?

After years of drama, it looks like TikTok is finally getting sold to a U.S.-controlled company. Both China and the U.S. seem to agree on the basic terms, though we're still missing key details like who exactly is buying it and how much they're paying.

The business case looks solid on paper. TikTok America could be pulling in around $20 billion a year in revenue, making it the second-biggest social media company after Meta. That's way ahead of Snap's $5.4 billion or Pinterest's smaller numbers. The U.S. is the world's largest ad market, so there's definitely money to be made.

But here's where it gets tricky. TikTok hasn't been profitable yet, at least as of 2023. The new U.S. company will need to hire a lot of people to replace functions that ByteDance used to handle, which means higher costs. Plus, there's the elephant in the room: what does the U.S. government want out of this deal?

Trump previously said the government should get a stake in TikTok. That idea doesn't seem so crazy anymore, considering the government now owns part of Intel. But some potential buyers have talked about giving the government a 50% revenue share, which seems like a lot. That would seriously hurt the company's ability to make money.

The reported buyer group includes Oracle, Andreessen Horowitz, and Silver Lake Management. They're probably not thrilled about the idea of splitting revenue with the government, unless this is just about staying on Trump's good side.

TikTok's sale might finally be happening, but the real question is whether the new owners can actually make money once they're done paying everyone else their cut.

Week Ahead:

Monday: China’s banks are expected to keep loan prime rates unchanged; the Eurozone reports consumer confidence.

Tuesday: The UN General Assembly begins in New York; the OECD releases its interim economic outlook; Sweden’s Riksbank is expected to cut rates by a quarter point; Nigeria’s central bank is expected to cut half a point.

Wednesday: Australia reports CPI; the US reports new home sales. 

Thursday: Mexico’s central bank is expected to cut a quarter point and Switzerland’s to hold.

Friday: The US reports PCE and personal income; the University of Michigan publishes its consumer sentiment index; Japan reports Tokyo CPI.

Should be an interesting week. I’ll be tracking it all on X (formerly Twitter): @wallstengine.