Author: Henry Kanapi

Accounting firm KPMG says the majority of businesses with at least $50 million in revenue are losing income to scammers using AI. In a study conducted between February 4th and 13th, KPMG polled business owners or executive-level C-suite decision-makers at 251 Canadian companies with annual gross revenues from $50 million to over $1 billion to gain insights on fraud and AI use. The accounting firm finds that in the last 12 months alone, 72% of businesses had lost 5% of their profits to AI-powered attacks, with 94% saying they are bracing for the risk of attacks in the coming year.…

Social media titan Meta is rolling out new tech and tools to combat scammers using its platforms to drain money from victims. In a new update, Meta says it removed 159 million scam ads on its platforms that violated the firm’s policies and took down 10.9 million accounts on Facebook and Instagram that had ties with criminal scam centers. According to Meta, scammers are now evolving their tactics, and the company is responding by using AI to fight off celeb-bait and brand impersonation. “Our experts and specialists in combating scams built advanced AI systems that can analyze multiple signals —…

The Magnificent 7 has fallen into correction territory amid fears of escalating tensions in the Middle East and AI disruption. Data shows that the Roundhill Magnificent 7 ETF (MAGS), which provides an equal-weight exposure to Mag 7 names, is now in correction mode after dropping 10% this year, from its 2026 opening price of $66.50 to its current value of $59.94. Among the Mag 7 names, Microsoft (MSFT) is the biggest loser so far, dropping 18.34% from $484.38 at the start of the year to $395.55. Elon Musk’s Tesla (TSLA) follows suit, falling 14.55% from $457.8 to $391.2 as of…

Elon Musk says xAI’s days of being behind in performance are numbered as the company makes two key hires to boost its coding ambitions. In a new post on X, Musk says xAI is behind its competitors in coding because the company’s original setup and structure were not designed to support his objectives, including using AI to power robots and a mass driver on the Moon. “xAI was not built right the first time around, so it is being rebuilt from the foundations up. The same thing happened with Tesla.” Musk believes that it’s only a matter of months before…

White House AI Czar David Sacks is urging the Trump administration to take a victory lap and get out of Iran. In a new episode of the All-In podcast, Sacks says the US has done enough damage that it’s time to seriously think about de-escalating the situation in the Middle East. “We’ve degraded Iranian capabilities massively: their army, Navy, Air Force have all been destroyed. This is a good time to declare victory and get out. And that is clearly what the markets would like to see.” But according to Sacks, he’s hearing whispers that some people in the government,…

A former Goldman Sachs chief executive warns that soaring oil prices could trigger rising inflation and low economic growth. In a new PBS interview, Lloyd Blankfein warns that he sees a “very, very bad situation” emerging once oil hits $130 a barrel. According to the former Goldman executive, rising oil prices could make goods and services much more expensive while stifling economic growth. “Well, it raises very difficult questions for people because something like that is just all bad all around. Because higher oil prices, when it seeps into the supply chain, are inflationary on the one hand, and kind…

Billionaire venture capitalist Chamath Palihapitiya says America’s AI industry is having a perception problem as leaders send mixed messages to the public. Earlier this week, NBC released a survey that shows Immigration and Customs Enforcement (ICE) is more popular than AI among American adults. ICE holds a 38% positive view, while AI is near the bottom of the rankings at just 26% favorability. Palihapitiya says AI is experiencing a big PR problem because leaders are not coherent in their messaging, as CEOs push their own agendas to raise funds and generate revenue. The billionaire notes that Anthropic’s Dario Amodei talks…

Tech titan Meta is reportedly planning a massive reduction in its headcount to offset the hundreds of billions of dollars in projected AI investments. Three sources familiar with the matter say Meta is looking at making sweeping layoffs that could impact 20% of its 79,000-strong workforce or 15,800 employees, Reuters reports. The sources say the firm is banking on AI to drive greater efficiency as Meta plans to spend $600 billion on data center construction by 2028. Last month, the company announced its AI CapEx guidance to the tune of $122 billion. According to the sources, the date and the…

Software company Adobe is preparing to shell out tens of millions of dollars to settle allegations involving its subscription practices. The U.S. Department of Justice says Adobe has agreed to a $150 million settlement to resolve accusations that it violated the Restore Online Shoppers’ Confidence Act (ROSCA), which requires firms that offer online subscriptions to clearly disclose important subscription information and to provide subscribers with simple ways to cancel. According to court documents filed with the U.S. District Court for the Northern District of California, Adobe allegedly used “fine print and inconspicuous hyperlinks” to conceal important details about its subscription plans,…

The chief executive of a cloud-based enterprise software platform warns that unemployment among college graduates could surge more than 200% as AI agents proliferate. In a new Squawk Street interview, Bill McDermott says that AI agents are now more than capable of performing tasks that college graduates do for companies. “Well, I think it’s very natural to be concerned about jobs. I think young people coming out of university today is like 9% unemployment. I think it could easily go into the mid-30s in the next couple of years. Because what’s happening now is for the non-differentiating roles, so much…