Vista CEO Says AI to Force 60% of SuperReturn Crowd to Seek Work
Vista Equity Partners ' founder, chairman and CEO Robert F. Smith said he expects AI to have a seismic impact on jobs in the private market industry.
'We think that next year, 40% of the people at this conference will have an AI agent and the remaining 60% will be looking for work,' he said in comments at the SuperReturn International private capital conference in Berlin.
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Forbes
18 minutes ago
- Forbes
Fusion Energy May Be The Key To World Hegemony
What would it take for the United States to lose its hegemony to a rising power like China? Right now, America appears to be ahead economically and militarily. However, there is a stark difference between America's national strategy (insofar as one exists) and China's. The US under President Trump calls for regression. It seeks to restore a manufacturing economy that peaked in the 1950s—like an elderly man trying to restore hair where it hasn't grown for decades. It is doubling down on domestic oil, gas and coal. Through tariffs, disparagement of NATO and aggression towards allies like Canada and Denmark, the administration has alienated partners that long supported a US-led world order. China, meanwhile, has a tremendous lead in developing the economy of the future. It has a near monopoly on rare earth minerals, which are needed for electronics, renewable energy systems, defense technologies and more. China leads in solar, wind and batteries, the energy systems growing at the fastest rate. It is ahead in electric vehicles, industrial robotics and drones as well. It probably has achieved parity in artificial intelligence and may surpass the US soon. If China were to take Taiwan, it would control the global market for advanced chip manufacturing. In the background, but probably most importantly, China may be on track to commercialize fusion energy before the US or its disgruntled allies. Unlike the US, China has no domestic energy industry with vocal lobbyists (and purchasable politicians) to slow progress. It is funding fusion as a national strategy while private fusion companies in the West are at the mercy of investors that, for the most part, chase low risk and quick returns. Fusion promises cheap, plentiful, baseload energy without carbon emissions. AI, data centers and industrial robotics powered by fusion would produce goods and services at much lower costs than value chains dependent on fossil-fired electricity. Militaries built on swarms of small, cheap, electronic drones and robots—powered by small, distributed fusion facilities deep underground, safe from attack—would have an edge over competitors using large, expensive, petroleum-powered vehicles with vulnerable supply chains. I cannot overstate the ramifications of China developing fusion first. As an analogy, imagine if Japan and Germany had uncovered vast reserves of oil at home in the 1920s. American and Soviet oil gave the Allies a strategic advantage over the Axis powers. Had the situation been reversed, World War II could have ended differently. While private fusion companies in the West have raised about $8 billion total, China is investing at least $1.5 annually into fusion projects—double what the US government spends. Japanese and German investments in fusion don't even come close. Canada, for the record, has no fusion funding strategy. Moreover, the government of British Columbia, home of industry leader General Fusion, seems not to understand the value of this crown asset.* On all fronts nuclear, China is leaping ahead. In April, its scientists added fresh fuel to an operational thorium molten salt reactor—a first. The thorium reserves found in Inner Mongolia, an autonomous region of China, could theoretically meet Chinese energy demand for thousands of years. The kicker: this reactor design originated in the US. As project lead Xu Hongjie put it, 'The US left its research publicly available, waiting for the right successor. We were that successor." Moreover, in January, China's Experimental Advanced Superconducting Tokamak (EAST) sustained a fusion reaction for 1,066 seconds, setting a new record. Its Burning Plasma Experimental Superconducting Tokamak (BEST) fusion reactor could come online by 2027 and is expected to produce five times the amount of energy it consumes. When BEST announces this milestone, Western fusion companies may be announcing that they've run out of funding. To China, fusion is not a startup project—it's a matter of national interest and security. Its scientists are patenting more fusion-related technologies than any other single country and graduating more doctorates in fusion-related fields. And because China is the top refiner and exporter of the critical minerals needed in fusion reactors (e.g., for magnets), no external force is going to slow their progress. In the meantime, China has a cheap gas station next door—Russia—supplying all the fossil fuels China could need in exchange for support in its war with Ukraine. That support includes critical minerals needed by Russian arms manufacturers. Is fusion energy, along with other Chinese-dominated technologies, enough to end US hegemony? In 1988, historian Paul Kennedy published The Rise and Fall of the Great Powers, a book that tried to explain the relative success (and failure) of powerful states. According to Kennedy, their rise and fall '…shows a very significant correlation over the longer term between productive and revenue-raising capacities on the one hand and military strength on the other.' Essentially, states must balance economic prosperity with strategy. Technological breakthroughs are vital to both. Innovation creates wealth, which enables the state to invest in defense and win wars. While underinvestment in defense leaves the state vulnerable to other powers, overextension and overspending on defense can run an economy into the ground, leaving it unable to sustain a strong military. Now, picture a great power—China—with a military to rival the US and fusion reactors that provide virtually unlimited energy. Imagine the clout China would have in establishing ports, military bases and consumer markets around the world if it could license that fusion technology. A China that exceeds the US in energy, industry, intelligence, mobility and defense is positioned to usurp it. Of course, China could bungle its advantage. Authoritarian regimes have a habit of mismanaging internal dissent, falsifying reality and making preventable mistakes. The rise of China is inevitable, but the self-inflicted decline of the US and its allies isn't. Rather, it's a choice reflecting how societies invest their resources and envision their future. *Disclosure: The author is an investor in General Fusion and sits on its board of directors.
Wall Street Journal
23 minutes ago
- Wall Street Journal
U.S. Hiring Slowed in May Amid Tariff Uncertainty - Minute Briefing
Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Zoe Kuhlkin: Here's your Midday Brief for Friday, June 6th. I'm Zoe Kuhlkin for The Wall Street Journal. The US added 139,000 jobs in May, the Labor Department reported today. The figure was above economists' expectations, but the slower growth serves as a sign employers remained cautious amid all of the tariff uncertainty. The employment rate, which is based on a separate survey from the jobs figures, remained at 4.2%. Federal government employment shrank by 22,000 jobs, the fourth consecutive month of such declines. Industrial production in the Eurozone's two largest economies has declined in the first month of President Trump's global tariff blitz. German and French industrial output both contracted 1.4% in April. A sign that an economic slowdown is underway after a start to the year that was even stronger than first estimated. Trade data published today showed goods exports to the US from Germany sank 10.5% as companies adapted to the new trade reality. And Switzerland has proposed some of the strictest capital rules in the world on banking giant UBS in an attempt to prevent another Credit Suisse style meltdown, protect taxpayers, and restore the country's reputation as a haven for rich people. The proposal would require UBS to hold around $26 billion in additional equity capital and reduce its reliance on hybrid bonds that can convert to equity. UBS has openly opposed this proposal and today's reforms are a blow to their arguments. The government said the main measures could take six to eight years to fully take effect. We'll have more coverage of the day's news on the WSJ's What's News Podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
Associated Press
25 minutes ago
- Associated Press
A British TV art expert who sold works to a suspected Hezbollah financier is sentenced to prison
LONDON (AP) — An art expert who appeared on the BBC's Bargain Hunt show was sentenced Friday to two and a half years in prison for failing to report his sale of pricey works to a suspected financier of Lebanon's militant Hezbollah group. Oghenochuko Ojiri, 53, pleaded guilty to eight offenses under the Terrorism Act 2000. The art sales took place between October 2020 and December 2021. Ojiri, who also appeared on the BBC's Antiques Road Trip, faced a possible sentence of five years in prison in the hearing at London's Central Criminal Court, which is better known as the Old Bailey. In addition to the prison term, Justice Bobbie Cheema-Grubb said Ojiri faces an additional year on license. Ojiri sold about 140,000 pounds ($185,000) worth of artworks to Nazem Ahmad, a diamond and art dealer sanctioned by the U.K. and U.S. as a Hezbollah financier. The sanctions were designed to prevent anyone in the U.K. or U.S. from trading with Ahmad or his businesses. 'This prosecution, using specific Terrorism Act legislation, is the first of its kind and should act as a warning to all art dealers that we can, and will, pursue those who knowingly do business with people identified as funders of terrorist groups,' said Commander Dominic Murphy, head of the Metropolitan Police's Counter Terrorism Command. The Met's investigation into Ojiri was carried out alongside Homeland Security in the U.S., which is conducting a wider investigation into alleged money laundering by Ahmad using shell companies. Ahmad was sanctioned in 2019 by the U.S. Treasury, which said he was a prominent Lebanon-based money launderer involved in smuggling blood diamonds, which are mined in conflict zones and sold to finance violence. Two years ago, the U.K. Treasury froze Ahmad's assets because he financed Hezbollah, the Iranian-backed Shiite militant organization that has been designated an international terrorist group. Following Ojiri's arrest in April 2023, the Met obtained a warrant to seize a number of artworks, including a Picasso and Andy Warhol paintings, belonging to Ahmad and held in two warehouses in the U.K. The collection, valued at almost 1 million pounds, is due to be sold with the funds to be reinvested back into the police, the Crown Prosecution Service and the Home Office.
