Anyone can try Copilot 3D right now.
There are a variety of AI-powered tools to convert 2D images to 3D ones, but Microsoft has just introduced its own Copilot 3D feature that's free of charge. It converts images to the GLB format, which is compatible with 3D viewers, design tools, and game engines. Just be warned, it doesn't work well with animals or humans. Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates. Tom Warren Posts from this author will be added to your daily email digest and your homepage feed. See All by Tom Warren
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Bloomberg
21 minutes ago
- Bloomberg
The Challenge Towns Face in Powering AI and Data Centers
As AI's rapid expansion drives a growing need for data centers, small towns like Warrenton, Virginia are pushing back - worried about the noise, energy demands, and the challenges of dealing with big tech companies. Despite the promise of much-needed revenue, Warrenton's residents overwhelmingly opposed an Amazon data center, citing concerns over community impact and energy infrastructure strain. With power needs rising faster than the grid can support, industry leaders say new solutions like on-site clean energy will be essential if data centers are to become welcome neighbors rather than disruptive intrusions. (Source: Bloomberg)
Yahoo
42 minutes ago
- Yahoo
Mega-cap tech companies lead the markets higher
A version of this post first appeared on Mega-cap tech companies have been leading the stock market higher. AI investment has been driving economic growth. We hear about these storylines every single day in finance media. Occasionally, some charts and stats cut through the noise and offer some killer context. Here are a couple that recently caught my eye. The 'Magnificent Seventy'? 🤯 Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META) Platforms, and Tesla (TSLA) — the trillion-dollar companies collectively known as the "Magnificent Seven — account for about a third of the S&P 500's combined market capitalization. This concentration among the largest companies makes some people nervous. Because what if one or more of these companies sees demand sour and investors dump the stocks? My favorite counterargument to this concern is that these seven companies don't operate just seven businesses. "They may go by the Magnificent Seven, but the truth is they act more like the Magnificent Seventy," Bloomberg's Eric Balchunas and Breanne Dougherty wrote. "Collectively, the Seven have acquired over 800 companies and expanded into a dizzying array of industries — effectively functioning as conglomerates of advanced technology, while still growing organically." Each of the Magnificent Seven companies are made up of massive companies. (Source: Eric Balchunas) For the most part, the subsidiaries are tech-oriented or businesses leveraging a lot of tech. Still, it is nearly impossible to find a household or business that isn't regularly using multiple goods or services offered by at least a few of these names. "Viewed this way — as dozens of companies within each one — concerns about their record 33% weighting in the S&P 500 miss the point: the index may still be as diversified as ever," Balchunas and Daugherty added. For more on this discussion, read: 🤨 and 💪 AI investment is officially the dominant growth story 🤖 AI has been a hot story for about three years. And the buzz only seems to be heating up. Check out this chart from Luke Kawa at Sherwood News. It tracks analysts' estimates for AI capex by the major hyperscalers: Microsoft, Alphabet, Amazon, Meta, and Oracle. The curve suggests the investment spending is accelerating. AI capex spending by the hyperscalers has been heating up. (Source: Sherwood) And just how big is the AI capex story in the context of the economy? Renaissance Macro's Neil Dutta caught this incredible development in the most recent GDP report. "So far this year, AI capex, which we define as information processing equipment plus software, has added more to GDP growth than consumers' spending," Dutta said. AI capex is contributing more to GDP growth than personal consumption. (Source: Sherwood, Renaissance Macro) What's so impressive about this is how small AI capex is in the context of the economy. "The U.S. consumer makes up about 70% of the economy," Sherwood's Kawa noted about the stats. "Over the long term, that's been the undisputed engine of growth. But these two segments that make up 6% of GDP have been playing a bigger role in fueling the expansion so far this year, on average." In other words, a relatively small slice of the economy is growing so fast that it's become the dominant growth story for the whole economy. Review of the macro crosscurrents 🔀 There were several notable data points and macroeconomic developments since our last review: 👎 Inflation expectations heat up. From the New York Fed's July Survey of Consumer Expectations: "Median inflation expectations in July increased at the one-year-ahead horizon to 3.1% from 3.0% and at the five-year-ahead horizon to 2.9% from 2.6%. They remained steady at the three-year-ahead horizon at 3.0%." (Source: NY Fed) The introduction of new tariffs risks higher inflation. For more, read: 😬 ⛽️ Gas prices tick higher. From AAA: "Gas prices fluctuated slightly this past week with the national average for a gallon of regular going up by two cents to $3.16. Crude oil prices are hanging in the mid $60s per barrel, keeping pump prices steady. Supply remains abundant, as OPEC+ — a group of oil-producing countries — recently announced it will be boosting production again next month, following several other increases this year." (Source: AAA) For more on energy prices, read: 🛢️ 🏠 Mortgage rates tick lower. According to Freddie Mac, the average 30-year fixed-rate mortgage declined to 6.63% from 6.72% last week. From Freddie Mac: "The 30-year fixed-rate mortgage dropped to its lowest level since April. The decline in rates increases prospective homebuyers' purchasing power, and Freddie Mac research shows that buyers can save thousands by getting quotes from a few different lenders." (Source: Freddie Mac) There are 147.9 million housing units in the U.S., of which 86.1 million are owner-occupied and about 39% are mortgage-free. Of those carrying mortgage debt, almost all have fixed-rate mortgages, and most of those mortgages have rates that were locked in before rates surged from 2021 lows. All of this is to say: Most homeowners are not particularly sensitive to the small weekly movements in home prices or mortgage rates. For more on mortgages and home prices, read: 😖 🏭 Business investment activity deteriorates. Orders for nondefense capital goods excluding aircraft — a.k.a. core capex or business investment — decreased 0.8% to $75.4 billion in June. (Source: Census via FRED) Core capex orders are a leading indicator, meaning they foretell economic activity down the road. For more on deteriorating economic metrics, read: ⚖️ 💼 New unemployment claims remain low — but total ongoing claims are up. Initial claims for unemployment benefits rose to 226,000 during the week ending Aug. 2, up from 219,000 the week prior. This metric remains at levels historically associated with economic growth. (Source: DoL via FRED) Insured unemployment, which captures those who continue to claim unemployment benefits, rose to 1.974 million during the week ending July 26. This metric is near its highest level since November 2021. (Source: DoL via FRED) Steady initial claims confirm that layoff activity remains low. Rising continued claims confirm hiring activity is weakening. This dynamic warrants close attention, as it reflects a deteriorating labor market. For more context, read: 🧩 and 💼 💪 Labor productivity increases. From the BLS: "Nonfarm business sector labor productivity increased 2.4% in the second quarter of 2025 … as output increased 3.7% and hours worked increased 1.3%. (All quarterly percent changes in this release are seasonally adjusted annualized rates.) From the same quarter a year ago, nonfarm business sector labor productivity increased 1.3% in the second quarter of 2025." (Source: BLS) For more, read: ⚙️ 🤑 Wage growth is cool. According to the Atlanta Fed's wage growth tracker, the median hourly pay in July was up 4.1% from the prior year, down from the 4.2% rate in June. (Source: Atlanta Fed) For more on why policymakers are watching wage growth, read: 📈 💰 Household finances could be better, but are mostly normalizing. From the New York Fed's Q2 Household Debt & Credit report: "Transition into early delinquency held steady for nearly all debt types except for student loans. Student loans saw another uptick in the rate at which balances went from current to delinquent due to the resumption of reporting of delinquent student loans. Transitions into serious delinquency were mixed across debt types: auto loans and credit card debt were largely stable, mortgages and HELOCs edged up slightly, and student loans rose sharply." (Source: NY Fed) While the rate at which debt is entering delinquency has increased, the total amount of debt in delinquency remains low, at just 4.4% of outstanding debt. (Source: NY Fed) And while credit card debt balances often steal headlines, it's a mistake to say consumers are maxing out their credit cards. The $1.2 trillion in credit card balances as of Q2 represents just a tiny fraction of credit card limits. (Source: NY Fed) For more on household finances, read: 🛍️ 💳 Card spending data is strong, but could be driven by "buyahead" before tariffs. From JPM: "As of 31 Jul 2025, our Chase Consumer Card spending data (unadjusted) was 3.3% above the same day last year. Based on the Chase Consumer Card data through 31 Jul 2025, our estimate of the US Census July control measure of retail sales m/m is 0.61%." (Source: JPM) From BofA: "Total card spending per HH was up 3.0% y/y in the week ending Aug 2, according to BAC aggregated credit and debit card data. Online retail saw the biggest y/y spending gain while entertainment saw the biggest drop vs last week, across our categories. The significant rise this week could be buyahead before the Aug 1 tariff deadline/early month volatility." (Source: BofA) For more on sales being pulled forward ahead of tariffs, read: 🤔 🤷🏻 Services surveys could be better. From S&P Global's July Services PMI: "July's expansion was driven by surging demand in the tech sector alongside rising financial services activity, the latter linked to improving financial conditions fueled in turn by recent stock market gains. However, falling exports of services, which includes spending in the US by tourists, acted as a drag on growth alongside subdued demand from consumers more broadly." (Source: S&P Global) ISM's July Services PMI signaled the sector was just barely growing. (Source: ISM) Keep in mind that during times of perceived stress, soft survey data tends to be more exaggerated than actual hard data. For more on interpreting soft sentiment data, read: 🙊 🏢 Offices remain relatively empty. From Kastle Systems: "Peak day office occupancy was 63.5% on Tuesday last week, down 1.4 points from the previous week. Occupancy fell most days of the week in all 10 tracked cities, as workers took time away from the office across the country. The average low was 34.2% on Friday, down nine tenths of a point from the previous week." (Source: Kastle) For more on office occupancy, read: 🏢 📈 Near-term GDP growth estimates are tracking positively. The Atlanta Fed's GDPNow model sees real GDP growth rising at a 2.5% rate in Q3. (Source: Atlanta Fed) For more on GDP and the economy, read: 📉 and 🤨 Putting it all together 📋 🚨 The Trump administration's pursuit of tariffs threatens to disrupt global trade, with significant implications for the U.S. economy, corporate earnings, and the stock market. Until we get more clarity, here's where things stand: Earnings look bullish: The long-term outlook for the stock market remains favorable, bolstered by expectations for years of earnings growth. And earnings are the most important driver of stock prices. Demand is positive: Demand for goods and services remains positive, supported by healthy consumer and business balance sheets. Job creation, although cooling, also remains positive, and the Federal Reserve — having resolved the inflation crisis — shifted its focus toward supporting the labor market. But growth is cooling: While the economy remains healthy, growth has normalized from much hotter levels earlier in the cycle. The economy is less "coiled" these days as major tailwinds like excess job openings and core capex orders have faded. It has become harder to argue that growth is destiny. Actions speak louder than words: We are in an odd period, given that the hard economic data decoupled from the soft sentiment-oriented data. Consumer and business sentiment has been relatively poor, even as tangible consumer and business activity continues to grow and trend at record levels. From an investor's perspective, what matters is that the hard economic data continues to hold up. Stocks are not the economy: There's a case to be made that the U.S. stock market could outperform the U.S. economy in the near term, thanks largely to positive operating leverage. Since the pandemic, companies have aggressively adjusted their cost structures. This came with strategic layoffs and investment in new equipment, including hardware powered by AI. These moves are resulting in positive operating leverage, which means a modest amount of sales growth — in the cooling economy — is translating to robust earnings growth. Mind the ever-present risks: Of course, we should not get complacent. There will always be risks to worry about, such as U.S. political uncertainty, geopolitical turmoil, energy price volatility, and cyber attacks. There are also the dreaded unknowns. Any of these risks can flare up and spark short-term volatility in the markets. Investing is never a smooth ride: There's also the harsh reality that economic recessions and bear markets are developments that all long-term investors should expect as they build wealth in the markets. Always keep your stock market seat belts fastened. Think long-term: For now, there's no reason to believe there'll be a challenge that the economy and the markets won't be able to overcome over time. The long game remains undefeated, and it's a streak that long-term investors can expect to continue. A version of this post first appeared on Sign in to access your portfolio
Gizmodo
43 minutes ago
- Gizmodo
The World Will Enter a 15-Year AI Dystopia in 2027, Former Google Exec Says
The world is hurtling towards an inevitable AI dystopia in the very near future, according to Mo Gawdat, the former chief business officer of Alphabet's moonshot factory, formerly known as Google X. 'We will have to prepare for a world that is very unfamiliar,' Gawdat said in an interview on the 'Diary of a CEO' podcast, adding that humanity's key values like freedom, human connection, accountability, reality, and power are all facing a major disruption by AI. And this dystopia isn't far off, we have already started seeing signs of it as of last year and will continue to see an escalation of signs next year, Gawdat said. The beginning of the descent into Gawdat's dystopia, he predicts, will begin in 2027 and last for the next 12 to 15 years. The former Google executive wasn't always of this opinion: the speed with which artificial intelligence technologies have been developing caused him to change his mind and convinced him that this short-term dystopia is inevitable. 'It is completely within our hands to change that, but I have to say, I don't think humanity has the awareness at this time to focus on this,' Gawdat said. But Gawdat says AI is not necessarily the main driver of this dystopia, and especially not in the way most people imagine (that is, existential risks from scenarios that have AI assuming full control). Rather, Gawdat says that AI acts as a magnifier of existing societal issues and 'our stupidities as humans.' 'There is absolutely nothing wrong with AI,' Gawdat said. 'There is a lot wrong with the value set of humanity at the age of the rise of the machines.' Artificial intelligence was not developed to usher in a dystopia, in fact it had a rather utopic mission. By further automating mundane tasks, AI has the potential to ease the workload of millions of workers worldwide in every job and field, potentially giving them back their precious time of the day without sacrificing overall productivity. However, that is not exactly how things are panning out for workers. In a world governed by one value above all others –capitalism– that utopian dream is being warped by the relentless pursuit of profit. AI's disruption of the labor market has already begun, according to some experts, as the technology starts to completely reshape the way we view work. Instead of helping out people's workload, companies that are maximizing productivity with artificial intelligence are laying people off or slowing down hiring to further maximize profit, or asking even more of existing workers. That is no coincidence, according to Gawdat, who believes that all technology ever created magnifies existing human abilities and values, and the biggest value set of humanity currently is capitalism. This disconnect between intended consequences and the reality of the negative downsides has echoed in other technological advancements as well. 'How often did social media connect us and how often did it make us more lonely? How often did mobile phones make us work less? That was the promise, the early ads of Nokia, where people had parties, is that your experience of mobile phones?' Gawdat said. Elon Musk Turns His AI Chatbot Into a Male Fantasy Engine Another thing that AI is going to escalate beyond control, according to Gawdat, is 'the evil that man can do.' For those following along with the news the past year or so, this is no surprise. From AI-generated deepfake porns and AI's increased entrance into warfare to maximize lethality with autonomous weapons and generative AI in the military, the technology has served as an aide to the worst that humanity has to offer. This was on full display this week when Elon Musk's chatbot Grok unveiled a new image-and-video-generation feature, the primary use of which so far has been generating women in heavily sexualized male fantasies. AI-powered scams – and specifically AI-powered crypto scams which is something OpenAI CEO Sam Altman himself had warned against– have skyrocketed. A report from blockchain intelligence firm TRM Labs found that crypto scams were up 456% over the last year thanks to AI deepfake technology. And nuclear war experts are worried that AI could soon power nuclear weapons. Sam Altman Is Right: AI-Powered Crypto Scams Are Exploding AI is also fine tuning public surveillance methods at a massive scale. In a world where there is 'a massive concentration of power,' as Gawdat puts it, that's a major concern. AI-powered public surveillance systems are actively in place in many countries right now, the prime example being the mass surveillance infrastructure in China. It's not just a foreign concern though, the United States government is also now utilizing AI to monitor the social media accounts of immigrants and travelers wishing to enter the country. Despite all of this, AI does continue to usher in remarkable changes for good. Artificial intelligence has already had a measurable impact on scientific discovery and advancements, most notably in medicine and pharmaceutical research. Gawdat does believe that a utopian use of AI is possible down the road thanks to advancements like these. But first, humanity must contend with its pitfalls. 'The bigger picture is to put pressure on governments to understand that there is a limit to which people will stay silent,' Gawdat said, adding that governments should regulate the use of AI rather than AI itself. 'You cannot regulate the design of a hammer so that it can drive nails but not kill anyone, but you can criminalize the killing of a human by a hammer,' Gawdat said. The hammer of AI is now in our hands, and it's here to stay. The only question left is whether we have the will to write the laws against the murder.
