News publishers call Google's AI Mode ‘theft'
During Google I/O on Tuesday, the company announced that it's expanding AI Mode to all users in the US, which appears in a new tab directly within Search. When users enter a query, AI Mode serves up an AI-generated response alongside a list of relevant links.
'Links were the last redeeming quality of search that gave publishers traffic and revenue,' Danielle Coffey, the CEO and president of News/Media Alliance, said in the statement. 'Now Google just takes content by force and uses it with no return, the definition of theft. The DOJ remedies must address this to prevent continued domination of the internet by one company.'
This week, an internal document disclosed as part of Google's antitrust trial over its search dominance showed that the company decided against asking publishers for permission to have their work included in its AI search features, as reported by Bloomberg. Instead, publishers must opt out of search results completely if they don't want their work included in AI features.
Google Search head Liz Reid said during her testimony that allowing publishers to opt out of individual features would add 'enormous complexity,' according to Bloomberg. 'By saying a publisher could be like, 'I want to be in this feature but not that feature,' it doesn't work,' Reid said. 'Because then we would essentially have to say, every single feature on the page needs a different model.'
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The next decade is going to be a grind. In his new book, 'Coming Into View: How AI and Other Megatrends Will Shape Your Investments,' Joseph Davis, Vanguard's global chief economist and head of Vanguard's Investment Strategy Group, lays out how the coming decade is likely to shape how investors and retirement savers prepare for a range of economic scenarios — declining population growth, increasing geopolitical and trade tensions, and mounting national debt. 'These megatrends are more like tectonic plates,' he writes, 'grinding against each other rather than a seesaw balancing itself.' Davis reaffirms the wisdom of Vanguard's founder, Jack Bogle, and explains why it still resonates a half-century later. Here are edited excerpts of our conversation: Kerry Hannon: Can you tick off what you view as the megatrends? Joe Davis: Technology and how it improves our work and raises growth. Deficits and debt levels of governments, which can affect the bond markets and economic growth and inflation. The third is globalization. That's in the headlines for tariffs, but there are other aspects of globalization, such as where good ideas come from, an underrated part of globalization. The fourth is the two dimensions of demographics. It's population growth, which includes immigration, as well as the aging of society. Even if AI delivers extraordinary breakthroughs, there is still the real possibility that technology will not rescue us from the headwinds the economy faces. How does someone build a resilient retirement portfolio taking all that into account? There's a lot of change (coming) in the years ahead from the economic perspective. Focus on the things that you can control. Create clear, realistic investment goals for your portfolio, incorporating your time horizon and an honest assessment of your tolerance for risk. 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Older consumers do not spend less as they age, although what they spend on changes — for instance, healthcare. Academic research and our analysis both show that over the past 20 years, as we moved more jobs in the United States to service-based ones — finance, education, healthcare, business services, where there's somewhat less of a physical demand — it opens the door to working longer for people. And that's a positive. Experience matters a lot, what economists call human capital. It's very valuable. For those choosing to work longer, it's a good thing for the economy. Economists are underestimating this aspect of the US labor force, which is its fastest growing segment at this very moment. Should alternative investments be held in retirement plans over the next decade? There's so much buzz with the president signing the executive order recently encouraging the use of these investments in our 401(k)s. Costs will have to be reduced to improve the odds of success investing in them. 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The good news is some private investments, based upon skill of the managers, can do exceptionally well in outperforming the broad public markets. That has been true for 20 years. It'll be true in the next 20 years. Read more: Retirement planning: A step-by-step guideWhen you consider that the top 20 stocks make up half of the market cap of the S&P 500 Index, what should investors like me be thinking? Should I be diversifying out of this index fund? If someone has only been invested in the S&P 500 in their retirement account, congratulations. It has done exceptionally well. I would not urge anyone to do drastic selling. This is where I say "stay the course," but start thinking about diversifying. It could be smaller-cap companies in the United States, which have trailed over the past 10 or 15 years, as well as non-US investments. Every market has trailed the United States almost without exception. Some of the next great companies may be small today, or may be located outside the US. 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