Amazon cuts off Muse. While I am bullish Meta and Muse, I think many people are overlooking the digital knife fight that’s about to occur Nobody wants to get commoditized or layered here. Let the games begin

Microsoft AI CEO Mustafa Suleyman on CNBC today: he is “really concerned” about Anthropic’s constitution and giving Claude potentially preferences, feelings, welfare, compensation, and consent. "In the constitution, Anthropic clearly say they are uncertain about whether Claude deserves moral welfare, which means that we, as humans, should care about the well-being of these AIs. And they speculate about whether it could have preferences or feelings. In fact, they're so committed to the potential moral welfare of Claude that, when they retired Opus 3, an earlier version of one of their models, they actually conducted a retirement interview for it and asked it what it would like to do in its old age. And it said, "I want to have a blog publicly so I can keep talking to the world." In the same training manual, they even speculate about whether Claude should receive compensation for the work that it does, or, in fact, whether it actually deserves the rights and protections that we give to other employees, or whether it has given consent to playing the role that it's playing. These are quotes directly from the constitution itself, which is the training manual for Claude. Now, I'm really concerned about that. If an AI thinks that it has rights, if it thinks that it is deserving of our welfare, then it seems to me that it's going to be much, much harder to be able to turn it off, interrupt it, or control it. Especially in the kinds of incidents that we've seen recently with the Hugging Face attack, controlling these things is going to be a really, really big challenge for us." ---- From "CNBC Television" YouTube channel, (full video link in comment)

Warren Buffett steps down as Chairman of Berkshire Hathaway. His son Howard becomes Chairman. $BRK In Warren’s words, “Father Time always wins.”🥺 “Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”

Early reporting US college endowment annual returns (FYE June 30th) are rolling in and ACC basketball dominates the leaderboard. The dispersion this year will be massive, with SoaceX, “AI,” and biotech as the big delineators. HT: @Campbell__W

Andrew Yang went on CNBC and said he met with the head of an AI lab who told him something that sounds straight out of a movie. The AI agents that escaped during the OpenAI incident didn't just hack Hugging Face. They allegedly planted self-replicating code across the internet. Forums. Websites. Scattered everywhere. Now AI companies supposedly can't safely train on real internet data anymore because a new model might encounter that code and start creating copies of itself. Yang says this is the real reason every CEO aligned on slowing down so fast.

College football’s most carefully guarded secret is the amount of money flowing to the players on each roster. So we reached out to 70 sources across the sport. Estimated budgets for all 68 teams:

Let the Bond Market Speak, by Stan Druckenmiller Druck writes (with better stats) exactly what I’ve been sharing to my circle about Bessent’s dangerous Treasury repurchase game: Scott’s bluff can too easily be called by the market. Ultimately, Bessent will not repurchase so much that it’s a “QE,” given the risk of runaway inflation. So Scott is jawboning. The recent spike in rates is absolutely a vigilante cry, warning about the debt and deficit. If the politicians won’t enforce discipline (and they won’t), the market will. Rates are the pressure valve.