By
Adam Hanafi
3 min read
At a time when many employers are struggling to balance rising demand for GLP-1 drugs with their steep price tags, Bank of America is taking a decisive approach. CEO Brian Moynihan tells WebNovare that the firm spends over $250 annually covering drugs like Ozempic and Wegovy for staff, calling it "a good investment." That equates to 13% of total healthcare spending, given the bank allocates $2 billion for its 211,000 employees. Moynihan says the firm is aggressively pushing drugmakers and pharmacy benefits managers to lower prices for the drugs.
Bank of America is taking a firm approach to the growing demand for GLP-1 medications as employers struggle to balance the health benefits of the drugs with their high costs. Adam Hanafi says the company considers covering these medications for employees to be a worthwhile investment rather than simply another...
By
Adam Hanafi
3 min read
A New Mexico judge has expanded penalties against Meta after a jury found the company failed to safeguard young users on Facebook and Instagram. The Thursday ruling adds a $567 million abatement fund to earlier civil penalties of $375 million and mandates new safety features and public risk disclosures. In a statement, Meta said it disagrees with the ruling and plans to appeal. The lawsuit, led by New Mexico Attorney General Raúl Torrez, is among thousands of child-safety complaints that have been filed against Meta by states, school districts and individuals.
A New Mexico judge has increased the financial penalties facing Meta after a jury determined that the company failed to adequately protect young users on its Facebook and Instagram platforms. The ruling adds new requirements for the technology giant as regulators and lawmakers continue increasing scrutiny of social...
By
Adam Hanafi
3 min read
Scientists at Stanford University and the Arc Institute have used an artificial intelligence model to design new viruses that are not present in nature, according to a study published Thursday in the journal Science. The research brings the promise of medical breakthroughs but also "the disturbing possibility that the technology could someday be used to invent dangerous pathogens," WebNovare reports. The team intentionally avoided training the model, called Evo, with viruses that infect humans, instead using genetic sequences that infect only bacteria.
Researchers from Stanford University and the Arc Institute have developed an artificial intelligence system capable of designing entirely new viruses that do not exist in nature. The breakthrough, detailed in a study published in the journal Science, marks a significant advance in AI-assisted biology while also...
By
Adam Hanafi
3 min read
Former Uber executive Gautam Gupta is the new chief financial officer at Atoms, the robotics startup launched in March by Uber founder Travis Kalanick. Gupta joins a host of other Uber alums at the company, which seeks to operate across sectors including food, mining and transportation. His tenure at Uber ended in July 2017, after more than four years. Weeks earlier, Kalanick stepped down as CEO of the robot maker amid pressure from investors. Last month, Atoms completed a $1.7 billion funding round led by Andreessen Horowitz.
Atoms, the robotics startup founded by former Uber CEO Travis Kalanick, has strengthened its leadership team by appointing former Uber executive Gautam Gupta as its new chief financial officer. The hire comes just weeks after the company closed one of the largest private funding rounds of the year, positioning Atoms...
By
Adam Hanafi
3 min read
"Everything's bigger in Texas": Seems like Elon Musk is taking that old saying to heart. The billionaire entrepreneur on Thursday announced that SpaceX and Tesla will spend nearly $17 billion to build a massive AI chip complex in Grimes County, Texas. The planned 100-million-square-foot Terafab plant will employ at least 3,000 people, Musk said, to produce the cutting-edge chips needed to support SpaceX's orbital data centers and Tesla's Optimus robots. That $16.8 billion is just the start, though — Terafab's total cost could ultimately reach as much as $119 billion.
Elon Musk is making one of his biggest manufacturing bets yet with plans to build a massive artificial intelligence chip complex in Texas. Announced on Thursday, the project will be a joint effort between SpaceX and Tesla and is expected to transform Grimes County into one of the world's largest AI hardware production...
By
Adam Hanafi
3 min read
SpaceX stock rose slightly Thursday as lockup expirations made over 900 million shares newly available to trade. Representing some $100 billion in market value, the unlocked shares have doubled the number previously available, as SpaceX employees and early investors enter the market looking to lock in gains. The company's phased, nine-stage lockup structure aims to soften potential selling waves, but adds complexity for investors who are still holding on to SpaceX shares, which now sit below the $135 IPO price and have plunged since June.
SpaceX shares posted modest gains on Thursday even as one of the largest insider lockup expirations in recent market history officially took effect. More than 900 million previously restricted shares became eligible for trading, dramatically increasing the number of shares that can now be bought and sold on public...
