Circle, the issuer of the USDC stablecoin, has filed for an IPO aiming for a $5 billion valuation. It marks the company's second attempt at going public amid renewed momentum in the crypto sector and signs of recovery in tech IPO markets. CNBC reports: A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.

Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier. A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

MoffettNathanson has crowned YouTube the "New King of All Media" as the Alphabet-owned video platform has become a major force in Hollywood, dominating time spent watching TV. From a report: The firm estimates that YouTube as a standalone business could be worth as much as $550 billion -- or nearly 30% of the tech giant's current valuation. The figure is based on the firm's analysis of enterprise value as a multiple of revenue in 2024 for Netflix (10.5x revenue), Meta (8.8x), Roku (2.4x), Warner Bros. Discovery (1.4x), Fox (1.3x) and Disney (1.3x).

In 2024, YouTube was the second-largest media company by revenue at $54.2 billion, trailing behind only Disney. However, the MoffettNathanson analysts predict YouTube will take the top spot in 2025, becoming a leader in both engagement and revenue. "YouTube has the potential to become the central aggregator for all things professional video, positioning itself to capture a share of the $85 billion consumer Pay TV market and the ~$30 billion streaming ex. Netflix market in the U.S.," they wrote in a Monday research note. "On monetization, when comparing YouTube's massive TV screen engagement to its estimated TV revenue, it remains significantly under-monetized relative to its scaled reach and differentiated offering. This signals a substantial runway for improving its monetization strategy."

Mozilla plans to introduce a suite of paid professional services for its open-source Thunderbird email client, transforming the application into a comprehensive communication platform. Dubbed "Thunderbird Pro," the package aims to compete with established ecosystems like Gmail and Office 365 while maintaining Mozilla's commitment to open-source software.

The Pro tier will include four core services: Thunderbird Appointment for streamlined scheduling, Thunderbird Send for file sharing (reviving the discontinued Firefox Send), Thunderbird Assist offering AI capabilities powered by Flower AI, and Thundermail, a revamped email client built on Stalwart's open-source stack. Initially, Thunderbird Pro will be available free to "consistent community contributors," with paid access for other users.

Mozilla Managing Director Ryan Sipes indicated the company may consider limited free tiers once the service establishes a sustainable user base. This initiative follows Mozilla's 2023 announcement about "remaking" Thunderbird's architecture to modernize its aging codebase, addressing user losses to more feature-rich competitors.

An anonymous reader quotes a report from The Guardian: A professional YouTuber in Queensland has been ordered to pay $350,000 plus interest and costs to the former world record score holder for Donkey Kong, after the Brisbane district court found the YouTuber had defamed him "recklessly" with false claims of a link between a lawsuit and another YouTuber's suicide. William "Billy" Mitchell, an American gamer who had held world records in Donkey Kong and Pac-Man going back to 1982, as recognized by the Guinness World Records and the video game database Twin Galaxies, brought the case against Karl Jobst, seeking $400,000 in general damages and $50,000 in aggravated damages.

Jobst, who makes videos about "speed running" (finishing games as fast as possible), as well as gaming records and cheating in games, made a number of allegations against Mitchell in a 2021 YouTube video. He accused Mitchell of cheating, and "pursuing unmeritorious litigation" against others who had also accused him of cheating, the court judgment stated. The court heard Mitchell was accused in 2017 of cheating in his Donkey Kong world records by using emulation software instead of original arcade hardware. Twin Galaxies investigated the allegation, and subsequently removed Mitchell's scores and banned him from participating in its competitions. The Guinness World Records disqualified Mitchell as a holder of all his records -- in both Donkey Kong and Pac-Man -- after the Twin Galaxies decision. The judgment stated that Jobst's 2021 video also linked the December 2020 suicide of another YouTuber, Apollo Legend, to "stress arising from [his] settlement" with Mitchell, and wrongly asserted that Apollo Legend had to pay Mitchell "a large sum of money."

The FTC has warned that any buyer of 23andMe must honor the company's current privacy policy, which ensures consumers retain control over their genetic data and can delete it at will. FTC Chair Andrew Ferguson emphasized that such promises must be upheld, given the uniquely sensitive and immutable nature of genetic information. The Record reports: The letter, sent to the DOJ's United States Trustee Program, highlights several assurances 23andMe makes in its privacy policy, including that users are in control of their data and can determine how and for what purposes it is used. The company also gives users the ability to delete their data at will, the letter says, arguing that 23andMe has made "direct representations" to consumers about how it uses, shares and safeguards their personal information, including in the case of bankruptcy.

Pointing to statements that the company's leadership has made asserting that user data should be considered an asset, Ferguson highlighted that 23andMe's privacy statement tells users it does not share their data with insurers, employers, public databases or law enforcement without a court order, search warrant or subpoena. It also promises consumers that it only shares their personal data in cases where it is needed to provide services, Ferguson added. The genetic testing and ancestry company is explicit that its data protection guidelines apply to new entities it may be sold or transferred to, Ferguson said.

A federal judge struck down Arkansas' Social Media Safety Act, ruling it unconstitutional for broadly restricting both adult and minor speech and imposing vague requirements on platforms. Engadget reports: In a ruling (PDF), Judge Timothy Brooks said that the law, known as Act 689 (PDF), was overly broad. "Act 689 is a content-based restriction on speech, and it is not targeted to address the harms the State has identified," Brooks wrote in his decision. "Arkansas takes a hatchet to adults' and minors' protected speech alike though the Constitution demands it use a scalpel." Brooks also highlighted the "unconstitutionally vague" applicability of the law, which seemingly created obligations for some online services, but may have exempted services which had the "predominant or exclusive function [of]... direct messaging" like Snapchat.

"The court confirms what we have been arguing from the start: laws restricting access to protected speech violate the First Amendment," NetChoice's Chris Marchese said in a statement. "This ruling protects Americans from having to hand over their IDs or biometric data just to access constitutionally protected speech online." It's not clear if state officials in Arkansas will appeal the ruling. "I respect the court's decision, and we are evaluating our options," Arkansas Attorney general Tim Griffin said in a statement.

An anonymous reader quotes a report from Ars Technica: What does it take to get OpenAI and Anthropic -- two competitors in the AI assistant market -- to get along? Despite a fundamental difference in direction that led Anthropic's founders to quit OpenAI in 2020 and later create the Claude AI assistant, a shared technical hurdle has now brought them together: How to easily connect their AI models to external data sources. The solution comes from Anthropic, which developed and released an open specification called Model Context Protocol (MCP) in November 2024. MCP establishes a royalty-free protocol that allows AI models to connect with outside data sources and services without requiring unique integrations for each service.

"Think of MCP as a USB-C port for AI applications," wrote Anthropic in MCP's documentation. The analogy is imperfect, but it represents the idea that, similar to how USB-C unified various cables and ports (with admittedly a debatable level of success), MCP aims to standardize how AI models connect to the infoscape around them. So far, MCP has also garnered interest from multiple tech companies in a rare show of cross-platform collaboration. For example, Microsoft has integrated MCP into its Azure OpenAI service, and as we mentioned above, Anthropic competitor OpenAI is on board. Last week, OpenAI acknowledged MCP in its Agents API documentation, with vocal support from the boss upstairs. "People love MCP and we are excited to add support across our products," wrote OpenAI CEO Sam Altman on X last Wednesday.

MCP has also rapidly begun to gain community support in recent months. For example, just browsing this list of over 300 open source servers shared on GitHub reveals growing interest in standardizing AI-to-tool connections. The collection spans diverse domains, including database connectors like PostgreSQL, MySQL, and vector databases; development tools that integrate with Git repositories and code editors; file system access for various storage platforms; knowledge retrieval systems for documents and websites; and specialized tools for finance, health care, and creative applications. Other notable examples include servers that connect AI models to home automation systems, real-time weather data, e-commerce platforms, and music streaming services. Some implementations allow AI assistants to interact with gaming engines, 3D modeling software, and IoT devices.

With America's national debt sitting comfortably over the $36.2 trillion mark, BlackRock CEO Larry Fink is warning the burden could one day be the reason the dollar is dethroned as the reserve currency of the world. From a report: He argues that decentralized currencies like Bitcoin could replace the dollar as worldwide organizations lose faith in national currencies and seek an independent solution. Fink explained his theory in his 2025 letter to shareholders, writing: "The U.S. has benefited from the dollar serving as the world's reserve currency for decades. But that's not guaranteed to last forever.

"The national debt has grown at three times the pace of GDP since Times Square's debt clock started ticking in 1989. This year, interest payments will surpass $952 billion -- exceeding defense spending. By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit. If the U.S. doesn't get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin."

Google's AI arm DeepMind has been holding back the release of its world-renowned research, as it seeks to retain a competitive edge in the race to dominate the burgeoning AI industry. From a report: The group, led by Nobel Prize-winner Sir Demis Hassabis, has introduced a tougher vetting process and more bureaucracy that made it harder to publish studies about its work on AI, according to seven current and former research scientists at Google DeepMind. Three former researchers said the group was most reluctant to share papers that reveal innovations that could be exploited by competitors, or cast Google's own Gemini AI model in a negative light compared with others.

The changes represent a significant shift for DeepMind, which has long prided itself on its reputation for releasing groundbreaking papers and as a home for the best scientists building AI. Meanwhile, huge breakthroughs by Google researchers -- such as its 2017 "transformers" paper that provided the architecture behind large language models -- played a central role in creating today's boom in generative AI. Since then, DeepMind has become a central part of its parent company's drive to cash in on the cutting-edge technology, as investors expressed concern that the Big Tech group had ceded its early lead to the likes of ChatGPT maker OpenAI.

"I cannot imagine us putting out the transformer papers for general use now," said one current researcher. Among the changes in the company's publication policies is a six-month embargo before "strategic" papers related to generative AI are released. Researchers also often need to convince several staff members of the merits of publication, said two people with knowledge of the matter.

Credit card interest rates, which averaged 23% in 2023, are significantly higher than any other major loan product primarily due to non-diversifiable default risk and banks' market power, according to research published by the Federal Reserve Bank of New York.

The comprehensive study, which analyzed 330 million monthly credit card accounts, found that while high default losses contribute to elevated rates, they explain only part of the picture. Even high-FICO borrowers pay spreads exceeding 7% above the federal funds rate. Researchers determined that credit card banks have substantial pricing power, achieved through exceptionally high operating expenses -- about 4-5% of dollar balances annually -- with marketing costs ten times higher than those at other banks.

"Credit card charge-off rates are highly correlated with default rates on banks' other loans as well as on corporate bonds," the researchers said, noting that default risk cannot be diversified away across lending markets, particularly during economic downturns. The study estimated that exposure to aggregate default risk carries a premium of 5.3% per year, which fully explains the relationship between return on assets and credit scores.

Credit cards are ubiquitous in American finance, with 74% of adults owning at least one card, and the payment method accounting for 70% of retail spending. According to the research, 60% of accounts carry balances month-to-month.

London's mayor has axed a cyber crime helpline for the victims of online abuse, triggering a backlash from campaigners who argue that women and girls will be left struggling to access vital support. From a report: The service, which was shut down on Tuesday, assisted victims of fraud, revenge porn and cyberstalking to protect their digital identity. During its 18-months of operation it led to 2,060 cases being opened. The helpline was launched in 2023 as a one-year pilot scheme with $220,000 in funding from the Mayor's Office for Policing and Crime (Mopac), and was later extended by six months.

Conservative London Assembly member Emma Best said an informal evaluation showed the helpline "was working" and was going to be extended for another year. However, Sadiq Khan said that the scheme would be closed. "It was a pilot and pilots are what they say on the tinâ... we will receive an end of project report, we have collected the data and the results of that report will inform our future work," he said, speaking at Mayor's Question Time.

Google is rolling out a new encryption model for Gmail that allows enterprise users to send encrypted messages without requiring recipients to use custom software or exchange encryption certificates. The feature, launching in beta today, initially supports encrypted emails within the same organization, with plans to expand to all Gmail inboxes "in the coming weeks" and third-party email providers "later this year."

Unlike Gmail's current S/MIME-based encryption, the new system lets users simply toggle "additional encryption" in the email draft window. Non-Gmail recipients will receive a link to access messages through a guest Google Workspace account, while Gmail users will see automatically decrypted emails in their inbox.

Economic models have systematically underestimated how global heating will affect people's wealth, according to a new study that finds 4C warming will make the average person 40% poorer -- an almost four-fold increase on some estimates. The Guardian: The study by Australian scientists suggests average per person GDP across the globe will be reduced by 16% even if warming is kept to 2C above pre-industrial levels. This is a much greater reduction than previous estimates, which found the reduction would be 1.4%.

Scientists now estimate global temperatures will rise by 2.1C even if countries hit short-term and long-term climate targets. Criticisms have mounted in recent years that a set of economic tools known as integrated assessment models (IAM) -- used to guide how much governments should invest in cutting greenhouse gas emissions -- have failed to capture major risks from climate change, particularly extreme weather events. The new study, in the journal Environmental Research Letters, took one of the most popular economic models and enhanced it with climate change forecasts to capture the impacts of extreme weather events across global supply chains.

An anonymous reader quotes a report from Reuters: China's Xiaomi said on Tuesday that it was actively cooperating with police after a fatal accident involving a SU7 electric vehicle on March 29 and that it had handed over driving and system data. The incident marks the first major accident involving the SU7 sedan, which Xiaomi launched in March last year and since December has outsold Tesla's Model 3 on a monthly basis. Xiaomi's shares, which had risen by 34.8% year to date, closed down 5.5% on Wednesday, underperforming a 0.2% gain in the Hang Seng Tech index. Xiaomi did not disclose the number of casualties but said initial information showed the car was in the Navigate on Autopilot intelligent-assisted driving mode before the accident and was moving at 116 kph (72 mph).

A driver inside the car took over and tried to slow it down but then collided with a cement pole at a speed of 97 kph, Xiaomi said. The accident in Tongling in the eastern Chinese province of Anhui killed the driver and two passengers, Chinese financial publication Caixin reported on Tuesday citing friends of the victims. In a rundown of the data submitted to local police posted on a Weibo account of the company, Xiaomi said NOA issued a risk warning of obstacles ahead and its subsequent immediate takeover only happened seconds before the collision. Local media reported that the car caught fire after the collision. Xiaomi did not mention the fire in the statement. The report notes that the car was a "so-called standard version of the SU7, which has the less-advanced smart driving technology without LiDAR."

Britain's flagship AI agency will slash the number of projects it backs and prioritize work on defense, environment and health as it seeks to respond to technological advances and criticism of its record. From a report: The Alan Turing Institute -- named after the pioneering British computer scientist -- will shut or offload almost a quarter of its 101 current initiatives and is considering job cuts as part of a change programme that led scores of staff to write a letter expressing their loss of confidence in the leadership in December.

Jean Innes, appointed chief executive in July 2023, argued that huge advances in AI meant the Turing needed to modernise after being founded as a national data science institute by David Cameron's government a decade ago this month. "The Turing has chalked up some really great achievements," Innes said in an interview. "[But we need] a big strategic shift to a much more focused agenda on a small number of problems that have an impact in the real world." A review last year by UK Research and Innovation, the government funding body, found "a clear need for the governance and leadership structure of the Institute to evolve." It called for a move away from the dominance of universities to a structure more representative of AI in UK.