What I read this week.

Here are a few things I found interesting this week on the web.

Joe Burrage

May 13, 2024

World’s Biggest Construction Project Gets a Reality Check - Check out the latest on Saudi Arabia's Neom project in the Wall Street Journal. This audacious city-building venture, led by Crown Prince Mohammed bin Salman, aims to revolutionize urban living with a 105-mile skyscraper intended to house nine million people. However, facing immense logistical and financial challenges, the project has scaled down its initial phase considerably. Despite these hurdles, the construction presses on, highlighting the kingdom's drive to transform its oil-dependent economy.
Apple announces new iPad Pro with M4, iPad Air tablets - Apple has just unveiled refreshed models of its iPad Air and iPad Pro, introducing enhancements such as the powerful new M4 chip and sleeker designs. The iPad Pro now features a thinner body and an OLED display, branded as Ultra Retina XDR for crisper visuals. It is compatible with the new Magic Keyboard, which transforms the iPad into a laptop-like device. Meanwhile, the updated iPad Air is equipped with the M2 chip and a new camera setup optimized for video conferencing. Both devices are available for pre-order and will hit the stores next week.
Shopify shares plunge 18% on weak guidance -Shopify's stock plummeted 18%, erasing nearly $20 billion in market value, after the company predicted weaker-than-expected revenue and profit for the upcoming quarter. Despite outperforming expectations in the first quarter, Shopify's forecast of slowing growth and rising operating expenses, particularly in marketing and AI investment, has made investors wary. This comes amid strategic shifts, including selling its logistics division and reducing its workforce last year.
Jack Dorsey claims Bluesky is 'repeating all the mistakes' he made at Twitter - Jack Dorsey criticized Bluesky, a social media platform he initially backed, for deviating from his vision of an open-source protocol and becoming a traditional corporate entity with its own board and stock. He also expressed concerns about its content moderation practices. In contrast, Dorsey supports Nostr, a decentralized platform that aligns with his views on free speech. Bluesky's leadership, including CEO Jay Graber, contends that Dorsey may not fully understand their current work, emphasizing that Bluesky operates openly in ways Twitter never did.
Consumer sentiment tumbles as inflation fears surge -Consumer confidence dropped sharply in May, with the University of Michigan's sentiment index falling to 67.4 from 77.2 in April, contrary to expectations of a rise to 76. This decline reflects growing concerns among consumers about inflation, unemployment, and interest rates potentially worsening. Inflation expectations also increased, with the one-year outlook reaching the highest level since last November at 3.5%.