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When the Equity Premium Was New


In 1924, Edgar Lawrence Smith published an empirical study showing that an equity premium had been consistently realized in history. The now-familiar idea that stocks will outperform bonds over the long run was at that time a startling rejection of conventional wisdom. Smith’s contemporaries expected bonds to have outperformed under the deflationary conditions that prevailed in the later 19th century. Using recently compiled data, I revisit the question of whether history shows an unconditioned equity premium. US and UK data show the historical equity premium to be contingent on the absence of deflation. US and Japan data show that disinflation has effects similar to deflation. The paper concludes by developing the implications of accepting a contingent equity premium.

Prime Exclusive Deal: Google Pixel Buds A-Series for $49



Google Pixel Buds A-Series for $49

Amazon has the Google Pixel Buds A-Series on sale for $49 (our affiliate link here and below), down from the regular price of $99, matching one of the best prices we’ve seen on Google’s budget-friendly wireless earbuds.

The Pixel Buds A-Series offer hands-free Google Assistant access, fast pairing with Android devices, and a comfortable in-ear design. While they don’t include active noise cancellation, they’re still a solid option for Android users looking for an inexpensive set of earbuds from a major brand.

This is currently marked as a Prime Exclusive Lightning Deal, so you’ll need an active Prime membership to get the discounted price.

You can save even more with the Amazon Prime Visa for 5% cash back or by checking for targeted Shop with Points discounts.

 

Disclaimer: As an Amazon Associate I earn from qualifying purchases made through this article. Using links on the site for Amazon purchases is the best way you can support the site as you normally can’t earn cash back for these purchases. But, you should still check shopping portals such as Rakuten, TopCashback, RebatesMe, ShopBack and others for possible cashback. Your support is always greatly appreciated!

The post Prime Exclusive Deal: Google Pixel Buds A-Series for $49 appeared first on Danny the Deal Guru.

Bank of Canada rejects recession label for economy’s weakness




Bank of Canada officials rejected the notion that the country’s economy is in recession as they set borrowing costs earlier this month, though they acknowledged weak growth and labour market slack.

Why RPC Stock Dived by Nearly 12% Today


There wasn’t much energy behind the stock of oilfield services and equipment company RPC (RES 11.46%) on Hump Day. Its equity lost almost 12% of its value, following news that a long-serving executive — who happens to be its leader — is departing the company.

Major move in the C-Suite

Just after market close on Tuesday, RPC announced that CEO Ben Palmer is retiring from the company. In doing this he will relinquish his twin roles as President and CEO, plus his seat on its board of directors. His departure will occur before the end of this year.

Image source: Getty Images.

RPC said the board had initiated a formal search for Palmer’s replacement. It has drated an executive search firm to aid it in this effort. After a new leader is found, the outgoing CEO will serve in an advisory role at the company, in order to effect a smooth transition.

Palmer ascended to the CEO chair in 2022, and has been at RPC since 1996. Prior to his appointment as the company’s leader he served as its CFO and treasurer.

Rpc Stock Quote

Today’s Change

(-11.46%) $-0.74

Current Price

$5.72

A man who’ll be missed

In the press release announcing Palmer’s move, RPC credited him for helping to push the company into higher-margin services, expanding its presence in the massive Permian Basin energy play, and delivering long-term shareholder value, not to mention bottom-line profitability.

With those kinds of achievements, it’s little wonder that shareholders effectively mourned Palmer’s exit by selling out of the stock — particularly at a busy and occasionally volatile time for the oil industry.

While this knee-jerk reaction is understandable to an extent, I don’t think RPC stock deserved the heavy sell-off it endured on Wednesday. It looks that much more attractive at a discount.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

OpenAI Isn’t Just Writing Emails—It’s Solving Cold Cases in Medicine



A historic new study reveals how OpenAI’s o3 model helped Boston Children’s Hospital diagnose patients with rare genetic illnesses. 

[Targeted] Amazon: Add American Express Card & Get $15 Off


Update 6/24/26: Deal is back until 12/31/26

The Offer

Direct Link to offer (our affiliate link)

  • Amazon is offering $15 off when you add an American Express card to your Amazon account,  at checkout to an order of at least $15.01, and pay with your American Express card. 

 

If you are eligible for this offer you’ll see it appearing when clicking through the above link. If not the link will error out.

The Fine Print

  • Customers will receive a discount of $10 off when they (1) add an eligible American Express Card to their Amazon wallet; (2) add a minimum of $10.01 in eligible products to their Amazon cart; (3) apply the promotional code at checkout; and (4) use their eligible American Express Card at checkout. The promotion will expire upon Customer’s use of the promotional code.

Our Verdict

Nice and easy savings. This deal is only available to some people, possibly to someone who does not have an Amex card in their Amazon account or someone who recently added an Amex card. Reader Jack was able to remove his Amex cards and get the deal when re-adding them a few months later.

See an update list of all similar deals on this dedicated post (constantly updated).

Post history:

  • Update 8/11/25: New code AMEXQ3ABC15. Valid through 9/19/25. (ht reader San)
  • Update 7/11/25: Code AMEXABC15OFF, valid through 7/31/2025
  • Update 11/20/24: Deal is back with promo code 24AMEX15OFF
  • Update 7/1/24: Deal is back and $15 off this time with promo code AMEXPD15OFF.

AI-Created Tech Layoffs are Shifting the Housing Market


AI-powered layoffs are shaking up the once-bulletproof tech job market, with more than 100,000 layoffs so far this year alone. For real estate investors, the burning question is where all the high-net-worth talent is going—assuming they are leaving established hubs such as Silicon Valley and Seattle—and whether following them makes financial sense.

“A New Way of Working”

Your plumber, electrician, and roofer may have the safest jobs in town. Artificial intelligence is devouring computer-based jobs like whales over plankton, and ironically, employment in tech is one of the first to go.

According to a recent report by global outplacement and executive coaching firm Challenger, Gray & Christmas, AI has become the leading reason companies cite for layoffs.

“In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era,” Brian Armstrong, Coinbase CEO—who recently laid off 700 staffers due to AI—said in a lengthy social media post on X. “This is a new way of working, and we need to leverage AI across every facet of our jobs.”

Other tech powerhouses, including Amazon, LinkedIn, Meta, Oracle, and Cloudflare, have announced layoffs, according to Forbes.

Where Laid-Off Tech Workers Are Looking for Their Next Opportunity

Realtor.com‘s cross-market search traffic shows that tech workers—from high-net-worth execs with lucrative exit packages to lower-level employees—are looking at other tech towns, with affordability a key factor driving their searches. However, staying put and looking in their current area are also options for those with deep roots and a higher chance of employment.

Ben Mizes, president of Clever Real Estate, told Realtor.com:

“Most displaced tech workers will likely remain in the same region for much longer. Employees will remain where they have the most equity, such as a professional and social network, a spouse, their children, schools, and industry resources. Regions such as Silicon Valley, Seattle, and New York offer the best opportunities to find another high-paying tech job.”

Those looking to ease their cost of living “will likely choose cities that offer tech-adjacent affordability—relatively less expensive housing, good schools, a good airport, and a good, not-too-large tech industry, which allows working in a tech-related area without feeling isolated,” Mizes adds.

Realtor.com’s data shows Salt Lake City, Denver, and Raleigh are popular for many well-paid tech workers.

“Salt Lake City appeared as the top destination for shoppers from Menlo Park in Q1 2026,” Realtor.com economist Jiayi Xu explained. Xu noted that the share of buyers from Menlo Park—one of the densest tech enclaves in Silicon Valley—looking at that specific tech-friendly Utah market jumped to nearly 3.6% in early 2026, up from 0.6% a year earlier. 

Similarly, nearly 70% of online home searches from Seattle looked to other states, up from 65% a year earlier, with Portland, Oregon, Coeur d’Alene, Idaho, and Phoenix the most popular destinations.

Why Tier Two Tech Cities Won’t Work for Many Investors

For workers and investors alike seeking affordability and cash flow, many tier-two cities are not sensible relocation/investment options, especially if remote or hybrid work is possible.

While Utah’s “Silicon Slopes” is attracting tech talent to companies such as Adobe, Qualtrics, and Oracle, alongside growing offices for companies such as Workday and eBay, a recent report by local brokerage Red Sign notes that tech demand has kept home prices elevated.

Though considerably more affordable than Silicon Valley or San Francisco, Zillow shows that the average home price in Salt Lake City is $580,000, and the average rent is $1,600, which clearly is not an equitable relationship for real estate investors, though variables exist in the wider metro area.

The same is also true to a large extent in other secondary tech hot spots such as Denver and Raleigh/Durham, North Carolina.

For deep-pocketed investors who can buy with cash and avoid current mortgage rates, these are great buy-and-hold options for long-term appreciation. However, for leveraged investors relying on loans, the numbers won’t work.

Tech Cities Where Cash Flow Still Works

For tech workers and investors looking for more affordable landing spots, where rents are low and wages high, a cluster of cities in the South and Midwest is attracting qualified employees for prestigious jobs.

Huntsville, Alabama: Aerospace and defense, with starter home prices

Huntsville has become a central hub for aerospace and defense, anchored by NASA’s Marshall Flight Center, Redstone Arsenal, Boeing, Lockheed Martin, and numerous contractors and tech firms. Named a top city for tech talent by commercial real estate brokerage CBRE, plenty of jobs are available for the qualified, with mid- to senior-level engineering roles paying between $120,000 and $170,000

Home prices average $290,000, and the average rent is about $1,400.

Columbus, Ohio: Meta, Path Robotics, and Intel

“Columbus is booming,” Dennis DeMeyere, a former technical director at Google Cloud, who plans to open an AI-powered manufacturing company, Autonomous Production, near Columbus, told the New York Times. “It’s wild. Everything is under construction. It feels like the Bay Area felt 13 or 14 years ago.”

Columbus and central Ohio, in general, have become a booming tech hot spot, with major Silicon Valley players and newer start-ups opening manufacturing plants and offices. In fact, manufacturing job growth is up 4.4% between 2021 and 2024. A new airport terminal is under construction to welcome business travelers, and new modular housing is being constructed at a fast pace, the Times reports.

The average Columbus house price is $251,000, according to Zillow, and rent averages around $1,500/month, making it very affordable for both renters and investors. While cash flow is flat at the moment, appreciation and positive cash flow show potential if interest rates drop.

San Antonio, Texas: Defense, tech, and cybersecurity, plus Toyota, Grupo Lala, and Siemens

The affordable alternative to Austin, San Antonio has seen a booming job market in defense tech and cybersecurity, driven by the University of Texas at San Antonio and Texas A&M. The average cost of a home in San Antonio is $251,000, and the average rent is $1,610.

Pittsburgh, Pennsylvania: Google, Amazon, Duolingo, and Aurora Innovation

The nationally recognized computer science program at Carnegie Mellon University (CMU) has been a big driver for tech innovation in the city. NVIDIA, the most valuable company in the world, recently partnered with CMU and the University of Pittsburgh to launch a specialized community focused on robotics, autonomy, and AI, further enhancing the Steel City’s tech credentials.

For real estate investors, Pittsburgh remains supremely affordable. The average home price here is around $240,000, and rent averages around $1,500/month.

Other affordable tech cities where investors could break even with current interest rates include:

Final Thoughts

The fact that the cost-of-living crisis and the AI revolution are happening at the same time has created a unique dynamic: mass layoffs in an industry where only the extremely well-paid can afford to live in its epicenters.

However, tech is not restricted to Silicon Valley, San Francisco, and Seattle. It touches almost every industry. It makes sense, then, that in an attempt to maximize profits, companies are setting up shop in some of the most affordable parts of America: the Midwest and South.

The positive news for investors is that these jobs come with good salaries. However, given the ephemeral nature of employment these days, under 1 in 5 tech workers—especially Gen Zs in software—are job hoppers, moving from one company to the next, according to a recent report. This means they are less likely to buy and more inclined to rent.

When choosing a tech-friendly city in which to invest, look for cities that not only have a strong tech base but are supported by other stable sources of employment, such as education, healthcare, and governmental jobs, which are likely to provide a strong tenant base, even if your tech worker moves to another city.

Robert Wright sees an AI earthquake: ‘cultural, political, personal, family, psychological’



Robert Wright’s Princeton library has seen many remote visitors. The veteran journalist and author — formerly at outlets including The New RepublicTime and The Atlantic, with five books published and a sixth out this June — has been holding court in front of his packed bookshelves for decades.

A writer liberated by the blogging revolution, he founded the video-interview platform Bloggingheads.tv years before podcasts became the new daytime television, and he has also gone his own way for decades. This editor was a devoted watcher, decades ago, when a young who’s who of literary types Skyped in to talk with Bob, from Ezra Klein to Ta-Nehisi Coates and Megan McArdle. So it was a touch surreal to see those familiar bookshelves and hear that familiar voice corresponding with Fortune. When I told him as much, he responded with his familiar self-deprecation: “Well, your ship has come in.”

For the last five years, Wright has made his home at the widely read NonZero newsletter and podcast, building on a 26-year-old book of the same name that argued human history is shaped largely by non-zero-sum dynamics—by encounters in which one side’s win isn’t necessarily the other side’s loss. The situation is usually nonzero, in other words. It’s informed by Wright’s writings on Buddhism throughout the years, which he sees less as a religion and more as a way of thinking.

That is exactly why, he told Fortune during a recent interview, the current situation is so alarming. That situation is not just artificial intelligence, according to Wright—but the lost concept of “enlightenment” in the 2020s.

“When you look at all the fronts — economic, cultural, political, personal, family, psychological and so on — it is going to be an earthquake,” Wright said. “That’s my prediction. And we better be ready for it.”

A belated ‘oh sh-t’ moment

In 1983, Wright was a young journalist on assignment, sitting down with Geoffrey Hinton, years before the computer scientist was dubbed the “godfather of AI” and years before Hinton resigned from Google DeepMind expressing regret at his creation. As Wright explains in his forthcoming book, The God Test: Artificial Intelligence and Our Coming Cosmic Reckoning, he completely missed the significance of what he was being told about this concept called “neural networks.”

“I just did not — I was not remotely close to getting the picture,” Wright said. He didn’t know at the time that this computer tinkering would lead to what he now considers an inflection point — not just economic but civilizational. The grand test ahead of us now, he told me, is whether we are qualified to play God, and he’s not sure that we’ve shown we’re capable.

Wright’s reckoning with AI’s true power came not in 1983 but in 2023, when he began experimenting with ChatGPT-4 while under contract for a different book entirely, one on cognitive empathy. One experience made him think of Hinton: he gave GPT-4 an elaborate, layered scenario about a student and a professor, asking what the student would feel at the end. The model’s one-word answer: schadenfreude.

“I thought, ‘oh sh-t,’” Wright recalled. “It really understands human nature and is capable of putting itself in the perspective of another human being.”

The experience sent Wright back to a 2018 lecture Hinton gave on how large language models actually work. The neural network that Hinton pioneered “will kind of reverse engineer the human mind,” Wright said, cautioning that he hasn’t heard many AI researchers put it in quite those words. That includes certain cognitive functions that natural selection engineered over millions of years, he added with astonishment.

“That was my big misunderstanding back in 1983,” he added. “I was assuming that if it was going to get good at handling language, we would have to implant in the machines the human understanding of the connection between the words and the meaning.” But we didn’t have to do any of that. “It just kind of quote ‘figured out’ that if it’s going to get good at predicting how sentences will end or predicting anything else … it is going to have to have a way of representing the meaning of words.” And he offered up a compelling example: it helped figure out an ambiguous MRI report on his own cancer.

The doctor and the machine

Wright is currently cancer-free, he told me. His throat cancer had spread to his lymph nodes, but after successful treatment it hasn’t come back since a surgery in 2025.

At one point, he told Fortune, reiterating a story he related on NonZero in July 2025, he was trying to interpret a confusing doctor’s report, so he fed it into various chatbots. They said it looked like something was worth investigating.

He pressed further, flagging a strange sentence, and Anthropic’s Claude caught what his radiologist had missed. “Claude said, ‘Well, the radiologist meant to put the word ‘no’ at the beginning of that sentence: ‘no abnormalities found.’”

AI caught a crucial grammatical error—a human error—that could have scrambled his understanding of his recovery.

“They say AIs hallucinate, they make mistakes,” Wright said. “Humans make mistakes. This human made a mistake and he’s a doctor, okay, and about a pretty big thing.” The question isn’t whether AI will “take our jobs and become our lovers and do everything else,” as Wright put it: it’s more about whether AI is “in any sense better overall than the people that were filling these roles.” The answer to that is so obvious that Wright doesn’t even have to say it.

“The thing doesn’t have to be perfect by any means to replace a human,” Wright said, “especially given the fact that it’s going to be a lot cheaper and faster.”

Wright’s thinking on AI is similar to his stance on Buddhism: not religious, but a secular, Westernized variant based on journalistic investigation and first-principles thinking. His 2017 book Why Buddhism Is True describes his engagement with Buddhism as a long personal journey predating the book itself, rooted in his earlier work on evolutionary psychology. Wright’s explicit aim is not to bring readers into Buddhism as a religion, but to argue that its core psychological insights — particularly around suffering and perception — are validated by evolutionary biology and modern science.

The ‘suicidal ideology’

If Wright’s earthquake thesis puts him broadly in alignment with figures like Anthropic CEO Dario Amodei and Microsoft’s Mustafa Suleyman — both of whom have warned of dramatic near-term disruption — his sharpest departure from Silicon Valley’s AI establishment is on geopolitics.

Amodei, in particular, has framed AI as an existential race with China, arguing that American dominance is essential to ensuring the technology develops safely. Wright called this a “suicidal ideology.”

“Dario sees us as in this existential AI race with China, and I personally think that mentality will lead us to a very, very, very bad outcome,” Wright said.

He believes Amodei is “sincere, more than most of these people,” but argued the entire framing is dangerously wrong. For Wright, true to his Nonzero beliefs, the only path to managing AI safely runs through global coordination, not competition. An arms race logic, in his view, forecloses exactly the kind of cooperative governance that could prevent catastrophe.

It is, he acknowledged with a wry smile, a very un-Buddhist way to approach an existential problem: each nation clinging to its own perspective, certain of its own righteousness, blind to the view from anywhere else.

He said his frustration with Anthropic sharpened recently following the company’s public acknowledgment that recursive self-improvement — AI systems autonomously improving themselves — may be approaching. The company gestured toward the need for global coordination but offered no concrete plan.

“Wait a second, Dario: you above all have been predicting we get to exactly this moment for years and you guys don’t have a plan?” Wright asked, peppering in a rather colorful adjective. “You haven’t devoted like a hundred dollars to looking into what it would take?”

He noted that Anthropic is due to IPO soon at a nearly trillion-dollar valuation. “Isn’t that because the financial incentives point in the other direction?”

Anthropic declined to comment.

A God test, not a doom prediction

For all his alarm, Wright resists being categorized as a pure doomsayer, and his trademark self-deprecation and good humor are on display throughout our conversation.

The title The God Test is partly a biblical metaphor, he said: throughout the Old Testament, salvation is offered conditionally. Shape up, or face consequences. The choice is real.

“We face an interesting and climactic moment, in a certain sense, in the whole history of evolution,” Wright said. “We’re creating a whole new form of intelligence — hasn’t happened before — in a new substrate that’s not carbon-based. And if you wanted to bring good things and not overwhelmingly bad things, you better recognize immediately that you’re proceeding too fast and recklessly, and you’re gonna have to get together as a cohesive global community.”

He pointed to two recent developments as cautious grounds for hope: a renewed U.S.-China dialogue on AI safety, and the Trump administration’s reversal on reviewing powerful AI models — a position it had previously mocked under Biden. “Change can happen,” Wright said. “I just hope the progress continues to come from developments that don’t get tons of people killed.”

The only way to pass the God test, he added, is to model what he calls “enlightenment.” He doesn’t mean it in the 18th-century, Voltaire and salons and wigs sort of Western sense, he clarifies, but something closer to the Buddhist conception. “It really amounts to just clarity of perception and thought,” he said. “Transcending all of the kind of cognitive and perceptual biases that are built into us — that get in the way of a balanced view of the world. Like the world is viewed from some perspective other than yours.”

Wright brought up “the view from Mars” on the human condition and what that must look like, which he admitted is hard to hear without thinking of Elon Musk — whose SpaceX is the first company with the explicit mission of making David Bowie’s vision a reality: life on Mars.

“I mean, Elon Musk seems to me the opposite of enlightened,” Wright said. “It’s worrisome that the world’s richest man is so incapable of getting outside of his own perspective.”

The salvation for this unenlightened age that Wright sees the world living through, he added, will come from “lots of people, including influential people, getting better at viewing the world from outside of their own perspective.”

This editor asked Wright if he was arguing for something like a Star Trek future, a federation of planets under a one-government system, managing problems peaceably and resolving conflict. He pointed out that Star Trek can’t be seen outside of the context of its 1960s premiere occurring just 20 years after the catastrophe of World War II. “That’s the thing, catastrophes lead to dramatic and ambitious thinking about restructuring orders … I hope it doesn’t take a true catastrophe in this case to get us to take international coordination seriously.”

He said he reaches for another science-fiction classic on the AI discussion: The Day The Earth Stood Still. Like Star Trek, it was a nuclear deterrence drama but it involved aliens visiting with a message for Earth to “get your sh-t together and form a global community and get things under control.”

In a way, he said, AI is sending a message “maybe not quite that dramatic but along the same lines.” He returned to the Bible metaphor, full of instances where salvation is possible, “but you have to get your act together, you have to become better people … you’re going to have to upgrade your game morally and in some sense spiritually or bad things, very bad things will happen. But very good things can happen, if you do the right thing.”

How Home Depot is rebuilding retailing with AI


Over the past few years, Home Depot has been rebuilding its business with more artificial intelligence intended to make shopping easier and workers more efficient. But the home-improvement retailer’s tech-focused C-suite team leading these efforts has also been recently refurbished.

Franziska “Fran” Bell became Home Depot’s chief technology officer in April, after most recently serving as chief data, AI, and analytics officer at automaker Ford Motor. Eleven months before her appointment, 27-year Home Depot veteran Angie Brown ascended to the role of chief information officer. And yet another key technology executive is Jordan Broggi, who became executive vice president of customer experience and the online channel in June 2024.

Some of the top AI applications these executives oversee include an AI assistant called Magic Apron and a customer service AI system built with Google Cloud, the latter recently tested in 50 stores and proving during the pilot program that the voice agents could understand what a customer was calling about in 10 seconds. Internally, Microsoft Copilot has been made available to office workers, Anthropic’s Claude coding system is helping speed up software development, and machine learning algorithms are guiding more efficient workflows for store associates.

Brown says that all the AI investments need to link to one of three core priorities: support merchandising within the physical stores, cultivate an interconnected retail ecosystem that involves digital channels, and grow business with contractors, builders, and other professionals who tend to spend a lot more at Home Depot than do-it-yourself (DIY) shoppers.

And while some technologists have recently aimed to focus their AI efforts on fewer, bigger use cases, Brown says she doesn’t approach her investments with such a restrictive mindset.

“Am I going to limit the number  of use cases that can leverage AI to solve a problem?” Brown rhetorically asks. “I don’t want to. If AI can help solve those problems that we have already identified from a business perspective, I’m not going to hold them back.”

Home Depot, ranked No. 25 on the Fortune 500, is among the retailers that have shown resilient sales even amid a muted economy and inflation fears from the war in Iran that have dampened consumer sentiment. Last month, the company reported that net sales grew 4.8% in the fiscal first-quarter from year-ago levels, though it acknowledged that homeowners were delaying larger projects due to worries about higher gas prices, layoffs, and other economic uncertainties. 

Home Depot and rival Lowe’s must also confront a weak housing market, which has been stung by stubbornly high interest rates and rising building material expenses. These headwinds are particularly inopportune for the spring market, traditionally the busiest for the housing sector.

The company’s top technologists divide up their work by giving Brown oversight of the company’s technology strategy, infrastructure, cybersecurity, and software development. Broggi oversees Home Depot’s $25 billion e-commerce business, merchandising, and the customer experience for digital channels, while Bell steers product management, data, and AI.

One of Broggi’s biggest projects has been Magic Apron, which can answer shopper questions and summarize product reviews and debuted in March 2025. Magic Apron’s generative AI capabilities are trained on Home Depot’s product data and contextualized, but Broggi said that when it launched, “the consumers loved it and the pros hated it.”

Home Depot learned that the web-based Magic Apron system was asking pros questions that were too simplistic. Home Depot pulled the pro version offline and is in the process of fine tuning the large language models for a better user experience for that group of shoppers.

Magic Apron can also field questions from the retailer’s employees. Brown is in the early stages of rolling out the functionality to their smartphones and another upgrade down the road will make the tool multilingual. 

“Generative AI is becoming more and more a part of everybody’s life,” says Brown, explaining why these AI assistant tools are being adopted by employees.

Another AI use case is internally known as “order intelligence,” which looks backward at millions of data points from Home Depot’s past deliveries and assesses a risk score that takes into account problems such as whether the property may require a gate code, or perhaps sits on a winding, narrow path where a 22-foot delivery truck is better than a 36-foot truck. The system can proactively reach out to customers with any potential problems and provide more accurate delivery times.

Broggi says customers don’t know or even care much that generative AI is working in the background. “They just want their stuff delivered on time, complete, undamaged, and with clear communication,” he added.

Another area of focus is developing a generative engine optimization strategy, known as GEO, as consumers spend more time shopping on AI chatbots like Google’s Gemini, OpenAI’s ChatGPT, and Claude. Home Depot allows shoppers to buy its goods on ChatGPT, while also supporting Google’s Universal Commerce Protocol, which advocates for a common language to support agentic commerce.

Broggi says that thus far, the retail strategy for the AI shopping platforms hasn’t been clearly defined. The AI companies developing the platforms have changed priorities a couple of times, he said. “They’ve got to try to figure out how they want to go to market.”

John Kell

Send thoughts or suggestions to CIO Intelligence here.

NEWS PACKETS

Workers who don’t embrace AI are more likely to be laid off. Despite all the hoopla about the “AI jobs apocalypse”—heightened by many firms across tech and elsewhere linking workforce reductions to AI—a new study published by Gallup found that only 1% of laid-off workers say AI was a factor in their job loss. This factor was vastly dwarfed by organizational restructuring, budget cuts, and economic conditions, which are all far more standard explanations historically used by corporations to justify trimming jobs. But a look under the hood of these stats found that currently employed workers were more likely to be frequent AI users than their laid-off counterparts (28% versus 22%, which Gallup said is a “statistically significant difference.” The gap is even higher for employees in the technology industry, Bloomberg reports, a sector that’s been badly hit by layoffs in 2026, including at Meta Platforms, Salesforce, and Cisco Systems.

After Anthropic’s model shutdown, should AI companies be wary of further interventions? A crackdown at Anthropic has led to a flurry of news out of Washington, including a report from Politico that the Claude maker is working with the White House to develop a framework that would assess the security flaws of its Fable 5 and Mythos 5 models. The Fable 5 and Mythos 5 models were taken offline on June 13 after the U.S. government barred Anthropic from distributing the models to any foreign nationals, though President Donald Trump said relations between the government and Anthropic have gotten better. Some experts say model makers should be cognizant that the government could weigh in on AI again. “Now that the Commerce Department has done it, no company can rule out that they’re going to do it again,” Kate Koren, a deputy director at the Center for Strategic and International Studies, told Bloomberg.

Getty’s low share price gets a lift from OpenAI. Following a disclosure over the weekend that the stock photography agency would license its images in the search and discovery features of ChatGPT, investors more than doubled the value of Getty’s shares, though not such a mighty feat given the stock closed at 61 cents on Thursday. Still, Getty’s business model was viewed as particularly threatened by AI due to the rapid rise of image generators, but by monetizing a licensing pact with OpenAI, Getty may be showing Wall Street there’s a path forward to generate revenue from AI. Separately, OpenAI has announced some product news updates in recent days, including an updated version of its cybersecurity model and continues to move forward with plans to turn ChatGPT into an all-purpose “super app” that can handle both simple tasks and more complex requests.

Top AI talent shuffles among hyperscalers. There’s been a flurry of AI executive and researcher changes among the leading AI companies, including news from Business Insider that Noam Shazeer, the founder of Character.AI and VP of engineering and co-lead of Google’s Gemini, would depart to join OpenAI. Axios, meanwhile, reported that an AI policy advisor for the Trump administration, Dean Ball, was also heading to OpenAI. And John Jumper, vice president of Google DeepMind and winner of the 2024 Nobel Prize in chemistry for his work on AI, is departing after nearly nine years for rival Anthropic, according to Bloomberg. Fortune, reporting on the departures at Google, says the loss of top talent is raising questions about the tech giant’s position within the AI race.

ADOPTION CURVE

More than most C-suite leaders, CMOs control their own destiny on AI. As advertisers and marketers are mingling in Cannes for the industry’s most prestigious ad festival, a new survey finds that roughly half of chief marketing officers say they control their AI investment decisions. This group also feels greater pressure to deliver results, with 94% saying CEO expectations have “increased significantly over the past two years,” according to a survey of 300 global CMOs conducted by consulting giant BCG.

“With that great power comes great responsibility,” Mark Abraham, a managing director and senior partner at BCG, tells Fortune. “It’s not just around productivity gains anymore, it’s also about driving growth.” He adds that only a third of CMOs are actually doing the difficult work that’s needed to propel an AI transformation: investing in the tech stack, upskilling workers, and deploying AI agents.

Roughly four in ten CMOs say they are using generative AI only to assist human workers with discrete tasks, with just under a third reporting they’ve moved to agent-led workflows. Only 8% report that they run campaigns in which multiple agents operate autonomously.

CMOs are focusing a lot more on responsible AI usage and ethics training and Abraham says this is an acknowledgement that marketers cannot just hire externally to fill talent gaps. So-called “AI champions”—employees that are enthusiastic about experimentation with the technology—are becoming stars within the department. “They’re often not the most senior people; they’re in the weeds, they’re trying new tools,” says Abraham. “They’re also identifying what the weaknesses and issues with them are, so that the marketing function can work with the tech team to say, ‘Okay, these are the three new tools that are going to help us leapfrog in content creation.’”

Courtesy of BCG

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Hiring:

C3 AI is seeking a CIO and VP, based in Redwood City, California. Posted salary range: $285K-$325K/year.

Oregon Tool is seeking a VP of global technology, based in Portland, Oregon. Posted salary range: $240K-$260K/year.

REI is seeking a VP of technology, digital commerce, and customer, based in Seattle. Posted salary range: $275K-$360K/year.

Spectrum is seeking a head of technology for the intelligence ventures unit, based in New York. Posted salary range: $263.2K-$393.8K/year.

Hired:

Dollar General announced nine new executive appointments, including the promotion of Tom Hutchins to the role of CTO and Travis Nixon to serve as chief data and AI officer. Prior to joining the discount retailer in September 2024 as SVP of technology, Hutchins worked in retail technology for 25 years, including at Tractor Supply and Office Depot. Nixon, who joined Dollar General in 2025, previously worked at tech firms such as Dropbox, Meta, and Microsoft.

NASA promoted Sean Gallagher to serve as CIO, responsible for the space agency’s entire portfolio of IT products and services. Gallagher had most recently served as deputy CIO for operations at NASA’s headquarters in Washington. He also previously served as the CIO of the agency’s Glenn Research Center in Cleveland. Prior to joining NASA in 2022, Gallagher worked at Booz Allen Hamilton as a senior associate.

Crowell & Moring named Andrea Markstrom as CIO. He joined the international law firm after most recently serving as CIO at another firm, Cadwalader, Wickersham & Taft. He has held executive technology and information roles at several firms, including Taft Stettinius & Hollister and Blank Rome.

FirstEnergy appointed Daniel Puscas to the role of CIO, joining the electric utility after most recently serving as a partner at Fortium Partners, which fills technology C-suite gaps with interim or project-based executive talent. Puscas also previously served as a director at consulting firm AlixPartners, where he served in multiple CIO and chief operating officer roles.

Cincinnati Financial promoted Ryan M. Osborn to the role of CIO, as John S. Kellington will retire from the position on August 7. Osborn initially joined the insurer in 2000 and most recently served as the director of shared services and the company’s architecture program.

El Car Wash announced several executive appointments, including naming Ganesh Matha to the role of CTO. Matha joined the express car wash chain from hospitality chain MGM Resorts, where he most recently served as a vice president. Previously, Matha served as a senior manager for Walt Disney.

Elauwit announced the appointment of Nick Jones as CIO and chief operating officer. He joins WiFi service provider after most recently serving as VP and COO at television systems provider World Cinema. He also previously served as CEO at outsourced managed services provider NJT.

InnerActiv appointed Johnny Collins to the role of CTO, joining the cybersecurity firm from its peer Halcyon, where he most recently served as director of intelligence operations for its ransomware research center. Previously, Collins served as a managing director at KPMG and a director at Mandiant.