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Pope Leo called AI an ‘instrument of domination, exclusion and death.’ Anthropic was in the room



Pope Leo XIV called Monday for robust regulation of artificial intelligence and for its developers to work for the common good rather than profit, issuing a sweeping manifesto on safeguarding humankind as the technology impacts everything from work to war.

“Magnifica Humanitas” (Magnificent Humanity), Leo’s first encyclical, has been eagerly awaited ever since history’s first U.S.-born pope announced days after his election that he considered AI to be the biggest challenge facing humanity today.

In the text, Leo denounced the “culture of power” driving the AI race, especially in developing ever more sophisticated methods of remote warfare. He declared that it was “not permissible” to entrust irreversible, lethal decisions to AI systems, setting up another flash point between the American pope and the Trump administration, which has worked aggressively to deregulate AI development.

“Artificial Intelligence now demands to be disarmed, freed from logics that turn it into an instrument of domination, exclusion and death,″ the pope told a special Vatican presentation of the encyclical, one of the most authoritative types of teaching documents a pope can issue.

Experts in the tech industry, academia and Catholic morality said the document will likely become a benchmark in the debate over AI, a point of reference for policymakers, researchers and ordinary folk alike. It comes as the near-daily developments in the technology trigger concerns over AI replacing human jobs and even human intelligence.

Taylor Black, a Microsoft AI executive and director of Catholic University of America’s AI institute, said the document would prompt people “at the forefront of these tools” to ask questions such as “What does it mean to be human?”

Pope calls out AI companies even as he hosts Anthropic

The Vatican launch also included remarks by the co-founder of Anthropic, which is currently locked in a legal battle with the Trump administration over access to its AI technology. The Vatican decided to involve Anthropic as part of its decade-long effort to engage Silicon Valley in dialogue over the human cost of AI.

And yet in his text, Leo repeatedly blasted the concentration of power and data in the hands of so few people in the private sector as a danger, especially to children and the most vulnerable, and called for external regulation of their work.

“It is not enough to invoke ethics in the abstract; robust legal frameworks, independent oversight, informed users and a political system that does not abdicate its responsibility are required,” he wrote. “A more moral AI is not enough if that morality is determined by a few.”

Leo appealed to AI developers and political leaders responsible for regulating them to slow down and reflect on what they are doing. He urged them to use ethical and spiritual guidelines to make the choice to work not for their own profit or power, but the betterment of humanity.

AI competitors OpenAI and Anthropic are the second- and third-most valuable U.S. private companies, each valued at hundreds of billions of dollars, more than the GDP of many nations. Both companies are heading toward near-trillion dollar IPOs.

Anthropic co-founder Christopher Olah welcomed Leo’s criticism and concern. He said such external checks were fundamental to the technology “going well” for humankind since there is so much at stake — “a real possibility that AI will displace human labor at a very large scale.”

“We need more of the world — religious communities, civil society, scholars, governments — to do what His Holiness has done here: to take this seriously, to look closely, and to push events in a better direction,” Olah said. “We need moral voices that the incentives cannot bend.”

Experts say the text will become a benchmark

In a methodical text, the math major pope traced the history of the Catholic Church’s social teaching and applied its core concepts — justice, solidarity, the dignity of work and the universal destination of resources — to the digital revolution.

“I am convinced that this will prove to be a defining document for our era, a profound and prophetic document,” said Paolo Carozza, law professor at Notre Dame Law School and chair of the Meta Oversight Board.

“Pope Leo is offering a clear, comprehensive, and coherent voice urging us to take responsibility for constructing a world in which technology will serve humans rather than degrade them,” he said.

In its strongest chapters, Leo denounced how AI had helped accelerate the “normalization of war” by desensitizing people to its cost. He didn’t name specific conflicts, but cited “opposing imperialisms, between powers that wish to preserve their supremacy, and those that aspire to seize that supremacy.”

He demanded transparency and accountability by AI developers so that the chain of decision-making command in ordering strikes with AI weaponry is always known. He declared that the Catholic Church’s “just war” theory, which provides specific criteria for when force can be justified, was now “outdated” given the technological advances of warfare.

A text in the church’s social justice tradition

Leo signed the text May 15, the 135th anniversary of the publication of “Rerum Novarum” (Of New Things), the most important teaching document of Leo’s hero and namesake, Pope Leo XIII. That document addressed workers’ rights, the limits of capitalism, and the obligations that states and employers owed workers as the Industrial Revolution was underway.

It became the foundation of modern Catholic social thought, and the current pope cited it at the start of his pontificate in relation to the AI revolution, which he believes poses the same existential questions that the Industrial Revolution posed over a century ago. “Magnifica Humanitas” thus becomes the latest chapter in a century-long history of popes adapting “Rerum Novarum” to the social questions of their times, often dwelling on the dignity of work for human flourishing.

AI is evoking both existential fears and utopian vision amid an intensifying debate on whether it will become a catalyst that enriches humanity or a technological toxin that dulls human intelligence while wiping out millions of high-paying jobs.

“The pursuit of greater profits cannot justify choices that systematically sacrifice jobs, because the human person is an end, not a means, and the economic order must remain subordinate to human dignity and the common good,” Leo wrote.

Leo extended his concern for upholding human dignity in labor to issue the first-ever papal apology for the Holy See’s own role in legitimizing slavery by giving European sovereigns explicit authority to subjugate and enslave “infidels.”

A decade-long dialogue with Silicon Valley

Vatican officials declined to say who contributed to Leo’s encyclical. But Vatican and church officials have been engaged in a dialogue with Silicon Valley tech firms for a decade.

The decision to include Anthropic at the Vatican launch was criticized by some who considered it a papal stamp of approval of the AI firm, which is currently suing the Trump administration after it ordered all U.S. agencies to stop using Anthropic’s technology for its refusal to allow the U.S. military unrestricted use of it.

Brian Boyd, U.S. faith liaison for the nonprofit Future of Life Institute, read the inclusion of Anthropic’s co-founder Olah as a recognition of its prominence in the field and as similar to a papal audience with a head of state: not an endorsement.

Anthropic is an “enormous corporation that is taking onto itself an enormous risk and responsibility,” Boyd said, adding that the company has “demonstrated genuine goodwill and integrity and interest in dialogue.”

___

Winfield reported from Middletown, Connecticut, and Huamani reported from Los Angeles. Associated Press writers Kelvin Chan in London and Colleen Barry in Milan contributed to this report.

___

Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

Cutting Back on Essential Healthcare Due to Rising Retirement Costs? 4 Strategies You Can Try.


For some, rising gas prices are just an inconvenience to grumble about. For others, they mean making difficult choices about what they can afford to spend this month.

If your budget is already pared down to the essentials, you might even find yourself skipping necessary retirement healthcare expenses to keep your bills manageable. But there might be other ways you can keep costs down while still getting the care you need. Try the following four things.

Image source: Getty Images.

1. Look into government assistance programs

There are government programs that can help you with your medical costs. You’re probably already on Medicare if you’re 65 or older, but you may also qualify for Medicaid. This can further reduce your out-of-pocket expenses without sacrificing care.

Medicare’s Extra Help program is another option that could help you keep prescription drug costs manageable. It helps you pay for prescription medication deductibles and copays. You will qualify for this automatically if you’re on Medicaid or receive Supplemental Security Income (SSI) payments.

2. Use coupons on prescription medications when possible

Websites like GoodRx can help you find coupons that lower your out-of-pocket prescription drug costs. Sites like these are free to use, so they’re worth checking before you pay full price for your prescriptions. This strategy can be especially effective if you also switch to generic medication, as these are often cheaper than name-brand drugs.

3. Explore telehealth options

Telehealth services can be much cheaper than in-person doctor visits, and they may save you time and travel costs as well. They’re not for every medical condition, though. If you have an issue that requires in-person testing, you’re better off with a traditional doctor visit.

4. Talk to your hospital about financial assistance

Hospitals often have financial assistance programs to help you if you’re unable to pay the full out-of-pocket costs for your medical care. You will need to provide details about your household finances as part of the application process.

If financial assistance isn’t an option for you, look into payment plans. These can help you spread your expenses out over time, so you don’t have to pay for a huge bill all at once. These strategies won’t eliminate your out-of-pocket healthcare costs, but they can help make them a little easier to stomach.

If you’re ever struggling to pay a bill, contact the healthcare provider right away to discuss your options. Acting promptly is usually better than waiting until the due date has passed.

Nature and Significance of management | Class 12 | Business Studies | Chapter 1



Nature and Significance of management | Class 12 | Business Studies | Chapter 1

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Delta Amex Cards Adding Free Second Checked Bag Benefit


Delta Amex Cards Adding Free Second Checked Bag

A new benefit appears to be coming to eligible Delta SkyMiles American Express cards starting June 4, 2026.

According to a post shared by reliable aviation source xJonNYC, Basic Card Members will receive a free second checked bag on Delta and Delta Connection-operated flights within the U.S., including Alaska, Hawaii, Puerto Rico, and the U.S. Virgin Islands. Codeshare flights will not qualify.

With fees going up,  a second checked bag free could actually save families a decent chunk of money on trips.

America’s Debt – A New Infrastructure?


At roughly 128% debt-to-GDP, the United States sits alongside France, Italy, and the United Kingdom — not in isolation. Japan stands out at over 230% debt-to-GDP, yet faces no immediate funding stress. Why?

Because foreign dependence — not absolute debt — is the real constraint.

China: roughly 102% debt-to-GDP, with about 3% foreign-held

Japan: roughly 230% debt-to-GDP, with about 12% foreign-held

United States: roughly 128% debt-to-GDP, with about 22% foreign-held

The United States is unusual: it carries a large debt load, yet remains overwhelmingly domestically financed.

That composition matters far more than the headline number. The foreign debt also reduced in percentage from 2019 to 2025, as seen in the following figure.

More war-driven inflation seen in Fed’s favoured gauge




By Vince Golle and Craig Stirling (Bloomberg) — The Federal Reserve’s favoured top-line inflation gauge is rapidly approaching 4% as a war-driven spike in energy costs generates unease that price pressures will broaden. Government data on Thursday are expected to show the personal consumption expenditures price index jumped 3.8% in April from a year ago. …

Grab Holdings’ SWOT analysis: stock navigates profitability path




Grab Holdings’ SWOT analysis: stock navigates profitability path

Elon Musk’s best friend could make $100 billion on SpaceX. His firm is also owed billions



His name is Antonio Gracias, a handsome private equity investor from Detroit. The two met through the Silicon Valley web at the turn of the century, and soon Gracias—at 55, just one year older than Musk—lent Musk $1 million in his early days at Tesla, when the company was teetering on the edge of bankruptcy.

The two have been best friends ever since. Gracias was a groomsman at Kimbal Musk’s wedding, the families have vacationed together, spent the holidays together, and even traveled to David Copperfield’s private island in the Bahamas.

And Gracias trailed Musk through all of his ventures. He’s sat on the boards of Tesla—where he spent eight years as lead independent director—SpaceX, SolarCity, Neuralink, and The Boring Company. His firm, Valor Equity Partners, was one of Tesla’s earliest institutional investors and has put money into nearly every Musk company.

Gracias even followed Musk into the federal government, taking a role at the Department of Government Efficiency before resigning in July amid scrutiny over managing $2 billion in public pension assets while serving as a government employee.

Now, with SpaceX preparing for the largest IPO in history, Gracias’ loyalty is about to pay off. 

His Valor entities collectively hold more than 500 million shares of SpaceX Class A stock—roughly 7.3% of the company, making him the second-largest individual shareholder after Musk. At the $1.75 trillion valuation Bloomberg and Reuters have reported SpaceX is targeting, Gracias’ stake will be worth around $90 billion. At $2 trillion, it climbs past $140 billion. Either way, the IPO will make him one of the 50 wealthiest people alive.

He’s also earning it. 

Three leases, $20 billion, one board member

Last October, SpaceX’s S-1 shows, an xAI subsidiary called CTC signed an equipment lease agreement with Valor for AI infrastructure hardware—specifically, the GPUs needed to power xAI’s data centers. (xAI was a separate Musk company at the time; SpaceX absorbed it in February.) In January, CTC signed a second lease with Valor. In April, a third.

Together, the three agreements obligate the company to pay Valor close to $20 billion over their terms. And SpaceX guarantees the payments—meaning if the xAI subsidiary can’t cover them, SpaceX itself is on the hook. That guarantee is unusual on its own: It suggests xAI couldn’t get this kind of financing on its own credit, and needed its parent company to step in. Indeed, the new filing shows xAI was ridden with debt, including secured senior notes at a 12.5% interest rate—distressed-borrower pricing that shows the company was struggling to access typical financing routes.

Once SpaceX goes public, all that liability transfers to public shareholders, who will inherit billions in obligations from a deal struck while the company was still private.

So far, the Valor entities have collected roughly $885 million from the leases in 2025, and another $857 million in just the first two months of 2026.

The structure is unusual enough that SpaceX’s auditor, PwC, refused to treat it as a normal lease, and instead called it a “failed sale leaseback.” In a typical sale-leaseback, one party sells an asset to another, then leases it back. Here, that meant CTC—the xAI subsidiary—”sold” the GPUs to Valor, then leased them back for use in its own data centers. For the deal to count as a real sale, Valor needed to actually obtain control of the GPU. But the terms of the arrangement, in PwC’s view, meant CTC retained effective control of the assets, making Valor just like a regular lender, with the GPUs serving as collateral.

In other words, SpaceX and xAI structured the deals in a way that, if accepted, would have kept the financing off SpaceX’s balance sheet. But it appears as if PwC refused. The auditors concluded the transactions were loans in substance, not leases, and forced SpaceX to record the debt anyway. The $9 billion now sits on SpaceX’s balance sheet as related-party debt payable to the firm of one of SpaceX’s own directors.

Neither Valor Equity Partners nor SpaceX responded to Fortune’s request for comment. 

‘That’s the worst’

The arrangement alarmed two top corporate governance experts who Fortune spoke with.

Nell Minow, a chair of ValueEdge Advisors, called the Valor leases “deeply troubling”—both for what they suggest about SpaceX’s numbers and for what they suggest about its governance. Asked where the arrangement falls on the spectrum of related-party deals she’s seen across four decades of corporate governance work, Minow didn’t hesitate. 

“That’s to me, that’s the worst,” she said. “They wouldn’t know an arm’s-length transaction if they saw one.”

An “arm’s-length transaction” is the standard corporate governance jargon for a simple test: Would the terms hold up if the two parties were strangers, with no shared interest in cutting each other a favor? It’s how public companies prove to investors that insiders aren’t quietly enriching themselves through company business—and it’s exactly that assurance that SpaceX’s S-1 doesn’t give for the Valor deals, she suggests.

Robert Willens, an accounting and tax expert at Columbia Business School, spotted that same gap. Public companies typically include a sentence in their related-party disclosures promising the terms are “no less favorable” than what an unaffiliated party would have gotten. SpaceX uses exactly that language in the section of the S-1 describing its dealings with Tesla, another Musk company. But it doesn’t use it in the section describing the Valor leases.

“If they don’t say it explicitly, you have to be led to believe that maybe they’re not being as careful as they are in the first agreement, and that they very well might be agreeing to terms that are less favorable than they would be with an unrelated party,” Willens said. “They know how to say it when they want to say it.”

If the Valor terms aren’t arm’s-length, Willens said, the lease payments could function as a “disguised dividend”; extra money flowing to Gracias not because the GPUs are worth what Valor is charging, but because he’s a powerful insider. The S-1 also doesn’t disclose whether Gracias recused himself from the board’s approval of any of the three deals, an omission both Minow and Willens said is notable for a $20 billion related-party transaction.

Public capital, private control

Minow said the arrangement is typical of SpaceX, which wants “the access to capital of a public company” but “the control of a private company.” It will actually be a “controlled company” under Nasdaq rules—exempt from requirements that a majority of its board be independent. Gracias himself is being seated on the compensation and nominating committee. The company reincorporated in Texas in 2024 after Musk personally lobbied state legislators to weaken shareholder protections; shareholder disputes are now subject to mandatory arbitration; and under SpaceX’s charter, Musk can only be removed from his leadership positions by holders of Class B stock, the majority of which he controls.

And all of it is happening just as Nasdaq has changed its rules to ensure millions of Americans will own SpaceX whether they want to or not. In March, the exchange rolled out a new “Fast Entry” rule letting large IPOs join the Nasdaq 100 after just 15 trading days; down from a typical period of three months to a year. For comparison, Facebook waited seven months, while Airbnb waited a year, and Tesla waited three. Reuters reported that fast index inclusion was a condition of SpaceX’s Nasdaq listing.

The consequence: Every fund tracking the Nasdaq 100—including the $385 billion Invesco QQQ and trillions in other ETFs and retirement accounts—will be forced to buy SpaceX stock weeks after it lists, regardless of price or governance. Goldman Sachs analysts estimate the rule change could trigger up to $60 billion in forced buying across the Nasdaq 100 ecosystem.

“I wish they were as good at engineering,” Minow said of SpaceX, “as they are at cutting off every possible avenue of independent oversight.”

Wells Fargo Choice Privileges 60,000 Points


Update 5/25/26: Bonus is back

Update 4/2/26: Bonus will end April 7, 2026

Update 1/9/26: Bonus back up to 60,000 points

The Offer

Direct link to offer

  • Wells Fargo is offering 60,000 points after $1,000 in spend within the first 3 months

Card Details

  • Card earns at the following rates:
    • 5X points on stays at participating Choice® hotels
    • 3X points on qualifying purchases at gas stations, grocery stores, home improvement stores, and phone plans
    • 1x points on all other purchases
  • Automatic Gold Elite Status: 10 Elite night credits

Our Verdict

Previous high on this card has been 70,000 points, standard offer is 40,000 points. Free nights start at 6,000 points per night and go up to 35,000 points per night (properties in Australasia go up to 75,000 points. Now cost more than 35,000 in USA as well). With Choice it’s always a good idea to have a redemption in mind before applying. Still worth it for some people as some good value can be had, will add this to our list of the best credit card bonuses.

How to Invest Like the Top 1% for Wealth Building | Feroze Azeez | Sanjay Kathuria Podcast #053



How to Invest Like the Top 1% for Wealth Building | Feroze Azeez | Sanjay Kathuria Podcast #053

In this episode of the Sanjay Kathuria Podcast, we host Feroze Azeez, Joint CEO of Anand Rathi Wealth Limited, one of India’s leading wealth management firms managing over ₹1,00,000+ crore AUM for 13,000+ HNI families .

With more than two decades of experience in private banking and portfolio management, Feroze Azeez shares a complete wealth management masterclass for Indian investors. From building your personal balance sheet to choosing the right mutual funds, understanding asset allocation, and creating passive income after retirement, this conversation breaks down how professionals manage money for India’s richest families.

In this deep-dive discussion, we cover financial planning for people in their 20s, 30s, and 40s, the truth about mutual funds vs AIF, how to select the right funds using data instead of hype, why past performance is misleading, and how investors can build long-term wealth while managing risk.

📘 What You’ll Learn

✅ What wealth management really means for investors
✅ How to create your personal balance sheet
✅ Importance of income and expense mapping
✅ Financial planning for people in their 20s
✅ Why past mutual fund performance is misleading
✅ 3 parameters every investor must track
✅ Risk management strategies used by professionals
✅ Best mutual fund categories for 2026
✅ Whether crypto should be part of your portfolio
✅ Passive income strategy after retirement

⏱️ Timestamps

00:00 – Podcast Teaser
01:30 – Guest Intro – Feroze Azeez
03:17 – From Teacher to Wealth Manager
06:17 – Rs 0 to Rs 1 Lakh Crore AUM Journey
06:32 – What is Wealth Management?
08:56 – How to Start Financial Planning
10:14 – How to Create a Personal Balance Sheet?
11:37 – Why Income & Expense Mapping Matters
12:30 – Understanding Your Liabilities
13:44 – What is Financial Independence?
14:30 – Financial Planning for a 25 Year Old
16:35 – Fake It Till You Make It is WRONG
19:07 – How Should a 23 Year Old Should Invest?
23:18 – Are Mutual Funds ENOUGH for Entire Life?
24:11 – Why are Mutual Funds better than AIF?
26:51 – Life Cycle Funds Explained
29:20 – How to Select the RIGHT Mutual Fund?
31:54 – Why Past Performance is USELESS
32:42 – Anand Rathi’s Secret Formula Revealed
37:33 – Holiday NAV Concept Explained
41:20 – Target NAV as a Tie Breaker
43:22 – 3 Parameters Every Retail Investor NEEDS
46:40 – Risk Management Secrets from Nobel Winners
50:25 – Why Popular Funds are in Losses?
53:28 – Why Some funds are performing well?
58:47 – Why is Elon Musk Listing SpaceX?
01:00:30 – Should You Invest in Crypto?
01:04:30 – International Investing for Indians
01:06:53 – Financial Planning for 35 to 45 Age Group
01:10:14 – Should You Buy Real Estate or NOT?
01:11:32 – How to Create Passive Income After Retirement?
01:14:12 – Best Strategy for Lump Sum Investing
01:17:38 – Feroze Azeez Personal Asset Allocation
01:19:35 – Biggest Money Mistakes to AVOID
01:21:10 – How to Build a Career in Wealth Management?
01:24:13 – What Scares a Rs 1 Lakh Crore Wealth Manager?
01:25:23 – Cheapest HEDGE in 20 Years Right Now
01:26:46 – Right Mutual Funds for 2026
01:27:48 – Episode Outro

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If you want to learn how India’s top wealth managers build portfolios, manage risk, and create long-term passive income strategies, this episode is a must-watch.

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