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OpenAI’s agents are still ransacking the web



Emily Forlini here. It finally happened: I had my first bout of existential AI dread last week. I managed to fend it off since July, when I helped break the story that OpenAI’s agents autonomously hacked Hugging Face. But it’s starting to sink in that things are getting worse, as Saturday Night Live pointed out with its excellent impersonation of Anthropic CEO Dario Amodei. Worth a watch.

What started my mini spiral was an independent report from a company called Transluce. Its data found instances of rogue AI activity going back to November, earlier than OpenAI has publicly disclosed, and suggested the issues were still ongoing. After seeing it all laid out in the graph, I lost a little bit of sleep imagining what might happen if the technology gets even better, as those working in the industry expect it will continue to do at an increasingly fast pace. It didn’t help that just a few minutes before I saw the post, I filed another story about OpenAI’s agents hacking into the Australian government’s medicare site. 

Then, OpenAI admitted it had another issue this month, a fact the company buried in a technical report but that my editor, Jeremy Kahn, brought to light. An AI agent got out again, and while the incident was not severe, the company has since paused all training runs for a second time while it bolsters its defenses (against itself, as SNL quipped). This is the first rogue incident the company has disclosed since Hugging Face, after which it reportedly hardened its training environments so the issue wouldn’t happen again.

This is significant because it suggests OpenAI cannot easily control the technology it’s building, despite its best efforts to do so. Its agents are breaking out into the open web, where all of us spend our days—chatting with loved ones, storing financial data, viewing medical records, buying products, etc. No one wants an AI agent meddling with any of that, let alone our critical infrastructure or worse.

For those of us who aren’t in the throes of AI doom, it’s worth noting that pausing training is also a hit to OpenAI’s business. Its models are its currency. Any stop in training means slowing business momentum, which might not please investors but will likely please everyone else at this point. So kudos to OpenAI here—even if the federal government shows no interest in regulating AI, the company is, for now at least, showing some level of responsibility.

Emily Forlini
X:
@EmilyForlini
Email: emily.forlini@fortune.com

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VENTURE CAPITAL

– SIMa.ai, a San Jose, Calif.-based developer of AI chips and software for robots, vehicles, and other edge devices, raised $150 million in Series C funding. Fidelity Management & Research Company and Amplify led the round and were joined by Alter Venture Partners, Dell Technologies Capital, Maverick Capital, and others.

– Quartermaster, an Arlington, Va.-based developer of an AI-powered network that monitors activity at sea, raised $100 million in Series B funding. Insight Partners led the round and was joined by Overmatch Ventures.

– Outmarket, a San Francisco-based developer of AI software for insurance agencies and brokers, raised $34.5 million in Series B funding. SignalFire led the round and was joined by Fika Ventures, Permanent Capital Ventures, TTV Capital, and Dash Fund. 

– Modulate, a Somerville, Mass.-based developer of AI software that analyzes speech, including tone, emotion, and synthetic voices, raised $25 million in funding. Future Ventures led the round and was joined by Hyperplane and Lakestar. 

– erad, a Riyadh, Saudi Arabia-based lender to small and midsize businesses, raised $22 million in Series A funding. MEVP led the round and was joined by SVC, 500 Global, S60 Ventures, and others.

– IPercept, a Stockholm, Sweden-based developer of software that helps manufacturers predict CNC-machine breakdowns, raised $16.5 million in Series A funding. Isogon Ventures and 2150 led the round and were joined by existing investors Luminar Ventures, RunwayFBU, J12 Ventures, and AI.Fund.

– Rayon, a Paris, France-based developer of collaborative design software for interior designers, raised $11 million in Series A funding. Partech led the round and was joined by Northzone, Foundamental, and Seedcamp.

– HiringCafe, a San Francisco-based AI-powered job-search platform, raised $6.8 million in pre-seed funding. Spark Capital led the round and was joined by Nonfiction Capital, Silicon Gardens, and angel investors. 

– Dodge AI, a San Francisco-based developer of AI software for maintaining and upgrading ERP systems, raised $2.7 million in funding. Accel and Google Ventures led the round and were joined by Schema Ventures, New Build Ventures, Antler, and angel investors.

PRIVATE EQUITY

– Appdirect, backed by CDPQ, acquired Soul Machines, a San Francisco-based developer of AI avatars for customer and employee interactions. Financial terms were not disclosed. 

– Finalsite, a portfolio company of Veritas, acquired RevTrak, a Glastonbury, Conn.-based provider of online payment software for schools. Financial terms were not disclosed.

EXITS

– GTCR acquired Tactacam, a Billings, Mont.-based maker of cellular-connected trail and security cameras, from Bertram Capital and the company’s founders. Financial terms were not disclosed. 

FUNDS + FUNDS OF FUNDS

– Sofinnova Partners, a Paris, France-based venture capital firm, raised €82 million ($93.2 million) for its fourth Sofinnova MD fund focused on medtech companies.

Man Group: 5.5% yields risk cracking AI capex, US consumer


Man Group Plc Chief Market Strategist Kristina Hooper warned that surging long-end Treasury yields threaten to topple the two pillars propping up US economic growth: AI capital expenditures and consumer spending.

Processing Content

“Something has to give,” Hooper said Monday in a Bloomberg Television interview as the selloff in government bonds sent yields higher across the curve.

Yields are at multiyear highs, including 30-year Treasuries approaching 5.6% and the 10-year skyrocketing more than 100 basis points this year and topping 5.25% on Monday. “We could easily get to 5.5% before year end,” Hooper said.

The U.S. Treasury building in Washington.

Al Drago/Bloomberg

These elevated borrowing costs are potential trouble for the boom in artificial intelligence spending and for consumers’ pocketbooks, Hooper said. Costlier debt raises the threshold for generating returns on AI investment, and that hurdle was already “quite high,” Hooper said. Meanwhile, the yield on 10-year Treasury is “so closely correlated” with mortgage rates and consumer credit, she added. 

She rejected the thesis that rising yields simply reflect strong economic data, saying that inflation, fiscal sustainability concerns and the US deficit-to-GDP ratio are the real drivers behind the Treasury rout. And even if yields are rising for defensible reasons, she said, traders have never faced the current set of challenges.

“What is abnormal is how dramatically fast yields have gone up on the long end,” Hooper said. “Also what’s a historical anomaly is how high our government debt load is.” 

Her warning landed ahead of a week packed with key reports that may add evidence to a picture of a strengthening economy, which would keep pressure on Federal Reserve policymakers to follow up on this month’s interest rate hike. Economists expect Friday’s payrolls report to show that employers added about 90,000 workers in September and unemployment remained at 4.1%.

Hooper added a new metaphor to the discussion of the so-called K-shaped economy, so named because of the divergence between the upper and lower ends of the income spectrum. Her analogy: a “P-shaped” economy, based on the concentration of net worth at the top of the scale.

Stocks’ rise to records this year created a wealth effect helping buoy consumer spending, she said, which adds to the risk in an equity selloff.

“That could be quite problematic for consumer spending because so much of the consumer spending has been coming from that top part of the P,” she said.

(This story was produced with the assistance of Bloomberg Automation.)



Solana ETFs Draw $188 Million In Past Week As Bitwise Asset Management Accounts For Most Of The Inflows


US spot Solana exchange-traded funds (ETFs) took in about $188 million in net new money last week, the strongest weekly result since the products began trading. The official Solana account highlighted the figure on September 27, calling it the biggest week since launch.

All seven funds in the group recorded inflows rather than seeing demand pile into a single ticker.

Bitwise Asset Management again captured most of that capital.

Its BSOL product brought in roughly $128 million across the five sessions through September 25, 2026 or about 68 percent of the weekly total.

Grayscale’s GSOL followed with about $28 million. Fidelity’s FSOL added roughly $18 million.

The remaining $14 million was split among Morgan Stanley, VanEck, Franklin Templeton, and 21Shares.

More precise daily tallies from Farside Investors put Friday’s category-wide intake near $86.7 million, with BSOL alone taking $55.7 million that session.

Net inflows count cash that stays after redemptions.

They are not the same as trading volume among existing shareholders.

That distinction is why the week matters: new money entered the wrappers rather than simply rotating inside them.

Friday’s haul supplied nearly half the weekly total and set a daily high for the category.

Bitwise’s longer-term lead is larger still.

BSOL has absorbed about $1.2 billion of the group’s roughly $1.6 billion in cumulative net inflows, close to three-quarters of all capital raised since the October 2025 debut.

Last week’s 68 percent share was a bit below that historical concentration, because the other issuers together collected around $60 million.

The products let investors hold SOL through ordinary brokerage accounts and, in several cases, receive staking rewards without running a validator or wallet.

The Solana inflow came during a broader week for crypto funds.

Bitcoin ETFs took in about $2.4 billion, and ether products added roughly $690 million. SOL itself traded near $119, still about 60 percent below its prior peak near $293.

Price and fund flows have not always moved together, which is why the ETF numbers are being watched as a separate demand signal.

The same week, developers continued testing Alpenglow, an upgrade aimed at shrinking payment finality from about 12.8 seconds toward 150 milliseconds.

The work reached a second public test environment, though no mainnet date has been set.

Combined assets in the spot Solana ETFs recently approached $2 billion, with Bitwise still holding the dominant share. Whether last week’s record is a one-off or the start of wider issuer participation will depend on whether the other six funds keep attracting capital.

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Oil Just Jumped on Trump’s Iran Rejection — and TotalEnergies Is Already Cashing In


In what’s becoming a familiar development these days, the price of crude oil again floated higher on Monday. That followed President Trump’s flat rejection, over the weekend, of an Iranian proposal to reopen the Strait of Hormuz, the choke point through which a vast amount of the world’s oil is shipped. On Sunday, however, Trump seemed to backtrack, stating in an interview with Axios that American negotiators were expected to engage in talks with the Iranian side.

All else equal, higher prices mean higher revenue and profitability for oil companies, particularly the integrated majors like TotalEnergies (TTE -0.66%). On Sunday, the France-based company wasted no time deciding how to deploy a chunk of those potential gains. Investors weren’t necessarily pleased with this news, however.

Image source: Getty Images.

A major move from an integrated major

In an update rather grandly titled “strategy and outlook presentation 2026,” TotalEnergies said it was adding $1 billion to its fourth-quarter share repurchase program. This brings the total amount to a whopping $2.5 billion (per quarter, remember).

And that was just the first of several (hopefully) share price-boosting measures. The European energy giant added that stock buybacks would be $2 billion to $2.5 billion in the first quarter of next year. The company’s board of directors also set a dividend policy under which its payout would increase by more than 5% each year from now until 2030. It also confirmed its aim to deliver shareholder returns of at least 40% of free cash flow (FCF).

If that sounds expensive, that’s because it is. TotalEnergies is a confident company, though, not least because it has quite a solid idea of how it’ll fund all this. It’s estimating that oil and gas production will grow by 3% annually from 2026 to 2030; overall growth rises to 4% when factoring in the company’s electricity generation business.

That rate is expected to decline afterward, although not significantly. As a global operator, TotalEnergies has plays in numerous parts of the globe, and singled out projects in Africa (Namibia, Nigeria, Libya, and Mozambique) and the Asia-Pacific region (Malaysia and Papua New Guinea) as sources of mid- to long-term growth. That, plus its proven reserves life index, which tops 12 years, should result in a 2% to 3% annual improvement in production from 2030 to 2035.

Are the goals realistic?

Even for an integrated major operating in boom times, those projections and commitments are ambitious. There seems to be a desire on both sides of the current war to end the conflict and reopen the Strait, and if that’s done effectively, oil prices should start drifting down toward pre-war levels.

TotalEnergies’ new shareholder remuneration plans might be more of an effort to set the company apart from rival European majors. BP (BP +0.63%) suspended its share repurchase program in February, while Shell (SHEL +0.72%) cut its quarterly initiative by $500 million to $3 billion before suspending it (although it was eventually resumed). And by promising to keep the dividend growing at that healthy 5% rate, it can boost its current 4.4% dividend yield to top BP’s slightly higher 4.5%. TotalEnergies’ distribution, by the way, already yields significantly more than U.S.-based majors Chevron (CVX +0.94%), (with 3.4%), and ExxonMobil (XOM +1.20%) (2.5%).

TotalEnergies Se Stock Quote

Today’s Change

(-0.66%) $-0.60

Current Price

$90.34

On Monday, TotalEnergies’ share price closed down slightly, while those of the three aforementioned peers cautiously inched higher. That indicates general investor bullishness about big oil, but also a degree of skepticism about TotalEnergies’ vision for its future. Given how cyclical the energy business is (particularly with crude at the moment), the company might be binding itself to promises that are hard to keep if notable downturns occur — as they inevitably do. I’d be cautious with this stock now. 

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Section 2 presents the book’s 100-year record of US market performance. Using the new Ibbotson Equity and Bond data set, it documents the 1926–2025 performance of US stocks, Treasuries, bills, and inflation, while also examining drawdowns, bubbles, yields, bond returns, and the equity risk premium.

This section of Exponential Wealth: Centuries of Stock and Bond Returns shows the scale of long-term equity wealth creation: From 1926 to 2025, $1 invested in US large-cap stocks grew to $14,751 and $1 invested in small-cap stocks grew to $32,425. By comparison, $1 invested in long-term Treasury bonds grew to $117, $1 in 30-day Treasury bills grew to $25, while inflation rose 18-fold. By looking beyond average returns to volatility, crashes, cycles, and risk premiums, Section 2 seeks to help readers understand US capital market history and set return expectations without treating past success as a guarantee.

Google challenges EU orders to open up to AI, search-engine rivals




Google challenges EU orders to open up to AI, search-engine rivals

Loan officer on the variables brokers can control amid rate volatility


“No funds get lost on that versus if you do a permanent rate buydown from a seller through seller concessions. Then if you refinance, those funds are gone,” she said. “So there’s just different tools that we can use.”

The decision between the two comes down to timelines and market expectations. Eddy said she typically walks clients through a straightforward calculation: divide the total cost of the buydown by the monthly savings it generates to arrive at the breakeven point in months.

If that figure runs to 24 or 36 months or beyond, the math may not support it. Buyers who understand how to use rate buydowns and seller concessions effectively are better placed, she said, than those taking their cues from headlines about mortgage rates alone.

FHA loans, meanwhile, are a product worth revisiting, Eddy said – both for buyers and for the realtors she works alongside.

“I’m letting my realtors know: don’t be afraid of an FHA loan, because we were not seeing the rates in FHA going up as much as we were with the traditional conventional loans,” she said. “So those could be a better opportunity and a better option for buyers currently.”

Amazon Promo: Get $20 Credit When You Spend $75 on Select Pet Products


Amazon Promo: Get $20 Credit When You Spend $75

This article contains Amazon affiliate links.

Amazon is offering a new promotion that gives eligible customers a $20 Amazon credit when they spend $75 or more on qualifying pet products. There are more than 200 eligible items included in the promotion.

Offer Details

Spend $75 or more on qualifying products and get a $20 Amazon credit.

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You can mix and match qualifying products to reach the $75 spending requirement.

Guru’s Wrap-Up

This works out to about 26.7% back if you spend exactly $75, so it can be a good deal if pet products you already need are included.

Just make sure the items are shown as eligible for the promotion and verify that the offer is applied at checkout before completing your purchase.

 

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Taxpayer-funded pro-Trump ads violate laws against ‘publicity and propaganda,’ legal experts say



The White House has spent days fiercely defending three taxpayer-funded advertisements that glorify President Donald Trump and are nearing at least $1.5 million in public spending, calling them public service announcements like those used in past administrations.

“Don’t let the Fake News get away with their lies about our epic Public Service Announcements that have been running on tv,” White House communications director Steven Cheung posted on X on Sunday.

But the Republican administration’s ads attracted mounting criticism on Monday, including from members of Trump’s own party.

“It shouldn’t be paid for with taxpayer dollars,” Senate Majority Leader John Thune, R-S.D., told reporters.

“It would not have been something that I would have done. And I know that the White House is not covered by the same guidance that we are, but it’s not something that I would have done,” said Sen. Mike Rounds, another South Dakota Republican.

Multiple legal experts consulted by The Associated Press said the ads appear to run afoul of federal statutes, including a law against congressionally appropriated funds being used for “publicity or propaganda” and a law that limits the partisan political activities of government employees.

They said the new ads, which are airing on network and cable TV and streaming, differ from other administrations’ PSAs because they aren’t designed to help Americans access any specific program.

“You watch all three ads, they’re sheer propaganda,” said Richard Painter, a former White House ethics czar under Republican President George W. Bush. “This is increasingly looking like what authoritarian governments do to promote their leaders.”

The heightened scrutiny comes as the Trump administration has increased spending on the ads and bought time on popular TV shows, including college football and National Football League programming. It remains unclear which part of the government is supplying the funds.

With both chambers of Congress led by Republicans, any oversight would likely have to come from Trump’s allies, decreasing the likelihood of hearings or other accountability efforts before November’s midterm elections.

Three ads have aired in less than a week, totaling well over $1M

The first ad in the campaign, which began airing last Wednesday, features clips of Trump talking about defeating communism interspersed with onscreen text promoting the “largest tax cuts in history,” “reigniting American manufacturing” and a call to “defend law and order and police.”

Later in the week, a second ad began running, showing scenic videos of Mount Rushmore at night with quotes and clips from Trump’s Fourth of July weekend speech there honoring the country’s 250th anniversary.

The latest of the ads, a spot first aired over the weekend, is virtually identical to an ad for Trump’s Republican reelection campaign in 2024. It shows him walking down a hallway as his voice can be heard warning of a “final battle” against “globalists” and “warmongers.”

All three ads end with a message that says: “Paid for by the U.S. Government.” The White House hasn’t responded to inquiries about which part of the government is paying.

According to AdImpact, which tracks media spending, the spots have so far cost more than $1.4 million and run across a wide range of TV networks around the country. The actual amount spent could be significantly more, depending on whether networks classified the ad as a political ad.

The ads are different from past PSAs, experts say

In defending the campaign, the White House published a list of PSAs from recent Democratic and Republican administrations.

Among the examples it cited were Bush’s Republican administration touting a Medicare law, Barack Obama’s Democratic administration promoting Affordable Care Act subsidies and Joe Biden’s Democratic administration running ads promoting COVID-19 vaccinations.

“The announcements are very clearly not campaign ads; President Trump is not on the ballot and there is no call to action,” the White House wrote. “Instead, the announcements are a reminder for Americans to love their country and know why it’s worth defending — at home, at the border, and abroad.”

Kathleen Clark, a legal ethics professor at Washington University in St. Louis, said in her view the new ads differ from the examples the White House provided because they aren’t aimed at helping members of the public benefit from specific government programs.

“These ads are nothing more than government propaganda, aimed at helping Trump,” she said.

Painter, who joined the Bush administration after the Medicare PSAs went out, said that ad campaign toed the line on appropriateness because it included misleading information about Medicare Part D. But he said Trump’s campaign is a far more egregious violation of the statute that blocks congressionally appropriated money from being spent on publicity or propaganda.

“There’s nothing in here about a particular policy that’s at all focused,” Painter said of Trump’s ads. “One of them is just about the evils of the deep state. Another one of them is about communists and Marxists.”

In its support for the ads, the White House also referenced the administrations of President Woodrow Wilson and President Franklin D. Roosevelt, both of whom used posters, radio and film to rally the country during World Wars I and II.

James Kimble, a communication professor at Seton Hall University who studies domestic propaganda, said it’s true that Wilson’s Democratic administration used propaganda to rally Americans. But he said most Americans no longer view its actions in a positive light.

“By almost any objective measure, looking back, we find what they did pretty repulsive,” he said.

Skepticism of the campaign grows on the Hill

Top Democrats on the Senate and House appropriations committees last week wrote to the White House demanding the ads be taken down and requesting more information on how much money was spent to create and air them.

In the days since, more than a dozen Democrats and a handful of Republicans have spoken up to further criticize the ads. Senate Minority Leader Chuck Schumer called the latest ad “an absolute violation of what a democracy is supposed to look like.”

“Americans sat down to watch football, not to be force-fed Trump’s propaganda on their own dime,” he said in a Senate floor speech Monday.

Sen. John Kennedy, a Republican from Louisiana, said on CBS’s “Face the Nation” on Sunday that no public official should spend public money on private ads for themselves.

And Rep. Thomas Massie, a Kentucky Republican who lost his primary to a Trump-backed challenger, had his own harsh words for the administration on Monday.

“Don’t worry, using taxpayer dollars to run ominous campaign ads of the President has been done before and is completely legal… in banana republics,” he wrote in an X post.

The Republican chairs of the Senate and House appropriation committees didn’t respond to requests for comment.