LAS VEGAS — Matt Garman remembers sitting in an Amazon leadership meeting six or seven years ago, thinking about the future, when he identified what he considered a looming crisis.
Garman, who has since become the Amazon Web Services CEO, calculated that the company would eventually need to hire a million developers to deliver on its product roadmap. The demand was so great that he considered the shortage of software development engineers (SDEs) the company’s biggest constraint.
With the rise of AI, he no longer thinks that’s the case.
Speaking with Acquired podcast hosts Ben Gilbert and David Rosenthal at the AWS re:Invent conference Thursday afternoon, Garman told the story in response to Gilbert’s closing question about what belief he held firmly in the past that he has since completely reversed.
“Before, we had way more ideas than we could possibly get to,” he said. Now, “because you can deliver things so fast, your constraint is going to be great ideas and great things that you want to go after. And I would never have guessed that 10 years ago.”
He was careful to point out that Amazon still needs great software engineers. But earlier in the conversation, he noted that massive technical projects that once required “dozens, if not hundreds” of people might now be delivered by teams of five or 10, thanks to AI and agents.
Garman was the closing speaker at the two-hour event with the hosts of the hit podcast, following conversations with Netflix Co-CEO Greg Peters, J.P. Morgan Payments Global Co-Head Max Neukirchen, and Perplexity Co-founder and CEO Aravind Srinivas.
A few more highlights from Garman’s comments:
Generative AI, including Bedrock, represents a multi-billion dollar business for Amazon. Asked to quantify how much of AWS is now AI-related, Garman said it’s getting harder to say, as AI becomes embedded in everything.
Speaking off-the-cuff, he told the Acquired hosts that Bedrock is a multi-billion dollar business. Amazon clarified later that he was referring to the revenue run rate for generative AI overall. That includes Bedrock, which is Amazon’s managed service that offers access to AI models for building apps and services. [This has been updated since publication.]
How AWS thinks about its product strategy. Garman described a multi-layered approach to explain where AWS builds and where it leaves room for partners. At the bottom are core building blocks like compute and storage. AWS will always be there, he said.
In the middle are databases, analytics engines, and AI models, where AWS offers its own products and services alongside partners. At the top are millions of applications, where AWS builds selectively and only when it believes it has differentiated expertise.
Amazon is “particularly bad” at copying competitors. Garman was surprisingly blunt about what Amazon doesn’t do well. “One of the things that Amazon is particularly bad at is being a fast follower,” he said. “When we try to copy someone, we’re just bad at it.”
The better formula, he said, is to think from first principles about solving a customer problem, only when it believes it has differentiated expertise, not simply to copy existing products.
The State Department’s diplomatic workforce is feeling overburdened, under-resourced and more likely to leave in the next few years, given sweeping changes happening under the Trump administration, according to a survey conducted by its union.
In a survey of more than 2,100 active-duty Foreign Service employees, the American Foreign Service Association found that 98% of respondents reported reduced morale this year.
About 86% of respondents said workplace changes since January have affected their ability to advance U.S. diplomatic priorities.
Before the Trump administration, about 17,000 active-duty Foreign Service officers worked for the State Department. AFSA estimates that nearly 25% of its workforce left this year — when counting layoffs, retirements and those who accepted deferred resignation offers.
Nearly a third of survey respondents said they have changed their career plans since the beginning of this year.
More than 80% of respondents said they entered the Service intending to serve 20 years or more — but now about 22% of them say they plan to leave the State Department within the next year or two.
AFSA President John Dinkelman said in a call Wednesday that survey results demonstrate a “workplace crisis” at the State Department that will take “years, if not decades, to repair.”
“When we undermine the Foreign Service, we undermine America’s ability to prevent conflict, support our allies, and protect our citizens abroad. In short, we weaken our global leadership,” Dinkelman said.
The State Department sent layoff notices to nearly 1,350 of its employees this summer. Those reductions in force will be finalized, once nearly 250 Foreign Service officers officially separate from the agency this Friday.
The department carried out a massive agency reorganization this year, consolidating and eliminating hundreds of offices.
After sending the mass layoff notices in July, the department began hiring new Foreign Service officers this fall.
Some candidates in the hiring pipeline had to retake a new version of the Foreign Service Officer Test that had been vetted by the Trump administration. The State Department has also made “fidelity” to the administration’s policy goals part of the new criteria to determine if Foreign Service officers are eligible for promotions.
Dinkelman said that the expertise of the Foreign Service “is not easily rebuilt,” and that the State Department will have less experienced diplomats filling its depleted ranks.
“While we certainly will be able to find individuals to enter the service and begin again, those individuals who come in in 2026, ‘27 and ‘28 will not have the expertise, that will have been lost in these previous years, for decades to come,” Dinkelman said.
State Department spokesman Tommy Pigott said in a statement that Secretary of State Marco Rubio “values candid insights from patriotic Americans who have chosen to serve their country.”
“In fact, this administration reorganized the entire State Department to ensure those on the front lines – the regional bureaus and the embassies – are in a position to impact policies,” Pigott said. “What we will not tolerate is people using their positions to actively undermine the duly elected president’s objectives.”
AFSA conducted the survey to gather feedback that its members have not been able to share with agency leadership.
Federal News Network first reported this summer that the Trump administration will not conduct the Federal Employee Viewpoint Survey this year, a governmentwide scorecard that tracks employee satisfaction.
“We knew that AFSA had a responsibility to step into this breach,” Dinkelman said. “This report offers the first independent snapshot of the Foreign Service during a period of sustained institutional stress.”
The 2024 Best Places to Work in the Federal Government scorecard, which parses FEVS data and is tracked by the Partnership for Public Service, shows the State Department received a 62.8 satisfaction score from employees — and ranked 16th for employee satisfaction among 18 large federal agencies.
About 78% of respondents said they are operating under reduced budgets this year, while 64% said key projects and initiatives are being delayed or suspended.
“I’ve served in hardship posts and multiple unaccompanied tours, but I never expected by my own government to openly disparage public service or the work of public servants,” an anonymous Foreign Service officer told AFSA.
Rohit Nepal, AFSA’s vice president for the State Department, said active-duty Foreign Service officers are being asked to take on more work from offices that have been eliminated, following the reorganization.
More than 60% of survey respondents agreed they are managing “significantly higher workloads due to staffing losses.”
“We’re talking about offices working on some of our highest priorities That could be the war in Gaza, Ukraine, our strategic competition with China. In other words, these folks are being asked to do more without the necessary resources to actually accomplish the job. It’s taking a toll on them,” Nepal said.
Nepal, who is an active-duty Foreign Service officer, said a hiring freeze this year led to key positions going unfilled during his last post in Amman, Jordan.
“We found ourselves unable to hire, even while we were dealing with an exchange of regular Iranian missile exchanges over Jordanian skies during the Israel-Iran war,” he said.
Nepal said Foreign Service officers are “reading the political tea leaves,” and avoiding certain types of jobs.
Nepal said a junior public diplomacy officer told him that they weren’t going to bid on jobs in public diplomacy, because “clearly we don’t care about PD anymore.”
Nepal said another Foreign Service officer with years of experience on refugee and human rights issues told him that “there’s no place for people like her in the department right now.”
“Let’s be clear: American diplomacy is weaker because of this politicization. Talented diplomats aren’t being selected for jobs or are not stepping forward because they believe they can’t get a fair shake in this environment,” Nepal said.
The report calls on Congress to intervene with sweeping changes happening to the agency, and that lawmakers “should make clear that career professionals cannot be punished, reassigned, or dismissed for political reasons.”
Sen. Chris Van Hollen (D-Md.), co-founder of the Senate Foreign Service Caucus, said in a statement that the report shows “a year of relentless attacks by the administration against these dedicated public servants has left our diplomatic corps in crisis — a vulnerability that our adversaries are all too happy to exploit.”
Linda Thomas-Greenfield, former Director General of the Foreign Service and U.S. ambassador to the United Nations, said in a statement that “AFSA’s data confirms we’re asking our diplomats to do more with less precisely when robust engagement is needed most.”
The post ‘A workplace crisis:’ Nearly all Foreign Service employees report lower morale in union-led survey first appeared on Federal News Network.
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Private astronaut Jared Isaacman returned to Congress on Wednesday for a second confirmation hearing to become NASA administrator before the US Senate Committee on Commerce, Science, and Transportation in Washington, DC.
There appeared to be no showstoppers during the hearing, in which Isaacman reiterated his commitment to the space agency’s Artemis Program and defended his draft plan for NASA, “Project Athena,” which calls for an assessment of how NASA should adapt to meet the modern space age.
During his testimony, Isaacman expressed urgency as NASA faces a growing threat from China to its supremacy in spaceflight.
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LAS VEGAS — After spending nearly two hours trying to impress the crowd with new LLMs, advanced AI chips, and autonomous agents, Amazon Web Services CEO Matt Garman showed that the quickest way to a developer’s heart isn’t a neural network. It’s a discount.
One of the loudest cheers at the AWS re:Invent keynote Tuesday was for Database Savings Plans, a mundane but much-needed update that promises to cut bills by up to 35% across database services like Aurora, RDS, and DynamoDB in exchange for a one-year commitment.
The reaction illustrated a familiar tension for cloud customers: Even as tech giants introduce increasingly sophisticated AI tools, many companies and developers are still wrestling with the basic challenge of managing costs for core services.
The new savings plans address the issue by offering flexibility that didn’t exist before, letting developers switch database engines or move regions without losing their discount.
“AWS Database Savings Plans: Six Years of Complaining Finally Pays Off,” is the headline from the charmingly sardonic and reliably snarky Corey Quinn of Last Week in AWS, who specializes in reducing AWS bills as the chief cloud economist at Duckbill.
Quinn called the new “better than it has any right to be” because it covers a wider range of services than expected, but he pointed out several key drawbacks: the plans are limited to one-year terms (meaning you can’t lock in bigger savings for three years), they exclude older instance generations, and they do not apply to storage or backup costs.
He also cited the lack of EC2 (Elastic Cloud Compute) coverage, calling the inability to move spending between computing and databases a missed opportunity for flexibility.
But the database pricing wasn’t the only basic upgrade to get a big reaction. For example, the crowd also cheered loudly for Lambda durable functions, a feature that lets serverless code pause and wait for long-running background tasks without failing.
Garman made these announcements as part of a new re:Invent gimmick: a 10-minute sprint through 25 non-AI product launches, complete with an on-stage shot clock. The bit was a nod to the breadth of AWS, and to the fact that not everyone in the audience came for AI news.
He announced the Database Savings Plans in the final seconds, as the clock ticked down to zero. And based on the way he set it up, Garman knew it was going to be a hit — describing it as “one last thing that I think all of you are going to love.”
Judging by the cheers, at least, he was right.
The shoe is most certainly on the other foot. On Monday, OpenAI CEO Sam Altman reportedly declared a “code red” at the company to improve ChatGPT, delaying advertising plans and other products in the process, The Information reported based on a leaked internal memo. The move follows Google’s release of its Gemini 3 model last month, which has outperformed ChatGPT on some industry benchmark tests and sparked high-profile praise on social media.
In the memo, Altman wrote, “We are at a critical time for ChatGPT.” The company will push back work on advertising integration, AI agents for health and shopping, and a personal assistant feature called Pulse. Altman encouraged temporary team transfers and established daily calls for employees responsible for enhancing the chatbot.
The directive creates an odd symmetry with events from December 2022, when Google management declared its own “code red” internal emergency after ChatGPT launched and rapidly gained in popularity. At the time, Google CEO Sundar Pichai reassigned teams across the company to develop AI prototypes and products to compete with OpenAI’s chatbot. Now, three years later, the AI industry is in a very different place.
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Interview transcript:
Terry Gerton As we look back, the shutdown’s over now, but it lasted over a month and it really froze critical functions across every federal agency. From your vantage point, what were the most immediate and severe impacts on lenders and small businesses?
Dave Bohrman Well, Terry, I think that’s obviously a big question because there’s some latency in what those impacts will be. So some of that will come out in the days and weeks and months ahead. But looking at it very specifically, you also have to kind of consider what was the situation going into the government shutdown, and that kind of governs what actually those impacts will were or are going to be. So you have a highly volatile economy from a lot of uncertainty, whether that be from the tariffs or whether that be from tax policy, or whether that be from any of the agencies’ policies internally with respect to workforce. All of that kind of created a perfect storm with the political situation of the landscape in Washington; really made a real recipe for the government shutdown to happen. My question always was, once a government shutdown happens, how do we get out of it? And that what we witnessed. So as far as the impact, any small businesses that were looking to do any government-guaranteed lending, 7(a), 504 program within the SBA, that was frozen if their loan wasn’t already into some kind of post approval process. IRS, if you work for the IRS, you obviously know the story. The IRS is a completely different scenario. They went from 100,000 employees to 25% haircut to 75,000 employees and to about half of that were still in operation during the government shutdown this time. I’ve been around long enough, the first shutdown I was part of was 2013. That was pretty small, 13 days. But the last one was the historic one, 35 days. And at that point in time, the IRS was completely shut down. If you were doing anything with any kind of, you know, and “tax” is very broad … so whether you were a tax preparer or you were trying to get tax data or you were dealing with information reporting, there was zero access. This time you had a hybrid of access. So I would say the impact of anybody trying to get information or deal with the IRS, it was marginalized and confusing at best, but there was something happening. If you were looking for anything with the SBA, you were pretty much put on standstill, whether you were a lender or a small business trying to get a loan.
Terry Gerton Well let’s go back to the IRS for a minute, because you say there were folks working and there was some access but it was confusing and perhaps fragmented. Why is IRS data so critical to the lending process, and what impact did it have with a reduction in access to that data?
Dave Bohrman Well, that’s somewhat part of what we do as a business, is get taxpayer data over to commercial lenders or financial institutions that are using it to make a business decision. When it comes to the SBA, because it’s government-guaranteed and there is a taxpayer component to it, the government has very strict guidelines on how to underwrite a 7(a) or 504 loan, it’s governed by their SOP, their standard operating procedures. In that it actually requires tax data, one from the borrower, the borrower has to provide a tax return, and two — directly from, at an arm’s length — from the IRS in a tax return transcript to reconcile that information. And the reason that has to be reconciled is because it can sniff out fraud. If somebody misreports their income, we go to the IRS and we say, your income doesn’t match. Or it can shine a very big light on cash flow. A small business that’s making payroll tax deposits on average twice a week — that payment behavior is very indicative of their financial help. So being able to sniff out whether a business is paying their taxes on time or not is really a key data point for lenders to make a credit decision, whether it be yes or no. The SBA requires it, commercial lenders, some have it part of their credit policy, some do not. But it’s a real problem that we’re trying to solve or at least help lenders make better credit decisions.
Terry Gerton I’m speaking with Dave Bohrman. He’s the co-founder and vice president of marketing at Tax Guard. Let’s follow the thread then. The SBA was basically closed. So for 40-plus days, no one was getting an application submitted, no one was getting a loan approved. And you also mentioned the latency impact of that. Talk us through that. What’s going to happen now that SBA’s doors are back open?
Dave Bohrman Well, there’s the business side. Because it is a public-private partnership, the private end of it is basically most banks in America have an SBA lending program. That is the upstream pipeline of applications. So when we talk to commercial lenders, they were continuing to accept applications, process them internally and get them ready and packaged for SBA delivery. So what you expect to happen, what we’re seeing happen, is the SBA just said, “we’re open.” So now they have this backlog that they’re processing. So in the next couple of days to weeks, it’ll be interesting to see how that goes through the system so that the small businesses that are looking to be funded get funded as soon as they can.
Terry Gerton As you think about this funding lapse, would you say that it exposed any sort of systematic weaknesses both, for banks and borrowers? Was there anything because of the duration here that maybe needs to be specifically addressed?
Dave Bohrman Well, that’s an interesting question because you because history will tell you something. In the past 25 years, since 2000, there’s really been three meaningful government shutdowns. So from a systemic planning process on the agency side and the federal government side, it’s probably a little bit out of bounds to kind of truly build anything into the system to account for a government shutdown. Similarly, on a business side, it’s hard to build a business process around something that happens so infrequently. So if you kind of look at the X and Y axes, it’s very damaging when it happens, but it happens very infrequently. So to answer the question, what systemic things will be changed, I can’t imagine much.
Terry Gerton As you look forward as the government gets back up to speed in these areas, are there ripple effects that you think lenders and small businesses should be looking out for? Do you expect any change in credit standards or compliance risks?
Dave Bohrman Absolutely. Kind of going back to the point of the hyper-dynamic nature and the hyper-volatile nature of the economy as it stands today, everything in the simplest form would be there’s the demand side, so small businesses that are looking for loans, and the supply side, which is the lenders that are giving the loans. So what we’ve seen since the beginning of this current administration, especially, because of the uncertainty and planning, the desire to take capital has been diminished. So the demand side has come down. And some of that — what are the interest rates going to be? Should I wait for a better interest rate? Some of that is, there’s tariffs that are impacting my business, I don’t know where that’s going to land. There are supply chain issues, I’m not sure what to do with those. So we’ve seen the demand side go down. And I think that … if you take the theme of certainty versus uncertainty and certainty driving small-business decisions, we’re still in an uncertain environment. The ripple effects of a government shutdown on top of all of those things add more uncertainty to the equation. I think we have some more, should we say, pain to work through before we get to a place of stability where we would see the credit markets kind of operate in some kind of normal fashion. But it is kind of hard to say what is normal. And on the credit side, creditors — their credit boxes have been getting tighter. The SBA underwriting requirements have increased since the Biden administration. So on the supply side, lenders are getting a little bit more frugal by which who they give money to. And on the demand side, small businesses are looking for credit less, which is impacting the overall economy.
Terry Gerton With the uncertain availability of government data, whether it’s tax data or economic data, do you see a trend for lenders especially to be looking for alternative sources of data as they consider what they’re going to do?
Dave Bohrman Absolutely. And we’ve been doing this since 2007, 2008. The general premise of tax data really isn’t about taxes. It’s really just about a database of small business or business or taxpayer information that is very rich. So when you think about the consumer, you or I, Terry, when we go get a car or we get a credit card, there’s a rich database, whether that’s the credit bureaus or all these kinds of reporting structures, that tells a lot of information about you or I as individuals. Businesses are under a completely different data regime and reporting regime, and they are governed by more usury laws, and that’s kind of based on the premise that small businesses or business in general — they should be left alone. So what that means is there are very little data requirements in the credit-data world for small businesses. So tax data, as we call it, or what we’re talking about payroll data or income data, all the things that live in an IRS database are very rich. It’s a very rich data pool by which lenders can look through. So we’re not the only ones doing this, there are people doing this. So to the point of tax data on any small business or even an individual can be very helpful in understanding who to give money to or who the good bets are, or maybe somebody that didn’t have enough data on them. Tax data tells the story that this is a compliant business and you should be able to give them funding. On the economic data, that that’s a little bit more broad. I know that during the shutdown, there was not a lot of data released. So that will be interesting to see how that plays out. And let’s just say we have a bad job report or gross domestic product, all the economic indicator reports that are going to come out over the coming weeks, that will be interesting to see how that rattles or ripples the credit markets.
The post The shutdown may be over, but its ripple effects on lending and tax compliance are just beginning first appeared on Federal News Network.
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ExpressVPN, one of the best VPNs, is launching two brand-new features that sound confusingly like things it already does. Users on Android, Mac and iOS (but apparently not Windows, Linux or smart TVs) can now use Fastest Location to automatically pick the VPN server with the fastest download speed and lowest latency. Mac users are also getting an overhauled ExpressVPN app designed to work natively with MacOS.
If you've used ExpressVPN before, your first reaction probably went something like "Wait, didn't it already have a Fastest Location button and a Mac app?" You're not wrong, but there's still a meaningful difference with these new features. In the past, ExpressVPN didn't technically pick the fastest location, but the Smart Location, which picks the best available server using "metrics such as download speed, latency, and distance" (emphasis mine). Those are the same metrics as the new feature, but the such as makes me think there are, or were, other ingredients in the "smart location" algorithm.
My guess is that ExpressVPN is rebranding "smart" to "fastest" in response to customer complaints that "smart" was picking sub-optimal server locations. That's not a behavior I noticed when I last reviewed ExpressVPN — the smart location was always plenty fast for me — but I'm just one user. Only testing can show whether they actually changed the algorithm or just the name.
The new Mac app is a more straightforward upgrade. While ExpressVPN has always had a client for Mac, it's thus far been a port of an app originally developed for iPad. This makes its otherwise-excellent interface feel a bit like, well, a phone app you use on your desktop. In contrast, the new app was built using Project Catalyst, which lets Mac developers turn their iOS apps into desktop-native software. The new interface looks a lot richer, using the screen space a lot like Proton VPN does. And being more like Proton VPN is rarely a bad thing.
This article originally appeared on Engadget at https://www.engadget.com/cybersecurity/vpn/expressvpn-adds-a-fastest-location-button-and-launches-a-new-native-mac-app-205837728.html?src=rss
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LAS VEGAS — Amazon is pitching a future where AI works while humans sleep, announcing a collection of what it calls “frontier agents” capable of handling complex, multi-day projects without needing a human to be constantly involved.
The announcement Tuesday at the Amazon Web Services re:Invent conference is an attempt by the cloud giant to leapfrog Microsoft, Google, Salesforce, OpenAI, and others as the industry moves beyond interactive AI assistants toward fully autonomous digital workers.
The rollout features three specialized agents: A virtual developer for Amazon’s Kiro coding platform that navigates multiple code repositories to fix bugs; a security agent that actively tests applications for vulnerabilities; and a DevOps agent that responds to system outages.
Unlike standard AI chatbots that reset after each session, Amazon says the frontier agents have long-term memory and can work for hours or days to solve ambiguous problems.
“You could go to sleep and wake up in the morning, and it’s completed a bunch of tasks,” said Deepak Singh, AWS vice president of developer agents and experiences, in an interview.
Amazon is starting with the agents focused on software development, but Singh made it clear that it’s just the beginning of a larger long-term rollout of similar agents.
“The term is broad,” he said. “It can be applied in many, many domains.”
During the opening keynote Tuesday morning, AWS CEO Matt Garman said believes AI agents represent an “inflection point” in AI development, transforming AI from a “technical wonder” into something that delivers real business value.
In the future, Garman said, “there’s going to be millions of agents inside of every company across every imaginable field.”
To keep frontier agents from breaking critical systems, Amazon says humans remain the gatekeepers. The DevOps agent stops short of making fixes automatically, instead generating a detailed “mitigation plan” that an engineer approves. The Kiro developer agent submits its work as proposed pull requests, ensuring a human reviews the code before it’s merged.
Microsoft, Google, OpenAI, Anthropic and others are all moving in a similar direction. Microsoft’s GitHub Copilot is becoming a multi-agent system, Google is adding autonomous features to Gemini, and Anthropic’s Claude Code is designed to handle extended coding tasks.
Amazon is announcing the frontier agents during the opening keynote by AWS CEO Matt Garman at re:Invent, its big annual conference. The DevOps and security agents are available in public preview starting Tuesday; the Kiro developer agent will roll out in the coming months.
Some of the other notable announcements at re:Invent today:
AI Factories: AWS will ship racks of its servers directly to customer data centers to run as a private “AI Factory,” in its words. This matters for governments and banks, for example, that want modern AI tools but are legally restricted from moving sensitive data off-premises.
New AI Models: Amazon announced Nova 2, the next generation of the generative AI models it first unveiled here a year ago. They include a “Pro” model for complex reasoning, a “Sonic” model for natural voice conversations, and a new “Omni” model that processes text, audio, and video simultaneously.
Custom Models: Amazon introduced Nova Forge, a tool that lets companies build their own high-end AI models from scratch by combining their private data with Amazon’s own datasets. It’s designed for businesses that find standard models too generic but lack the resources to build one entirely alone.
Trainium: Amazon released its newest home-grown AI processor, Trainium 3, which it says is roughly 4x faster and 40% more efficient than the previous version. It’s central to Amazon’s strategy to lower the cost of training AI and provide a cheaper alternative to Nvidia GPUs. Executives also previewed Trainium 4, promising to double energy efficiency again.
Killing “Tech Debt”: AWS expanded its Transform service to rewrite and modernize code from basically any source, including proprietary languages. The tool uses AI agents to analyze and convert these custom legacy systems into modern languages, a process Amazon claims is up to five times faster than manual coding.
Stay tuned to GeekWire for more coverage from the event this week.
Arca CIO Jeff Dorman calls the current market slide “one of the strangest crypto sell-offs ever,” arguing that price action is increasingly disconnected from both macro conditions and sector fundamentals.
In a post on X, Dorman notes that traditional risk assets are behaving exactly as textbooks would suggest: “equity, credit and gold/silver markets are launching to ATHs every month because the Fed is cutting rates, QT is ending, consumer spending is strong, record earnings, AI demand still incredibly strong.” Yet crypto continues to grind lower, even as most of the usual bearish narratives have been invalidated. “MSTR isn’t selling, Tether isn’t insolvent, DATs aren’t selling, NVDA isn’t blowing up, the Fed isn’t turning hawkish, the tariff wars aren’t restarting,” he writes, before admitting: “I still have no idea why crypto is down.”
In his accompanying essay “The Selling Nobody Can Explain” (Dec. 1, 2025), Dorman details a market that has fallen in seven of the past eight weeks, with only a brief Thanksgiving rally before renewed selling as Japanese markets reopened. The first leg lower followed the October 10 exchange outages at Binance and others, weeks ahead of the FOMC meeting. Much of November’s weakness was retrospectively ascribed to Fed Chair Jerome Powell’s hawkish tone, which drove December rate-cut odds from “almost a 100% chance” to “as low as 30%.”
What makes the late-November continuation unusual, he argues, is that the macro backdrop has since turned supportive again. Core PPI printed at 2.6% versus 2.7% expected, early post-shutdown labor data point to a cooling jobs market, and December cut odds have rebounded to around 90%. Equities “staged a fierce rally to close November in positive territory,” and betting markets are effectively pricing in Kevin Hassett, a known policy dove, as the next Fed chair. Against that backdrop, Dorman asks, “why are digital assets still selling off on every piece of bad news but failing to rally with good news?” His answer is stark: “I have no idea.”
One working explanation is that the marginal seller is no longer crypto-native. Dorman cites Bill Ackman’s remark that his Fannie Mae and Freddie Mac positions are trading in sympathy with crypto, despite orthogonal fundamentals. The comment, he argues, reflects the growing overlap between TradFi, retail and digital-asset investors. What was “a pretty isolated industry” is now deeply integrated into multi-asset portfolios, and in those structures “investments in crypto seem to be the first to go.” The crypto ecosystem itself is highly transparent; by contrast, “TradFi remains more of a black box. And that black box is dominating flows and activity right now.”
Dorman revisits Arca’s framework that token value is a mix of financial, utility and social components. With sentiment at cycle lows, it is no surprise that assets whose value is mostly social – Bitcoin, L1s, NFTs, memecoins – are under pressure. The surprise is that tokens with stronger financial or utility anchors have not consistently outperformed. “While some do (BNB), most do not (DeFi tokens, PUMP). So that’s a bit odd.” Equally unusual, he says, is the absence of “cavalry” buyers; instead, more players are “piling into the weakness, expecting more weakness,” leaning on momentum rather than fundamentals.
On MicroStrategy, Dorman reiterates that the firm “will never be forced sellers,” despite recurring headlines. On Tether, he pushes back against a rapid narrative shift from mega-valuation to supposed insolvency. With USDT roughly 70% backed by cash and equivalents and 30% by gold, bitcoin and loans, he argues that “any questions about their liquidity are just silly,” given the implausibility of 70% same-day redemptions. Solvency risks would require large losses across that 30% sleeve, which he sees as manageable given the parent company’s profitability.
Ultimately, Dorman reduces the puzzle to flows and market structure. “There are no buyers within the crypto walls today,” he writes. Crypto-native investors are “exhausted,” and the Wall Street firms that are “coming” into the asset class “aren’t here today.” Until crypto assets can be purchased seamlessly within existing mandates and systems at institutions like Vanguard, State Street, BNY, JPMorgan, Morgan Stanley and Goldman Sachs, “they just won’t do it.” For now, he concludes, the persistent weakness “certainly has us scratching our heads.”
At press time, the total crypto market cap was at $2.9 trillion.
Once upon a time, a "board game" meant Monopoly or Risk. Then several brave souls dared to ask the question: "What if this was fun?" Thirty years later, we're blessed with tabletop games that challenge our minds, immerse us in other worlds and conjure good times with those we love — sometimes all three at once. For your gift-buying needs, we've put together a list of new favorites and returning classics that run the gamuts of genre and weight. If you're ready to push beyond Pictionary, read on.
Check out the rest of our gift ideas here.
This article originally appeared on Engadget at https://www.engadget.com/the-best-board-games-to-gift-for-the-2025-holiday-season-125529024.html?src=rss
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Today’s evolving financial landscape requires organizations to transform obsolete systems into future-ready infrastructures. Financial systems in particular need to align with compliance standards. The shift from reactive problem-solving to proactive transformation involves eliminating redundancies, automating processes, embedding analytics, integrating cloud platforms, enhancing data interoperability and adopting zero trust cybersecurity.
Here are eight best practices for implementing automation technology or taking on any modernization challenge:
This structured approach will improve decision-making, transparency and service delivery while meeting compliance mandates as you move your organization from reactive problem-solving to a proactive and successful transformation.
Tabatha Turman is the founder and CEO of Integrated Finance and Accounting Solutions.
The post From obsolete to obligatory: 8 best practices for upgrading federal financial systems first appeared on Federal News Network.
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As we make our way to AWS re:Invent today in Las Vegas, these are some of the questions on our mind: Will Amazon CEO Andy Jassy make another appearance? Will this, in fact, be Amazon CTO Werner Vogels’ last big closing keynote at the event? Will we be able to line up early enough to score a seat inside the special Acquired podcast recording Thursday morning?
And how many million enterprise AI billboards will we see between the airport and the Venetian?
But more to the point for Amazon, the company faces a critical test this week: showing that its heavy artificial intelligence investments can pay off as Microsoft and Google gain ground in AI and the cloud.
A year after the Seattle company unveiled its in-house Nova AI foundation models, the expansion into agentic AI will be the central theme as Amazon Web Services CEO Matt Garman takes the stage Tuesday morning for the opening keynote at the company’s annual cloud conference.
The stakes are big, for both the short and long term. AWS accounts for a fifth of Amazon’s sales and more than half of its profits in many quarters, and all the major cloud platforms are competing head-to-head in AI as the next big driver of growth.
With much of the tech world focused on the AI chip race, the conference will be closely watched across the industry for news of the latest advances in Amazon’s in-house Trainium AI chips.
But even as the markets and outside observers focus on AI, we’ve learned from covering this event over the years that many AWS customers still care just as much or more about advances in the fundamental building blocks of storage, compute and database services.
Amazon gave a hint of its focus in early announcements from the conference:
Beyond the product news, AWS is making a concerted effort to show that the AI boom isn’t just for the big platforms. In a pitch to consultants and integrators at the event, the company released new research from Omdia, commissioned by Amazon, claiming that partners can generate more than $7 in services revenue for every dollar of AWS technology sold.
Along with that research, AWS launched a new “Agentic AI” competency program for partners, designed to recognize firms building autonomous systems rather than simple chatbots.
Garman’s keynote begins at 8 a.m. PT Tuesday, with a dedicated agentic AI keynote from VP Swami Sivasubramanian on Wednesday, an infrastructure keynote on Thursday morning, and Vogels’ aforementioned potential swan song on Thursday afternoon.
Stay tuned to GeekWire for coverage, assuming we make it to the Strip!
If you've ever wanted to hear the drummer coughing on your favorite songs or the actors chewing in your favorite shows, Cyber Monday is the time to upgrade your audio. Some of the best speakers our audiophiles have ever tested are down to as low as we've seen them all year, or ever, in the case of some older models.
The deals on this list range across brands, with offerings from Ultimate Ears, Bose, Beats and more, plus Sonos and Amazon Echo smart speakers and soundbars from Sony and JBL. We've been curating it all month and this is the final result — and your last chance to get ahold of most of the best deals. Some of them may last through the week, but we can't always predict which ones, so don't sleep if there's a speaker you're eyeing.
Anker Soundcore 2 for $29 (35 percent off): It's incredibly rare to see a full-size Bluetooth speaker selling this cheaply in 2025, especially one we'd actually recommend using. The Soundcore 2 is Anker's latest audio effort, getting you 24 hours of battery and 12 watts of output, with bass ports designed to heavily boost the low ranges. It all works through a simple set of highly visible and tactile buttons on top of the speaker box.
JBL Go 3 for $30 (25 percent off): The Go 3 is JBL's most affordable bluetooth speaker, but it comes with the same IP67-rated ruggedness as the more expensive models. It's waterproof, dustproof, lasts for five hours and can easily clip onto a bag, bike or belt. It also sounds good and comes in lots of different colors. In short, no matter how long the adventure or where it's going, the Go 3 can probably get there with you.
JBL Go 4 for $40 (20 percent off): You might expect a speaker as small and portable as the Go 4 to sound tinny at the higher frequencies and weak at the lower ones, but JBL has worked its magic to make this model sound great at both ranges. Weighing less than half a pound, made partly from recycled materials and including a convenient carabiner hoop, this is one of our favorite speakers to take on treks.
Ultimate Ears Wonderbook 4 for $60 (40 percent off): The Wonderboom 4 is the little barrel that could, an adorable 1.2-pound portable bluetooth speaker that stays charged for 14 hours and keeps on playing after a five-foot drop. Outdoor Mode is a standout feature, amplifying the higher frequencies so you can hear from farther away. There's even a USB charger so your other devices can take advantage of that long battery life.
Tribit StormBox Micro 2 for $53 (24 percent off): The StormBox Micro 2 gets you the two things you need out of a portable speaker — it's light (weighing about a pound), and it's loud. Tribit hasn't changed the game on portable sound quality here, but with this on your bike or in your backyard, you'll be having so much fun you won't care. And the fact that you only spent 50 bucks will definitely help your mood.
Roku Streambar SE for $75 (25 percent off): This is the least you'll pay for a worthwhile soundbar this Cyber Monday season. We had a great experience with the Roku Streambar in our hands-on review, finding it to be compact and affordable while blowing built-in TV speakers out of the water. If you're looking to make an upgrade, this is the best economy choice, especially if you're already a Roku user.
JBL Flip 5 for $80 (20 percent off): We've loved almost every entry in the JBL Flip line (you'll see the Flip 7 highlighted in the next section). While the Flip 5 is a bit dated at this point, it's still extremely solid. The battery lasts for 12 hours, it's IPX7 waterproof and it weighs about 1.2 pounds so you can take it anywhere. The sound quality is as consistently high as we've come to expect from JBL, though it does have the standard limitations of a portable unit.
Marshall Emberton II for $90 (50 percent off): We're huge fans of the Emberton II, Marshall's affordable new-age retro speaker. It looks great, but it's much more than a visual throwback, featuring 360-degree sound, IP67 proofing and 30 hours of battery life. Since the deal cuts the price in half, you can even by two and chain them together for a surround sound setup.
Bose SoundLink Micro for $99 (17 percent off): If the Home isn't small or cheap enough for you, Bose has gone even smaller and cheaper with the SoundLink Micro, a tiny, portable speaker in the vein of the JBL Clip. It's waterproof, dustproof and surprisingly good at taking hits, all while staying charged for around six hours. The sound quality isn't intense, but it's cleaner than it has any right to be.
Beats Pill for $100 (33 percent off): Beats jumping back into portable bluetooth was one of the happiest surprises of 2024. As we noted in our full review at the time, the Beats Pill isn't content to coast on its brand name or luxurious design. Its re-engineering speaker improves volume while reducing distortion, it can survive dropping into three feet of water and it even works extremely well as a speakerphone. We found that mid-to-high range music showcases its potential best, though the bass also hits hard.
Bose SoundLink Flex for $119 (20 percent off): Of all the Bose on this list, the SoundLink Flex may be the most balanced, much cheaper than the Home and a lot more powerful than the Micro. Other speakers may be louder, but few have such good range; we've yet to find a track that sounds muddy or tinny coming through the Flex's speakers. The design is also outdoor-friendly, with a light-but-tough exterior and 30-foot bluetooth range.
JBL Charge 6 for $130 (35 percent off): It's a little more expensive than the Flip line, but the extra cost of the Charge 6 pays off — it boasts almost twice the battery life of the Flip 7, with the same convenient design, built-in USB-C charger and wide sound range. If you're looking for a speaker that balances sturdiness with portability and will last you a while, the Charge 6 is a very good investment. (Take note that only some colors are discounted.)
Bose SoundLink Home for $179 (18 percent off): The SoundLink Home is small for a high-quality speaker, but it packs everything it needs into two pounds and about 10 square inches. Nothing about the sound is diminished thanks to two passive radiators. Though we haven't gotten to test it directly, given Bose's record with other compact speakers like the Flex, we're confident it'll be loud enough to satisfy anyone.
Sony ULT Field 5 for $198 (43 percent off): Sony's recently rebranded ULT lineup has impressed us so far, especially their 90s-style bass boost buttons. The ULT Field 5 is a pretty traditional bluetooth speaker with a ton of options, including Party Connect to link multiple speakers together, a 10-band equalizer for finding the exact sound balance you want and even a shoulder strap that makes it way more portable.
Bose TV Speaker soundbar for $199 (29 percent off): Bose's entry into the world of soundbars does not disappoint. For a price lower than some Bluetooth speakers, you'll get a compact two-foot speaker bar that amplifies dialogue while conjuring a balanced, realistic soundscape from any movie or show. It's suitable for audio neophytes, too, with no complex adjustments necessary — just plug in the HDMI and start watching.
Sonos Era 100 for $200 (9 percent off): Two years after launch, the Era 100 is still a smart speaker more than worth your time. It's sleek and simply designed, making it clear Sonos's engineers put their work into sound quality and features rather than just looking the part. Touch controls have never worked better, and setup takes five minutes, though you will have to use the Sonos app. Once you start playing music, the Era 100 can get as loud as you like, while never sacrificing audio quality.
Samsung HW-B650/ZA 3.1 Channel Soundbar for $200 (50 percent off): Samsung's mid-range soundbar is pretty simple, but it does what it needs to do: pump out Dolby 3.1 with enough volume and range to make you forget you aren't in a movie theater. It's versatile, improving both music and dialogue, and keeps everything balanced. The only real drawback is that it lacks wireless connection options other than bluetooth.
JBL Xtreme 4 for $280 (26 percent off): Xtreme is the largest and highest-end that JBL goes, and the Xtreme 4 is a luminary of the line. At 4.6 pounds, it's on the outside edge of portability, but that weight means it puts out appropriately heavy bass, along with clear treble. It's fully weatherproof and — unless it's in a completely open space — can get loud enough that all your party guests will enjoy the full effect.
Bose SoundLink Max for $279 (30 percent off): The SoundLink Max, Bose's biggest speaker that isn't a soundbar, is more affordable for Cyber Monday than we've seen for a while. Frankly, it's worth more than this, with two radiators and three transducers that make it sound larger than it is. Indoors or outdoors, it's great for anyone who wants to be able to pick out individual elements of their favorite music.
Marshall Acton III for $285 (5 percent off): The Acton III is one of the speakers Marshall redesigned and updated in 2022, and it still sounds great today (and looks it too). It's less portable at 6.3 pounds, but can hit high volumes with little or no distortion. The upgrade angled Acton III's tweeters outward so the soundscape is wider, making this one speaker very capable of filling a room with sound on its own.
Marshall Stanmore III for $299 (21 percent off): The Stanmore III is the top-tier Marshall discount of the year, giving you the best of Marshall's 2022 redesign. It's got the same widened soundscape as the Acton III, with an additional 5Hz on the low end and an RCA input alongside its 3.5mm aux input. This retro-designed speaker also features bluetooth, pair play and a construction with 70 percent recycled plastic.
Sony Bravia Theater Bar 8 for $798 (20 percent off): In our review of the Bravia 6 this year, we called out its full sound and special talent for enhancing dialogue, but were frustrated that it didn't support AirPlay or Spotify Connect. The Bravia 8 works with both services, making it a clear choice for your next premium soundbar. It's got a tight, low-footprint design that fits any aesthetic, and hits a maximum output power of 495 watts.
JBL Bar 1300XMK2 for $1,200 (29 percent off): If you're going to drop $1200 on a soundbar, you need to know it's going to deliver — and the 1300XMK2 does. Its key design element is two detachable speakers that recharge when plugged into the main unit, but can spend up to 10 hours unplugged. The audioscape does an excellent job of separating and clarifying details, which really enhances the sense of a theatrical experience.
This article originally appeared on Engadget at https://www.engadget.com/deals/cyber-monday-speaker-deals-for-2025-are-still-available-save-up-to-50-percent-on-bluetooth-speakers-smart-speakers-and-soundbars-213017218.html?src=rss
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© Valentina Palladino for Engadget
Engadget staffers love our hardware, from high-end gaming headsets to powerful heaters to the fabric shaver you never knew you needed. Cyber Monday has brought discounts to many of those things. I'm going a different route, though, since I'm a little too dreamy for most physical appliances. The deal I'm most interested in is on an app that ensures online peace of mind with little intervention — so it's perfect for me.
I'm talking about DeleteMe, which lets you reclaim some of your privacy while sharply reducing the amount of spam you receive on every channel. Through December 5, it's offering 30 percent off all subscriptions with the coupon code BFCM30OFF25.
Chances are you've seen at least one public-facing "people search" site. You know the ones: they usually have names like 411.info or Find.people, and scrape technically public info like your address, phone number and other contact information. If you search your own name, it's hard to avoid immediately running to the kitchen to make yourself a tinfoil hat.
The most annoying thing is that these "data broker" sites are legal to run and use, but that's also their biggest weakness. To operate in the open, brokers have to include an option to remove yourself from their database. Most of them make it as aggravating and time-consuming as possible, but the possibility is there.
That's where DeleteMe comes in. All you have to do is sign up and enter all the data you want removed from brokerage sites. DeleteMe handles the rest. It searches for your information on people database sites, automatically sends opt-out requests, bugs the broker if they don't comply quickly enough and gives you a weekly report on how it's doing. You do have to be OK with DeleteMe itself having your data, but I trust them way more than the randos over at violate.privacy.
It's so much faster than handling all the opt-out requests yourself, which — if you've ever tried it — rapidly becomes a full-time job. Since I've been using DeleteMe, I almost never get spam calls or texts anymore, except in short bursts before its crawlers catch my name on another site. And yes, it doesn't work on shady data brokers who don't follow the rules, but it's still a massive reduction of your online footprint.
The only problem is that it's pretty expensive, so I strongly recommend jumping on this Cyber Monday deal. A few months on DeleteMe should be long enough for you to see if it reduces spam for you — and I'm betting it will.
This article originally appeared on Engadget at https://www.engadget.com/deals/deleteme-is-30-percent-off-for-cyber-monday--and-its-the-most-effective-anti-spam-tool-ive-ever-used-203041958.html?src=rss
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