Rohit Prasad, a top Amazon executive overseeing its artificial general intelligence unit, is leaving at the end of this year, the company confirmed Wednesday. As part of the move, Amazon CEO Andy Jassy said in a blog post that the company is reorganizing the AGI unit under a more expansive division that will also include its silicon development and quantum computing teams. The new division will be led by Peter DeSantis, a 27-year veteran of Amazon who currently serves as a senior vice president in its cloud unit. Jassy said the company is reorganizing its AI teams as it believes it has reached an "inflection point" with the technologies. Amazon has been trying to beat the perception held by some industry watchers that it's falling behind rivals in developing AI products. The company released its own foundation models, called Nova, as it races to compete with OpenAI, Google and Anthropic. It also makes its own line of Trainium custom AI chips that compete with Nvidia. "With the foundation that's been built, the traction we're seeing, and Peter's leadership bringing unified focus to these technologies, we're well-positioned to lead and deliver meaningful capabilities for our customers," Jassy wrote. DeSantis will report directly to Jassy, he noted. The company is also tapping Pieter Abbeel, who joined Amazon in 2024 after it acquired robotics startup Covariant, to lead Amazon's frontier model research team within the AGI group. For the past four years, he's led the AWS computing product teams, which include compute, storage, database, security and custom chip development, according to his LinkedIn page. Prasad, who joined Amazon in 2013, previously served as a head scientist for Alexa before he was tapped in August to steer the company's development of AGI. WATCH: Amazon and OpenAI in talks for a $10 billion investment deal Sign up for free newsletters and get more CNBC delivered to your inbox

At least 34 U.S.-sanctioned oil tankers with a history of carrying Venezuelan oil are currently at sea in the Caribbean, according to a new analysis obtained by CNBC on Wednesday. And at least 12 of those tankers appear to be filled with crude oil from Venezuela, according to vessel location data from Kpler, a global trade intelligence company. Kpler provided the analysis a day after President Donald Trump vowed to impose a "complete and total blockade" on sanctioned oil tankers moving in and out of Venezuela. Trump also deemed the nation's ruling Maduro regime a foreign terrorist organization. The U.S. is expected to block only sanctioned tankers carrying oil from Venezuela, not similar vessels that have other nations' crude, including oil from Iran and Russia, according to Kpler. "In light of President Trump's recent announcement, these tankers may be exposed to heightened scrutiny and potential enforcement actions by U.S. authorities," Dimitris Ampatzidis, senior risk and compliance Analyst at Kpler, told CNBC. In a separate report to clients on Wednesday, Kpler said that a blockade of Venezuelan oil should not lead to higher crude prices. "The move has so far failed to provide a meaningful boost to oil prices or to overturn underlying fundamentals, largely because the market is two-tiered and even the sanctioned segment remains crowded," Kpler's report said. "Oil bound for the US under Chevron's license could continue to flow," Kpler's report said. "This suggests that Venezuelan supply to sanctioned markets would be disrupted, while volumes destined for the US would remain intact, with China- and Cuba-bound cargoes bearing the brunt of the impact." Besides Skipper, the 11 sanctioned tankers that appear to be carrying Venezuelan crude are Star Twinkle 6, Hyperion, Boceanica, Lydya N, Bandra, Soldier, Avril, Phenix VI, Manuela Saenz, Dianchi and Baisha. Venezuela has produced around 900,000 barrels of crude oil and condensate so far in 2025, accounting for roughly 1% of the total global supply. Kpler data indicates China buys about 76% of Venezuela's output. The U.S. has imported around 17% of Venezuela's output in 2025. Cuba, Spain and Italy are the other significant customers of Venezuela's oil. "Cargoes bound for the US are expected to remain intact, while China and Cuba are likely to seek substitutes from Russia and Iran," Kpler's report noted. Sign up for free newsletters and get more CNBC delivered to your inbox

Billionaire hedge fund manager Ray Dalio and his wife, Barbara, have committed to seed Trump accounts, a type of investment account for kids. "Ray has joined what we are calling the 50-state challenge," Treasury Secretary Scott Bessent said in a press conference on Wednesday. "We are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America's children through Trump accounts." The Dalio grant will fund $250 per child for approximately 300,000 children in Connecticut. This applies to children who live in a ZIP code where the median income is less than $150,000. About 87% of Connecticut ZIP codes meet that criteria, according to a CNBC analysis of Census Bureau data. "Barbara and I believe strongly in the importance of equal opportunity and believe this initiative is an important step in that direction," Ray Dalio, who is the founder of the investment firm Bridgewater Associates, said in a statement. A Wednesday update on trumpaccounts.gov ahead of the announcement named the Dalios in a section on additional support: "Michael and Susan Dell, Ray and Barbara Dalio. There are no income requirements, and everyone is eligible for the government's seed money, as long as the child is a U.S. citizen. To open a Trump account, an election must be made on IRS Form 4547. The form can be filed separately or with your 2025 tax return. Beginning in mid-2026, you can also make the election online at trumpaccounts.gov. Earlier this month, the pilot program got a significant boost when Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan, announced a $6.25 billion pledge to help fund the new savings accounts for children. Children 10 or under and born before Jan. 1, 2025 — who wouldn't qualify for the $1,000 initial deposit from the government — may also be able to receive $250 from the Dell family grant deposited to their Trump account if they live in a ZIP code where the median income is $150,000 or less. A growing number of companies have announced they will match contributions to Trump accounts for their employees, including BNY and BlackRock. During a roundtable event at the White House in June, Dell vowed to match the government's seed money "dollar for dollar" for his employees' kids. BNY announced on Dec. 11 that the company will match the federal government's $1,000 seed money for eligible newborns of its U.S. employees. On Wednesday, BlackRock said it would also match the one-time $1,000 donation for children of its U.S. employees. Sign up for free newsletters and get more CNBC delivered to your inbox

Billionaire hedge fund manager Ray Dalio and his wife, Barbara, have committed to seed Trump accounts, a type of investment account for kids. "Ray has joined what we are calling the 50-state challenge," Treasury Secretary Scott Bessent said in a press conference on Wednesday. "We are inviting every philanthropist in every state across the country to partner with us in building generational wealth for America's children through Trump accounts." The Dalio grant will fund $250 per child for approximately 300,000 children in Connecticut. This applies to children who live in a ZIP code where the median income is less than $150,000. About 87% of Connecticut ZIP codes meet that criteria, according to a CNBC analysis of Census Bureau data. "Barbara and I believe strongly in the importance of equal opportunity and believe this initiative is an important step in that direction," Ray Dalio, who is the founder of the investment firm Bridgewater Associates, said in a statement. A Wednesday update on trumpaccounts.gov ahead of the announcement named the Dalios in a section on additional support: "Michael and Susan Dell, Ray and Barbara Dalio. There are no income requirements, and everyone is eligible for the government's seed money, as long as the child is a U.S. citizen. To open a Trump account, an election must be made on IRS Form 4547. The form can be filed separately or with your 2025 tax return. Beginning in mid-2026, you can also make the election online at trumpaccounts.gov. Earlier this month, the pilot program got a significant boost when Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan, announced a $6.25 billion pledge to help fund the new savings accounts for children. Children 10 or under and born before Jan. 1, 2025 — who wouldn't qualify for the $1,000 initial deposit from the government — may also be able to receive $250 from the Dell family grant deposited to their Trump account if they live in a ZIP code where the median income is $150,000 or less. A growing number of companies have announced they will match contributions to Trump accounts for their employees, including BNY and BlackRock. During a roundtable event at the White House in June, Dell vowed to match the government's seed money "dollar for dollar" for his employees' kids. BNY announced on Dec. 11 that the company will match the federal government's $1,000 seed money for eligible newborns of its U.S. employees. On Wednesday, BlackRock said it would also match the one-time $1,000 donation for children of its U.S. employees. Sign up for free newsletters and get more CNBC delivered to your inbox

Oracle stock dipped about 5% on Wednesday following a report that discussions with Blue Owl Capital on backing a $10 billion data center in Michigan had stalled, although the cloud company later disputed the report. Blue Owl had been in talks with Oracle about funding a 1-gigawatt facility for OpenAI in Saline Township, Michigan, according to the Financial Times. However, the plans fell through due to concerns about Oracle's rising debt levels and extensive artificial intelligence spending, the FT reported, citing people familiar with the matter. This comes as some investors raise red flags about the funding behind the rush to build ever more data centers. The concern is that some hyperscalers are turning to private equity markets rather than funding the buildings themselves, and entering into lease agreements that could prove risky. Blue Owl did look into the project, but pulled out due to unfavorable debt terms and the structure of repayments, according to a person familiar with the company's plans who asked not to be named in order to discuss a confidential matter. Blue Owl is still involved in two other Oracle sites, the person said. The person added that Blue Owl was also concerned that local politics in Michigan would cause construction delays. Oracle later responded to the FT report, saying the project was moving forward and that Blue Owl was not part of equity talks. "Our development partner, Related Digital, selected the best equity partner from a competitive group of options, which in this instance was not Blue Owl. Final negotiations for their equity deal are moving forward on schedule and according to plan," Oracle spokesperson Michael Egbert said in a statement. "The notion that Blue Owl walked away is unequivocally false. This is an exceptional project that drew significant interest from equity partners," Related Digital spokesperson Natalie Ravitz told CNBC. The site, which is expected to begin construction in the first quarter next year, is currently in pre-construction with "strong support" from Michigan Governor Gretchen Whitmer, she added. CNBC has reached out to the FT for comment. The FT said that Blackstone is in discussions to potentially replace Blue Owl Capital as a financial partner for the data center, although no deal has been signed yet. "This appears to be a case where the deal simply wasn't the right one, and seasoned investors understand that success does not require winning every transaction," Evercore ISI analysts wrote in a note on Wednesday. The bank added that digital infrastructure remains a "core growth vertical" for the Blue Owl, noting an upcoming digital infrastructure fund in 2026 that would add to its $7 billion fund announced in May. Oracle has $248 billion in lease commitments for data centers and cloud capacity commitments over the next 15 to 19 years as of Nov. 30, the company said in its latest quarterly filing. In September, the cloud computing giant raised $18 billion in new debt, according to an SEC filing. That same month, OpenAI announced a $300 billion partnership with Oracle over the next five years. Oracle shares are down about 50% from the high of $345.72 reached in September. Sign up for free newsletters and get more CNBC delivered to your inbox

Oracle stock dipped about 5% on Wednesday following a report that discussions with Blue Owl Capital on backing a $10 billion data center in Michigan had stalled, although the cloud company later disputed the report. Blue Owl had been in talks with Oracle about funding a 1-gigawatt facility for OpenAI in Saline Township, Michigan, according to the Financial Times. However, the plans fell through due to concerns about Oracle's rising debt levels and extensive artificial intelligence spending, the FT reported, citing people familiar with the matter. This comes as some investors raise red flags about the funding behind the rush to build ever more data centers. The concern is that some hyperscalers are turning to private equity markets rather than funding the buildings themselves, and entering into lease agreements that could prove risky. Blue Owl did look into the project, but pulled out due to unfavorable debt terms and the structure of repayments, according to a person familiar with the company's plans who asked not to be named in order to discuss a confidential matter. Blue Owl is still involved in two other Oracle sites, the person said. The person added that Blue Owl was also concerned that local politics in Michigan would cause construction delays. Oracle later responded to the FT report, saying the project was moving forward and that Blue Owl was not part of equity talks. "Our development partner, Related Digital, selected the best equity partner from a competitive group of options, which in this instance was not Blue Owl. Final negotiations for their equity deal are moving forward on schedule and according to plan," Oracle spokesperson Michael Egbert said in a statement. CNBC has reached out to the FT for comment. The FT said that Blackstone is in discussions to potentially replace Blue Owl Capital as a financial partner for the data center, although no deal has been signed yet. "This appears to be a case where the deal simply wasn't the right one, and seasoned investors understand that success does not require winning every transaction," Evercore ISI analysts wrote in a note on Wednesday. The bank added that digital infrastructure remains a "core growth vertical" for the Blue Owl, noting an upcoming digital infrastructure fund in 2026 that would add to its $7 billion fund announced in May. Oracle has $248 billion in lease commitments for data centers and cloud capacity commitments over the next 15 to 19 years as of Nov. 30, the company said in its latest quarterly filing. In September, the cloud computing giant raised $18 billion in new debt, according to an SEC filing. That same month, OpenAI announced a $300 billion partnership with Oracle over the next five years. Oracle shares are down about 50% from the high of $345.72 reached in September. Sign up for free newsletters and get more CNBC delivered to your inbox

Four moderate House Republicans rebelled against House Speaker Mike Johnson on Wednesday, joining Democrats to force a vote on extending key Affordable Care Act subsidies that are set to expire at the end of the year. If approved, the measure will extend ACA tax credits for three years. If those subsidies expire as scheduled, the prices of Obamacare health insurance premiums that millions of Americans personally pay will skyrocket. The stunning defections by the quartet of Republicans came a day after Johnson, R-La., said that GOP leaders would not allow a vote under normal procedures on keeping the enhanced ACA tax credits alive into 2026. Johnson earlier Wednesday morning urged GOP caucus members not to join Democrats in the procedural end-run around him. Lacking sufficient Republican support to extend the credits, House Minority Leader Hakeem Jeffries, D-N.Y., in November created a so-called discharge petition, which would force a vote on an extension once it obtained signatures from 218 House members. Democrats only have 214 members, so they needed four Republicans for that measure to work. But about two hours later, four moderate Republicans signed the petition: Brian Fitzpatrick, Rob Bresnahan and Ryan Mackenzie, all of Pennsylvania, and Mike Lawler of New York signed the petition. "When leadership blocks action entirely, Congress has a responsibility to act," Lawler said in a statement after signing the petition. "My priority is ensuring Hudson Valley families aren't caught in the gridlock." The vote on extending the ACA subsidies is critical for vulnerable House Republicans up for reelection in 2026 as the GOP tries to hang on to its razor-thin majority. Last week, the Senate rejected a similar measure that would have extended the subsidies for three years. "Under this proposal, people making $500k+ per year would continue to be eligible for what were supposed to be temporary COVID-era subsidies," said Senate Majority Leader John Thune's spokesperson Ryan Wrasse in a social media post on Wednesday. Johnson and GOP leadership are pushing a separate health-care bill that would not extend the enhanced subsidies. The House will vote on that bill, which would provide cost-sharing aid for consumers, on Wednesday. Johnson told "Squawk Box" that GOP caucus members could tackle health insurance costs in early 2026. "We're looking at another reconciliation package, for example, in the first quarter of next year, which will have a number of other revisions and reforms to the system, and all of it is geared, again, for reducing premiums, increasing access to care and quality of care," the speaker said. Sign up for free newsletters and get more CNBC delivered to your inbox

Federal Reserve Governor Christopher Waller told CNBC on Wednesday that he will "absolutely" emphasize the importance of central bank independence to President Donald Trump. Waller is one of five finalists to potentially succeed Jerome Powell when the Federal Reserve chairman's term ends in May. He is scheduled to have an interview with Trump on Wednesday. "Absolutely," Waller said when asked by CNBC's Steve Liesman whether he would emphasize Fed independence during his interview with the president. "I spent 20 years of my life working on central bank independence and why it was important," he said at the Yale CEO Summit. "I have a long paper trail on this." Trump regularly weighs in on Fed decisions, accusing the central bank of moving too slowly to cut interest rates. The president has been a harsh critic of Powell and has mused publicly about firing him before his term is up. This has raised fears among some investors that Trump will try to install a pliant ally as Fed chair after Powell leaves the central bank. But Waller said Trump already makes his views about Fed decisions clear on Truth Social, leaving no confusion about where the president stands on monetary policy. Waller told CNBC that he views rates as still 50 to 100 basis points above a neutral rate that is not stimulative or restrictive. National Economic Council Director Kevin Hassett has been viewed as the front-runner to succeed Powell, though some high-level people close to Trump have pushed back on his candidacy. Former Fed Governor Kevin Warsh is also on the short list. They're both — I think the two Kevins are great," Trump told The Wall Street Journal last week. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox

U.S. prosecutors charged top executives of bankrupt subprime auto lender Tricolor Holdings with what they described as a yearslong, "systematic fraud" scheme that sent shockwaves through the banking sector earlier this year. In an indictment unsealed in Manhattan, prosecutors allege that from at least 2018 through September 2025, founder and CEO Daniel Chu and chief operating officer David Goodgame orchestrated a series of fraudulent schemes that let Tricolor obtain billions of dollars from lenders and investors by misrepresenting the value of its loan collateral.Tricolor sold used cars to customers with limited or poor credit in the south and southwest, and told the court they had more than $1 billion in assets at the time it declared bankruptcy in September. Tricolor executives repeatedly pledged the same auto loans to multiple lenders at the same time, or "double-pledged" assets to banks, and manipulated loan data so that delinquent or charged-off loans appeared eligible for financing, the indictment said. Banks including JPMorgan and Jefferies Financial Group had lent hundreds of millions of dollars to Tricolor and auto parts maker First Brands by the time they failed, both in the same month, fueling concern on Wall Street that stresses in the private credit and leveraged lending markets might spread. Jefferies and some regional banks briefly tumbled in mid-October on growing fears that more bad loans were lurking around the corner. One day, Utah's Zions Bancorporation dropped more than 13%, Arizona's Western Alliance Bancorp fell more than 10% and the SPDR S&P Regional Banking ETF (KRE) lost more than 6%. The same month, JPMorgan CEO Jamie Dimon said that the bankruptcies at Tricolor and First Brands were signs that corporate lending practices had grown too lax over the past decade. "When you see one cockroach, there are probably more," Dimon said in a conference call. "Everyone should be forewarned on this one." We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox

[The stream is slated to start at 8:15 a.m. Please refresh the page if you do not see a player above.] Federal Reserve Governor Christopher Waller is slated to speak at at the Yale CEO Summit on Wednesday. Waller is one of the five finalists considered to replace Fed Chairman Jerome Powell when his term expires in May. He's set to be interviewed by President Donald Trump this week, CNBC's Steve Liesman reported. Trump has signaled that Kevin Warsh and Kevin Hassett are the frontrunners to succeed Powell, however. Waller, who was appointed to the Fed's board by Trump and confirmed by the Senate in late 2020, has emerged this year as one of the central bank's strongest voices pushing for rate cuts. The Fed lowered rates by a quarter point at each of its past three meetings. Waller previously dissented in July, when policymakers opted to keep rates unchanged. Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services.

Every time James publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Discovery still isn't interested in Paramount Skydance's offer. Paramount's latest bid "is inadequate, with significant risks and costs imposed on our shareholders" compared to Netflix's bid, which "represents superior, more certain value for our shareholders," said Samuel Di Piazza, the chair of WBD's board of directors, in a statement to shareholders on Wednesday morning. In a letter to shareholders, WBD's board recommended that shareholders reject Paramount's all-cash bid of $30 per share in favor of Netflix's cash-and-stock offer. Paramount wants to buy all of WBD, including its cable channels, while Netflix's bid of $27.75 per share is for WBD's studio, HBO, and HBO Max. A key difference between the two bids revolves around the value of WBD's TV networks, such as CNN and TNT, which Netflix isn't interested in buying. Di Piazza said that Paramount's seventh proposal "once again fails to address key concerns that we have consistently communicated," including about Paramount's financing. Paramount has said its bid is fully backstopped by Larry Ellison, one of the richest people in the world and father to Paramount CEO David Ellison. The WBD board said in the letter to shareholders that it relies "on an unknown and opaque revocable trust" whose assets or liabilities are subject to change. Its shares have fallen recently but surged more than 600% from mid-2022 to mid-2025. While Paramount has said that it would have an easier time securing regulatory approval than Netflix, the WBD board says it "does not believe there is a material difference in regulatory risk" between the two proposals. Trump has called Sarandos a "great person," though he added that the Netflix-Warner Bros. deal "could be a problem" on the regulatory front. WBD also said its board "repeatedly engaged" with interested parties, including the Ellisons. Paramount had previously said that WBD went quiet late in the bidding process. Paramount responded to WBD's statement on Wednesday morning, saying that its offer gives WBD shareholders "superior value" to Netflix's and "the certainty of 100% cash." "I have been encouraged by the feedback we have received from WBD shareholders who clearly understand the benefits of our offer. We will continue to move forward to deliver this transaction, which is in the best interest of WBD shareholders, consumers, and the creative industries," David Ellison said in a statement. Paramount can't be surprised by WBD's decision to stick with its Netflix deal. Ellison was overheard saying last week that if WBD's leadership were to "accept the offer exactly as it is today, right, then they're admitting breach of fiduciary duty," Business Insider previously reported. Public companies are obligated to act in the best interests of shareholders. So if WBD's board had changed its mind, it could have opened itself up to shareholder lawsuits. WBD had said in a statement after Paramount's hostile bid that it would "carefully review and consider Paramount Skydance's offer" in a way that was "consistent with its fiduciary duties and in consultation with its independent financial and legal advisors." Now that WBD's board has given Paramount the cold shoulder again, it's Ellison's move. The aspiring media mogul told CEO David Zaslav that Paramount's latest offer wasn't its "best and final," which suggests that a higher bid could be coming. If no higher bid comes, WBD's investors have until January 8 to back Paramount, though it could extend that deadline. WBD would owe Netflix a $2.8 billion reverse breakup fee if its shareholders chose Paramount. Having failed to submit the best proposal for you, our shareholders, PSKY launched an offer nearly identical to its most recently rejected proposal. As a Board, we have now conducted another review and determined that PSKY's tender offer remains inferior to the Netflix merger. None of these reasons will be a surprise to PSKY given our clear, and oft-repeated, feedback on their six prior proposals. Our agreement with Netflix gives WBD shareholders $23.25 in cash, plus $4.50 in shares of Netflix common stock (based on a collar range of $97.91 - $119.67 in the Netflix stock price at the time of closing), plus the additional value of the shares of Discovery Global and the opportunity to participate in future potential upside following Discovery Global's separation from WBD. Instead, they propose that you rely on an unknown and opaque revocable trust for the certainty of this crucial deal funding. Despite having been told repeatedly by WBD how important a full and unconditional financing commitment from the Ellison family was — and despite their own ample resources, as well as multiple assurances by PSKY during our strategic review process that such a commitment was forthcoming — the Ellison family has chosen not to backstop the PSKY offer. As the name indicates, revocable trusts typically have provisions allowing for assets to be moved at any time. The Netflix merger is fully backed by a public company with a market cap in excess of $400 billion with an investment grade balance sheet. The debt financing for the PSKY bid relies on an unsecure revocable trust commitment as well as the credit worthiness of a $15 billion market cap company with a credit rating at or only a notch above "junk" status from the two leading rating agencies. The financial condition and creditworthiness of PSKY, which, if its proposed transaction were to close, would have a high gross leverage ratio of 6.8x 2026E debt to EBITDA with virtually no current free cash flow generation before synergies, raise substantial risks for its acquisition of WBD. Such debt levels reflect a risky capital structure that is vulnerable to even potentially small changes in the PSKY or WBD business between signing and closing. Additionally, PSKY contemplates $9 billion in synergies from the mergers of Paramount/Skydance and their offer for WBD. These targets are both ambitious from an operational perspective and would make Hollywood weaker, not stronger. The Board's review was full, transparent and comprehensive — establishing a level playing field that fostered a rigorous and fair process. The Board repeatedly engaged with all parties, including extensive engagement with PSKY and its advisors over the course of nearly three months. After each bid, we informed PSKY of the material deficiencies and offered potential solutions. Despite this feedback, PSKY has never submitted a proposal that is superior to the Netflix merger agreement. The Board also notes that Netflix has agreed to a record-setting regulatory termination cash fee of $5.8 billion, significantly higher than PSKY's $5 billion break fee. The offer can be terminated or amended by PSKY at any time prior to its completion; it is not the same thing as a binding merger agreement. In addition, the offer is not capable of being completed by its current expiration date, due to the need for, among other things, global regulatory approvals, which PSKY indicates may take 12-18 months. Nothing in this structure offers WBD shareholders any deal certainty. The PSKY offer provides an untenable degree of risk and potential downside for WBD shareholders. There will be additional costs associated with PSKY's offer that could impact shareholders. When considering the PSKY offer at this juncture, it is important to note that its acceptance could incur significant additional costs to shareholders — all of which PSKY has ignored in their communications. In addition, WBD would incur approximately $1.5 billion in financing costs if we do not complete our planned debt exchange as agreed to with certain of our debtholders, which would not be permitted by the PSKY offer. This additional $4.3 billion in potential costs represents approximately $1.66 per share to be borne by WBD shareholders if the offer does not close. We look forward to moving ahead with our combination with Netflix and delivering the compelling and certain value it will create for shareholders.

Every time Peter publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Sometimes I use ChatGPT and it seems stunningly obvious that AI is going to have a transformative effect on my life. And other times I find myself yelling at ChatGPT in ALL CAPS, because it can't do basic, simple tasks — ones I could reasonably farm out to a 5th grader. Every time Peter publishes a story, you'll get an alert straight to your inbox! Stay connected to Peter and get more of their work as it publishes. By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. That quote comes from a report looking at the struggles various businesses have had implementing AI in their work. It's a theme we've been hearing a lot about over the last few months, like the MIT study that found that 95% of companies were getting "zero return" on their AI investment. But I think it's not the only question: The tech isn't going away, so many of us are unquestionably going to be using AI in all kinds of ways, no matter what. So a more practical question is: What kind of tasks can AI do reliably well today — reliably enough that businesses (and the rest of us) can use it day in and day out — and which ones are going to take a while to sort out? And which ones may never be something we can hand over to AI? This is a pretty good summary of the ongoing experiments we're working out in real time, right now.

Jared Kushner is walking away from Paramount's bid for Warner Bros. Affinity Partners, a Florida-based private equity firm founded by President Donald Trump's son-in-law, will not participate in financing Paramount's $108 billion bid for WBD, a person close to the matter told Business Insider. We continue to believe there is a strong strategic rationale for Paramount's offer," the spokesperson said. Affinity did not respond to Business Insider's requests for comment. Affinity and Jared Kushner were identified as a financing partner in Paramount's 367-page SEC filing on December 8, in which it made the bid for WBD. Its other external financing partners include wealth funds from Saudi Arabia, Qatar, and Abu Dhabi. Kushner's father-in-law's presence looms large in the deal. President Donald Trump, who said he would be involved, has long-standing ties to David Ellison's father, Oracle billionaire Larry Ellison, who is backing the Paramount bid. While Trump publicly praised Netflix and its co-CEO, Ted Sarandos, the president also said that a combo of Netflix and WBD "could be a problem" due to the size. On December 5, Netflix announced that it would acquire WBD for an equity value of $72 billion. The streaming giant edged out other bidders, like Paramount and Comcast. Days later, Paramount launched a hostile bid of $30 per share for all of WBD, with CEO David Ellison urging WBD's shareholders to tender their shares and switch teams from Netflix to Paramount. He wrote a letter to the shareholders on December 10, criticizing WBD's advisors for not giving Paramount's offer the same treatment as Netflix's.