Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world. Sequoia Capital has announced that Alfred Lin and Pat Grady will be taking over as co-stewards of the firm, with Roelof Botha stepping down. Both Lin and Grady have extensive experience in the venture capital industry and are seen as excellent investors. The move comes as Sequoia faces challenges in an evolving venture capital landscape, including political issues and changes in the industry. Lin and Grady's backgrounds, including Lin's time at Zappos and Grady's previous work at Summit Partners, make them well-suited to lead Sequoia into the future. The firm is known for its focus on generating returns and maintaining excellence in a constantly changing industry. As they take the helm, Lin and Grady will need to navigate these challenges, potentially redefining the future of venture capital.Apple is reportedly working on a lower-cost laptop to compete with Chromebooks and Windows PCs. The new device, codenamed j700, would be powered by an iPhone chip and target students and casual users. Amazon is suing AI startup Perplexity over its Comet AI browser making purchases on users' behalf without permission. Getty Images lost a lawsuit against Stability AI for copyright infringement. In other tech news, Google introduces Project Suncatcher, AMD's Q3 revenue jumps 36%, IBM plans layoffs, and Spotify now has 281 million paid subscribers. Thank you for reading Fortune Tech.Ulta Beauty CEO Kecia Steelman's rise from earning $8 an hour to running the U.S.'s largest beauty retailer is highlighted in Fortune's CEO Daily. The Mamdani era begins in NYC with Zohran Mamdani winning the race for mayor. The U.S. government shutdown sets a new record, impacting consumer spending and widening economic divides. Concerns about an AI bubble and job cuts at IBM are also discussed. Other topics include Nvidia expanding in India, Palantir's winning strategy, and Grab CEO Anthony Tan's plans for robobuses. The markets are down globally, with the S&P 500 futures and Nikkei 225 both experiencing declines. Fortune's Leadership Next podcast features a conversation with Ulta Beauty CEO Kecia Steelman, highlighting her journey from humble beginnings to leading a major corporation. Democrats sweep major U.S. elections, with Mikie Sherrill winning New Jersey's gubernatorial race and Abigail Spanberger becoming Virginia's first female governor. The newsletter also covers news about OpenAI, Trump's trade policies, and Palantir's playbook.The text discusses the current AI bubble, focusing on OpenAI's massive capital expenditure plans and the potential benefits of bubbles. It explains that while bubbles may inevitably burst, they can lead to long-term positive outcomes by driving technological advancements and innovation. The text highlights the positive impact of previous bubbles, such as the dotcom era, which led to advancements in internet infrastructure and backend server innovation. It emphasizes the importance of bubbles in spurring technological advancements and breakthroughs, as well as the potential benefits of increased funding for research and experimentation during these periods. The text explores how the current AI bubble is driving investment in various aspects of the technology stack beyond just machine learning models, leading to diverse innovations that have the potential to transform industries. It also delves into the idea of stagnation in society and encourages readers to embrace risk and pursue innovative ideas. Overall, the text suggests that while bubbles can be risky, they also have the potential to catalyze positive change and accelerate techn

Support the show

Thanks for listening! Follow us on Twitter, Instagram and Linkedin