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Pinterest, a platform Futurism described as being strangled by AI slop, is not having a great day. The image-based social media company yesterday released its third-quarter earnings and, despite a 17% increase in revenue year-over-year (YOY), its shares took a tremendous tumble. Pinterest stock (NYSE: PINS) dropped about 20% through after-hours trading and into premarket on Wednesday, sitting at 18.6% down at the time of publishing. Well get into the AI slop factor, but first its worth noting that Pinterests revenue might have improved YOY, but it only just met Wall Streets expectations of $1.05 billion, according to consensus estimates cited by CNBC. Pinterest also missed earnings per share estimates of 42 cents, reaching an adjusted 38 cents instead. Meanwhile, the company predicted its fourth-quarter revenue to reach between $1.31 billion and $1.34 billion, not exactly comforting to investors when Wall Street had projected the highest end of that range. Pinterest also missed estimated figures for third-quarter sales in the U.S. and Canada ($786 million versus $799 million) and global average revenue per user ($1.78 versus $1.79), according to separate consensus estimates cited by CNBC. How does AI factor into Pinterests report? Pinterest released its third-quarter earnings only a couple weeks after rolling out new generative AI controls. Following a sea of user complaints, the new tools allow users to dial down orif they really wantup the level of AI-generated content on their feeds. Users had openly criticized the AI slop, with one person stating on X, I hate how Pinterest is just AI and ads now. Its just unusable.” The post received 21,000 likes. Despite the pushback, Pinterest CEO Bill Ready doubled down on AI in an earnings call, referring to it as the heart of the Pinterest experience. He even went so far as to call Pinterest an AI-powered shopping assistant, further centering AI at the company. The good news for Pinterest Pinterest saw a 12% increase YOY in global monthly active users, reaching 600 million. In July, the company shared that men were joining the platform at record rates, making up over one-third of users. As for the advertisements they see, Ready states that Pinterest has built a performance ads platform that is harnessing our users commercial intent and AI-driven automation to improve performance and simplify campaign creation for advertisers. He goes on to claim that advertiser outbound clicks have improved by 40% YOY. In response to a question from an analyst about Pinterest’s new AI controls, Ready further addressed the complex issue of identifying AI-generated content, claiming that no platform could catch 100% of uses. That’s why we say see less, not see none of, because the ability to precisely spot that is not perfect for any platform, he said on the call. He then made the case that AI will eventually follow in the footsteps of Photoshop and play at least a small part in editing most, if not all, content.
Category:
E-Commerce
President Donald Trump is heading to Miami on Wednesday the anniversary of his reelection to a second term to speak to a forum of business leaders and global athletes about what he sees as his economic achievements.The Republican president’s speech to the America Business Forum will be a broad look at his economic agenda and how investments he has secured abroad help U.S. communities, according to a senior White House official. It’s a significant effort from Trump to put a positive spin on the economy at a time when Americans remain uneasy about the state of their finances and the cost of living and when major campaigns in Tuesday’s election were centered on affordability and the economy.The AP Voter Poll survey, which included more than 17,000 voters in New Jersey, Virginia, California and New York City, suggested the public was troubled by higher prices and fewer job opportunities despite Trump’s promises to tame inflation and unleash growth.In his speech, Trump will touch on deregulation, energy independence and oil prices, and affordability, said the White House official, who insisted on anonymity to preview the president’s address.Trump spent five days in Asia last week with stops in Malaysia, Japan and South Korea. He worked to ease trade tensions with Beijing in a meeting with Chinese leader Xi Jinping. In Tokyo, he promoted several major energy and tech projects for the U.S. that will be funded by Japan.Miami Mayor Francis Suarez said he thinks Trump’s recent travels “have been transformational in his presidency” and said his speech will be a highlight of the forum, which organizers have described as a more accessible version of the World Economic Forum in Davos, Switzerland, or the Milken Institute Global Conference, which gathers the world’s elite for discussions on the economy.“This conference not only is creating this incredible collection of people, but it’s also creating them in a particular moment in time,” said Suarez, a Republican.Trump’s visit also highlights how the Miami area is playing a key role during his second term.Trump is set to host leaders of the world’s leading rich and developing economies at next year’s Group of 20 summit at his golf club at the nearby city of Doral, despite what critics say is the appearance of impropriety.Trump’s sons have taken over running the Trump Organization while their father is in the White House, and the president has insisted that his family’s business will not make any money by holding the summit at the golf club.The city is where Trump wants to locate his future presidential library, which is now facing a legal challenge over whether the plot of land in downtown Miami is being properly transferred. Miami is also one of the U.S. host cities for next year’s World Cup, which Trump has eagerly promoted as the kickoff to several major global sporting events for which the U.S. is playing host. Ensuring the success of the World Cup has been a top priority for the Trump administration.FIFA President Gianni Infantino, with whom Trump has developed a close friendship, is scheduled to speak at the Miami forum later Wednesday. This story has been corrected to show the name of the event is the America Business Forum, not the American Business Forum. Seung Min Kim, Associated Press
Category:
E-Commerce
California voters approved new congressional district boundaries Tuesday, delivering a victory for Democrats in the state-by-state redistricting battle that will help determine which party wins control of the U.S. House in 2026 and, with it, the power to thwart or advance President Donald Trump’s agenda.The approval of Proposition 50 gives Democrats a shot at winning as many as five additional seats, just enough to blunt Texas Republicans’ move to redraw their own maps to pick up five GOP seats at Trump’s urging. Texas’ move and California’s response have kicked off a flurry of redistricting efforts around the country, with Republican states appearing to have an edge. Deeply blue California is Democrats’ best opportunity to make up seats.Midterm elections typically punish the party in the White House, and Trump is fighting to maintain his party’s slim House majority. Republicans hold 219 seats to Democrats’ 213.Tuesday’s results mark a political victory for Democratic Gov. Gavin Newsom, who cast the measure as an essential tool to fight back against Trump and protect American democracy.Speaking to reporters in Sacramento, Newsom cast the California vote as part of a broader national rejection of Trump’s policies that saw Democratic governors elevated in New Jersey and Virginia. But he warned the more consequential battle would come next year.If Democrats win the House majority, they can “end Donald Trump’s presidency as we know it,” Newsom said. “It is all on the line, a bright line, in 2026.” Measure supported by Newsom and Obama California’s Proposition 50 asked voters to suspend House maps drawn by an independent commission and replace them with rejiggered districts adopted by the Democratic-controlled Legislature. Those new districts would be in place for the 2026, 2028 and 2030 elections.The recast districts aim to dilute Republican voters’ power, in one case by uniting rural, conservative-leaning parts of far northern California with Marin County, a famously liberal coastal stronghold across the Golden Gate Bridge from San Francisco.The measure was spearheaded by Newsom, who threw the weight of his political operation behind it in a major test of his mettle ahead of a potential 2028 presidential campaign. Former President Barack Obama urged voters to pass it as well.“Republicans want to steal enough seats in Congress to rig the next election and wield unchecked power for two more years,” Obama said in one ad. “You can stop Republicans in their tracks.”Critics said two wrongs don’t make a right. They urged Californians to reject the measure, even if they have misgivings about Trump’s moves elsewhere.Among the most prominent critics was Arnold Schwarzenegger, the movie star and former Republican governor who pushed for the creation of the independent commission, which voters approved in 2008 and 2010. It makes no sense to fight Trump by becoming him, Schwarzenegger said in September, arguing that the proposal would “take the power away from the people.”“I don’t want Newsom to have control,” said Rebecca Fleshman, a 63-year-old retired medical assistant from Southern California, who voted against the measure. “I don’t want the state to be blue. I want it to be red.” A lopsided campaign foreshadowed the vote After an early burst of TV advertising, opponents of the plan struggled to raise cash in a state with some of the nation’s most expensive media markets.The campaign followed an unusual trajectory. A handful of Republican congressmen who will see their districts dramatically reshaped and their jobs endangered mostly stayed away from the campaign spotlight. With opponents short on cash, Newsom and his supporters dominated TV screens in the critical closing weeks.Total spending on broadcast and cable ads topped $100 million, with more than two-thirds of it coming from supporters. Newsom told people to stop donating in the race’s final weeks.The GOP congressmen Reps. Ken Calvert, Darrell Issa, Kevin Kiley, David Valadao and Doug LaMalfa will see right-leaning voters reduced and left-leaning voters boosted in their respective districts in a shift that would make it likely a Democratic candidate would prevail in each race.Issa issued a defiant statement, saying: “I’m not going anywhere. I’ll continue to represent the people of California regardless of their party or where they live.”Calvert said Newsom engineered a “power grab” while housing costs, gas prices and taxes continue to strain family budgets. “I am determined to keep fighting for the families I represent,” he said in an email. AP poll finds voters motivated by political reasons Proposition 50 won a swift and decisive victory, as the AP declared a winner when polls closed statewide. Early returns were strongly in favor of the measure, as were preliminary results from the AP Voter Poll, an expansive survey of more than 4,000 voters in California.Roughly 7 in 10 California voters said party control of Congress was “very important” to them, and those voters overwhelmingly supported the measure, according to the AP Voter Poll.About 8 in 10 California voters who supported the ballot measure said it was necessary to counter the changes made by Republicans in other states, while only about 2 in 10 said they supported it because it was the best way to draw maps, AP Voter Poll found.Trump, who overwhelmingly lost California in his three presidential campaigns, largely stayed out of the fray. A week before the election, he urged voters in a social media post not to vote early or by mail messaging that conflicted with that of top Republicans in the state who urged people to get their ballots in as soon as possible.In a post Tuesday on his social media platform, the president called the state’s voting process “RIGGED” and warned that it was “under very serious legal and criminal review. STAY TUNED!” Secretary of State Shirley Weber called that “another baseless claim.” The national House map is in flux Congressional district boundaries are typically redrawn every 10 years to reflect population shifts documented in the census. Mid-decade redistricting is unusual, absent a court order finding fault with the maps in place.Beyond Texas, Republicans expect to gain one seat each from new maps in Missouri and North Carolina, and potentially two more in Ohio. Five other GOP-led states are also considering new maps: Florida, Indiana, Kansas, Louisiana and Nebraska.On the Democratic side, Colorado, Illinois, Maryland, New York and Virginia have proposals to redraw maps, but major hurdles remain.A court has ordered new boundaries be drawn in Utah, where all four House districts are represented by Republicans, but it remains to be seen if the state will approve a map that makes any of them winnable for Democrats.Siddhartha Deb, 52, has lived in the U.S. since he was 7 years old but he just became a citize Tuesday. Immediately afterward he registered to vote at San Francisco City Hall and cast his ballot in favor of Newsom’s measure.“I don’t like the way the Republican Party is basically trying to rig elections by gerrymandering,” Deb said. “And this is the only way, to fight fire with fire.” Associated Press writers Amy Taxin and Terry Chea contributed. Jonathan J. Cooper, Michael R. Blood and Trān Nguyn, Associated Press
Category:
E-Commerce
The government shutdown has entered its 36th day, breaking the record as the longest ever and disrupting the lives of millions of Americans with federal program cuts, flight delays and federal workers nationwide left without paychecks.President Donald Trump has refused to negotiate with Democrats over their demands to salvage expiring health insurance subsidies until they agree to reopen the government. But skeptical Democrats question whether the Republican president will keep his word, particularly after the administration restricted SNAP food aid, despite court orders to ensure funds are available to prevent hunger.Trump, whose first term at the White House set the previous government shutdown record, is set to meet early Wednesday for breakfast with GOP senators. But no talks have been scheduled with the Democrats.“Why is this happening? We’re in a shutdown because our colleagues are unwilling to come to the table to talk about one simple thing: health care premiums,” said Sen. Amy Klobuchar, D-Minn., in a late evening speech.“Stop this mess, come to the table, negotiate it,” she said.With Trump largely on the sidelines, talks have intensified among a loose coalition of centrist senators trying to negotiate an end to the stalemate. Expectations are high that the logjam would break once election results were fully tallied in Tuesday’s off-year races that were widely watched as a gauge of voter sentiment over Trump’s second term in the White House. Democrats swept key contests for governor in Virginia and New Jersey, and New York City mayor, certain to shake up the political assessments.But earlier in the afternoon, Senate Democrats left an hours-long private meeting stone-faced, with no certain path forward.“We’re exploring all the options,” Senate Democratic leader Chuck Schumer said afterward. Trump sets another shutdown record Trump’s approach to this shutdown stands in marked contrast to his first term, when the government was partially closed for 35 days over his demands for funds to build the U.S.-Mexico border wall. At that time, he met publicly and negotiated with congressional leaders, but unable to secure the funds, he relented in 2019.This time, it’s not just Trump declining to engage in talks. The congressional leaders are at a standoff and House Speaker Mike Johnson, R-La., sent lawmakers home in September after they approved their own funding bill, refusing further negotiations.In the meantime, food aid, child care funds and countless other government services are being seriously interrupted and hundreds of thousands of federal workers have been furloughed or expected to come to work without pay.Transportation Secretary Sean Duffy predicted there could be chaos in the skies next week if air traffic controllers miss another paycheck. Labor unions put pressure on lawmakers to reopen the government.Senate Majority Leader John Thune, R-S.D., said this has been not only the longest shutdown but also “the most severe shutdown on record.”The Republican leader has urged the Democrats to accept his overtures to vote on the health care issue and keep negotiating a solution once the government reopens, arguing that no one wins politically from the standoff.“Shutdowns are stupid,” Thune said. Senators search for potential deal Central to any endgame will be a series of agreements that would need to be upheld not only by the Senate, but also the House, and the White House, which is not at all certain in Washington.First of all, senators from both parties, particularly the powerful members of the Appropriations Committee, are pushing to ensure the normal government funding process in Congress can be put back on track.Sen. Susan Collins, R-Maine, the chair of the Senate Appropriations Committee, and Sen. Mike Rounds, R-S.D., along with several Democrats, including Sens. Jeanne Shaheen and Maggie Hassan of New Hampshire and Chris Coons of Delaware, are among those working behind the scenes.“The pace of talks have increased,” said Sen. Gary Peters, D-Mich., who has been involved in conversations.Among the goals is guaranteeing upcoming votes on a smaller package of bills where there is already widespread bipartisan agreement to fund various aspects of government, like agricultural programs and military construction projects at bases.“I certainly think that three-bill package is primed to do a lot of good things for the American people,” said Sen. Katie Britt, R-Ala., who has also been in talks. Health care costs skyrocket for millions More difficult, a substantial number of senators also want some resolution to the standoff over the funding for the Affordable Care Act subsidies that are set to expire at year’s end.With insurance premium notices being sent, millions of Americans are experiencing sticker shock on skyrocketing prices. The loss of enhanced federal subsidies, which were put in place during the COVID-19 pandemic and come in the form of tax credits, are expected to leave many people unable to buy health insurance.Republicans are reluctant to fund the health care program, also known as Obamacare, without reforms, but negotiating a compromise with Democrats is expected to take time, if a deal can be reached at all.Thune has promised Democrats at least a vote on their preferred health care proposal, on a date certain, as part of any deal to reopen government. But that’s not enough for some senators, who see the health care deadlock as part of their broader concerns with Trump’s direction for the country.The White House says its position remains unchanged and that Democrats must vote to fund the government before talks over health care can begin. White House officials are in close contact with GOP senators who have been quietly speaking with key Senate Democrats, according to a senior White House official. The official was granted anonymity to discuss administration strategy. Trump’s demands to end the filibuster fall flat The president has been pushing the senators to nuke the filibuster the Senate rule that requires 60 votes to advance most legislation as a way to reopen the government.The GOP senators have panned Trump’s demands to end the filibuster, in a rare public break with the president. Thune and others argue the Senate rule, while infuriating at times, ensures the minority party can be a check on the administration, which is important when power shifts in Washington.But in the current Senate, where Republicans hold a slim majority, 53-47, Democrats have been able to block the House-passed bill that would fund the government, having voted more than a dozen times against.Trump has said that doing away with the filibuster would be one way the Republicans could bypass the Democrats and end the shutdown on their own. Republican senators are trying to avoid that outcome. Associated Press writers Kevin Freking, Stephen Groves, Seung Min Kim and Mtt Brown contributed to this report. Lisa Mascaro and Mary Clare Jalonick, Associated Press
Category:
E-Commerce
A UPS wide-body cargo plane crashed on Tuesday and erupted into a fireball moments after takeoff from the international airport in Louisville, Kentucky, killing seven, including all three aboard, and injuring 11 on the ground, officials said. Flames from the crash, shortly before sundown, ignited a string of fires in an industrial corridor adjacent to the airport, forcing authorities to halt flight operations through the night, the officials said. The Louisville airport, which is home to UPS Worldport a global hub for the shipping company’s air cargo operations and its largest package-handling facility worldwide was expected to reopen on Wednesday morning. Two runways were strewn with debris from the crash. In a Tuesday night service alert, UPS said delivery schedules for airborne and international packages “may be affected” by the disruption. “Contingency plans are in place to help ensure that shipments arrive at their final destinations as quickly as conditions permit,” it added. The triple-engine plane was fueled for an 8-1/2 hour flight to Honolulu. It had a crew of three, UPS said. None survived, officials said. Louisville Mayor Craig Greenberg told reporters at a late-night news briefing that four deaths were confirmed on the ground, with 11 injured people taken to hospitals. Separately, Kentucky Governor Andy Beshear said the death toll was at least seven and expected to rise. Some survivors had suffered “very significant” injuries, he said. It was the first UPS cargo plane to crash since August 2013, when an Airbus aircraft went down on a landing approach to the international airport in Birmingham, Alabama, killing both crew. Television channel WLKY, a CBS affiliate, showed video of Tuesday’s crash, with flames visible as the plane took off, and the fireball erupting as it hit the ground. Several buildings in an industrial area beyond the runway were on fire after the crash, with thick, black smoke seen rising into the evening sky. Beshear said stricken facilities on the ground included a petroleum recycling center and an auto parts business. “UPS Flight 2976 crashed around 5:15 p.m. local time on Tuesday, Nov. 4, after departing from Louisville Muhammad Ali International Airport in Kentucky,” the Federal Aviation Administration said in a statement. One key question for investigators is why one engine appeared to have separated from the plane before the crash, a person briefed on the matter said, pointing to video images of airfield debris. The cause and origin of the fire before the aircraft went down were also unknown. U.S. air safety expert and pilot John Cox said investigators will need to look at why the plane with three engines failed to fly after one apparently caught fire. Its too big a fire for a normal, typical-engine fire, Cox said. Its much too big. That airplane should have flown on two engines. So now weve got to look at what caused it not to fly, he added. Fires on the ground burned for hours afterwards, with authorities warning the public within a 5-mile (8-km) radius of the scene to stay indoors to guard against air-quality hazards. The shelter-in-place zone was later reduced to a mile across. CRASH INVOLVED 34-YEAR-OLD PLANE FAA records show the crashed plane, an MD-11 freighter, was 34 years old. Boeing, which shut down the MD-11 program after acquiring it in a merger with McDonnell Douglas, said it was concerned for the safety and well-being of those affected, and it would provide technical support to the investigation. Flightradar24 said the plane, which began operations with UPS in 2006, had flown from Louisville to Baltimore earlier on Tuesday before returning to Louisville. It climbed to an altitude of 175 feet and reached a speed of 184 knots before making a sharp descent, Flightradar24 data showed. The National Transportation Safety Board will lead the accident investigation and was sending a team to the site, a spokesperson said. The NTSB typically takes 12 to 24 months to complete an investigation, make a finding of probable cause and issue recommendations to help avoid similar incidents. UPS is the largest employer in Louisville, providing 26,000 jobs, the publication Louisville Business First said. “We are terribly saddened by the accident tonight in Louisville,” the company said in a statement. Louisville’s Worldport is at the center of the hub-and-spoke system for its air cargo network, serving the high-tech, healthcare and retail industries, handling more than 300 flights and processing about 2 million packages a day. More than 150 UPS customers, such as Merck & Co and other major pharmaceutical companies, have inventory there. “My heart goes out to everybody at UPS, because this is a UPS town,” Louisville Metro Council member Betsy Ruhe, whose district includes the airport, said at the press conference. “We all know somebody who works at UPS, and they’re all texting their friends, their family, trying to make sure everyone is safe. Sadly, some of those texts are probably going to go unanswered.” Additional writing and reporting by Dan Catchpole, Steve Gorman, Juby Babu, Allison Lampert, Gnaneshwar Rajan and Shivani Tanna David Shepardson, Chris Thomas and Lisa Baertlein, Reuters
Category:
E-Commerce
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