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I Traded My News Apps for Rumble, the Right-Wing YouTube. Here’s What I Saw.

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I Traded My News Apps for Rumble, the Right-Wing YouTube. Here’s What I Saw.

As soon as President-elect Donald J. Trump won the presidential race, influencers on Rumble, the right-wing alternative to YouTube, flooded the platform with a simple catchphrase: “We are the media now.”

The idea seemed to capture a growing sense that traditional journalists have lost their position at the center of the media ecosystem. Polls show that trust in mainstream news media has plummeted, and that nearly half of all young people get their news from “influencers” rather than journalists.

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In its place, they argue, are right-wing digital creators who have found hordes of fans online. Rumble, for instance, is tiny compared with YouTube, but it is a primary source of news for millions of Americans, according to Pew Research Center. On election night, its active viewership topped out at more than two million, and the company said in a statement that it averaged more than 67 million monthly active users in the final quarter of 2024.

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You are the news now.This is a real story.It’s not about back slaps, it’s about how now, it’s time to floor the freaking gas pedal.When you’re done with me, go watch Graham Allen.When you’re done with Graham Allen, watch Crowder.When you’re done with Crowder watch Tucker, then watch Rogan or whatever.You don’t need old school media anymore.

▶ Dan Bongino, host of “The Dan Bongino Show,” says viewers should follow his program with other Rumble creators in a bid to replace mainstream media.

If Rumble was the media now, I wondered what it would be like to consume an all-Rumble diet. So on Nov. 18, about two weeks after the election, I deleted my news apps, unsubscribed from all my podcasts and filtered all my newsletters to the trash. And for the next week, from early morning till late at night, I got all my news from Rumble.

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An alternate reality

I started by visiting Rumble’s homepage on Monday morning where I saw my first recommended video. It was about the risk of nuclear war, with an A.I.-generated photo of President Biden laughing maniacally above a headline that read: “WWIII INCOMING?! Biden Authorizes Strike on Russia Ahead of Trump Taking Office!!”

Rumble was once an obscure video platform featuring mostly viral cat videos. Founded in 2013 by a Canadian entrepreneur, it was designed as a home for independent creators who felt crowded out on YouTube. But the platform took a hard right turn around the time of the Capitol riots on Jan. 6, 2021, when social networks and YouTube cracked down on users who violated their rules. Conservatives flocked to other platforms, including Rumble, which quickly embraced its new role as a “free speech” haven — and saw its valuation surge to half a billion dollars practically overnight.

Its content today goes far beyond cat videos. Video game livestreams populate its homepage alongside a bizarre face-slapping competition called “Power Slap.” But political commentary and news remain its most popular categories by far.

The front page

A screenshot from the first day of this experiment shows videos about WWIII and live categories focused on news, entertainment and “conspiracies.”

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I chose a selection of popular “news” shows to watch, along with political content from other areas, like its active “conspiracies” section.

Because my experiment began so soon after Mr. Trump swept to victory on Nov. 5, I expected many of the videos to feel triumphant.

There were a few moments of joy: After the hosts of “Morning Joe,” the MSNBC talk show, visited Mr. Trump at Mar-a-Lago, hosts of Rumble shows gleefully mocked them, saying they went to “kiss the ring and bend the knee.” Clips of N.F.L. athletes doing Mr. Trump’s dance moves were a sign, the hosts said, that Mr. Trump had recaptured popular culture from the clutches of Hollywood liberals.

Multiple shows criticized the same clip from “Morning Joe”

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▶ Stay Free with Russell Brand

But their happiness quickly gave way to a relentless outpouring of anger and frustration, as they fixated on a cast of perceived enemies to blame for America’s troubles — from Democratic politicians to TikTok personalities to Republican adversaries.

Just a few hours into the experiment, it was clear that I was falling into an alternate reality fueled almost entirely by outrage. Among the claims I heard:

Some people at think tanks in Washington were “morons” and “crazier than any schizophrenic.”

The Department of Homeland Security was running a “sex-trafficking operation,” a claim apparently based on a misreading of a government report. (The report, by the Department of Homeland Security’s Office of the Inspector General, indicated that more than 300,000 unaccompanied minors had not received a notice to appear in court or had received the notice but had failed to appear. Some conservative commentators said this meant the children were being trafficked, but experts in immigration policy said it meant no such thing.)

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Progressives were trying to get Republicans killed — a claim based on death threats that Representative Marjorie Taylor Greene of Georgia said she received.

After only one day, I could feel my perspective shifting. When I described to my wife what I was hearing on Rumble, she said I was right to feel uneasy because the world I was immersing myself in sounded genuinely awful.

Hour by hour, Rumble’s hosts stoked fears about nearly everything: culture wars, transgender Americans and even a potential World War III.

‘Do you guys know where your fallout shelters are?’

On the second night, while catching up on the show “Redacted,” I heard that World War III was more or less imminent because of rising tensions with Russia but that most Americans were unaware of it.

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Exactly what to make of this remained unclear to me, but I suspected tensions would need to rise much further before bombs started dropping. Clayton Morris, a former Fox News personality who co-hosts the show with his wife, seemed convinced that nuclear war was coming, describing the lack of fallout shelters in major cities throughout the United States. (I later read news articles that offered a fuller picture, suggesting that the risk of escalation was real but that nuclear threats were also a strategy in Mr. Putin’s saber rattling.)

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We have zero infrastructure in the United Statesthat could save lives in a critical crisis like this.No fallout shelters, no contingency if Russia,you know, fires against, you know, fires missiles into Nashville,Los Angeles, Buffalo, New York City, Los Angeles.Do you guys know where your fallout shelters are?Where you’ll be taken care of?Where food and supplies will be? No, you don’t.

▶ Clayton Morris, co-host of “Redacted,” warns there are not enough fallout shelters in major cities in the United States.

The coverage struck me as particularly scary, but I also paused to consider whether Mr. Morris had any credentials as a Russia-Ukraine analyst. Since 2017, he has pivoted his career from hosting television shows to offering investors “financial freedom” through real estate investing. He was sued in 2019 by two dozen clients who said they were sold ramshackle homes as investment properties, then relocated his family to Portugal before the lawsuits were settled — which some said complicated the litigation proceedings. (Mr. Morris denied any wrongdoing.)

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On Rumble, though, he seemed authoritative: His slickly produced show had more than 560,000 followers and it aired daily with an active comments section filled with supporters. The videos were recommended to me by Rumble’s algorithm, so I kept watching.

Other shows referenced clips directly from Russian state television or the Russian government. During “The Roseanne Barr Show,” a segment about nuclear war bled into an ad for an emergency health kit. (In an email, the show’s co-host Jake Pentland, who is Ms. Barr’s son, told me their show wants to keep Americans “safe and protected from this wildly corrupt administration whether that’s through education or highlighting specific products that can protect them.”)

The prospect of an impending World War III stuck with me long after the livestreams ended. As I shuttled my son to day care or walked down aisles at the grocery store, I found my mind drifting to thoughts of nuclear bombs, a military draft or how a global conflict might actually unfold.

While watching a segment on the dire prediction, I glanced over at my wife, who was enjoying Netflix’s romantic comedy series “Nobody Wants This,” unaware about the threat of nuclear winter.

‘Who’s in charge now? We are.’

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As the days ticked by, I saw how the outrage stoked online could burst into the real world.

Early in the week, multiple hosts on Rumble were furious over a Democratic official in Pennsylvania who they suggested was trying to steal the election by counting invalid ballots. The controversy gained nationwide attention and the official, Diane Ellis Marseglia, the commissioner for Bucks County, Pa., received profanity-laden emails and death threats.

Reading news articles about it later, though, it was clear the situation was more complicated than the hosts had suggested. The courts responded with additional guidance and the county followed the law.

The official eventually apologized for using a badly worded statement that stoked the backlash — and her apology video also made the rounds on Rumble.

“We are all going to learn lessons from this new media landscape,” Ms. Marseglia said in her apology. “Most of all, I am.”

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Dan Bongino, the host of “The Dan Bongino Show,” relished the moment.

“Who’s in charge now? We are,” he said triumphantly. “Who made this a story? Us.”

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Who’s in charge now? We are.Who made this a story?Us.You.You’re like, I didn’t—No, you did.People like me and all of these conservative MAGA podcasters sent that video out.And you made it a story.

▶ Dan Bongino, host of “The Dan Bongino Show,” says that right-wing influencers have replaced mainstream media.

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It seemed clear that actual news — the objective details about complex situations like election proceedings or the war in Ukraine — mattered far less than how these situations could be contorted to support Mr. Trump or deride Democrats. Nearly every show created a visceral feeling that the nation was barrelling from crisis to crisis.

Progressives were getting away with galling levels of incompetence or corruption, the hosts said over and over again. Even though Mr. Trump and the Republican Party would soon control the White House and Congress, and conservatives have a majority on the Supreme Court, there were more battles to come.

After just a week, this alternate reality started shifting how I instinctively reacted to the world outside Rumble. I would catch a stray story on the local news radio about something innocuous, like train delays or traffic jams, and wonder: “Can I really trust this?”

It’s true that listening to any single news source long enough will shift your perspective. But few sources have as many ties to Mr. Trump and his incoming administration as Rumble. Its top personalities are frequently seen with Mr. Trump at events or at Mar-a-Lago, his Florida home, with hosts suggesting they will have special access to the administration.

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We told you we were going to go to Mar-a-Lagoand we’re gonna, we’re gonna, we’re gonnaget some interesting access in the next couple of years.And, because so many people that’s been in the administrationhave been, like, true friends of us.Been on this program, been a part of this audiencelocked in with you.

▶ Benny Johnson, host of “The Benny Show,” said he expected to have “interesting access” to the Trump administration.

Vivek Ramaswamy, Mr. Trump’s pick for a new government efficiency initiative, and Howard Lutnick, the likely commerce secretary, owned millions of dollars worth of Rumble shares when it went public in 2022.

So did Craft Ventures, which was co-founded by David Sacks, an investor who sits on Rumble’s board of directors and was recently named Mr. Trump’s pick for cryptocurrency czar.

Christopher Pavlovski, Rumble’s founder and chief executive, has emerged as a Trump ally, too. In a post on X, he shared a photo from after the election of him standing next to several people, including Elon Musk, one of Mr. Trump’s most prominent backers. At the back of the frame and grinning was the soon to be 47th president of the United States.

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“Free speech saved,” Mr. Pavlovski wrote. Rumble and Mr. Pavlovski did not reply to multiple requests for comment on this story.

I received a statement from Tim Murtaugh, a representative for Rumble who was also Mr. Trump’s communications director for his 2020 campaign. He said: “The New York Times and its fellow legacy media outlets have lost their monopoly on deciding what information people can have, so of course they’re rushing to attack Rumble, a key alternative in the news marketplace.”

The ‘planet might be saved’ by Trump.

The fear and outrage that infused every show was offset by a sense of hopefulness that the president-elect would fix everything — even that the “planet might have been saved” because he was re-elected.

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It is not an exaggeration to saythe planet might have been savedby the fact that we won the election two weeks ago today.

▶ Charlie Kirk has credited Mr. Trump’s re-election with potentially saving the world.

Blame for any hiccups in Mr. Trump’s strategy was assigned to Democrats or even Republicans who were not sufficiently obedient.

Senator Tommy Tuberville, an Alabama Republican, said on one show that while Republicans controlled the Senate, the party remained “a third MAGA, a third Republican and a third RINO,” meaning “Republican in name only.”

“We’ve got control, but do we have control?” Mr. Tuberville summarized.

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Perhaps the biggest cheerleader for Mr. Trump was Mr. Bongino, the eponymous host of Rumble’s most-watched show, with 3.4 million followers.

Mr. Bongino is a former Fox News host who ran three unsuccessful bids for elected office before striking gold in the right-wing commentary business. The podcast version of his show consistently ranks among the top news podcasts in the country. Rumble’s financial documents show that his company, Bongino Inc., owned 5.8 percent of the company when it went public in 2022, now worth more than $100 million.

Though I listened to an hour of Mr. Bongino’s opinions each day, it seemed like I learned mostly what various progressive or mainstream media figures had said about different culture war topics, and Mr. Bongino’s predictable reactions to them.

Bongino’s focus

Many segments on Mr. Bongino’s show included comments from liberals or mainstream news media, along with Mr. Bongino’s predictable reactions to them.

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Note: Times are approximate

On his Thursday show, he talked about the nation’s intelligence apparatus — but it was in response to what a CNN host had said about its effectiveness.

He talked about cancel culture — but in response to a comment on “The View” about Matt Gaetz, Mr. Trump’s first pick for attorney general.

He talked about identity politics — but in reaction to what a Democratic congresswoman said about race.

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He talked about the murder conviction of an undocumented migrant — but in reaction to what a news anchor had said about the case on ABC News.

Nearly every show I watched on Rumble framed issues this way, focusing on how news was discussed by mainstream media, and then complaining about it.

I don’t remember seeing Mr. Bongino criticize Mr. Trump — not once. He spent the first part of the week saying that Mr. Gaetz, the former Republican congressman who was briefly a contender for attorney general, would surely be confirmed. He seemed to dismiss a federal sex-trafficking investigation into Mr. Gaetz by saying it was impossible to find “good” people for top roles. (Mr. Gaetz denied any wrongdoing and the Justice Department declined to file charges.)

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So all I’m trying to say to you is if you’re using good or bad,as a metric to appoint people who could change the country for the betteryou’re going to lose,because they’re all badso forget it.

▶ Mr. Bongino said anyone seeking political power who could “change the country for the better” is a bad person.

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When Mr. Gaetz withdrew his name from consideration later that week after significant pushback, Mr. Bongino never faulted Mr. Trump for the whole ordeal. Instead, he blamed Republicans and said it was part of Mr. Trump’s strategy to intentionally overwhelm his critics with controversial picks.

‘You’re going to become part of the show.’

After watching Rumble nonstop for days, I realized this very article was likely to fuel its own cycle of outrage on the platform. But I was surprised when that happened before it was even published.

I wrote to everyone mentioned in the article to ask for their perspective about Rumble and its popular shows, but few replied. Instead, people like Russell Brand, the former actor turned political commentator, took one of my emails and made an entire segment out of it. Mr. Bongino called me “public enemy No. 1” and claimed my story would focus on Rumble’s fringiest voices in a bid to get the site banned.

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“Don’t ever email us,” he warned. “Don’t. Because you’re going to become part of the show.”

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We’re in charge now.Chew on that —-.I’m serious by the way.Don’t ever email us.Don’t.Because you’re going to become part of the show.

▶ Mr. Bongino says any journalists contacting the show will “become part of the show.”

Mr. Pentland, the co-host of “The Roseanne Barr Podcast,” posted the email I sent him to his X account. Rumble’s chief executive reposted it, then Elon Musk reposted that to his more than 200 million followers. My phone number was visible, and apparently seen more than 50 million times on the platform, so I was soon flooded with angry phone calls and texts calling my article (which hadn’t yet been published) a “hit job” focused on World War III.

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On his show, Mr. Pentland referenced my email and said his original ad for a nuclear fallout health kit was meant to “educate our audience” about alternative medicines.

Then that segment bled into another ad for the health kit.

Stephen K. Bannon, host of “War Room,” relayed a message through his producer, saying that his show “exists as the information arm for the activist cadre at the tip of the spear of the MAGA movement.”

Candace Owens, the host of the “Candace Show,” was the only one who called me back. She said she was focusing less on political outrage lately after growing weary of chasing negativity.

“I realized I was waking up every day and I was looking for things to be angry at,” she said. “And that wasn’t healthy for me.”

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Another tech company says it will cut hundreds of jobs amid pivot to AI

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Another tech company says it will cut hundreds of jobs amid pivot to AI

Layoffs have continued with another tech company saying it was cutting people to enable it to use more artificial intelligence.

Groupon announced in a security filing this month that it will cut up to 400 jobs, or nearly 25% of its worldwide workforce, as part of a broader restructuring plan to make the platform AI-native. The Chicago company plans to carry out the layoffs in the coming months.

Earlier the company’s Chief Executive Officer Dušan Šenkypl had said the company “fell short of our expectations” last quarter.

Since 2022, more than 800,000 tech workers have been laid off, according to Layoffs.fyi, a website that tracks job cuts.

The surge in pink slips started in 2023, when companies that had gone on hiring sprees during the COVID-19 pandemic began to cut back. From January to April this year, U.S. tech employers announced 85,411 job cuts, up 33% from the same period last year, according to global outplacement and executive coaching firm Challenger, Gray & Christmas.

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Groupon said in the filing that the decision to shift toward an AI-based company is to “better deliver on our mission, serving both customers and merchants.”

The company said the layoffs will cost it as much as $13 million, but save it more than $20 million per year.

This announcement comes as many e-commerce companies are shifting their business models to AI to reduce costs by automating many roles.

Artificial intelligence has also triggered fierce competition for top talent and is also fueling tens of thousands of layoffs this year. The result is that the class divide is widening in Silicon Valley as a tiny group of employees are landing unprecedented packages for AI skills, while many others struggle to find work.

The have-nots are doing everything that used to guarantee great jobs — refreshing resumes, optimizing LinkedIn profiles and doing interviews — but companies are much more picky these days. The tech jobless are rethinking their lives. Some are taking pay cuts, while others are leaving tech. Some are going back to study or launch startups. Some have retired.

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Groupon shares, which have fallen 27% over the last 12 months, slipped 1% on Thursday to $21.20.

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ABC files applications ‘under protest’ for early renewal of TV station licenses

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ABC files applications ‘under protest’ for early renewal of TV station licenses

Walt Disney Co.’s ABC has filed renewal applications with the Federal Communications Commission “under protest” after an order mandating a years-early review of the network’s eight television station licenses.

The criticism was part of the network’s applications for the FCC review, which were filed ahead of a deadline Thursday. In an objection to the early renewal, Disney’s New York station WABC called the FCC order “unlawful, arbitrary and unconstitutional” and said it was “legally indefensible.”

“The Commission had not demanded early renewal in over five decades,” the station wrote in its filing. “And it has never before demanded simultaneous license renewal applications from a group of stations commonly owned with a network as it has here. The order has no legitimate purpose.”

The licenses for the eight ABC-owned TV stations, including KABC in Los Angeles, were originally scheduled for renewal between 2028 and 2031.

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The FCC order came shortly after ABC late-night host Jimmy Kimmel made a joke about First Lady Melania Trump looking like an “expectant widow” days before a gunman tried to breach the White House Correspondents’ Assn. gala last month that President Trump attended.

Trump has frequently threatened to have TV station licenses pulled when he is unhappy with their coverage, but the order is the first time the government has acted on his wishes, sparking anger from free speech advocates. The FCC has said the order is part of an investigation into whether Disney’s diversity and inclusion policies violate federal law and the agency’s rules against “unlawful discrimination.”

In its response, WABC said the “only plausible reason” to issue the order was to “punish the station for speech the government does not like.”

“The ultimate injury here is not to the station or its parent company. It is to the public,” WABC wrote. “When a broadcaster must weigh regulatory retaliation before making editorial decisions, the public loses access to journalism that is free from government influence.”

FCC Chairman Brendan Carr said in a statement Thursday that Disney filed its applications to renew its broadcast licenses only after the company was told its previous answers were “disingenuous, deficient and improper.”

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“Contrary to Disney’s claim that the FCC called in their broadcast licenses for early renewal for no reason, the record shows something very different,” Carr said. “Broadcast licensees have a unique obligation to operate in the public interest. The FCC will follow the facts and law wherever they may lead.”

FCC Commissioner Anna M. Gomez, the panel’s only Democrat who has backed Disney in its fight, cheered the Burbank media and entertainment company’s filing, saying in a post on X that she was “glad to see them expose the FCC’s actions as nothing more than naked political retribution and an unlawful assault on free speech and a free press.”

Times staff writer Meg James contributed to this report.

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The Google Insider Trading Case Hits Polymarket

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The Google Insider Trading Case Hits Polymarket

Andrew here. Warning: If you bet on prediction markets about things you could know about from your work, it may be insider trading. That’s the lesson from new charges against an employee of Google.

Also, Jamie Dimon is thinking about spending $20 billion on acquisitions; we go through some possible targets. And take our quiz about the U.F.C. fight scheduled to take place at the White House.

In the public’s view, prediction markets are a way to bet on the N.B.A. playoffs, the Texas Senate race or what Costco executives will say on their next earnings call.

They’re also often seen as a hive of insider trading, a view reinforced by charges filed on Wednesday against a Google employee who made more than $1 million on Polymarket. The case raises more questions about how these platforms are policed — and who should do the policing.

What happened: The Google employee, Michele Spagnuolo (who used the handle AlphaRaccoon), was accused of betting on what people were searching for on Google — wagers he was sure to win because he had access to internal search data.

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“Spagnuolo correctly predicted virtually all of the outcomes on these positions,” the Commodity Futures Trading Commission wrote in its complaint.

A Google representative said in a statement that using confidential information for making these kinds of bets was “a serious breach of our policies.”

Spagnuolo isn’t the only person charged with insider trading on Polymarket. Federal prosecutors in Manhattan last month accused Master Sgt. Gannon Ken Van Dyke, a U.S. Special Forces soldier, of betting on the capture of Nicolás Maduro of Venezuela, an operation he participated in.

Insider trading is an increasing problem for prediction markets. Polymarket has faced significant scrutiny because its unregulated offshore platform has long made it easy to bet anonymously. (Kalshi, which is regulated in the U.S., has also suffered from insider trading.)

Polymarket has started clamping down on that practice, according to The Information — though some longtime users have chafed at those efforts. “Polymarket will go down the drain if they make KYC mandatory,” one user wrote on the company’s Discord discussion forum, referring to “know your customer” practices.

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What are policymakers doing? Critics have accused the C.F.T.C., the primary American regulator of prediction markets, of failing to adequately police the industry. (Mike Selig, the commission’s chairman, told ABC News that his agency actively patrolled for wrongdoing.)

Some lawmakers are seeking to crack down on insider trading, including Representative James Comer, the Kentucky Republican who leads the House Oversight and Government Reform Committee, and several bipartisan groups of senators.

Why it matters: Prediction markets have become big businesses. (Kalshi was most recently valued at $22 billion.) But a growing perception that they’re rife with cheating could threaten their popularity.

The Trump administration is reportedly preparing to fund U.S. drone companies. Shares in Unusual Machines, a drone start-up in which Donald Trump Jr. is an investor and advisory board member, are soaring in premarket trading after The Wall Street Journal, citing unnamed sources, reported on the potential investments. (The Times hasn’t independently confirmed the report.) The deals, aimed at bolstering domestic production, are still in the negotiation stage — equity stakes are a possibility — as the Pentagon vets the companies, The Journal adds.

Investors brace for Thursday’s inflation data. The Personal Consumption Expenditures report for April, which will be closely watched by the Fed, is expected to show on Thursday that headline inflation hit a three-year high of 3.9 percent. The wartime energy spike is a big culprit, and that’s likely to tie the Fed’s hands on interest rates. Lisa Cook, a Fed governor whom President Trump has tried to fire, is the latest policymaker to say that there’s even a rate increase in the cards.

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Jensen Huang reportedly agrees to join the board of a Chinese university. Huang, the Nvidia C.E.O., is expected to be the latest U.S. business leader to join the advisory board of Tsinghua University School of Economics and Management, The Financial Times reports. Tim Cook, Apple’s departing C.E.O., is the chairman, and Michael Dell and Elon Musk are members. (Nvidia is trying to jump-start business in China as the Washington-Beijing trade war continues.) Laura Loomer, a right-wing agitator, quickly seized on the Huang news, calling it “a massive scandal!!!!” on social media, and a national security risk.

Jamie Dimon, the C.E.O. of JPMorgan Chase, is sitting on a pile of cash and says he’s open to a deal. He even put a number on it: up to $20 billion.

While that’s not a big sum relative to the bank’s assets, it got us thinking: Where could JPMorgan, whose last major acquisition was First Republic during the 2023 regional-banking crisis, go fishing for a company to buy? Brian O’Keefe asked Mike Mayo, a banking analyst at Wells Fargo.

Here are three possibilities:

Wealth management. Driven by solid margins and lucrative high-net-worth customers, this area of finance has experienced an M.&A. boom in recent years. (The First Republic deal already bolstered JPMorgan’s wealth-advisory ranks.) Such a move would tick a lot of boxes, Mayo said, adding, “It could be a high-end private bank, it could be kind of a mass-affluent brokerage firm, it could be wealth advisory.”

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  • Mary Erdoes, who runs JPMorgan’s wealth management division, told analysts in February that her unit had reviewed 25 potential deals last year and passed on all of them.

Payments. JPMorgan has invested heavily in new payment platforms, including in JPM Coin, a digital token it has tested with Coinbase and Mastercard. The bank handles between $5 trillion and $10 trillion in transactions daily, Mayo said. “There could be more opportunities to enhance the efficiency, the effectiveness, the timeliness or the geographic reach in the payments area,” he added.

Digital banking. Dimon recently singled out Revolut, the British banking app that is plotting expansion into the U.S., as an emerging competitive threat. “To the extent that an acquisition could help JPMorgan become the next Revolut outside the United States, that would seem to be attractive,” Mayo noted.

There are some big asterisks to consider. Because of its size, JPMorgan would most likely be barred from buying another U.S. lender on antitrust grounds. For that reason, Mayo thinks that a deal, if there is one, would probably happen abroad.

Dimon himself is being coy. The bank may have amassed ample capital for acquisitions, but “it’s not burning a hole in our pocket at all,” Dimon said on Wednesday at an investor conference. “If it sits there for a while, no problem,” he added.

Dimon did not suggest any potential targets on Wednesday.

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Here are some guesses:

  • Aberdeen Group, Invesco or Julius Baer in wealth management?

  • Revolut is too big, but how about Wise or Toast in payments?

  • Or what about Monzo or Bunq, fintech banks that have grown rapidly in Europe?


Meta will begin charging customers for access to its A.I.-powered chatbot, a big change for a company best known for its free products — and the latest sign that even deep-pocketed companies are wrestling with the enormous cost of artificial intelligence.

On Wednesday, we looked at how companies were reining in the costs of consuming A.I., including by switching to cheaper models. Meta’s move shows that the companies supplying A.I. models are also reckoning with ballooning costs, and seeking revenue to make up for those losses.

Meta is spending a fortune on A.I. Last month the company increased its 2026 capital expenditure forecast to as high as $145 billion, and Meta’s C.E.O., Mark Zuckerberg, said it would spend at least $600 billion on A.I. infrastructure in the next few years.

Some investors have looked skeptically on that plan. The company’s stock is down 2.3 percent this year.

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Meta will use paid subscriptions to offset some of its A.I. investment. The basic tier of the chatbot, Meta One Plus, will be $7.99 per month. A premium version, Meta One Premium, will cost $19.99. From Bloomberg, which reported the subscription news earlier:

Meta has long argued that its A.I. investments are already paying off in the form of highly targeted and efficient advertising, which is improved thanks to A.I. models. But the company is also looking for other ways to recoup its A.I. spending, and consumer chatbot subscriptions have become popular with several other A.I. competitors, including Alphabet Inc.’s Google and OpenAI. Both rivals offer similarly priced subscription tiers.

The company has sought to expand its subscription business, testing plans for WhatsApp, Instagram and Facebook. It has also tried to cut costs in other corners of its business. This month, Meta laid off 10 percent of its employee base, about 8,000 workers.

Investors, eager to see revenue gains from A.I., cheered Meta’s subscription-chatbot plan. The company’s stock price was up 3.7 percent at the market close on Wednesday.

  • Elsewhere, shares in the software maker Snowflake are soaring in premarket trading on Thursday after it reported strong quarterly results that suggested that A.I. agents weren’t clobbering its core subscription business. Salesforce’s analyst call on Wednesday, however, renewed fears that this sector was still vulnerable to A.I. disruption.

This question comes from a recent Times article. Click an answer to see if you’re right. (The link will be free.)

President Trump is getting ready to celebrate his 80th birthday — and America’s 250th — with an evening of mixed martial arts. Preparations are underway to host Ultimate Fighting Championship matches in an octagon on the White House’s South Lawn on June 14. Construction of the temporary arena, along with a 90-foot-tall arch known as “The Claw,” featuring LED lights and audio equipment, began this week.

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U.F.C. plans to spend around $60 million on the event, said Mark Shapiro, the president and chief operating officer of TKO Group Holdings, U.F.C.’s parent company, on a recent earnings call. (He added that U.F.C. would lose about $30 million on the event but that it would be “an investment for the long term.”)

The expenses include about $700,000 to repair the lawn after the fight, Dana White, the U.F.C. president and chief executive, told Sports Business Journal.

How many people will the temporary arena hold for the U.F.C. event at the White House?

Deals

  • “SpaceX-Tesla Merger Is ‘Only a Matter of When,’ Early Investor Says” (Bloomberg)

  • Shares in the European food-delivery company Delivery Hero are down sharply on Thursday after Uber, which is pursuing a takeover bid for the company, raised its stake to nearly 37 percent. (WSJ)

Politics, policy and regulation

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  • The attorneys general of New York and New Jersey subpoenaed FIFA over soaring World Cup ticket prices. (WSJ)

  • Gov. Gavin Newsom of California said he would impose a 100 percent tax on payouts to state residents from the $1.8 billion fund tied to the Justice Department’s settlement with President Trump. (Politico)

Best of the rest

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