Tag: Business

• Elon Musk predicted a future where money will "stop being relevant," thanks to AI and robotics.
• Speaking at the U.S.-Saudi Investment Forum, Musk also said that work would become "optional."
• Musk has previously said that AI robotics, like Tesla's Optimus, would eliminate poverty.

In Elon Musk's future, we won't need jobs or money, and there will be no poverty.

At the U.S.-Saudi Investment Forum on Monday, where Musk sat on a panel with Nvidia CEO Jensen Huang, Musk said that money would "stop being relevant" thanks to AI.

"There will still be constraints on power like electricity and mass," Musk said. "But I think at some point currency becomes irrelevant."

He linked it to the books of science fiction author Iain Banks, who wrote the Culture series between 1987 and 2012. Those books help "get a sense for what a probable positive AI future is like," he said.

Musk also mentioned the end of work itself, saying that it will be "optional," like "playing sports or a video game."

He compared the future of work to gardening. "It's much harder to grow vegetables in your backyard, but some people still do it because they like growing vegetables," he said."That will be what work is like: optional."

Over the past few months, Musk has shared his vision for a future with AI. That includes ending poverty, something he described at a recent investor meeting.

"People often talk about eliminating poverty, giving everyone amazing medical care," Musk said at the shareholder event earlier this month. "There's actually only one way to do that, and that's with the Optimus robot."

When AI and robotics, like Tesla's Optimus, eliminate all work and money, the government should hand out a universal income, Musk told Joe Rogan in October.

That income shouldn't just be a universal basic income — it should be a universal high income, he said.

"We'll have, in a benign scenario, universal high income," Musk said. "Anyone can have any products or services that they want. But there will be a lot of trauma and disruption along the way."

After describing the future irrelevance of money at the U.S.-Saudi Investment Forum, Musk ribbed his panelmate, Nvidia's Huang.

"By the way, the Nvidia earnings call is today," Musk said. Nvidia will report its third-quarter earnings after the closing bell.

"Since currency is irrelevant…," Huang said.

"Cheers," Musk said. The CEOs clinked their bottles of Acqua Panna.

• US Coast Guard cutter Stone offloaded a substantial amount of cocaine seized from drug interdictions in the Pacific.
• The deployment included 15 interdictions, three of which occurred within a single night.
• A new drone capability helped the Stone track drug smuggling vessels.

PORT EVERGLADES, Florida — A US Coast Guard crew successfully seized a record-breaking amount of cocaine from drug runners with the help of an unusual reconnaissance drone.

The unique tail-sitter drone, capable of taking off and landing vertically, allowed the crew of the Coast Guard cutter Stone to easily put eyes in the sky and spot drug smugglers during a recent deployment in the eastern Pacific.

The crew of the Stone, a large Legends-class National Security cutter, offloaded over 49,000 pounds of cocaine worth more than $362 million at Port Everglades in Fort Lauderdale, Florida, on Wednesday. It was a landmark offload marking the most cocaine seized by a single Coast Guard cutter during a deployment. The majority of the cocaine taken during this deployment came from Colombia, officials said.

"What you see behind me is more than just a pile of cocaine," Vice Adm. Moore, commander of Coast Guard Atlantic Area, said, standing amid cocaine packages stacked in long rows on the Stone's deck. "It represents a tangible victory in our ongoing fight against transnational criminal organizations and narcoterrorism."

The deployment, which began in August, was part of the Coast Guard-led Operation Pacific Viper targeting drug-running operations in the eastern Pacific. Coast Guard officials say the service is accelerating its counter-narcotics missions, resulting in record numbers of drug interdictions. In fiscal year 2025 alone, the Coast Guard seized almost 510,000 pounds of cocaine, the most in its history.

The Stone's recent deployment in the Pacific included 15 interdictions, three of which occurred on the same night.

The three vessels were spotted in rapid succession by a new capability on the Stone, Shield AI's MQ-35 V-BAT. The uncrewed aerial vehicle, which was operated by a contractor team, spotted the first boat in dark waters during the night, prompting the Stone to prepare a boarding team.

Capt. Anne O'Connell, the commanding officer of the Stone, told Business Insider that as the team and the armed interdiction helicopter were interdicting the vessel, the V-BAT went out to patrol the area further. "That's when they saw the wake from the second TOI," or target of interest, she said.

As the second boarding team went out, the drone set out on another patrol, finding a third boat nearby. That night, a total of 12,000 pounds of cocaine were seized, along with seven suspected narcotics traffickers.

The drone, O'Connell said, was integral to the operations that night because it allowed the Stone's crew to continue monitoring surrounding areas while completing boarding processes, which can take anywhere from two to eight hours depending on the size of the vessel and the complex law enforcement procedures that Coast Guard teams must follow.

The V-BAT flies over a designated area determined by the Coast Guard. The drone's operators receive specific instructions on what to look for, and once it's airborne, its live video feed is transmitted to the ship, where crew members can watch it on monitors.

This was the Stone's first deployment with the V-BAT, and it's also one of the first cutters to have it on board, O'Connell said. Its usefulness was especially notable in the large operating area of the eastern Pacific, as the uncrewed aerial system could make up for a lack of fixed-wing aircraft doing reconnaissance.

The V-BAT is an unusual drone design, featuring ducted-fan technology for lift. Built to have a small tactical footprint, according to its maker, the drone can take off in winds up to 25 knots from vessels on the move at up to 10 knots. Shield AI says it can offer over 13 hours of flight time for persistent surveillance.

The company notes that a two-man team can have the V-BAT assembled and operational in under 30 minutes.

While the V-BAT, like other capabilities making the Stone a premier vessel for these types of missions, proved valuable, officials said credit belongs primarily to the crew.

"All of those elements, with the UAS and our HITRON [Helicopter Interdiction Tactical Squadron] and our small boats," O'Connell said, are incredible capabilities. "But the secret sauce is our people, and they are what makes us successful."

• My partner is 58, and I am 69, and our kids have all left our home.
• We are between parenting and becoming grandparents, so we decided to explore the world.
• We call it rotational living, and are giving ourselves time to figure out where to live next.

My partner Deb, 58, and I, 69, are taking a gap year that began in January 2025. Except, we have no hard ending — we call it rotational living.

We gave up our fixed address, a rental too large and expensive for our needs, while we explore the world. We spent several weeks in São Paulo, about the same amount of time in Providence, and a few days in rural Vermont, watching spring settle into the mountains. We lived in Montreal for a month and a half this summer and depart for three months in Brazil again the first week in December. We look forward to Europe, South Africa, and the Middle East next year.

Rotational living works for us in part because we both prefer travel as though living in a new place. When one trip ends, another begins, in a different city, state, or country.

We learned a lot from our travels

We've learned a few things while traveling together. First, you have to truly enjoy your partner. We're both writers and consultants, so we create work in similar ways. We've realized how much we rely on the predictable — the same coffee maker, clocks you don't have to search for, all the different shoes — and how exhausting unpredictability can become.

We accommodate these challenges by going to bed early and leaving room in our days for uncertainty. These few negatives of rotational living don't detract much from the pleasures. Not knowing lies at the core of exploration, and so we have learned to master uncertainty, embrace adventure, and love freedom.

We had talked about living this way for years. Then my mother died in the fall of 2024 after a long and glorious life. The kids — my two in their 30s, Deb's three in their 20s — have launched, all of them in careers they trained for, and none of them have children yet. This little gap, between parenting and grandparenting, arrives like a gift. We look forward to becoming our future grandkids' default babysitters and embracing a fixed address when that moment arrives. But in the meantime, we contemplate where to go next.

We are spending less money

Our decision also has a financial underpinning, although the professional freedom Deb and I enjoy might have led us to this choice anyway.

We lived outside Boston, in a community for people who moved there for the top-notch schools. Our large apartment cost an absurd sum compared to our needs, but nothing within a two-hour radius saved us much money. In truth, we don't yet know where we want to live, so rather than spend thousands a year on rent for a place we don't love, why not spend less and live everywhere?

Calculating the cost of rotational living clarified that a conventional home led to a life at the edge, whereas rotational living brought us the luxuries we most desire: learning new cultures, eating well, time with friends and family, and artistic inspiration. We started a blog called Breakfast: A Love Story to share this joy with the world.

When we visit Brazil, we can rent comfortable apartments for under $1,000 a month, pretty much whenever we want to go. The same goes for India, another destination on our list. We're looking for an open month for Europe, where we will mostly stay with friends. Work obligations sometimes set our travel map. Just as often, we imagine places we want to experience, such as Japan and Australia. The moment we make friends in those places, we will go.

Andy Hoffman began writing professionally as a teenager and has founded several businesses, largely in educational technology. He currently lives everywhere.

• OpenAI revenue growth is surpassing its own forecasts, according to a deep dive by Barclays.
• New revenue streams like advertising and AI agents could boost OpenAI's revenue.
• These signs of acceleration could fuel AI infrastructure spending, the analyst said.

OpenAI is "running ahead" of its own revenue targets, a signal that the company driving the generative AI boom is expanding faster than even its backers expected.

That's according to a new deep dive from Barclays tech analysts, led by Ross Sandler. They wrote this week that OpenAI's better-than-expected growth trajectory reinforces the AI infrastructure investment wave rather than slowing it, despite mounting concerns over capital intensity and potential market bubbles.

OpenAI's revenue performance is roughly 15% above 2025 forecasts and 50% ahead of 2027 projections, according to analysts' estimates, based on CEO Sam Altman's recent comments that the company is on pace to reach $100 billion in annual recurring revenue by 2027. That's about a year earlier than previously expected.

The Barclays analysts attributed the outperformance to user growth, steady conversion from free to paid subscribers, and the rapid scaling of OpenAI's enterprise and application programming interface (API) businesses.

Their research note outlined key performance indicators that OpenAI must hit to keep this revenue momentum going:

• Maintaining a 50 million monthly increase in weekly active users (WAUs)
• Keeping free-to-paid conversion rates near 4%
• Growing average monthly revenue per user from $30 to $55 through new, higher-tier offerings
• The API business, which provides access to GPT models, needs 6x growth
• New sources of revenue must emerge, such as advertising and AI agent services

If ChatGPT grows to about 2 billion weekly active users by 2028, that could help OpenAI generate $100 billion in annual recurring revenue, depending on how many of these users subscribe to paid versions of the chatbot service, the analysts estimated.

The research note also pointed to new revenue streams, including advertising on the ChatGPT free tier and an emerging "Agents-as-a-Service" model (effectively digital employees that can handle tasks for businesses). The analysts say both businesses could meaningfully expand monetization over the next two years, while the API business continues to grow as adoption broadens.

There's also a shopping referral fee revenue stream that comes with OpenAI's recently launched Instant Checkout feature in ChatGPT, the analysts wrote.

This revenue expansion means increased compute demand. OpenAI's compute budget is now projected to exceed $450 billion from 2024 through 2030, with total obligations of around $650 billion, some of which extend beyond 2030, according to Barclays research.

The analysts wrote that these signs of acceleration, rather than signaling a coming slowdown, could extend the AI investment supercycle.

"We would expect the other labs to continue to keep their foot on the gas," Sandler and his colleagues wrote in their note this week. "And hyperscalers are likely to keep their spending levels up, despite concerns."

Sign up for BI's Tech Memo newsletter here. Reach out to me via email at abarr@businessinsider.com.

• Melania Trump's style has been closely watched since she became first lady.
• Her best first lady looks mix her personal style with a professional edge.
• Melania Trump has also worn some controversial outfits over the years.

Melania Trump has been showing a new side of her style in her second tenure as first lady.

She returned to the White House in January, striking a markedly different, more subdued tone with her attire than when President Donald Trump first took office in 2017.

Since becoming first lady, Melania Trump's style has often been a source of attention, as some of her outfits have been controversial.

Take a look at some of the best and worst looks she's worn while Donald Trump has been in office.

Melania Trump paid homage to Jackie Kennedy when she debuted as first lady.

Ralph Lauren Collection designed the knee-length, powder-blue dress Melania wore to Trump's inauguration in 2017, as well as the coordinating shrug and gloves she wore with the look.

She accessorized the outfit with pearl earrings and blue, pointed-toe heels.

The full ensemble evoked Jackie Kennedy's style. From the bright color to the nod to one of America's most iconic first ladies, Melania's look was the perfect choice for her husband's first inauguration.

Her custom gown for the 2017 inaugural balls featured standout three-dimensional detailing.

Hervé Pierre custom-designed Melania's off-the-shoulder dress for the inaugural ball.

The cream dress had an A-line silhouette, a thigh-high slit on one side, and three-dimensional fabric that curved across the bodice. A thin red belt cinched at the waist for a pop of color.

The dress felt high-fashion, connecting the first lady to her past as a model as she stepped into a new role.

Melania's outfit for a visit to Texas in August 2017 got attention online.

In August 2017, the Trumps visited Corpus Christi, Texas, following Hurricane Harvey to assess recovery efforts.

The pair wore casual attire, with Melania arriving in a white button-down, black jeans, and sneakers. She also added a black baseball hat to her look that said "FLOTUS," first lady of the United States, on the front.

Melania's outfit quickly became a source of social-media chatter. Some said her hat called attention to her in the wake of the natural disaster, while others praised her casual outfit.

Her suit for a Canadian state visit in October 2017 was more fitting for the occasion.

When greeting Justin and Sophie Grégoire Trudeau at the White House in October 2017, Melania wore a gray pinstripe suit instead of a dress.

The suit featured high-waisted pants, and she paired it with a white button-down and an untied black tie. The outfit was unexpected for a first lady, offering a fun style moment.

The president and first lady had a rare matching moment in April 2018, wearing coordinating striped looks.

In April 2018, the Trumps hosted Japan's prime minister at the time, Shinzo Abe, and his wife, Akie Abe, at Mar-a-Lago, during which the first lady wore an off-the-shoulder dress from Carolina Herrera.

The dress was covered in black and white stripes, with thicker black stripes on the bodice and the pattern reversed on the midi-length skirt.

She added white heels to her look, and Trump wore a navy and white striped tie that matched his wife's look. The coordinating outfits were an atypical but welcome choice for the couple.

The same month, Melania stunned in a black minidress and coordinating coat.

Melania greeted President Macron of France and his wife, Brigitte, in a black minidress and black pumps at the White House.

The standout feature of her outfit was a Givenchy tuxedo cape, which added a flair of personality to the otherwise simple look.

The semi-sheer dress she wore to a state dinner for the Macrons during the same trip was a little too busy.

The first lady changed into a silver Chanel dress for the dinner.

Most of the form-fitting dress was covered in textured fabric, while the top of the bodice and bottom of the skirt were made of a sheer, black fabric adorned with silver embellishments.

The fabrics didn't blend well, making the dress look too busy. It would have been a better look without the sheer fabric.

In June 2018, Melania received backlash for wearing a jacket that said, "I really don't care, do u?"

In June 2018, Melania visited an immigration facility in McAllen, Texas, where children were living, wearing a green Zara jacket that said "I really don't care, do u?" on the back.

Critics said the jacket was insensitive to wear for the visit, critiquing both the first lady and the president for the fashion faux pas.

Melania's former aide, Stephanie Grisham, wrote in her book "I'll Take Your Questions Now" that the president yelled at Melania for wearing the jacket, though Trump and the first lady both said she wore it to send a message to the left-wing media.

A different bow would have improved her dress for an Independence Day celebration in July 2018.

Melania wore a floor-length wrap dress from Ralph Lauren to celebrate Independence Day 2018.

The blue-and-white gingham dress was fun and festive for the holiday, but the oversize red belt tied at her waist overwhelmed the look.

If the first lady had swapped the bow for a thinner belt, her dress would have been more effective.

Melania's suit for a trip to Egypt in October 2018 also raised some eyebrows.

Melania posed for photos in front of pyramids in Egypt wearing cream trousers, a white blouse, a black tie, and a sand-colored Ralph Lauren blazer. A white-and-black boater hat completed the look.

The outfit may have been innocuously stylish in a different venue, but some social-media users thought the outfit looked similar to one worn by "Raiders of the Lost Ark" villain René Belloq during his visit to the pyramids in the film.

It wasn't the first time Melania faced criticism for one of her outfits on her visit to Africa. During her tour of the pyramids and the Great Sphinx, Melania told reporters, "I wish people would focus on what I do, not what I wear," following backlash for wearing a white pith helmet.

"You know what? We just completed an amazing trip," she added. "We went to Ghana, we went to Malawi, we went to Kenya, here we are in Egypt. I want to talk about my trip, not what I wear."

Brown pants weren't a great choice for Melania's evening arrival at the White House in December 2018.

Donald and Melania Trump arrived at the White House on the evening of December 27, holding hands as they walked across the lawn.

While the president was in a suit, Melania wore a green jacket, light-brown pants, and matching shoes.

The pants might have been a better choice for a daytime look, as it was difficult for some to tell if the first lady was even wearing bottoms at first glance in the dark. The addition of sunglasses to her nighttime look was also an odd choice.

Melania's outfit would have worked better during the day or with different pants.

In April 2019, Melania rocked a stylish polka-dot dress.

In April 2019, the first lady was photographed at the White House in a black-and-white polka-dot dress designed by Alessandra Rich.

The high-neck dress was cinched at the waist with a black belt, coordinating with the dots on the dress, and it hit her mid-calf.

Melania wore a cream coat over her shoulders and her signature sunglasses, adding glamour to the feminine look.

Gloves brought an elegant touch to her look for a June 2019 state dinner in the UK.

During a visit to the UK, Melania attended a state dinner with the royal family in a Dior gown.

A layer of semi-sheer fabric covered the gown's scooped neckline, forming points on the top of the bodice before transitioning into white fabric. The dress hugged her figure before flaring slightly at her waist.

Melania wore white, elbow-length gloves with the dress. The look was fitting for dining with royalty.

She appeared to take a page out of Kate Middleton's fashion book when she and the president hosted the royals for dinner during the same trip.

Ahead of a dinner at Winfield House, where the American ambassador to the UK lives, Melania was photographed in a red Givenchy gown.

Melania's floor-length dress was sleeveless and featured a built-in cape, a silhouette Kate Middleton, the Princess of Wales, often favors.

Melania's yellow and pink outfit in December 2019 was almost too colorful.

During another visit to the UK in December 2019, Melania stepped out in a high-neck, cape coat from Valentino. The coat was mustard yellow, and Melania paired it with a pink dress and coordinating pumps.

The jacket was a big statement in and of itself, so the look would have been more effective if the first lady had worn a more neutral color with it than bright pink.

Melania's black-and-white look for the Daytona 500 in February 2020 was stylish.

Melania's black Dior sundress was fairly simple. The midi-length dress featured a V-neckline and a white, dotted pattern.

The white lace belt from Alaïa and white Christian Louboutin pumps she wore with the dress made the look cohesive, and she also added sunglasses to the outfit.

The look balanced Melania's personal style and traditional first lady attire.

A pink dress Melania wore during the virtual Republican National Convention in August 2020 would have been better without the bow detailing.

Melania appeared alongside Trump in a hot-pink midi-dress from Jason Wu at the 2020 RNC.

The dress featured a boat neckline and a flared skirt, and two black bows sat on the waistline, which appeared to be cinched with elastic. Melania wore black pumps with the dress.

The bows on the dress could have been chic, but they looked a bit crumpled throughout the night, particularly because they sat atop the ruched waistline and contrasted so heavily with the pink fabric. The dress would have been a better fit if there had been just one or no bows on the waistline.

She wore a pleated dress at the 2020 RNC, but the green color felt out of place.

Melania wore a cape dress to close out the RNC, choosing a neon-green piece from Valentino.

The ankle-length, high-neck dress was covered in vertical pleats and featured two swaths of fabric flowing out from her shoulders like a cape. She added a thin pink belt and pink pumps to the outfit.

The silhouette was beautiful, but the green color was an odd choice for the RNC. Vanity Fair reported that it allowed social-media users to easily make memes out of the outfit using green screen technology.

If she had worn the dress in a different color, Melania's look would have been a slam dunk.

In November 2020, Melania wore a gingham coat that featured a stylish, built-in scarf.

Melania oversaw the delivery of the 2020 White House Christmas tree in a gingham coat from Balenciaga.

The loose-fitting coat featured an off-center line of buttons, and the collar formed a scarf that wrapped around one of Melania's shoulders. Quarter-length sleeves showed off the first lady's black gloves, just as the knee-length hem spotlighted her black boots from Alaïa.

The look was effortlessly chic.

Melania's final outfit as first lady in January 2021 offered a full-circle moment.

When Trump left office in January 2021, Melania chose to wear an all-black outfit.

She paired a form-fitting Dolce & Gabbana dress with a cropped Chanel coat, gloves, Christian Louboutin pumps, and dark sunglasses.

The look seemed to nod to Jackie Kennedy, just as her first outfit as first lady did. However, the darker hues spoke to the more somber tone of the day for the Trumps.

Melania also made headlines for changing into a beachy dress before arriving at Mar-a-Lago later in the day.

When she returned to the White House on January 20, Melania set a new tone as first lady.

Rather than wearing another pastel look to mark the beginning of her husband's second term as president, Melania donned navy and white for the 2025 inauguration.

Adam Lippes designed her coat, which she paired with a white scarf, navy pumps, and a custom boater-style hat from Eric Javits. Boater hats are typically worn in summer, but the wool piece Melania wore offered a winter version.

Although the hat got some negative attention online as people compared it to the one the Hamburglar or V in "V For Vendetta" wore, Melania's inaugural outfit was a savvy choice. The look set a serious tone, blending professional style with Melania's personal taste.

Melania also managed to pull attention from Trump with the look, which was a feat considering how many eyes he had on him throughout the day.

And her custom dress for the 2025 inaugural balls had a modern edge.

Melania opted for another custom Hervé Pierre dress for the 2025 inaugural balls, arriving in a black-and-white dress that felt like a continuation of the fashion story she started with the look she wore during the day.

The strapless dress had an off-the-shoulder neckline, and a zig-zag of black fabric adorned the bodice before framing a slit on one side of the skirt.

A coordinating choker with a brooch completed the stylish gown.

Melania's trench coat for the 2025 Easter celebration went against tradition.

Traditionally, Easter fashion calls for pastel tones and festive prints like gingham, allowing people to have fun with their outfits.

However, Melania arrived at the 2025 Easter Egg Roll at the White House in a simple cream trench coat from Mackage and heels designed by Roger Vivier.

The subdued look was a shift from Melania's more colorful outfits for previous Easter celebrations at the White House. Likewise, Mackage, a brand founded and headquartered in Canada, was a surprising choice for the first lady, given the ongoing trade dispute between the US and its northern neighbor.

Later that month, the first lady wisely chose an outfit made by Italian designers for Pope Francis' funeral.

Melania joined her husband at Pope Francis' funeral at St. Peter's Basilica in Vatican City.

She wore a black coatdress designed by Dolce & Gabbana for the occasion, as well as lace gloves and a lace veil from the fashion house.

Wearing an Italian designer was fitting for the occasion since the Catholic Church is based in the country, though Melania also favors Dolce & Gabbana when she isn't in Italy.

Melania wore a pretty yet pricey dress to see "Les Misérables" at the Kennedy Center in June.

Melania chose a $3,900 Bottega Veneta dress for the show.

The dress had an asymmetrical neckline and gold detailing on the shoulder and waist. Melania paired the designer gown with silver and gold Christian Louboutin pumps.

The dress was pretty, but Melania's black and white looks for Trump's second term are starting to feel a bit repetitive. A pop of color could have made the dress stand out more.

A few days later, she wore an American designer for the US Army's 250th anniversary parade.

Melania appeared alongside Trump at the US Army's 250th anniversary parade in Washington, DC, wearing another suit from Adam Lippes.

Both her $2,490 jacket and $1,190 skirt were cream-colored, with a subtle navy pinstripe pattern. The double-breasted jacket and pencil skirt had a looser, relaxed fit.

Blue Christian Louboutin heels completed the ensemble.

Melania wore another stylish striped look at a meeting at the White House in September.

On September 4, Melania attended a meeting of the White House Task Force on Artificial Intelligence Education.

She wore a soft gray linen suit that featured white pinstripes. The jacket was oversized, and the pants were wide-legged. The first lady added structure to the look with a fitted white T-shirt and a white belt.

Stilettos completed the chic menswear look.

The bright yellow dress she wore to a state banquet at Windsor Castle was memorable, but it looked slightly out of place at a dinner with royals.

On September 16, the president and first lady arrived in the UK for a state visit. The following evening, they attended a state banquet with King Charles III, Queen Camilla, and other members of the royal family.

Melania wore a bright yellow dress designed by Carolina Herrera to the dinner. The dress had an off-the-shoulder neckline, a column skirt, and a slit on the side. She added even more color to the ensemble with a wide, purple belt and bright green, dangly earrings.

It was nice to see Melania add some color to her wardrobe in 2025, but the bright hue and belt made the dress look a bit too casual for the event. The silhouette was pretty, but the first lady may have been better off wearing the gown in a more subdued color.

Later the same month, Melania wore a chic white suit, but a different top could have improved it.

On September 23, Melania accompanied the president on a visit to the UN General Assembly, wearing a white blazer and tailored pants from Dolce & Gabbana.

The suit was a strong choice, as the contrast of the long blazer and cropped pants felt professional and chic, and the cream Christian Louboutin shoes she paired with the look were stylish, too.

However, the camel-colored blouse from Max Mara that she wore with the suit was almost too close to Melania's skin tone. The look would have popped more with a different colored shirt.

Melania could have worn a more festive look for the 2025 Halloween celebration at the White House.

When the president and first lady passed out candy at the White House on Halloween, neither opted to wear a costume. Instead, Melania donned a wool coat from Marni, which nodded to the holiday with orange trim on the collar, pockets, and lining.

She wore the khaki-colored coat buttoned to the collar, and it cinched at her waist with a thick belt — one of her go-to silhouettes. She paired the coat with taupe Manolo Blahnik heels.

While the orange aspects of the look had a subtle Halloween feel, the outfit just didn't feel festive enough for the holiday, especially when compared to the plethora of decorations covering the White House for the event. Melania would have made a stronger statement in a full orange coat or a black and orange look.

For dinner at the White House in November 2025, Melania chose an elegant green gown.

On November 18, Saudi Arabia's Crown Prince, Mohammed bin Salman, dined at the White House during his visit to the US.

Melania donned a $3,350 Elie Saab dress for the occasion. The deep-green dress featured a strapless neckline, and ruching on both the bodice and the skirt added texture. A slit broke up the floor-length skirt, and Melania completed the look with black heels and sparkly earrings.

Every bit of Melania's look seemed designed to welcome Crown Prince Mohammed. The dress was similar in color to Saudi Arabia's national flag, seeming to nod to the nation. Plus, in November 2024, Elie Saab marked 45 years of his brand with "1001 Seasons of Elie Saab," a massive fashion show held in Riyadh, Saudi Arabia.

• Satya Nadella thinks Microsoft needs a reboot for AI just like it did in the early cloud days.
• Nadella tapped a new adviser to "rethink the new economics of AI," according to an internal memo.
• This adviser previously helped force a cultural reckoning at Microsoft when cloud computing emerged.

Satya Nadella believes Microsoft needs to completely rethink its business model for the AI era, and he's turning to an executive who influenced the company's cloud reboot 15 years ago.

Nadella tapped Rolf Harms as an adviser on AI economics to help with the ambitious plan, according to a memo the CEO sent top Microsoft executives this month.

Harms wrote the white paper "Economics of the Cloud" in 2010 that helped force a cultural reckoning at Microsoft and pave the way for the company's cloud-computing success.

"We need to rapidly rethink the new economics of AI across the company — just as we once did with the cloud," Nadella wrote this month in his message, a copy of which was obtained by Business Insider. "This platform shift is all about building a new AI factory and family of Copilots and agents that drive diffusion and usage across the full stack."

AI companies are facing mounting questions over whether massive infrastructure investments will pay off. Microsoft took its foot off the AI spending peddle earlier this year, helping to stoke these concerns. However, in recent weeks, the company has doubled down again through huge new deals with OpenAI and Anthropic.

The dynamics were similar in the early days of the cloud. Back then, big tech companies spent heavily to build data centers even though the payoff was uncertain, as some observers worried whether customers would adopt the new technology.

The 2010 missive Harms coauthored "had profound impact on how we completely rethought our business models," Nadella wrote in the early November memo to Microsoft executives.

The white paper was considered a watershed moment in cloud computing, and helped make the case for Microsoft's investments by crunching the numbers to show why customers would eventually use large-scale cloud services to save money despite concerns about security and availability.

At the time, people at Microsoft complained to Harms that he was "throwing bombshells into their org," according to Nadella.

"His response was, 'they're already there, I'm just helping you find them,'" Nadella wrote. "And this is the same mindset we need to take today as our business becomes much more capital and knowledge intensive."

AI will require a similar reboot, the CEO wrote, and he's expanding Harms' role to include working closely with Nadella and Microsoft's top executives, advising them on how to adapt to the new economics of AI, from infrastructure to platform technology and applications.

Harms was a director of corporate strategy when he coauthored the 2010 paper. Business Insider featured him in a 2021 article on the power players helping Microsoft with AI.

Now Harms works under Cloud + AI boss Scott Guthrie as a corporate vice president. Harms will continue to report to Guthrie.

Harms' "new scope will extend beyond AI Infra as we take a new approach and gain a clear understanding of how existing categories will be transformed and new categories will be birthed as we navigate this shift," according to Nadella's memo.

Microsoft did not comment when asked about the memo.

Have a tip? Contact this reporter via email at astewart@businessinsider.com or Signal at +1-425-344-8242. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

• The Bureau of Labor Statistics will not release an October jobs report due to the government shutdown.
• Lack of data collection during the shutdown halted the report.
• November's jobs data release is delayed to December 16, and will include some data from October.

The Bureau of Labor Statistics announced Wednesday that it will not release an October jobs report, citing a lack of data collection during the government shutdown.

BLS said it could not collect household data from the Current Population Survey, "which is not able to be retroactively collected." That information is central to the monthly jobs report and is used to calculate the unemployment rate.

The collection period for November 2025 data will also be extended, BLS announced, and extra processing time will be added. The Bureau will now release data on December 16, rather than the originally scheduled December 5. That report will also include data on job creation in October from the business establishment survey.

The government shutdown lasted for a record 43 days, impacting funding and operations across all agencies.

This is a developing story, check back for updates.

• First lady Melania Trump is keeping a relatively low profile during President Trump's second term.
• She divides her time between homes in Florida, New York, and DC.
• She most recently welcomed Crown Prince Mohammed bin Salman of Saudi Arabia to a state dinner.

It's a refrain dating back to the first Trump White House: Where's Melania?

First lady Melania Trump, who remained an enigmatic figure during President Donald Trump's first term, has kept an even lower profile during his second.

Ahead of the inauguration, Melania Trump told Fox News that she planned to divide her time between the White House, Trump Tower in New York City, and Mar-a-Lago in Palm Beach, Florida.

This schedule has made her an infrequent White House presence, with a select few appearances at public events each month, although September was a busier time for public appearances for the first lady, thanks in large part to the Trumps' state visit to the UK.

The first lady's recent muted fashion choices could also indicate her desire to remain out of the spotlight. At White House events, she has largely appeared wearing neutral basics in beige, cream, and gray. It's a departure from the bold outfits she often chose during Donald Trump's first term.

A spokesperson for the Office of the First Lady declined to comment.

Take a look at the first lady's White House activities and appearances thus far.

January 20: Melania Trump attended the inauguration.

Melania Trump held the Bible as Donald Trump was sworn in for his second non-consecutive term, and the couple danced together at several inaugural balls later that evening.

For the swearing-in ceremony, Melania Trump wore a navy coat and skirt by Adam Lippes, an American designer. She accessorized with a matching wide-brimmed hat by Eric Javits.

Her black-and-white inaugural gown was designed by Hervé Pierre.

January 21: The president and first lady joined Vice President JD Vance and Usha Vance at the National Day of Prayer Service.

The service, the last of Donald Trump's inaugural events, was held at the Washington National Cathedral in Washington, DC.

January 24: Melania Trump and Donald Trump visited California and North Carolina to survey damage caused by natural disasters.

Melania Trump joined Donald Trump to visit Los Angeles in the aftermath of multiple wildfires and neighborhoods in North Carolina damaged by Hurricane Helene.

Together, they met with first responders and residents who had lost their homes and businesses. Melania Trump was photographed hugging and shaking hands with those affected by the natural disasters.

February 22: Donald Trump and Melania Trump hosted the National Governors Association dinner at the White House.

Melania Trump wore a black Dolce & Gabbana tuxedo, similar to the outfit she chose for her official White House portrait, while posing for photos with governors from across the US.

Donald Trump thanked Melania Trump in his speech, saying that she "made the evening beautiful."

March 3: She participated in a roundtable discussion on the "TAKE IT DOWN" Act targeting revenge porn.

"TAKE IT DOWN" is an acronym for "Tools to Address Known Exploitation by Immobilizing Technological Deepfakes on Websites and Networks."

The act criminalizes the publication of non-consensual intimate imagery, including AI-generated deepfakes, and requires websites to remove them.

"Every young person deserves a safe online space to express themself freely, without the looming threat of exploitation or harm," Melania Trump said in her opening remarks.

She wore a tan three-piece suit by Ralph Lauren with a black tie.

March 4: Melania Trump attended Donald Trump's speech to a joint session of Congress.

The first lady's guests included the families of Corey Comperatore, the firefighter who was fatally shot during an assassination attempt against Donald Trump in Butler, Pennsylvania, and Laken Riley, who was killed by a man who had entered the US illegally.

Melania Trump wore a gray skirt suit by Dior.

April 1: She attended the International Women of Courage Awards.

Melania Trump, joined by Secretary of State Marco Rubio, presented awards to several notable women in a ceremony held at the State Department. She wore a leopard-print coat designed by Milly Park.

"These extraordinary women illuminate the transformative power of love in shaping our world," she said in her remarks at the event. "Their journeys remind us that true courage is born from a deep commitment to others, showing that love fuels the call for justice."

April 21: She appeared alongside Donald Trump at the White House Easter Egg Roll.

Melania Trump read the book "Bunny with a Big Heart" to a group of children at the event while wearing a cream Mackage trench coat.

April 25: Donald Trump and Melania Trump departed the White House together to travel to Pope Francis' funeral.

The president and first lady were among several world leaders who attended the late pope's funeral in Vatican City.

May 8: She hosted an event for military mothers and unveiled a US postage stamp honoring Barbara Bush at the White House.

"I applaud Mrs. Bush's mark defending our society's vital need for women across all avenues, whether CEO or homemaker," Melania Trump said at the unveiling. "We have, can, and will build better families and run innovative businesses at the same time, ultimately shaping a brighter future."

She wore a white suit jacket paired with a black pencil skirt.

May 19: Melania Trump spoke at the signing ceremony for the "TAKE IT DOWN" Act in the Rose Garden.

The bill, which was first presented to Congress in 2024 before Donald Trump took office, received widespread bipartisan support.

"Artificial intelligence and social media are the digital candy for the next generation: sweet, addictive, and engineered to have an impact on the cognitive development of our children," Melania Trump said in her remarks at the signing ceremony.

The first lady wore a gray Prada suit for the event.

May 20: Melania Trump hosted a Take Our Daughters and Sons to Work Day event for children in the Kennedy Garden.

The first lady greeted the children of White House staffers as they participated in an arts-and-crafts activity.

"It is always special to see children's creativity and spirit on display, especially here at the White House where so many hardworking men and women support the success of our nation every day," she said in a White House statement.

She wore a white Dolce & Gabbana button-down shirt and a patterned skirt by Michael Kors.

May 21: She spoke at the Senate Spouses Luncheon held at the National Gallery of Art.

Melania Trump, wearing a white skirt suit, spoke about her Be Best platform, which focuses on children's well-being, and her Fostering the Future initiative, which supports children transitioning out of foster care.

"Together, we will uplift and empower our children, ensuring they have the support needed to thrive," the first lady wrote in a post on X. "Let's continue this vital mission and inspire a brighter future for all!"

June 11: She accompanied Donald Trump to the opening night of "Les Misérables" at the Kennedy Center.

Melania Trump wore a black midi dress designed by Bottega Veneta, while Donald Trump wore a black tuxedo.

Second lady Usha Vance and Robert F. Kennedy Jr.'s wife Cheryl Hines wore midi dresses similar to Melania Trump's.

June 12: She greeted attendees at the Congressional Picnic on the South Lawn of the White House.

Melania Trump shook hands and took selfies with members of Congress and their families at the annual White House event. She paired a basic white shirt with vibrant floral pants by Dolce & Gabbana.

June 14: Melania Trump attended the US Army's 250th anniversary parade alongside Donald Trump.

The military parade featured 150 Army vehicles, 50 aircraft, and around 6,600 troops in uniform making their way down Constitution Avenue in Washington, DC, to mark the US Army's historic anniversary. June 14 was also Donald Trump's 79th birthday.

Melania Trump escorted Donald Trump onstage for his remarks at the event, but did not issue any statement of her own. She wore a pinstriped ivory skirt suit by Adam Lippes.

July 3: She visited Children's National Hospital in Washington, DC, ahead of July Fourth.

After arriving at the hospital carrying toys for children, the first lady chatted with patients, took part in July Fourth-themed crafts, and visited the hospital's healing garden, which features a rose bush from the White House.

July 4: Melania Trump appeared beside her husband at Fourth of July events at the White House.

The first couple watched the July Fourth fireworks display from the White House. They also hosted a military family picnic on the South Lawn earlier in the day.

Also that day, Donald Trump signed his tax and spending bill, which he dubbed his "Big Beautiful Bill," after it was passed by the House of Representatives on July 3.

She wore a white shirtdress by Thom Browne.

July 11: The president and first lady visited central Texas towns devastated by flash flooding.

The first couple visited Texas a week after the Guadalupe River in Kerr County rose 26 feet in just 45 minutes as rain battered the region, leaving more than 130 dead. The Trumps met with families of victims, first responders, and local officials.

"It's a horrible thing, it's a horrible thing," Donald Trump told the press as he departed the White House on July 11. "Nobody can even believe it — that much water that fast."

At a press conference in Texas, Melania Trump said, "My deepest sympathy to all of the parents who lost beautiful young souls — deepest sympathy from all of us to the community, to everybody who lost a loved one. We are grieving with you. Our nation is grieving with you."

July 13: They attended the FIFA Club World Cup final, which Melania Trump watched from behind a striking pair of Dior sunglasses.

Donald Trump and Melania Trump watched Chelsea defeat Paris Saint-Germain in the FIFA Club World Cup 2025 final at MetLife Stadium in New Jersey.

Donald Trump, who received both cheers and boos at the game, called it "a great match."

Melania Trump watched the game from behind her bright-white Dior sunglasses, which resembled the Vuarnet glasses worn by Sam Altman at Sun Valley just days earlier. She wore them with a black-and-white Michael Kors outfit.

September 4: Melania Trump attended a meeting of the White House Task Force on Artificial Intelligence Education.

The task force was created in April as part of Donald Trump's executive order, "Advancing Artificial Intelligence Education For American Youth."

"Our future is no longer science fiction," Melania Trump said at the meeting. "During this primitive stage, it is our duty to treat AI as we would our own children — empowering, but with watchful guidance."

The first lady wore a gray striped suit with a white shirt and belt.

September 4: After her task force meeting, she joined Donald Trump for a White House dinner with tech and business leaders.

The guest list included Mark Zuckerberg, Sam Altman, and Tim Cook among over a dozen tech and AI executives. Elon Musk was not in attendance, though he sent a representative to the event.

During the dinner, Altman called Donald Trump a "pro-business, pro-innovation president," and Cook thanked the president for "helping companies around the world" and the first lady for "focusing on education."

Melania Trump changed into a black outfit for the gathering.

September 11: The president and first lady attended a ceremony at the Pentagon on the 24th anniversary of September 11, 2001.

They observed a moment of silence in memory of those who were killed in the September 11 terrorist attacks.

September 16: She joined Donald Trump on a state visit to the UK.

Donald Trump and Melania Trump disembarked from Air Force One at London Stansted Airport and were greeted by British soldiers and British Foreign Secretary Yvette Cooper.

September 17: They received a ceremonial welcome at Windsor Castle with King Charles and Queen Camilla.

A horse-drawn carriage ride transported them to Windsor Castle, where troops were assembled in a Guard of Honor. Afterward, they viewed items from the Royal Collection and toured St George's Chapel.

Melania Trump accessorized her Dior skirt suit with a purple hat that matched Donald Trump's tie.

September 17: Later that evening, Melania Trump wore a yellow Carolina Herrera gown to a state banquet at St George's Hall.

Donald Trump was escorted into dinner by King Charles, and Queen Camilla entered with Melania Trump.

September 18: Charles and Camilla said farewell to Donald Trump and Melania Trump on the final day of their state visit.

"He's a great gentleman and a great king," Donald Trump said of Charles after their formal goodbye at Windsor Castle.

September 18: Melania Trump visited Queen Mary's Dolls' House with Queen Camilla and Frogmore Gardens with Kate Middleton.

Melania Trump changed from a tan skirt suit to a tan jacket and cream slacks, which were better suited for playing lawn games with children from the Scouts' Squirrels program at Frogmore Gardens.

September 23: The first lady launched a new project at the United Nations General Assembly.

Back in the US, Melania Trump launched a global coalition called "Fostering the Future Together" dedicated to "enhancing the well-being of children through the promotion of education, innovation, and technology," the White House said.

October 5: She joined Donald Trump to mark the Navy's 250th anniversary.

The president and first lady greeted sailors and observed demonstrations during a visit to the USS George H.W. Bush aircraft carrier in Norfolk, Virginia.

October 10: Melania Trump spoke about her connection with Russian President Vladimir Putin that helped reunite displaced children.

Melania Trump wrote a letter to Russian President Vladimir Putin in August, urging him to end the war in Ukraine to restore the "melodic laughter" of children displaced by the conflict.

In October, she announced that her "open channel of communication" with Putin had helped reunite eight Ukrainian children with their families.

October 30: The president and first lady handed out candy at the White House for Halloween.

Neither dressed up in a Halloween costume — Donald Trump wore one of his signature red hats, and Melania Trump wore a brown coat with orange trim by Marni.

November 13: Melania Trump launched a new "Fostering the Future" initiative.

In the East Room of the White House, President Trump signed an executive order intended to strengthen the foster care system as part of Melania Trump's new "Fostering the Future" initiative.

The program, an offshoot of the first lady's "Be Best" campaign, seeks to improve opportunities for young people in foster care, including connecting them with educational and employment resources.

"This Executive Order, 'Fostering the Future for American Children and Families' gives me tremendous pride," Melania Trump wrote on X. "It is both, empathetic and strategic. It will certainly be impactful."

November 18: Melania Trump and the president welcomed Crown Prince Mohammed bin Salman of Saudi Arabia to a state dinner.

The couple welcomed the prince, who had met with President Trump earlier in the day, to a state dinner at the White House.

The first lady wore a floor-length Elie Saab gown in what The New York Times dubbed "Saudi green," noting it was a similar hue to the green of Saudi Arabia's flag.

• Michael Fiddelke will be Target's new CEO, starting February 1.
• He joined the company as a finance intern in 2003 and has been with the company ever since.
• He previously worked in merchandising and HR, and has been CFO and COO.

Target's new CEO, Michael Fiddelke, is the latest intern to rise to the top job.

The retailer announced in August that Fiddelke — currently the chief operating officer — would succeed Brian Cornell on February 1, more than two decades after Fiddelke joined as an intern.

"I've been fortunate to serve in a broad range of roles and functions over my 20 years here," Fiddelke said at the time. "I've learned from every one of these experiences, with each giving me a deeper appreciation for the specific ways that Target is special and strategically distinct in a crowded retail landscape."

Fiddelke, 49, grew up in Iowa, where his first job was waking up before dawn to do chores on the family farm. After graduating from the University of Iowa with a degree in industrial engineering in 1999, he got a job with Deloitte.

He later left his role at the Big Four firm to pursue an MBA at Northwestern University's Kellogg School of Management, during which he joined Target as a finance intern.

He got his first permanent position as an analyst in the financial unit in 2004.

Since then, he's worked for Target's merchandising, finance, operations, and human resources. He was chief financial officer from 2019 to 2024, when he became chief operating officer.

In that job, Fiddelke was tasked with overseeing Target's nearly 2,000 stores throughout the US, including leading its global supply chain network, fulfillment services, network capacity planning, enterprise operations, and delivery services.

In addition to his corporate responsibilities, Fiddelke sits on the boards of the Minnesota Children's Museum and Shipt, a personal shopping and delivery service owned by Target.

When the company announced its first-quarter results in May, it said Fiddelke would lead a "multi-year Enterprise Acceleration Office" tasked with delivering $2 billion of efficiencies across the company, which has lost out to rivals as more customers have shifted to budget alternatives like Walmart.

Fiddelke said in August that his work with the acceleration office has given him a fresh perspective on where the company is now and how it needs to grow.

Addressing a group of summer interns two months ago, Fiddelke's advice was, "Be relentlessly curious. Slow down and ask questions. Embrace feedback. And make the most of the moment by making connections at Target and with your fellow interns."

Fiddelke says his top priority is getting Target 'back to growth as quickly as possible'

In the quarter following his announcement, Fiddelke has wasted no time setting in motion several key strategies aimed at improving the company's performance.

Even though he won't officially assume the role until February 1, when CEO Cornell steps down, Fiddelke led Target's third-quarter earnings call.

"We're far from satisfied with our current results, and we won't be satisfied until we're operating at our full potential," he said.

On the call, he said Target will increase its annual capital expenditures from $4 billion to $5 billion to invest in remodeling and refreshing its store fleet, including the biggest changes to its merchandise assortment and floor plans that the company has seen in nearly a decade.

The company also announced a partnership with OpenAI to include a Target shopping app in ChatGPT that will allow shoppers to order multiple items for pickup or delivery using simple conversational language.

In addition, Fiddelke led the testing of a new way for stores in a common geography to fulfill e-commerce orders, which rolls out to 35 more markets this year.

The moves are part of Fiddelke's three-part strategy to get Target back on track, including a renewed focus on a "style and design North Star," an elevated and consistent shopping experience, and stronger investments in technology throughout the organization.

Analysts have been skeptical that an internal CEO hire would address Target's persistent problems, as well as the highly influential role that Cornell could play as executive chairman.

Cornell told the analyst call on Wednesday that he is focused on supporting Fiddelke's transition.

"While we're not there yet, I'm confident we're on the right path, and Michael is the right person to lead the next chapter of Target's growth," he said.

• Investors shouldn't worry this much about rapid GPU depreciation.
• Older GPUs remain useful and profitable for six years or more in AI data centers.
• Cloud providers use older GPUs for diverse AI workloads, extending their useful lifespan.

Dour warnings of an AI bubble have rocked markets in recent weeks. At least one big concern is misplaced, though.

Back in March, I told you about depreciation risks for some AI companies, including CoreWeave. In August, Jim Chanos, the guy who shorted Enron, shared similar concerns.

The big worry centers on GPUs, the chips needed to train and run AI models. As new GPUs come out, older ones get less valuable, through obsolescence and wear and tear. Cloud companies must use depreciation to reduce the value of these assets over a period that reflects reality. The faster the depreciation, the bigger the hit to earnings.

Investors have begun to worry that GPUs only have useful lives of one or two years, while cloud providers depreciate the value of these assets over five or six years. An accounting mismatch like this could set the AI industry up for a nasty earnings hit in a few years.

This view has become almost a consensus on Wall Street now. It's one of the main pieces of evidence for the argument that we're in a huge AI bubble. The problem is that it's wrong: Even as Nvidia rolls out new GPU architectures every 18 months or less, GPUs aren't aging out nearly as fast as some investors fear.

"GPUs can profitably run for about 6 years," Stacy Rasgon, a leading chip analyst at Bernstein, wrote in a research report on Monday. "The depreciation accounting of most major hyperscalers is reasonable."

Healthy margins

The cost of operating a GPU in an AI data center is "very low" compared to market prices for renting GPUs via the cloud. That makes the "contribution margins" of running old GPUs for longer quite high, Rasgon and his fellow analyst at Bernstein noted. (Contribution margins measure revenue left over after variable costs. It's a common way product profitability is assessed and business decisions are made).

"Even with meaningful improvements in price/performance with each GPU generation, vendors can make comfortable margins on 5-year-old A100s, in turn implying a 5-6 year depreciation lifespan is reasonable," the analysts added, referring to Nvidia's A100 chips, which came out in 2020.

Seven to eight years

To find out why these GPUs are so valuable for so long, it pays to speak with the people who actually run these components at scale inside AI datacenters.

Matt Rowe, senior director of strategic business development at AI cloud provider Lambda, said recently that the effective lifespan of GPUs can stretch to seven or eight years.

While most firms still use a six-year depreciation schedule for accounting purposes, warranty extensions and redeployment strategies are extending their useful life, he told Bernstein.

Warranty contracts are often overlooked by observers worrying about depreciation, Rowe explained. These warranties typically last five years, so if GPUs fail, they are replaced with new ones, extending the life of the overall GPU fleet.

He also noted that Amazon Web Services offered very early generations of GPUs, such as K80s, P100s, and V100s. These all lasted well beyond six years.

Nvidia's H100 GPUs, which debuted in 2022, are still running well inside Lambda data centers. Utilization is above 85% and Lambda hasn't cut its on-demand public cloud pricing for this GPU in more than 12 months, Rowe noted.

"We all think seven to eight years is possible," Rowe said.

Crusoe's experience

I chatted this week with Erwan Menard, SVP of product management at Crusoe, which is developing the huge Stargate data center complex in Texas. Before joining Crusoe, Menard helped build Google's Vertex AI cloud service, so he's a real hands-on expert.

Menard described a lifecycle where GPUs migrate from cutting-edge AI model training jobs to less demanding inference workloads.

When creating a new state-of-the-art model, you need the latest and greatest GPU from Nvidia.

Then, you have to run these top models, a process called inference. That requires powerful GPUs, but not the latest ones.

Beyond that, there are thousands of different, valuable AI workloads that can run well on older GPUs, according to Menard. That means there are many GPUs that are multiple years old in Crusoe's fleet and are still actively used and profitable.

"Because there's a large diversity of models to solve many different problems, there's a lot of room to use GPUs for a long time, just transitioning them from one type of job to the next," Menard told me. "It's actually a widely accepted view in the industry."

Free versus paid

AI cloud companies consider user expectations and budget to help them decide which GPUs to use. To illustrate, Menard described an example of an AI service that has a free tier and a paid version.

"You may decide that for the freemium version you're going to use an AI model that can be inferenced on older, cheaper hardware with lower performance," he said.

That's likely good enough to create an initial experience for users. Then, some customers might migrate to the paid version. At that point, you tap into a more powerful AI model that requires newer GPUs to deliver a superior user experience.

"We see a lot of these opportunities," Menard said. "Not everything is a nail requiring one single mega-model running on the latest and greatest GPU."

Open-source + older GPUs

Some AI services are less compute-intensive and can be run on open-source models, such as Alibaba's Qwen, DeepSeek, or Meta's Llama offerings. One example is speech-to-text services (such as the transcription service I used to transcribe my interview with Menard).

Older or less-capable models can be run on older GPUs, while still providing valuable intelligence for AI services that customers will pay for. (Business Insider pays for those transcriptions, for instance).

As more startups embrace cheaper open-source models, older GPUs could actually be used even more. "An open model may be absolutely great and give a more cost-competitive structure," Menard said.

Older GPUs are cheaper

Older GPUs use more energy to produce the same amount of intelligence, so another investor concern is that newer GPUs will always be preferred—aggravating this depreciation problem.

That's actually not true either, according to Menard. Older GPUs are cheaper to buy, so the fact that they consume more energy doesn't change the fact that older GPUs are often cheaper to run, when all costs are taken into account.

"The driver for a given GPU is going to be cost, first and foremost," he explained. "So we go to the older ones because they're cheaper."

What's an L40?

So, I asked Menard for an example of an old GPU that Crusoe uses. He described new modular data centers Crusoe has built that are powered by recycled EV batteries from the startup Redwood Materials.

"I can put L40s from Nvidia in these data centers," Menard said. "Because the whole deployment is energy-first in its design, I'm going to be able to make an impact."

I hadn't heard of L40s and had to ask him what they were.

"That's an old GPU," he said, laughing.

Sign up for BI's Tech Memo newsletter here. Reach out to me via email at abarr@businessinsider.com.