Tech
Boom or bubble: How long can the AI investment craze last?
The staggering investments in artificial intelligence keep coming: Last week, AI chip giant Nvidia announced it would invest $100 billion to help OpenAI, the frontrunner in generative AI, build data centers.
How are these enormous sums possible when the returns on investments, at least for now, pale in comparison?
Huge investments
AI-related spending is soaring worldwide, expected to reach approximately $1.5 trillion by 2025, according to US research firm Gartner, and over $2 trillion in 2026—nearly 2% of global GDP.
Even though tangible returns fall short of the investments going in, the AI revolution appears unstoppable.
“There’s no doubt among investors that AI is the major breakthrough technology”—on par with harnessing electricity, said Denis Barrier, head of investment fund Cathay Innovation.
Silicon Valley’s mindset “is more about seizing the opportunity” than worrying about any risks, he said.
Geopolitical tensions are helping drive the frenzy, primarily to build massive data centers housing tens of thousands of expensive chips that require phenomenal electrical power and large-scale, energy-hungry cooling.
From 2013 to 2024, private AI investment reached $470 billion in the United States—nearly a quarter in the last year alone—followed by superpower rival China’s $119 billion, according to a Stanford University report.
Just a handful of giants are on the receiving end, with OpenAI first in line.
In March 2025, ChatGPT’s parent company raised approximately $40 billion, bringing its estimated valuation to around $300 billion, according to analysts.
‘Circular funding’
OpenAI is now the world’s most valuable company, surpassing SpaceX, worth $500 billion in a deal for employees to sell a limited number of shares.
The company led by CEO Sam Altman sits at the center of an AI investment bonanza: It oversees the Stargate project, which has secured $400 billion of the $500 billion planned by 2029 for Texas data centers spanning an area the size of Manhattan.
The White House-backed consortium includes Softbank, Oracle, Microsoft and Nvidia.
Nvidia, which completed over 50 venture capital deals in 2024 according to PitchBook data, is often chided for practicing “circular funding”—investing in startups that use the funds to buy its chips.
Some analysts criticize this as bubble-fueling behavior.
The OpenAI deal “will likely fuel those concerns,” said Stacy Rasgon, a Bernstein Research analyst.
In the first six months of 2025, OpenAI pulled in around $4.3 billion in revenue, specialist outlet The Information reported this week.
Therefore, unlike Meta or Google with substantial cash reserves, OpenAI and competitors like Anthropic or Mistral must be creative in their search for funds to bridge the gap.
For AI believers, an explosion in revenue is only a matter of time for a company whose ChatGPT assistant serves 700 million people—reaching nearly 9% of humanity less than three years after launch.
‘Up in smoke’
Nothing is certain, however.
Feeding AI’s computing appetite will cost up to $500 billion annually in global data center investments through 2030, requiring $2 trillion in annual revenues to make the expenses viable, according to consulting firm Bain & Company.
Even under optimistic assumptions, Bain estimates the AI industry faces an $800 billion deficit.
OpenAI itself plans to spend over $100 billion by 2029—meaning turning a profit is still a ways off.
On the energy front, AI’s global computing footprint could reach 200 gigawatts by 2030—the annual equivalent of Brazil’s electric consumption—half of that in the United States.
Despite the daunting figures, many analysts remain optimistic.
“Even with concerns about a possible ‘AI bubble’… we estimate the sector is in its 1996” moment during the internet boom, “absolutely not its 1999” before that bubble burst, said Dan Ives, a Wedbush Securities analyst.
Long-term, “many dollars will go up in smoke, and there will be many losers, like during the internet bubble, but the internet remained,” said the Silicon Valley investor.
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Tech
The Best E-Readers, Chosen by WIRED’s Resident Book Lovers
Comparing Our Favorite E-Readers
Honorable Mentions
Below, you’ll find a few more e-readers we like but don’t necessarily love as much as our top picks.
Photograph: Nena Farrell
Kindle Scribe 2024 for $400: The second-generation Kindle Scribe is a great option if you want an e-reader that doubles as a digital notebook, but also want to remain within the Kindle ecosystem. It has a 10.2-inch (300 ppi) paperlike display with features like adjustable warm light and an auto-adjusting front light. The included Premium Pen also has a soft-tipped eraser (mimicking that of a No.2 pencil). With Active Canvas and expandable margins, you can also mark up ebooks and write notes in the side panel. Amazon has announced three more Kindle Scribes are coming out this winter, including color options, so we’ll be testing those once they’re available.
Nook GlowLight 4 Plus for $200: The 4 Plus is the only waterproof Nook in the lineup, and it has the biggest screen at 7.8 inches, along with 32 GB of storage. It also has physical page-turn buttons and a headphone jack for listening to audiobooks (but you can also connect wireless earbuds via Bluetooth). But it was often slower than my Kindle and tended to freeze. While the large library has cheap and even free ebooks, it’s not as good a selection as Kindle Unlimited. The process of getting a book from the library on a Nook is also beyond frustrating. You’ll need to download either Adobe Digital Editions or Android File Transfer before connecting the device to your computer physically and then transferring the files.
Kindle Colorsoft Signature for $280: The Kindle Colorsoft Signature is Amazon’s first Kindle with a color screen. It has a screen with an oxide backplane, which Amazon says delivers better contrast and image quality along with custom-formulated coatings and nitride LEDs for brightness and color accuracy. But the screen is capped at 150 ppi for color images, versus 300 ppi for black and white, and the experience of reading is still a little fuzzier when compared to the latest Paperwhite. It takes noticeably longer to process color images, too. It’s missing features that are by now standard on other color e-readers, like page turn buttons and stylus support. It’s not a bad Kindle, and color does enrich the whole e-reading experience, but we suggest waiting for a discount during an Amazon sale event. Kindle has since launched a cheaper option, the Kindle Colorsoft ($250) that has less storage (only 16 GB, verus 32 GB) and no auto-adjusting light or wireless charging.
Nook 9-inch Lenovo Tablet for $150: If you mainly read cookbooks or other color-intensive materials, and you want a dedicated reader, you might want to consider this affordable tablet from Nook and Lenovo, which has the Nook app built in. As with the tablets mentioned above, you lose the E Ink screen and the distraction-free nature of an e-reader. You can at least turn off notifications while in certain apps, which I recommend doing for the Nook app. It ships with an old version of Android, and it’s not built for heavy work like video or photo editing.
FAQs
Ebooks can be cheap, but as with regular books, the cost can add up if you’re a big reader. You should take advantage of your library card and check out ebooks instantly from the comfort of your home. We have a detailed guide that explains how to get free library books, but the short version is that most libraries distribute books via OverDrive. You can access these books a few ways, through Kindle or directly from OverDrive with a Kobo, or you can download the Libby app. These ebooks are automatically removed from your device and returned to the library when they’re due.
Each e-reader’s own book service varies in quality. Our favorite is Kindle Unlimited for $12 a month, which includes millions of titles, including audiobooks and magazines. Amazon’s Prime Reading also offers a handful of free books every month, which is good to know if you already have a Prime account. You can even lend books to friends and family for a short while (or have them share a book with you). We have a roundup of the Best Ebook Subscription Services here.
What File Formats Do E-Readers Support?
The most widely used format is ePub, which works natively with all the e-readers in this guide except for Kindle—technically. You can still upload ePub files to your Kindle, but you’ll have use the “Send to Kindle” feature (through Amazon, your email, or the Kindle app) to convert it to Amazon’s proprietary format called AZW. (Newer Kindles support AZW3 and KFX, specifically). Other formats that will work with these e-readers include PDF, TXT, HTML, DOC, and DOCX.
Can I Install Apps on an E-Reader?
The Kindle, Kobo, and Nook use proprietary operating systems that don’t allow you to install third-party apps. The Boox, on the other hand, runs Android (mainly Android 11 and newer). So, that means you can use it to download any apps available in the Google Play Store or side-load apps from your computer.
Do You Need an E-Reader? What About a Phone or Tablet?
You don’t have to buy a separate device to read ebooks. Smartphones and tablets are perfect for this purpose. You can use Amazon’s Kindle app to read ebooks (iOS, Android), and even download OverDrive’s Libby app (iOS, Android) for library book access anywhere as well. However, the E Ink screens found in e-readers are just nicer to look at. I also like that these devices are one-trick ponies; there are no notifications to be distracted by or social media feeds to doomscroll through.
If you’d still rather have one smart device you can read on and use for other purposes, take a look at our Best Tablets and Best iPads guides for recommendations.
What About a Digital Notebook?
We’ve tried a few E Ink tablets meant for taking “handwritten” notes that can be organized and searched digitally. E-readers with that capability still prioritize reading. If the Kobo Libra Colour isn’t big enough for your note-taking needs, you might prefer these. Right now, our favorite E Ink tablet is the $629 ReMarkable Paper Pro which lets you take notes with a responsive stylus on a color E Ink screen. However, it’s not meant for reading—you can read PDFs on it, but the experience of getting books on it is far from seamless compared to Kobos and Kindles.
How Does WIRED Test E-Readers?
The most important thing we do when testing e-readers is read on them! We spend hours reading books acquired in a variety of formats, from books purchased directly from each brand’s store, downloaded from local libraries via OverDrive/Libby, or PDFs acquired for free from God knows where.
In the process, we evaluate battery life, brightness, lag, screen responsiveness, and text sharpness. We check for extra tools like annotation, and whether or not the tablet accommodates accessories like a stylus. We also note if the tablet has other features, like waterproofing or access to great exclusive subscription services.
Power up with unlimited access to WIRED. Get best-in-class reporting and exclusive subscriber content that’s too important to ignore. Subscribe Today.
Tech
Missing Launchpad in MacOS 26? Here’s How to Bring It Back
As I said, it’s not a perfect replacement, but take some time setting up folders and tweaking the settings and I think you’ll find it works well. And you can’t complain about the price.
A Few Other Alternatives
Now, there are a few other alternatives to keep in mind. Apple added a new “Applications” button to the dock, which opens Spotlight to the “Applications” section. This is an alphabetical list of your applications, both from your Mac and your iPhone, which you can scroll or search to browse. You can hide the iPhone apps if you want; just click the three dots in the top right corner and you’ll see that option. This works well enough, though the lack of folders, and the missing full screen option, are the main reasons you might not want this.
Another option is to drag the “Applications” folder from your Finder to the bottom section of your dock. Click this folder and you can scroll through all of your applications. You can also organize applications in actual folders using the Finder if you want to organize them. It’s a bit of a workaround, but it’s worth trying if you’d rather not install any third party software.
Speaking of third party software: LaunchNext is another popular Launchpad alternative, which notably can import your folders and settings from Launchpad. The problem is you can’t use it without working around the macOS security settings, something I generally don’t recommend doing. I also found LaunchNext a touch on the slow side. Still, it’s worth looking into if you’re a power user, as it’s a great deal more customizable than Launchie.
There are also a few alternatives that bring back the actual Launchpad application from older versions of macOS, but they require a lot of hacking and have a tendency to break with macOS updates—I couldn’t find one alternative that was working at the time I was writing this. Even if that changes, you’re probably better off using one of the above approaches—it’s just going to be more consistent.
It’s understandable if you’re not happy Apple removed a feature you like, but at least there are alternatives out there. Try a few out. One of them is bound to work for you.
Tech
Vaping Is ‘Everywhere’ in Schools—Sparking a Bathroom Surveillance Boom
It’s this creeping surveillance that gives some students pause, even those who told The 74 they otherwise support vape detectors in bathrooms. The possibility of unknown capabilities with the sensors is “very scary to me” said Moledina, the Austin teen, who worries about a future where bathrooms come with cameras.
“Just knowing that there is vape smoke in the bathroom doesn’t really help you because the administrators already know it’s happening, and just by knowing that it’s there isn’t going to help them find out who is doing it,” he said. “So my concern is that, at the end of the day, we’re going to end up having cameras in bathrooms, which is definitely not what we want.”
Minneapolis educators have used surveillance cameras in conjunction with the sensors to identify students for vaping in the bathrooms, discipline logs show.
In February, for example, a Roosevelt High School senior was suspended for a day based on accusations they hit a weed vape in the bathroom. Officials reviewed footage from a surveillance camera outside the bathroom and determined the student was “entering and exiting the bathroom during the timeframe that the detector went off.” They were searched, and administrators found “a marijuana vape, an empty glass jar with a weed smell and a baggie with weed shake in it.”
That same month, educators referred a Camden High School student to a drug and alcohol counselor for “vaping in the single stall bathrooms.”
“After I reviewed the camera it does show [a] student leaving out that same stall bathroom,” campus officials reported.
Gutierrez, the 18-year-old from Arizona, said she quit vaping after she was suspended and now copes with depression through positive means like painting. What she didn’t do, however, was quit because she received help at school for the mental health challenges that led her to vape in the first place.
She stopped vaping while she was suspended, she said, because she was away from her friends and lacked access. She was frightened into further compliance, Gutierrez recalled, by the online lessons depicting vaping as a gross, gooey purple monster that would poison her relationships.
“Yes I stopped, but it wasn’t a good stop,” she said. “I didn’t get no support. I didn’t get no counseling. I stopped because I was scared.”
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