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Gen Z Americans don’t have enough saved to cover a single month of spending

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Baidu releases reasoning AI model to take on DeepSeek

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Baidu Inc. released a new artificial intelligence model that articulates its reasoning, in an apparent bid to regain momentum against up-and-coming rivals like DeepSeek.

The Ernie X1 model by China’s internet search leader works similarly to DeepSeek R1 — which shocked Silicon Valley by offering comparable performance to the world’s best chatbots at a fraction of their development cost. Baidu’s reasoning model excels in areas like daily dialogs, complex calculations and logical deduction, it said in a statement Sunday.

Baidu also upgraded its flagship foundation model to Ernie 4.5. It immediately made all tiers of its service  — including the X1 model — free for its chatbot users, several weeks than earlier previously planned. 

The Beijing-based company was the first in China’s trillion-dollar tech sector to launch a chatbot modeled after OpenAI’s ChatGPT, but rival chatbots from ByteDance Ltd. and Moonshot AI soon took over in popularity. Open-sourced models like Alibaba’s Qwen and then DeepSeek gained greater recognition within the global developer community.

Ernie 4.5 outperforms OpenAI’s latest GPT 4.5 in text generation, Baidu said, citing several industry benchmarks.

Baidu has declared that it will make Ernie AI models open-source from June 30, representing a major strategic shift after the rise of DeepSeek. It also integrated the R1 model into its search engine — its bread-and-butter business.

The generative AI boom showed up in Baidu’s December-quarter results via a 26% jump in cloud revenue. That rise, driven by services provided to developers chasing computing power, was overshadowed by weak advertising sales amid China’s economic malaise.

Baidu concluded last month a drawn-out deal to acquire the YY Live streaming platform Joyy Inc. The $2.1 billion takeover released some $1.6 billion that Baidu previously deposited into escrow accounts, which it plans to invest into AI and cloud infrastructure.

This story was originally featured on Fortune.com



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New Prime Minister Mark Carney vows Canada will ‘never, ever’ be part of the US as he seeks alliances in Europe

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New Canadian Prime Minister Mark Carney is heading to Paris and London on Monday to seek alliances as he deals with U.S. President Donald Trump’s attacks on Canada’s sovereignty and economy.

Carney is purposely making his first foreign trip to the capital cities of the two countries that shaped Canada’s early existence.

At his swearing-in ceremony on Friday, Carney noted the country was built on the bedrock of three peoples, French, English and Indigenous, and said Canada is fundamentally different from America and will “never, ever, in any way shape or form, be part of the United States.”

“The Trump factor is the reason for the trip. The Trump factor towers over everything else Carney must deal with,” said Nelson Wiseman, professor emeritus at the University of Toronto.

Carney, a former central banker who turned 60 on Sunday, will meet with French President Emmanuel Macron in Paris on Monday and later travel to London to sit down with U.K. Prime Minister Keir Starmer in an effort to diversify trade and perhaps coordinate a response to Trump’s tariffs.

He will also meet with King Charles III, the head of state in Canada. The trip to England is a bit a homecoming, as Carney is a former governor of the Bank of England, the first noncitizen to be named to the role in the bank’s 300-plus-year history.

Carney then travels to the edge of Canada’s Arctic to “reaffirm Canada’s Arctic security and sovereignty” before returning to Ottawa where he’s expected to call an election within days.

Carney has said he’s ready to meet with Trump if he shows respect for Canadian sovereignty. He said he doesn’t plan to visit Washington at the moment but hopes to have a phone call with the president soon.

Sweeping tariffs of 25% and Trump’s talk of making Canada the 51st U.S. state have infuriated Canadians, and many are avoiding buying American goods when they can.

Carney’s government is reviewing the purchase of U.S.-made F-35 fighter jets in light of Trump’s trade war.

The governing Liberal Party had appeared poised for a historic election defeat this year until Trump declared economic war and repeatedly has said Canada should become the 51st state. Now the party and its new leader could come out on top.

Robert Bothwell, a professor of Canadian history and international relations at the University of Toronto, said Carney is wise not to visit Trump.

“There’s no point in going to Washington,” Bothwell said. “As (former Prime Minister Justin) Trudeau’s treatment shows, all that results in is a crude attempt by Trump to humiliate his guests. Nor can you have a rational conversation with someone who simply sits there and repeats disproven lies.”

Bothwell said that Trump demands respect, “but it’s often a one-way street, asking others to set aside their self-respect to bend to his will.”

Daniel Béland, a political science professor at McGill University in Montreal, said it is absolutely essential that Canada diversify trade amidst the ongoing trade war with the United States. More than 75% of Canada’s exports go to the U.S.

Béland said Arctic sovereignty is also a key issue for Canada.

“President Trump’s aggressive talk about both Canada and Greenland and the apparent rapprochement between Russia, a strong Arctic power, and the United States under Trump have increased anxieties about our control over this remote yet highly strategic region,” Béland said.

This story was originally featured on Fortune.com



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Steve Jobs was just 12 when he called HP’s cofounder. What happened next put him on the path to success at Apple

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  • When Steve Jobs was just 12 years old, he called up HP cofounder Bill Hewlett to ask for spare parts to build a frequency counter. That phone call got him the tools, and a job. His philosophy remained invaluable to his growth in founding Apple

At the age of 12, most people are worrying about their school crush or a science project that’s due next week. But Steve Jobs had his mind on something else as a tween: spare parts needed to build a frequency counter. So he found Hewlett Packard (HP) cofounder Bill Hewlett’s phone number in the yellow pages and called him up for a favor. 

“I never found anybody that didn’t want to help me if I asked them for help. I always call them up,” Jobs said in a 1994 interview, archived by the Silicon Valley Historical Association. 

Jobs recalled that Hewlett laughed when Jobs introduced himself as a 12-year-old highschooler in need of the parts. But ultimately, he offered him the components—and a job. The HP cofounder was so impressed by his drive that he set him up with a summer job at the company, putting nuts and bolts together on frequency counters. 

“He got me a job in the place they built them, and I was in heaven,” Jobs said. “I’ve never found anyone who says ‘no,’ or hung up the phone when I called. I just asked.” 

That opportunity was the launchpad for Jobs’ wider career success, eventually cofounding $3.5 trillion company Apple with Steve Wozniak and Ronald Wayne in 1976. And Jobs has carried that learning experience with him, saying he had tried to repay that debt of gratitude by helping others when they were in need of an opportunity. 

The hardest part for many might be plucking up the courage to reach out—it can be daunting to hit up a company and hope that a leader is able to give an opportunity. And it could seem like the late 1960’s, when Jobs reached out to Hewlett about the spare parts, could have been an easier time to get that support. After all, most Fortune 500 CEOs’ phone numbers are extremely tricky to find now. But Jobs contends that leaders are more willing to help than people may expect. 

“Most people never pick up the phone and call, most people never ask. And that’s what separates sometimes the people that do things from the people that just dream about them,” Jobs said. “You gotta act. And you’ve got to be willing to fail.”

Billionaires taking a chance, and finding early success

Jobs wasn’t the only billionaire CEO who jump-started their career as a teenager chasing their dreams of success.

Microsoft cofounder Bill Gates used to sneak out of the house when he was 13 to practice coding at a local company, Computer Center Corp., across town. At the time, computers weren’t a household staple yet. So he’d be at the Seattle-based business until the wee hours of the morning, sometimes as late as 2 a.m., testing out his own bespoke code in exchange for his services fixing programming bugs for Computer Center Corp. 

Without that access and early on-hands experience, Gates said he might not have advanced forward in his career and launched a $3.1 billion tech company.  

“We were kids…none of us had any real computer experience,” Gates wrote in his memoir, Source Code: My Beginnings. “Without that lucky break of free computer time—call it my first 500 hours—the next 9,500 hours might not have happened at all.”

Warren Buffett, CEO of Berkshire Hathaway, also discovered his entrepreneurial passion early on in life. At the age of six he started selling gum in his neighborhood; when Buffett was 13, he got his first job as a paperboy—and even deducted the bike from his taxes. He got the itch to start his own company, so he launched a pinball business as a teenager for just $25. It later sold for over $1,000 after just one year. It may pale in comparison to Berkshire Hathaway’s $989 billion market cap—but it laid the foundation for him to be the worshipped entrepreneur he is today. 

This story was originally featured on Fortune.com



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