Rackspace customers contend with "devastating" email hosting price increase
Tech/AI

Rackspace customers contend with “devastating” email hosting price increase

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A partner that has relied on Rackspace for email since 1999 described the company’s new email hosting rates as “devastating.”

In recent weeks, Rackspace revised its email hosting pricing. The standard plan now costs $10 per mailbox per month. Businesses can also add the Rackspace Email Plus option for an extra $2/mailbox/month (for “file storage, mobile sync, Office-compatible apps, and messaging”), and the Archiving option for an additional $6/mailbox/month (for unlimited storage).

According to the Internet Archive’s Wayback Machine, as recently as November 2025 Rackspace charged $3/mailbox/month for its Standard plan, $1/mailbox/month for the Email Plus add-on, and $3/mailbox/month for the Archival add-on.

Reseller partners of Rackspace have been particularly outspoken about the effects of the new pricing.

In a blog post on Thursday, web hosting provider and Rackspace reseller Laughing Squid said Rackspace is “increasing our email pricing by an astronomical 706 percent, with only a month-and-a half’s notice.”

Laughing Squid founder Scott Beale told Ars Technica he received the “devastating” notice via email on Wednesday. He said the last time Rackspace raised Laughing Squid’s email prices was in 2019, when they went up 55 percent.

“The price increase has a major impact on the ability to make money due to the fact that email is now our largest expense, and we were only given a month-and-a-half notice,” Beale told Ars.

Online reports say Rackspace partners have been quoted email price increases of 110 percent to nearly 500 percent. The reports state the new, higher per-mailbox quotes don’t include volume pricing discounts. Beale noted that Laughing Squid’s quote does not include discounts the company previously received.

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Archaeologists uncover a massive medieval shipwreck in Denmark
Tech/AI

Archaeologists uncover a massive medieval shipwreck in Denmark

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“It suggests notable comfort and order aboard,” said Uldum. “Sailors could now enjoy hot meals similar to those ashore, rather than the dried and chilled provisions that had long dominated life at sea.” Plenty of preserved meat and hard biscuits would still be staples for sailors for centuries, of course, but when conditions and time allowed, the crew of Svaelget 2 could at least come together for a warm meal. The galley would have been a fairly new feature of shipboard life in the early 1400s—and it quickly became indispensable.

Where did the cargo go?

One clue that often indicates a wreck site, even when everything else has decayed into the sea, is ballast stones. Empty merchant ships carried stones in their holds to keep the vessel steady; without that weight an empty hull would ride high and be prone to capsizing, which is usually undesirable. (Modern merchant ships use water in dedicated tanks for ballast.) But Uldum and his team did not find ballast stones on Svaelget 2, implying the cog was likely fully loaded with cargo when it went down.

Yet the cargo itself is conspicuously missing. Cogs were constructed to transport bulk goods—items like bricks, grain and other staple foods, cloth, salt, and timber. Those goods would have been stored in an open midships hold and lashed with ropes and chains (some of which remain on the wreck). But barrels, planks, and bolts of fabric float. As the ship sank and seawater rushed into the hold, it would have swept the cargo away.

Some of it may have washed up on nearby or even distant beaches, becoming unexpected finds for local residents. The remainder probably sank to the seafloor, scattered far from the wreck and its intended destination.

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Microplastics? In My Mind? It’s Not as Probable as You Assume
Lifestyle

Microplastics? In My Mind? It’s Not as Probable as You Assume

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Greetings from Deep Dish, a weekly review of culinary and entertainment updates. Previously, we delved into the recently revised food pyramid.

I’m not sure about you, but I’ve devoted considerable thought in recent years to the spoon-sized quantity of microplastics that might be residing in my brain. What would I consume with that spoon? I’d wonder. Is it a soup spoon or a tiny one? I’d envision the spoon in fragments, drifting near my parietal lobe. I’d attribute my forgetfulness about a distant friend at a gathering to the spoon, as I felt my attention span dwindle while scrolling through TikToks. “It’s the spoon!” I’d shout, shaking my fist at the heavens.

You can imagine my excitement when I discovered that microplastics may not, in reality, present the danger that many sensational headlines have claimed. Could my spoon have never existed? Also this week: We’re welcoming alcohol back, businesses are exploiting delivery app workers (capitalism is the root of all evil, as a reminder), and there’s considerable talk about a particular suggestive hockey show’s tuna melt.

Society has largely accepted that our bodies—and, more alarmingly, our brains—contain microplastics. Since then, Americans pledged to boycott microplastics, swiftly discarding plastic spatulas. However, the very research that triggered such widespread alarm has recently been scrutinized, as reported by The Guardian, with researchers identifying flaws in methodology and questioning the accuracy of the spoon-sized microplastics claim. Undoubtedly, it’s a positive outcome if our bodies harbor fewer microplastics than previously believed. Still, our uncritical acceptance of the study’s conclusions (and subsequent media interpretations) raises more significant concerns about the journey of information from research to public consumption. —Li Goldstein, associate newsletter editor

Since 2020, media outlets (including this platform, and notably, this very author!) have highlighted the surge in nonalcoholic beverages. You’ve probably come across the headlines, and more importantly, you’ve likely witnessed the NA boom on your grocery store shelves. However, things now seem different. Can you sense it in the atmosphere? Alcohol is making a comeback.

GQ’s Dean Stattman announced his resolution for 2026 was to resume drinking, and according to Google trends, interest in “Dry January” is at its lowest in four years as of this moment. The San Francisco Chronicle stated that NA wine is “still awful,” and although it doesn’t align with actual research, Dr. Oz, who inexplicably is our current director for the Centers for Medicare and Medicaid Services, asserted that there’s no evidence supporting the advantages of reducing alcohol intake. You know what? A drink actually sounds appealing. —Sam Stone, staff writer

It came to light this week that Uber Eats and DoorDash “engineered design tricks,” as a statement from the New York City Department of Consumer and Worker Protections described, to complicate the process for customers wanting to tip their delivery drivers. The outcome? A decrease of $550 million in tips for those drivers.

These services previously permitted customers to tip at checkout, but the alteration meant patrons could only tip post-ordering. The NYCDCWP labeled these new tipping methods “easy-to-overlook and more complicated to navigate.” The department reports the current average tip is $0.76 per delivery. Starting January 26th, a new regulation will mandate that delivery apps offer “user-friendly tipping options,” projected to enhance earnings by nearly $400 million annually. —S.S.

To get it off my chest at the start of this blurb: I haven’t viewed Heated Rivalry, even though I usually pride myself on being in touch with the current TV trends. I assure you I’ll get to it! Clearly, I’m in the minority—not only in our broader societal and cultural context—but among my colleagues as well. When asked to consider a food perspective for the show, they came up with numerous suggestions, culminating in this compilation of recipes authored by senior editor of SEO and cooking Joe Sevier. I’ve been informed that tuna melts, ginger ale, and burgers hold significant relevance to the show, in a manner that those in the know would understand. I despise being left in the dark. —L.G.

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TSMC plans to grow its $165 billion investment in the U.S. — here’s what we know
Economy

TSMC plans to grow its $165 billion investment in the U.S. — here’s what we know

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U.S. President Donald Trump (right) and C.C. Wei, CEO of Taiwan Semiconductor Manufacturing Co. (left), shake hands during the announcement of an additional $100 billion investment in TSMC’s U.S. manufacturing at the White House in Washington, DC, U.S., on March 3, 2025.
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Riding high on another impressive earnings report and a recent U.S.-Taiwan trade agreement, Taiwan Semiconductor Manufacturing Co. is set to expedite its multibillion-dollar growth in Arizona. 

The largest contract chip manufacturer in the world has already pledged $165 billion in the U.S., aligning with the government’s initiative to reestablish local chip manufacturing. However, TSMC executives have indicated that expenditures will increase further as the company enhances capacity to fulfill demand for artificial intelligence chips.

During a conversation with CNBC’s Emily Tan on Thursday, TSMC Chief Financial Officer Wendell Huang mentioned that the company will keep boosting its investments in Arizona.

“We are very confident about the AI mega trend, which is why we are increasing capital expenditures to expand in Taiwan and in the U.S.,” Huang stated. “Not merely to grow, but also to accelerate whenever feasible to meet or reduce the gap.”

This statement came shortly after CEO C.C. Wei revealed during the company’s earnings call that TSMC had recently acquired additional property in Arizona and is looking to construct a “gigafab cluster” in the state. 

While the company did not reveal the monetary value of its intended expansions in the U.S., it anticipates a capital expenditure increase of over 30% in the coming year compared to 2025. 

Timing of the trade deal

The expansion in Arizona aligns with a U.S.-Taiwan trade accord signed on Thursday that reduces U.S. tariffs on Taiwanese products to 15%, down from 20%, without stacking on existing rates. 

As part of the agreement, Taiwanese companies are set to invest $250 billion directly in the U.S. across semiconductors, AI, and related industries, as well as $250 billion in credit guarantees to bolster supply chains. The deal also affords special treatment for chips, aiding efforts to return manufacturing to the U.S.

It shows that our manufacturing excellence can be replicated in the U.S.
Wendell Huang
Chief Financial Officer, TSMC

U.S. Commerce Secretary Howard Lutnick informed CNBC’s Brian Sullivan that the objective of the trade deal is to relocate 40% of Taiwan’s semiconductor supply chain to the U.S.

Prior to TSMC’s earnings announcement and the trade agreement, the Wall Street Journal reported that the Taiwanese chip behemoth had been strategizing a major expansion in Arizona as part of trade discussions between the U.S. and Taiwan, according to confidential sources.

Nonetheless, on Thursday, Huang refuted that its U.S. investment plans were directly connected to those trade negotiations.

“The [U.S.-Taiwan] trade deal is an agreement between two governments, and we are not involved in the discussions,” he stated. 

“However, I will mention that we are proceeding with investment and accelerating our endeavors in Arizona due to customer demand, and we are indeed achieving significant progress with our [first fab] in Arizona being operational. 

Progress in the U.S.

The push for expansion follows advancements at the current U.S. facility after years of setbacks and concerns.

According to executives, TSMC’s initial fabrication plant, which has already started mass production, is now manufacturing chips with yields and technology levels comparable to those of the company’s top facilities in Taiwan. 

“It illustrates that our manufacturing excellence can be reproduced in the U.S. It’s essential for us, and it’s also highly significant for our customers,” Huang remarked.

However, he pointed out that the firm’s most advanced technologies will still be developed and scaled up in Taiwan, where TSMC benefits from the critical collaboration between its research teams and manufacturing operations.

Profit margins in Taiwan continue to be higher than in the U.S., partly due to lower labor costs.

Nevertheless, the company’s outlook in the U.S. has become more favorable. TSMC has expedited the production timeline for its second Arizona plant to the latter part of 2027, with construction on a third facility accelerating this year. It has also begun applying for permits for a fourth plant, as stated in its recent earnings call.

According to Huang, TSMC’s initial plan for its first 1,100 acres in Arizona consisted of six wafer fabrication plants, two advanced packaging plants, and a research and development center. 

However, that land was found to be inadequate for the expansion strategies, leading to the acquisition of an additional 900-acre site. Parts of the initial plan will now be constructed on this second site, with the remaining land “reserved for future flexibility,” Huang noted. 

TSMC shares were up more than 3% in Taipei on Friday.

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Casting has perished. Long live casting!
Tech/AI

Casting has perished. Long live casting!

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Fifteen years after establishing the foundation for casting, Netflix has decided to cease its operation, yet second-screen playback control remains viable.

Fifteen years after establishing the foundation for casting, Netflix has decided to cease its operation, yet second-screen playback control remains viable.

Janko Roettgers
is a technology reporter and the author of the Lowpass newsletter.

This is Lowpass by Janko Roettgers, a newsletter focused on the continuously changing nexus of technology and entertainment, published exclusively for The Verge subscribers weekly.

Last month, Netflix surprised many by deciding to eliminate a significant function: Without any forewarning, the company eliminated the capability to cast videos from its mobile applications to numerous smart TVs and streaming gadgets. Casting is now available solely on older Chromecast streaming devices that lack a remote, Nest Hub smart displays, and select Vizio and Compal smart TVs.

This marks a remarkable shift for the streaming giant. Before these changes, Netflix had allowed casting to a broad array of devices that officially supported Google’s casting technology, including Android TVs produced by brands such as Philips, Polaroid, Sharp, Skyworth, Soniq, Sony, Toshiba, and Vizio, based on an archived version of Netflix’s site.

However, the streaming platform did not stop there. Before the previous month’s modifications, Netflix also provided a feature referred to as “Netflix 2nd Screen” casting compatibility on a vast range of additional gadgets, including Sony’s PlayStation, TVs produced by LG and Samsung, Roku TVs and streaming devices, among many others. In essence, if a smart TV or streaming device had the Netflix app, it likely also had casting capabilities.

The foundation for this technology was actually laid by Netflix 15 years ago. In 2011, several of the company’s engineers were investigating ways to more effectively integrate users’ smartphones with their televisions. “Around the same period, we found out that the YouTube team was interested in a similar idea — they had already initiated some work on [second] screen applications,” noted Scott Mirer, who was Netflix’s director of product management at the time, in 2013.

The two organizations began collaborating and sought assistance from television manufacturers like Sony and Samsung. The outcome was DIAL (short for “Discovery and Launch”) — an open secondary-screen protocol that standardized casting.

In 2012, Netflix was the first significant streaming service to introduce a casting capability in its mobile application, which at that time enabled PlayStation 3 users to start video playback from their smartphones. A year later, Google released its first Chromecast device, which took inspiration from DIAL and integrated it into Google’s proprietary casting framework.

For some time, casting was incredibly well-received. Google sold over 100 million Chromecast devices, and Vizio even created an entire television model built around casting, which included a tablet instead of a remote control. (It failed. People evidently still appreciate physical remotes.)

However, as smart TVs grew increasingly sophisticated, and streaming platforms dedicated more resources to native applications on those televisions, the necessity for casting gradually diminished. At CES, a streaming service operator informed me that casting used to be crucial for his service. Nowadays, even among the service’s Android users, merely around 10 percent engage in casting.

For Netflix, it’s improbable that the company will reverse its decision regarding casting. Netflix opted not to provide a comment when questioned about discontinuing the function. My conjecture is that casting was traded off for newer features like cloud gaming and interactive voting. Gaming especially involves multi-device connectivity, as Netflix uses smartphones as game controllers. Integrating casting into that equation could simply have been overly intricate.

Nonetheless, not everyone has abandoned casting. In fact, the technology continues to find new advocates. Last month, Apple integrated Google Cast support into its Apple TV app on Android for the first time. Additionally, over the last two years, both Samsung and LG have incorporated Google’s casting technology into some of their television models.

“Google Cast remains a key experience that we’re committed to — facilitating seamless content sharing from smartphones to TVs, whether you’re at home or in a hotel,” states Google’s Android platform PM Neha Dixit. “Keep an eye out for more developments this year.”

Google’s initiatives are facing competition from the Connectivity Standards Alliance, the organization behind the Matter smart home standard, which developed its own Matter Casting protocol. Matter Casting promises a more open approach to casting and theoretically enables streaming services and device manufacturers to implement second-screen applications in their products without needing to make agreements with Google.

“We have long been proponents of utilizing open technology standards to provide customers with greater options when it comes to using their devices and services,” states Amazon Device Software & Services VP Tapas Roy, whose company is a significant supporter of Matter and its casting technology. “We endorse and encourage media developers who aim to adhere to an open standard with the implementation of Matter Casting.”

So far, support has been scarce. Fire TVs and Echo Show devices are the only platforms that back Matter Casting, and Amazon’s own applications were largely the only ones taking advantage of this capability. Last month, Tubi also joined the ranks by integrating Matter Casting into its mobile platforms.

Connectivity Standards Alliance technology strategist Christopher LaPré acknowledges that Matter Casting has yet to achieve major success. “Honestly, I own Fire TVs, and I’ve never employed it,” he admits.

In addition to a lack of available content, LaPré also believes that Matter Casting suffers from brand muddle. The issue: Television manufacturers have started to implement Matter into their devices to allow users to control smart lights and thermostats from their couches. As a result, a television that features the Matter logo may not necessarily support Matter Casting.

Nevertheless, LaPré is optimistic that Matter Casting could see an uplift from two recent advancements: Matter recently incorporated support for cameras, introducing a new category of homegrown content that users might wish to cast. The consortium is also actively working on extending casting beyond screens.

“Audio casting is an initiative we’re pursuing,” LaPré confirms. “Numerous speaker manufacturers have shown interest in that area.” The goal is to roll out Matter audio casting later this year, at which point device developers, content creators, and consumers may also reconsider video casting.

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Meta has shut down its metaverse for work as well.
Tech/AI

Meta has shut down its metaverse for work as well.

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Meta keeps rolling out negative news for VR.

Meta keeps rolling out negative news for VR.

Sean Hollister
is a senior editor and founding member of The Verge who reports on gadgets, games, and toys. He devoted 15 years to editing publications like CNET, Gizmodo, and Engadget.

Just two months prior to its rebranding to “Meta,” Facebook CEO Mark Zuckerberg personally presented his vision for metaverse work: Horizon Workrooms, designed as a virtual workplace for collaboration. Today, the company revealed it is closing that space down: “Meta has chosen to discontinue Workrooms as a separate app, effective February 16, 2026,” states a note hidden on a help page.

Furthermore, Meta will cease selling its headsets and software as business services, another help page indicates: “We are halting sales of Meta Horizon managed services and commercial SKUs of Meta Quest, effective February 20, 2026.”

Meta recently laid off about 10 percent of its entire Reality Labs workforce, exceeding 1,000 jobs. In the wake of this, it’s increasingly evident that Zuckerberg has reconsidered what the term “metaverse” actually signifies. Mobile yes, smart glasses yes, but perhaps not VR.

Initially, we discovered that Meta’s layoffs had entirely closed down three of Meta’s hard-earned VR game studios, following the earlier closure of another in 2024. Soon, it was revealed that it’s giving up on future development of Supernatural, its notable VR fitness app, and that it has allegedly dismantled the studio behind Batman: Arkham Shadow as well.

What comes next, Horizon Worlds? Perhaps Meta will stop there, since it’s one of the few VR experiences Meta has made accessible on mobile devices too; Meta CTO Andrew Bosworth has already stated that the company’s Horizon team will “focus on enhancing the best Horizon experiences and AI creator tools for mobile” in a memo acquired by Bloomberg.

Bloomberg reports that “Meta will keep developing the metaverse, but with an emphasis on mobile phones rather than the fully immersive VR headsets that the company originally envisioned.” To clarify, the term “metaverse” was coined by Snow Crash author Neal Stephenson to depict a fully immersive shared VR world, but I guess mobile makes sense if one regards Fortnite as part of the metaverse and does not require the “fully immersive” aspect.

It’s disappointing for the true believers in Oculus VR, and for those who expected more to result from Facebook acquiring all those VR game studios. However, it seems the main demographic for Meta’s VR headsets is now younger teens and kids, leading to the notion that business-oriented VR may not be where the investment should lie.

It looks like Meta Workrooms will abruptly cease operations on February 16th, meaning that “all data linked to Workrooms will be erased.” The company suggests exploring Arthur, Microsoft Teams, and Zoom Workplace instead, while also noting that the Meta Quest Remote Desktop app will remain available if you wish to simulate multiple virtual screens in your headset.

Regarding Meta Horizon managed services, the company states that current users can retain access until January 4th, 2030, and that licenses will be complimentary after February 16th of this year.

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Venezuelan Nobel Peace Prize laureate bestows her medal upon Trump
Global

Venezuelan Nobel Peace Prize laureate bestows her medal upon Trump

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Venezuelan opposition figure María Corina Machado has announced that she presented her Nobel Peace Prize medal to President Trump during a visit to the White House, stating it was an acknowledgment of his dedication to her nation’s liberation.

“Today marks a significant moment for us Venezuelans,” she remarked after her first personal meeting with Trump, just weeks following the capture of Venezuelan President Nicolás Maduro by US forces in Caracas and his indictment on drug-trafficking charges.

Trump expressed his appreciation in a social media update, calling the gesture “a wonderful display of mutual respect”.

Nevertheless, the US president has refrained from endorsing Machado as the new leader of Venezuela, despite claims from her movement that they triumphed in the highly disputed elections of 2024.

Instead, Trump has been engaging with the current acting leader of Venezuela, Delcy Rodríguez, Maduro’s former vice-president.

He described his meeting with Machado as a “great honor”, calling her a “wonderful woman who has endured so much”.

Upon exiting the White House, Machado addressed supporters gathered outside, telling them in Spanish, as reported by the Associated Press: “We can count on President Trump.”

“I presented the president of the United States with the Nobel Peace Prize medal,” Machado later informed reporters in English, referring to it as “a recognition of his distinctive commitment to our freedom”.

Reuters/White House

Trump, who frequently mentions his aspiration to receive the Nobel Peace Prize, expressed disappointment when it was awarded to Machado and she opted to accept the accolade last year.

The BBC has contacted the White House for a statement.

Machado indicated last week her intention to share it with Trump, but the Nobel Committee later clarified that the medal is not transferrable.

“Once a Nobel Prize is announced, it cannot be rescinded, shared, or given to others,” the committee stated last week. “The decision is irrevocable and remains in effect permanently.”

When requested for a response to Machado’s statements, the committee directed the BBC to their prior statement.

Before the White House meeting on Thursday, the Nobel Peace Center posted on X that “a medal may change ownership, but the title of a Nobel Peace Prize laureate cannot”.

In her comments, Machado recounted how the Marquis de Lafayette, who fought in America’s Revolutionary War, gifted a medal featuring George Washington’s likeness to Simon Bolivar, a founding figure of modern Venezuela.

The gift symbolized “the camaraderie” between her nation and the US “in their battle for freedom against oppression,” Machado stated.

“And two centuries in history, the citizens of Bolivar are returning to the descendant of Washington a medal – specifically a Nobel Peace Prize medal – as a tribute to his exceptional commitment to our freedom,” she added.

Reuters Machado wears a white suit and waves after leaving the White HouseReuters

Machado also met with US senators during her trip to Washington, where her comments to journalists were drowned out by supporters chanting “María, presidente” and waving flags from Venezuela.

She was anticipated to use her meeting with Trump to persuade him that supporting Rodríguez’s interim administration was a misstep, and that her opposition coalition ought to oversee this transitional process.

White House Press Secretary Karoline Leavitt informed reporters as the Thursday meeting was happening that Machado is “a remarkable and brave voice for many Venezuelan citizens” and that Trump “was eager for this meeting and anticipated an open and positive dialogue” regarding the current situation in Venezuela.

Trump has previously labeled Machado as a “freedom fighter”, yet dismissed the idea of assigning her to lead Venezuela after Maduro’s ousting, contending that she lacks adequate domestic support.

Since Maduro’s capture on January 3, the Trump administration has swiftly acted to overhaul Venezuela’s oil industry, which had been under US sanctions. On Wednesday, an American official stated that the US had completed its first transaction of Venezuelan oil, valued at $500 million (£373 million).

Oil tankers suspected of transporting sanctioned Venezuelan oil have also been taken by the US, with American forces reporting they had boarded a sixth tanker on Thursday.

A Venezuelan government envoy is scheduled to travel to Washington on Thursday to engage with US representatives and initiate steps towards reopening the country’s embassy, as reported by the New York Times.

The emissary is said to be a close ally and confidant of Rodríguez, who has been characterized as “exceptionally cooperative” by the White House.

On Thursday, Rodríguez delivered the annual Message to the Nation address in Caracas, in which she voiced her readiness to participate in meetings in Washington as well.

“If I ever have to go to Washington as acting president, I will do so with my head held high, walking confidently, not crawling,” she proclaimed, urging the nation to “not be fearful of diplomacy” with the US.

Trump and Rodríguez also communicated by phone on Wednesday, with Trump later describing his counterpart on social media as “a fantastic person”. Rodríguez, for her part, characterized the call as “constructive and polite”, marked by “mutual respect.”

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Forces and ships from European NATO partners land in Greenland
Global

Forces and ships from European NATO partners land in Greenland

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Katya Adler, the BBC Europe editor, is currently in Greenland where military personnel and vessels from various European countries are assembling.

This limited military presence includes Germany, France, Sweden, Norway, Finland, the Netherlands, and the UK.

President Donald Trump of the US asserts that the US must “own” Greenland to stop Russia and China from taking control.

Jens-Frederik Nielsen, the Prime Minister of Greenland, mentioned this week that the region is experiencing a geopolitical crisis, and if their citizens were given the option, they would prefer Denmark over the US.

Further details on this story.

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Amazon warns of 'severe' measures following Saks bankruptcy, stating $475M investment is now devoid of value.
Economy

Amazon warns of ‘severe’ measures following Saks bankruptcy, stating $475M investment is now devoid of value.

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Amazon package alongside a Saks Fifth Avenue bag.
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Amazon is urging a federal judge to dismiss Saks Global’s financing plan related to bankruptcy, stating in legal documents that the troubled store “exhausted hundreds of millions in less than a year” and did not adhere to their contract. 

When Saks took over Neiman Marcus for $2.7 billion in December 2024, Amazon contributed $475 million to the initiative based on the promise that the retailer would sell its products on Amazon’s platform and that Amazon would provide technological and logistical support.

“That equity stake is now presumably without value,” Amazon’s lawyers stated in a filing on Wednesday, shortly after Saks sought Chapter 11 bankruptcy protection. “Saks consistently failed to fulfill its financial plans, depleted hundreds of millions in less than a year, and accrued additional hundreds of millions in outstanding invoices owed to its retail associates.”

As part of the agreement, Saks introduced a “Saks at Amazon” storefront on the online retail giant’s site, showcasing a variety of luxury fashion and beauty items. It also consented to pay a referral fee for Saks-branded products sold on the site, ensuring a minimum of $900 million in payments to Amazon over eight years. 

In its submissions, Amazon contended that Saks’ bankruptcy financing strategy negatively impacts both the company and other creditors, as it burdens sections of the Saks corporation with new debt that was not previously present. It also demotes Amazon’s priority in repayment, which diminishes the potential recovery the e-commerce firm could realize during the legal process, as stated in the filings. 

Amazon expressed that it “hopes” Saks will address its issues, yet if it fails to do so, it might “pursue more severe actions,” including the appointment of an examiner or trustee. 

During a Wednesday hearing in U.S. Bankruptcy Court in Houston, Judge Alfredo Perez permitted Saks to begin utilizing $1.75 billion in new bankruptcy financing after the company claimed it would encounter immediate liquidation without such funds. He has not yet made a decision regarding Amazon’s request. 

Saks’ acquisition of Neiman Marcus attracted a variety of new investors, including individuals from the tech sector. For Amazon, the arrangement assured Saks’ visibility on its extensive online marketplace, where the company has aimed to draw larger brands and enhance its luxury offerings.

The Saks agreement also raised the likelihood that Amazon could amplify its investment in the department store chain. Amazon has been eager to solidify its footprint in physical retail and has tested several strategies over the years, discontinuing some along the way.

The company has also entered similar investment partnerships before. In 2022, Amazon acquired a 2% stake in Grubhub in exchange for the food delivery service enhancing perks for Prime subscribers. Amazon increased its stake in the firm to as much as 18% in 2024.

Amazon and Saks both opted not to comment beyond their statements in the filings.

Tech giant Salesforce also became a minority shareholder in Saks during its acquisition of Neiman Marcus, but held a smaller stake than Amazon. It remains uncertain if it intends to challenge the bankruptcy plan as well. 

Correction: A previous headline in this piece inaccurately cited the Amazon filing.

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Why I’m reluctant to assert that a “precise” US cyber-op disrupted Venezuelan electricity
Tech/AI

Why I’m reluctant to assert that a “precise” US cyber-op disrupted Venezuelan electricity

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The New York Times has released additional information about an alleged cyberattack that unnamed US officials say plunged parts of Venezuela into darkness just before the arrest of the country’s president, Nicolás Maduro.

A central new claim is that the operation cut power for most residents of Caracas for only a few minutes, while in neighborhoods near the military base where Maduro was captured the outage persisted for three days. The cyber operation also reportedly targeted Venezuelan military radar systems. The paper said the US Cyber Command was involved.

Any further details?

“Cutting power in Caracas and disrupting radar allowed US military helicopters to enter the country undetected during the mission to capture Nicolás Maduro, the Venezuelan president who has since been transported to the United States to face drug charges,” the NYT reported.

The NYT offered little additional information, leaving out the alleged techniques used. For example, when Russia knocked out power in December 2015, it used general-purpose malware called BlackEnergy to first infiltrate the corporate networks of the targeted utilities and then move into the supervisory control and data acquisition systems those companies used to generate and deliver electricity. The attackers then leveraged legitimate power-distribution functionality to trigger the failure, cutting power to more than 225,000 people for over six hours until grid crews restored service.

In a second attack nearly a year later, Russia deployed a much more advanced piece of malware to disable key parts of the Ukrainian power grid. Known as Industroyer, or Crash Override, it is the first identified malware framework built specifically to target electric grid systems directly.

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