Jonathan Weil, Wall Street Journal:

It seems like a marvel of financial engineering: Meta Platforms is building a $27 billion data center in Louisiana, financed with debt, and neither the data center nor the debt will be on its own balance sheet.

That outcome looks too good to be true, and it probably is.

The phrase “marvel of financial engineering” does not seem like a compliment. In addition to the evidence from Weil’s article, Meta is taking advantage of a tax exemption created by Louisiana’s state legislature. But, in its argument, it is merely a user of this data centre.

Also, colour me skeptical this data centre will truly be “the size of Manhattan” before the bubble bursts, despite the disruption to life in the area.

Update: Paris Martineau points to Weil’s bio noting he was “the first reporter to challenge Enron’s accounting practices”.

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Sarah Perez, TechCrunch:

Zoom CEO Eric Yuan says AI will shorten our workweek

[…]

“Today, I need to manually focus on all those products to get work done. Eventually, AI will help,” Yuan said.

“By doing that, we do not need to work five days a week anymore, right? … Five years out, three days or four days [a week]. That’s a goal,” he said.

So far, technological advancements have not — in general — produced a shorter work week; that was a product of collective labour action. We have been promised a shorter week before. We do not need to carry water for people who peddle obvious lies. We will always end up being squeezed for greater output.

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