BUSINESS

Ukraine’s expanding drone kill zones are pushing back Russian artillery, leading Russia to increasingly rely on massed FPV drones to deliver tactical fires on the front.

This article takes a look at the fantasy football outlook of Josh Allen in 2026 to answer the question of whether you should draft him at his ADP.

Bill Gates says the people building artificial intelligence know exactly how dangerous it is and are staying quiet because saying so out loud would threaten the funding it relies on.

In a nearly 6,000-word essay published on his GatesNotes website, the Microsoft co-founder did something he has never done in five decades of championing new technology: He said he wishes it would advance more slowly.

Gates told The New York Times that tech executives privately discuss AI’s dangers but suppress those concerns because raising alarms publicly would jeopardize the capital pipeline fueling development.

He described the silence as deliberate, financially motivated, and industry-wide. The essay names three risks Gates says warrant immediate action.

The silence Gates says the industry is keeping

The sharpest section of the essay targets the people building the technology, not the politicians trying to regulate it. Gates described the pattern as structural, a function of how AI capital moves. 

Founders who voice safety concerns risk being read as ambivalent about their product, and ambivalence, in a market this competitive for funding, is expensive. Gates himself is insulated from that pressure in a way current AI CEOs are not.

Three AI risks Gates says need action now

The first risk is permanent job displacement, with entry-level and mid-level workers likely to face the earliest losses. Customer service, software, legal support, and sales could be hit first, followed by blue-collar jobs as robots become cheaper. He singled out medicine and law as fields where AI is now capable of displacing credentialed professionals.

The second risk is widespread safety threats, as AI makes dangerous capabilities easier to access. Small groups with limited expertise could launch cyberattacks, conduct fraud, or pursue biological weapons that once required state resources.

The third risk is psychological harm to children, particularly as AI companions become increasingly engaging. Always-agreeable AI companions could foster addictive behavior among young users and displace meaningful real-world friendships.

Bill Gates warns that AI could accelerate job losses, enable dangerous threats, and harm children’s mental health without urgent safeguards.Roy Rochlin / Getty Images

Stanford offers early evidence showing AI’s impact on young workers 

Gates grounded his employment warning in a Stanford Digital Economy Lab study analyzing millions of payroll records from ADP, the nation’s largest payroll processor. 

Employment among workers aged 22 to 25 fell roughly 11% in the two most AI-exposed occupation groups. Meanwhile, employment for the same age group rose about 10% across the three least-exposed occupation groups.

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Together, those trends leave employment among 22- to 25-year-olds in highly AI-exposed occupations roughly 19% below expected levels, up from 15% a year earlier.

The Stanford researchers noted that they do not see widespread, economy-wide job displacement from AI.

Declines are concentrated in fields where AI directly substitutes for human tasks, including software development and customer service.

Gates proposes taxing AI and reserving certain jobs for humans

Gates paired his warnings with three policy proposals that go beyond the voluntary commitments most AI companies have offered. 

The first calls for new national bodies and international oversight modeled on nuclear inspections, aviation rules, and ozone treaties.

The second is a category he calls “Human Reserved,” a set of jobs society would protect from AI replacement even when the technology becomes capable of doing so. 

He compared the concept to nature reserves, where communities could develop the land but choose not to because the loss outweighs any economic gain. 

Gates told Axios that child care and jury service clearly fit that protected category, and he estimated roughly 40% of work could be reserved initially. The idea has roots in personal experience, as his father received around-the-clock care before dying of Alzheimer’s in 2020.

His third proposal is a tax on AI tokens and robots to level the cost gap between human and machine labor. 

Employers pay payroll taxes on human workers, but purchasing a robot often qualifies as a deductible business expense, creating an incentive to replace people with machines, Gates noted.

An AI expert pushes back on Gates’ tax proposal

Not everyone agrees with Gates’ prescriptions, even among researchers who share his concern about AI’s trajectory. 

Oren Etzioni, professor of computer science at the University of Washington, told ABC News that taxing AI tokens amounts to taxing keystrokes on a typewriter.

I think that taxing tokens is like taxing keystrokes on a typewriter. It doesn’t make sense. It measures effort, not displacement of workers

He also raised a competitive concern: If the United States taxes tokens while other countries do not, companies could shift usage to foreign-built models, effectively offshoring their AI activity.

Still, Etzioni stressed it is not too late to act on the risks Gates identified. Policymakers still have a narrow window to respond, he told ABC News.

What Gates’ AI warning means for younger workers and unprepared policymakers

If Stanford’s findings hold, young workers may already be entering a labor market shaped by a 19% employment gap. That shift could arrive well before any of Gates’ three proposals have a chance to reach a vote.

Congress has no active bill proposing an AI token tax or framework to protect jobs from AI displacement. There is also no international oversight body resembling the system Gates proposed for nuclear weapons inspections.

What happens next depends on three things: which industries cross the 19% threshold, whether the payroll-tax-versus-capex gap draws bipartisan interest, and whether any member of Congress is willing to say publicly what Gates says tech executives will only say privately.

Related: Bill Gates makes $180 million bet on backbone of America’s economy

The U.S. government’s balance sheet keeps getting worse by almost every measure investors track. Yet one of Wall Street’s largest banks says that story is only half the picture.

A closer look at who actually owes the money tells a very different story than the headlines about mounting national debt suggest, and it could matter a lot for how markets handle higher interest rates from here on out.

Morgan Stanley says households and companies can handle higher yields

Morgan Stanley expects major developed economies to keep running wide fiscal deficits and adding public sector leverage in the years ahead. But the firm’s research highlights a sharp divergence between public and private financial health.

In the U.S. specifically, the firm’s most recent forecast shows the federal deficit climbing from 6.3% of gross domestic product in 2025 to 7.1% in 2026, representing an increase of roughly $310 billion year over year, according to Morgan Stanley. The U.S. debt-to-GDP ratio now stands at approximately 125%, putting it above France, China, and the United Kingdom.

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Private balance sheets tell a different story entirely. U.S. corporate debt relative to GDP has barely moved over the past decade and sits below its pandemic peak, while household debt has dropped significantly relative to both income and GDP over the same stretch.

That said, the picture is not uniformly rosy at the household level. Total U.S. household debt was nearly $19 trillion in the second quarter, even as household debt relative to GDP has continued improving, CNN reported.

That gap between rising public leverage and falling private leverage is the crux of Morgan Stanley’s call. The firm believes consumers and businesses are well insulated enough to navigate higher yields without facing meaningful constraints on borrowing, spending or investment.

The public debt side of the ledger looks a lot worse

While households and companies hold up well on paper, the federal government’s own numbers tell the opposite story. Total U.S. public debt surpassed $40 trillion for the first time on Aug. 19, marking roughly a one-third increase in less than five years, CNBC reported.

That growth pace has been striking. The debt hit $39 trillion just five months earlier in March, and it was at $38 trillion five months before that in October 2025. The country has been adding a trillion dollars in debt roughly every five months, according to Fortune.

July’s deficit came in at $432.3 billion, the worst single month since March 2021. That pushed the fiscal year-to-date shortfall to nearly $1.8 trillion, CNBC noted. The government is not just borrowing more. It is borrowing faster.

Debt held by the public, the measure economists typically use to compare a nation’s debt against the size of its economy, has already exceeded U.S. GDP for the first time in decades.

Morgan Stanley expects major developed economies to keep running wide fiscal deficits and adding public sector leverage in the years ahead.Michael/Getty Images

Why the U.S. stands out and why the U.K. doesn’t

Among the major economies Morgan Stanley analyzed, only the United Kingdom is forecast to see its fiscal deficit materially smaller in 2027 than it was in 2025.

The U.K.’s debt-to-GDP ratio stands at 96%, meaningfully below the U.S. at 125%, France and China at 120% each, Italy at 138%, and Japan at 208%. Year-to-date, 10-year bond yields in the U.K. have also risen less than yields in the U.S. or Japan, according to Morgan Stanley.

That gap matters in practice. When a government keeps borrowing heavily, it is competing with its own private sector for the same pool of investor capital. That competition pushes rates up. Higher rates then slow down the very private-sector borrowing that was supposed to be healthy.

Morgan Stanley’s own economists have separately noted that AI-related spending could amount to one of the largest waves of investment ever recorded, with investments by large technology companies expected to increase significantly between 2024 and 2027, according to TheStreet.

On the equity side, Morgan Stanley’s broader outlook echoes the same theme of underlying strength. Recent market gains have been driven mainly by earnings growth rather than expanding valuations, according to Andrew Slimmon, head of the firm’s Applied Equity Advisors team.

“Companies are actually doing better than expected,” he said, calling it a healthy, fundamentally driven environment, Morgan Stanley noted.

Slimmon added a caveat, however. A more restrictive monetary policy stance could still challenge that constructive backdrop if higher rates eventually begin weighing on corporate profits, even with balance sheets currently in good shape.

The firm has also warned that tariffs and fading fiscal support could weigh on consumption and economic growth.

What it means for investors

Private balance sheets are fine. Corporate debt is manageable. Household debt relative to income has fallen. Morgan Stanley is not worried about the private sector.

What it is pointing at is the gap between that healthy story and what is happening on the government side, and how long that gap can hold before it starts pulling the private side down with it.

On the government side, the bill keeps growing. Net interest costs hit $857 billion in fiscal 2026 through June alone, as TheStreet reported. Every time the government rolls over old debt at today’s higher rates, that number climbs, leaving less money left for anything else.

The government borrowed its way through the last decade. Most households and companies did not.

That gap is the whole story. It is why Morgan Stanley thinks the private sector can take more heat than the national debt headlines suggest. Whether that gap holds is a different question entirely.

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Glover Teixeira defeated Shogun Rua by unanimous decision at Spaten Fight Night 3 in São Paulo. Full card results, post-fight reaction and where Teixeira goes next.

The award-winning newcomer is a complex sipping spirit crafted by the world’s first regenerative tequila company. Bottled at 100-proof, it retails for just under $100.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Barbecues, campfires, and generally spending time in the backyard have been a pastime for many people for decades. Whether you’re having friends over to cook s’mores, grilling out for the family after work, or enjoying backyard water games in the summer to stay cool, having a spot where people can sit, relax, and enjoy company outdoors matters. Opting for something that fits a couple extra people is always a great idea if you enjoy having friends over.We’ve been able to find some great deals at Walmart, and the Noelse 4-Piece Patio Rocker Set is another great example. It’s on sale for just $100 right now, providing seating for four people while also including a convenient full-sized coffee table. With two rockers and a standard loveseat, this is a fantastic deal if you’re looking to fill out your backyard, add a few more seats for gatherings, or just update your smaller set with something that offers more room for any occasion.  

Noelse 4-Piece Patio Rocker Set, $100 (was $140) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

This set is designed for outdoor use with the breathable textilene fabric that’s easy to clean, tear-resistant, and quick-drying, allowing you to easily hose it off to help clean off dirt, pollen, and other debris. The textilene fabric has a little give, offering a comfortable seat that still offers support and airflow. The wooden armrests not only look good, but they prevent overheating that can hinder comfort in the sun and lead to burns. It also adds a rustic feel and makes the set feel sophisticated. 

Related: Walmart’s top-rated $497 4-piece patio sectional dining set is 40% off

The two rockers include anti-tipping feet that prevent you from falling backwards, adjustable leg pads for comfort, and non-slip pads that protect your floors and prevent the chair from moving around as you rock back and forth. These features make this set a more stable and comfortable option. The coffee table has a waterproof tempered glass top that can be wiped down and used for drinks, plates, personal essentials, and Bluetooth speakers. It allows you to do more than just sit by offering a place to set items during a barbecue, campfire, or a girls’ night in. The loveseat provides space for two more people, measuring 29 inches deep, 42 inches wide, and 32 inches tall.

Details to know

Size: The chairs measure 28.9 inches deep, 22.8 inches wide, and 31.5 inches tall, while the table measures 17.3 inches deep, 29.5 inches wide, and 15.6 inches tall.

Colors: Black is the best deal, but you can choose from a variety of colors at different prices, including brown, blue, or yellow.

Materials: The wooden armrests and textilene seating are weather-resistant and offer comfort on hot days.

One shopper wrote, “I love the rockers, the comfort, and the quality. I was kind of skeptical because the price was so low, but I was very impressed with the outcome.”“Such a great price for this set,” another buyer said. “Smooth rocking chairs; assembly was easy and took less than 30 minutes. Instructions are clear. The table is perfect for a few cups of coffee for sitting out on the front porch and watching the world.”

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Alaulm 4-Piece Patio Set, $89 (was $138) at Walmart

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The Noelse 4-Piece Patio Rocker Set is on sale for just $100 at Walmart. It offers a cozy rocking option, a normal seating option, and a convenient full-sized tempered glass coffee table that makes any get-together easier and more comfortable, while also making your outdoor space look put together. Shoppers save 29%.  

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TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Ask a group of people to pick out the perfect couch, and you’ll get a plethora of different selections. Style is subjective, and what one person looks for color, fabric, and feel might be the complete opposite of what someone else wants. However, most would agree that when you’re considering a new sofa for your living or family room, “size” and “comfort” are two traits certainly worth prioritizing. 

Not only do you want something that has more than enough room to fit you and your family all at once without feeling crammed together, but you also want comfort you can enjoy for years. You wouldn’t skimp on a comfortable bed, seeing how much time you spend in it, so why would you not prioritize the very same things for lounging around outside the bedroom? Although some brands might make you pay for that extra space and softness, if you search at the right retailers, you can get exactly what you want for a reasonable price.

As part of a Walmart Flash deal, the Lofka L-Shaped Sectional Sofa is 47% off. Originally retailing for $580, you can save $270 and get the fully-assembled couch for only $310 right now, plus a $90 shipping fee. 

Lofka L-Shaped Sectional Sofa, $310 (was $580) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

One of the unique features of this particular sectional is that it can be arranged in different ways, allowing you to customize it in a way that best serves your needs. When it’s set up as a traditional L-shaped sectional, it measures 105 inches long, 68.5 inches wide at the chaise lounger end, and 24.4 inches high. However, it can easily be rearranged into a square cube setup, a back-to-back two-sided setup, or one long extended section, which you can see examples of on Walmart’s product page. This gives you more options to play with, perfect for when you want to change the design of a room or adjust for additional guests.

This sofa, which arrives fully assembled, is made with a heavy-duty frame and high-density pure sponge cushioning to provide support for up to 1,400 pounds. It’s covered with a textured corduroy fabric, which gives the sofa a warm, cozy aesthetic that’s velvety-soft. Corduroy is typically a super durable fabric that’s resistant to piling, tearing, and overall wear and tear. It’s also stain-resistant, which means it’s easy to spot clean and ideal for those who deal with the unpredictable chaos of children or pets.

Related: Walmart’s $500 velvet sectional sofa is on sale for $199

The sofa not only has deep cushioned seats and includes two throw pillows, but it also has convenient side pockets built into the fabric for TV remotes, magazines, or other reading materials. The widened armrest provides additional support, as does the ergonomic seat, which is engineered to offer back, lumbar, and hip support when being used. It is available in black and beige. 

Details to know

Material: High-density pure sponge cushioning and corduroy fabric. 

Dimensions: When set up in a traditional L-shape, the couch measures 105 inches long, 68.5 wide, and 24.4 inches high. The seat outside the long chaise end measures 16.5 inches high and 25.2 inches deep. 

Colors: Beige and black.

Assembly required: No, it comes fully assembled. 

Shoppers say this sofa is “incredibly comfortable”, especially with the sponge cushioning and soft, plush corduroy fabric. It is simple, sleek, and very modern, and will blend well with a variety of decor. And the fact that no assembly is required is a big selling point for many shoppers. “Overall, this couch combines style, comfort, and convenience, and I’m so glad I chose it,” one shopper said. 

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If you’ve been hesitant to replace your old couch, there’s no better time to refresh a room and start anew with the Lofka L-Shaped Sectional Sofa for only $310. Compared to other similar styles, it’s one heck of a deal.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

With warm weather is still in the forecast, and outdoor get-togethers are still on the schedule, now is the time to squeeze in last-minute outdoor campfires, barbecues, and fun in the sun, and spending time out in the backyard with friends and eating delicious food. If you’re thinking about hosting, we have found great deals on patio sets and lights to set a comfortable atmosphere for your family and friends. However, when it comes to food, making a show of cooking takes it up a notch. 

Whether cooking dinner for the family or roasting some veggies, the Pit Boss 3-Series Vertical Smoker offers a versatile and delicious cooking option. A smoker is an easy way to cook food for your family gatherings. It can easily be tended to while hanging out outside with everyone, saving you the hassle of running back and forth from the kitchen to the patio. This Pit Boss smoker is 18% off at Amazon, offering a savings of $73. Shoppers can snag this smoker for just $327, and put it to good use for football season, barbecues, and whenever the craving for smoked foods strikes. 

Pit Boss 3-Series Vertical Smoker, $327 (was $400) at Amazon

Courtesy of Amazon

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Why do shoppers love it?

This vertical smoker offers tons of space for smoking meats and veggies with 880 square inches of space. It features four 15-inch by 12-inch racks to fit potatoes, brisket, tofu, squash, and more. The temperature ranges from 100 degrees to 320 degrees, making it a viable option for low and slow or hot and fast, depending on what you need to cook. While this smoker only runs on gas, it features a wood chip tray to add flavor to your food, or you can leave it empty to just get a plain smoke, which is great for pre-marinated foods.  

Related: Amazon’s multi-functional large charcoal grill is just $117 and has two side tables

The external wood chip and ash drawer, the front-access grease drawer, and the removable racks make this smoker super easy to clean and maintain. The 47-inch-tall vertical shape and 22-inch-wide size allow for easy adding and removing, and the large viewing window lets you see into the whole smoker without opening the door and letting the smoke out. It also features a heat indicator that provides an easy and accurate reading while cooking. The two 12,500 British Thermal Unit (BTU) burners are crafted with porcelain-coated stainless steel for efficient and safe heating. 

The pros and cons of this $327 smoker

Pros

Space: This smoker has four racks for smoking various foods.

Viewing window: The viewing window makes it easy to keep an eye on meats while cooking, instead of opening the door and letting heat out. 

Cleaning: The external wood chip and ash removal, and front-access grease door make the smoker easier to clean.

Cons 

Cost: There are smaller smokers available for less money. 

Gas only: This smoker is gas-powered only.

One reviewer said, “Cleaning is a breeze since the racks slide out easily, and the overall build quality feels solid—not cheap and flimsy. Plus, the temperature control is precise, and the wood chip tray is conveniently accessible.”Another shopper said, “My husband likes that he can put pellets for a smoke flavor, or leave them out and just cook. He’s even cooked a pizza in it. He also says it doesn’t seem like it uses a lot of propane. After using it several times a week for well over a month, the tank still fills pretty heavy.”

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Royal Gourmet Analog Smoker, $189 (was $200) at Amazon

Masterbuilt Slow and Cold Smoker, $90 (was $100) at Amazon

The Pit Boss 3-Series Vertical Smoker offers top-notch smoking with an easy-to-clean system. The four racks offer tons of space for all types of food, and the large viewing window makes smoking fun and easy. At 18% off, this smoker is a great deal.