It’s great timing, because I’m just back from vacation, where I saw both natural and manmade wonders of the world—the Grand Canyon and Hoover Dam—as well as something new rising like a phoenix in the Arizona desert. 

Okay, it’s actually in Phoenix—that is, the sprawling new semiconductor plant from Taiwan Semiconductor Company (TSMC) that will produce sophisticated AI chips for clients like Nvidia and Amazon. It’s something to see if you ever find yourself cruising Loop 303 off of Interstate 17 on the north side of the city. 

But maybe before it gets over 110 degrees, amirite? —Sharon Goldman

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Sam Altman testifies before Congress for the first time in two years

OpenAI CEO Sam Altman, during a Senate hearing on Thursday, stressed America’s need to stay ahead in the global artificial intelligence race.

The hearing, focused on how the U.S. could outmaneuver China in AI, was Altman’s first congressional appearance since his high-profile testimony in 2023. That hearing, which generated widespread media coverage, propelled Altman onto the global stage just six months after the launch of OpenAI’s chatbot ChatGPT.

In his remarks on Thursday, Altman hammered home on the importance of U.S. AI efforts not being “slowed down” by ill-considered regulations. His testimony was far different from his 2023 appearance, when the primary focus of lawmakers was AI safety and regulation. At the time, Altman urged Congress to regulate AI, emphasizing the potential risks if left unchecked. And he proposed creating a federal agency responsible for licensing and auditing AI models, particularly those with capabilities that could pose significant risks. 

On Thursday, dressed in a dark grey suit, blue tie, and white shirt, Altman faced little in the way of pushback from U.S. senators about his change of heart about regulation or increasing concerns about AI safety. —SG

Meta tests the crypto waters again

A few years after abandoning its Libra crypto project, the social media company Meta is in discussions with crypto firms about introducing stablecoins to use for some payouts to users, five sources familiar with the matter told Fortune.

The discussions, which remain at a preliminary stage, are being led by Ginger Baker, a Meta vice president of product who joined the company in January and who has previous experience in crypto.

One executive at a crypto infrastructure provider suggested Meta’s subsidiary, Instagram, could use stablecoins to facilitate small payouts in the range of $100 to creators in different markets. Stablecoins are nonvolatile cryptocurrency typically pegged to the U.S. dollar.

The source described Meta as being in “learn mode,” adding that it would likely be agnostic about the type of stablecoin it uses, rather than choosing one provider, such as Circle’s USDC.

In 2019, when Meta was still Facebook, the company unveiled an ambitious blockchain initiative involving a stablecoin backed by a basket of fiat currencies. But the company pulled the plug on its plans in the face of opposition from lawmakers. —Leo Schwartz and Ben Weiss

Apple works on specialized chips for smart glasses and AI servers

Apple is developing new chips that would power upcoming devices including the company’s first smart glasses, more powerful Macs, and AI servers. 

According to Bloomberg, the tech giant has reportedly made significant progress on the chip for its highly-anticipated smart glasses, which will compete directly with Meta’s popular Ray-Bans. 

Apple’s silicon team has become a cornerstone of its product strategy, particularly after the company replaced Intel processors with its own Mac chips in 2020. The team is also working on advanced semiconductors for future Mac models and AI servers that will support the Apple Intelligence platform. —SG

More tech

—Dead Arizona man addresses killer through AI. He delivered a victim’s statement through an AI-powered video created by his family. 

—Microsoft and Google get together on AI agents. The two tech giants agreed to support the same technical standard in an effort to make their AI agents interoperable. 

—Study suggests AI use can damage professional reputation. Turns out workers judge others for using AI—and fear its stigma.

—Instacart boss Fidji Simo was the first in her family to graduate from high school. OpenAI CEO Sam Altman just hired her to be a CEO for OpenAI’s applications.

Palantir joins an elite club of U.S. tech companies. The data crunching company’s stock has been on a tear recently, placing it among the top 10 most valuable U.S. tech businesses.