Good morning. We honor the life of Margaret “Maggie” Boden, an 88-year-old philosopher and cognitive scientist from the UK, who profoundly influenced our understanding of creativity in the context of artificial intelligence.
Despite her struggles with technology, Boden excelled in assessing how it shapes our world. She noted in a 2018 article for Aeon that even the most friendly AI lacks intrinsic values. She urged caution when AI developers claim to align AI’s values with human ideals, suggesting such fears of machines taking over are unfounded; they won’t have wants like us.
Tech Updates Below.
—Andrew Nusca
P.S. Don’t miss Fortune’s upcoming Most Powerful Women Summit, taking place from October 13-15 in Washington, D.C. It will feature prominent leaders from tech companies, including Corie Barry from Best Buy and Shannon Clark from Palantir.
Meta’s New ‘Hypernova’ Smart Glasses Launching Soon
Meta, the parent company of Facebook, Instagram, and WhatsApp, is poised to introduce its new high-end smart glasses known as “Hypernova.” Expected later this month, these glasses will feature a display on the lower part of the right lens, letting users view notifications and photos directly in their line of sight.
This upgrade brings the price tag to around $800, significantly higher than the $200 to $500 range for current smart glasses like Ray-Bans or Oakleys, though lower than the previously rumored $1,400. Users will also receive a wristband, similar to those for Meta’s Orion AR glasses, that uses muscle movements to control the device without needing to be seen.
The global smart glasses market, driven mainly by North America, was valued at nearly $2 billion last year and is projected to exceed $8 billion by 2030. Currently, Meta dominates this industry, capturing over 75% of the market share.
—AN
Shein’s UK Sales Surge to $2.8 Billion
The British arm of Chinese fast-fashion retailer Shein saw a robust growth of over 32% last year, making it their third-largest market after the U.S. and Germany. Sales in the U.K. soared to £2.05 billion (approximately $2.77 billion), according to a recent filing.
This boost is promising for Shein as it strives for an IPO. The company first aimed for a public offering in New York, then London, and is now considering a listing in Hong Kong amidst ongoing trade tensions between China and the U.S. Notably, its valuation has plummeted from $100 billion to an estimated $30 billion.
In Europe, Shein’s rise has come at the expense of traditional players like H&M and ASOS, particularly during a time when economic challenges have led many consumers to tighten their spending. Shein’s growth has been further fueled by expanding its product offerings beyond just low-cost clothing to include toys and household items. Currently, they benefit from low-cost import duties in the U.K., unlike in the U.S., though this may change soon with new European regulations.
Startup Down Rounds Hit 10-Year High
The once-soaring valuations of the early 2020s are now declining. Current data reveals that 15.9% of venture-backed deals in 2025 have been down rounds, marking the highest rate in a decade. Additionally, many major IPOs in the second quarter launched below their prior peak valuations.
Some examples include MNTN, which dropped from a $2 billion valuation to $1.1 billion, and Hinge, which fell from $23 billion to $6.2 billion at its IPO. While AI remains a bright spot, nearly 30% of down rounds are being recorded in this sector.
Despite the downturn, big names in AI like OpenAI still see steep valuations. However, the broader IPO market is recovering, with billions generated in exit value recently—the highest since late 2021. Yet, many unicorns remain private, with only a tiny fraction of them debuting on the public market this year.
—Allie Garfinkle
More Tech News
- The Palantir Mafia: Today’s version of the PayPal Mafia is rising, with some overlaps.
- Tech Job Cuts: Job openings for new graduates have halved, largely due to AI developments.
- Acquihires and Culture in Silicon Valley: Concerns grow over how these practices are impacting company culture.
- Ex-Intel Employee Sentenced: A former employee receives a penalty for leaking pricing information to Microsoft.
- AI in Cybercrime: Hackers are increasingly employing AI technologies in their operations.
- Graduating in the Age of AI: Sam Altman, CEO of OpenAI, notes the unique challenges faced by today’s graduates.
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