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Evernote’s apps were still downloaded 50,000 times a day — user complaints and internal tumult notwithstanding.

Though portrayed by some in the West as a “pragmatist” or “moderate,” during his long career of nearly 40 years, Rafsanjani was responsible for suppression at home, terrorism abroad, and the regime’s quest for nuclear weapons.

The Iranian clandestine nuclear weapons program jump-started and moved forward under Rafsanjani and he intensified cooperation with countries like North Korea.

In a sharp departure from the previous administrations’ search for the unicorn of “moderates” in Iran, the incoming Trump administration must lead an international effort to further contain, isolate and pressure the world’s largest state-sponsor of terror by adopting a principled and firm policy towards the murderous rulers of Tehran, while reaching out to the Iranian people and their organized opposition who seek a secular, democratic and non-nuclear republic in Iran.

Is this all sounding rather familiar now? Does it remind you of something?

The similarities between Gamergate and the far-right online movement, the “alt-right”, are huge, startling and in no way a coincidence

fter all, the culture war that began in games now has a senior representative in The White House. As a founder member and former executive chair of Brietbart News, Steve Bannon had a hand in creating media monster Milo Yiannopoulos, who built his fame and Twitter following by supporting and cheerleading Gamergate. This hashtag was the canary in the coalmine, and we ignored it.

Gamergate was an online movement that effectively began because a man wanted to punish his ex girlfriend. Its most notable achievement was harassing a large number of progressive figures - mostly women – to the point where they felt unsafe or considered leaving the industry

The same voices moved into other geek communities, especially comics, where Marvel and DC were criticised for progressive storylines and decisions. They moved into science fiction with the controversy over the Hugo awards. They moved into cinema with the revolting kickback against the all-female Ghostbusters reboot.

no one in the movement was willing to be associated with the abuse being carried out in its name. Prominent supporters on Twitter, in subreddits and on forums like 8Chan, developed a range of pernicious rhetorical devices and defences to distance themselves from threats to women and minorities in the industry: the targets were lying or exaggerating, they were too precious; a language of dismissal and belittlement was formed against them. Safe spaces, snowflakes, unicorns, cry bullies. Even when abuse was proven, the usual response was that people on their side were being abused too. These techniques, forged in Gamergate, have become the standard toolset of far-right voices online

In 2016, new wave conservative media outlets like Breitbart have gained trust with their audience by painting traditional news sources as snooty and aloof. In 2014, video game YouTube stars, seeking to appear in touch with online gaming communities, unscrupulously proclaimed that traditional old-media sources were corrupt. Everything we’re seeing now, had its precedent two years ago.

With 2014’s Gamergate, Breitbart seized the opportunity to harness the pre-existing ignorance and anger among disaffected young white dudes. With Trump’s movement in 2016, the outlet was effectively running his campaign: Steve Bannon took leave of his role at the company in August 2016 when he was hired as chief executive of Trump’s presidential campaign

young men converted via 2014’s Gamergate, are being more widely courted now. By leveraging distrust and resentment towards women, minorities and progressives, many of Gamergate’s most prominent voices – characters like Mike Cernovich, Adam Baldwin, and Milo Yiannopoulos – drew power and influence from its chaos

These figures gave Gamergate a new sense of direction – generalising the rhetoric: this was now a wider war between “Social Justice Warriors” (SJWs) and everyday, normal, decent people. Games were simply the tip of the iceberg – progressive values, went the argument, were destroying everything

it quickly became clear that the GamerGate movement was a mess – an undefined mission to Make Video Games Great Again via undecided means.

Using 4chan (and then the more sympathetic offshoot 8Chan) to plan their subversions and attacks made Gamergate a terribly sloppy operation, leaving a trail of evidence that made it quite clear the whole thing was purposefully, plainly nasty. But the video game industry didn’t have the spine to react, and allowed the movement to coagulate – forming a mass of spiteful disappointment that Breitbart was only more than happy to coddle

Historically, that seems to be Breitbart’s trick - strongly represent a single issue in order to earn trust, and then gradually indoctrinate to suit wider purposes. With Gamergate, they purposefully went fishing for anti-feminists. 2016’s batch of fresh converts – the white extremists – came from enticing conspiracy theories about the global neoliberal elite secretly controlling the world.

The greatest strength of Gamergate, though, was that it actually appeared to represent many left-leaning ideals: stamping out corruption in the press, pushing for better ethical practices, battling for openness.

There are similarities here with many who support Trump because of his promises to put an end to broken neo-liberalism, to “drain the swamp” of establishment corruption. Many left-leaning supporters of Gamergate sought to intellectualise their alignment with the hashtag, adopting familiar and acceptable labels of dissent – identifying as libertarian, egalitarian, humanist.

At best they unknowingly facilitated abuse, defending their own freedom of expression while those who actually needed support were threatened and attacked.

Genuine discussions over criticism, identity and censorship were paralysed and waylaid by Twitter voices obsessed with rhetorical fallacies and pedantic debating practices. While the core of these movements make people’s lives hell, the outer shell – knowingly or otherwise – protect abusers by insisting that the real problem is that you don’t want to talk, or won’t provide the ever-shifting evidence they politely require.

In 2017, the tactics used to discredit progressive game critics and developers will be used to discredit Trump and Bannon’s critics. There will be gaslighting, there will be attempts to make victims look as though they are losing their grip on reality, to the point that they gradually even start to believe it. The “post-truth” reality is not simply an accident – it is a concerted assault on the rational psyche.

The strangest aspect of Gamergate is that it consistently didn’t make any sense: people chose to align with it, and yet refused responsibility. It was constantly demanded that we debate the issues, but explanations and facts were treated with scorn. Attempts to find common ground saw the specifics of the demands being shifted: we want you to listen to us; we want you to change your ways; we want you to close your publication down. This movement that ostensibly wanted to protect free speech from cry bully SJWs simultaneously did what it could to endanger sites it disagreed with, encouraging advertisers to abandon support for media outlets that published stories critical of the hashtag. The petulance of that movement is disturbingly echoed in Trump’s own Twitter feed.

Looking back, Gamergate really only made sense in one way: as an exemplar of what Umberto Eco called “eternal fascism”, a form of extremism he believed could flourish at any point in, in any place – a fascism that would extol traditional values, rally against diversity and cultural critics, believe in the value of action above thought and encourage a distrust of intellectuals or experts – a fascism built on frustration and machismo. The requirement of this formless fascism would – above all else – be to remain in an endless state of conflict, a fight against a foe who must always be portrayed as impossibly strong and laughably weak

2016 has presented us with a world in which our reality is being wilfully manipulated. Fake news, divisive algorithms, misleading social media campaigns.

The majority of people who voted for Trump will never take responsibility for his racist, totalitarian policies, but they’ll provide useful cover and legitimacy for those who demand the very worst from the President Elect. Trump himself may have disavowed the “alt-right”, but his rhetoric has led to them feeling legitimised. As with Gamergate, the press risks being manipulated into a position where it has to tread a respectful middle ground that doesn’t really exist.

Perhaps the true lesson of Gamergate was that the media is culturally unequipped to deal with the forces actively driving these online movements. The situation was horrifying enough two years ago, it is many times more dangerous now.

The Bernie-or-Bust-ers tend to be young, male, and white; few describe themselves as Democrats, and many are new to voting. Women, people of color, and Democrats seem more open to Clinton.

They’re both challenging the system. We are people who don’t believe in the system! We want to make a new system where people take care of each other.”

The Sanders movement has become impervious to reality. Some have even called into question the nature of reality itself: “Bernie Sanders’ ‘political revolution’ is political only inasmuch as thought is political,” a self-described “metamodernist creative writer”

Sanders has repeatedly said he will not play the spoiler—by running as an independent or backing a third-party candidate such as Stein. He says he will do everything in his power to defeat Trump.

A spate of recent polls have shown Clinton tied with or slightly trailing Trump in November matchups, the apparent effect of a Republican Party that has unified and a Democratic Party that remains fractured.

Many Sanders supporters told me they had once liked Clinton, but over the course of the primary they have come to dislike and distrust her.

It seems fitting that this potentially final battle royale should take place in California, a big, liberal state populated by all the various Democratic tribes: the kombucha-sipping hipsters of San Francisco; the techno-utopians of Silicon Valley; the limousine liberals of Hollywood; the large black and Latino populations.

A poll of the state conducted earlier this month gave Clinton an 18-point lead over Sanders, but in a new poll released Thursday, that had narrowed to just two points.

This week, he was given five slots on the Democratic platform committee, which will allow him to influence what the party stands for—presumably an important goal.

“I was very loving toward Bernie Sanders until about a week ago, but now he’s working to elect Trump,” said Kathy Katz, 73, of Temecula. “We’re all way more liberal than the Democratic Party, but some of us realize you can’t win an election that way!”

Clinton, for her part, has taken to pretending Sanders does not exist. In her speech, she referred only to Trump, whose candidacy, she said, “may have started out as entertaining, but now it’s really, really concerning.” She added, “We have a bully pulpit in the White House—that doesn’t mean we want a bully in the White House!”

Sanders was introduced by a blind Filipino delegate and a gay actress who spoke passionately in favor of transgender rights and compared Sanders to a unicorn, because “he seems too good to be true.”

watching Obama both be black and speak for the state was torturous. One got the sense of a man fatigued by people demanding he say something both eminently profound and only partially true. This must be tiring.

Black people know what cannot be said. What clearly cannot be said is that the events of Ferguson do not begin with Michael Brown lying dead in the street, but with policies set forth by government at every level. What clearly cannot be said is that the people of Ferguson are regularly plundered, as their grandparents were plundered, and generally regarded as a slush-fund for the government that has pledged to protect them. What clearly cannot be said is the idea of superhuman black men who "bulk up" to run through bullets is not an invention of Darren Wilson, but a staple of American racism.

As it happens, there is nothing about a congenitally racist country that necessarily prevents an individual leader hailing from the pariah class. The office does not care where the leader originates, so long as the leader ultimately speaks for the state.

What clearly cannot be said is that violence and nonviolence are tools, and that violence—like nonviolence—sometimes works. "Property damage and looting impede social progress," Jonathan Chait wrote Tuesday. He delivered this sentence with unearned authority. Taken together, property damage and looting have been the most effective tools of social progress for white people in America. They describe everything from enslavement to Jim Crow laws to lynching to red-lining.

What cannot be said is that America does not really believe in nonviolence—Barack Obama has said as much—so much as it believes in order. What cannot be said is that there are very convincing reasons for black people in Ferguson to be nonviolent. But those reasons emanate from an intelligent fear of the law, not a benevolent respect for the law.

Perhaps one day we won't, and maybe that is reason to hope. Hope is what Barack Obama promised to bring, but he was promising something he could never bring.

And that is because the death of all of our Michael Browns at the hands of people who are supposed to protect them originates in a force more powerful than any president: American society itself. This is the world our collective American ancestors wanted. This is the world our collective grandparents made. And this is the country that we, the people, now preserve in our fantastic dream. What can never be said is that the Fergusons of America can be changed—but, right now, we lack the will to do it.

The fact is that when the president came to the podium on Monday night there actually was very little he could say. His mildest admonitions of racism had only earned him trouble. If the American public cannot stomach the idea that arresting a Harvard professor for breaking into his own home is "stupid," then there is virtually nothing worthwhile that Barack Obama can say about Michael Brown.

Hope is not feel-goodism built on the belief in unicorns. Martin Luther King had hope, but it was rooted in years of study and struggle, not in looking the other way. Hope is not magical. Hope is earned.

It is my guiding thesis that people who claim a serious interest in America but consider racism to be a niche topic are divided against themselves. You can't understand American politics, without understanding the Civil War. You can't understand the suburbs, without understanding redlining. You can't understand the constitution, without understanding slavery. In effect if you are an American who avoids understanding the force of racism, you are avoiding an understanding of yourself and your country. 

The East was the Nazi Manifest Destiny. In Hitler’s view, “in the East a similar process will repeat itself for a second time as in the conquest of America.” As Hitler imagined the future, Germany would deal with the Slavs much as the North Americans had dealt with the Indians. The Volga River in Russia, he once proclaimed, will be Germany’s Mississippi.

It's easy to consider the reduction of this hemisphere's aboriginal people, the seizure of their land, their enslavement, the importation of African labor, the creation of a "black race," the profitable murder of black families, the perpetual warring against black people, the subsequent campaigns of terrorism which followed, as without analogue or global import. As though the land simply appeared beneath our feet, and by God's decree, delivered onto us its wealth. As though our state was not founded in plunder of land, labor and lives.

When Americans complained about Nazi anti-Semitism, party officials rejoined by citing southern racial practices, claiming a kinship. The Völkischer Beobachter, the oldest Nazi Party newspaper, routinely disparaged Africans and African-Americans. Like much of the German press, it frequently printed antiblack cartoons, reminded its readers that southern public accommodations were segregated, and delighted in reporting how blacks, like German Jews, could not sleep in Pullman cars and could not exercise the right to vote. Lynching was a favorite subject. Neues Volk celebrated southern lynching for protecting white women from unrestrained black desire. The Völkischer Beobachter published many graphic stories that were intended to support lynching as a tool to shield white sexual purity. “The SS journal Schwarze Korps exclaimed that if lynching occurred in Germany as it did in the American South, the whole world would complain loudly.” 

The desire to put a history of American racism, which is to say a portion of America's roots, in a corner is a kind of wish-fulfillment. It would be so much easier if "black studies" really were niche, if it really weren't that important, if racism really was a minor thread in the history of the West.

a large minority still want to saddle up unicorns and ride back to lost terrain. They cry “WTO transition”, “Malthouse compromise”, “Brady amendment” as if these were negotiable concepts and not exotic acts in the clammy circus tent of Eurosceptic imagination.

Another frustration is that British politicians are incapable of telling their voters the truth about difficult trade-offs. Some officials and leaders think the value of EU partnership will only be grasped once the benefits of membership are lost and the task in hand is buying them back

Continental leaders thought the pragmatic diplomat they dealt with in Brussels was the real Britain and the spittle-spraying nationalist was a stock character, strutting the repertory stage. It turns out to be the other way around. Or rather, the Conservative party has strapped the grimacing mask so tightly to its face that it is no longer a mask. Those are now the distorted features we show to the world.

Again, the survey isn’t a perfect proxy for the opinions of right-leaning intellectuals, but it strongly suggests that there is nothing close to consensus on the right as to whether or not racially disparate outcomes are due to innate group differences. What’s more, while Charles Murray and others have emphasized IQ as a key factor that explains both interracial and intraracial disparities, my impression is that theirs is far from the leading narrative on the right.

A third story covered the Fresno State professor criticized for insulting Barbara Bush upon her death. A fourth reported on a Breitbart reporter who was suspended from Twitter for declaring that 100 percent of transgender people are “mental patients.” A fifth notes that the U.K. now ranks embarrassingly low on the Press Freedom Index. A sixth notes that a British man was fined in court for teaching his dog to do a Nazi salute––he says that he did it as a joke in order to annoy his girlfriend. A seventh praised Kanye West for ostensibly winning a victory for free speech. Those are the first articles that I pulled up, not a random sample, but they illustrate that the site’s coverage of free speech includes many controversies that, boiled down, have nothing to do with “the right to say races and sexes are inherently different without fear of censure,” along with some that do.

He concludes his Twitter essay, “The age of Trump is one of racial and gender animus. Trump’s divisiveness and hate have infected every corner of our intellectual landscape, poisoned every discussion.” With his last sentence I concur: “American intellectual life is just one more thing that won’t be healthy again until Trump is gone.”

Many Chinese tech companies are “at this critical size that the China market alone is not enough to support their business and valuation,

The surge also positions Asia’s investors to win stakes in markets that Western companies covet, or that have national security implications.

. “If you think that being the locus of invention gives you a boost to your GDP and so forth, that’s a deterioration of the U.S. competitive advantage.”

Although one of the biggest Asian investors is Japan’s SoftBank Group Corp. , which has tapped Middle Eastern money to create the world’s largest tech-investment fund, it is Chinese activity that is having the greatest impact.

China is creating unicorns—startups valued at a billion dollars or more—at much the same pace as the U.S., drawing on funding from internet giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. as well as more than a thousand domestic venture-capital firms that have raised billions of dollars a year for the past few year

Chinese-led venture funding is about 15 times its size in 2013, outpacing growth in U.S.-led financing, which roughly doubled in that time period

Most Chinese-led investment so far has gone to the country’s own firms, the Journal analysis found. Many of them, like the Yelp equivalent Meituan-Dianping, are household names with millions of customers in China, yet virtually unknown elsewhere.

The rise of China’s venture market “signifies a shift from a single-epicenter view of the world to a duopoly,” he says.

Madhur Deora, chief financial officer for Paytm, one of India’s biggest e-payments firms, says the company approached Alibaba affiliate Ant Financial instead of U.S. backers for funding in 2015 because Chinese mobile-internet innovations are “way far ahead of anything that’s happened in the U.S.

One reason China’s push into new technologies worries many in the U.S. is that, unlike the hunt for good returns that underpins most Western venture finance, a lot of Chinese investment is driven by strategic interests, some carrying the specter of state influence.

China is pushing hard into semiconductors, for which the government has provided billions of dollars in public funding, and artificial intelligence, where Beijing in July set a goal of global leadership by 2030

Mr. Lee, the venture investor, predicts that in the next five to 10 years Chinese tech companies will become pacesetters for tech-related development, vying with the likes of Alphabet Inc.’s Google and Facebook for dominance in markets outside the English-speaking world and Western Europe.

“All the rest of the world will basically be a land grab between the U.S. and China,

“The U.S. approach is: We’ll build a better product and just win over all the countries,” says Mr. Lee. The Chinese approach is “we’ll fund the local partner to beat off the American companies.”

Asia’s rise as a startup financier is even starker in the biggest venture investments—those of $100 million or more. These megadeals have become an increasingly important part of venture finance as valuations have ballooned, with their proportion of deal volume growing from around 8% in 2007 to around half of the total last year.

In Southeast Asia, a flood of Chinese money into local startups—such as the $1.1 billion Alibaba-led investment into Indonesian online marketplace PT Tokopedia last year—is drawing the region closer to China

Chinese money is also playing a big role in India, which, with a population of 1.2 billion, has been described as the next big internet market. Chinese and Japanese investors each led nearly $3 billion in venture finance in India last year, ahead of the nearly $2 billion in deals led by U.S. investors

“Think of strategic investments and M&A as playing a game of go,” said Mr. Tsai, the Alibaba executive vice chairman, at the investor conference last year. “In a game of go the strategic objective is to put your pieces on the chessboard and surround your opponent.”

it has invested in more than 800 companies, including a 12 percent stake in Snap and 5 percent in Tesla. By comparison, GV, formerly Google Ventures and the most active corporate venture capital arm in the United States, has invested in more than 500 companies.

Most important, Tencent is a platform operator. It runs WeChat, a mobile messaging app with social media and financial services abilities.

WeChat needs other companies to keep its one billion users glued to the app. An operating system and an app store in its own right, WeChat allows users to run miniprograms created and run by other companie

Those users can make purchases using WeChat’s payment system. Tesla, Airbnb and Starbucks all have their own WeChat miniprograms. So do most of major Chinese websites — barring those that WeChat forbids.

Friendly companies build miniprograms for WeChat. Tencent invested in China’s ride-sharing and bike-sharing companies because their users pay frequently, and Tencent wanted them to use WeChat Pay.

No matter how decent or humble Tencent may act, it’s a giant conglomerate with $24 billion in profit last year and spends much of it on investment. It picks winners and losers, but the winners won’t always be the best out there, thus harming innovation and efficiency.

It limits user access to other products and services. Its WeChat app doesn’t allow users to share links for merchandise on Alibaba’s Taobao online marketplace or for short videos on Douyin, TikTok’s Chinese sister company.

Tencent doesn’t just court the industry. It has also long tried to get close to the government. Compared with the sometimes defiant Alibaba, Tencent has long publicly underscored its willingness to comply fully with rules and regulations.

In April, the company said it would spend $7.8 billion on green energy, education, village revitalization and other pet topics of President Xi Jinping. In the view of Hong Bo, an internet commentator, Tencent is acting for self-preservation.

In Europe renewable energy prompted something almost as wrenching for a different sort of energy firm—utilities. Faced with an existential threat from wind and solar, fossil-fuel power producers such as Germany’s E.ON and RWE tore themselves apart, redesigned their businesses, and emerged cleaner and stronger.

Southern European firms like Spain’s Iberdrola and Italy’s Enel took renewables worldwide. Last year total shareholder returns from the reinvigorated European utilities left the oil-and-gas industry in the dust.

Some giants, like ExxonMobil and Chevron in America, continue to bet most heavily on oil

Others, among them Europe’s supermajors, Royal Dutch Shell, Total and BP, increasingly favour natural gas, and see low-carbon (though not necessarily zero-carbon) power generation as a way to prop up their business model as more cars and other things begin to run on electricity.

of a whopping $80bn or so of capital expenditure by Europe’s seven biggest listed energy firms last year, only 7.4%—less than $1bn each on average—went to clean energy.

capital spending on renewable energy, power grids and batteries will need to rise globally to $1.2trn a year on average from now until 2050, more than double the $500bn spent each year on oil and gas.

To help fund that, it reckons that oil-and-gas companies will need to divert $10trn of investments away from fossil fuels over the same period.

For now, oil executives show no appetite for such a radical change of direction. If anything, they are working their oil-and-gas assets harder, to skim the profits and hand them to shareholders while they still can. Oil, they say, generates double-digit returns on capital employed. Clean energy, mere single digits.

Big Oil has ways to make other high-risk, high-reward bets on clean energy. One is through venture capital. The OIES calculates that of 200 recent investments by the oil majors, 70 have been in clean-energy ventures, such as electric-vehicle charging networks. They have generally been small for now. But BP reportedly plans to build five $1bn-plus “unicorns” over the next five years with an aim of providing more energy with lower emissions

Another way is to back research and development in potentially groundbreaking technologies such as high-altitude wind energy, whose generating efficiency promises equally lofty profits.

As national climate commitments grow more stringent, governments may go on the warpath. UBS argues that it may be necessary for governments to “ban” the $10trn of oil-and-gas investments to reach net zero emissions by 2050

Mercedes Schlapp, a senior campaign adviser to President Trump, said on Fox Business that Joseph R. Biden Jr., the presumptive Democratic presidential candidate, supports “rainbow and unicorn deals like the Green New Deal” that would raise energy prices and harm an already-ailing economy.

with exploding unemployment, epic lines at food banks and rising poverty, Republicans would have their own ready response: Look at the price.

“This is what a carbon-constrained world looks like,” Michael McKenna, who served as Mr. Trump’s deputy assistant on energy and environment issues.

“I wouldn’t talk about the present crisis as though it has a silver lining.” Doing so, he said, “plays into the hands of people who argue that action on climate means the destruction of the economy.”

The ominous warnings of a clean-air economic catastrophe may appeal to Mr. Trump’s base, which overwhelmingly supports the president’s withdrawal from the Paris Agreement on climate change, elimination of regulations on fossil fuel industries and general antagonism toward the established science of man-made global warming.

“The Republicans’ line of attack is going to be that the Democrats are trying to create a massive Green New Deal that’s going to create a lot of spending at a time when we just can’t afford that,”

Focusing on the economic pain that voters would encounter under Democratic energy policies, Mr. Bonjean said, is “the sweet spot” for Republican campaigns.

Over the past two months, Republican lawmakers, the Trump campaign and conservative outlets have hammered the themes that Democrats are more interested in climate change than reviving the economy, that Mr. Biden and environmental groups are seeking to exploit the pandemic to push a “radical” green agenda, and that the economic fallout of Covid-19 is a preview of life under ambitious climate change policies.

They have also labeled virtually every climate change effort as part of the Green New Deal

The most explicit attack so far has come from the Heartland Institute, a climate denialist group with ties to the Trump administration, which held a recent online conference asking, “Is the Coronavirus Lockdown the Future Environmentalists Want?”

“What is the Green New Deal if you think about it? It’s just one giant national recession.”

“I think what the coronavirus has done is opened the door, opened the window, opened the whole house to the possibilities of a real conversation now, because people have learned the hard way what happens when you don’t listen to the scientists,” Mr. Kerry said

Stef Feldman, policy director for Mr. Biden, said in a statement that Mr. Trump was “presenting a false choice” on climate change. Mr. Biden’s plan, she said, “will set a clear path to a stronger, more inclusive middle class and create a competitive U.S. economy that rebuilds our infrastructure, makes us the world’s exporter of green technology and stops the worst impacts of climate change that would devastate agriculture, manufacturing and other industries across the country.”

Republicans said they saw political opportunity as progressives worked to persuade Mr. Biden to accept more ambitious climate change policies.

“I think the Democrats have to be careful,” said John Feehery, a Republican strategist. “The No. 1 issue coming out of this pandemic is going to be the economy, and people don’t have a whole lot of patience for climate stuff if you don’t have a job.”

“There are people inside the administration and people inside the campaign who believed that some part of the mix of success was going to be embracing some of this ridiculousness. The economic catastrophe upon us has sheared all of that away,” Mr. McKenna said. “Everyone is going back to first principles, and first principles is, you don’t make anything more expensive in an economic downturn.”

But sometimes Wal-Mart’s demands are catastrophic for suppliers.

Why did these suppliers go along with Wal-Mart’s demands? Because Wal-Mart was such a large portion of their sales that they had no choice. Once your product is being sold in Wal-Mart, you cannot afford for it not to be sold in Wal-Mart. If you walk away from Wal-Mart, there is no alternate retail pathway on which to unload the excess volume you now make.

As one CEO told Fishman for his book, the experience of agreeing to let Wal-Mart sell his company’s product was like getting in bed with the mafia. He got squeezed and squeezed until his business died.

As an economic matter, Wal-Mart and Facebook are the same. Both are aggregators. Wal-Mart of retail products; Facebook of content

They need suppliers in the aggregate—they need goods on the shelves and articles in the feed. But if any specific supplier (your pickle company, BuzzFeed News) goes out of business—that doesn’t matter to them. Because there are a million others waiting to take their place.

And that is the story of the social media age of news.

One of the things these media outlets learned over the last decade is that while they evolved so that they needed Facebook in order to survive, Facebook didn’t need them. At all.

The fundamental problem with aggregators in the news business is that the publications themselves are supposed to be the aggregator.

What is the New York Times, or the Atlantic, or The Bulwark, but an aggregation of news content? Once you, as a publication, disaggregate your content so that other platforms can aggregate it along with content from everywhere else, then you have begun to give away your economic power.

The goal for media companies is to titrate the optimal point where your institution allows enough disaggregation of content to seed wider interest in the whole—but not so much that it gives away the greatest part of its economic power.

The key concept is that every media organization should see itself as a platform. Which means prioritizing a direct relationship with the audience over everything else.

That’s the future of the media business. Period.

That’s what podcasts are.3 People tend to think about podcasting as an alternate form of radio, but that's not right. A podcast is a direct feed from creator to listener that prevents the station manager or the network executive from aggregating the creator's work with others'.

That’s what the New York Times and the Atlantic have done by prioritizing their subscription audiences and getting away from Facebook.

And that’s what Substack and the newsletter revolution is.4

One of the reasons I like Substack is that the company has positioned itself as a utility and not an aggregator. This choice explains why Substack is good for publishers, but has never really been a darling of the VC world. It’s hard to be a unicorn as a utility. (Though it can be done; see Stripe.)

the real problem with Mr. Andreessen’s manifesto may be not that it’s too outlandish, but that it’s too on-the-nose.

Neoreactionary thought contends that the world would operate much better in the hands of a few tech-savvy elites in a quasi-feudal system. Mr. Andreessen, through this lens, believes that advancing technology is the most virtuous thing one can do.

And the way we regard that wealth as a product of good decision-making and righteous hard work, no matter how many billions of dollars of investors’ money they may have vaporized, how many other people contributed to their success or how much government money subsidized it

In the case of ordinary individuals, however, debt is regarded as not just a financial failure but a moral one. (If you are successful and have paid your student loans off, taking them out in the first place was a good decision. If you haven’t and can’t, you were irresponsible and the government should not enable your freeloading.)

He articulates (albeit in a refrigerator magnet poetry kind of way) a strain of nihilism that has gained traction among tech elites, and reveals much of how they think about their few remaining responsibilities to society.

This strain of thinking is disdainful of democracy and opposes institutions (a free press, for example) that bolster it. It despises egalitarianism and views oppression of marginalized groups as a problem of their own making.

Who is doing the telling here, and who is being told? It’s not technology (a term so broad it encompasses almost everything) that’s reducing wages and increasing inequality — it’s the ultrawealthy, people like Mr. Andreessen.

It argues for an extreme acceleration of technological advancement regardless of consequences, in a way that makes “move fast and break things” seem modest.

Mr. Andreessen claims to be against authoritarianism, but really, it’s a matter of choosing the authoritarian — and the neoreactionary authoritarian of choice is a C.E.O. who operates as king.

it is taken seriously by people who imagine themselves potential Chief Executive Authoritarians, or at the very least proxies. This includes another Silicon Valley billionaire, Peter Thiel, who has funded some of Mr. Yarvin’s work and once wrote that he believed democracy and freedom were incompatible.

how did they sell so many other people on it? By pretending that for all their wealth and influence, they are not the real elites.

When Mr. Andreessen says “we” are being lied to, he includes himself, and when he names the liars, they’re those in “the ivory tower, the know-it-all credentialed expert worldview,” who are “disconnected from the real world, delusional, unelected, and unaccountable — playing God with everyone else’s lives, with total insulation from the consequences.”

His depiction of academics of course sounds a lot like — well, like tech overlords, who are often insulated from the real-world consequences of their inventions, including but not limited to promoting disinformation, facilitating fraud and enabling genocidal regimes.

“We are told that technology takes our jobs,” Mr. Andreessen writes, “reduces our wages, increases inequality, threatens our health, ruins the environment, degrades our society, corrupts our children, impairs our humanity, threatens our future, and is ever on the verge of ruining everything.”

You can see it in the way we valorize the C.E.O.s of “unicorn” companies who have expanded their wealth far beyond what could possibly be justified by their individual contributions

The argument for total acceleration of technological development is not about optimism, except in the sense that the Andreessens and Thiels and Musks are certain that they will succeed. It’s pessimism about democracy — and ultimately, humanity.

the billionaire classes of Silicon Valley are frustrated that they cannot just accelerate their way into the future, one in which they can become human/technological hybrids and live forever in a colony on Mars

In pursuit of this accelerated post-Singularity future, any harm they’ve done to the planet or to other people is necessary collateral damage. It’s the delusion of people who’ve been able to buy their way out of everything uncomfortable, inconvenient or painful, and don’t accept the fact that they cannot buy their way out of death.

As it turns out, technology demand only increased and the Nasdaq had its best year since 2009, spurred on by low interest rates and a surge in spending on products for remote work.

“Companies that recently raised at very high prices at the height of valuation inflation may be grappling with high burn rates and near-term challenges growing into those valuations,” Shakir told CNBC in an email. “Others that were more dilution-sensitive and chose to raise less may now need to consider avenues for extending runway that would have seemed unpalatable to them just months ago.”

“Our companies heeded that advice and most companies are now prepared for winter,” Lux wrote.

“This time, many of those tools have been exhausted,” Sequoia wrote. “We do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery like we saw at the outset of the pandemic.”Sequoia told its companies to look at projects, research and development, marketing and elsewhere for opportunities to cut costs. Companies don’t have to immediately pull the trigger, the firm added, but they should be ready to do it in the next 30 days if needed.

And among companies that are still private, staff reductions are underway at Klarna and Cameo, while Instacart is reportedly slowing hiring ahead of an expected initial public offering. Cloud software vendor Lacework announced staffing cuts on Friday, six months after the company was valued at $8.3 billion by venture investors.“We have adjusted our plan to increase our cash runway through to profitability and significantly strengthened our balance sheet so we can be more opportunistic around investment opportunities and weather uncertainty in the macro environment,” Lacework said in a blog post.

Shakir agreed with that assessment. “Like many, we at Lux have been advising our companies to think long term, extend runway to 2+ years if possible, take a very close look at reducing burn and improving gross margins, and start to set expectations that near-term future financings are unlikely to look like what they may have expected six or 12 months ago,” she wrote.

Lux highlighted one of the painful decisions it expects to see. For several companies, the firm said, “sacrificing people will come before sacrificing valuation.”But venture firms are keen to remind founders that great companies emerge from the darkest of times. Those that prove they can survive and even thrive when capital is in short supply, the thinking goes, are positioned to flourish when the economy bounces back.

conditions.”CORRECTION: This story was updated to reflect that cloud software vendor Lacework raised $1.3 billion in growth funding at a valuation of $8.3 billion.

a “builder class”—a brains trust of youngish idealists, which includes Patrick Collison, co-founder of Stripe, a payments firm valued at $74bn, and other (mostly white and male) techies, who are posing questions that go far beyond the usual interests of Silicon Valley’s titans. They include the future of man and machine, the constraints on economic growth, and the nature of government.

They share other similarities. Business provided them with their clout, but doesn’t seem to satisfy their ambition

The number of techno-billionaires in America (Mr Collison included) has more than doubled in a decade.

ome of them, like the Medicis in medieval Florence, are keen to use their money to bankroll the intellectual ferment

The other is Paul Graham, co-founder of Y Combinator, a startup accelerator, whose essays on everything from cities to politics are considered required reading on tech campuses.

Mr Altman puts it more optimistically: “The iPhone and cloud computing enabled a Cambrian explosion of new technology. Some things went right and some went wrong. But one thing that went weirdly right is a lot of people got rich and said ‘OK, now what?’”

A belief that with money and brains they can reboot social progress is the essence of this new mindset, making it resolutely upbeat

The question is: are the rest of them further evidence of the tech industry’s hubristic decadence? Or do they reflect the start of a welcome capacity for renewal?

Two well-known entrepreneurs from that era provided the intellectual seed capital for some of today’s techno nerds.

Mr Thiel, a would-be libertarian philosopher and investor

This cohort of eggheads starts from common ground: frustration with what they see as sluggish progress in the world around them.

Yet the impact could ultimately be positive. Frustrations with a sluggish society have encouraged them to put their money and brains to work on problems from science funding and the redistribution of wealth to entirely new universities. Their exaltation of science may encourage a greater focus on hard tech

the rationalist movement has hit the mainstream. The result is a fascination with big ideas that its advocates believe goes beyond simply rose-tinted tech utopianism

A burgeoning example of this is “progress studies”, a movement that Mr Collison and Tyler Cowen, an economist and seer of the tech set, advocated for in an article in the Atlantic in 2019

Progress, they think, is a combination of economic, technological and cultural advancement—and deserves its own field of study

There are other examples of this expansive worldview. In an essay in 2021 Mr Altman set out a vision that he called “Moore’s Law for Everything”, based on similar logic to the semiconductor revolution. In it, he predicted that smart machines, building ever smarter replacements, would in the coming decades outcompete humans for work. This would create phenomenal wealth for some, obliterate wages for others, and require a vast overhaul of taxation and redistribution

His two bets, on OpenAI and nuclear fusion, have become fashionable of late—the former’s chatbot, ChatGPT, is all the rage. He has invested $375m in Helion, a company that aims to build a fusion reactor.

Mr Lonsdale, who shares a libertarian streak with Mr Thiel, has focused attention on trying to fix the shortcomings of society and government. In an essay this year called “In Defence of Us”, he argues against “historical nihilism”, or an excessive focus on the failures of the West.

With a soft spot for Roman philosophy, he has created the Cicero Institute in Austin that aims to inject free-market principles such as competition and transparency into public policy.

He is also bringing the startup culture to academia, backing a new place of learning called the University of Austin, which emphasises free speech.

All three have business ties to their mentors. As a teen, Mr Altman was part of the first cohort of founders in Mr Graham’s Y Combinator, which went on to back successes such as Airbnb and Dropbox. In 2014 he replaced him as its president, and for a while counted Mr Thiel as a partner (Mr Altman keeps an original manuscript of Mr Thiel’s book “Zero to One” in his library). Mr Thiel was also an early backer of Stripe, founded by Mr Collison and his brother, John. Mr Graham saw promise in Patrick Collison while the latter was still at school. He was soon invited to join Y Combinator. Mr Graham remains a fan: “If you dropped Patrick on a desert island, he would figure out how to reproduce the Industrial Revolution,”

While at university, Mr Lonsdale edited the Stanford Review, a contrarian publication co-founded by Mr Thiel. He went on to work for his mentor and the two men eventually helped found Palantir. He still calls Mr Thiel “a genius”—though he claims these days to be less “cynical” than his guru.

“The tech industry has always told these grand stories about itself,” says Adrian Daub of Stanford University and author of the book, “What Tech Calls Thinking”. Mr Daub sees it as a way of convincing recruits and investors to bet on their risky projects. “It’s incredibly convenient for their business models.”

In the 2000s Mr Thiel supported the emergence of a small community of online bloggers, self-named the “rationalists”, who were focused on removing cognitive biases from thinking (Mr Thiel has since distanced himself). That intellectual heritage dates even further back, to “cypherpunks”, who noodled about cryptography, as well as “extropians”, who believed in improving the human condition through life extensions

Silicon Valley has shown an uncanny ability to reinvent itself in the past.