From: Fortune Tech - Wednesday Jun 11, 2025 12:19 pm
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Wednesday, June 11, 2025

The 2025 Fortune 500 is here—and the story’s just getting started. From AI breakthroughs and DEI rollbacks to leadership exits and return-to-office showdowns, this year’s business landscape is shifting fast. We’ve published the list. Now we’re tracking the moves.
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Good morning. Would you believe it if I told you that the world’s wealthiest luxury company is betting big on AI?

It’s true. The French conglomerate LVMH—purveyor of Ardbeg scotch, Rimowa luggage, Tiffany diamonds, and other fineries—believes AI will help improve its operational efficiency (bien sûr) and stoke demand (hein?) by making “human sales advisers more effective at engaging customers,” one exec told the Wall Street Journal.

That’s a tightrope to walk for a business that’s so high touch. Get it wrong and, well, as Pretty Woman’s Vivian Ward might say: Big mistake. Big. Huge.

Today’s tech news below. —Andrew Nusca

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Snap CEO Evan Spiegel promises new smart glasses next year

Snap CEO Evan Spiegel speaking at an event on April 23, 2025 in Washington, D.C. (Photo: Kayla Bartkowski/Getty Images)Snap CEO Evan Spiegel speaking at an event on April 23, 2025 in Washington, D.C. (Photo: Kayla Bartkowski/Getty Images)

Snapchat hopes to best its Big Tech opponents by releasing its new augmented reality AI-enabled smart glasses well before the big guys.

Snap CEO Evan Spiegel said Tuesday that the company would release a new version of its camera-equipped glasses next year that will incorporate an interactive, AI-enhanced digital screen within the lens. 

The 2026 release date would be ahead of Meta, which plans to release its AR “Orion” glasses in 2027, while Google has not attached a date to its Android XR glasses. 

“The tiny smartphone limited our imagination,” Spiegel said in his keynote at the Augmented World Expo conference in Long Beach, Calif. “It’s clear that today’s devices and user interfaces are woefully inadequate to realize the full potential of AI.”

The new “Snapchat Specs” will allow users to look at objects in the real world and leverage AI to access information, such as translating ingredients on a label from foreign languages. 

The glasses will also allow users to interact with the objects on the lens, Snap said, citing examples like playing video games with their eyeballs.

The company did not share photos of the Specs frames or provide information on pricing. Snapchat did share that operating system partnerships with OpenAI and Google Gemini will extend into experiences for the glasses. —Alexandra Sternlicht

Ahead of robotaxi launch, Austin residents say Teslas with drivers are circling their blocks

About three weeks ago, Christian Pfister spotted a white Tesla Y with a Texas manufacturer plate drive by, with a dark-colored Tesla closely trailing behind it.

He watched as the Tesla tandem made a left turn, disappeared around the block, then drove by him again—once, then twice, then again and again. 

“That’s all they did—around the same block over and over and over, all day long,” Pfister told Fortune.

A handful of Teslas have since frequented the streets of Pfister’s neighborhood in Austin, driving the same routes and taking the same turns repeatedly—often but not always with drivers in the front seat.

Tesla is testing the vehicles in the neighborhood as it gears up for a long-anticipated launch of its self-driving taxi service in the Texas capital by the end of this month. 

Austin residents are used to seeing self-driving vehicles around town. Alphabet-owned Waymo’s cars started mapping the city in 2023 with safety drivers on board, and has since begun offering passenger service around the city without safety drivers.

But the Tesla sightings add to the questions many have about the viability of the company’s technology and approach to autonomous driving. 

While rivals have needed to digitally map roads and neighborhoods before launch, Tesla claims that its camera-only system doesn’t require high-definition mapping, radar, or lidar technology. 

But if that’s the case, why are Teslas driving around the same streets of one neighborhood over and over—and why do many of the vehicles have someone driving them?

Tesla did not respond to a request for comment. —Jessica Mathews

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More tech

OpenAI debuts o3-pro. It’s a more “reliable” version of its o3 reasoning model.

Google Android 16 debuts. The mobile operating system, due in June, wasn’t expected until the fall.

27 U.S. states sue 23andMe. Genetic data too sensitive to be sold without customer consent, they argue.

Meta-Scale AI deal: “Far from a slam dunk” for Meta as it hemorrhages AI talent.

France to ban social media for kids under 15 if Europe doesn’t take the step.

AI literacy at Ohio State. The university is requiring every student to use AI in class.

Mistral launches reasoning models. Magistral Small and Medium are the company’s first in the category. 

Ofcom launches investigations. Britain’s media regulator opens nine probes, including into 4chan, for online safety.

IBM eyes Quantum Starling. The “fault-tolerant” quantum computer promises 20,000x the compute of today's models.

Endstop triggered

A three-panel meme featuring characters from The Lion King with the captions, "Everything the light touches is growth, Tencent." "But what's that shadowy place over there?" "Those are podcasts, Tencent. You must never go there."

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Who we are
Andrew Nusca, Editorial Director, Los Angeles
Alexei Oreskovic, Tech Editor, San Francisco
Verne Kopytoff, Senior Editor, San Francisco
Jeremy Kahn, AI Editor, London
Jason Del Rey, Correspondent, New York
Allie Garfinkle, Senior Writer, Los Angeles
Jessica Mathews, Senior Writer, Bentonville
Sharon Goldman, Reporter, New York
Alexandra Sternlicht, Reporter, New York
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