Fortune Tech: Feeding frenzy
The conversations on the ground here have been fabulous and I’m pleased to see so many companies here explaining how they’re applying technology, rather than merely hawking it. (Not that there isn’t a bit of that, too.)
I’ll leave you with another thought from our fabulous Fortune Brainstorm dinner on Monday night, courtesy of Disney’s Susan Doniz: “If you’re automating everything, you’re just industrializing waste.”
Today’s tech news below. —Andrew Nusca
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Meta delays Ray-Ban Display global rolloutMeta CEO Mark Zuckerberg in Menlo Park, California on Sept. 17, 2025. David Paul Morris/Bloomberg/Getty Images
Supply chains? Far from figured out, at least for Meta.
The parent company of Facebook and Instagram said Tuesday that it would pause the international rollout of its Ray-Ban Display smart glasses because of a lack of inventory and strong U.S. demand.
Meta had planned to release the product in Canada, the U.K., France, and Italy early this year.
Now the company says it will prioritize fulfilling U.S. orders while it “re-evaluates its approach to international availability,” given limited inventory for the product.
“Since launching last fall, we’ve seen an overwhelming amount of interest, and as a result, product waitlists now extend well into 2026,” Meta said.
Meta’s existing Ray-Bans, a partnership with Italian eyewear giant EssilorLuxottica, have by all measures been a smash success in the perpetually promising wearables category.
The Ray-Ban Display model, which features a full color heads-up display and comes with a “Neural Band” worn on the wrist, is bulkier and pricier ($799) than its predecessor. —AN
xAI raises $20 billionElon Musk’s AI company said Tuesday that it had raised an eye-watering $20 billion in the ever-escalating funding arms race between artificial intelligence startups.
xAI’s latest cash infusion comes courtesy of a motley crew of top investors, including Valor Equity, StepStone, Fidelity, Baron Capital, and investment groups from Qatar and the United Arab Emirates. Nvidia and Cisco rounded things out on the strategic investor front.
For those keeping score at home, xAI’s fundraise represents another investor feeding frenzy that will raise more alarms about an AI boom tipping into bubble territory. xAI said it wanted to raise $15 billion but ended up getting more.
The company didn’t mention its latest valuation, but a New York Times report points to something in the realm of $230 billion. “That would make xAI, founded in 2023, one of the fastest-rising companies in value for Mr. Musk,” the paper notes.
What will the company spend the money on? Like most AI companies, tech and talent. In its announcement, the company highlighted its work on “the world's largest AI supercomputers,” its Grok AI model family, and its integration of those smarts into the Musk-owned social media platform X. —AN
China is reportedly reviewing Meta's Manus acquisitionYet another Meta item, but on an entirely different subject.
Chinese officials are reportedly reviewing the company’s $2 billion acquisition of the AI startup Manus for possible export control violations.
The deal hurdle “potentially gives Beijing leverage over the high-profile transaction,” reports the Financial Times.
Like many of its fast-growing peers—TikTok comes to mind—Manus was founded in China but is headquartered in geopolitically neutral Singapore.
The pejorative term for the practice? “Singapore washing.”
The issue, from the perspective of China’s commerce ministry, is that Manus’ relocation out of China—of its staff, of its cutting-edge technology—and subsequent sale to a U.S. firm may have required an export license.
China and the U.S., of course, remain locked in a geopolitical battle for AI supremacy. As the divide grows between the two countries, it’s forcing promising startups to vote with their feet on which AI ecosystem will be more productive for future growth.
There’s no guarantee that the Chinese review will lead to anything significant, especially if China deems Manus’ technology not “core” to national interests.
Still, it could lead to China attempting to influence the transaction in some way, if not outright object to it, like TikTok. —AN
More tech—Amazon’s AI-powered shopping tool runs into trouble. They “turned us into drop shippers for them, against our will,” one seller tells Modern Retail.
—Accenture acquires Faculty. The AI startup is described by some as a British take on Palantir.
—Meta names chief legal officer. C.J. Mahoney is a former Microsoft legal executive and deputy U.S. Trade Representative during Trump's first term.
—Mobileye acquires Mentee Robotics. A $900 million deal for the three-year-old Israeli humanoid robot startup.
—Hark poaches top talent. The Brett Adcock-founded AI lab says it hired dozens of engineers from Apple, Meta, and others.
—pcTattletale founder pleads guilty. It’s the first successful U.S. prosecution of a spyware operator in more than a decade.
—UMG and Nvidia partner. The world’s biggest music company hopes to “pioneer responsible AI for music discovery, creation, and engagement.”
