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Plus: Bill Ackman's IPO ambitions.
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Wednesday, March 11, 2026
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Meta’s
former AI chief raises $1 billion to prove chatbots wrong
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Yann LeCun has spent years arguing that Silicon Valley’s favorite AI products are, intellectually speaking, really just very impressive party tricks. Now, the former Meta AI chief has raised $1.03 billion for a startup called AMI to prove that the road to something
like real machine intelligence doesn’t run through ever-larger chatbots (with ever-bigger spending), but through “world models” that can understand how reality works.
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$1 billion is a giant sum for a company founded four months ago, with no product and no interest in pretending one is around the corner. But while much of the AI industry has spent the past few years treating LLMs as the obvious route to bigger and better “intelligence,” LeCun has been one of the field’s loudest
dissenters.
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<div>
In an interview with WIRED, the Turing Award winner called the idea that LLMs will simply scale their way to human-level intelligence “complete nonsense.” AMI, short for Advanced Machine Intelligence, is his chance to stop being the guy yelling from the wings of the stage and become the guy building his own spotlight.
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Today's Poll
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What does LeCun’s $1 billion raise actually say?
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Investors think the chatbot era has limits
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<!--[if mso]><a href="https://www.ne16.com/t/10418567/222404108/9342472/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwMy0xMSUyMCUyMA&x=8901c51c" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block;
">Big Tech will fund any thesis with a famous name</a><![endif]-->
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</a>
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<!--[if !mso]><!-->
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">
World models may be the next AI battleground
</a>
<!--<![endif]-->
<!--[if mso]><a href="https://www.ne16.com/t/10418567/222404108/9342473/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwMy0xMSUyMCUyMA&x=9c3b6f03" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block;
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</a>
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<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<!--[if !mso]><!-->
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block;
">
AI money still has no chill
</a>
<!--<![endif]-->
<!--[if mso]><a href="https://www.ne16.com/t/10418567/222404108/9342474/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwMy0xMSUyMCUyMA&x=87435831" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block; ">AI money still has
no chill</a><![endif]-->
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<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold;">
<span style="font-family:Arial;font-size:24px">
Here's what you need to know
</span>
</h1>
</td>
</tr>
<tr>
<td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" data-rss-posts="undefined" height="100%" style="table-layout:fixed;" width="100%">
<tbody>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;width:33.3333%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="d3sign /
Getty Images" style="color:#105C8E;" target="_blank" title="d3sign / Getty Images">
<img alt="d3sign / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2200393148.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzMyMjM3NjMuMzk1OTY3fQ:1w0GVH:Kn8cN1rhS3CbLA_NFarLr4n0kBOSChb_uGMvlBxSxL4" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong>
<a data-linktext="Single women own more homes than ever before." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Single women own more homes than ever before.
</a>
</strong>
More than 20 million single women own homes in the U.S., meaning about 50.9% of the demographic are homeowners — despite all of
today’s affordability issues.
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
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<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="andresr/Getty Images" style="color:#105C8E;" target="_blank" title="andresr/Getty Images">
<img alt="andresr/Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2198562665.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzMyMjM3NjMuMzk2MDY0fQ:1w0GVH:KGD63T1Svy15MfVXuxnrNFk6SyQegfxYtvYASZh9CnM" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong>
<a data-linktext="Uber is launching a women-only driver option." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Uber is launching a women-only driver option.
</a>
</strong>
After a successful overseas pilot, the program, called Women Preferences, is coming soon to major U.S. cities such as New York City, Philadelphia, and Washington.
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Tom Williams/CQ-Roll Call,
Inc via Getty Images" style="color:#105C8E;" target="_blank" title="Tom Williams/CQ-Roll Call, Inc via Getty Images">
<img alt="Tom Williams/CQ-Roll Call, Inc via Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2162353416.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzMyMjM3NjMuMzk2MTc1OX0:1w0GVH:rT6lldJ2HOSns3oowIwaS8q0uq989NPQiJC8JNXNkeI" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong>
<a data-linktext="Trump's sons tee up their latest drone deal." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Trump's sons tee up their latest
drone deal.
</a>
</strong>
Aureus Greenway, a golf company backed by Don Trump Jr. and Eric Trump, is merging with Powerus in a deal that turns Florida fairways into a public-markets runway for the domestic-drone boom.
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Bloomberg / Contributor/Getty Images" style="color:#105C8E;" target="_blank" title="Bloomberg / Contributor/Getty Images">
<img alt="Bloomberg / Contributor/Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2261864825.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzMyMjM3NjMuMzk2Mjg3fQ:1w0GVH:gP2xgRMUgoVfgW_vKG6_yA9uU3O4iGNDlw0cwSYGCEM" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong>
<a data-linktext="Anthropic sues the Trump administration over AI feud." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Anthropic sues the Trump administration over AI feud.
</a>
</strong>
The company behind Claude has filed lawsuits to challenge the Pentagon's decision to classify the company as a "supply chain risk” after Anthropic wouldn’t let its tech
be used for autonomous weaponry.
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Hassan Ghaedi/Anadolu via Getty Images" style="color:#105C8E;" target="_blank" title="Hassan Ghaedi/Anadolu via Getty Images">
<img alt="Hassan Ghaedi/Anadolu via Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2264958486%2520%25281%2529.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzMyMjM3NjMuMzk2NjI2N30:1w0GVH:D9JoLpeWaOE-ovoCaoUDvZ4AaopnxtHOjYUL_2ZaZmc" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong>
<a data-linktext="Oil price shock slams stocks as war drags on." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Oil price shock slams stocks as war drags on.
</a>
</strong>
Crude futures dropped around 9% by market close on Tuesday despite reports of a Navy escort through the Strait of
Hormuz and Trump predicting a de-escalation.
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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</table>
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<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<tr class="trpad10">
<td class="td100" colspan="6" style="padding:10px;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold;">
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Recommended
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<tr class="trpad20" style="background-color:#E9F2F9">
<td class="td100" colspan="6" style="font-family:Arial,Helvetica,sans-serif;line-height:1.3;width:100%;background-color:#E9F2F9;font-size:16px;padding:20px;vertical-align:top;mso-line-height-rule:exactly">
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Is your company one of the best places to work? Prove it.
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We're accepting nominations for our
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Register by May 8 to be considered.
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Bill Ackman aims for IPO, and the structure is worth a second look
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Bill Ackman's hedge fund is going public. Sort of.
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Pershing Square Capital Management filed on
Tuesday for a combined IPO that pairs a stake in Ackman's hedge fund with shares of a new closed-end fund, Pershing Square USA Ltd. The structure is worth slowing down on: for every 100 shares of the closed-end fund you buy at $50 apiece, you receive 20 shares in the hedge fund itself. Early institutional backers — family offices, pension funds, insurers — will get a slightly sweeter deal at 30 hedge fund shares per 100. Ackman is apparently targeting $5 billion to $10 billion in the raise, with $2.8 billion in commitments already
secured.
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By tying hedge fund equity to closed-end fund purchases, Ackman makes sure that anyone who wants a piece of Pershing Square the management company has to put capital to work in Pershing Square the fund. Why? This structure limits dilution of the management entity while nevertheless monetizing it — a way of going public without exactly going public. Ackman has tried a version of this before
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Plus: Bill Ackman's IPO ambitions. View as a Web page Wednesday, March 11, 2026Nathan Laine/Blo...