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America's diploma surplus
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Plus: Anthropic's $1.2 trillion valuation surge.
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Friday, July 10, 2026
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Colleges keep minting graduates the job market has no use for
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The labor market doesn't want what
millions of college graduates spent four years and tens of thousands of dollars acquiring. In the first quarter of 2026, 41.5% of recent college graduates were working in jobs that don't require a bachelor's degree, according to the Federal Reserve Bank of New York, and the unemployment rate for the cohort stood at 5.7%.
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Ron Hetrick, principal economist at labor market data firm Lightcast, points to "elite overproduction" as a driver of this squeeze. U.S. colleges and universities awarded about 2.1 million bachelor's
degrees in 2020-21, a 20% jump over the prior decade, according to the National Center for Education Statistics.
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But the job market hasn't grown to match. Of the more than 800 jobs for which the Bureau of Labor Statistics develops employment projections, just 178 typically require a bachelor's degree for entry.
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The consequences land hardest on graduates themselves. The Burning Glass Institute and Strada Institute for the Future of Work found in their 2024 "Talent Disrupted" report that 52% of
bachelor's degree holders were underemployed a year after graduation.
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Space just stopped being
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Yes. Degrees are a basic requirement
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<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: 1px solid #105C8E; display: block; " target="_blank">
</a>
<table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;padding-right:10px;mso-padding-right-alt:10px;padding-left:10px;mso-padding-left-alt:10px;padding-top:10px;mso-padding-top-alt:10px;padding-bottom:10px;mso-padding-bottom-alt:10px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
<table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
<!--[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: 16px; border: none; display: block; ">
No. The workforce doesn't value them
</a>
<!--<![endif]-->
<!--[if mso]><a
href="https://www.ne16.com/t/10965080/222404108/10138411/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0xMA&x=6bd6db68" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: none; display: block; ">No. The workforce doesn't value
them</a><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
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</td>
</tr>
</tbody>
</table>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td height="40" style="vertical-align:middle;text-align:center;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: 1px solid #105C8E; display: block; " target="_blank">
</a>
<table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;padding-right:10px;mso-padding-right-alt:10px;padding-left:10px;mso-padding-left-alt:10px;padding-top:10px;mso-padding-top-alt:10px;padding-bottom:10px;mso-padding-bottom-alt:10px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
<table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;margin-left:auto;margin-right:auto" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
<!--[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: 16px; border: none; display: block; ">
Somewhat. It depends on your major
</a>
<!--<![endif]-->
<!--[if mso]><a
href="https://www.ne16.com/t/10965080/222404108/10138412/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0xMA&x=edbb586f" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px; border: none; display: block; ">Somewhat. It depends on your
major</a><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
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</td>
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</tbody>
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</div>
</div>
</td>
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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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<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%">
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<a aria-label="NurPhoto / Getty Images" style="color:#105C8E" target="_blank" title="NurPhoto / Getty Images">
<img alt="NurPhoto / 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-2283356901.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM2NzgyNjguOTcwNTk1Nn0:1wi8CK:ftTYwqyO-P6a0dq42f72ns_loAbh07FqActWHJrkICk" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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<strong style="color: var(--blue-cta-default)">
<a data-linktext="OpenAI releases GPT-5.6 Sol to the public after U.S. approval." data-linktype="Normal" style="color:#105C8E" target="_blank">
OpenAI releases GPT-5.6 Sol to the public after U.S. approval.
</a>
</strong>
CEO Sam Altman said the broad rollout ends a weeks-long limit to roughly 20 vetted partners, adding that the model
posts a 54% efficiency gain on coding tasks. Terra and Luna, two cheaper tiers, serve enterprise and bulk tasks.
</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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<a aria-label="Justin Sullivan / Getty Images" style="color:#105C8E" target="_blank" title="Justin Sullivan / Getty Images">
<img alt="Justin Sullivan / 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-2283439943.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM2NzgyNjguOTcwNzE2NX0:1wi8CK:34GGl_LVNeLn_HOse4VkubXFvdOITpUOSRygzNk9bHs" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
</td>
<td class="editor-cell-text td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;line-height:1.4;vertical-align:top;mso-line-height-rule:exactly">
<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="The Senate
panel will vote on a bill to ban Chinese vehicles." data-linktype="Normal" style="color:#105C8E" target="_blank">
The Senate panel will vote on a bill to ban Chinese vehicles.
</a>
</strong>
The legislation would make permanent a rule that already blocks Chinese cars. A related provision could affect automakers with some Chinese ownership, including Mercedes-Benz. General Motors and the UAW back the measure.
</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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</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td align="left" class="editor-cell-image td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:middle;width:33.3333%;text-align:left;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Bloomberg / Getty Images" style="color:#105C8E" target="_blank" title="Bloomberg / Getty Images">
<img alt="Bloomberg / 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-2271917832.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM2NzgyNjguOTcwODMwNH0:1wi8CK:LiCs516d9EmxnELDF7fl69RZ2740YTfWo8uTCFCGODw" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
</a>
</td>
<td class="editor-cell-text td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;line-height:1.4;vertical-align:top;mso-line-height-rule:exactly">
<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="SK Hynix's U.S. listing is more than seven times oversubscribed." data-linktype="Normal" style="color:#105C8E" target="_blank">
SK Hynix's U.S. listing is more than seven times oversubscribed.
</a>
</strong>
The company attracted significant institutional demand for the 177.9 million shares on offer, putting it on track to
raise about $25.71 billion and top Alibaba's 2014 offering as the largest ever. Proceeds will help expand chip plants.
</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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<a aria-label="NurPhoto /
Getty Images" style="color:#105C8E" target="_blank" title="NurPhoto / Getty Images">
<img alt="NurPhoto / 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-2270583435.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM2NzgyNjguOTcwOTZ9:1wi8CK:6myzJdWC-eW0fznah5NsiZh7uHedkTU3fPt9R7unFLw" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="China
flags a backdoor flaw in Anthropic's Claude Code." data-linktype="Normal" style="color:#105C8E" target="_blank">
China flags a backdoor flaw in Anthropic's Claude Code.
</a>
</strong>
China's vulnerability database says the tool secretly sent users' location and identity data to outside servers without their consent. Anthropic notes access to Claude Code is barred in China, making affected users unauthorized to begin with.
</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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<a aria-label="Laurent Hou/Hans Lucas / AFP via Getty Images" style="color:#105C8E" target="_blank" title="Laurent Hou/Hans Lucas / AFP via Getty Images">
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<td class="editor-cell-text td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;line-height:1.4;vertical-align:top;mso-line-height-rule:exactly">
<div>
<strong style="color:#105C8E">
<a data-linktext="Meta will begin production of its Iris chip in September." data-linktype="Normal" style="color:#105C8E" target="_blank">
Meta will begin production of its Iris chip in September.
</a>
</strong>
The processor, built with Broadcom and made by Taiwan Semiconductor, passed six weeks of testing with no major issues. Meta hopes to cut
its reliance on Nvidia and AMD as AI spending nears $145 billion this year.
</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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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;font-weight:bold">
Entrepreneurial Inspiration and its free
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Stories, insights and what's working right now from Adam Wagner - an investor and advisor to Grüns, owner of Raindrop (the agency behind Dr. Squatch) and
operator of VitaWild.
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<div>
<br/>
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<div>
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Subscribe To Adam Wagner's Newsletter" data-linktype="Normal" style="color:#105C8E" target="_blank">
Subscribe To Adam Wagner's Newsletter
</a>
</strong>
</div>
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<a aria-label="Linked image" style="color:#105C8E" target="_blank">
<img 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-2256664479.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODM2NzgyNjguOTcxMTg5fQ:1wi8CK:fWyNqseaZGBI3yEgGeE75AfqPkQRN-jXlSEMAzk9p7g" style="width:600px;max-height:338px;vertical-align:middle;border:0" width="600"/>
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<div>
<span style="color:#808080">
Bloomberg / Getty Images
<span class="ql-cursor">
</span>
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</div>
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Anthropic has
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The figure represents a 550% year-over-year increase and already far exceeds the $965 billion valuation that Anthropic hit in May. With so few shares available and a public listing expected to come, a number of prospective buyers have offered their homes for a stake in the AI startup.
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SPVs — special-purpose vehicles that aggregate capital from multiple buyers into a single transaction — have become the predominant mechanism for these trades, even as Anthropic has spoken out against them. "Invest at your own risk: if someone offers you a way to participate, even on an indirect basis, in an investment in Anthropic, assume that it is invalid," the company says on its website.
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OpenAI, which led the valuation sweepstakes for years, is now
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