Senator Bernie Sanders warned Big Tech it "won't be bailed out, period" if its artificial intelligence bets fail. In an X post on October 30, 2026, he said Microsoft, Meta, Google, Amazon, SpaceX, Oracle, and Nvidia have racked up $3 trillion in debt on AI. The figure is his own; no one has independently tallied it. He posted on a rough day for tech. Reuters reported more than $2 trillion in market value was on track to vanish from the NASDAQ 100 in October, and Alphabet had its biggest one-day percentage drop on record the day before. Amazon and Oracle reported negative free cash flow. Microsoft's contracted revenue backlog rose 73% to $677 billion. No company has asked for a bailout.

Meta's chief strategy officer Dave Wehner is leaving the company for four-year-old AI startup; sends 'right mission' message; says: I have become increasingly... TOI Tech Desk / TIMESOFINDIA.COM / Nov 08, 2026, 10:55 IST Dave Wehner, Meta's chief strategy officer and former chief financial officer, is leaving the social media giant to join fast-growing AI startup Lin Qiao-led Fireworks as its new CFO, marking another high-profile move from Big Tech into the artificial intelligence sector. Wehner announced the move in a post on X, saying he had become increasingly convinced of the opportunity ahead for the four-year-old startup. "Fireworks has the right mission for the moment," he wrote. "I've become increasingly bullish on what they are building. There's a remarkable depth of technical talent here, coupled with a very practical focus on what customers need." Fireworks, which provides AI inference and model-training services built around open-source AI models, was valued at $17.5 billion in a Series D funding round in July. From Meta veteran to AI challenger. Wehner joined Meta, then known as Facebook, in 2012 and served as the company's chief financial officer from 2014 to 2022 before taking on the role of chief strategy officer. During his tenure, he helped steer the company through a period of rapid growth, expanding advertising revenues and major bets on new technologies. In a statement to CNBC, Meta COO Javier Olivan praised Wehner's contributions, saying he helped guide the company through "tremendous growth and complexity" over the past 14 years while bringing disciplined thinking to some of its most important strategic decisions. You May Like Fireworks eyes its next phase of growth. At Fireworks, Wehner will oversee the company's finances and operations as it looks to scale further in the increasingly competitive AI market. CEO Lin Qiao said Wehner's experience would help the company as it enters its next stage of expansion. Founded in 2022 by former Meta and Google employees, Fireworks allows developers and businesses to customise, train and run open AI models. The company counts investors such as Nvidia and Sequoia Capital among its backers and has reportedly held early discussions for another funding round that could value the startup between $30 billion and $40 billion. "Dave told me he wanted to get back to a smaller company where he could build toward a big impact again," Qiao wrote in a LinkedIn post. "He sees AI as the defining technology shift of his lifetime and wants to help shape what comes next." AI boom draws senior executives. Wehner's departure comes as venture-backed AI companies continue to attract seasoned executives from some of the world's largest technology firms. While Fireworks remains significantly smaller than Meta, which had a market capitalisation of about $1.56 trillion at Friday's close, the startup is positioning itself as a key player in the market for open AI models. The company has also faced challenges associated with rapid growth. In October, Fireworks disclosed a security incident involving unauthorised use of internal credentials that allowed limited access to environment variables used in evaluation jobs within a small number of customer accounts. The company said its investigation found no evidence of unauthorised access to customer models, datasets, training data, personal information or inference traffic. AI race intensifies. Wehner's move underscores the growing pull of the AI industry as startups compete with larger rivals such as OpenAI, Anthropic and major cloud providers. With fresh capital, rising valuations and growing enterprise demand for AI infrastructure, companies like Fireworks are increasingly attracting experienced leaders who see artificial intelligence as the next major technology platform. Read Meta chief strategy officer Dave Wehner's complete post here. Wehner's move underscores the growing pull of the AI industry as startups compete with larger rivals such as OpenAI, Anthropic and major cloud providers. With fresh capital, rising valuations and growing enterprise demand for AI infrastructure, companies like Fireworks are increasingly attracting experienced leaders who see artificial intelligence as the next major technology platform. Read Meta chief strategy officer Dave Wehner's complete post here I announced earlier this week that I am leaving Meta. I am deeply grateful to Mark Zuckerberg for showing what a truly founder-led company can achieve. I am incredibly optimistic for Meta's future. At Meta, I was able to witness the most exciting opportunities in enterprise AI. That's why today, I'm announcing that I will be joining Fireworks as CFO. I am thrilled to be joining a founder-led growth company where I can roll up my sleeves and put my experience to work. Fireworks has the right mission for the moment. Companies will use AI to build on what makes them distinctive: their data and expertise. Specialized intelligence gives them a way to capture those advantages and own their "alpha." Open models offer price points that allow the technology to have the greatest impact. Fireworks is building the platform to make all of this possible. I've known and respected Lin @lqiao for a long time. As I've spent more time with her and the people at Fireworks, I've become increasingly bullish on what they are building. There's a remarkable depth of technical talent here, coupled with a very practical focus on what customers need. I see AI as the most consequential technology shift of my lifetime. I'm excited to get to work and help build a business at the center of it. End of Article