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Utilities across the U.S. are demanding tech companies pay larger shares of electricity infrastructure costs as AI drives unprecedented data center construction, creating tensions over who bears the financial burden of grid upgrades. Virginia utility Dominion Energy received requests from data center developers requiring 40 gigawatts of electricity by the end of 2024, enough to power at least 10 million homes, and proposed measures requiring longer-term contracts and guaranteed payments. Ohio became one of the first states to mandate companies pay more connection costs after receiving power requests exceeding 50 times existing data center usage. Tech giants Microsoft, Google, and Amazon plan to spend $80 billion, $85 billion, and $100 billion respectively this year on AI infrastructure, while utilities worry that grid upgrade costs will increase rates for residential customers. Further reading: The AI explosion means millions are paying more for electricity

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An anonymous reader quotes a report from SFGATE: During the 2010s' boom in on-demand services such as Uber and DoorDash, Wag staked a claim to the market for dog walking. It became a buzzy, high-flying company, at one point gaining a valuation of around $650 million, and grew to offer a whole range of tech products for pet care. But as the years passed, struggles mounted and profits remained elusive. On July 21, Wag filed (PDF) for bankruptcy. To stay alive, the San Francisco-headquartered company is now using bankruptcy court to restructure in what's known as a Chapter 11 process. Its lines of business -- including gig-work dog walking and sitting, pet insurance, and the veterinary tool "Furscription" -- will remain open, according to a news release. If a judge approves Wag's restructuring plan, it will take the company off the public markets and into the private hands of a company called Retriever. On the same day of the bankruptcy filing, Wag's chief financial officer, Alec Davidian, submitted a document (PDF) supporting and explaining the move. He wrote that Wag's "monthly revenues declined rapidly after March 2020 as a result of the COVID-19 pandemic" and pointed to $69.5 million in losses from 2022 through 2024. The losses weren't Wag's only problem. The company had taken out debt in 2022 when it went public, and in that loan agreement, it had set a minimum level of cash Wag would need to have on hand at all times. This year, Wag dropped below that amount, Davidian wrote. Wag also failed to find a third-party deal to get more money, the CFO noted, and its debt obligations are set to mature in August, meaning the company was "facing a dire liquidity crisis." So, Wag opted for the bankruptcy proceeding, in which it plans to eliminate the 2022 debt, which is currently held by Retriever. "Through the Restructuring," Davidian wrote, "[Wag] will emerge from these Chapter 11 Cases a stronger company, with a more sustainable capital structure that is better aligned with [Wag's] present and future operating prospects."

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PayPal has launched "Pay with Crypto" for U.S. merchants, enabling acceptance of over 100 cryptocurrencies with lower cross-border transaction fees and instant conversion to USD or its stablecoin PYUSD. "Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations," said Alex Chriss, president and chief executive of PayPal. "Today, we're removing these barriers and helping every business of every size achieve their goals. [...] By enabling seamless cross-border crypto payments, we're breaking longstanding barriers in global commerce." SiliconANGLE reports: Using the new Pay with Crypto, merchants can now accept payments in the form of numerous cryptocurrency tokens, including bitcoin, Ethereum, USD Tether and Solana. The transaction fee rate will be 0.99% for the first year, increasing to 1.5% thereafter. The company said that rate is significantly lower than international credit card fees. "Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City," added Chriss. "Using PayPal's open platform, the business can accept crypto for payments, increase their profit margins, pay lower transaction fees, and get near instant access to proceeds." Merchants who accept cryptocurrency tokens can instantly convert them to dollars or PYUSD, the company's stablecoin, which is a type of cryptocurrency that maintains parity with USD so that every token is always worth $1. Funds stored as PYUSD on PayPal also earn 4% annual rewards. The company said the new service will roll out for U.S. merchants in the coming weeks. [...] Pay with Crypto will initially support cryptocurrency wallets from Coinbase, OKX, Binance, Kraken, Phantom, MetaMask and Exodus, with more planned.

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