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Astronaut Edwin E. Aldrin, Jr., the lunar module pilot of the first lunar landing mission, stands next to a United States flag July 20, 1969 during an Apollo 11 Extravehicular Activity (EVA) on the surface of the Moon.

NASA | Newsmakers | Hulton Archive | Getty Images

If we were to fall asleep today and not wake up for another 35 years, we’d wake up feeling underwhelmed at the pace of innovation.

That’s according to Robert Blumofe, chief technology officer of web security firm Akamai, who thinks the world may be “wildly disappointed” by progress made on the web in the next three decades.

Akamai, a content delivery network, helps internet users access web content fast.

Tuesday marked 35 years to the day since renowned computer scientist Tim Berners-Lee submitted his proposal for what would eventually be known as the “World Wide Web.”

But Blumofe, who noted he’s still a believer in the web and modern technology, cautioned we could be in for stagnation.

“The next 35 years might be wildly disappointing,” Blumofe told CNBC in an interview last week. “I take a bit of a contrarian view on this.”

Blumofe compared the current state of the web today to the aerospace industry in the 1960s. Back then, he said, there was huge innovation with the arrival of the Boeing 747 and the first moon landing.

Today, aerospace innovation has stalled, he added.

“All that was in the 60s and 70s,” Blumofe noted. “If someone had gone asleep in 1975 and then woke up and looked at aerospace today they would be wildly disappointed.”

“The planes aren’t any bigger. They’re not any faster,” he said.

‘Moore’s law is over’

Blumofe said it’s entirely possible the world is heading in that same direction with telecommunications.

“We may have exhausted the steep innovation curve,” he said. “That curve may have passed us by. We may be heading for a plateau.”

“Moore’s law is over,” Blumofe added, referring to the theory that the number of components on a single chip doubles every two years at minimal cost.

Network cables are plugged in a server room.

Michael Bocchieri | Getty Images

Blumofe said much of the world now has connectivity, and modern displays on smartphones and TVs aren’t getting more exciting beyond picture quality.

Still, many companies are now experimenting with folding and rolling screens.

While Blumofe web stagnation is a “possibility,” he’s still hopeful innovation won’t plateau.

In fact, Blumofe previously told CNBC he thinks the web could eventually become the realm of artificial intelligence-powered agents — with humans no longer using the web but going through AI agents instead.

Dangers of generative AI

The one big exception to the rule for Blumofe at the moment is AI, which he noted could make major strides in the coming decade with the advent of generative AI algorithms.

But even then, Blumofe said, AI might need to take a step back before it makes another significant leap forward.

He cited the dangers of generative AI models when it comes to copyright infringement as an example.

Chintan Patel, chief technology officer of enterprise tech firm Cisco in the U.K., disagrees that innovation for telecommunications and tech more broadly is set to plateau.

“The combination and speed of technological development is countering any plateau in innovation,” Patel told CNBC.

“The pace of change has never been faster — development and innovation is occurring at pace, in different places and geographies.” 

The combination and speed of technological development is countering any plateau in innovation.

Chintan Patel

CTO of Cisco in the U.K.

Developments in AI “are fueling a new era of innovation,” he added, via email.

“The developer and creators of tomorrow have access to a whole set of capabilities, which the inventors of a few years ago could only dream off,” Patel said.

Brennan Smith, vice president of technology at Ookla, also doesn’t think the limits of innovation have been exhausted.

“When thinking of what the next 35 years will bring, it’ll be a new era of creativity unlocked by generative AI, combined with a medium that blends the digital and physical world seamlessly,” Smith told CNBC.

“We may still read words on a document no different than a stone tablet, but we will be surrounded by entirely new experiences which make our existing world even richer and more vibrant,” Smith added.

However, he said “enormous amounts of bandwidth” will be required to support future web experiences.

Last week, Tim Berners-Lee, the inventor of the World Wide Web, told CNBC his top predictions for the future of his creation. He said he expects everyone to have their own personal AI assistants and greater ownership of data, wresting it from the hands of Big Tech platforms.

Berners-Lee also said regulatory agencies could in the future decide to break up a big tech firm, particularly in the age of AI. However, he said it’s unclear at this stage which tech giant would be forced to split up.

“Things are changing so quickly. AI is changing very, very quickly. There are monopolies in AI. Monopolies changed pretty quickly back in the web,” Berners-Lee told CNBC.

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AWS recovers, Apple rallies, General Motors beats and more in Morning Squawk

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AWS recovers, Apple rallies, General Motors beats and more in Morning Squawk

Attendees walk through an exposition hall at AWS re:Invent, a conference hosted by Amazon Web Services, in Las Vegas on Dec. 3, 2024.

Noah Berger | Getty Images

This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Here are five key things investors need to know to start the trading day:

1. WTF, AWS

What began as an early morning outage report for Amazon Web Services snowballed into a daylong saga that limited access to popular websites used for work, school, entertainment and travel. Monday evening, the company said all its services returned to normal operations.

Here’s a recap:

  • Downdetector showed users had problems accessing a variety of sites, ranging from Snapchat to Lyft to The New York Times to Venmo. Travelers reported problems with finding airline reservations and checking in online, while the British government said it was in communication with AWS over impacted services.
  • AWS is the leading vendor of cloud infrastructure technology, with millions of companies and groups using its services tied to servers and storage.
  • Cybersecurity executive Rob Jardin told CNBC that the outage didn’t seem to be caused by a cyber attack and was likely due to a technical issue with one of Amazon’s key data centers.
  • It’s not the only outage in recent memory: AWS faced a disruption in 2023, and Microsoft Windows systems went dark last year following a problematic CrowdStrike software update.
  • AWS said it will share a “post-event summary” following Monday’s outage.

2. Green Apple

Consumers experience the iPhone 17 in an Apple store in Shanghai, China on October 13, 2025.

Cfoto | Future Publishing | Getty Images

On the other hand, yesterday was a great day for Apple investors. Shares rallied to all-time highs after a report from technology research firm Counterpoint showed iPhone 17 sales were off to a good start in the U.S. and China.

CNBC’s Jim Cramer said Apple’s surge shows why you’re better off holding the stock than dumping it. Meanwhile, Ritholtz Wealth Management CEO Josh Brown said on CNBC that Apple’s artificial intelligence efforts can create a “whole different story” for the investing outlook.

Apple’s jump helped juice the broader market, with the three major indexes all gaining more than 1%. Follow live market updates here.

3. Greasing the wheel

Traders work on the floor at the New York Stock Exchange on March 27, 2025.

Brendan McDermid | Reuters

The latest big-name corporate earnings reports out this morning came in stronger than Wall Street anticipated.

General Motors blew past analysts’ consensus expectations for both earnings per share and revenue in the third quarter. The automaker also lifted its full-year guidance and said the impact from tariffs would be lower than previously forecast. Shares surged 8.5% in premarket trading.

Coca-Cola also beat the Street’s forecasts on both lines for the third quarter, sending shares up nearly 2% before the bell. However, the soda maker said demand remained soft.

4. End in sight?

White House National Economic Adviser Kevin Hassett prepares to give a live television interview at the White House in Washington, D.C., U.S., August 4, 2025.

Jonathan Ernst | Reuters

There could be light at the end of the tunnel for the federal government shutdown. National Economic Council Director Kevin Hassett told CNBC the closure — which is now on its 21st day — “is likely to end sometime this week.”

The White House adviser warned, however, that the Trump administration could impose “stronger measures” if a resolution isn’t reached. Hassett said he heard that Senate Democrats felt it would be “bad optics” to reopen the government before the “No Kings” protests against Trump that took place nationwide Saturday.

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5. Down under

U.S. President Donald Trump, and Anthony Albanese, Australia’s prime minister, shake hands outside the West Wing of the White House in Washington, DC, US, on Monday, Oct. 20, 2025.

Bloomberg | Bloomberg | Getty Images

As the focus on rare earth materials intensifies, the U.S. and Australia inked an agreement that includes project plans totaling as much as $8.5 billion. As CNBC’s Spencer Kimball notes, this deal comes as Trump pushes to build a rare earth supply chain that’s independent of China.

Australian Prime Minister Anthony Albanese said each country would contribute $1 billion over the next six months. Later, the White House said in a fact sheet that the countries would each invest more than $3 billion in that time frame.

Shares of U.S.-listed rare earth stocks jumped in Monday’s session. Notably, Cleveland-Cliffs soared more than 20% after the steel producer said it was considering creating a rare earth mining business.

The Daily Dividend

Mark Cuban says PBMs are too powerful but gives Trump credit for tackling drug prices with TrumpRx

CNBC’s Spencer Kimball, Tasmin Lockwood, Kevin Breuninger, Jaures Yip, Luke Fountain, Sean Conlon, Annie Palmer, Katrina Bishop and Leslie Josephs contributed to this report. Terri Cullen edited this edition.

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China’s rare earth magnet exports to U.S. fall for second month, reversing brief recovery

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China's rare earth magnet exports to U.S. fall for second month, reversing brief recovery

Annealed neodymium iron boron magnets sit in a barrel prior to being crushed into powder at Neo Material Technologies Inc.’s Magnequench Tianjin Co. factory in Tianjin, China, on Friday, June 11, 2010.

Bloomberg | Bloomberg | Getty Images

China’s exports of rare earth magnets to the U.S. fell sharply in September, ending months of recovery as the two economic superpowers remain locked in trade disputes and Washington pushes to secure alternative supply chains.

Data from China’s General Administration of Customs on Monday showed that U.S.-bound exports fell 28.7% in September from August to 420.5 tonnes. That figure was also nearly 30% lower than a year prior.

It was the second consecutive monthly decline after a short-lived rebound that started in June, when Beijing had agreed to expedite rare earth export permits during trade talks with U.S. officials in London.

Chinese rare earth magnet companies have reportedly been facing tighter scrutiny on export license applications starting in September. The customs figures also come from before Beijing expanded its export licensing regime earlier this month.

China has a stranglehold on the production of rare-earth permanent magnets, with an estimated 90% of the market, and a similar dominance in refining the elements used to make them, according to the International Energy Agency. 

The magnets are vital for technologies such as electric vehicles, renewable energy, electronics and defense systems. Beijing’s previous restrictions caused shortages and supply disruptions across industries earlier this year.

China’s export curbs have also extended beyond just the U.S., with total rare earth magnet shipments falling 6.1% in September from August, according to customs data. 

The disruptions have prompted the U.S. and its partners to accelerate efforts to build alternative rare earths and critical mineral supply chains. 

On Monday, the U.S. and Australia signed a minerals deal worth up to $8.5 billion. The agreement includes funding for multiple projects to boost supplies of rare earth and critical mineral materials used in defense manufacturing and energy security.

The deal comes as U.S.-based Noveon Magnetics signed a memorandum of understanding with Australia’s Lynas Rare Earths earlier this month to form a strategic partnership aimed at developing a scalable American supply chain for rare earth magnets.

However, manufacturing rare earth magnets is highly complex and relies on upstream rare earth element mining and refining operations. 

Currently, only a handful of U.S. companies manufacture magnets domestically, with many in the early stages of production.

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CoreWeave CEO says Core Scientific ‘not a need to have’ as shareholder opposition to deal rises

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CoreWeave CEO says Core Scientific 'not a need to have' as shareholder opposition to deal rises

CoreWeave Inc. signage in Times Square in New York, US, on Friday, May 9, 2025.

Yuki Iwamura | Bloomberg | Getty Images

CoreWeave CEO Michael Intrator told CNBC Tuesday that the firm’s proposed acquisition of Core Scientific would be a “nice to have” rather than a necessity as shareholders prepare to potentially block the deal.

In July, AI cloud provider Coreweave proposed an all-stock deal valued at around $9 billion to buy the Bitcoin miner and data center firm, Core Scientific. Immediately after the news, Core Scientific’s stock price fell, plummeting nearly 18%.

The deal has received criticism with key proxy advisor Institutional Shareholder Services (ISS) recommending on Monday that shareholders vote against the acquisition. Core Scientific’s share price has conitnued to rise after the deal was announced which suggests some investors think that the company is valued higher than what CoreWeave has offered, ISS said.

Intrator said that he was “disappointed” by the ISS report and continues to believe that the deal is “in the long-term interest of Core Scientific shareholders.” However, CoreWeave will not raise the price of the offer.

“We think that the bid that we put out there for [Core Scientific] is a fair representation of the relative value of the two companies as an all stock deal,” Intrator told CNBC. “We are going to just kind of proceed as we have, in the event that the transaction does not go through. It is a nice to have, not a need to have for us.”

“Everything has a value, and the number we put out is the value we’re willing to pay for them under all circumstances,” Intrator added.

CoreWeave CEO calls Core Scientific a 'nice to have' amid rising opposition to the acqusition

Earlier this month Two Seas Capital, a major Core Scientific shareholder publicly opposed the acquisition saying that the price CoreWeave is offering is too low. Shareholders will vote on the deal on October 30.

“We see no reason why Core Scientific shareholders should accept such an underwhelming deal. Based on recent trading data, we see little evidence that they will,” Two Seas Capital said in a Friday letter to shareholders.

CoreWeave has aggressive pursued acqusitions this year to buy AI-related firms like OpenPipe, Weights & Biases, and Monolith as it looks to expand its product offering.

The company, which has built data centers and offers Nvidia-powered computing power to hyperscalers like Microsoft, has been riding the wave of artificial intelligence investments.

“We’ve been in acquisitive mode as we continue to build and extend the functionality of our company,” Intrator said.

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