Wells Fargo's updated online access agreement takes effect November 24, 2026, and it treats transactions an AI agent runs for you as authorized, including ones the agreement itself describes as ones "you did not want or intend," with customers solely responsible for supervising their agents. JPMorgan, Bank of America, Citi, and Wells Fargo have all moved to restrict outside agents in customer accounts, and Schwab says it blocks unauthorized agents by the dozens every week.

Also this week: Texas Attorney General Ken Paxton sued OpenAI and Sam Altman personally on October 23, the tenth state lawsuit, asking a court to bar minors in Texas and require court-approved independent review of new models, while a RAND-led audit found ChatGPT's parent alerts fired in just 15 of 300 simulated high-risk teen conversations. Meta's free cash flow went negative for the first time since 2012 as its quarterly building spend passed what the business generated, and a draft Anthropic prospectus reviewed by Reuters shows an $80.7 billion first-half net loss with at least $518 billion committed over a decade. Plus the FTC's older-adult fraud record, Google's new ads exception for connected Gmail, Drive, and Photos data, and Microsoft's diagnostic study in Science.

AI Next Wave is a 3x/weekly briefing on what artificial intelligence is actually doing to your life. Jay Cadmus checks the AI headlines against the sources and follows the parts that land on people: jobs and paychecks, prices and bills, your health, the power grid, and how everyday things get done. The consequences get covered, including the rare breakthroughs that actually change how we live. Separating AI fact from AI fiction. New episodes Monday, Wednesday, and Friday. The podcast companion to the AI Next Wave newsletter at theainextwave.com. Hosted by Jay Cadmus.