The Vogue Business AI Tracker keeps a record of the most important AI developments that will influence our industry and our world, each week. From venture capital investments and startup launches to product drops and regulatory updates, we’ll make sure you never miss a beat when it comes to the AI news that matters.
June 30, 2026
The news: “Exuberant” AI spending could threaten the global economy, the Bank for International Settlements warns.
Why it matters: The Bank for International Settlements (BIS), often referred to as the central bank for central banks, has warned that Big Tech’s trillion-dollar AI spending spree risks ending in a prolonged investment bust, if the promised returns fail to materialize. In a report published on Sunday, the BIS compared today’s AI race with historical investment booms — from Britain’s railway expansion to the dotcom bubble — and argued that transformative technologies often attract more capital than commercial returns can ultimately justify.
The warning comes as the five largest hyperscaling tech companies — Amazon, Microsoft, Alphabet, Meta and Oracle — are expected to spend more than $1 trillion on AI infrastructure by the end of 2026.
It’s another reminder that the AI boom is becoming a macroeconomic story that extends beyond the technology sector. Should investment in AI fail to deliver the gains markets are betting on, the resulting slowdown in business confidence and consumer spending would weigh on the entire economy.
June 23, 2026
The news: L’Oréal and OpenAI announce partnership for AI in beauty product development, content creation, and product discovery.
Why it matters: L’Oréal Group has announced a strategic partnership with OpenAI, marking one of the beauty industry’s most significant moves yet into conversational commerce. Unveiled at the Vivatech conference in Paris, the partnership will explore applications across research, marketing and consumer discovery, while bringing L’Oreal’s brands into ChatGPT, including Maybelline New York. Maybelline will also be part of an experiment into the virtual try-on (VTO) of some beauty products by the two companies.
L’Oréal said it will also work with OpenAI to strengthen product discovery within ChatGPT across brands in the US, from Lancôme to Kérastase. Meanwhile, Skinceuticals, Cerave, and Garnier are all part of ChatGPT’s global ad pilot.
It’s another sign that large fashion and beauty groups are investing in AIO, optimizing for AI assistants that are rapidly emerging as the next discovery layer. Experts are split, however, on whether VTO in beauty is something consumers actually want — some respondents to our Vogue Business AI consumer perception survey said it’s a category where influencer recommendations and in-store product testing are preferred.
June 16, 2026
The news: UK bans access to social media platforms for under-16s.
Why it matters: The UK is banning social media for under-16s, effective next year. Prime Minister Keir Starmer said the restrictions will be modeled on those set by the Australian government last December, comprising a ban for the age group on platforms where the “sole and significant purpose” is to facilitate social interaction. This will include Facebook, Instagram, Snapchat, Reddit, TikTok, X, YouTube and Twitch, likely alongside other platforms such as dating apps and Bluesky. Pinterest, YouTube Kids, and messenger apps like Whatsapp are not included in the ban.
The UK is going a step further than Australia, however, banning all platforms from offering live streaming to under-16s and prohibiting strangers from making contact with the age group. Gaming platforms like Roblox and Discord — also not included in the blanket ban — will still need to abide by these rules. AI chatbots enabling romantic companionship will be banned for under-18s.
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