• Biden delivered his farewell address to the nation on Wednesday, days before he leaves office.
• Biden warned of an oligarchy taking shape in the US and a "tech industrial complex."
• He also said AI posed opportunities and risks and that the US must lead the way over China.

President Joe Biden delivered stark warnings for the American people during his farewell address to the nation Wednesday night, capping a 50-year career in politics less than a week before his one-term presidency comes to an end.

Biden highlighted some accomplishments of his term, including the passage of major climate legislation and a gun-safety law. But he also said he wanted to warn the country about "the dangerous concentration of power in the hands of a very few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked."

"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," he said, adding that the wealthy needed to "pay their fair share of taxes" and play by the same rules as everyone else.

Biden also said he was concerned about "the potential rise of a tech industrial complex" that could pose real dangers for the US, citing a "concentration of technology, power, and wealth."

"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing. Social media is giving up on fact checking," Biden said, seemingly a reference to Meta moving away from third-party fact checkers. "The truth is smothered by lies told for power and for profit."

Biden said artificial intelligence posed both opportunities and risks for American society, security, and the economy.

"But unless safeguards are in place, AI could spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation. We must make sure AI is safe and trustworthy and good for all humankind," he said, adding, "And as the land of liberty, America, not China, must lead the world of the development of AI."

Biden's remarks on AI came a day after he signed an executive order to speed up AI infrastructure projects in the US. On Monday he also announced new chip rules aimed at advancing AI development in US-allied countries in an effort to counter China.

At the start of the address, Biden briefly addressed the Gaza cease-fire agreement that the White House had announced earlier on Wednesday after more than a year of conflict in the area.

Biden said the plan was developed and negotiated by his team and would largely be implemented by President-elect Donald Trump's incoming administration. "That's why I told my team to keep the incoming administration fully informed, because that's how it should be — working together as Americans," he said.

A senior administration official said in a call Wednesday evening the Biden administration worked for several months on the terms of the negotiation with officials from Egypt and Qatar, but in its final days, members of Trump's administration joined the discussions to help finalize the agreement. The official also said the transition from one president to the next helped to create a deadline for the negotiations.

In his message on Wednesday, Biden also emphasized his belief in and the importance of safeguarding American institutions and democracy.

Trump is set to be sworn into office on January 20, kicking off his second term in the White House.

Biden's presidency is ending after he dropped out of the presidential race last year to serve a second term amid concerns about his age and mental acuity.

President Biden took swipes at President-elect Trump during his farewell address Wednesday as he reflected on his legacy from the Oval Office.

The big picture: The 82-year-old, one-term president who has spent five decades in politics will hand over the White House keys to 78-year-old Trump next week, after initially running to rid him from Washington.

• While pledging to a peaceful transition of power and wishing success to the incoming administration, Biden took aim at Trump in his speech, saying: "We need to amend the Constitution to make clear that no president is immune from crimes that he or she commits while in office."

What he's saying: "I've kept my commitment to be president for all Americans through one of the toughest periods in our nation's history," Biden said in his first speech from the Oval Office since announcing he wasn't running for re-election.

• He called Vice President Harris a great partner in that effort.
• "Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms," he said.
• Biden said the tax code must be reformed, "not by giving the biggest tax cuts to billionaires, but by making them begin to pay their fair share."
• However, he wished the incoming administration "success," saying he wants the U.S. to succeed, and pledged "to ensure a peaceful and orderly transition of power."

Zoom in: In a letter to the public Wednesday, Biden praised his administration's accomplishments and called on Americans to continue building on its progress.

• "It has been the privilege of my life to serve this nation for over 50 years ... I have given my heart and my soul to our nation," Biden wrote.
• He also delivered remarks earlier Wednesday about the Gaza ceasefire and hostage deal.

Flashback: Biden dropped out of the 2024 presidential race in July after a poor performance in a debate against Trump.

• He quickly endorsed Vice President Harris to be the party's nominee, though she ultimately lost.

Go deeper: "History is in your hands" Biden tells Americans ahead of farewell address

Editor's note: This a breaking news story. Please check back for updates.

President Biden delivers his farewell address Wednesday night live from the Oval Office.

Why it matters: Biden's remarks focus on defining his legacy and record more than on President-elect Trump.

• Follow along with Axios' live coverage here.

When is Biden's farewell speech tonight?

Zoom in: Biden is scheduled to address the nation at 8pm ET.

• It's Biden's fifth Oval Office address since he became president in 2021.
• His last speech from the Oval Office was in July after he announced he wasn't running for re-election.

How to watch Biden speech live

Zoom in: Major television networks — including ABC, CBS, Fox and NBC — are airing the speech live.

• Cable news channels also will air Biden's address live.

Stream Biden's farewell address live

The big picture: Biden's farewell address to the nation will be streamed live on YouTube, network and streaming apps.

• You can also livestream the speech on Axios with the above YouTube video.

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Senate Majority Leader John Thune (R-S.D.) has a "fairly lengthy list" of last-minute Biden regulations that Republicans may try to undo in the coming weeks, he told Axios.

Why it matters: The Congressional Review Act (CRA) gives Congress until mid-May to reverse what Republicans are calling the "midnight rules" of the Biden administration.

• Sen. Ted Cruz (R-Texas) will kick things off next week by introducing three resolutions to erase Biden moves on crypto, energy and internet access.
• "We are scrubbing right now to determine what is eligible," Thune said at an event at the American Petroleum Institute earlier on Tuesday.

How it works: CRA resolutions have to pass with majority votes in both chambers of Congress.

• Those votes can only happen 15 legislative days into a new Congress — the power won't be available until late January or early February.
• The window for action closes 60 sessions into the new Congress.

Flashback: In early 2017, Trump and congressional Republicans used CRA resolutions to erase 16 Obama administration rules.

• In 2021, Biden and congressional Democrats returned the favor and repealed three Trump rules.

What they're saying: Cruz, who chairs the Commerce committee, told Axios that he is confident that his three resolutions will pass. He expects the process to move "expeditiously" after he files next week.

• One resolution would rescind a December regulation by the Energy Department that regulated gas water heaters.
• Another would undo an IRS rule — finalized last month — that has sparked outrage in crypto circles. The rule requires more reporting on income earned in cryptocurrencies. Sens. Cynthia Lummis (R-Wyo.) — who chairs the new crypto subcommittee— Bill Hagerty (R-Tenn.) and Tim Sheehy (R-Mont.) are cosponsors.
• Cruz's final target is a FCC regulation that allow schools and libraries to lend Wifi hotspots to students through the E-Rate program. Cruz argued it violates the Communications Act, increases taxes and "opens up children to real risks of abuse" with no limits on their broadband usage.

What to watch: The law doesn't give a new Congress blanket authority to undo all of the previous administration's final rules and regulations.

• But Thune's team is trying to convince the Senate parliamentarian how they can use the CRA to undo California's tailpipe standard, which would require 100% of new cars sold by 2035 to be zero emission.
• "We are looking for lots of opportunities in that space and trying to argue with the parliamentarian," Thune said at the API event. "The whole California waiver issue … was such a radical regulatory overreach."

Greenland must make its own decisions about independence from Denmark, Prime Minister Mette Frederiksen told President-elect Trump in a Wednesday phone call.

The big picture: Trump, since his first term, has repeatedly floated the idea of the U.S. buying Greenland even though the island's leaders have said it is not for sale.

• The issue has taken on new importance since Trump hasn't ruled out using military force to take control of Greenland as he returns to the White House.
• Greenland views itself as an autonomous country that is part of the Kingdom of Denmark, and it has the option of declaring its independence under the 2009 Greenland Self-Government Act.
• Denmark has sent Trump private messages expressing willingness to discuss boosting security in Greenland or increasing the U.S. military presence on the island, Axios previously reported.

Zoom in: Frederiksen in her call with Trump reiterated Greenland Prime Minister Múte Egede's statement "that Greenland is not for sale," according to a Danish press release.

• "The Prime Minister has argued that it is up to Greenland itself to make a decision on independence," a translated version of the release said.
• Trump's representatives did not immediately respond to Axios' request for comment.

Flashback: Frederiksen and Trump have a tense history on the issue.

• During his first term, Trump canceled a trip to Denmark after the prime minister called the idea of the U.S. purchasing Greenland "absurd." Trump at the time called her comments "nasty" and "inappropriate."

The bottom line: The main question is whether Trump would be content to cut a deal with Denmark and declare victory, or whether his true mission is to become the first president in 80 years to gain new territory for the U.S., Axios' Barak Ravid and Dave Lawler report.

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• Scoop: Denmark sent Trump team private messages on Greenland
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• Denmark bolstering Greenland defense after Trump ownership comments