Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition, we are tackling the following:

🍏 Apple might be building its own AI ‘answer engine’ application.
📹 TikTok took over the world, and now Chinese firms push AI video forward.
🔐 Anthropic revoked OpenAI's access to its Claude AI model family.
📈 Wall Street week ahead: AI gains and earnings support markets despite tariffs.
🤝 SAP announced agreement to acquire recruiting software company SmartRecruiters.

TECHNOLOGY

• Apple might be building its own AI ‘answer engine’ application

  • Apple forms a new team called Answers Knowledge, and Information to build a ChatGPT-like answer engine application.

  • The AI-powered engine could work as a standalone app or provide search capabilities in Siri Safari.

  • Apple is actively hiring for search algorithm and engine development roles while facing Google antitrust implications.

• TikTok took over the world, and now Chinese firms push AI video forward

  • Analysts say Chinese companies emerged as early leaders in the AI video generation model competition.

  • Overseas markets account for the majority of user scale and commercial revenue for AI video tools.

  • Analysts caution that AI still has significant limits in creating content that audiences prefer.

• Anthropic revoked OpenAI's access to its Claude AI model family

  • Anthropic cuts OpenAI's Claude access after discovering internal tools comparing Claude's performance to GPT models.

  • OpenAI's technical staff used Claude coding tools before GPT-5 launch, violating Anthropic's terms of service.

  • OpenAI calls usage "industry standard" while Anthropic maintains access for benchmarking and safety evaluations only.

BUSINESS

• Wall Street week ahead: AI gains and earnings support markets despite tariffs

  • Strong corporate earnings boost market confidence with 9.8% second-quarter growth, beating analyst expectations significantly.

  • AI-driven companies lead market gains, reassuring investors about the artificial intelligence trade despite recent DeepSeek concerns.

  • Next week brings Disney, McDonald's, and Caterpillar earnings, providing a broader economic outlook for Dow performance.

• SAP announced Friday the agreement to acquire recruiting software company SmartRecruiters

  • SAP acquires SmartRecruiters to complement existing HR tools with powerful, user-friendly recruiting software interfaces.

  • Acquisition enables customers to manage the entire candidate lifecycle from sourcing to onboarding in a single system.

  • Deal terms undisclosed but expected to close Q4 after SmartRecruiters reached $1.5 billion valuation in 2021.

• OPEC+ leaves traders with a cliffhanger as stormy production chapter ends

  • OPEC+ closes two-year oil strategy chapter with final series of bumper production increases implemented.

  • Saudi Arabia and partners stunned markets by pushing more barrels into the fragile global oil market.

  • Production increases capped futures prices, offering consumer relief and support for the Trump administration's policies.

MARKETS

WORLD

• Korea's SK On aims to beat rivals with next-generation batteries

  • SK On plans to accelerate cutting-edge battery technology development with US and European carmaker partnerships.

  • The company focuses on thermal management technology, including immersion cooling for AI data centers and EVs.

  • SK On is already in talks with Ford and Hyundai to collaborate on advanced battery technologies.

• China's independent oil firms elbow into Iraq's majors-dominated market

  • Small Chinese oil firms aim to double Iraq's output to 500,000 barrels per day by 2030.

  • Chinese independents won half of Iraq's exploration licenses last year, leveraging lower costs and faster development.

  • Baghdad shifts to profit-sharing contracts from fixed-fee agreements to accelerate projects and attract investment.

• Unilever India's new CEO must invigorate the sluggish consumer giant's business

  • Priya Nair becomes HUL's first female CEO, leading premiumisation and digital-first strategy for revival.

  • Her track record includes boosting Home Care margins to 18.8% and repositioning the brand’s premium.

  • HUL stock surged 8% with analysts projecting 35% premium portfolio growth through strategic acquisitions.

CONTENT

• Burkay Gur and Batuhan Taskaya discuss building their generative media cloud

  • Fal built a generative AI platform optimized for speed, performance, and user experience under GPU constraints.

  • Founders discuss how infrastructure limits shaped product design, hiring strategy, and go-to-market execution.

  • Video model competition is intensifying as demand for faster generative content creation continues to grow.

• How Chip Conley redefined midlife and mentorship at Airbnb and beyond

  • Chip Conley became Airbnb’s “Modern Elder,” mentoring young leaders while learning Silicon Valley’s tech culture.

  • He now runs Modern Elder Academy, promoting midlife as a time for growth, impact, and renewed purpose.

  • Discussion covers thriving after 40 AI’s value for older workers and tactics for midlife transitions.

• Michael Dorrell shares why infrastructure investing works and how he mastered fundraising

  • Michael Dorrell explains how infrastructure assets offer stability and long-term value for savvy investors.

  • He shares how trial by fire helped sharpen his fundraising and leadership capabilities early on.

  • The episode explores Stonepeak's founding, strategy, and why motivation often outweighs experience in business success.

FUTURISM

• Inside OpenAI’s quest to make AI do anything for you

  • Hunter Lightman joined OpenAI's MathGen team in 2022, focusing on teaching models mathematical reasoning capabilities.

  • MathGen team is considered instrumental to OpenAI's industry-leading AI reasoning models, powering computer task agents.

  • OpenAI's latest model won a gold medal at the International Math Olympiad, demonstrating significant mathematical reasoning improvements.

• Amphenol nears deal to buy CommScope's broadband unit for billions

  • Amphenol Corp approaches acquisition of CommScope's broadband connectivity arm in $10.5 billion deal, including debt.

  • CommScope explores sale of CCS business unit as part of broader debt repayment strategy.

  • The deal would represent a major consolidation move in the broadband connectivity and telecommunications equipment industry sector.

• How Florida quietly surpassed California in solar growth nationwide recently

  • Florida added more utility-scale solar than California last year, with over 3 gigawatts of capacity.

  • Florida Power & Light built 70% of the state's new solar, while streamlined regulations accelerate construction.

  • Solar growth is driven by economics, not environmentalism, as utilities choose the cheapest energy options available.

EXTRAS

• Lina Khan points to Figma IPO as vindication of M&A scrutiny

  • Former FTC Chair Lina Khan celebrates Figma's IPO as vindication of blocking Adobe's $20 billion acquisition.

  • Khan argues that letting startups grow independently rather than being acquired by giants generates enormous value.

  • Critics view Figma's success as happening despite regulatory scrutiny, not because of FTC intervention efforts.

• CEOs globally brace for tariff turmoil with new game plans

  • Executives redraw global strategies across chocolate, aluminum, and AI infrastructure to cope with trade friction.

  • Earnings season is marked by currency swings, inflation, and unpredictable political uncertainty affecting business planning.

  • C-suite leaders focus on long-term competitiveness beyond just managing short-term tariff cost impacts.

• Mastercard denies pressuring game platforms, but Valve tells a different story

  • Mastercard denies evaluating games or requiring restrictions on game creator sites despite media reports.

  • Steam banned games violating payment processor rules, while Itch.io removed adult content from searches.

  • Valve says Mastercard communicated with payment processors, not directly with Steam, despite the company's requests.

AND MORE

• The best way to exercise is based on your personality type.

• Nintendo raised the Switch 1 price from $299 to $339 recently.

• The top 10 US cities for jobs exclude New York and LA.

• Solve complex ML challenges quickly with AI Devvvs, connecting you to top-tier specialists ready to deliver real results.*

• New wealth terminology guide aims to counteract investor BS claims.

• 3 alternatives to the SAVE plan if you have federal student loans.

• A webcam that's almost like a real camera performs.

• Guidde helps you explain the most complex tasks in seconds with AI-generated documentation.*

• Hamas offers aid for hostages if Israel halts strikes permanently.

• Old trees and aging farmers worsen palm oil export outlook.