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

In today’s edition we are tackling the following:

🚀 SpaceX may invest $2B into Elon Musk's AI company xAI.
🗣️ Meta has acquired Play AI for generating realistic and natural human voices.
🤝 EU plans deeper engagement with nations impacted by US tariffs.
🚗 Why GM’s CEO is still betting on electric vehicles (and racing).
🌍 A United Nations research institute created an AI refugee avatar.

TECHNOLOGY

• SpaceX may invest $2B into Elon Musk's AI company xAI

  • SpaceX plans to invest $2B in Elon Musk’s AI startup xAI, its first xAI funding.

  • xAI’s chatbot Grok is already used in SpaceX’s Starlink service, with more partnerships expected.

  • Musk continues integrating his companies, despite Grok controversy, including bringing Grok to Tesla vehicles.

• Nvidia CEO to hold media briefing in Beijing on July 16

  • Nvidia CEO Jensen Huang will visit Beijing again, emphasizing China’s importance despite US chip restrictions.

  • U.S. senators urged Huang to avoid firms tied to China’s military or on export restriction lists.

  • China remains a key market, contributing $17B to Nvidia’s sales amid rising local competition.

• Meta has acquired Play AI for generating realistic and natural human voices

  • Meta confirmed it acquired PlayAI, with the entire team joining Meta starting next week.

  • PlayAI’s voice generation tech aligns with Meta’s AI Characters, Meta AI, Wearables, and audio efforts.

  • Meta continues heavy AI investment, including talent from OpenAI and partnership with Scale AI.

BUSINESS

• EU plans deeper engagement with nations impacted by US tariffs

  • The EU plans to increase engagement with countries affected by Trump’s newly proposed US tariffs.

    * Talks may involve coordination with nations like Canada and Japan to address shared trade concerns.

    * Effort reflects growing EU response to escalating trade threats from Trump-era protectionist policies.

• Federal Reserve quietly responds to Trump administration attacks over renovation

  • The Federal Reserve published a FAQ page defending its renovation project amid rising political criticism.

  • OMB Director Russell Vought criticized the project and signaled plans to investigate its justification.

  • Fed Chair Jerome Powell continues resisting Trump’s pressure to lower interest rates despite repeated attacks.

• Why GM’s CEO is still betting on electric vehicles (and racing)

  • GM is softening its 2035 all-electric goal, citing slow infrastructure and changing political pressures.

  • Despite regulatory challenges, GM’s EV sales surged 111%, making it the world’s second-largest EV seller.

  • CEO Mary Barra supports Trump’s tariffs, even as they cost GM an estimated $5 billion.

MARKETS

WORLD

• A United Nations research institute created an AI refugee avatar

  • A UN-linked research institute created AI avatars to educate users about refugee-related issues in Sudan.

  • The avatars portray a refugee woman and a paramilitary soldier, designed for interactive learning on a website.

  • Some users criticized the project, arguing refugees can speak for themselves without AI representation.

• Singapore warns of ‘uncertainty’ after narrowly avoiding technical recession through manufacturing growth

  • Singapore’s economy grew 1.4% in Q2 2025, rebounding from a previous quarter contraction.

  • Growth was driven by manufacturing, which expanded 5.5% year over year in the second quarter.

  • The data precedes an upcoming monetary policy decision by Singapore’s central bank later this July.

• Yen traders adjust option bets ahead of upcoming Japanese elections

  • Yen option traders are bracing for political shocks and Fed shifts that may weaken Japan’s currency.

  • Traders are increasingly betting on yen depreciation ahead of upcoming Japanese elections and global uncertainty.

  • Dollar-yen call option volumes more than doubled put options on July 11, CME data shows.

CONTENT

• Jake Knapp and John Zeratsky share how to validate startups in two days

  • Jake Knapp and John Zeratsky created the Foundation Sprint to help startups validate ideas quickly.

  • The process compresses months of validation into two days using templates, frameworks, and team exercises.

  • Key lessons include early differentiation, asking foundational questions, and avoiding groupthink and premature AI builds.

• Charlie Houpert explores the dark side of finding success on YouTube

  • Charlie Houpert discusses losing authenticity by chasing audience approval, eventually burning out from inauthentic content.

  • As success grew, internal misalignment with his co-founder and personal avoidance led to business dysfunction.

  • A personal low and ayahuasca retreat triggered deep self-reflection, revealing childhood-rooted people-pleasing patterns.

• Seth Moulton shares what Democrats must improve in messaging and strategy next

  • Rep. Seth Moulton discusses how Democrats must better communicate their policies and core values post-GOP bill.

  • He addresses bipartisan immigration reform, balancing support and critique of Israel, and midterm election strategy.

  • As a former Marine, Moulton evaluates Defense Secretary Hegseth’s leadership and U.S. foreign policy direction.

FUTURISM

• Tesla prepares to begin electric vehicle sales in India very soon

  • Tesla is set to begin EV sales in India, opening its first showroom in Mumbai soon.

  • The company launched a new India-focused X account, teasing the move with ‘Coming soon’ imagery.

  • High import duties and past factory deal failures may complicate Tesla’s entry into the Indian market.

• China biotech makes major breakthrough reshaping global pharmaceutical development and innovation

  • China’s biotech sector is rapidly evolving, moving from copycat drugs to genuine pharmaceutical innovation leadership.

  • Over 1,250 novel drugs entered development in China last year, including cancer and weight-loss treatments.

  • China now trails only the U.S. in drug development volume, surpassing the European Union significantly.

• Firefly Aerospace files for IPO after successful moon landing and growth streak

  • Firefly Aerospace filed for IPO with $176.9M in cash and $173.6M in debt to repay.

  • Revenue hit $55.8M by March 31, mostly from Blue Ghost landers, but costs nearly matched.

  • Despite $231.1M in 2024 losses, Firefly projects growth with $1.1B in backlogged contracts and major deals.

EXTRAS

• US online spending hits $24.1B as strong discounts drive sales

  • U.S. online retail sales rose 11% to $14.2B, driven by extended Prime Day promotions.

  • Major retailers offered steep discounts, turning Prime Day into a key back-to-school shopping period.

  • Mobile shopping led transactions at 53.2%, with top discounts in apparel and electronics categories.

• Gold rises as Trump intensifies tariff stance ahead looming trade deadline

  • Gold prices rose as investors sought safety amid Trump’s renewed tariff threats against EU and Mexico.

  • Bullion hovered near $3,370 an ounce after gaining 0.6% the previous week.

  • Trump announced 30% tariffs starting next month, pressuring final trade negotiations before the August 1 deadline.

• Coffee priced at 30 cents fuels China instant commerce price war gimmick

  • China’s e-commerce giants compete on ultra-fast delivery, leveraging a vast labor and gig workforce.

  • JD.com, Alibaba, and Meituan invest billions to expand delivery networks and offer deep subsidies.

  • While consumers benefit, rapid expansion pressures company earnings and negatively impacts share price performance.

AND MORE

• Women lag behind in America’s return to traditional office work.

• Foldable phones trend upward as new models get surprisingly thin.

• Your next lawn chair is Vietnamese but still heavily influenced by China.

• New electric three-row SUV impresses most with strong off-road capabilities.

• Need to scale an AI team quickly? Athyna delivers vetted talent globally in under a week.*

• Spent 24 hours with Alexa Plus it cooked chatted and slightly misled.

• These $20 pants reveal how Costco drives $86 billion in sales.

• Turn complex tasks into stunning step-by-step video guides in seconds.*

• BTS returns and Blackpink tours K-pop stocks react with renewed investor interest.

• Superman kicks off James Gunn’s DC universe with $122 million debut.