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

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

✨ OpenAI updates GPT-5 model to make it warmer and more friendly.
💼 Thoma Bravo is reportedly in talks to buy software company Dayforce Inc.
🪙 Gold holds a weekly drop amid growing US inflation concerns from tariffs.
💱 Gemini crypto exchange, owned by the Winklevoss twins, files for IPO.
🐨 Australia sues Google over anticompetitive search deals with telecom operators.

TECHNOLOGY

• OpenAI updates GPT-5 model to make it warmer and more friendly

  • OpenAI launched GPT-5 with a rocky rollout that disappointed some users who preferred GPT-4o.

  • The company released subtle updates to make GPT-5 more approachable with genuine touches like saying "Good question".

  • Internal testing shows the warmer personality changes don't increase sycophancy compared to the previous GPT-5 version.

• Thoma Bravo is reportedly in talks to buy software company Dayforce Inc.

  • Private equity firm Thoma Bravo is in acquisition talks with human resources management software provider Dayforce Inc.

  • The buyout firm plans to take the Minneapolis-based company private in a comprehensive acquisition deal structure.

  • Deal announcement could come as soon as the coming weeks, according to people familiar with ongoing negotiations.

• Luis von Ahn says Duolingo's controversial AI memo was misunderstood

  • CEO Luis von Ahn faced criticism for declaring Duolingo an "AI-first company," but says messaging lacked context.

  • Von Ahn clarified that the company has never laid off full-time employees and has no plans to do so.

  • Despite external controversy, Duolingo remains bullish on AI, with teams experimenting every Friday morning with new technology.

BUSINESS

• Gold holds a weekly drop amid growing US inflation concerns from tariffs

  • Gold maintained a weekly decline of around $3,340 per ounce following a 1.8% drop amid rising US inflation concerns.

  • US wholesale inflation accelerated in July by the most in three years, prompting traders to reduce their bets on Fed rate cuts.

  • Trump's tariff agenda creates inflationary pressures that could threaten future rate cuts, hurting non-interest-paying gold.

• Gemini crypto exchange, owned by the Winklevoss twins, files for IPO

  • Gemini Space Station Inc. plans to go public on Nasdaq under the symbol GEM, offering cryptocurrency services.

  • The company reported widening losses with $282.5 million net loss on $67.9 million in revenue in 2025.

  • Gemini joins the recent crypto IPO trend following Circle's successful $1.2 billion offering and Bullish's $1.1 billion raise.

• Asia-Pacific markets mostly rise as investors await U.S.-Ukraine talks

  • Japanese markets and Hong Kong stocks gained while Australian stocks hit an intraday high of 8,960 points.

  • South Korean markets fell over 1.2% with Kospi declining 1.25% and small-cap Kosdaq dropping 1.52% Monday.

  • Singapore's non-oil domestic exports contracted 4.6% year-on-year in July, worse than economists' 1.8% forecast.

MARKETS

WORLD

• Putin's peace offer outline emerges after Trump summit in Alaska

  • Putin proposes land swaps where Russia relinquishes tiny pockets while Ukraine cedes eastern territories Moscow hasn't captured.

  • Ukraine would need to accept official status for the Russian language and provide security guarantees under the proposed deal.

  • Trump says they largely agreed on a framework, but Ukraine must approve the settlement after rejecting the Donetsk retreat.

• Malaysia's currency rally continues as analysts expect central bank rate cuts

  • Malaysian ringgit poised to restart rally, potentially hitting its strongest level against the dollar in almost one year.

  • Analysts predict the ringgit may appreciate to 4.15 per dollar by the fourth quarter, driven by the central bank easing.

  • MUFG Bank expects a 1.5% gain from current levels as the US tariff deal boosts Malaysia's export competitiveness.

• Australian regulator sues Google over anticompetitive search deals with telecom operators

  • Australian competition regulator sued Google over exclusive search deals with Telstra and Optus telecom operators nationwide.

  • Google paid revenue shares to carriers for pre-installing only Google Search on Android phones they sold.

  • Google admitted liability and agreed to pay A$55 million penalty while removing search restrictions from future contracts.

CONTENT

• Lead researchers discuss building the future of AI-powered gaming and robotics

  • Google DeepMind's Genie 3 can generate fully interactive persistent worlds from just text in real time.

  • The breakthrough "special memory" feature allows the AI system to maintain consistent world states during gameplay sessions.

  • Researchers discuss potential applications in gaming, robotics simulation, and the future development of Genie 4 and 5.

• Brian Balfour explains why ChatGPT will become the next big growth channel

  • Growth expert Brian Balfour identifies ChatGPT entering step two of his four-step platform cycle framework.

  • He predicts ChatGPT's third-party platform launch within six months could exceed Facebook's early platform success.

  • Companies have a limited time window to integrate with ChatGPT before competitors gain insurmountable platform advantages.

• Erik Torenberg unpacks one of tech policy's most dramatic recent shifts

  • A16z partners discuss a dramatic shift in US AI policy from "pause AI" to ‘win the AI race’ approach.

  • They trace evolution from executive orders that chilled innovation to the recent AI Action Plan promoting scientific progress.

  • The conversation explores how AI discourse got captured by doomerism and why open source was wrongly equated to nuclear risk.

FUTURISM

• Solar rooftops have become unexpected national security concerns for government officials

  • CISA published an advisory about security vulnerabilities in EG4 solar inverters affecting roughly 55,000 customer installations nationwide.

  • Modern solar inverters now serve as smart energy hubs, monitoring performance and communicating with utility companies.

  • Cybersecurity experts worry hackers could intercept data, install malicious firmware, or seize control of home energy systems.

• AI boom expected to drive emerging markets’ performance next decade

  • Emerging market funds are pivoting portfolios to capture the artificial intelligence investment craze, expecting long-term technology returns.

  • The success of Chinese AI developer DeepSeek and Asian semiconductor firms encourages asset managers like AllSpring Global.

  • AI companies have become the six biggest contributors to Bloomberg's emerging markets stock index rally this year already.

• AI chatbot plushies are marketed as screen time alternatives for children

  • Companies market AI-powered plush toys like Grem and Grok as alternatives to children's screen time usage.

  • NYT reporter worried the chatbot felt more like a parental replacement than an upgrade to lifeless teddy bears.

  • Critics argue these talking toys still teach kids that curiosity's endpoint lies inside their electronic devices.

EXTRAS

• Judge says FTC investigation into Media Matters should alarm all Americans’

  • Federal judge blocks FTC investigation into Media Matters after group reported ads appearing alongside antisemitic content on X.

  • The judge ruled Media Matters' reporting was protected First Amendment activity and the FTC's investigation appeared to be retaliatory.

  • The court noted FTC chair previously called for investigating progressive groups and hired staffers criticizing Media Matters.

• Australia needs a growth mindset for prosperity, says Productivity Commission chair

  • Productivity Commission chair Danielle Wood says Australian governments lack a growth mindset in their current decision-making.

  • Wood argues that governments must embed the importance of growth considerations into every policy decision they make going forward.

  • The chair emphasizes the need for better program delivery design and reducing administrative burden for economic expansion.

• Anthropic enables Claude models to end harmful or abusive user conversations

  • Anthropic gives Claude Opus 4 models the ability to end conversations in extreme cases of persistently harmful interactions.

  • The company says this protects AI model welfare rather than human users, though Claude's sentience remains uncertain.

  • The feature activates only for extreme requests, like illegal content, after multiple redirection attempts have completely failed.

AND MORE

• Star of Superman films Terence Stamp dies at age 87.

• UK house prices drop £11,000 during summer lull, says Rightmove.

• Watchmaker Swatch apologizes for slanted eye advertisement after Chinese online backlash.

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

• 200% stock surge makes China's Leapmotor the next EV rising star.

• Striking Air Canada flight attendants defy government back to back-to-work order.

• Workers accept $20K pay cuts for meaningful work in today's job market.

• Start your online business for free, then get 3 months for just $1.*

• Stranger Things creators might leave Netflix after the current show contract ends.

• People in the happiest relationships discuss 5 daily topics that most couples neglect.