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

In today’s edition we are tackling the following:

🧠 OpenAI’s new Agent feature browses the web and controls functions.
🎬 Netflix beats earnings expectations but sees subscriber growth drop to 3.5M.
📚 Anthropic faces class-action lawsuit over unauthorized use of copyrighted books.
🚖 Uber invests in Nuro and Lucid to expand its autonomous delivery fleet.
🗳️ UK will let 16-year-olds vote in national elections starting in 2026.

TECHNOLOGY

• OpenAI’s Next ChatGPT Feature Might Do Your Deep Research For You

  • OpenAI is developing a ChatGPT feature that autonomously performs research across multiple webpages.

  • The experimental feature, dubbed Agent, mimics junior researcher workflows and compiles readable summaries.

  • Early demos show it navigating links, saving findings, and skipping paywalled content without user prompts.

• Anthropic tightens usage limits for Claude Code without telling users

  • Claude Code users noticed abrupt drop in usage limits without official notice or documentation updates.

  • Some paying users found access throttled after just a few queries, triggering frustration across developer communities.

  • Anthropic has yet to offer clear public guidelines, leaving uncertainty about subscription value and reliability.

• Apple’s News App Has a Hidden Emoji Word Game

  • Apple quietly added an emoji-based word puzzle game to its News+ app in recent iOS updates.

  • The game challenges players to guess phrases using strings of emojis, like a modern-day Wordle variant.

  • Currently exclusive to iOS 17.6 beta users, it may serve as an engagement boost for News+ subscriptions.

BUSINESS

• Trump’s Sugar Tariff May Kill Corn Jobs and Hurt Coke

  • Trump’s tariff favoring cane sugar threatens U.S. corn growers and sweetener industry jobs.

  • Coca-Cola could face higher costs due to shifting sugar inputs if tariffs affect supply chains.

  • Analysts say the move may please Florida donors while hurting Midwest economies dependent on corn syrup.

• Netflix earnings beat on profit, subscriber growth slows

  • Netflix added 3.5 million subscribers in Q2, down from 9.3 million in the previous quarter.

  • Revenue rose to $10.8 billion with earnings per share of $4.86, beating analyst expectations.

  • Ad-supported tier now accounts for 40% of sign-ups in markets where it’s available, showing strong traction.

• Meta investors, Zuckerberg settle $800 million trial over Facebook acquisition

  • Meta investors and Zuckerberg reached a deal ending the $800 million case over Facebook’s Giphy acquisition.

  • The trial alleged conflicts of interest and board mismanagement tied to how the acquisition was handled.

  • Settlement terms remain undisclosed, but Meta avoids a potential reputational and regulatory escalation in court.

MARKETS

WORLD

• UK to lower voting age to 16 in landmark electoral reform

  • Britain will reduce the national voting age from 18 to 16 following a historic parliamentary vote.

  • Supporters say the move boosts youth engagement, while critics warn of immature political decision-making.

  • The change will be implemented ahead of the next general election expected in early 2026.

• Eswatini offers deported Trump supporters refuge in Africa

  • Eswatini has granted refuge to dozens of pro-Trump Americans deported under Biden's immigration policy.

  • The group includes far-right figures claiming political persecution, sparking international scrutiny and media attention.

  • Eswatini's king framed the move as humanitarian, though critics call it a geopolitical provocation.

• Puerto Rico bans hormone therapy and gender surgery for transgender youth

  • New legislation prohibits gender-affirming medical care for individuals under 18 in Puerto Rico.

  • LGBTQ advocates say the law violates human rights and will worsen mental health outcomes for youth.

  • Supporters argue it protects minors from irreversible decisions, reflecting a broader conservative push in U.S. territories.

CONTENT

• How Replit Went From 10M to 100M ARR In Just 9 Months

  • Replit’s shift from teaching code to enabling AI software creation drove a massive revenue leap.

  • Amjad Massad reveals how non-engineers are now building and shipping production-ready software on Replit.

  • The company bet early on AI agents, branching workflows, and mobile-first ambient coding tools.

• Windsurf x Google x Cognition: Full Breakdown: Who Made Money, Who Did Not

  • Cognition’s $220M acquisition of Windsurf is hailed as the smartest AI deal this year.

  • Altman delayed OpenAI’s model launch citing safety, causing a ripple across the AI ecosystem.

  • Investors debate the durability of “vibe-coded” apps and shocking AI SaaS churn rates.

• The AI-native startup: 5 products, 7-figure revenue, 100% AI-written code.

  • Dan Shipper runs Every with 15 people and no manual coding—everything is AI-written.

  • His team uses specialized agents like “Charlie” and “Friday” for parallelized AI execution.

  • He believes AI-first operations can reshore jobs and blur traditional job descriptions permanently.

FUTURISM

• Uber invests in Nuro, partners with Lucid to expand robotaxi service

  • Uber has invested in Nuro and will use its autonomous vehicles for deliveries in select U.S. cities.

  • Lucid Motors will supply custom EVs to support Uber’s growing robotaxi ambitions and service expansion.

  • The move strengthens Uber’s automation strategy amid growing competition from Tesla and Waymo.

• The Signal for AI comes out of stealth with $4.2M for confident security

  • The Signal for AI has launched from stealth mode with a $4.2M seed round led by Costanoa Ventures.

  • The startup helps AI models identify when they are uncertain, aiming to boost decision-making reliability.

  • Early use cases include healthcare, finance, and enterprise systems where AI failure risk is high.

• Anthropic hit with class-action lawsuit over pirated book use

  • A group of authors is suing Anthropic for allegedly training Claude on pirated downloads of their books.

  • Plaintiffs claim millions of copyrighted works were used without permission or fair compensation.

  • The lawsuit could impact how AI companies handle copyrighted content in model training going forward.

EXTRAS

• House passes GENIUS Act to regulate stablecoins

  • The House approved the bipartisan GENIUS Act to provide guardrails around stablecoin issuance and circulation.

  • Lawmakers cited national security and financial innovation as key motivations behind the cryptocurrency regulation.

  • Trump expressed support, framing it as a way to keep digital finance anchored in the U.S. economy.

• Substack Is Raising Cash to Fund Social Network Dreams

  • Substack seeks funding to expand its social network ambitions, shifting focus beyond just newsletter subscriptions.

  • Founders aim to create a writer-first network, reducing dependency on Twitter-style platforms for distribution.

  • The company’s growth has slowed, prompting the need for new revenue streams and differentiated product direction.

• Amazon workers are piecing together cloud cuts in internal messages

  • AWS employees are uncovering quiet job cuts via internal Slack threads and calendar removals.

  • Amazon hasn’t formally announced layoffs, but clues point to performance-based reductions in its cloud division.

  • Workers are frustrated by lack of transparency and fear further workforce trimming in Q3.

AND MORE

• Indian rupee opens weaker amid Asia currency slump and U.S. Fed uncertainties.

• Sponsor in Memorandum and reach the inboxes that matter—before coffee, before decisions get made.*

• U.S. equities hit record highs as  earnings and data outperform expectations, boosting investor confidence.

• Turkey’s central bank set to cut rates by 250 bps in July amid declining inflation.

• U.S. House passes crypto market structure bill, expanding CFTC oversight.

• Israel conducts airstrike on Gaza Catholic church, causing civilian casualties.

• Oil climbs $1 as drone attacks disrupt Iraqi Kurdistan production.

• Learn how to build habits that stick and make progress toward your goals every day with James Clear.*