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

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

🚀 SpaceX’s Starship explodes unexpectedly ahead of 10th test flight attempt.
🤝 Meta tried to buy Sutskever's AI startup; now it plans to hire its chief executive.
🛢️ Oil drops as Trump signals Iran strike decision within two weeks.
💼 Fidelity fund bets on midcaps, saying the worst of tariffs is over.
🏗️ Amazon to invest $233M to enhance its India operations infrastructure.

TECHNOLOGY

• SpaceX’s Starship explodes unexpectedly ahead of 10th test flight attempt

  • SpaceX’s Starship rocket exploded during a Texas test, caused by a pressurized tank failure in the nosecone.

  • All personnel are safe, no injuries reported; surrounding communities face no hazards from the explosion.

  • The planned tenth test flight, possibly scheduled for June 29, is likely to be delayed for investigation.

• Meta tried buying Sutskever's AI startup, now plans to hire its chief executive

  • Meta attempted to acquire Ilya Sutskever’s AI startup, Safe Superintelligence, but was rejected.

  • After the failed bid, Zuckerberg shifted focus to hiring CEO Daniel Gross directly.

  • Meta now aims to recruit Gross and Nat Friedman and invest in their venture fund.

• The Robinhood founder, who might just revolutionize energy if he succeeds

  • Baiju Bhatt launched Aetherflux to develop space-based solar power tech once dismissed by aerospace firms.

  • The former Robinhood executive raised $60 million to turn space solar power into a renewable energy solution.

  • Inspired by his father’s NASA work, Bhatt aims to transition Aetherflux into a full-fledged space company.

BUSINESS

• Oil drops as Trump signals Iran strike decision within two weeks

  • Oil prices dropped as Trump hinted at a delayed decision on striking Iran, easing immediate tensions.

  • Brent crude fell up to 2.7%, falling below $77 and halting a three-week rally.

  • White House cites ‘substantial chance of negotiations’ with Iran, but timeline details remain unclear.

• The US added one thousand new millionaires daily in 2024

  • The US gained 379,000 new millionaires in 2024, totaling 23.8 million, leading globally.

  • Wealth growth was fueled by strong markets and a stable dollar, now threatened by 2025 tensions.

  • Even among millionaires, a growing wealth gap persists, according to UBS economist James Mazeau.

• Fidelity fund bets on midcaps, saying worst of tariffs is over

  • Fidelity sees midcap stocks as attractive buys with tariff fears easing under Trump.

  • Japan, Germany, and China midcaps now make up 11% of Fidelity’s growth fund.

  • Midcap exposure has significantly increased from minimal levels just 18 months ago.

MARKETS

WORLD

• China state trader becomes dominant force in $130B iron ore market

  • China Mineral Resources Group became the top player in the $130 billion iron ore import market within three years.

  • The trader reduced volatility in iron ore futures to a record low globally.

  • It influences negotiations with major mining companies, shifting power toward China’s steel industry.

• Amazon to invest $233M to enhance its India operations infrastructure

  • Amazon to invest $233M in India to boost operations, delivery tools, and employee well-being programs.

  • The move supports nationwide delivery coverage and enhances speed, efficiency, and processing capacity across India.

  • Investment includes new safety tools, education programs, and healthcare support for workers and delivery drivers.

• Rice prices in Japan double as core inflation hits its highest since 2023

  • Japan’s rice prices surged 101.7% year-over-year in May, the largest spike in over 50 years.

  • Core-core inflation rose to 3.3%, while headline inflation remained above BOJ’s 2% target for 38 months.

  • The government released emergency rice stockpiles to ease soaring food costs amid persistent inflationary pressure.

CONTENT

• Elon Musk shares his thinking guided by first principles and useful work

  • Elon Musk recounts early struggles with Zip2 and near failures of Falcon 1 and Tesla's survival.

  • He emphasizes first principles thinking, doing useful work, and the intelligence big bang belief.

  • Topics include SpaceX origins, leadership lessons, xAI, AI safety, and the multi-planetary future vision.

• Arthur Kroeber discusses how China achieved high-tech manufacturing dominance

  • China’s government acts like a massive VC fund, funding key high-tech priorities aggressively.

  • They prioritize scale and effectiveness over efficiency, willing to absorb huge financial losses.

  • Bipartisan consensus aims to counter China’s rise despite economic interdependence and mutual risks.

• Sam Harris and Scott talk about the collapse of American trust

  • Sam Harris and Scott discuss trust collapse in institutions and the rise of misinformation and cults of personality.

  • They explore societal challenges like political strategies, young men’s struggles, and shifting cultural dynamics.

  • Personal growth, managing anxiety, and family experiences shaping identity and relationships are also discussed.

FUTURISM

• Apple is interested in using generative AI to speed chip design

  • Apple plans to use generative AI to accelerate custom chip design and boost productivity significantly.

  • Johny Srouji highlighted Apple’s chip evolution from the A4 to the current Mac and Vision Pro processors.

  • Apple’s bold transition to its own silicon involved huge risks and no fallback plans or split lineups.

• Nvidia’s AI empire explores its most important startup investments so far

  • Nvidia’s revenue and stock surged as it capitalized on the AI revolution since ChatGPT’s launch.

  • The company sharply increased AI startup investments in 2024, participating in 49 funding rounds.

  • Nvidia aims to expand the AI ecosystem by backing game-changing startups with significant funding.

• Honda-backed Helm.ai unveils new vision system for self-driving cars

  • Helm.ai unveiled Helm.ai Vision, a camera-based system for interpreting urban environments in vehicles.

  • The startup partners with Honda to integrate hands-free driving tech in 2026 Honda Zero electric vehicles.

  • Helm.ai focuses on vision-first tech, licensing software to automakers, competing with lidar and radar systems.

EXTRAS

• Google looks likely to lose appeal against record $4.7B EU fine

  • Advocate General recommends dismissing Google’s appeal against a 4.1 billion euro antitrust fine.

  • The fine concerns Google’s Android operating system antitrust violations spanning multiple years.

  • The EU’s General Court reduced the original 4.34 billion euro fine to 4.125 billion euros.

• Social media ban moves closer in Australia after tech trial concludes

  • Australia’s social media ban for under-16s advances after successful age verification trial.

  • The trial proved that age checks are technologically feasible and can integrate with current platforms.

  • Meta, TikTok, and Snap opposed the legislation, questioning the reliability of age verification technology.

• Samsung aims to catch up with Chinese rivals for thin foldable phones

  • Samsung plans to launch the Galaxy Fold7 foldable smartphone at an event next month.

  • Chinese brands Honor and Oppo have released thinner, lighter foldable phones aggressively.

  • Samsung aims to catch up by making its next foldable device thinner and lighter.

AND MORE

• Creators say they didn’t know Google uses YouTube to train AI.

• Microsoft’s complicated relationship with OpenAI shows cracks in their partnership.

• UK consumer confidence rises, extending fragile economic rebound, says report.

• Here are all the fusion startups that have raised over $ 100 M.

• China's warning on blind-box toys causes Pop Mart shares to tumble.

• Founders and leaders who read Open Source CEO end up with 2.3x the cerebral horsepower of those who don’t.*

• Trump extends TikTok ban, giving questionable legal cover to Oracle and Apple.

• Summer Game Fest’s best games felt small and personal this year.

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

• AI residencies are trying to change the conversation around artificial art.