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

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

💻 Former Meta executive Nick Clegg criticizes Silicon Valley for being overly conformist.
⚠️ OpenAI issues a warning against SPVs and unauthorized investments.
📉 Federal Reserve meeting reveals challenging path ahead for central bankers.
💰 Trump administration’s big Intel investment comes from already awarded grants.
🚀 Pintarnya raises $16.7M to power jobs and financial services in Indonesia.

TECHNOLOGY

• Former Meta executive Nick Clegg criticizes Silicon Valley for being overly conformist

  • Nick Clegg promotes his upcoming book “How to Save the Internet” while cautiously addressing Meta and Silicon Valley.

  • He acknowledges social media’s global communication benefits but criticizes the Valley’s uniformity and cloying conformity.

  • Clegg questions the tech industry’s fascination with machismo and self-pity among executives and employees alike.

• Databricks acquires Sequoia-backed Tecton to strengthen its artificial intelligence agent capabilities

  • Databricks will acquire machine learning startup Tecton to expand AI agent offerings for enterprise customers nationwide.

  • Sequoia-backed Tecton was valued at $900 million in 2022 and employs 90 people, providing low-latency data solutions.

  • Deal supports Databricks' Agent Bricks product as the company pursues $100 billion valuation in a new funding round.

• OpenAI issues a warning against special-purpose vehicles and unauthorized investment schemes

  • OpenAI warns investors about unauthorized special purpose vehicles claiming exposure to company equity through circumventing transfer restrictions.

  • The company states unrecognized sales through problematic firms will carry no economic value for deceived investors seeking OpenAI exposure.

  • Multiple AI companies, including Anthropic, are cracking down on SPVs as venture capitalists criticize them as "tourist chumps.".

BUSINESS

• Federal Reserve Jackson Hole meeting reveals challenging path ahead for central bankers

  • Fed Chair Jerome Powell signaled September rate cuts despite divisions among policymakers over the appropriate monetary policy direction.

  • Central bankers face conflicting economic signals with inflation above the 2% target while the labor market shows concerning signs.

  • Political pressures intensified as Trump threatened to fire Fed Governor Lisa Cook amid heightened security at the conference.

• Trump administration’s big Intel investment comes from already awarded grants

  • The Trump administration announced a 10% government stake in Intel through $8.9 billion in previously awarded CHIPS Act grants.

  • The deal converts existing Biden-era funding commitments into equity rather than providing new government investment to Intel.

  • Legal experts question whether the CHIPS Act allows grant-to-equity conversion, potentially opening the agreement to court challenges.

• Spotify announces price increases while introducing new services for an expanded user base

  • Spotify plans price increases alongside new features and services as it targets reaching one billion total users.

  • Premium individual subscription rises to 11.99 euros from 10.99 euros across multiple global markets starting September.

  • Price hikes combined with cost-cutting measures helped Spotify achieve its first annual profit in company history.

MARKETS

WORLD

• China Goldwind shares surge most in four years following strong profit growth

  • World's largest wind turbine maker Goldwind Science & Technology saw shares jump 17% in Hong Kong trading.

  • The company reported higher first-half profits and revenue driven by strong domestic demand for wind energy equipment.

  • Wind turbine sales soared 71% compared to the previous period, marking the highest intraday gains since 2021 for shares.

• Pintarnya raises $16.7M to power jobs and financial services in Indonesia

  • Indonesian employment platform Pintarnya raised $16.7 million in Series A funding led by Square Peg for job matching and financial services.

  • The startup serves over 10 million job seekers and 40,000 employers, targeting Indonesia's massive informal workforce sector.

  • Pintarnya offers secured loans using collateral like gold and electronics, expecting to reach break-even by year-end.

• Ukrainian drone strikes Russian nuclear plant, causing massive fire at Novatek terminal

  • Ukraine launched 95 drones across Russian regions on Independence Day, hitting the Kursk nuclear plant and the Ust-Luga terminal.

  • Kursk nuclear plant suffered transformer damage and a 50% power reduction, but maintained normal radiation levels with no injuries.

  • Novatek's Baltic Sea fuel export terminal caught fire from drone debris, halting flights at multiple Russian airports.

CONTENT

• Garrett Lord discusses expert network training powering every frontier AI model

  • Handshake transformed from a student career platform into a powerful data-labeling business for frontier AI models.

  • With 500,000 PhDs and 3 million advanced degree holders, Handshake rapidly scaled expert-driven training data services.

  • The company reached $50 million in four months and projects exceeding $100 million in revenue within a year.

• Ben Horowitz shares insights on venture capital leadership and future innovation

  • Ben Horowitz emphasizes building resilient companies by navigating cycles and treating culture as an enduring competitive advantage.

  • He explains how a16z evolved with a product-first approach while avoiding public market pressures entirely.

  • The conversation covers regulatory challenges, technology media trends, and America’s innovation future from a16z’s unique perspective.

• Rob Miles explains P(Doom) and how creators and audiences can help

  • Rob Miles, a leading AI safety educator, discusses P(Doom) and strategies to reduce existential risks.

  • He highlights how YouTube creators and audiences can contribute meaningfully to AI alignment education efforts.

  • The conversation explores personal background, AI safety research, and practical actions for lowering catastrophic risk probabilities.

FUTURISM

• The American space industry gradually became heavily dependent on SpaceX rocket launch services

  • SpaceX grew from a 2002 startup to $400 billion company dominating US space access after early government contracts.

  • NASA's $1.6 billion cargo contract in 2008 saved SpaceX from bankruptcy following three failed Falcon 1 launches.

  • The company now conducts 83% of global spacecraft launches and provides critical services, including astronaut transport and satellite internet.

• Waymo achieves New York success while Nvidia supports autonomous delivery company Nuro

  • Serve Robotics acquired AI robotics startup Vayu for an estimated $45-50 million to enhance autonomous sidewalk delivery capabilities.

  • Nuro raised $203 million in Series E led by Nvidia, with participation from Uber's multimillion-dollar investment commitment.

  • Multiple mobility deals include ARK's $12.9 million Pony.ai investment and Group14's $463 million battery materials funding round.

• Credit markets fuel the artificial intelligence boom while raising concerns about a potential bubble

  • Credit investors pour billions into AI investments as executives question whether technology creates another financial bubble.

  • JPMorgan and Mitsubishi lead $22 billion loan for Vantage Data Centers' massive data center campus construction project.

  • Meta receives $29 billion from Pacific Investment Management and Blue Owl Capital for the Louisiana data center facility.

EXTRAS

• Bluesky blocks Mississippi users rather than comply with the new age verification law

  • Bluesky blocked Mississippi access instead of implementing the costly age verification system required by the new state law HB 1126.

  • Mississippi law demands age verification for all users, with potential $10,000 per user penalties for platform noncompliance.

  • Small startup argues law creates unfair barriers favoring big tech companies while stifling innovation and free speech.

• Keurig Dr Pepper approaches $18B acquisition deal for Dutch company JDE Peet's

  • Combined companies plan to separate beverage and coffee units after completing the major transaction deal structure.

  • JDE Peet's owns L'Or and Douwe Egberts brands with $15 billion market valuation versus Keurig's $50 billion.

  • JDE Peet's recently raised annual forecasts after beating earnings expectations with €709 million half-year operating profits.

• iPhone 17 becomes the thinnest iPhone ever, with major hardware updates expected soon

  • Apple's September 9 event will unveil the iPhone 17 lineup, which features larger screens, improved cameras, and an ultra-thin iPhone Air.

  • iPhone 17 Pro models get redesigned camera bar, aluminum frames replacing titanium, and potential dark blue copper colors.

  • The three-year iPhone redesign plan begins with the iPhone 17, leading to the foldable iPhone release expected in 2026.

AND MORE

• Fairphone 6 eliminates compromises for European users but remains unavailable domestically.

• South Korean stocks rise following Asian markets tracking Wall Street Fed gains.

• Will Trump help 4Chan escape UK internet police enforcement and regulations?

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

• Solar executives warn Trump's renewable attacks will cause electricity price spikes.

• Framework Desktop and Linux revealed the path to living room PC gaming.

• A hospital worker earns over $300,000 annually without attending medical school.

• CaskX allows investors to diversify their portfolio with aging bourbon barrels *

• Billionaire Lucy Guo maintains an intense routine with early workouts and no lunches.

• Netflix’s ‘KPop Demon Hunters’ is probably the biggest movie in theaters.