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

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

🧠 OpenAI signs $200M military deal to deliver AI tools for cyber defense.
📉 Stocks climb as big tech drives gains despite inflation and global tensions.
🎮 Microsoft to cut Xbox jobs ahead of next-gen console, citing restructuring.
🪙 Senate passes stablecoin bill requiring full reserves and bankruptcy protection.
🌋 Brazil tourist dies on Mount Rinjani; family blames rescue response failures.

TECHNOLOGY

• OpenAI Lands $200M Contract With U.S. Defense Department

  • OpenAI secured a $200 million deal to prototype AI tools for military and administrative use, including cyber defense initiatives.

  • Projects target healthcare for service members, program data analysis, and proactive cybersecurity under ‘OpenAI for Government.’

  • Terms prohibit the development of weapons, aligning with internal policies, and the initiative extends through July 2026.

• Own Aims to Tokenize the Creator Economy With New Social App

  • Own presents a blockchain-based app where creators earn tokens and monetize content directly via built-in economy features.

  • The platform integrates token rewards, creator coins, and TikTok-style feeds, but remains in early access launch.

  • Backed by TechCrunch attention and rising demand for decentralized monetization options in creator communities.

• Nexus Mods PC Site Officially Has New Owners

  • Founder Robin ‘Dark0ne’ Scott handed control of Nexus Mods to the duo ‘Foledinho’ and ‘Rapsak’ to relieve burnout.

  • New leadership promises no paid mods or aggressive ads, reaffirming that uploaded content remains creator-owned and free.

  • The shift aims to preserve Nexus’s community-first ethos while offloading admin burdens from the original founder.

BUSINESS

• Stocks Struggle on Cusp of Record as Risks Mount

  • U.S. stocks remain close to record highs despite growing investor caution over geopolitics and uneven economic indicators.

  • Large-cap tech firms drive gains, while small-cap and consumer-sensitive sectors lag, revealing market concentration and fragility.

  • Rising U.S.–Middle East tensions and mixed data on growth and inflation temper optimism, casting doubt on broader market gains.

• Anthropic Scores Landmark Fair‑Use Win, Still Faces Piracy Trial

  • A judge ruled Anthropic’s use of copyrighted books for LLM training is fair, a major win for AI innovation.

  • However, the company must face trial in December over allegations that it stored seven million pirated books.

  • The ruling sets a legal precedent for AI training, balancing innovation rights with accountability for piracy actions.

• Fed’s Powell Warns on Rates, Tariffs Amid Market Calm

  • Chair Powell cautioned markets that interest rates may stay higher longer due to inflation risks related to tariffs.

  • He flagged overseas tensions and trade policy as potential inflation drivers, urging a data-guided approach going forward.

  • Despite markets rallying on geopolitical relief, the Fed emphasizes it remains focused on price stability over market sentiment.

MARKETS

WORLD

• Brazilian Tourist Found Dead After Falling From Indonesian Volcano Cliff

  • A 26-year-old Brazilian publicist and traveler fell about 600 m down Mount Rinjani’s ridge on June 21 and was found dead four days later.

  • Rescue teams—including helicopters, drones, and more than 50 personnel—were hindered by fog, steep terrain, and unstable slopes.

  • Her family accused Indonesian authorities of giving false rescue claims, calling the public statements misleading and premature.

• U.S. Intel Assesses Limited Damage to Iran’s Nuclear Facilities

  • U.S. intelligence indicates strikes caused structural damage to enriched uranium sites, but key centrifuge systems remained largely intact.

  • Analysts believe Iran relocated equipment preemptively, reducing operational impact and limiting long-term disruption.

  • Decision-makers caution that the strikes dealt a blow but fell short of severely impeding Iran’s nuclear capabilities.

• NATO Readies Statement on Trump Ahead of Upcoming Summit

  • NATO leaders plan to publicly address former President Trump’s remarks hinting at tactical nuclear weapons in Europe.

  • The anticipated statement aims to reaffirm defense commitments and reassure allies amid rising regional security concerns.

  • Officials are bracing for potential political backlash as Trump’s comments inject uncertainty into transatlantic relations.

CONTENT

• Which Company Is Going To Win The AI Race?

  • Panelists rank Nvidia as the top bet for AGI dominance, citing GPU supremacy and steady architecture evolution.

  • Tesla emerges as the dark‑horse with full vertical integration from silicon and models to Dojo and robotics data.

  • Google is considered strong, too, leveraging the Gemini family, advanced TPUs, quantum efforts, and a massive ad‑driven user data funnel.

• The Future of OpenAI, ChatGPT's Origins, and Building AI Hardware

  • Sam Altman recounts founding OpenAI and emphasizes ambition toward AGI backed by tools like GPT‑4o and scalable compute.

  • Discussion covers multimodal supermodels, ChatGPT memory features, robotics at scale, and balancing rapid growth with safety.

  • He urges founders to focus on unmet needs—not copy ChatGPT—and discusses leveraging AI in scientific breakthroughs and hardware.

• Inside a Billion-Dollar Company Using AI to Supercharge Marketing

  • Vanta’s VP of Growth details using AI to enrich lead data, personalize outreach, and optimize conversion through sales feedback loops.

  • The conversation highlights GPT‑driven consistency, data enrichment tools like Gong, and personalized attribution across platforms.

  • The session emphasizes building an AI‑powered go‑to‑market engine that balances speed, brand trust, and cross‑team alignment.

FUTURISM

• Google’s Gemini Panics While Playing Pokémon

  • Gemini 2.5 Pro exhibited ‘panic’-like behavior in Pokémon gameplay, leading to erratic decisions and performance dips.

  • The model struggled especially when its Pokémon neared defeat, revealing weaknesses in real-time reasoning under stress.

  • Researchers say this behavior offers insight into how complex interactive tasks can expose AI reasoning vulnerabilities.

• Senate Passes Stablecoin Bill, a Major Boost for Crypto

  • The bipartisan GENIUS Act cleared the Senate 68–30, establishing a federal framework for stablecoin issuance and reserve backing.

  • It mandates full asset backing, monthly disclosures, and protections for holders in bankruptcy, while allowing foreign issuers.

  • Supporters say it legitimizes digital currencies; critics warn of conflict-of-interest loopholes benefiting insiders.

• New Data Highlights the Race to Build More Empathetic Language Models

  • Models from OpenAI, Microsoft, Google, Anthropic, and others scored over 80% on emotional-intelligence tests, beating human averages.

  • Psychologists suggest this progress shows major strides toward empathy-aware AI that can better support users emotionally.

  • The data adds momentum to efforts to embed empathetic responses into LLM development for enhanced user engagement.

EXTRAS

• Microsoft Plans Major Job Cuts at Xbox Gaming Division

  • Microsoft is set to announce another significant round of layoffs within its Xbox division next week as part of companywide restructuring.

  • This marks the fourth wave of job cuts at Xbox over the past 18 months, targeting studios and operational roles.

  • The move aims to realign resources ahead of the next-generation console launch, despite internal and community backlash.

• Amazon to Spend Over $4B to Expand Prime Delivery to Rural Communities in the U.S.

  • Amazon is investing more than $4 billion through 2026 to extend same-day and next-day Prime delivery to over 4,000 rural towns.

  • The expansion includes building regional fulfillment centers and creating around 170 new delivery station jobs in small communities.

  • This push intensifies competition with Walmart, aiming to bring fast delivery access to underserved rural customers nationwide.

• U.S. Safety Board Scrutinizes Boeing Over Mid-Air Emergency

  • The NTSB criticized Boeing for failing to install crucial bolts and for inadequate training in the event leading to the 737 MAX 9 cabin panel blowout.

  • The FAA has increased oversight, imposed a production cap, and Boeing's new CEO now faces heightened pressure to restore trust.

  • Although no injuries occurred, the investigation has sparked a criminal probe and raised renewed scrutiny of Boeing’s manufacturing controls.

AND MORE

• Former Tesla engineers launch AI startup Pangram with $4M funding.

• Abridge raises $300M, boosting its healthcare AI valuation to $5.3B.

• Solve complex ML challenges quickly with AI Devvvs, connecting you to top-tier specialists ready to deliver real results.*

• U.S. consumer confidence falls to 93.0 as job market worries grow.

• Polymarket secures funding at $1B+ valuation for crypto prediction platform.

• LanceDB raises Series A to build AI-native multimodal data tools.

• The UK may force Google to offer rival search rankings.

• If your product helps companies grow stronger, Memo gets it seen by the people who can make that happen.*