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

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

🔋 Tesla signed a $16.5B deal with Samsung to make AI chips.
🌐 Microsoft Edge is now an AI browser with the launch of ‘Copilot Mode’.
🕶️ EssilorLuxottica reports strong sales as Ray-Ban demand exceeds expectations.
🤝 EU and US rush to finalize details and secure trade deal agreement.
🕊️ Ceasefire takes effect between Thailand and Cambodia after five-day border battle.

TECHNOLOGY

• Tesla signs $16.5B deal with Samsung to make AI chips

  • Tesla signed a $16.5B deal with Samsung to produce its next-generation AI6 chip in Texas.

  • The AI6 chip will power Tesla’s FSD, Optimus robots, and data center AI training workloads.

  • Musk says output may exceed $16.5B, with Tesla helping Samsung optimize manufacturing efficiency.

• Microsoft Edge is now an AI browser with the launch of ‘Copilot Mode’

  • Microsoft is testing a new Copilot Mode in Edge to access open tabs to complete tasks.

  • Copilot can compare products, summarize hotel options, and assist with reservations using browser data.

  • Voice navigation and AI-driven browsing organization are also part of Microsoft’s expanding Copilot feature set.

• Google Chrome adds AI-powered store summaries to help US shoppers

  • Google Chrome now shows AI-generated store reviews to help U.S. shoppers assess retailer reputation.

  • Reviews are summarized from sources like Trustpilot and Reseller Ratings, available initially in English on desktop.

  • The move helps Google compete with Amazon and new AI browsers challenging Chrome’s market dominance.

BUSINESS

• EssilorLuxottica reports strong sales as Ray-Ban demand exceeds expectations

  • EssilorLuxottica reported Q2 revenue of €7.18B, up 7.3% at constant exchange rates.

  • Growth was driven by Europe, while North America lagged due to tariffs and currency weakness.

  • Ray-Ban Meta sales tripled; Oakley Meta ramp-up expected; annual growth outlook through 2026 reaffirmed.

• How Trump let Boeing off the hook for the 737 MAX crashes

  • A Texas judge scheduled what may be Boeing’s final hearing, likely ending years-long litigation over 737 MAX crashes.

  • Boeing agreed to plead guilty in July 2024, but new DOJ policy shifts now favor reduced corporate prosecutions.

  • Under Trump, Boeing benefited from relaxed enforcement, avoiding felony conviction and sweeping regulatory consequences.

• EU and US rush to finalize details and secure trade deal agreement

  • The EU narrowly avoided a trade war with the US through a last-minute agreement.

  • Despite the deal, critics argue it won't restore long-term stability in transatlantic relations.

  • The euro fell over 1 percent on Monday, reversing last week’s surge on deal optimism.

MARKETS

WORLD

• Shawbrook selects banks to prepare for potential London stock listing

  • Shawbrook Group is preparing for a possible London IPO backed by BC Partners and Pollen Street.

  • Deutsche Bank, UBS, and Stifel were appointed to assist with the public offering plans.

  • Barclays and Goldman Sachs are leading IPO preparation, according to sources familiar with the deal.

• Ceasefire takes effect between Thailand and Cambodia after five-day border battle

  • Cambodia and Thailand agreed to a ceasefire after five days of deadly border clashes, displacing 300,000.

  • Peace talks, led by Malaysia and backed by the U.S. and China, secured the truce agreement.

  • Trump warned of halted trade deals, pressuring both nations to stop fighting and resume negotiations.

• Saudi Arabia demands a Palestinian state before forming ties with Israel

  • Saudi Arabia reiterated that it will not normalize relations with Israel without a Palestinian state.

  • Foreign Minister Bin Farhan emphasized this condition during a UN press conference with France.

  • The statement follows Macron’s pledge that France will recognize a Palestinian state by September.

CONTENT

• Balaji Srinivasan explores how AI metaphors shape perception and understanding

  • Erik Torenberg and Martin Casado join Balaji Srinivasan to explore how AI metaphors shape perception.

  • They compare monotheistic and polytheistic views of AGI while debating AI’s limits and reasoning methods.

  • The discussion covers AI’s societal impact, including jobs, infrastructure, politics, and possible global power realignments.

• Zapier founder Wade Foster shares how to build powerful AI agents

  • Sam Parr interviews Zapier founder Wade Foster on building and deploying practical AI agents effectively.

  • The episode features demos of AI tools like Instant Dossier and Inbox Zero Agent in action.

  • Foster shares tips on team adoption of AI and showcases fraud detection and strategy-reading agents.

• Casado discusses Anthropic vs OpenAI & why it’s a national security risk

  • Martin Casado discusses the evolving AI investment landscape and parallels with past cloud infrastructure consolidation.

  • He argues that AI apps with low margins are undervalued, and open source poses national security risks.

  • Casado challenges assumptions on AI’s impact on jobs and what truly matters in venture investing.

FUTURISM

• Harmonic, led by Robinhood CEO, launches new AI chatbot app

  • Harmonic launched a beta chatbot app featuring Aristotle, its AI model for mathematical reasoning support.

  • Aristotle aims to deliver hallucination-free answers in math-based fields like physics and computer science.

  • Backed by $100M Series B funding, Harmonic plans an enterprise API and consumer web app rollout.

• Waymo partners with Avis to launch Dallas robotaxi service next year

  • Waymo will launch a robotaxi service in Dallas in 2025 through a new deal with Avis.

  • Avis will manage fleet operations, including maintenance, infrastructure, and vehicle readiness for Waymo’s autonomous cars.

  • The multiyear partnership aims to expand robotaxi services to more U.S. cities beyond Dallas over time.

• Anthropic unveils new rate limits to curb Claude Code power users

  • Anthropic will implement weekly rate limits for Claude users starting August 28 to prevent misuse.

  • Limits target nonstop Claude Code use, account sharing, and reselling by a small group of subscribers.

  • Most users won’t be affected; heavy users can buy more usage at standard API pricing.

EXTRAS

• Flexport sells former freight unicorn Convoy’s tech 2 years after buying it

  • Flexport sold Convoy’s rebuilt freight platform to DAT after generating a massive return on investment.

  • CEO Ryan Petersen said the platform grew stronger and more valuable as a neutral infrastructure layer.

  • The sale allows Flexport to refocus on global freight and upcoming AI-powered product rollouts.

• Firefly Aerospace sets IPO range that would value rocket maker at $5.5B

  • Firefly Aerospace plans to price IPO shares between $35 and $39 each.

  • The IPO would give the Texas-based rocket company a valuation of around $5.5 billion.

  • Firefly’s public debut aligns with rising deal activity and renewed momentum in the space race.

• Tea and meat prices push UK food inflation to 17-month high

  • UK food inflation hit a 17-month high due to rising tea and meat prices.

  • Retailers blamed the Labour government’s first budget for contributing to higher food costs.

  • Food prices rose 4 percent in July, while overall shop prices increased for the second month.

AND MORE

• Amazon pushes back on report claiming it raised prices under Trump.

• A US study says dementia after age 60 can still be prevented.

• Tesla and GM show stark contrast in latest earnings results.

• Memo readers don’t just scroll—they act. They forward, they buy, they share. Let’s put your brand in that flow.*

• Trump demands Murdoch be deposed soon over Epstein-related story.

•  Spirit Airlines to furlough pilots as it plans major flight cuts.

• FDA allows Sarepta gene therapy to resume for some patients.

• Find out how investors are already unlocking greater performance by implementing a credit data strategy.*

• Paris Hilton's mansion deal boosts momentum in the Los Angeles housing market.

• Chipotle's success under Brian Niccol does not solve Starbucks’ struggles.