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

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

👑 TikTok becomes Larry Ellison's latest prize in his media mogul transformation.
🤖 Billion-dollar infrastructure deals are fueling the massive AI industry boom.
📊 Bond rally depends on jobs data threatened by potential shutdown.
🪙 Gold hits record high as traders assess shutdown risks and rates.
💹 China's markets lose ‘uninvestable’ reputation as global funds return eagerly.

TECHNOLOGY

• TikTok becomes Larry Ellison's latest prize in his media mogul transformation

  • Larry Ellison spent most of his career quietly building Oracle into an enterprise cloud and database powerhouse.

  • Now in his 80s, Ellison is shifting from technology pioneer to media mogul with ambitious new ventures.

  • His reputation includes ruthless tactics, hostile takeovers, and even buying most of a Hawaiian island.

• Billion-dollar infrastructure deals are fueling the massive AI industry boom

  • Nvidia CEO estimates between $3 trillion and $4 trillion will be spent on AI infrastructure by decade's end.

  • Microsoft's initial $1 billion OpenAI investment in 2019 grew to nearly $14 billion, making it the exclusive cloud provider.

  • Major AI companies now sign cloud partnerships with tech giants, including Anthropic's $8 billion deal with Amazon Web Services.

• Inside OpenAI's tangled web of massive infrastructure and technology dealmaking

  • OpenAI's aggressive dealmaking has driven stock markets to record highs despite the company remaining private and burning billions in cash.

  • The $500 billion AI startup has signed massive deals, including $100 billion with Nvidia and $300 billion with Oracle's Stargate program.

  • CoreWeave agreed to provide up to $22.4 billion in AI infrastructure while Broadcom secured a new $10 billion customer, likely OpenAI.

BUSINESS

• Bond rally depends on jobs data threatened by potential shutdown

  • Bond investors await the monthly US jobs report to determine if the Federal Reserve will cut interest rates in October.

  • Traders reduced bets on additional Fed easing after officials expressed diverging policy views and stronger-than-expected economic data.

  • A potential government shutdown starting October 1 could delay the release of critical employment figures and other key economic reports.

• Oura CEO discusses potential IPO plans and commitment to data privacy

  • Oura Health CEO Tom Hale says the company has reached the size and scale needed for going public.

  • Oura expects to hit one billion dollars in revenue this year, which doubles its 2024 financial performance.

  • Hale emphasizes that customer data privacy and security remain nonnegotiable, especially regarding potential government data sharing programs.

• Gold hits record high as traders assess shutdown risks and rates

  • Gold climbed 1% to a record $3,798.73 per ounce, marking its sixth consecutive week of gains on Monday.

  • Traders are concerned that a potential US government shutdown could delay critical jobs data and cloud Federal Reserve policy decisions.

  • Silver, platinum, and palladium also rallied strongly, driven by tight market conditions and increased exchange-traded fund inflows backing metals.

MARKETS

WORLD

• China's markets lose ‘uninvestable’ reputation as global funds return eagerly

  • Global money managers are returning to China after years of avoiding it due to strong stock rallies and technology advances.

  • Goldman Sachs reports that hedge funds showed their highest activity in Chinese onshore equities in recent years last month.

  • Foreign investment inflows are rising across all asset classes, with investors now fearing missing opportunities more than risks.

• Sony Financial Group shares jump 36% in debut as Asia rises

  • Sony Financial Group shares surged 36% on their Tokyo debut after Sony Group spun off the financial unit independently.

  • The separation allows Sony's financial arm to raise independent growth capital while Sony focuses on entertainment and semiconductor investments.

  • Australia's Reserve Bank begins its two-day meeting, expected to hold interest rates steady at 3.6% despite inflation concerns.

• Tata Capital IPO targets $1.7B in India's biggest 2025 listing

  • Tata Capital's initial public offering aims to raise to 155 billion rupees or approximately $1.7 billion total.

  • The IPO will be India's largest stock market listing so far in 2025 if it succeeds at target valuation.

  • Tata Capital and shareholders, including Tata Sons and International Finance Corporation, are offering 475.8 million shares at set prices.

FUTURISM

• DJI loses lawsuit challenging its classification as a Chinese military company

  • Federal Judge Paul Friedman ruled the Department of Defense provided substantial evidence that DJI contributes to China's defense industrial base.

  • The judge cited modified DJI drones used in the Russia-Ukraine conflict as proof of actual military applications regardless of company policies.

  • DJI argued it makes only consumer and commercial drones and has suffered significant financial and reputational harm from the listing.

• BYD launches price war in Japan to attract hesitant customers

  • BYD has struggled in Japan, selling only 5,300 vehicles between January 2023 and June 2025 despite major efforts.

  • The Chinese automaker opened 45 sales locations and introduced four EV models, but still faces customer resistance in Japan.

  • BYD plans to debut an electric kei car in late 2026 as part of its strategy to win over Japanese drivers.

• Famed roboticist warns that the humanoid robot investment bubble will inevitably burst

  • Roboticist Rodney Brooks calls teaching robots dexterity through human videos pure fantasy due to humans' 17,000 specialized touch receptors.

  • Full-sized walking humanoid robots are dangerous when falling because they pump massive energy into staying upright and maintaining balance.

  • Brooks predicts that successful robots in 15 years will have wheels and multiple arms rather than maintaining impractical human forms.

CONTENT

• Nesrine Changuel shares a 4-step framework for building delightful products

  • Nesrine Changuel’s work at Spotify and Google emphasized emotional connection in product success.

    She introduced Product Delight, a book offering a four-step framework for functional and emotional product design.

    Now based in Paris, she coaches founders and CPOs on implementing delight strategies effectively.

• Dave Ricks explores GLP-1 weight loss impact with pricing challenges and threats

  • Eli Lilly CEO Dave Ricks explains GLP-1’s weight loss benefits alongside pricing concerns and counterfeit product threats.

  • He highlights surprising GLP-1 potential for treating addiction and mental health amid falling biotech investment and patent risks.

  • Ricks shares health habits, views on AI in healthcare, and stresses the urgency for the next pharmaceutical breakthrough.

• American dynamism, consumer trends, games, and crypto intersect with Eddie Lazzarin

  • The show explores intersections of American dynamism, consumer trends, gaming, and crypto, framed by Andreessen’s Techno-Optimist Manifesto.

  • Discussions include coherence of a16z investments founder alignment, startup culture, AI in healthcare, and rethinking education models.

  • Parenting challenges, neurodiversity diagnoses, internet culture, and evolving media landscapes highlight broader societal shifts in the AI era.

EXTRAS

• Germany's Black Forest Labs explores raising $200M to $300M

  • Black Forest Labs is in talks to raise between $200 million and $300 million, according to Financial Times reports.

  • The German AI image generation startup is conducting early-stage discussions for funding, with terms still subject to potential changes.

  • Sources familiar with the matter say the fundraising details remain preliminary and no final agreements have been reached yet.

• Telegram's Durov says France requested removal of Moldovan channels from app

  • Pavel Durov accuses French intelligence of requesting censorship of Moldovan channels through intermediaries in exchange for legal help.

  • The allegations came as Moldova held parliamentary elections Sunday that could impact the country's European Union membership aspirations.

  • Durov claims France is attempting to silence opinions it dislikes, while the pro-Russian opposition seeks to steer Moldova away from the EU.

• Denmark bans drone flights after sightings at multiple military bases

  • Denmark ordered a ban on civilian drone flights after drones were observed at several military facilities overnight on Sunday.

  • Drone activities earlier this week forced closures of Danish airports, including a nearly four-hour shutdown of Copenhagen Airport on Monday.

  • Denmark calls the incidents a hybrid attack possibly from Russia, while the Kremlin denies responsibility for the drone sorties.

AND MORE

• Britain may tighten permanent residency rules for migrants seeking citizenship.

• Shooter kills at least four and wounds eight at Michigan church.

• Raleigh One e-bike review shows the company's impressive redemption tour.

• Get smarter on AI in 5 minutes with Roko’s Basilisk daily brief.*

• Generative AI supporters attempt to break into the Hollywood industry.

• Dirty soda trend spreads from PepsiCo to Taco Bell nationwide.

• How Silksong's Hornet voice actor brought character to life through gibberish.

• Universal-DreamWorks movie brings kids’ content frenzy formula to theaters.

• EA buyout talks may signal deeper troubles in the gaming industry.

• What to expect from Amazon's major fall hardware event on Tuesday.