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

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

📈 Nvidia AI chip rival Groq reportedly near fundraising at $6B valuation.
🔋 Tesla signs $4.3B battery deal with LGES to diversify supply.
📊 Trump says 'good friend' India may get a 20-25% tariff rate.
☕ Starbucks CEO details brand reset plan as turnaround efforts drive sales beat.
🌊 Massive quake triggers tsunami evacuations in Russia and the Pacific.

TECHNOLOGY

• Nvidia AI chip rival Groq reportedly near fundraising at $6B valuation

  • Groq is reportedly raising $600 million at a near $6 billion valuation, doubling last year’s figure.

  • The round is led by Disruptive with past investors including BlackRock, Samsung Catalyst Fund, and Cisco.

  • Groq recently partnered with Meta and Bell Canada to power major AI infrastructure projects.

• Tesla signs $4.3B battery deal with LGES to diversify supply

  • Tesla signed a $4.3 billion deal for LFP batteries from LGES’s Michigan factory.

  • The deal helps Tesla reduce reliance on Chinese imports amid rising tariffs and policy risks.

  • The three-year agreement runs from August 2027 to July 2030 for energy storage systems.

• Google says the UK government has not requested an encryption backdoor for user data

  • The U.K. is backing off its demand for Apple to build a global encryption backdoor.

  • Google confirmed it has not received a similar U.K. order after pressure from U.S. lawmakers.

  • U.K. law prevents companies from disclosing such orders, prompting concerns over global privacy impacts.

BUSINESS

• Trump says 'good friend' India may get 20-25% tariff rate

  • Trump suggested a 20–25% tariff on India if no trade deal is reached by August 1.

  • India hoped for lower rates than those offered to Indonesia and the Philippines, below 20%.

  • Recent tensions include Trump’s ceasefire claims and threats of secondary tariffs over Russian oil ties.

• Jim Cramer shares why he’s cautious about buying Figma at IPO

  • Jim Cramer likes Figma’s business but fears the IPO valuation may be too high.

  • Figma is one of the most valuable privately-held tech companies preparing to go public.

  • The company raised its expected IPO price range ahead of its stock market debut.

• Starbucks CEO details brand reset plan as turnaround efforts drive sales beat

  • Starbucks’ global same-store sales fell 2%, with North America down and China showing 2% growth.

  • CEO Brian Niccol detailed turnaround plans, including upgraded store design, staffing, and menu improvements.

  • Despite profit pressures from restructuring, Starbucks beat revenue expectations with $9.46 billion for the quarter.

MARKETS

WORLD

• Korean won rises after report of US pushing for currency appreciation

  • Korean won gained after reports said the US wants it to appreciate during trade negotiations.

  • The currency rose to 0.8% to 1,378.30 per dollar following the local news report.

  • Final trade talks between Korean and US officials are set to happen on Thursday.

• Massive quake triggers tsunami evacuations in Russia and the Pacific

  • An 8.8 magnitude earthquake struck near Petropavlovsk-Kamchatsky, causing injuries and building damage.

  • A tsunami up to 4 meters hit Kamchatka, prompting emergency evacuations across coastal areas.

  • Japan, Hawaii, and the Pacific regions issued warnings urging people to move to higher ground.

• Australian rocket with Vegemite onboard crashes seconds after launch attempt

  • Gilmour Space's Eris rocket crashed during Australia’s first homegrown attempt to reach orbit.

  • The rocket launched from Bowen Orbital Spaceport and exploded 14 seconds after liftoff.

  • The flight carried Vegemite as a payload but failed to complete the mission.

CONTENT

• Ramtin Naimi shares his journey from bankruptcy to leading a top Silicon Valley seed fund

  • Ramtin Naimi shares his rise from bankruptcy to building top-tier seed fund Abstract Ventures.

  • He explains how art collecting mirrors venture investing and outlines his systematic power law strategy.

  • Naimi discusses co-investing with multi-stage funds and Abstract’s high graduation rate to Series A.

• Jared Kaplan explains how scaling laws changed the path to human-level AI

  • Jared Kaplan’s discovery that intelligence scales predictably helped shape large language model development.

  • His work led to the co-founding of Anthropic and influenced AI models like Claude.

  • He explores future breakthroughs in AI memory oversight and solving long-horizon cognitive challenges.

• Amber Lee shares how she launched and runs matchmaking for the wealthy

  • After a near-death experience, Amber Lee launched a luxury matchmaking business from her hospital bed.

  • Her company now earns over $3M annually, matching elite clients with fees up to $1M.

  • She reveals why confidence beats wealth in dating and how fear sabotages high achievers’ relationships.

FUTURISM

• Space Force bets on commercial entrants in $4B satcom contest

  • The Space Force awarded $37.3 million in contracts to develop jam-resistant satellite communications for troops.

  • Companies like Boeing, Northrop, Viasat, Intelsat, and startup Astranis will design systems through January 2026.

  • One design will be chosen for a 2028 launch, part of a potential $4 billion program.

• Trump’s AI plan is a massive handout to gas and chemical companies

  • Trump’s AI Action Plan pushes deregulation and favors fossil fuel infrastructure over renewable energy projects.

  • The plan uses emergency powers to fast-track data centers, pipelines, and fossil fuel power plants.

  • Critics say it aligns Big Tech with Big Oil, undermining environmental protections and renewable energy growth.

• SOSV bets plasma will change everything from semiconductors to spacecraft

  • SOSV plans to invest in over 25 plasma-focused startups in the next five years.

  • Applications range from nuclear fusion and semiconductors to wind turbines, data centers, and space propulsion.

  • A new Hax lab will support startups, partnered with New Jersey and Princeton Plasma Physics Laboratory.

EXTRAS

• Anthropic reportedly nears $170B valuation with possible $5B funding round

  • Anthropic is reportedly raising to $5 billion at a $170 billion valuation led by Iconiq.

  • The round could include sovereign funds like Qatar Investment Authority and Singapore’s GIC.

  • CEO Dario Amodei expressed discomfort over taking funds from authoritarian-aligned sovereign wealth investors.

• The dangerously blurry line between wellness and medical tech features

  • The FDA warned Whoop that its Blood Pressure Insights feature lacked proper medical device clearance.

  • Whoop defended itself by classifying the feature as a “wellness” tool to avoid regulation.

  • Wellness claims often shield wearable tech from FDA oversight unless they imply medical decision-making use.

• Google’s AI Mode gets new ‘Canvas’ feature and Search Live

  • Google adds Canvas to AI Mode, letting users build study plans with follow-up prompts and uploads.

  • Canvas helps organize learning across sessions and accepts class notes or syllabi for tailored guides.

  • Search Live brings real-time answers through Google Lens, enabling visual conversations with AI Mode.

AND MORE

• Real estate developers believe affordable housing may soon become more profitable.

• Spotify hints at a more chatty voice AI interface in the future.

• Spain grants fathers generous new parental leave among Europe's best benefits.

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

• YouTube launches age estimation technology to identify teens and increase content protection.

• U.S. median home price hits record high with rising monthly costs.

• Thai grandmother returns home after fleeing deadly border conflict in time.

• From 7/28 to 8/1, celebrate AI innovation with lifetime deals on software built to speed up your work.*

• What to know about the Citi Strata Elite Card for travel and dining.

•  Sean Diddy Combs seeks $50 million bond before sentencing decision.