Welcome back to your daily memorandum, where you will talk about tech, business, AI, markets, and more. 🗞️

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

🏥 Big Tech will work with the Trump administration to build a digital health ecosystem.
💵 OpenAI reaches $12 billion in revenue and 700 million weekly ChatGPT users.
📉 Samsung's profit drops sharply as the chip business falls nearly 94%.
💰 Figma’s IPO price hit a $19.3B valuation out of the gate.
🌊 Evacuations after huge quake triggers tsunami warnings in multiple countries.

TECHNOLOGY

• Big Tech to work with the Trump administration to build a digital health ecosystem

  • Tech giants like Apple and Google commit to building a digital health data-sharing ecosystem.

  • The initiative includes AI tools for symptom checks, appointment scheduling, and managing chronic conditions.

  • Over 60 companies will contribute to the initial results of the effort expected by early 2026.

• OpenAI reaches $12 billion in revenue and 700 million weekly ChatGPT users

  • OpenAI's annualized revenue hit $12 billion after rapid growth in early 2025.

  • ChatGPT products now have about 700 million weekly active users globally.

  • OpenAI seeks $30 billion in funding while projecting $8 billion cash burn next year.

• GitHub Copilot now has over 20 million users all time

  • GitHub Copilot surpassed 20 million all-time users, with 5 million joining in the last quarter.

  • Microsoft says 90 percent of Fortune 100 companies now use GitHub Copilot enterprise-wide.

  • Rival Cursor grows fast with $500 million ARR and daily users surpassing one million.

BUSINESS

• Samsung profit drops sharply as chip business falls nearly 94%

  • Samsung posted Q2 revenue of 74.6 trillion Korean won, slightly up from 74.07 trillion last year.

  • Operating profit fell to 4.7 trillion won from 10.44 trillion year over year in Q2.

  • Device Solutions division recorded a 93.8% plunge in operating profit due to chip weakness.

• Figma’s IPO price hit a $19.3B valuation out of the gate

  • Figma’s IPO is 40x oversubscribed, signaling massive investor demand for its design software shares.

  • Shares priced at $33 each, raising $1.2 billion, with most proceeds benefiting existing shareholders.

  • The IPO values Figma at $19.3 billion, close to Adobe’s failed acquisition offer in 2023.

• eBay shares jumped after strong second-quarter results and a positive future outlook

  • eBay’s Q2 earnings and revenue beat expectations with strong GMV growth and optimistic third-quarter guidance.

  • CEO Jamie Iannone said eBay is prepared for tariff policy changes and de minimis elimination.

  • To compete with rivals, eBay is leveraging AI tools and focusing on enthusiast categories like collectibles.

MARKETS

WORLD

• Hong Kong stablecoin rules begin after the US sets regulatory direction

  • Hong Kong’s new stablecoin regulations take effect as Asia responds to growing US token influence.

  • Rules cover the issuance, marketing, and licensing of stablecoins pegged to the Hong Kong dollar.

  • Firms must apply by September 30 to qualify for licenses issued early next year.

• Canada to recognize a Palestinian state, increasing pressure on Israel internationally

  • Canada plans to recognize Palestine at the UN amid growing concerns over Gaza's humanitarian crisis.

  • Recognition depends on Palestinian Authority reforms and excludes Hamas from future elections in 2026.

  • Israel and the US strongly oppose the move, saying it rewards Hamas and hinders ceasefire efforts.

• Evacuations ordered after massive quake triggers tsunami warnings in multiple countries

  • A magnitude 8.8 quake off Kamchatka triggered tsunami waves over 5 meters in Russia.

  • Hawaii shut commercial harbors and canceled Maui flights as tsunami warnings spread across the region.

  • Japan issued evacuation alerts and halted factory operations following the powerful offshore earthquake.

CONTENT

• Chris Hayes and Antonio García Martínez discuss AI slop and attention economics

  • Chris Hayes and Antonio García Martínez explore how AI reshapes content creation and discovery online.

  • They examine why online ads remain ineffective despite advances in targeting and automation.

  • Group chats are rising as mass culture fades in today’s fragmented digital landscape.

• Leah Belsky explains how AI is changing the future of education

  • Leah Belsky discusses AI’s role in tutoring, personalized learning, and transforming educational access globally.

  • Students and educators share experiences using tools like Study Mode for skill-building and confidence.

  • The episode explores AI's impact on trust policies, cheating, and the evolving future of education.

• OpenAI’s IMO team on why models are finally solving elite-level math

  • A three-person OpenAI team achieved gold-level results on International Mathematical Olympiad problems.

  • They used reinforcement learning on difficult tasks instead of traditional formal verification methods.

  • The model showed self-awareness and highlighted the gap between math contests and real research.

FUTURISM

• Aurora autonomous trucks now drive at night, and the next challenge is rain

  • Aurora’s autonomous trucks drive commercially at night between Dallas and Houston with human observers onboard.

  • The company plans to expand along the Sunbelt route with terminals in Fort Worth and Phoenix.

  • Aurora’s long-range lidar enables night driving and may extend freight routes beyond human driver limitations.

• Manus prepares a major upgrade for its main AI agent platform

  • Manus unveils Wide Research, allowing many AI agents to perform tasks together simultaneously.

  • The upgrade significantly enhances the Manus platform's data processing and multitasking capabilities for researchers.

  • Wide Research launches this week for top-tier subscribers at $199 monthly starting price.

• Zuckerberg says people without AI glasses will be disadvantaged in the future

  • Zuckerberg thinks AI glasses will be the main way users interact with future AI.

  • He believes people lacking AI glasses will face a significant cognitive disadvantage.

  • Meta's smart glasses are crucial for future AI, despite Reality Labs' ongoing losses.

EXTRAS

• Mark Zuckerberg promises you can trust him with superintelligent AI

  • Zuckerberg envisions personalized super-smart AI assistants embedded in wearable glasses to help people grow.

  • He calls for “personal superintelligence” for all, equating it with developing artificial general intelligence.

  • Meta's $14.3B Scale AI deal kick-started a massive hiring spree and superintelligence lab under Alexandr Wang.

• Trump says US sets 15% tariff on South Korean imports under deal

  • US and South Korea announce $350B investment deal including projects in chips, energy, and shipbuilding.

  • Trump confirms 15% US tariff on South Korean auto imports under new bilateral trade agreement.

  • South Korea agrees to buy $100B in US energy over 3.5 years, including LNG and oil.

• Age verification begins rolling out online, but systems remain deeply

  • The UK now requires age checks for adult content under the Online Safety Act, starting July 25.

  • Platforms are using ID selfies and data estimation, but users often bypass them with VPNs.

  • Experts warn of major privacy risks as services collect and share sensitive personal information.

AND MORE

• Skechers adds hidden AirTag compartments in new shoes for kids.

• Spotify privacy flaw exposed Palmer Luckey’s favorite songs and listening activity.

• Two UC Berkeley dropouts raise $28 million for AI marketing startup.

• Roko’s Basilisk skips the buzzwords and cuts straight to what moves markets, products, and careers.*

• Samsung Galaxy Z Flip 7 delivers more of the same experience.

• Adidas Samba and Puma Speedcat are losing momentum in global markets.

• Ambiq, backed by Kleiner Perkins, surges during public market debut.

• Backed by America’s bourbon legacy and growing global demand, this tangible asset offers an alternative path for retirement growth with potential tax advantages.*

• AI boosted user time on Facebook and Instagram during the second quarter.

•  Budweiser APAC profits fall short due to the economic slowdown in China.