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

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

🧩 Anthropic explores custom AI chip partnership with Samsung amid shortages.
💼 Microsoft commits $2.5B & 6k employees to new AI implementation unit.
🤖 Zuckerberg admits Meta's AI agents are developing slower than expected.
💵 OpenAI offers Trump administration 5% stake to ease pressure from Washington.
🥪 Sandwich chain's IPO filing reveals just how overheated AI hype has become.

TECHNOLOGY

• Anthropic explores custom AI chip partnership with Samsung amid ongoing shortages (TechCrunch)
  ^{_{More: The Information, Firstpost}}

  • The Information reports that Anthropic is in talks with Samsung about collaborating on a custom AI chip.

  • Anthropic says diversified hardware from Google, Amazon, and NVIDIA remains pivotal to its compute strategy.

  • The move follows OpenAI's partnership with Broadcom on 'Jalapeño,' a custom-built inference processor announced last week.

• Microsoft commits $2.5B & 6k employees to new AI implementation unit (CNBC)
  ^{_{More: TNW, TechCrunch, Yahoo!}}

  • Microsoft is investing $2.5B in Microsoft Frontier Co., a subsidiary helping clients with AI implementations.

  • The unit embeds 6k employees with clients, including engineers, consultants, support staff, and industry salespeople.

  • Asia business lead Rodrigo Kede Lima will serve as president, following similar moves by Amazon, Anthropic, and OpenAI.

• Zuckerberg admits Meta's AI agents are developing slower than executives expected (TechCrunch)
  ^{_{More: Economic Times, Business Insider}}

  • Mark Zuckerberg told staff Thursday that AI agent development hasn't accelerated as quickly as executives expected.

  • Meta cut 8k jobs, roughly 10% of corporate staff, and reassigned 7k workers to AI groups.

  • Zuckerberg expects improvements from AI investments within three to six months, with spending reaching $145B.

BUSINESS

• OpenAI offers Trump administration 5% stake to ease pressure from Washington (CNBC)
  ^{_{More: The Guardian, Financial Times, TechCrunch}}

  • The Financial Times reports OpenAI proposed giving the U.S. government a 5% stake in the company.

  • The holding would be worth roughly $42.6B at OpenAI's recent $852B valuation.

  • CEO Sam Altman reportedly argued the move best shares AI's upside with the American public.

• Sandwich chain's IPO filing reveals just how overheated AI hype has become (USA Today)
  ^{_{More: MSN, TechCrunch, Yahoo!}}

  • Jersey Mike's filed for a U.S. IPO as new listings enjoy renewed investor enthusiasm.

  • The IPO market rebounded after brief U.S.-Iran war volatility, prompting sidelined issuers to proceed with listings.

  • Bloomberg reported the chain could raise over $1B at a valuation of at least $12B.

• Lucid names new CFO amid executive shakeup & missed delivery estimates (Reuters)
  ^{_{More: Bloomberg, AOL, TechCrunch}}

  • Lucid appointed Alexander De Bock as CFO, replacing Taoufiq Boussaid after the second-quarter earnings release.

  • The EV maker delivered 3.9k vehicles, missing analyst expectations of 4.6k, sending shares down 2.3%.

  • Lucid suspended its 2026 production forecast in May and has cut its workforce twice this year.

MARKETS

WORLD

• Powerful Iranian general reemerges as Tehran prepares for Khamenei's dayslong funeral (NY Times)
  ^{_{More: AP, Washington Post}}

  • Gen. Ahmad Vahidi appeared publicly for the first time since February 8, attending Khamenei's funeral preparations.

  • Experts say Vahidi shapes Iran's tough negotiating stance on permanently ending the war with the U.S.

  • New Supreme Leader Mojtaba Khamenei remains hidden after reportedly being wounded in February's Israeli strikes.

• Kuaishou shares jump after Tencent joins $2.8B raise for Kling (Bloomberg)
  ^{_{More: CNBC, WSJ, MSN}}

  • Kuaishou raised 19B yuan ($2.79B) for Kling AI, its subsidiary offering creators AI-driven services.

  • The company reportedly targeted a $15B valuation, with Tencent contributing $200M to the funding round.

  • Kuaishou shares rose over 5% at Friday's open before slipping 0.1% into negative territory.

• Pick n Pay debuts AI grocery shopping assistant in South Africa (Reuters)
  ^{_{More: AOL, Economic Times}}

  • The assistant, 'Penny,' lets shoppers order groceries via voice, text, or photos in multiple languages.

  • Rolling out from July 6, 2026, Penny suggests recipes, meal plans, and personalized product recommendations.

  • The launch strengthens Pick n Pay's online push as it battles Shoprite's dominant Checkers Sixty60 platform.

FUTURISM

• Chinese robot maker Unitree wins approval for $619M Shanghai IPO (Reuters)
  ^{_{More: Economic Times, Yahoo!}}

  • Regulators approved Unitree's STAR Market listing to raise 4.2B yuan ($619.4M), valid for 12 months.

  • China's onshore IPO market is reviving, with A-share listings raising $7.7B in the first half.

  • Unitree will fund AI model research, robot development, and a smart manufacturing base with proceeds.

• Meta quietly launches Pocket, an AI-powered app for building games (TechCrunch)
  ^{_{More: Business Insider, Yahoo!}}

  • Meta's new Pocket app lets users generate small, interactive apps and games using AI prompts.

  • The app stems from Meta's acquisition of vibe-coded gaming platform Gizmo earlier this year.

  • Pocket launched quietly on June 29, 2026, and closely resembles Gizmo's original app design.

• Amazon to launch initial Leo internet service as network nears 400 satellites (Reuters)
  ^{_{More: AOL, Crypto Briefing}}

  • Amazon's latest launch brought its Leo constellation to 394 satellites, with initial service starting this year.

  • Thursday's Atlas V launch carried 29 satellites, marking the 14th of dozens of planned missions.

  • Leo will eventually deploy over 3.2k satellites for global coverage, rivaling SpaceX's Starlink service.

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CONTENT

• Rep. Jim Himes questions whether Trump's Iran strategy strengthened Tehran's position (The Prof G Pod)

  • Scott Galloway interviews Rep. Jim Himes, ranking Democrat on the House Intelligence Committee, about Iran.

  • Topics include the fragile ceasefire, U.S. leverage in negotiations, and Iran's Strait of Hormuz position.

  • Himes also discusses U.S.-Israel relations, Ukraine's future, and what Democrats must offer beyond opposing Trump.

• Aaron Levie on building Box & why AI means more work (My First Million)

  • Sam Parr and Shaan Puri interview Box CEO Aaron Levie about his company-building journey.

  • Levie shares contrarian AI takes, arguing the technology will create more jobs and more work.

  • Topics include turning down acquisition offers, angel investing, founder anxiety, and why SaaS isn't dead.

• Coinbase cuts AI spend 50% as Kalshi eyes $40B valuation (20VC)

  • SaaS investors Jason Lemkin and Rory O'Driscoll discuss Coinbase halving its AI spending.

  • Topics include the token ROI crisis, Anthropic's distillation accusations against Chinese models, and Microsoft's decelerating growth.

  • The pair also cover Kalshi's $40B valuation, prediction markets, and SpaceX IPO volatility.

EXTRAS

• Hackers breach U.S. government platform, sparking national security concerns (TechCrunch)
  ^{_{More: MSN, Yahoo!}}

  • DHS is investigating a breach of HSIN, its intelligence-sharing platform for federal, state, and local agencies.

  • Hackers reportedly accessed HSIN servers during late May and early June, potentially exposing sensitive shared information.

  • Senator Mark Warner warned the exposure risks national security, noting HSIN currently supports World Cup operations.

• Heat waves intensify data center strain on power grids & communities (AP)
  ^{_{More: ABC, NBC}}

  • Hot weather drives up data center electricity demand, straining grids and worsening surrounding air quality.

  • Residents near a Lowell, Massachusetts facility cite noise, diesel fumes, and health concerns for children.

  • Data centers increasingly face blame for environmental ills as the AI boom reshapes communities nationwide.

• TV-tracking app TV Time shuts down as its owner prioritizes AI (MacRumors)
  ^{_{More: TechCrunch, The Verge}}

  • TV Time will discontinue service after July 15, 2026, ending its show-tracking and community features.

  • The company cited unsustainable costs, saying free operations weren't viable and paid demand was insufficient.

  • The shutdown mirrors Pocket's closure, as AI priorities increasingly push companies to shutter consumer apps.

AND MORE

• Travel app Hopper to pay $35M FTC settlement over hidden fees.

• Mediterranean cruise boom brings rising pollution and shrinking tax revenue.

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• Private space pilots are now flying orbital missions for U.S. Space Force.

• AI factory boom creates winners and losers in power equipment market.

• Europe's first public quantum company IQM admits the technology's future is uncertain.

• Venezuela earthquake death toll climbs to 2.6k after century's strongest tremor.