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

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

💻 NVIDIA has conceded China’s AI chip market to Huawei, says Jensen Huang.
📈 Anthropic is on track to post its first-ever operating profit.
🚀 SpaceX' IPO could become the largest public offering in United States history.
📊 SoftBank shares surged 20% after NVIDIA' blockbuster earnings boosted AI sentiment.
🏭 Samsung averts strike with a deal, but massive worker bonuses raise concerns.

TECHNOLOGY

• NVIDIA has conceded China's AI chip market to Huawei, Jensen Huang says (CNBC)
  ^{_{More: Tech in Asia, Tech Buzz}}

  • NVIDIA CEO Jensen Huang says the company has largely handed China's AI chip market to Huawei.

  • U.S. export restrictions have pushed Chinese buyers toward Huawei and local chip alternatives instead.

  • Despite this, NVIDIA posted 85% revenue growth, reaching $81.62B, with an $80B buyback announced.

• AMD's Ryzen AI Max 400 'Gorgon Halo' supports up to 192GB of unified memory (Tom's Hardware)
  ^{_{More: The Verge, AMD}}

  • AMD's Ryzen AI Max 400 'Gorgon Halo' is a minor refresh to the existing Strix Halo chips.

  • The biggest upgrade is unified memory support jumping from 128GB to 192GB capacity.

  • Global DRAM shortages may make consistent 192GB configurations difficult for AMD to ship.

• Anthropic is on track to post its first-ever operating profit (TechCrunch)
  ^{_{More: CNBC, Financial Times}}

  • Anthropic told investors it expects revenue to exceed $10.9B in its second quarter, more than doubling.

  • The company is set to deliver its first operating profit, outpacing rival OpenAI's growth trajectory.

  • Profitability may not hold year-round, however, as large scheduled compute costs loom ahead.

BUSINESS

• SpaceX's IPO could become the largest public offering in U.S. history (LA Times)
  ^{_{More: The Verge, NBC, CNBC}}

  • SpaceX filed its long-awaited IPO prospectus, targeting roughly $75B in fundraising.

  • That would more than triple Alibaba's $22B offering, currently the largest U.S. IPO.

  • Investors hope SpaceX revives a muted IPO market that has slowed since late 2021.

• SoftBank shares surged 20% after NVIDIA's blockbuster earnings boosted AI sentiment (CNBC)
  ^{_{More: Bloomberg, Economic Times, Investing.com}}

  • SoftBank shares jumped nearly 20%, adding roughly $35B to its market cap in a single day.

  • The rally reflects SoftBank's deep ties to AI through its Arm Holdings stake and OpenAI investments.

  • Renewed optimism around a potential OpenAI listing also helped lift both SoftBank and Arm shares.

• OpenAI pushes toward an IPO after Elon Musk's lawsuit gets dismissed (Bloomberg)
  ^{_{More: Yahoo!, MSN}}

  • A judge dismissed Elon Musk's case against OpenAI, clearing a major hurdle for its IPO plans.

  • OpenAI aims to file for a public offering within weeks, targeting a fall market debut.

  • Legal, competitive, and macroeconomic challenges still cloud the path to a successful listing.

MARKETS

WORLD

• Tokyo Electron's Taiwan unit accepts court ruling in TSMC trade secrets case (Tech in Asia)
  ^{_{More: Reuters, AOL, Taipei Times}}

  • Tokyo Electron's Taiwan unit says it will not appeal the ruling in the TSMC trade secrets case.

  • A Taiwan court fined the unit T$150M ($5M) over stolen chip technology secrets belonging to TSMC.

  • The company said it respects the judicial process and takes the court's decision seriously.

• Samsung averts strike with a deal, but massive worker bonuses raise concerns (Reuters)
  ^{_{More: CNBC, BBC}}

  • Samsung struck a last-minute deal suspending a planned 18-day strike by 48k union members.

  • The agreement includes bonuses of up to $416k for some workers, drawing concern over costs.

  • Samsung shares surged on the news, though the deal still needs union member ratification.

• The U.S. indicts former Cuban President Raúl Castro over 1996 plane shootdown (AP)
  ^{_{More: SCMP, Reuters}}

  • Federal prosecutors charged Raúl Castro over ordering the 1996 shootdown of two civilian exile planes.

  • The indictment, filed secretly in April, includes murder charges against Castro and five Cuban military pilots.

  • The Trump administration announced the charges on Cuban independence day, escalating pressure on Havana.

FUTURISM

• Stability AI's new audio model can now generate songs over six minutes long (TechCrunch)
  ^{_{More: Yahoo!, Billboard, StabilityAI}}

  • Stability AI released Stable Audio 3.0, a family of four models ranging from 459M to 2.7B parameters.

  • The medium and large models generate full compositions up to 6 minutes and 20 seconds long.

  • That is more than double the output length of Stable Audio 2.0, which launched in 2024.

• A humanoid robot wiped out on stage trying to moonwalk like Michael Jackson (Futurism)
  ^{_{More: Yahoo!}}

  • A viral video shows a humanoid robot dancing to 'Billie Jean' before stumbling on a stage step.

  • The robot briefly recovered into a passable moonwalk before hitting the same step and collapsing completely.

  • A human technician had to drag the robot's motionless body off stage in front of the crowd.

• IrisGo wants to be an AI desktop companion that anticipates your needs (TechCrunch)
  ^{_{More: Yahoo!}}

  • IrisGo raised a $2.8M seed round led by Andrew Ng's AI Fund to build a proactive desktop AI.

  • The app learns a user's workflows once, then automates them with little to no human prompting.

  • IrisGo was co-founded by a former Apple engineer who helped build the Chinese-language version of Siri.

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CONTENT

• Gavin Baker breaks down the most extraordinary AI boom in capitalism's history (Invest Like The Best)

  • Baker argues recent AI growth from companies like Anthropic marks an unprecedented moment in capitalism's history.

  • The key constraints on AI's build-out are 'watts and wafers,' with capitalism racing to solve both.

  • The conversation also covers AGI geopolitical risks and AI's potential to transform biotech and extend human life.

• Speechify's CEO on lessons from 100 top CEOs & the token economy (20VC)

  • Weitzman built Speechify in college to manage dyslexia and ADHD; it now has over 60M users.

  • He traveled the world to meet 100 consumer subscription CEOs, studying how the best companies scale.

  • Weitzman believes AI token spending will eventually outpace human salaries across the global economy.

• Harvard professor Arthur Brooks says success has nothing to do with happiness (The Prof G Pod)

  • Brooks and Scott Galloway tackled listener questions on fulfillment, work-life balance, and handling failure.

  • The conversation covered burnout and distraction as key barriers to building a more intentional life.

  • Brooks argues that chasing success is the wrong path to genuine, lasting personal happiness.

EXTRAS

• A hard-line Iranian general is shaping Tehran's nuclear talks with the U.S. (AP)
  ^{_{More: ABC, AOL}}

  • Brigadier General Ahmad Vahidi, head of Iran's Revolutionary Guard, is central to shaping its U.S. negotiating stance.

  • Vahidi is believed to be in direct contact with Supreme Leader Ayatollah Mojtaba Khamenei, who remains in hiding.

  • Internal power struggles within Iran's theocracy mean decision-making authority remains fluid and deeply uncertain.

• Apple TV+ explores OnlyFans culture through two very different new shows (The Verge)
  ^{_{More: Yahoo!, AOL}}

  • Apple TV+ has two buzzy shows running back-to-back, both centered on OnlyFans and cam culture.

  • Creator David J. Rosen says the timing is coincidental but reflects growing social acceptance of digital companionship.

  • Despite similar themes, 'Margo's Got Money Troubles' and 'Maximum Pleasure Guaranteed' differ sharply in tone.

• Trump Mobile is leaking customers' personal data, including home addresses (TechCrunch)
  ^{_{More: PCMag, MSN, Source}}

  • Trump Mobile is reportedly exposing customer data, including mailing and email addresses, online.

  • Two YouTubers who bought the T1 phone were alerted by a researcher who found the exposed data.

  • One creator warned people not to order from trumpmobile.com, calling the data leak that severe.

AND MORE

• SpaceX will reward Elon Musk once Mars reaches 1M residents.

• Ubisoft shares dropped 16% after the company warned of a full-year loss.

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

• Microsoft's carbon-removal ambitions are still alive despite earlier uncertainty.

• Singtel shares fell as the company seeks clarity on its M1 deal.

• OpenAI claims it has officially solved an 80-year-old math problem.