NewzBits — AI News Aggregator | Summarized & Cited

• The European Commission has launched a competitive funding call to establish seven specialized AI supercomputing centers across the European Union. • This initiative aims to mobilize an estimated €30 billion in total funding by unlocking significant national and private investments. • The move addresses a critical infrastructure gap, as recent studies suggest that trillions of euros may be required to keep pace with global AI development.

• Situational Awareness, a high-profile AI hedge fund led by 24-year-old Leopold Aschenbrenner, collapsed this month. • The fund, which was heavily marketed despite Aschenbrenner's lack of prior investment experience, imploded following a broader mass sell-off in the tech sector. • This failure serves as a cautionary signal for the AI industry, highlighting the volatility and risks associated with aggressive speculation on AI-driven gains.

• Big tech companies have invested over $1 trillion into AI infrastructure, with an additional $745 billion in spending projected for 2026 alone. • Critics argue that these massive investments are focused on "Second Wave" Large Language Models (LLMs), which they claim are fundamentally and systemically flawed. • The current spending trend highlights a growing tension between corporate profit motives and the need for a "Third Wave" of Contextual Adaptation.

• Asian stock markets experienced a massive rebound, adding nearly $1 trillion in value during a single trading session. • The surge was driven by renewed investor optimism surrounding artificial intelligence (AI) following strong earnings reports from tech giants Microsoft and Amazon. • This recovery marks one of the strongest historical rebounds for the region, signaling a shift in market sentiment toward high-growth tech sectors.

Truth Social, where Trump’s account is by far the largest, to offer users early access for up to $100,000 per monthDonald Trump is now offering early access to his Truth Social posts in a move that has been seen as corruption benefitting a sitting president.Trump Media and Technology Group officially rolled out its new subscription-based data service on Saturday, giving paying customers faster, real-time access to Truth Social posts from Trump and other high-profile accounts. Continue reading...

Max Blumenthal says he was singled out at airport after Trump ally Laura Loomer targeted him in online postsWhen reporter Max Blumenthal went to a cafe in Tehran one night a few weeks ago to upload videos from his reporting on the funeral of Iran’s supreme leader Ali Khamenei, he began seeing social media posts from Trump ally Laura Loomer targeting him, including one that suggested he should be “taken off the plane by US Marshalls when he lands back in the US … [and] detained”.“I began to prepare myself for being harassed on my return,” Blumenthal said. Continue reading...

Police also released notes received from presumed abductors of mother of Today anchor Savannah GuthrieThe family of Nancy Guthrie issued a new appeal on Saturday for information on the whereabouts of their missing grandmother, six months after she disappeared from her home in Tucson, Arizona, and a day after local investigators released two purported ransom notes.“Six months ago, someone took her out of her bed in the dead of night. We have lived every moment, every breath, and every heartbeat in agony and despair ever since,” a post on Instagram said. Continue reading...

After declaring ‘anti-weaponization’ fund ‘dead’, Trump reverses and says he’ll revive it despite Senate oppositionThe US Senate judiciary committee has scheduled a meeting early next week to consider Todd Blanche’s nomination for attorney general, as Donald Trump promised to revive the controversial $1.8bn “anti-weaponization” fund.The meeting, set for Tuesday, comes as Blanche’s confirmation ​has stalled over a dispute between the president and outgoing Republican senators John Cornyn and Thom Tillis, who are seeking written confirmation that the justice department would not establish the proposed fund. Continue reading...

World-renowned climber had been leading expedition on Broad Peak when avalanche struckA world-renowned Nepali mountaineer and former UK Special Forces member has died after being among 11 climbers caught in a deadly avalanche on Pakistan’s Broad Peak.Nirmal Purja was killed leading an expedition of 10 other people on the world’s 12th-highest mountain when an avalanche struck at around noon on Thursday. Continue reading...

• Technology stocks are rebounding on the Nasdaq following a period of sharp declines, as investors begin "buying the dip." • The recovery is being driven largely by strong financial results reported by Microsoft, which have boosted market confidence. • This shift matters as it signals a potential reversal of the recent tech rout and a return of bullish sentiment among traders.

• Former Fed official Kevin Warsh highlighted significant discrepancies in how the Federal Reserve measures inflation, questioning whether the actual rate is 3.7% or 2.2%. • In separate retail news, Costco has reached a $14 million email settlement, allowing eligible customers to claim payments up to $500 by the August 24 deadline. • Apple CEO Tim Cook issued a warning during his latest earnings call regarding a potential "hundred year flood" in memory chip pricing.

• Wall Street is bracing for a critical week featuring the monthly U.S. jobs report and earnings releases from major companies, including McDonald's and SpaceX. • Investors are closely monitoring employment data as job growth slows, reflecting broader economic concerns regarding inflation's impact on households and businesses. • These reports are vital for the Federal Reserve, as labor market strength directly influences the central bank's decisions on interest rate policy.

• ENGIE has raised its 2026 outlook following strong financial results for the first half of the year. • The company reported CapEx of EUR 22.9 billion, driven largely by the EUR 19 billion acquisition of UK Power Networks. • While net debt increased due to the acquisition, the company noted that overall levels remain strong enough to support its ongoing investment plan.

• Two Federal Reserve officials dissented against the decision to hold interest rates steady, arguing that a rate hike was necessary to combat elevated inflation. • The internal conflict over monetary policy intensified during Kevin Warsh’s second meeting as chairman of the Federal Reserve. • These dissenting officials believe that higher rates would have placed the central bank in a stronger position to stabilize prices and manage economic volatility.