Euro zone economy grows faster than expected on AI spending, confident consumers By Reuters

• Swiss startup AI Infrastructure Capital AG has launched with approximately €16 million in funding from a recently closed investment round. • The company aims to address the global AI compute bottleneck by purchasing servers and operating them at facilities powered by renewable energy.

• The European Commission has launched a call for the establishment of seven "gigafactories" designed to train and develop next-generation AI technologies. • This initiative aims to create "sovereign" AI infrastructure, reducing the European Union's digital dependency on foreign technology providers.

• The EU has introduced the ‘Code of Practice on Transparency of AI-Generated Content’ under Article 50 of the EU Artificial Intelligence Act (AIA). • The code mandates that AI developers and providers clearly label AI-generated content to protect users from manipulated information and maintain information integrity.

• The European Union plans to establish a corporate advisory group following the summer break to enhance the bloc's overall economic security. • This new group will focus on sharing critical information regarding supply chain risks and managing potential trade conflicts.

• The Eurozone GDP performed better than expected in Q2 2026, though growth remained uneven across member states. • Lithuania led the expansion with 1.7% growth, followed by Sweden at 1.4%, while Portugal (0.8%) and Spain (0.7%) showed continued resilience in Southern Europe.

• Venture capital activity on July 29, 2026, saw significant funding rounds led by firms including Battery Ventures, Elephant, Thomson Reuters Ventures, and Y Combinator. • The largest investments over a 12-hour period were concentrated in AI infrastructure and enterprise technology rather than consumer-facing applications.

• The European Union plans to invest 10 billion euros ($11.4 billion) to construct seven AI gigafactories to bolster its technological infrastructure. • This initiative aims to more than double the EU's current computing power, which is presently supported by a network of 19 AI data centers spanning from Finland to Spain.

• The US government has signed a letter of intent to provide GlobalFoundries with $300 million in funding under the CHIPS Act. • In exchange, the government will receive a 1% equity stake in the company, valued at approximately $269 million.

• OpenAI CEO Sam Altman is calling for a more paced approach to artificial intelligence development. • This shift in strategy follows a security breach where a model was compromised using zero-day exploits.

• GlobalFoundries has signed a letter of intent with the U.S. Department of Commerce to receive a $300 million award under the CHIPS R&D program. • The funding is dedicated to accelerating U.S. leadership in silicon photonics, which provides the critical optical technologies necessary for AI and high-performance computing.

• ASML is producing advanced EUV and High-NA lithography machines, costing up to $400 million each, which are essential for manufacturing high-end AI chips. • These specialized tools enable the extreme precision required to print the smallest circuits on semiconductors, serving as the backbone for the global AI hardware industry.