Giant

• American AI giants, including Alphabet, are facing increased scrutiny over massive technology spending as rapid advancements in Chinese AI models intensify global competition. • Jeff Bezos's investment vehicle has contributed to a $450 million funding round for CuspAI, a British start-up valued at $2.6 billion. • CuspAI is collaborating with Nvidia to utilize AI in discovering new materials specifically designed for chip-making.

• Moonshot AI has launched Kimi K3, a new AI model that gained such rapid popularity that the developer was forced to temporarily pause new subscriptions shortly after release. • The model's success highlights the strategic interests of tech giants Alibaba, which acquired a 36% stake in Moonshot during February 2024, and Tencent, another known investor. • This breakthrough is reigniting critical industry debates regarding the sustainability of AI spending and the valuation of semiconductor stocks.

• Editors from major media outlets, including Forbes, Digiday, and Business Insider, convened at the Cannes Lions festival to debate the impact of artificial intelligence on journalism. • The roundtable focused on the significant loss of web traffic caused by AI-generated summaries and the evolving strategies needed to combat this decline. • The discussion highlights a critical tension in the industry as media giants struggle to maintain audience reach and revenue while AI tools increasingly bypass traditional news sites.

Challenges of regulating social media or stopping hate speech show these firms can set their own terms and prices for countries like AustraliaGet our breaking news email, free app or daily news podcastAnthony Albanese took a trip back in time during his much anticipated speech on artificial intelligence on Wednesday.Seeking to harness the momentous change bearing down on our lives, the prime minister told an audience at the University of Sydney that his government would keep pace with AI, even seeking to “get out in front” of the technological tidal wave. Continue reading...

Sotheby’s expects second man on moon’s marker, crucial to Apollo 11 return, to reach astronomical sumThe felt-tip pen Buzz Aldrin used to fix a broken circuit breaker and escape from the moon in 1969 is up for auction in New York on Wednesday.The dented silver plastic Duro Rocket pen – used by the second man on the moon to save Neil Armstrong and himself from being “stuck on the moon for ever” – has a sale price estimated by Sotheby’s at between $800,000 and $1.2m. The lucky bidder will get the broken piece of circuit breaker, too. Both come from Aldrin’s personal collection. Continue reading...

• Major financial institutions saw stock surges after exceeding their Q2 earnings forecasts, while June inflation data showed a cooling trend. • In contrast, IBM shares stumbled following a reduction in the company's future outlook. • Oil prices climbed higher, driven by escalating geopolitical concerns in the Middle East.

• Microsoft CEO Satya Nadella has initiated a strategic shift by warning companies to protect themselves from dominant AI giants like OpenAI and Anthropic. • This move signals a pivot in the relationship between big tech infrastructure providers and the AI labs they previously championed. • The shift is driven by a struggle for financial control, market power, and the "social licence" to operate as AI becomes more integrated into global business.

• SentinelOne has developed a cybersecurity platform that is attracting interest from four of the world's largest technology companies. • Cisco is positioned as a primary contender, leveraging a 57.5% year-to-date increase in share price and a strategic restructuring to fund security investments. • While Cisco's security revenue remained flat at $2.01 billion, its networking segment grew by 25%, signaling a push to become critical infrastructure for the AI era.

• European startups raised $24 billion in the second quarter of 2026, marking the strongest quarterly performance in four years. • This funding surge represents an approximate 33% increase compared to the previous quarter. • The growth is primarily driven by the United Kingdom and the expansion of artificial intelligence giants.

• The Chinese government is reportedly considering restrictions on overseas access to advanced AI models developed by domestic tech giants like Alibaba and ByteDance. • This move treats frontier AI software as a critical national asset, echoing concerns from state media and cybersecurity expert Zhou Hongyi regarding the need for a domestic "Mythos." • Such curbs could disrupt global tech markets by increasing costs and limiting the availability of high-performance AI tools outside of China.

• Sky, owned by Comcast, has agreed to acquire ITV’s media and entertainment arm for up to 1.6 billion pounds ($2.1 billion). • The deal includes ITV's terrestrial TV channels and its streaming service, though the production arm, ITV Studios, will remain an independent entity. • This strategic acquisition aims to create a more powerful UK-based competitor capable of challenging global streaming giants.

• Microsoft is cutting 4,800 global jobs, representing approximately 2.1% of its total workforce, as part of a strategic restructuring. • The layoffs primarily target the Xbox division and various commercial units to offset declining profit margins and massive spending on AI infrastructure. • This move highlights the company's shift in priorities, redirecting financial resources toward the development and scaling of artificial intelligence.

• South Korean chip giant SK Hynix is launching a $36 billion listing in the United States to capitalize on the surging global demand for AI technology. • The company is positioning itself to ride the AI wave, leveraging its role as a key supplier of high-bandwidth memory chips essential for AI processors. • The specific price range for the listing is scheduled to be revealed later on July 6.

• Japan is forming a strategic alliance of tech giants and government bodies to develop a sovereign AI, aiming to challenge the current dominance of the U.S. and China. • The initiative is bolstered by emerging domestic developers, including Preferred Networks and Sakana AI, the latter of which launched its Fugu LLM AI service on June 22. • This move matters as Japan seeks to reduce technological dependence on foreign entities and secure industrial autonomy in the rapidly evolving AI landscape.

• South Korea's Kospi index plummeted nearly 8% on Thursday, driven by a significant sell-off in tech giants and general instability across Asian trading floors. • The market decline occurred amid heightened investor anxiety, though some volatility was tempered by comments from Fed official Warsh. • Warsh provided a silver lining for investors by stating that inflationary pressures have begun to decline, suggesting a potential shift in economic headwinds.

• Samsung Electronics and SK Hynix announced on Monday a combined investment of 800 trillion won ($518 billion) to establish a new semiconductor hub in South Korea. • The facility will be located in the country's southwest region, an area that has historically lagged in economic development and lacks major industrial centers. • This massive investment aims to capitalize on the soaring global demand for computer chips driven by the rapid growth of artificial intelligence (AI).

• Germany, Italy, and Spain have collectively won nine World Cups but are currently struggling, with none of the three nations winning a knockout stage match since 2014. • This trend highlights a significant decline in the dominance of these traditional European football giants on the global stage. • The lack of deep tournament runs underscores a systemic failure to translate historical success into modern victory during high-pressure elimination rounds.

• A bullish tech analyst predicts that major technology companies will maintain or increase their aggressive AI spending plans during the second quarter reporting season. • The analyst expects significant capital expenditure (CapEx) figures as tech giants continue to invest heavily in AI infrastructure and hardware. • This trend signals strong corporate confidence in the long-term profitability and scalability of artificial intelligence despite market volatility.

• A U.S. class action lawsuit has been filed against memory giants Samsung, SK Hynix, and Micron, alleging they colluded to manipulate DRAM prices. • Plaintiffs claim the companies intentionally cut production of legacy DDR3 and DDR4 products under the pretext of transitioning to High Bandwidth Memory (HBM), causing prices to surge by 700% over four years. • The price spike reportedly forced Apple to increase the retail costs of its Mac and iPad product lines to offset higher component expenses.

• Global technology giants are increasing their investments in India, focusing on the expansion of artificial intelligence, cloud computing, and semiconductor infrastructure. • The surge in funding aims to solidify India's strategic position as a global hub for digital infrastructure and high-tech manufacturing. • In a related industry shift, Taiwan is entering the post-HBM (High Bandwidth Memory) race alongside major players like Intel and SoftBank.

Doubled penalties will have little effect if platforms not held to account for the content they carry, observers sayGet our breaking news email, free app or daily news podcastThe government needs to switch into “enforcement mode” and take on tech giants over its social media ban after doubling fines, experts have warned.The federal government announced on Sunday it would introduce new legislation to double fines to $99m for platforms that breach the social media ban, and give the eSafety commissioner, Julie Inman Grant, stronger information-gathering powers. Continue reading...

• US layoffs reached their highest May level since 2020, with technology giants citing artificial intelligence as the cause for 40% of the cuts. • The trend highlights a growing shift toward automation, particularly in roles involving repetitive, pattern-based tasks. • Chris Hutchins of Hutchins Data Strategy Consultants warns that AI may be used as a convenient excuse for layoffs driven by other underlying economic factors.

Prime minister Anthony Albanese says too many children still on platforms but he is ‘heartened’ by world-leading lawSocial media bans go global: big tech faces a reckoning after Australia’s crackdownGet our breaking news email, free app or daily news podcastThe federal government will double the penalty for breaches of Australia’s youth social media ban to $99m, arguing tech companies are “not doing enough” to keep children off harmful social media sites.And the eSafety commissioner, now investigating potential breaches of the law by Facebook, Instagram, Snapchat, TikTok and YouTube, will have its information-gathering powers strengthened under proposed further reforms. Continue reading...

• The Globe and Mail argues that the CBC should broadcast the Eurovision Song Contest despite the event's reputation for being a "glittery mess." • The author acknowledges ongoing controversies surrounding Israel's participation but suggests that the cultural benefits of the competition outweigh these risks. • The piece highlights Eurovision's history of launching international stars like ABBA and showcasing eccentric acts, including Finland's Lordi and Estonia's Tommy Cash.

• A new wave of AI-powered hedge fund startups is utilizing AI agents to automate research, generate investment ideas, and streamline portfolio analysis to compete with industry giants. • According to a Bloomberg report, these firms are leveraging advanced technology to gain a competitive edge over larger, more established financial institutions. • Despite the technological shift, many industry leaders argue that human judgment remains essential for interpreting complex market developments and managing risk.

Agreement is first by federal government to resolve enforcement claims against a major Pfas manufacturerThe Trump administration on Wednesday reached a multi-state settlement with chemical giant Chemours Co over years-long, illegal discharges of synthetic “forever chemicals” used to make products resistant to water, grease and stains. The settlement is the first by the federal government to resolve enforcement claims against a manufacturer of harmful chemicals known as Pfas.Under the agreement, filed in federal court in West Virginia, Chemours will pay a civil penalty of $22.5m for alleged violations and spend $90m over 15 years to mitigate Pfas discharges in three states: West Virginia, North Carolina and New Jersey. Continue reading...

• Xbox is celebrating its 25th anniversary by entering a new era focused on expanding ways to play and increasing Hollywood adaptations of its titles. • The company's leadership, including the new CEO, attributes the rise in game-to-film adaptations to the medium's dominant position in modern pop culture. • This shift is supported by massive spending gaps, with U.S. consumers spending $60.7 billion on video games in 2025 compared to just $8.87 billion on movie tickets.

• Celebrated British artist David Hockney has passed away at his home in London earlier this month. • In accordance with his wishes, a low-key funeral was held with only his partner and great-nephew in attendance. • Prime Minister Sir Keir Starmer expressed sadness over the loss, describing Hockney as one of the nation's most celebrated artists.