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Intelligence for the New World Economy
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The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
The secret ingredients powering AI chatbots
Some US companies are disclosing they use a cocktail of AI, including some Chinese open-source models, to build custom consumer-facing tools.
View / Google doesn’t need the LLM crown
View / The US has a sanctions problem
The World at a Glance
Updated 6:30pm EDT
1
President Donald Trump’s efforts to quiet two conflicts faced setbacks as both Israel and Iran raised new obstacles.
2Apple is testing memory chips from China’s CXMT as global tech reckons with an AI-induced memory shortage.
3Todd Blanche was confirmed as attorney general, granting Donald Trump an ally to lead the Justice Department.
4The US’ weaker-than-expected jobs report may not be cause for panic yet, analysts suggested.
5The leading open-weight AI models are closing the gap on the frontier in cyber capabilities, a new analysis found.
6A surge in AI-related wealth stemming from upcoming tech IPOs is expected to shower effective altruist charities with billions in funding.
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
Hacks put pressure on third-party model testers
Models from Meta, Anthropic, and OpenAI all accessed the internet and compromised outside organizations while undergoing cybersecurity testing with AI evaluation company Irregular.
US shed 23,000 jobs in July
Labor Department data paints an unexpectedly bleak picture in July.
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Scientists unveil new AI-made viruses
New research employed AI to generate entirely new genomes with far less human input, using a model trained on DNA sequences.
Miller’s opponent takes a Sanders-esque view of scandal
Brian Poindexter told Semafor that he believes voters want him focused on the cost of living, not his opponent.
South Africa’s cross-border crypto ban proposal sparks backlash
Pretoria’s attempt to pull borderless digital tokens into legacy exchange control risks isolating businesses and driving volume offshore.
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Politics
Blanche confirmed as attorney general
The US Senate confirmed Todd Blanche as attorney general Saturday, granting Donald Trump an ally to lead the Justice Department as the president seeks greater control over the federal government.
Jonathan Ernst/Reuters
Trump unveils new critical minerals investments
The projects include a $1.4 billion loan for batteries, a $400 million loan for scandium, and a $150 million loan for magnets, plus $58 million in Export-Import Bank financing for graphite and boron.
Elizabeth Frantz/Reuters
Democratic establishment uses a ‘vulnerability’ attack on the left
Rep. Angie Craig is warning that fraud investigations could dog her progressive rival for Minnesota Senate, and she’s not alone.
Tim Evans/Semafor
US shed 23,000 jobs in July
Labor Department data paints an unexpectedly bleak picture in July.
Miller’s opponent takes a Sanders-esque view of scandal
Brian Poindexter told Semafor that he believes voters want him focused on the cost of living, not his opponent.
Schumer sees Senate map expanding deeper into red territory
The Democratic leader’s chosen candidates lost in two primaries. But he told Semafor he’s only adding to his midterm target list.
Senate finalizes deal on Russia sanctions
The Senate is back in session after senators made progress on a voting deal to go on August recess — but didn’t fully clinch it.
Tennessee Republican booted in primary upset
Tennessee voters ousted Rep. Andy Ogles in Thursday’s primary, despite his endorsement by President Donald Trump.
Senate negotiations intensify on recess deal
“There’s some movement in the right direction,” Sen. Katie Britt, R-Ala., told Semafor.
Lawmakers urge Trump to impose Balkan sanctions
“We are deeply concerned by reports that current and former employees and associates of the Srebrenica Memorial Center have been summoned for questioning,” the senators wrote.
Middle East ambassadorships sit vacant as Trump relies on special envoys
About half of the nations ensnared by the Iran conflict currently lack a Senate-confirmed leader of their US embassy.
Business
Weak jobs report not cause for panic, analysts say
Still, the economic picture could pose a political problem for Republicans in the midterms.
Eileen T. Meslar/Reuters
Cash-strapped borrowers turn to scrip
The Boston Fed found that over the past four years “pay-in-kind” arrangements rose from 6% to 10% of portfolios at the most common type of private-credit fund, known as a BDC.
Elon Musk rattles the telecom industry
On SpaceX’s earnings call this week, the company confirmed Semafor’s earlier reporting that it planned to move into the mobile business.
Masa Son doubles down on AI bets
The SoftBank CEO is using borrowed money and financial sleight-of-hand to double down on the AI boom.
Novo Nordisk faces a rough patch
Novo’s shares have fallen 15% this year, tumbling further this week after guidance missed analysts’ targets.
Technology
Tech IPOs set up windfall for effective-altruist philanthropy
A surge in AI-related wealth stemming from anticipated tech IPOs is poised to shower Silicon Valley’s favorite philanthropic movement with tens of billions of dollars.
Eduardo Munoz/Reuters
Apple tests Chinese memory chips
Apple is testing memory chips from China’s CXMT across its product lines, including iPhones and MacBooks, as global tech reckons with an AI-induced memory shortage.
Maxim Shemetov/Reuters
Open-weight AI models are catching up to the frontier, analysis finds
The leading open-weight AI models are closing the gap on the frontier in cyber capabilities, according to the UK’s AI Safety Institute.
Google doesn’t need the LLM crown
Whoever stands atop the AI race podium isn’t the main point anymore.
Hacks put pressure on third-party model testers
Models from Meta, Anthropic, and OpenAI all accessed the internet and compromised outside organizations while undergoing cybersecurity testing with AI evaluation company Irregular.
AI avatars enter the job interview
For some job candidates, using AI in the application process is a reaction to a system that’s grown more machine than human.
Energy
Argentina’s fossil fuels boom gains momentum
Argentina’s shale output is up 28% year-on-year as the country’s pivot to become an energy supplier gather pace.
Agustin Marcarian/File Photo/Reuters
The US has a sanctions problem
Tehran and Muscat are scrapping over who will control the Strait of Hormuz, but for ships to actually start moving, it will require a new deal with Washington and a rethinking of US sanctions.
Stringer/Reuters
Emissions-tracking startups see M&A opportunities
Both the US and the EU have scaled back corporate emissions reporting requirements, which ASUENE CEO Kohei Nishiwada believes is a good time to push for growth.
Carlos Osorio/Reuters
Gulf
Trump faces setbacks in two Middle East conflicts
President Donald Trump’s efforts to quiet two Middle Eastern conflicts faced setbacks as both Israel and Iran raised new obstacles to proposed deals.
European Union/Copernicus Sentinel-2/Handout via Reuters
Gulf investors turn to Asia for AI opportunities
Conflict in the Middle East and Europe and supply-chain uncertainty are raising the appeal of markets seen as relatively stable.
Gulf renewable projects forecasted to grow despite wartime pressure
The Iran war has made financing Gulf solar and wind projects more difficult, but the economics still stack up firmly in their favor.
Saudi builds maritime coalition to secure safe shipping routes
Rear Admiral Abdullah bin Salem Alshehri will lead the effort, which includes Egypt, Pakistan, and Türkiye.
Saudi-Türkiye-Pakistan sign defense pact as peace talks drag
The pact stipulates that an “armed attack against any one of the three states shall be regarded as an attack against them all.”
China
China’s AI giants target enterprise profits
Price wars could erode margins, as firms race to bundle their models and workplaces offerings.
Go Nakamura/Reuters
Taiwan export boom marks return of ‘Tiger economy’
Propelled by chips and other AI-related exports to the US, the surge caps a decade-long pivot away from the mainland market.
Ann Wang/Reuters
China currency debate bursts into the open
Economists are sparring over the yuan’s value as China’s trade surplus continues to grow.
Stringer/Reuters
Africa
Cameroon president’s absence stirs health speculation
The two-month absence of 93-year-old Paul Biya, who is thought to be in Switzerland, has prompted renewed speculation about his health.
Cameroonian President Paul Biya in April. Guglielmo Mangiapane/File Photo/Reuters.
Immigration stokes economic anxiety, survey shows
Nearly two-thirds of respondents preferred to see fewer or no job seekers admitted into their country, Ghana-based polling company Afrobarometer found.
An anti-immigrant demonstration in South Africa. Rogan Ward/Reuters.
French ban on telemarketing calls could hit 50,000 Moroccan jobs
Firms making unsolicited phone calls to French consumers could pay fines of up to €75,000 a call.
South Africa’s cross-border crypto ban proposal sparks backlash
Pretoria’s attempt to pull borderless digital tokens into legacy exchange control risks isolating businesses and driving volume offshore.
African football backs FIFA’s Infantino
As other confederations abandon the FIFA president, Africa gives Infantino a lifeline.
Nigeria raises military salaries as security threats persist
Insurgent groups, such as Boko Haram and Islamic State affiliates, have caused instability in Nigeria’s northeast for many years.
Security
France to deport Russian journalist accused of publishing propaganda
The case has laid bare Europe’s dilemma in carrying out its strategic objectives while upholding its liberal values.
The news studio at RT France. Gonzalo Fuentes/Reuters.
Russia’s war narrative falters
Russia is suffering from “narrative collapse” in its war against Ukraine, a journalist said, as Kyiv turns the tide in the conflict — on the front lines and in American right-wing media.
Eduardo Munoz/Reuters
Iran and Ukraine wars merge in the Caspian Sea
The Ukraine and Iran wars collided over the weekend, as Kyiv attacked an Iranian commercial ship in the Caspian Sea.
The foreign ministers of Iran and Russia on July 24. Russian Foreign Ministry/Handout via Reuters
Media
Spotify’s new ‘skip’ button could end the podcast business as we know it
The Swedish streaming giant cast the move as streamlining a feature that already exists, the Spotify app’s 15-second skip button.
Screenshot/Max Tani/Semafor; Brendan McDermid/Reuters; Lucas Jackson/Reuters
The AI ‘news’ accounts hyping a blue-state dystopia
AI-generated videos are flooding YouTube with fake narratives about chaos in California and New York.
Senate Democrat’s new bills would restrict AI-powered ads and paid influencers
California Sen. Adam Schiff plans to introduce two new bills that would attempt to illuminate who is paying influencers for political speech online and restrict AI-generated likenesses of politicians.
Former Surgeon General Vivek Murthy on loneliness and why he’s more worried about your phone than your body
Former US Surgeon General Vivek Murthy joins Mixed Signals to make the case that America’s loneliness crisis is a public health emergency.
Steve Hilton on the Murdochs, David Ellison, and conservative media’s California
Steve Hilton has lived many lives: a key strategist to former British Prime Minister David Cameron, a populist Fox News host, and — after renouncing his UK citizenship — the Republican nominee in California’s gubernatorial race.
CEO Signal
Why Max Levchin wants Affirm to act like your smarter older sister
The fintech founder sees AI threatening traditional lenders by alerting consumers to their hidden fees.
How Patrice Louvet blends ‘magic and logic’ at Ralph Lauren
The Procter & Gamble veteran has focused the fashion brand by balancing emotion and data.
How Bruce Van Saun united Citizens against America’s biggest banks
The superregional lender’s CEO has made a virtue of its place in “the middle of the river.”
Courtesy of Citizens Financial Group/Jake Angelo/Semafor
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