Top stories today:

1. Google’s advanced Gemini Deep Think hits IMO gold
2. Polymarket set for U.S. return after $112M QCEX acquisition
3. Alibaba releases new Qwen3 non-thinking, open-weight AI model
4. BitGo confidentially files for U.S. IPO. as crypto market surges past $4T
5. SoftBank, OpenAI’s $500B Stargate project sharply scaled back

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Google’s advanced Gemini Deep Think hits IMO gold

• Scored 35 out of 42 points by solving 5 of the 6 IMO problems.

• Trained with novel reinforcement learning and curated math solutions, and learned advanced reasoning, problem-solving, and strategic IMO tips.

• Will be available to “a set of trusted testers” before rolling out to Google AI Ultra subscribers.

• 2024: Google’s AlphaProof and AlphaGeometry 2 hit silver using human-translated, formal problem formats.

• Sat.: OpenAI also announced that its custom AI model hit IMO gold.

Google has questioned how OpenAI conducted and announced its gold-medal IMO performance

• OpenAI didn’t know IMO was conducting an informal test with Google, OpenAI researcher Noam Brown said.

3. Polymarket set for U.S. return after $112M QCEX acquisition

• QCEX applied for the CFTC licensing in 2022 and got its approval on Jul. 9.

• 2024: Polymarket saw a surge in U.S. popularity during the presidential election.

• Earlier in Jul.: DOJ and CFTC closed their probes into Polymarket.

• 2022: Polymarket settled with the CFTC and agreed to block U.S. trading access for failing to register with the regulator.

4. Alibaba releases new Qwen3 non-thinking, open-weight AI model

Qwen3-235B-A22B has taken on Kimi K2 and Anthropic’s Claude Opus 4 in Alibaba’s benchmark testing:

• 22B active parameters.

• Apache 2.0 licensed.

• Apr.: Alibaba announced the model under the Qwen3 family but without sharing details on its availability.

• Now available through Hugging Face.

• Also accessible via Qwen Chat.

5. BitGo confidentially files for U.S. IPO. as crypto market surges past $4T

Crypto market cap +53% YoY to ~$4T:

• The crypto custody firm on Mon. submitted its filing just days after the crypto market cap milestone.

• Aug. 2023: BitGo raised $100M at $1.75B valuation.

• 2013: BitGo was founded.

6. SoftBank, OpenAI’s $500B Stargate AI project is said to have been sharply scaled back

• Stargate has yet to complete a single deal for a data center after 6 months of announcement.

• The companies pledged to invest $100B “immediately” at the Jan. announcement.

• OpenAI is pursuing data center deals independently, including a $30M one with Oracle.

• A small data center under the Stargate project is likely to launch in Ohio by the year-end.

• “[M]oving at hyperscale and speed to deliver the AI infrastructure,” both companies said in a joint statement.

7. Google reveals Pixel 10 design ahead of Aug. 20 launch

• Triple rear camera setup.

• Existing Pixel flagships have 2 cameras at the back so far.

• Pixel 10, however, resembles the Pixel 9.

8. OpenAI says ChatGPT users send 2.5B+ prompts daily, with 330M+ from U.S.

• This week: OpenAI will reportedly argue broad AI access is key to sharing economic gains.

• AI is boosting productivity, OpenAI CEO Sam Altman is said to tell Washington.

• Tue.: Altman will join Fed’s new vice chair Michelle Bowman for a fireside chat.

• OpenAI economist Ronnie Chatterji to release new analysis alongside Altman’s Fed visit.

• Wed.: A 20-page AI Action Plan could be released by the White House.

9. Grok 4 launch boosts xAI’s iOS revenue +325% in two days

• $419K in Grok’s iOS revenue on Jul. 11, up from $99K on Jul. 8 — the day before the Grok 4 launch, per Appfigures.

• $367K in its gross revenue for a couple of days before dipping down to $310K on Jul. 14.

Grok’s iOS app downloads +279% to 197K by Jul. 11, up from 52K before the Grok 4 launch

• +40% in Grok’s iOS downloads globally after the companions launch to 171K daily installs, but with +9% in revenue to $337K.

Grok’s U.S. App Store ranking rose to No. 3 overall and No. 2 in Productivity by Jul. 12

• However, the app’s overall ranking dropped to No. 17 over the past week.

10. Interesting videos, posts, and memes

11. Other headlines

AI

• Fidji Simo, incoming OpenAI exec., seeks broader market for AI tools.

• UK, OpenAI sign new strategic partnership.

• Anthropic CEO says company will pursue Gulf State investments after all.

• Physics experiments get weirder — and smarter — with AI.

• Ambiq Micro, AI chipmaker, targets $85M IPO at up to $491M valuation.

• Netflix using startup Runway AI’s video tools for production.

Tech

• Figma aims at $16.4B valuation as tech IPOs bounce back.

• Oakley Meta’s HSTN glasses offer sleeker, more comfortable experience.

• SharePoint vulnerability exploited by China-linked hackers: researchers.

• Oracle in talks for $100M Skydance-Paramount cloud deal: report.

Tech & Law

• Meta, X, LinkedIn appeal unprecedented VAT claim by Italy: report.

Biotech

• Mitrix Bio to start age-reversal trial with 90-year-old physicist.

• MND Association’s Mike Rogers on how AI, data unlock new treatments.

Business

• McKinsey changes how it elects its leaders to avoid succession dramas.

Crypto

• Trump Media’s $2B Bitcoin buy defies 2025 halving cycle expectations.

• Dynamix to merge, form ‘Ether Machine’ managing $1.5B in crypto.

U.S. politics

• Trump tax law to add $3.4T to U.S. deficits: CBO.

• Harvard judge questions legality of $2B fund freeze.

• Treasury Secretary Bessent calls for review of “the entire” Federal Reserve.

• Trump officials accused of defying 1 in 3 judges who ruled against him.

• FBI releases 230K pages on Martin Luther King Jr. assassination.

• Johnson retreats on Epstein disclosure demand, says Trump needs “space”.

• Small attorneys led court fight against Trump as big firms backed off.

• House grinds to halt as GOP tries to shut down Epstein votes.

• WSJ removed from Scotland press pool over Epstein bombshell.

World

• Ukraine’s new premier eyes fresh IMF loan for war-racked budget.

• UK plans to ban public sector bodies from paying ransom to cybercriminals.

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