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Top stories today:
- Google’s advanced Gemini Deep Think hits IMO gold
- Polymarket set for U.S. return after $112M QCEX acquisition
- Alibaba releases new Qwen3 non-thinking, open-weight AI model
- BitGo confidentially files for U.S. IPO. as crypto market surges past $4T
- SoftBank, OpenAI’s $500B Stargate project sharply scaled back
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
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.
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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.
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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
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