
Top stories today:
- GPT-5 released, only slightly ahead of Grok 4, o3
- Intel CEO says company engaging with Trump admin
- Trump signs order to allow crypto, PE in 401(k)s
- Meta said to have acquired AI audio startup WaveForms
- Pinterest Q2 revenue +17% YoY to $998M, EPS misses at $0.33
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 todayās newsletter (beware of hallucinations):
1. GPT-5 released, only slightly ahead of Grok 4, o3
GPT-5 has slightly outperformed all major LLMs across benchmarks, per Artificial Analysis:
xAIās Grok 4 Heavy still leads on Humanityās Last Exam with a 44.4% score, compared to GPT-5 Proās 42.0% (Python + search, with blocklist).
Available to all ChatGPT users, but with an undisclosed prompt cap for free users.
GPT-5 pro has exclusively been released for ChatGPT Pro subscribers.
GPT-5, GPT-5 mini, and GPT-5 nano are the 3 variants available via OpenAIās API.
GPT-5 uses 23Ć more tokens at high reasoning, with gains tapering beyond medium effort, per Artificial Analysis
OpenAI tested GPT-5 for āover five thousand hoursā to understand its safety risks.
ā[M]aking sure the model doesnāt lie to users,ā GPT-5ās safety research lead Alex Beutel said.
GPT-5 doesnāt feel like a dramatic leap over other LLMs, early testers said.
GPT-5 costs $1.25/$10 per M tokens vs. GPT-4oās $2.5/$10, Geminiās $2.5/$15, and Claudeās $15/$75.
OpenAI has reclaimed the top spot in AI intelligence after spending a month second to xAI, per Artificial Analysis
Relatedly, OpenAI is paying millions of dollars in bonuses to ~1K employees, including researchers and engineers.
2. Intel CEO says company engaging with Trump admin to address concerns about him

ā[A] lot of misinformation circulating about my past roles at Walden International and Cadence Design Systems,ā Lip-Bu Tan said in a note to Intelās staff.
Thu.: Trump urged Tan to resign over what he called conflicts of interest.
Tan and some Intel directors have reportedly disagreed over strategy early in his tenure.
Whether Intel should stay in chip manufacturing sparked an early clash between Tan and board chair Yeary, sources said.
100+ investments were made in China by Tanās VC firm Walden International, including SMIC (Chinaās largest chipmaker).
-3% for Intel on Thu. after Trumpās response.
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4. Trump signs order to allow crypto, private equity in 401(k)s

Representational image generated using ChatGPT.












