Top stories today:

1. OpenAI said to launch GPT-5 in Aug., open-weight model by late Jul.
2. Google launches AI-powered “Web Guide” search experiment
3. Cognition said to be in talks to raise $300M at $10B valuation
4. Intel trims foundry spend as Q2 revenue tops estimates at $12.9B
5. Trump’s tariffs falling on corporate America, with tariffs +$55B YTD

0. Data and calendar

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

1. OpenAI said to launch GPT-5 in early Aug., open-weight model by late Jul.

• GPT-5 will reportedly include the o3 reasoning capabilities.

• Combining o-series with GPT could simplify, reduce friction, and move toward AGI.

• However, GPT-5 is unlikely to meet the AGI threshold.

• GPT-5 and its mini version will reportedly be on ChatGPT and OpenAI’s API, with the nano version would be limited to the API.

• The open-weight model is said to be “similar to o3 mini”, with reasoning capabilities.

  • Available on Azure, Hugging Face, and other cloud providers.

Separately, Founders Fund and Dragoneer are reportedly backing OpenAI’s $30B tranche with $1B+ each

• SV Angel is also said to have committed to investing $200M+ in the round.

• SoftBank’s amount in the 2nd tranche would be reduced to $20B+ with additional backers coming in.

• OpenAI’s 1st $10B tranche included $7.5B from SoftBank and $2.5B from investors including a16z and GIC.

2. Google launches AI-powered “Web Guide” search experiment to organize results

• The opt-in feature divides search results into sections, each focusing on a specific type of answer.

• Both open-ended search queries and more complex, multi-sentence questions can work.

• Available as a Search Labs experiment.

• Initially reconfigures search results on the Web tab.

• Will expand to other Google Search areas, including the “All” tab.

4. Cognition said to be in talks to raise $300M at $10B valuation