Top stories today:

1. Powell to deliver Jackson Hole keynote at 10 AM ET
2. Grok 5 as potential first true AGI, Elon teases
3. Anthropic said to target $10B funding round at $170B
4. Crusoe, OpenAI’s data center partner, seeks $10B valuation
5. Trump’s equity move aims at chipmakers not boosting U.S. investments

0. Data and calendar

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

1. Powell to deliver Jackson Hole keynote at 10 AM ET, likely his final speech amid turbulence

• Powell is expected to keep a calm exterior in his speech, even as pressure mounts behind the scenes.

• Billed as an “Economic Outlook and Framework Review,” the speech would help Powell take time to provide his views on broad conditions.

• He may also discuss the Fed’s long-term policy goals.

• “He’s going to take a jab and talk about Fed independence, because what does he have to lose really at this point?” economist Dan North said.

• How Powell characterizes the labor market and tariff-driven inflation will be the key watchpoints.

• No expectations to “decisively” signal a Sep. cut, Goldman Sachs economist David Mericle said.

Markets price in 69% odds of a rate cut in Sep.

2. Grok 5 as potential first true AGI, Elon teases

• Elon Musk teased Grok 5 in response to a post on X, sharing a comparison between xAI’s Grok 4 and OpenAI’s GPT-5.

• Sep.: Grok 5 training will begin, Musk revealed.

• Before the end of 2025: Grok 5 will be out, Musk said earlier this month. “Will be crushingly good,” he said.

• TBD: Exact details on Grok 5, including its different versions and pricing.

4. Anthropic said to target $10B funding round at $170B