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Top stories today:
- Powell to deliver Jackson Hole keynote at 10 AM ET
- Grok 5 as potential first true AGI, Elon teases
- Anthropic said to target $10B funding round at $170B
- Crusoe, OpenAIās data center partner, seeks $10B valuation
- Trumpās equity move aims at chipmakers not boosting U.S. investments
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. 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 āEconomic Outlook and Framework Review,ā the speech would help Powell take time to provide his views on broad conditions.
He may also discuss the Fedās long-term policy goals.
āHeās going to take a jab and talk about Fed independence, because what does he have to lose really at this point?ā economist Dan North said.
How Powell characterizes the labor market and tariff-driven inflation will be the key watchpoints.
No expectations to ādecisivelyā 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 xAIās Grok 4 and OpenAIās 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. āWill be crushingly good,ā he said.
TBD: Exact details on Grok 5, including its different versions and pricing.
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4. Anthropic said to target $10B funding round at $170B
