Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition, we are tackling the following:

📞 Musk denies report that SpaceX showed an AI handset before IPO.
🛡️ Cloudflare will block mixed-use AI crawlers from ad-supported pages.
💰 Trump's financial disclosure shows crypto earned him $1.2B last year.
👟 Nike shares rise as investors weigh turnaround progress despite slump.
🚨 Russian overnight attack on Kyiv kills at least 13, injures 86.

TECHNOLOGY

• Musk denies report that SpaceX showed an AI handset before IPO (Reuters)
  ^{_{More: WSJ, MacRumors, TechCrunch}}

  • Elon Musk called a Wall Street Journal report about a SpaceX AI device "utterly false" Wednesday.

  • The Journal said the prototype ran a proprietary OS with xAI technology and Qualcomm chips.

  • Reuters previously reported SpaceX planned a Starlink-connected mobile device that could rival smartphones.

• A bug in Apple's Hide My Email reportedly exposes real user addresses (MacRumors)
  ^{_{More: TechCrunch, CNET}}

  • A researcher claims Apple's Hide My Email feature has a flaw that unmasks users' real addresses.

  • Tyler Murphy says he warned Apple over a year ago, yet the bug remains unfixed.

  • All tested addresses were exploitable, raising safety risks for users who rely on the feature.

• Cloudflare will block mixed-use AI crawlers from ad-supported pages by default (TechCrunch)
  ^{_{More: Forbes, NBC, Tech Buzz}}

  • Starting September 15, 2026, Cloudflare will block crawlers blending search, agents, and training from ad-hosting pages.

  • The defaults apply to new customers, new sites from existing customers, and all free accounts.

  • CEO Matthew Prince cited bots surpassing human traffic online, urging a more sustainable web ecosystem.

BUSINESS

• Trump's financial disclosure shows crypto earned him $1.2B last year (Washington Post)
  ^{_{More: AP, Yahoo!}}

  • President Trump's annual disclosure revealed roughly $1.2B in crypto income, dwarfing his real estate earnings.

  • The 900-page report showed new wealth from foreign properties and lawsuits against media companies.

  • Branded merchandise added millions, with Trump-branded watches alone bringing in $4.7M last year.

• Nike shares rise as investors weigh turnaround progress despite slump (Reuters)
  ^{_{More: AOL, WSJ}}

  • Nike stock gained 3% Wednesday despite China sales falling 17% in the fourth quarter.

  • The company expects overall sales declines to continue through the first half of fiscal 2027.

  • Analysts see slow progress, with Nike losing share to Anta, Li Ning, and Hoka.

• Ashton Kutcher is leaving Sound Ventures to start a new firm (WSJ)
  ^{_{More: TNW, TechCrunch, Yahoo!}}

  • Kutcher is departing Sound Ventures after 11 years to launch a fund with Morgan Beller.

  • Beller was recently a general partner at NFX and previously co-led Meta's Libra project.

  • Sound backed OpenAI and Anthropic, while the new firm reportedly targets AI infrastructure and energy.

MARKETS

WORLD

• Russian overnight attack on Kyiv kills at least 13, injures 86 (NY Post)
  ^{_{More: NBC, AP, The Hill}}

  • Russia struck Ukraine's capital overnight with missiles and drones, killing 13 and injuring 86 people.

  • Damage spread across 30 locations, including 20 residential buildings and civilian infrastructure throughout Kyiv.

  • Nearly 500 emergency personnel, 100 specialized vehicles, and a helicopter responded to the attack's aftermath.

• Japan reportedly shifts to surprise yen interventions targeting short sellers directly (Reuters)
  ^{_{More: MSN, AOL}}

  • Japanese officials are abandoning telegraphed warnings, favoring abrupt interventions to squeeze speculators betting against the yen.

  • The Ministry of Finance is avoiding any 'line in the sand' exchange-rate level that would trigger action.

  • Dollar-yen moves following U.S. jobs data will reportedly be key to the timing of the intervention.

• Samsung Group plans to invest $90B across South Korea's central region (AOL)
  ^{_{More: Reuters, Yahoo!, Investing.com}}

  • Samsung Display will invest 67T won in Asan and Cheonan as part of the group's broader plan.

  • Samsung Electronics commits 56T won for high-bandwidth memory chip packaging facilities in Onyang and Cheonan.

  • Samsung SDI and Samsung Electro-Mechanics will invest a combined 17T won in batteries and AI materials.

FUTURISM

• New iPad Pros & a MacBook Pro reportedly coming from Apple soon (MacRumors)
  ^{_{More: Engadget, TechCrunch, Firstpost}}

  • Apple is reportedly preparing four new iPad Pro models and an entry-level MacBook Pro for early 2026.

  • The new laptop, internally called K104, is targeted alongside Apple's first M7 processor launch.

  • Recent price hikes, like the MacBook Pro jumping from $1,699 to $1,999, make cheaper devices timely.

• Honda begins making batteries for data centers instead of EVs (TNW)
  ^{_{More: TechCrunch, Yahoo!, Nikkei}}

  • Honda started producing energy storage batteries at its Ohio plant, a joint venture with LG.

  • The pivot follows Honda's cancellation of three U.S.-bound EVs after GOP tax credits disappeared last September.

  • Honda reported $15.7B in losses last fiscal year, partly due to restructuring its struggling EV strategy.

• Sony will stop producing physical PlayStation game discs in January 2028 (BBC)
  ^{_{More: TechCrunch, CNBC}}

  • All new PlayStation games will be digital-only after January 2028, though older discs remain available.

  • Digital downloads already account for 85% of full-game sales on PS4 and PS5 consoles.

  • The shift mirrors retail's decline, with GameStop reportedly closing over 1.3k stores in two years.

• Explore the essential startup reading database*

  • Learning from the best is how you become the best. We've curated a list of top-notch articles, blogs, and readings that are pivotal for startup founders.

  • And here's the kicker: we've organized it all in a user-friendly Notion database for easy access and tracking. Double win!

  • As aspiring leaders and innovators, this list serves as a bridge to absorbing the knowledge that has propelled others to success.

CONTENT

• Nick Maggiulli discusses building wealth on less than $60k yearly (The Prof G Pod)

  • Scott Galloway and Nick Maggiulli answer listener questions on wealth-building at every life stage.

  • Topics include paying debt on modest incomes and generating retirement income without obsessing over dividends.

  • They also weigh whether young families should keep investing or wait on an expected inheritance.

• Michael Wystrach sold Freshly for $1.5B but won't retire (Moneywise)

  • Wystrach built Freshly from $15 in the bank and a $1M judgment against him.

  • Nestlé bought the meal company for $1.5B, then later shut it down entirely.

  • He immediately started a veterinary platform, raised a $75M fund, and kept nearly everything invested.

• Alain de Botton discusses the psychology of unhappiness & secular discomfort (Sam Harris)

  • Sam Harris and Alain de Botton explore unhappiness, ritual, psychedelics, and AI as humanity's mirror.

  • The conversation also covers Freud's legacy, the flaws of meritocracy, cancel culture, and the psychological meaning of death.

  • De Botton is a writer, psychotherapist, and founder of The School of Life, emphasizing emotional education.

EXTRAS

• Impersonation concerns emerge as WhatsApp starts rolling out its username feature (TechCrunch)
  ^{_{More: Tech Buzz, TOI}}

  • WhatsApp began letting users reserve usernames this week, shifting identification away from phone numbers entirely.

  • Security experts and regulators in India, the country's largest market with 500M users, raised concerns about impersonation.

  • Handles resembling Narendra Modi, Shah Rukh Khan, and the Reserve Bank of India remained available.

• Tank maker KNDS postpones IPO, citing unfavorable defense market conditions (CNBC)
  ^{_{More: Financial Times, Bloomberg, Investing.com}}

  • The Amsterdam-based company will resume its IPO process once more favorable market conditions return.

  • Investors are increasingly questioning whether Europe's defense spending boom can meet lofty expectations.

  • KNDS reportedly struggled to convince backers of a valuation exceeding 12B euros ($13.7B).

• China restricts some Fortescue iron ore deliveries as supply talks drag on (Reuters)
  ^{_{More: AOL, Investing.com}}

  • China's state buyer told mills to stop taking certain Fortescue portside cargoes from July 15.

  • The restriction covers lower-grade Super Special Fines and Fortune Fines while supply negotiations continue.

  • The move escalates Beijing's market-control campaign, following a months-long standoff with BHP that ended in April.

AND MORE

• Here is how your pay compares to top U.S. companies' CEOs.

• Meta, like SpaceX, wants to turn excess AI compute into cash.

• Hire vetted LATAM engineers in as little as five days, and save up to 70% on salary costs.*

• Lime begins life as a public company after years of uncertainty.

• India's food watchdog targets energy drinks like Red Bull over misbranding.

• Neocloud Together AI raises $800M at an $8.3B valuation.

• Volkswagen braces for boardroom showdown over historic cost-cutting plan.

• Google's agentic assistant Gemini Spark is now available on Mac.