🧠Thinking Machines, Valued At $12B

☀️ Good morning. It's Wednesday, Jul. 16, and we're covering, ASML Crushes Expectations With $5.5B In New Chip Machine Orders, Mira Murati Raises $2B For New AI Startup Thinking Machines, Valued At $12B, Trump Announces Indonesia Trade Deal With 19% Tariff, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.74 Trillion, a 2.09% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $188.01B, which makes a 26.58% decrease.

• The total volume in Defi is currently $43.91B, 23.35% of the total crypto market 24-hours.

• The volume of all stablecoins is now $180.45B, which is 95.98% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 61.87%, a decrease of 0.49% over the day.

JPMorgan And Citigroup Lean Into Stablecoins As Wall Street Joins Crypto Pivot

JPMorgan CEO Jamie Dimon and Citigroup CEO Jane Fraser both confirmed Tuesday that their banks are diving into stablecoins, a major endorsement of digital dollars as Congress weighs long-awaited crypto legislation. Citigroup is actively exploring the launch of a "Citi stablecoin", while JPMorgan plans to expand use of its institutional-only JPMD deposit token and other stablecoin offerings. Even longtime crypto critic Dimon now says, “We’re going to be involved… to understand it, to be good at it.” (Read Deeper)

BUSINESS & FINANCE

ASML Crushes Expectations With $5.5B In New Chip Machine Orders

Dutch chipmaking powerhouse ASML beat second-quarter expectations across the board, posting stronger-than-expected sales, profit, and a major surprise in net bookings — a critical metric of future demand. Net sales: €7.7B vs. €7.52B expected, Net profit: €2.29B vs. €2.04B expected, Net bookings: €5.5B vs. €4.19B forecast. The surge in orders is a bullish signal for the global semiconductor cycle — and a testament to continued demand for ASML's EUV machines, which are essential for making advanced chips used by Apple, Nvidia, Intel, and TSMC.

Why It Matters: ASML also highlighted demand for its next-gen High NA EUV systems, which can cost upwards of $400 million each and will play a central role in the future of cutting-edge chipmaking. U.S.-China tech tensions could still impact ASML’s future export potential. (Read Deeper)

Nvidia Resumes AI Chip Sales To China In Rare Earths Trade Deal

Nvidia’s H20 chips are heading back to China—and it’s part of a broader U.S. trade compromise involving rare earths. Commerce Secretary Howard Lutnick confirmed Tuesday that Nvidia’s resumed sales are linked to a recent deal to restart Chinese rare earth shipments to U.S. manufacturers. The move follows Nvidia CEO Jensen Huang’s meeting with President Trump, and comes despite ongoing national security concerns from both Democratic and Republican lawmakers. The H20 chips are limited by U.S. export rules but still run Nvidia’s powerful AI software stack—making them a coveted tool for Chinese developers.

Why It Matters: Washington is trading chip access for rare earth metals—critical to U.S. defense and tech manufacturing. H20 chips may be legally nerfed, but they still work with Nvidia’s global-standard AI tools, giving China a powerful leg up. U.S. lawmakers from both parties say the reversal contradicts earlier export controls and threatens national security. ( Read Deeper)

TECHNOLOGY & SCIENCE

Mira Murati Raises $2B For New AI Startup Thinking Machines, Valued At $12B

Mira Murati, the former CTO of OpenAI, has secured $2 billion in early-stage funding for her new company, Thinking Machines, at a staggering $12 billion valuation—despite having no product or revenue yet. The round was led by Andreessen Horowitz and joined by AI chip heavyweights Nvidia, AMD, and Cisco, among others. Murati says the company’s first product will debut “in the next couple months” and include a significant open-source component for researchers and startups.

Why It Matters: Murati is the latest in a growing list of OpenAI defectors, alongside Dario Amodei (Anthropic) and Ilya Sutskever (Safe Superintelligence) who are attracting top talent and capital in the hottest sector of 2025. $2B raised with no product—showing VC’s deep faith in Murati and AI moonshots. (Read Deeper)

Google Adds AI Summaries To Discover Feed, Posing New Threat To Publishers

Google has started rolling out AI-generated news summaries inside its Discover feed — a move that could further erode traffic to traditional news publishers. The summaries, which now appear alongside multiple news outlet logos, are powered by generative AI and come with a disclaimer noting that “AI can make mistakes.” The update, already live for many iOS and Android users in the U.S., targets trending lifestyle content like sports and entertainment, but its reach could expand. For publishers, it’s yet another blow: Discover was one of the few remaining sources of reliable Google traffic.

Why It Matters: AI-generated content in search and news feeds is accelerating a steep drop in referral traffic. With AI Overviews and now Discover summaries, Google users get answers without leaving Google. News organizations produce the stories, but Google reaps the engagement — and possibly the ad dollars. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Announces Indonesia Trade Deal With 19% Tariff

President Donald Trump said Tuesday that the U.S. has reached a new trade agreement with Indonesia, including a 19% tariff on Indonesian imports and zero tariffs on U.S. goods, though Indonesia has yet to confirm the deal publicly. Trump said the deal followed direct talks with Indonesian President Prabowo Subianto, whom he described as “smart, strong, and popular.” The Commerce Department has not released further details, and the Indonesian Embassy has not confirmed any of the announced commitments.

Why It Matters: Trump is bypassing formal negotiations, announcing tariff terms unilaterally via letter or social media. $20B+ in U.S. goods could boost American manufacturing and agriculture — but only if Jakarta signs on. The deal would follow similar talks with Vietnam and China as the U.S. repositions in the Indo-Pacific. (Read Deeper)

Trump: AG Should Release Any ‘Credible’ Epstein Info Amid GOP Pressure For Transparency

President Trump has shifted his stance on the Jeffrey Epstein case, saying Attorney General Pam Bondi should release "whatever she thinks is credible." This comes after facing rare backlash from his MAGA base and top Republicans who accuse the administration of trying to move on too quickly. Despite Bondi’s claim there’s no Epstein “client list,” GOP figures like Speaker Mike Johnson, Rep. Marjorie Taylor Greene, and Sen. John Kennedy are demanding transparency or even a special counsel.

Why It Matters: Bondi declined to address the topic at a press event, standing by a DOJ memo that reaffirmed Epstein’s 2019 death as a suicide and dismissed the need for further disclosures. Many still believe powerful names connected to Epstein are being protected. Democrats also called for more transparency, but House Republicans blocked a vote. (Read Deeper)

ENTERTAINMENT & SPORTS

Newcastle Bid For Ekitike As Liverpool Circle Isak

Newcastle United have submitted a £70 million bid for Hugo Ekitike, aiming to add depth and versatility to their attack. But with Liverpool expressing interest in Alexander Isak, fans fear the French forward may be a replacement rather than a partner. Newcastle say Isak is not for sale, but with Liverpool exploring a deal worth up to £130 million, rumors are heating up. Ekitike impressed last season at Frankfurt with 15 goals and 8 assists, mostly as a lone striker — just like Isak. (Read Deeper)

Christopher Nolan’s ‘The Odyssey’ Imax Tickets Go On Sale One Year Early

Imax 70mm tickets for Christopher Nolan’s upcoming epic The Odyssey will go on sale July 17, 2025 — a full year ahead of its theatrical release on July 17, 2026. Adapted from Homer’s ancient tale, the star-studded film features Matt Damon as Odysseus, with Tom Holland, Zendaya, Anne Hathaway, Lupita Nyong’o, Robert Pattinson, and others rounding out the cast. The Odyssey will be the first film ever shot entirely with Imax cameras, and Nolan is betting big on his favored 70mm format, which drove massive turnout for Oppenheimer. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• That “dumb” doll—Labubu—is smart business: mass-produced mystery toy with collectible appeal, powered by scarcity, celebrity culture, and repeat buying. (Listen)

EXTRA BREVITI

• Musk’s AI ‘Companions’ Urge Arson, Murder, and Sexual Roleplay, With Almost No Guardrails. (Read More)

• Bitcoin fell more than 2.8% on Tuesday to $116,484, retreating from earlier highs near $120,500. (Read More)

• Amazon Taps Rival SpaceX to Launch Kuiper Internet Satellites. (Read More)