Jensen Huang Just Told Banks That Chips Are the New Property

Hey,

The AI world is unravelling in real time and we have all the receipts. 👀

OpenAI is cashing out at $852 billion ahead of its IPO, Nvidia just convinced Wall Street to treat its chips like real estate, SpaceX is back above its IPO price, Intel is raising $20 billion to keep up with AI demand, and OpenAI quietly paused its own model because it might be able to hack the internet autonomously.

Oh, and Trump Media lost $238 million on $2 million in revenue. Messy.

• OpenAI Closes $7 Billion Share Sale Ahead of Potential IPO

OpenAI are cashing out at an $852 billion valuation through a $7 billion tender offer, the latest in a series of pre-IPO liquidity moves following the company's record-breaking $122 billion funding round in March.

• Trump Media Reports $238 Million Loss in Q2 as Crypto Slump Bites

Trump Media lost $238 million on $2 million in revenue, $190 million of it from crypto declines, while Truth Social quietly charged high-frequency traders up to $100,000 a month for early access to Trump's posts.

• Nvidia Secures $500 Billion in Financing as Jensen Huang Calls Its Chips an "Investable Asset"

Nvidia has teamed up with six Wall Street giants including BlackRock, Goldman Sachs, and KKR to unlock $500 billion in financing, treating AI chips as a bankable infrastructure asset class for the first time.

• SpaceX Stock Bounces Back, Closing Above $135 IPO Price for the First Time in Weeks

SpaceX bounced back above its $135 IPO price after beating Q2 revenue expectations at $7.81 billion, with Deutsche Bank backing its $100 billion annualised revenue target as "likely very achievable" by year-end.

• Intel Raises $20 Billion Stock Offering at $95 Per Share as AI Demand Accelerates

Intel raised its stock offering to $20 billion at $95 a share to fund AI infrastructure, as the chipmaker's stock surges 175% this year backed by soaring demand and a US government equity stake.

• OpenAI Restricts New Model Amid Growing Cybersecurity Concerns

OpenAI halted work on its Astra model over fears it can launch cyberattacks autonomously, as US lawmakers push an "AI Kill Switch Act" and the EU gains new powers to inspect and restrict frontier AI models.

🧠 Quick Brain Teaser!

1. Which country was the first to grant women the right to vote?

2. What year did the Berlin Wall fall?

3. Which ancient civilisation built Machu Picchu?

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📚 What We’re Reading:

• The AI Slop Backlash Is Actually Having an Impact

• The Rise of the 1 AM Job Interview

And the answer is…… 🥁🥁🥁🥁

1. New Zealand, in 1893

2. 1989

3. The Inca Empire, built in the 15th century under Emperor Pachacuti.

See you next week.

Haystack