Crypto News: A slice of OpenAI

Good morning. OpenAI reportedly proposes giving the US government a 5% stake. The mercury is rising in NYC ahead of some celebrity-studded nuptials. And bourbon is proving anything but liquid. Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
S&P 500 Futures	7,538.25	-0.1%
Nasdaq 100 Futures	29,959.25	-0.4%
Bloomberg Dollar Spot Index	1,221.87	-0.2%
Market data as of 06:41 AM ET. Data is subject to provider delays.	Your watchlist

Hardly a day goes by without OpenAI ruffling some feathers, but this time it may be trying to smooth a few. The company has begun preliminary talks to hand the US government a 5% stake, making the case that giving the public a slice of the company is the best way to share upside from the AI boom, the Financial Times reported. CEO Sam Altman floated the idea of government stakes in major AI firms with the Trump administration as early as 2025.

That’s done little to ease the bellyache surrounding AI’s blistering rally. Cloud and other AI infrastructure stocks are extending losses as Meta’s plan to develop a business that would sell access to AI computing power raised worries about overcapacity. Meanwhile, business software giant SAP is taking drastic steps to fund its AI push and fend off new competitors. It’s cutting back on hiring and staff travel, according to a memo seen by Bloomberg.

Jamie Dimon is “jealous” of European fintechs like Revolut. Not used to playing catch-up, JPMorgan is doing exactly that in Europe, as it takes steps to expand beyond the UK and Germany into Spain, France, Italy and the Netherlands. The potential payoff is twofold: Better connecting its US and global retail operations will let customers move money seamlessly across borders, while bringing London-built technology to US customers.

Anniversary models. Apple is preparing an upgraded iPad Pro line and a redesigned entry-level MacBook Pro for next year, adding to a slate of several other major new products planned for the iPhone’s 20th anniversary year. It’s also in talks to buy chips from Chinese suppliers CXTM and YMTC to soften the impact of a global memory shortage that’s forced prices increases across its product lineup.

Colombian players cool down during a hydration break

The Future of Sport on an Overheating Planet

Mercury rising. As if the summer in NYC hasn’t been hot enough, with the World Cup in full swing and the Knicks victorious, add a wedding celebration for the ages when Taylor Swift and Travis Kelce tie the knot at Madison Square Garden on Friday — or at least so we’re told. Actual mercury levels are rising, too, as the return of sweltering heat pushes up power prices from New York to Virginia and threatens to upend Independence Day holiday travel. Temperatures are set to breach 100F across swaths of the East Coast.

The Big Take

Jensen Huang with SK Group Chairman Chey Tae-won — Nvidia CEO Jensen Huang (right) with SK Group Chairman Chey Tae-won.

A Hong Kong fund tied to chipmaker SK Hynix has grown so large that it’s beginning to move the stock it was built to track.

Big Take Podcast

Voters cast their ballots at a polling location in Baton Rouge, Louisiana.

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Opinion

Fed Chair Kevin Warsh — Fed Chairman Kevin Warsh arrives at the ECB forum in Sintra, Portugal.

Kevin Warsh says inflation risks have eased and markets are taking the Fed seriously, John Authers writes. But a bear-flattening yield curve and higher-for-longer rates may tighten financial conditions and increase the risk of a bond-market shock.

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Before You Go

Barrels of Jack Daniel’s Tennessee Whiskey at the company’s distillery in Lynchburg, Tennessee.

The bourbon boom left distillers and lenders betting that aging whiskey barrels would keep getting more valuable. Now, with supply high and buyers scarce, they’re proving anything but liquid.

A Few More