Crypto News: Intel’s bonanza

Good morning. Intel’s share sale points to resilient investor demand for AI. Donald Trump hardens his stance towards Iran. And why some Google recruiters are worried their own AI systems are wrongly screening out job candidates. Listen to the day’s top stories.

— Marcus Wright

Market Snapshot
S&P 500 Futures	7,785.00	+0.1%
WTI crude oil futures	$83.70	+1.9%
Bloomberg Dollar Spot Index	1,203.66	+0.0%
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Intel raised $20 billion in a successful share sale, a third more than it was targeting, pointing to resilient investor demand for companies in the artificial intelligence supply chain. In a further test of that appetite, Nvidia confirmed it’s tapping six Wall Street firms for a $500 billion funding commitment And Anthropic struck a $9.1 billion deal with Bitcoin miner Riot Platforms for additional AI data center capacity.

Oil rose as Donald Trump hardened his stance toward Iran, saying the Islamic Republic must pay reparations for past attacks. Higher oil prices triggered renewed inflation jitters in financial markets, with bond yields rising. The Federal Reserve’s Beth Hammack said a number of rate hikes may be needed to bring inflation down to the 2% target.

Zoltan Mamdani’s pied-à-terre tax was temporarily blocked by a state court judge on Staten Island after a group of homeowners argued its introduction was mishandled. The levy, signed into law in May by Governor Kathy Hochul, targets single-family homes worth $5 million or more and apartments worth $1 million or more. Here’s our explainer on the many challenges facing the New York mayor.

ICE Arrests Are Pushing Immigrant Families Deeper Into Poverty

Monday’s earthquake in Colombia has left more than 100 dead, with buildings toppled and significant damage reported in the country’s coffee heartland. The quake is the first major test for President Abelardo de la Espriella, who was sworn in on Friday and is promising a sharp break with the policies of his leftist predecessor Gustavo Petro.

Trump’s social media company posted steeper losses as it careened from a big cryptocurrency bet into a controversial new line of business selling faster access to market-moving posts from the US president. Trump Media & Technology reported a second-quarter loss of $238 million, driven by plummeting crypto prices.

Deep Dive: Tax Strategies for the Masses

For years, tax-optimizing investing strategies were confined to hedge funds and ultrawealthy families with access to specialized financial planning. Now, they’re being pitched to the masses on YouTube and TikTok.

Wealth advisers and financial influencers are using social media to peddle once-obscure strategies such as tax-aware long-short investing.
“The internet loves the tools that felt reserved for the ultrawealthy that they now have access to,” said money manager and financial influencer Nicholas Crown.
A spate of high profile IPOs is only adding to the appeal, with equity-compensated employees at companies including SpaceX, Anthropic and OpenAI sitting on newly created wealth — and potentially large tax bills.
The trend hasn’t gone unnoticed by the authorities. The Treasury Department has expressed concern over a number of the tax strategies.

The Big Take

Wall Street history is littered with products that got too popular for their own good, not least the bundled mortgage products that led to the 2008 financial crisis. Now, leveraged exchange-traded funds look set to join the list.

Big Take Podcast

Behind Bessent’s Defense of the Yen

Opinion

Kevin Warsh has deeper problems than his rocky start at the Federal Reserve, Bill Dudley writes. He has undermined his credibility in the way he talked about the Fed’s inflation objective, implying the PCE could be jettisoned as the primary metric.

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Before You Go

Google DeepMind offices — *Photographer: Dan Kitwood/Getty Images*

Google pitches its AI tools to corporate clients as a way to sift through a mountain of job applications. But some of its own recruiters don’t want to rely on them, encouraging candidates to fill out a special form which states: “We have an applications system with a non-trivial probability your CV will be screened out incorrectly.”

A Few More

Trump Defends Infantino as UEFA-Led Schism With FIFA Deepens

Apple’s Glass-Centric 20th-Anniversary iPhone Remains on Track for 2027

Bloomberg Power Players: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10. From athletes and team owners to commissioners and investors, this event will gather the most influential voices for market-moving conversations on the multitrillion-dollar sports economy. Learn more here.