Crypto News: Inflation check

Good morning. All eyes are on today’s inflation report. Lower Manhattan has been reborn since 9/11. And meet the 32-year-old spending $70,000 to play 100 top US golf courses. Listen to the day’s top stories.

— Angela Cullen and Harry Black

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Friday’s CPI report is probably the most anticipated in years, with next week’s Fed rate decision hanging on signs inflation is moderating. Estimates show the headline figure accelerating in August, with soaring gas prices the main culprit. The cost of diesel at the pump rose above $6 a gallon for the first time, increasing the risk of more energy-driven price growth just ahead of peak demand season for the fuel. Money markets have raised the chances of a September rate hike, but economists are defiant.

Fighting between Yemen-based Houthi militants and Saudi-backed forces intensified, while the IEA warned oil demand may need to fall further as the Iran war drags on. A six-member bloc of Gulf states is considering meeting with Iranian officials next week to discuss the Strait of Hormuz, people familiar said. It would mark the first gathering with the Islamic Republic since war erupted more than six months ago.

Donald Trump exited his midterm convention in much the same position as he entered — staring down potentially bruising November elections and questions about his power to shape the outcome. He vowed to be a “blocker” if Republicans lose control of Congress. JD Vance urged voters to stick with the GOP even if they disagree with the administration on some issues. He’ll attend the World Trade Center commemoration marking the 25th anniversary of 9/11 today, while the president will speak at the Pentagon.

Illustration of British writer Jon Ronson.

Jon Ronson on What It Means to Be a Man

The British writer has spent years chronicling the fringes of a changing world. His latest obsession is men cast adrift in a confusing era.

Reborn. Lower Manhattan hasn’t simply recovered in the quarter-century since the 9/11 attacks. It’s evolved from a business district that emptied out after work into a round-the-clock hub for housing, culture and nightlife, while adding a new generation of office towers as well.

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Deep Dive: Slowing AI

OpenAI CEO Sam Altman. — OpenAI CEO Sam Altman

Anxiety about the uncontrolled pace of AI development is prompting some existential questions, and Sam Altman has taken note. He’s said to have told staff that OpenAI may slow down, and that he hopes others will follow suit.

A public warning this week by an ex-Anthropic researcher, alleging that the AI race “could kill us all by the end of the decade,” added fuel to the fire. An OpenAI scientist also cautioned that the world is unprepared for the rapid rise in artificial intelligence.
AI in the form of large language models is already prompting questions about the role the machines can and should play in our thinking about crime and punishment. The US legal system is grappling with cases where chatbots acted as witnesses, or helped plan a mass shooting.
The Pentagon’s chief technology officer rejected the warnings, saying it’s easy to get caught up in a “doom loop.” Trump also brushed them aside. “I have concerns that if we don’t win AI, we’re going to be put in a very bad position,” the president said.
Greg Jensen, co-chief investment officer of one of the world’s largest hedge funds, begs to differ. “Until the AI starts killing people, unfortunately, history would suggest we’re not going to do anything,” he said. “It’d be much better if we started dealing with it before then.”

The Big Take

Microsoft CEO Satya Nadella. — Microsoft CEO Satya Nadella speaking in Sydney in April.

Power hungry. Microsoft plans to more than triple its data center capacity by 2032 to overcome a computing shortage. If successful, its electricity usage will eclipse what New York state uses in peak hours.

Big Take Podcast

The AI Safety Reckoning Is Here

Opinion

The Tribute in Light to mark the 25th anniversary of 9/11. — The Tribute in Light to mark the 25th anniversary of the 9/11 terrorist attacks.

The more years that pass, the harder it becomes to honor the “never forget” vow of 9/11, and the more important it becomes to say what it means, Bloomberg’s editors write. There’s a clear collective memory that must be spoken if it’s to be sustained.

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Before You Go

Daniel Belk tees off at Bethpage Black. — Daniel Belk tees off while playing the Black Course at Bethpage Golf Course.

A different kind of odyssey. Daniel Belk is halfway through his quest to play the 100 top public golf courses in the US. His TikTok fans are raving. His handicap, less so. Blame Bethpage Black.

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