Today’s topics

• U.S. economy picked up the pace in July

• New Zeekr Robotaxi in San Francisco

• Emerging quest for AI supremacy

• Starliner’s 8-day mission stretches into seventh week

  and more…

Tech stocks took a hit on Wednesday, with Alphabet and Tesla’s underwhelming earnings sparking concerns about Big Tech’s diminishing power. The S&P 500 plummeted over 2%—its first drop of that magnitude in over a year—while the Dow Jones slid around 1.2%. The Nasdaq led the decline, plunging about 3.6% for its worst day since October 2022.

Wiz chooses independence over Alphabet's $23B offer. In a bold move, Israeli cyber-security firm Wiz turned down a $23 billion (£17.8 billion) acquisition offer from Alphabet, Google's parent company. In an internal memo, CEO Assaf Rappaport expressed gratitude for the offer but affirmed Wiz's goal to reach $1 billion (£775 million) in revenue before going public. A source noted the offer was "very tempting," but Wiz aims to become the world's largest cyber-security company on its own. Earlier this year, the company reported an impressive annual recurring revenue of $500 million (£387 million).

U.S. economy beats the heat with faster growth in July. Despite high interest rates and lingering inflation, the U.S. economy picked up the pace in July, according to two S&P surveys. The S&P U.S. services index of purchasing managers jumped to a 28-month high of 56.0, signaling robust growth, driven by sectors like retail, banking, and healthcare. While the manufacturing PMI dipped to a six-month low of 49.5, the services sector, employing the majority of Americans, continues to fuel the post-pandemic expansion. Purchasing managers' increased activity underscores the economy's resilience in the face of challenges.

Waymo Hits the Road with New Zeekr Robotaxi in San Francisco

Waymo has begun public road testing of a new robotaxi developed in partnership with Chinese automaker Zeekr. Currently, only a few of these custom-built electric vehicles are on San Francisco streets, and they aren't operating autonomously just yet. This marks a significant step forward for Waymo’s autonomous vehicle technology, following their announcement in December 2021 to create a tailored electric ride-hail vehicle for the U.S. market.

Memphis Supercluster goes live: Musk’s AI marvel. Elon Musk's xAI supercomputer, affectionately dubbed the Memphis Supercluster, went live. The system connects up to 100,000 liquid-cooled Nvidia H100 GPUs via a single RDMA fabric, promising to revolutionize AI training by December. Currently, about 32,000 GPUs are online, with the rest expected by Q4, bolstered by upcoming agreements for additional power from the Tennessee Valley Authority. With support from Dell and Supermicro, this AI powerhouse is set to push the boundaries of technology.

OpenAI sparks AI race with free fine-tuning for GPT-4o Mini. In a bold move that escalates the AI arms race, OpenAI has announced free fine-tuning for its GPT-4o Mini model, just hours after Meta launched its open-source Llama 3.1 model. While OpenAI had hinted at customization features in its recent GPT-4o Mini update, the timing of this release is strikingly precise. This rapid response highlights the intense competition and strategic maneuvers shaping the quest for AI supremacy.

Chinese Scientists Discover Water-Rich Mineral on the Moon

In a groundbreaking revelation, Chinese scientists have identified a mineral on the Moon with a remarkable 41% water content. This discovery, made from lunar soil samples returned by the Chang’e-5 mission, marks the first detection of water molecules in lunar soil. The mineral, dubbed ULM-1, is rich in both water and ammonia, offering new insights into the Moon's potential for supporting life.

Starliner’s 8-day mission stretches into seventh week. Boeing’s Starliner spacecraft, originally scheduled for an eight-day mission, has been orbiting the ISS for seven weeks due to thruster issues encountered upon arrival. These thrusters are crucial for spacecraft orientation and safe reentry, making their performance critical. NASA will provide an update on the mission and potentially announce the Starliner’s return date at 11:30 a.m. ET on July 25, watch it live here.

It's raining fish: New Jersey couple gets scaly surprise from the sky. We've all heard the saying "raining cats and dogs" — but fish? A New Jersey couple got a smelly and scaly surprise when a fish fell from the sky and landed on their car.

Whale capsizes fishing boat off New Hampshire. A whale overturned a fishing boat off the New Hampshire coast, but two boaters were safely rescued by nearby fishermen and emerged unscathed. The dramatic incident, captured on video, showcases the unexpected challenges of maritime adventures.

Biscuit Basin’s hydrothermal drama: nature’s fiery surprise. Yellowstone National Park’s Biscuit Basin recently got a sizzling update with a hydrothermal explosion, showcasing nature's unpredictable flair. While the park is temporarily closed for repairs, this geothermal spectacle serves as a quirky reminder of the park’s ever-changing landscape.

TikTok of the day:watch here

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