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The White House has no plans to publicly reveal the framework it’s been working on for how it will vet frontier AI models prior to release. Instead, the details will be kept under wraps, only known to a select group of companies that may choose to participate in the process. https://bit.ly/4ck1fF6

White House won't publicly release AI model evaluation framework it reviewed today with Meta, Nvidia, Microsoft, OpenAI, Anthropic, variety of smaller companies | Fortune

It's unclear why the administration is keeping the framework under wraps, especially following a series of hacks from OpenAI and Anthropic that have spooked the public.

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@MistralAI is Europe’s AI front-runner, and there are hopes it could be the answer to the continent’s AI sovereignty question. CEO Arthur Mensch, however, has no interest in limiting the company’s ambition. https://bit.ly/4wdN63E

Europe's tech sovereignty is facing its biggest test yet | Fortune

Warnings that the continent risks falling behind the U.S. and China have put AI independence in the spotlight. But technology is only one of the challenges European business faces.

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McDonald’s has named a new president, Skye Anderson, to lead its mammoth but sluggish U.S. business after its bet on cheaper items enticed fewer cash-strapped Americans than expected, even as consumers grapple with an affordability crisis. https://bit.ly/4wjLgyk

McDonald’s CEO turns to a trusted lieutenant with a turnaround record to revive its biggest market | Fortune

CEO Chris Kempczinski is betting on Skye Anderson—the exec he’s tapped for tough assignments before—to boost sales growth and improve its value push.

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In a new episode of @Fortune500: Titans and Disruptors of Industry, Fortune’s Editor-in-Chief @ajs sat down with Pershing Square CEO @BillAckman to discuss his approach to shareholder activism, how he’s thinking about AI, and his new Brain Research Rehabilitation Institute.https://bit.ly/4w26HU9

Bill Ackman, unfiltered: The billionaire hedge fund founder's take on AI, investing, and why socialism is a 'disaster'. | Fortune

'I'm in a bit of a unique position where I can say exactly what I think,' Ackman tells Fortune.

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Trump Media & Technology Group’s premium data product released its new subscription service for earlier access to Truth Social posts for $100,000 a month. According to reports, five Wall Street firms have already signed up for the service. https://bit.ly/4xdJgZ4

‘This is insider trading by definition’: Trump sells $100,000 monthly subscription service to Wall Street to further monetize the presidency | Fortune

Wall Street firms will get information milliseconds faster than the general public—and Trump will directly benefit.

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Deutsche Bank believes an updated version of Swedish economist Knut Wicksell's theory explains why investors can't quit the U.S., despite the fact that many indicators of its economic health are flashing red: The might of the U.S. economy coincides with its eye-watering debt. https://bit.ly/4fMxqOr

A 130-year-old theory from an obscure Swedish economist explains why investors will keep funding America’s near-$40 trillion debt pile | Fortune

"To oversimplify: you could argue that U.S. deficits are, in effect, being increasingly funded by its tech sector."

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“Wealth is not the same as money. You see a lot of people getting wealthy, but you can’t spend the wealth. You have to sell the wealth to get money because you can only spend money,” Ray Dalio, billionaire founder of Bridgewater Associates, said on The Diary of a CEO podcast. https://bit.ly/4bs3R3v

Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: 'wealth is not the same as money' | Fortune

“You see a lot of people getting wealthy but you can’t spend the wealth,” the Bridgewater Associates founder told The Diary of a CEO.

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Fed Chairman Kevin Warsh has been clear: The central bank has gotten too comfortable sharing expectations for the path of monetary policy. Wall Street is now blasting its response: Dialing back communications will be tolerated, but a perceived void of information will not be. https://bit.ly/3UcOFkN

Kevin Warsh told Wall Street he’d be sharing less—Goldman Sachs fears a void of Fed facts will only amplify misinformation and instability | Fortune

“Even without providing explicit forward guidance, central bankers still have an obligation to explain the economic framework behind their decisions. On that score, this press conference fell well sho...

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SpaceX grew revenue 92% to $7.8 billion in the second quarter, powering past Wall Street’s consensus estimate of approximately $6.9 billion in what marks the rocket-and-connectivity giant’s first earnings report since its June debut on the Nasdaq. https://bit.ly/3SfEKKK

SpaceX revenue surges 92% to $7.8 billion, blowing past Wall Street expectations by nearly $1 billion | Fortune

SpaceX posted $7.8 billion in quarterly revenue, surging ahead of the $6.9 billion consensus, as Starlink subscribers doubled to 12 million and $14.1 billion in new AI contracts turbocharged financial...

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“I think, overall, if you enjoy college, I think there’s no harm in finishing. I felt this real sense of urgency, which I think, in hindsight, was a bit unnecessary,” Patrick Collison, billionaire cofounder and CEO of Stripe, said last week at Y Combinator’s Startup School. https://bit.ly/4fDKAi1

Despite dropping out of MIT to build $159 billion fintech Stripe, its CEO has a warning for Gen Z who want to copy him: ‘That was a poor intuition’ | Fortune

Stripe CEO Patrick Collison left MIT twice before building a $159 billion fintech firm—but says being a dropout isn’t key to seizing AI opportunity.

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"If information is available to everybody, if you give them access, it changes the dynamics. Good people who share will be the real kings and queens," Martin Sorrell, the founder of the digital media agency S4 Capital, told Fortune. https://bit.ly/4pWgbyN

Sir Martin Sorrell has identified the key AI skill for the future: ‘People who share will be the new kings and queens’    | Fortune

The AI revolution will not be that destructive, Sorrell says, but huge efficiency gains are coming.

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Young workers starting their careers are staring up a long climb to the top. And the best way to ascend is by sticking true to the time-honored advice of going above and beyond, PwC U.S. CEO Paul Griggs advises—and it may even mean putting in extra effort on the weekends.https://bit.ly/3RJJEzC

PwC U.S. CEO advises young workers to say yes a lot, even if it means working on the weekends—‘That person climbs into the next role’ | Fortune

PwC U.S. CEO Paul Griggs advises that “putting in time when people are not looking” is one of the best ways to climb the corporate totem pole.

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The U.S. is stepping in to help boost Japan’s yen for the first time in nearly three decades after the currency hit a 40-year low, but the intervention has an unusual feature: instead of selling dollars to buy yen, the New York Fed reportedly sold euros to fund the purchase. https://bit.ly/3SfjXqJ

The U.S. is using euros, not dollars, to prop up the yen, and it may backfire: ‘This kind of twist…undercuts the efficacy of U.S. participation’ | Fortune

The unusual funding method backed a joint U.S.-Japan move that lifted the yen to 157 per dollar, but economists say it won't fix underlying issues

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“I really learned from Peter Thiel and Paul Graham, in two different ways, which is that the very best companies, the very best investment opportunities are almost never the ones that look really popular,” OpenAI CEO Sam Altman, said on the "Invest Like the Best" podcast. https://bit.ly/4bY0EJ8

Sam Altman reveals the investing advice billionaire Peter Thiel gave him that helped him amass a $3.3 billion net worth without OpenAI equity | Fortune

OpenAI CEO Sam Altman owns no equity and earns a $76K salary—but says Peter Thiel and Paul Graham taught him how to build billions in investment wealth.

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Elon Musk, the richest man in the world is now on the hunt for skilled individuals to join the team at rocket and satellite company SpaceX, in roles which will build out data centers both on Earth and—potentially—on other planets. https://bit.ly/4fPKqmI

Elon Musk joins race to hire the best plumbers and engineers: All you need is 3 bullet points and a resume | Fortune

Future work at SpaceX, the company has indicated, includes establishing a lunar economy, mining asteroids, and energy production on Mars.

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Entry-level corporate jobs are drying up, whether that’s due to AI or the prevalence of remote work, cutting off traditional avenues for launching careers. At the same time, demand for workers in skilled trades is booming amid the frenzy to build AI infrastructure. https://bit.ly/4w9DxTf

As AI creates more entrepreneurs and a skills mismatch, Gen Z faces the choice of being a specialist or a 'general-purpose nerd' | Fortune

"AI is creating a structural skills mismatch as companies aggressively replace generalists with specialized talent."

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