IT\u2019S ALL A BIG MISUNDERSTANDING!<\/h3>\nOpenAI says \u2018Apple is getting this wrong\u2019<\/b><\/h2>\n
Apple\u2019s lawsuit against OpenAI, in which the iPhone company <\/span>claims OpenAI staff stole its trade secrets<\/span>, is based on a series of comical misunderstandings, OpenAI said in a blog post yesterday titled \u201c<\/span>Apple is getting this wrong<\/span>.\u201d<\/span><\/p>\n \u201cApple had claimed that they contacted OpenAI in February and that we didn\u2019t respond,\u201d OpenAI said. \u201cThey now admit that their outside lawyers emailed the wrong person after confusing two Asian last names\u2014only after we brought this to their attention. Apple also claimed they had a discussion with our General Counsel, which they now concede never happened.\u201d<\/span><\/p>\n Sam Altman\u2019s company also complains that the ex-Apple staff who work for him only accessed Apple information after they left the company because Apple asked them to, after it failed to access the files in their absence. Read the whole thing\u2014including the text messages and emails\u2014<\/span>here<\/span>. <\/span><\/p>\n Russia\u2019s war on Ukraine has become a grinding tally of raw numbers, and Kyiv is executing its strategy with the ruthlessness of a corporate efficiency expert, <\/span>according to the RAND think tank<\/span>.<\/span><\/p>\n In a note last month, researchers Gian Gentile and Andrew Radin pointed out that Ukraine has gained the upper hand via attrition: wiping out more of an opponent\u2019s troops and weapons than you lose.<\/span><\/p>\n Russia, of course, has a larger population and military than Ukraine. So Kyiv has opted for a simple, albeit grim solution: kill Russian soldiers faster than they can be replaced, according to Gentile and Radin.<\/span><\/p>\n Ukraine has KPIs for the military\u2014just like corporations, which use them to track output from employees or subsidiaries.<\/span><\/p>\n Ukraine\u2019s KPIs call for killing 200 Russian troops for each square kilometer of territory seized and eliminating at least 50,000 each month. It includes an \u201cePoints\u201d competition, thought to be the first of its kind anywhere, in which drone operators are awarded points for high scores on the battlefield.<\/span><\/p>\n From Porsche penthouses to Nobu lofts: Inside the $67 billion boom in luxury branded residences<\/span> – Zahra Tayeb<\/span><\/p>\n The NFL\u2019s previous push into Europe lost $400 million. Why it\u2019s trying again<\/span> – Sam Birchall<\/span><\/p>\n OpenAI\u2019s Greg Brockman gave $5.5 million to protect the home of an internet-famous bald eagle named Jackie<\/span> – Sydney Lake<\/span><\/p>\n How Zohran Mamdani\u2019s pied-\u00e0-terre tax exposed an epidemic of \u2018ghost cars\u2019 instead<\/span> – Catherina Gioino<\/span><\/p>\n Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: \u2018wealth is not the same as money\u2019<\/span> – Nick Lichtenberg<\/span><\/p>\n The AI race isn\u2019t about models, it\u2019s about infrastructure\u2014and the U.S. is still far ahead<\/span> – Alex Capri<\/span><\/p>\n When it was Alex Karp\u2018s turn to speak on Palantir\u2019s second-quarter earnings call Monday evening, the CEO could barely contain his excitement. Grinning as he repeatedly pounded his pen on the table\u2014and taking jabs at unnamed Silicon Valley AI competitors who \u201ceat vegetables\u201d and don\u2019t support the U.S. military\u2014a pugnacious Karp reveled in what he saw as a landmark moment for the AI software company and a vindication of its approach of selling customized AI services to businesses.<\/span><\/p>\n \u201cObviously, we are loving these results and loving what they mean for our customers and, broadly speaking, the West,\u201d <\/span>Karp said<\/span>.<\/span><\/p>\n In the quarter ended June 30, <\/span>Palantir delivered one of its strongest quarters yet<\/span>. Revenue surged 93% year over year to $1.94 billion, easily topping analysts\u2019 expectations of $1.801 billion. The company reported net income of roughly $1.1 billion, or 41 cents per share, ahead of Wall Street\u2019s estimate of 35 cents.<\/span><\/p>\n A much, much larger amount of money than previously estimated will be invested in AI this year, according to Joseph Briggs and Sarah Dong of Goldman Sachs: $1.019 trillion globally and $581 billion in the U.S. That is such a staggeringly large amount that it will shift U.S. and global GDP upward by nearly 3% at the high end. \u201cAI capex will rise from 1.8% of GDP in the U.S. (0.9% globally) in 2026 to 2.5% of GDP in the U.S. (1.3% globally) in 2027, with a further increase to 2.8% (1.4% globally) in 2028,\u201d they said in a note.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n Over at Morgan Stanley, they\u2019re worried about the quality of the debt issued to support all that spending. The credit market is demanding higher yields on AI-related debt, even when it is coming from investment-grade companies. \u201cHyperscaler debt is pricing at yields roughly 5\u201310 basis points wider than the median investment-grade issue despite higher ratings, and lower-quality debt is a full 30 basis points wider amid renewed questions about circular financing,\u201d Lisa Shalett and her team said in a note seen by <\/span>Fortune<\/span><\/i>.<\/span><\/p>\n \u201c[Debt] issuance has also turned a bit more chaotic, with two surprise $25 billion deals from players tangential to the ecosystem. This indigestion is not only driving relative underperformance for the sector within [investment-grade debt] but raising debate around cash flows.\u201d\u00a0<\/span><\/p>\n <\/p>\n <\/span><\/p>\n No one knows what is really going on between President Trump and Iran. Yesterday, <\/span>the president said<\/span> he had called off a round of attacks because the Iranians had asked for talks. By the end of the day, <\/span>Trump had called Tehran \u201cduplicitous\u201d<\/span> and admitted that no talks had taken place.\u00a0<\/span><\/p>\n Trump did say that Iran and Oman were discussing a deal to handle the Strait of Hormuz. That opens the prospect of both countries reopening the Strait by charging fees for shipping, without the consent of the U.S. That would give the White House the uncomfortable choice of either leaving the Strait in the hands of Tehran (which would at least bring down the price of oil and restart export commerce in the region) or use its naval blockade to target ships trying to pass through.<\/span><\/p>\n Last night, <\/span>Trump told reporters<\/span>, \u201cThis is a last chance for them to sign a good document\u201d that would end the conflict, and he said talks are \u201cgoing on right now\u201d with various mediators.<\/span><\/p>\n For its part, Iran has repeatedly insisted it is not talking to the U.S.<\/span><\/p>\n Meanwhile, a Liberian ship in the Strait <\/span>was struck by an unidentified missile<\/span> and traffic through the seaway remains very low.<\/span><\/p>\n The percentage of S&P 500 companies that beat expectations among the 307 that have reported Q2 earnings so far. \u201cThe EPS beat rate is at its highest level since 2021,\u201d according to Bank of America\u2019s Savita Subramanian and Victoria Roloff.<\/span><\/p>\n Revolut chief Nik Storonsky sued by broker over \u20ac350mn superyacht<\/span> – FT<\/span><\/p>\n BP profit more than doubles as Trump blasts Big Oil for \u2018making too much money\u2019<\/span> – CNBC<\/span><\/p>\n Cyclospora outbreak causes first two deaths<\/span> – Axios<\/span><\/p>\n The AI Boom Is Transforming the American Economy Beyond Recognition<\/span> – WSJ<\/span><\/p>\n SpaceX\u2019s First Earnings Offer a Chance to Reverse Stock\u2019s Plunge<\/span> – Bloomberg<\/span><\/p>\n A Currency Trader at Heart, Bessent Bets on Japan\u2019s Yen<\/span> – NYT<\/span><\/p>\n SpaceX reports its first-ever post-IPO quarterly earnings tonight, and on August 6 the company\u2019s insiders and employees will be freed from the lockup period that prevents them from selling their stock. That might not offer them much comfort, as the stock opened at $114.53 this morning, down 15% from its IPO price of $135.<\/span><\/p>\n Elon Musk\u2019s company has been slated by corporate governance critics. They say that the fact that Musk controls 80% of the stock\u2019s voting rights and is the CEO, CTO, and board chairman is \u201ccatastrophic,\u201d according to one Danish pension fund. Nell Minow, the veteran corporate governance observer, said SpaceX\u2019s IPO \u201cextinguishes shareholder rights entirely, all but eliminating the right to bring a lawsuit for failure to meet fiduciary standards.\u201d<\/span><\/p>\n But over at Jefferies, analyst Aniket Shah advises investors to ignore all that.\u00a0<\/span><\/p>\n \u201cThe data is clear that there is no clear direct evidence that chairman-CEO separation always leads to better performance,\u201d <\/span>he told Bloomberg<\/span>. \u201cA check-list approach where dual-class shareholder structure is bad, chairman-CEO separation is good, shareholder concentration is bad \u2014 is overly simplistic and can result in making bad investment decisions.\u201d<\/span><\/p>\n Anyone following those rules would have been prevented from investing in Facebook or Tesla, he noted.\u00a0<\/span><\/p>\n Still, the stock has been hammered by traders since it went public. It was once worth $201 per share but is now trading at just 55% of that value. Maybe Musk can turn it around tonight. Some traders think he can: The stock rose 5.68% yesterday and rose another 2% overnight.<\/span><\/p>\n<\/div>\n #Sam #Altmans #OpenAI #publishes #brutal #critique #Apple #lawsuit #Apple #wrong<\/p>\n","protected":false},"excerpt":{"rendered":" \u27a1\ufe0f Did someone forward you thi… <\/p>\n","protected":false},"author":1,"featured_media":974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3082,493,1839,3084,515,516,456,682,166,381,480,3083,498,3085],"class_list":["post-1549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-altmans","tag-apple","tag-brutal","tag-critique","tag-economics","tag-fortune-500-digest-weekday","tag-iran","tag-lawsuit","tag-markets","tag-news","tag-openai","tag-publishes","tag-sam","tag-wrong"],"yoast_head":"\nONE BIG THING<\/h3>\n
Ukrainian soldiers have business-like KPIs for killing Russians\u2014and they\u2019re working, RAND says<\/b><\/h2>\n
THE MARKETS<\/h3>\n
Stocks rally across the globe as the price of oil declines<\/b><\/h2>\n
\n
MORE FROM FORTUNE<\/h3>\n
NOT A BUBBLE<\/h3>\n
In epic earnings call, Palantir’s Karp\u2014pounding the table\u2014says ‘people finally believe us’<\/b><\/h2>\n
AI<\/h3>\n
$1 trillion in AI capex coming down the pipe this year \u2026<\/b><\/h2>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-03-at-153717.png?format=webp&w=1440&q=100\"\/)
<\/div>\n\u2026 Not all of it wanted<\/b><\/h2>\n
![\"\"](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/08\/MS-Screenshot-2026-08-03-at-150155.png?format=webp&w=1440&q=100\"\/)
<\/div>\nIRAN<\/h3>\n
Iran and Oman may be carving Trump out of the deal he wants for the Strait of Hormuz<\/b><\/h2>\n
NUMBER OF THE DAY<\/h3>\n
77%<\/b><\/h2>\n
THE FRONT PAGES TODAY<\/h3>\n
ONE MORE THING<\/h3>\n
What if SpaceX\u2019s much-criticized corporate governance is good for investors?<\/b><\/h2>\n