DOGE's ‘Big Balls’ Breaks Silence with Wisdom Bomb

Welcome back!

Here’s your must-read news this morning:

• Powell’s final Jackson Hole address

• “AI Hypercar” showcase

• DOGE staffer "Big Balls" speaks

I’ve got all the details for you, so let’s dive in.

— Josh

MARKETS

💰 Powell’s Final Jackson Hole Address Could Hint at September Rate Cut

The Scoop: Federal Reserve Chair Jerome Powell will deliver his final Jackson Hole keynote on Friday, as his term nears its May 2026 end, with President Donald Trump ruling out his reappointment. Addressing a pivotal moment, Powell is expected to clarify the Fed’s stance on resuming interest rate cuts in September.

The Details:

• Powell’s speech is anticipated to address the Fed’s pause on rate cuts in 2025, with the federal funds rate steady at 4.25%–4.5% after a 50-basis-point cut in September 2024 and two 25-basis-point cuts later that year.

• Powell has deflected Trump’s criticisms, including being called a “total loser” for holding rates, emphasizing data-driven decisions; he may echo his 2024 Jackson Hole comment, “The time has come for policy to adjust,” to signal a potential September cut.

• Key data releases—July PCE (Aug. 29), August CPI (Sept. 11), and August jobs (Sept. 5)—will guide the Fed’s September 17 decision, with markets pricing an 83%–88% chance of a quarter-point cut.

What’s Next: Powell’s address could either cement expectations for a September rate cut or signal caution, shaping market reactions and the Fed’s policy trajectory. With Treasury Secretary Scott Bessent noting successor interviews begin post-Labor Day.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: The U.S. and EU finalized a trade deal, capping American tariffs at 15% on most EU exports, including cars, semiconductors, and pharmaceuticals. (EN)

• The Justice Department plans to launch a criminal investigation into Federal Reserve Governor Lisa Cook following allegations of potential mortgage fraud. (BBG)

• Cleveland Federal Reserve President Beth Hammack expressed skepticism about a September interest rate cut. (YF)

• Secretary of State Marco Rubio paused issuing worker visas for commercial truck drivers after an illegal immigrant truck driver’s unauthorized U-turn caused a fatal crash that killed three people. (FOX)

📈 Stock Market

• ⭐ Editor’s Pick: Walmart reported a 4.8% revenue increase to $177.4 billion in Q2, surpassing Wall Street's $176.16 billion forecast, though adjusted earnings per share of 68 cents fell short of the expected 74 cents. (YF)

• Ross Stores reported Q2 fiscal earnings per share of $1.56, slightly below last year's $1.59, with total sales rising 5% to $5.5 billion, driven by strong back-to-school season performance. (BW)

• Intuit reported fiscal Q4 earnings of $2.75 per share and revenues of $3.83 billion, surpassing estimates of $2.65 per share and $3.74 billion, respectively. (ZK)

• Zoom reported Q2 fiscal 2026 revenue of $1.21 billion, a 4.7% year-over-year increase, with enterprise revenue rising 7.0% to $730.7 million. (FX)

🏢 Industry

• ⭐ Editor’s Pick: Boeing is negotiating a potential sale of up to 500 aircraft to China, a deal central to a trade agreement between Trump and Xi. (BBG)

• Manufacturing startup Hadrian will invest $200 million in a cutting-edge facility in Mesa, Arizona, generating 350 high-skilled jobs. (PS)

• Nine Apple employees accused Fitness Tech VP Jay Blahnik of bullying and inappropriate behavior, with over 10% of his team taking mental health or medical leaves since 2022. (NYT)

💵 Energy & Commodities

• ⭐ Editor’s Pick: The Trump administration is contemplating redirecting at least $2 billion from the CHIPS Act to fund critical minerals projects. (RTS)

• The Pentagon plans to purchase up to $500 million in cobalt, aiming to secure supplies for batteries and jet engine components. (YF)

• The U.S. launched a national security probe into imported wind turbines and components, potentially paving the way for higher tariffs. (CNBC)

• Fermi America and Westinghouse are finalizing a license application to install four nuclear reactors at a massive AI data center project near Amarillo, Texas, potentially creating the largest nuclear power site in the U.S. (HE)

🌕 Crypto

• ⭐ Editor’s Pick: The European Central Bank is exploring the use of public blockchain networks like Ethereum and Solana for its digital euro. (FT)

• House Republican leaders inserted a provision into the critical defense policy bill to prohibit a central bank digital currency. (BBG)

• The OCC lifted its cease-and-desist order against Anchorage Digital, acknowledging the crypto custodian’s improved compliance with anti-money laundering regulations. (DC)

• Coinbase added the Trump-backed World Liberty stablecoin to its listing roadmap, signaling a potential future trading option. (TB)
  

TECH

🚗 World’s First 'AI Hypercar' to be Unveiled This Fall

The Scoop: Pininfarina has partnered with startup Vittori to unveil the Turbio, dubbed the world’s first “AI hypercar,” at a private event in Miami on October 4, Motor1 reports.

The Details:

• The Turbio features a 6.8-liter V-12 engine paired with a front-axle electric motor, delivering 1,110 horsepower and accelerating from 0-62 mph in 2.5 seconds, with a top speed exceeding 220 mph.

• The hypercar’s design, inspired by Bugatti and Lamborghini, showcases an aggressive front with a horseshoe-shaped grille, slim headlights, a “double bubble” roof, and X-shaped taillights framed by a bold rear diffuser.

• AI-powered 3D printing techniques shape the Turbio’s carbon fiber and titanium components, enhancing its unique aesthetic and lightweight construction, while active aerodynamics optimize performance.

What’s Next: Vittori plans to produce only 50 units, with extensive customization options for colors and interiors expected, though pricing and potential special editions remain undisclosed.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: WIRED and Business Insider removed articles by alleged freelancer Margaux Blanchard after discovering they were AI-generated. (TG)

• Google announced a deal with the GSA to offer its "Gemini for Government" AI platform to U.S. federal agencies for $0.47 per agency through 2026. (TH)

• Meta recruited Frank Chu, a senior Apple AI executive who led teams in cloud infrastructure, training, and search, despite announcing a slowdown in hiring. (BBG)

• The Chan Zuckerberg Initiative introduced rBio, an AI model trained on virtual cell simulations to accelerate drug discovery by digitally testing hypotheses before laboratory experiments. (VB)

• Researchers unveiled an AI-driven navigation system that slashes errors by nearly 40 times, providing an alternative to GPS systems. (IE)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: BSG Technologies debuted Iris, its first AI-powered robot tutor capable of teaching subjects in 11 languages. (CTE)

• Harvard researchers developed a lightweight, soft robotic exosuit that enhances arm mobility for stroke and ALS patients. (IEN)

• University of San Diego researchers unveiled electronics-free, 3D-printed robots powered by compressed gas, offering exceptional durability for extreme environments where traditional electronic systems falter. (OBD)

• Researchers developed a millimeter-sized robot inspired by Rhagovelia water striders to skim across turbulent water at high speeds. (IE)

🚀 Defense & Space

• ⭐ Editor’s Pick: SpaceX launched the U.S. Space Force’s X-37B spaceplane on its eighth secretive mission, carrying experimental payloads to test laser communications. (SP)

• Ukrainian army medics are increasingly relying on evacuation robots and drones to deliver supplies and extract wounded soldiers. (F24)

• The U.S. Army awarded Sikorsky a $43 million contract to upgrade its Black Hawk helicopters with software and hardware enabling in-flight drone launches by next year. (DO)

• A U.S. Navy sailor, Jinchao Wei, was convicted of espionage for selling sensitive USS Essex data to a Chinese intelligence officer for $12,000, facing up to life in prison. (NBC)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: Anthropic is negotiating a $10 billion funding round, doubling the previously reported $5 billion. (BBG)

• Crusoe, a key developer of OpenAI’s Stargate AI data center in Texas, is in talks to raise over $1 billion at a $10 billion valuation. (TI)

• Self-driving vehicle startup Nuro raised $203 million in a Series E funding round, valuing the company at $6 billion, with participation from NVIDIA and Uber. (TC)

• Dirac, a startup which generates assembly instructions for manufacturers, raised nearly $11 million from Founders Fund and Coatue Management. (BI)

FREEDOM

🪚 DOGE Staffer ‘Big Balls’ Dismisses Vitriolic Criticism in Rare Interview: ‘Opinion is Just a Wave’

The Scoop: In an interview with Pirate Wires founder Mike Solana, Edward Coristine, a 19-year-old former Department of Government Efficiency (DOGE) staffer nicknamed “Big Balls,” discussed his heroic actions in protecting a woman from a violent mob attack in Washington, D.C. Solana, inspired by Coristine’s courage and principled outlook, argues he deserves the Presidential Medal of Freedom.

The Details:

• Coristine spoke to Solana about shielding Emily Bryant from a carjacking by approximately 10 teenagers in D.C.’s Logan Circle on August 3, saying he acted instinctively.

• Coristine dismissed criticism of DOGE, saying, “I don’t care for what people have to say online. I haven’t from the start, just trying to do what is right, public opinion is just a wave,” to which Solana responded, “When big balls said ‘I don't care what people say online, public opinion is just a wave,’ that shit changed my whole perspective.”

• Solana argues Coristine merits the Presidential Medal of Freedom for his selfless act and commitment to public good, suggesting his recognition could inspire young Americans to tackle national challenges.

What’s Next: Coristine’s interview underscores his potential to inspire a generation facing issues like bureaucratic inefficiency and crime. Solana’s push for the medal may gain traction as Trump’s administration considers federal policing measures in D.C.

Freedom Roundup

🏛️ Policy, Free Speech & Woke Overreach

• ⭐ Editor’s Pick: Trump appointed Airbnb co-founder Joe Gebbia as chief design officer to lead a new National Design Studio, streamlining government forms and digital services like tax filings and Medicare enrollment. (BBG)

• The Supreme Court, in a 5-4 ruling, upheld the Trump administration’s decision to cut $783 million in NIH research grants tied to DEI and LGBTQ studies. (FOX)

• FTC Chairman Andrew Ferguson warned U.S. tech companies against weakening encryption or censoring speech to comply with foreign laws like the EU’s Digital Services Act and UK’s Online Safety Act. (CS)

• Steak 'n Shake publicly criticized Cracker Barrel for removing the "old-timer" from its logo, accusing the chain of erasing its heritage. (FBN)

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