Shaun Maguire Defiant Over Mamdani Comments

Welcome back!

Here’s your must-read news for this morning:

• New U.S. tariffs

• AI-designed drugs

• Shaun Maguire vs cancel culture

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

— Josh

MARKETS

💰 Trump Slaps Steep Tariffs on 14 Countries, Including Japan and South Korea

The Scoop: President Donald Trump on Monday announced that 14 countries, including Japan, South Korea, and South Africa, will face blanket tariffs ranging from 25% to 40% on U.S. imports starting August 1.

The Details:

• Japan, South Korea, Malaysia, Kazakhstan, and Tunisia face 25% tariffs; South Africa and Bosnia, 30%; Indonesia, 32%; Bangladesh and Serbia, 35%; Cambodia and Thailand, 36%; Laos and Myanmar, 40%.

• Letters warn against transshipping to evade tariffs and retaliatory duties, which would trigger higher U.S. rates.

• The Dow fell 422.17 points (0.94%), S&P 500 dropped 0.79%, and Nasdaq declined 0.92% on the news.

• An executive order delayed the tariff deadline from Wednesday to August 1, with more letters expected soon.

What’s Next: South Korea plans to intensify trade talks with the U.S., viewing Trump’s 25% tariff as a grace period for reciprocal tariff negotiations. Meanwhile, the U.S. has proposed a deal to the EU maintaining a 10% baseline tariff on most goods, with exemptions for sensitive sectors like aircraft and spirits.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: American workers gained ground in June’s labor market as Trump’s illegal immigration crackdown led to a 348,000 drop in foreign-born employment, with a total decline of over 543,000 since January. (FBN)

• Treasury Secretary Scott Bessent said the U.S. will unveil multiple trade initiatives within the next 48 hours. (CNBC)

• Stock futures showed minimal movement early Tuesday, with Dow futures down 0.2%, S&P 500 futures slightly up, and Nasdaq 100 futures gaining 0.2%. (CNBC)

• The dollar surged against major currencies, notably climbing 1.09% to 146.130 yen, after Trump announced new tariffs effective August 1. (INV)

• U.S. small-business confidence dipped in June to 98.6, as firms grappled with excess inventory and waning sales optimism. (RTS)

🏢 Industry & Deals

• ⭐ Editor’s Pick: CoreWeave will acquire Core Scientific, a leading data center infrastructure provider, in an all-stock deal valued at roughly $9 billion. (CNBC)

• Waymo expanded its robotaxi testing by running “road trips” to New York City and Philadelphia. (TC)

• Trump Media launched Truth+ globally, offering video-on-demand on iOS, Android, web, and TV apps like Apple TV, Android TV, Amazon Fire, and Roku, with Newsmax as an international content partner. (GNW)

• Starbucks is working on phasing out canola oil from its U.S. food menu, reformulating items like egg bites and introducing avocado oil alternatives. (BBG)

💵 Energy & Commodities

• ⭐ Editor’s Pick: Rebels fighting for Bhamo in Myanmar’s Kachin state, source of nearly half the world’s heavy rare earths, risk supply chain disruptions as China threatens to stop buying if the militia takes control. (RTS)

• Trump ordered the Treasury Department to tightly restrict wind and solar project access to tax credits. (TH)

• The Energy Department warned that looming retirements of 104 gigawatts of energy capacity by 2030 could trigger a significant rise in widespread blackouts. (FBN)

• Trump administration moves to resume coal leasing in Montana and Wyoming’s Powder River Basin, reversing Biden-era ban. (AP)

• India aims to source 10% of its cooking gas imports from the U.S. starting in 2026 to increase energy purchases and reduce its trade deficit with Washington. (RTS)

🌕 Crypto

• ⭐ Editor’s Pick: Crypto investment products saw $1.04 billion in net inflows last week, pushing total assets under management to a record $188 billion and extending the inflow streak to 12 weeks. (TB)

• The SEC urges issuers to revise and resubmit spot Solana ETF applications by July's end, signaling potential for swifter approvals. (CD)

• Michael Saylor’s Strategy posted a $14.05 billion unrealized gain in Q2, driven by Bitcoin’s price rebound and a new accounting rule. (BBG)

• Metaplanet aims to use its Bitcoin treasury as collateral to acquire a digital bank and other cash-generating businesses. (FT)

• Lamborghini will unveil its Temerario sports car in the Wilder World metaverse on July 11, offering 1,000 limited-edition digital collectibles of the Temerario for $300 each. (CD)
  

TECH

💊 Alphabet’s Isomorphic Labs to Launch Trials for AI-Designed Drugs

The Scoop: Isomorphic Labs, Alphabet’s AI drug development subsidiary, is set to launch clinical trials for its AI-designed oncology drugs, a significant milestone four years after its founding.

The Details:

• Colin Murdoch, Isomorphic’s chief executive, told Fortune the company is ready to dose first patients and is “staffing up” for trials, prioritizing oncology.

• Isomorphic co-developed AlphaFold 3—an AI model for predicting protein structures—with Google DeepMind, which was led by John Jumper and Demis Hassabis.

• A $600 million funding round in March 2025, led by Thrive Capital, is advancing its AI drug design engine and pipeline.

• Partnerships with Novartis and Eli Lilly, worth nearly $3 billion, are also bolstering its efforts.

What’s Next: Isomorphic aims to advance its clinical programs and enhance its AI-driven drug design, potentially transforming oncology and beyond. GlobalData reports over 3,000 AI-driven drugs in early development, with 82% of surveyed industry experts believing digital transformation can significantly shorten drug development timelines.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: Meta poached Apple’s top AI executive Ruoming Pang, head of its 100-person foundation models team, to join its superintelligence division. (BBG)

• An impostor wielding AI to mimic Secretary of State Marco Rubio’s voice and texts targeted three foreign ministers, a U.S. governor, and a congressmember. (WAPO)

• OpenAI has bolstered security with biometric checks and isolated systems, hiring military experts to safeguard model weights and IP from espionage. (FT)

• Huawei’s AI division denied allegations of copying Alibaba’s model, asserting its Pangu Pro large language model was independently developed and trained. (RTS)

• G42 partnered with UAE Team Emirates–XRG and MET Helmets to debut the world’s first AI-designed cycling helmet at the Tour de France. (AN)

• OpenAI is testing a "Study Together" feature in ChatGPT, aiming to enhance interactive learning with question-based guidance and potential group study capabilities. (TC)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: A Chinese robotic dog, dubbed Black Panther 2.0, hit 10.3 meters per second, rivaling top human sprinters and surpassing Boston Dynamics’ WildCat record. (CGTN)

• Kawasaki debuted Bex, a rideable, hydrogen-powered robotic horse, at the Japan Mobility Show. (LH)

• Japanese researchers created an intuitive hand-based teleoperation system, enabling precise control of omnidirectional aerial robots through human hand gestures. (IE)

• South Korean researchers released video of its humanoid robot performing dead-hang pull-ups with a 44-pound weight. (IE)

• Pedestrians on Detroit’s 7 Mile Road were astonished as Zion, a humanoid robot, casually walked and shook hands, promoting an upcoming RoboWar event. (TDN)

🚀 Defense & Space

• ⭐ Editor’s Pick: Germany accused the Chinese military of targeting its aircraft with a laser during an EU Red Sea mission, summoning Beijing’s ambassador in protest. (POL)

• Russia's deployment of satellites carrying sub-satellites—including one known for tracking U.S. reconnaissance satellites—has experts worried about hidden anti-satellite weapons lurking in orbit. (OT)

• The Israel Defense Forces deployed a clandestine “Shadow General Staff” during Operation Rising Lion against Iran, operating from a cyber-secure bunker to safeguard military leadership amid fears of a decapitation strike. (JFEED)

• The British Army is in talks with Anduril to fast-track autonomous helicopter drones for reconnaissance and strikes under Apache command. (TEL)

• Chinese scientists propose a pioneering mission to orbit Neptune and explore its mysterious moon Triton with a radioisotope-powered spacecraft. (SN)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: Paris-based DeepTech startup Arago raised €22.1 million ($26 million) in seed funding, co-led by Earlybird, Protagonist, and Visionaries Tomorrow, to develop light-powered, energy-efficient AI chips. (SIF)

• Fantasy Life, NBC Sports personality Matthew Berry’s fantasy sports platform, raises $7 million from investors including LeBron James and Fortnite co-creator Donald Mustard. (SBJ)

• UAE proptech Huspy secured $59 million Series B led by Balderton Capital. (TN)

• Synfini, a Menlo Park-based AI-driven chemistry automation firm, secured $8.9 million in expanded funding led by JSL Health to advance its molecular discovery platform. (SA)

• Bumo, a Los Angeles-based on-demand child care marketplace, raised $10 million in seed funding led by Offline Ventures and True Ventures. (BI)

• Parter, an AI platform aiding hardware teams in managing engineering, supply chain, and R&D complexity, raised $5.5 million in seed funding led by StageOne Ventures. (PRN)

FREEDOM

💬 Sequoia Partner Maguire Remains Defiant Amid Backlash Over Anti-Mamdani Post

The Scoop: Shaun Maguire, a Sequoia Capital partner and Trump supporter, remains defiant after accusing New York City’s Muslim Democrat mayoral candidate Zohran Mamdani of pushing an “Islamist agenda” and hailing from a “culture that lies about everything.” An open letter from tech leaders condemned the remarks, which Maguire maintains were misinterpreted in bad faith.

The Details:

• Maguire said his post referred to “Islamist” as a political ideology (e.g., Hamas, Hezbollah), not all Muslims, citing Mamdani’s Anwar al-Awlaki defense.

• CEOs, including Careem’s Mudassir Sheikha, signed a letter demanding Sequoia apologize, investigate Maguire’s conduct, and enforce anti-hate speech policies. However, some of the signatories appear to be fake.

• Mamdani, who defeated Andrew Cuomo in the June primary, faces intense criticism for his anti-Israel views.

• The letter sets a July 14 deadline for Sequoia’s response, threatening media action if unmet.

What’s Next: Sequoia has stayed silent as the deadline nears. Meanwhile, Maguire remains unfazed, posting on X Tuesday: “To the Haters and Losers, You cannot imagine how much Love and Support I’ve received over the last 48 hours. We have cancelled cancel culture. Your Hate and Ignorance only fuels me.”

Freedom Roundup

🏛️ Economy & Education

• ⭐ Editor’s Pick: California Democrats, stung by electoral losses and rising energy costs, are scaling back climate policies, drawing anger from environmentalists. (POL)

• Rep. Tom Suozzi (D-NY) sold up to $50,000 in stock in March without prior disclosure, exploiting a now-closed loophole in federal law. (FOR)

• New York City’s real estate industry is gearing up for a fight against Zohran Mamdani’s policies, which landlords warn could trigger an economic exodus. (NYP)

• Staff at Thomas Jefferson High School for Science and Technology allegedly breached Virginia law by sharing intellectual property with a Chinese company aiming to replicate the school. (DW)

• NYC mayoral candidate Zohran Mamdani scored 2140 on the SAT, below Columbia’s 2009 median for admitted students. (CR)

💬 Free Speech & Woke Overreach

• ⭐ Editor’s Pick: Canada is signaling plans to revive its Online Harms Bill, raising alarms among civil liberties groups over potential threats to free speech. (TDF)

• London’s Metropolitan Police has scanned 2.4 million faces with live facial recognition since 2024, yielding 1,035 arrests but sparking privacy concerns over its 0.04% hit rate. (RTW)

• Ohio Northern University reinstates Dr. Scott Gerber, a law professor fired for criticizing DEI policies, following a legal settlement. (CR)

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