Squid-Inspired Camouflage May Help Soldiers Evade Sight

Welcome back!

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

• Full House to vote on BBB

• Squid-inspired camouflage for troops

• Free speech victory in Oz 

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

— Josh

MARKETS

💰 House Moves Forward with Trump's "Big, Beautiful Bill" as Fiscal Hawks Relent

The Scoop: The House of Representatives narrowly voted 219-213 to advance President Donald Trump’s “Big, Beautiful Bill” for final debate, overcoming GOP holdouts and setting the stage for a critical Thursday vote.

The Details:

• Speaker Mike Johnson (R-LA) and Trump negotiated with conservative holdouts, overcoming a near-rebellion by five Republicans to secure the rule vote.

• Senate changes to Medicaid cost-sharing, tax measures, and the debt ceiling sparked conservative objections, with Reps. Ralph Norman (R-SC) and Chip Roy (R-TX) voting against the bill in committee.

• The bill extends Trump’s 2017 tax cuts, adds deductions for tipped and overtime wages, and rolls back Biden’s green energy credits, while raising the debt limit by $5 trillion.

• Democrats, led by Rep. Maxwell Frost (D-FL), plan procedural delays, as they did in May when the bill passed the House by one vote.

What's Next: The House is set to hold a final vote on the bill Thursday morning. However, GOP internal divisions, Democrat delay strategies, and weather-related absences threaten its passage. If approved, the bill would mark a monumental legislative triumph for Trump.

Markets Roundup

🏦 Economy & Policy

• ⭐ Editor’s Pick: Private-sector payrolls fell by 33,000 in June, marking the first monthly job decline in over two years, payroll processing firm ADP said. (FBN)

• Trump announced a trade deal with Vietnam, which grants the U.S. "total access" to Vietnamese markets while imposing a 20% tariff on their goods (CNBC)

• Trump demanded Federal Reserve Chair Jerome Powell’s immediate resignation after FHFA Director Bill Pulte’s call for a congressional probe over Powell’s Fed renovation testimony. (INV)

• Michael Gibson, director of the Federal Reserve’s supervision and regulation division, has accepted a voluntary resignation offer and will depart by July 31. (BBG)

• Indonesia will sign a $34 billion pact next week to increase U.S. purchases, aiming to secure a trade deal with Washington before the July 9 deadline. (RTS)

• China's services sector growth slowed to a nine-month low in June, with the Caixin Services PMI reflecting weaker expansion. (SPG)

📈 Stock Market

• ⭐ Editor’s Pick: The S&P 500 rose 0.47% to a new record close of 6,227.42, while the Nasdaq Composite climbed 0.94% to an all-time high of 20,393.13. (CNBC)

• OpenAI denounced Robinhood’s “OpenAI tokens” as unauthorized and not representing company equity, saying it did not partner with or endorse the offering. (TC)

• Robinhood’s stock surged past $100 for the first time, culminating a week of record highs and bolstered investor optimism. (CNBC)

• Online gun retailer GrabAGun will list on the NYSE on July 16 through a SPAC backed by 1789 Capital’s Donald Trump Jr. and Omeed Malik. (NYP)

• London-based AI voice startup ElevenLabs announced plans to prepare for an IPO within five years. (CNBC)

🏢 Industry

• ⭐ Editor’s Pick: Tesla’s sales plummeted, with 384,122 vehicles delivered in Q2 2025, a 13.5% drop from 443,956 the prior year, amid backlash against CEO Elon Musk and growing competition. (ETK)

• The Trump administration lifted export restrictions on chip design software to China, with Synopsys, Cadence, and Siemens notified by the Commerce Department of the reversal. (RTS)

• Microsoft will lay off approximately 9,000 employees, impacting less than 4% of its global workforce across various teams, regions, and experience levels. (CNBC)

• TikTok cut jobs in its U.S. TikTok Shop division, marking the third round of layoffs since April, as the e-commerce unit missed internal sales targets for a year. (BBG)

• A U.S. judge has ordered Huawei to stand trial on criminal charges, accusing the Chinese telecom giant of technology theft, racketeering, and multiple fraud offenses. (AP)

💵 Energy & Commodities

• ⭐ Editor’s Pick: Gas prices dipped to a national average of $3.17 per gallon on Wednesday, the lowest since 2021 ahead of the Fourth of July holiday. (YF)

• NuScale Power’s nuclear reactor, the world’s first to produce over 200 tons of hydrogen daily via small modular reactor technology, went live in Corvallis, Oregon. (IE)

• The Pentagon said that U.S. strikes set back Iran’s nuclear program by up to two years. (RTS)

• California’s $321 billion budget, signed by Gov. Gavin Newsom (D) last week, slashed $18 million from grid reliability programs, raising concerns about power stability. (UD)

• Gold’s rally to $4,000 is a matter of “when,” not “if,” as China, India, Turkey, and Gulf states drive demand amid geopolitical shifts, according to Yardeni Research. (INV)

🌕 Crypto

• ⭐ Editor’s Pick: BlackRock’s iShares Bitcoin Trust ETF has surpassed its S&P 500 fund in revenue, generating an estimated $187.2 million annually. (TB)

• Trump’s net worth remains steady at $6.4 billion, with crypto ventures now accounting for an estimated $620 million of his and his family’s wealth, per an updated Bloomberg Billionaires Index. (BBG)

• Ripple applied for a national bank charter with the Office of the Comptroller of the Currency. (WSJ)

• Chinese researchers claim that they have developed an advanced blockchain storage system designed to withstand quantum computer attacks. (SCMP)

• Australian crypto billionaire Tim Heath thwarted a kidnapping attempt in Estonia last year by biting off part of an assailant’s finger. (CT)
  

TECH

🪖 Squid-Inspired Camouflage Could Allow Soldiers to Avoid Detection by Sight and Sensors

The Scoop: The U.S. Air Force and DARPA are funding a pioneering project mimicking the squid’s color-shifting skin to develop camouflage materials, with a media report titled "Troops Could Vanish Like Squid" highlighting how the technology might enable soldiers to instantly evade sight and advanced sensors.

The Details:

• Researchers at the University of California, Irvine, and the Marine Biological Laboratory are studying the longfin inshore squid’s iridophores, which are light-reflecting cells containing reflectin proteins.

• Reflectin proteins act as natural Bragg reflectors, enabling squids to rapidly change color and blend into their surroundings.

• Advanced holotomography imaging has revealed how reflectin columns twist to manipulate light, facilitating transparency or vibrant hues.

• The project aims to replicate these mechanisms in materials that allow soldiers to adaptively camouflage in diverse environments.

What’s Next: The research could lead to next-generation camouflage systems, transforming military stealth capabilities. Continued advancements in bioinspired materials are likely to drive further interdisciplinary breakthroughs across defense and civilian applications.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: Researchers created a new language model called Centaur AI, which replicates human decision-making with remarkable precision, opening novel pathways for refining psychological theories. (TEX)

• AI-powered virtual YouTubers like Bloo with 2.5 million subscribers are earning millions through gaming content. (CNBC)

• Leaked documents reveal Meta is training its AI Studio chatbots to proactively engage users with personalized follow-up messages, aiming to boost retention and interaction. (BI)

• OpenAI plans to lease 4.5 gigawatts of U.S. data center power from Oracle for its Stargate initiative, expanding its computing capacity. (BBG)

• Perplexity unveiled a $200/month Max plan, offering unlimited Labs access, early feature rollouts like the Comet browser, and priority use of advanced models such as o3-pro. (TC)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: Tesla has paused production of its Optimus humanoid robot to focus on a thorough redesign of its software and hardware. (TI)

• A new AI-powered robotic device called A.E.R.O. is delivering intricate tattoo designs at Bang Bang’s Manhattan studio with unprecedented accuracy. (WSJ)

• Hyundai will deploy a bipedal humanoid robot from its subsidiary Boston Dynamics at its Georgia EV plant, initiating the robot’s first field trial before full commercialization. (JKAD)

• Chinese robotics startup Galbot secured $151 million in funding and partnered with Bosch to advance its embodied AI humanoid robots for retail and manufacturing applications. (RAN)

• Researchers are developing robotic systems to lay the groundwork for a sustainable lunar base. (TEX)

🚀 Defense & Space

• ⭐ Editor’s Pick: Astronomers are tracking a potential third interstellar object, dubbed A11pI3Z, which may have originated outside our solar system. (ARS)

• The U.S. Army conducted a trailblazing autonomous bombing test, lauded as “revolutionary” for its potential to reshape battlefield strategies. (DP)

• Mach Industries is developing the Viper, a kamikaze drone that integrates the long-range precision of ATACMS, cruise missile speed, and Hellfire warhead lethality into a compact platform for frontline tactical strikes. (NGD)

• Ukraine’s Ministry of Defence has introduced its largest unmanned ground vehicle, the PROTECTOR, developed by Ukrainian Armor to deliver robust combat support and logistical capabilities for frontline troops. (DE)

• The U.S. Army is creating a new AI-focused enlisted specialty, 49B, enabling troops in branches like cyber and signal to pursue full AI-related careers while remaining in their core communities. (MT)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: Lovable, a Stockholm-based AI-powered app builder, is poised to raise over $150 million led by Accel at a roughly $1.8 billion valuation. (FT)

• Chinese AI startup Zhipu secured a 1 billion yuan ($137 million) investment from Pudong Venture Capital and Zhangjiang Group. (TIA)

• Talon.One, an enterprise loyalty and promotion software provider, secured $135 million in growth funding from Silversmith Capital Partners and Meritech Capital, with existing investor CRV. (BW)

• Tolan, an AI companion app with 3 million downloads and a $12 million run rate just four months post-launch, secured a $20 million Series A round led by Khosla Ventures. (WIR)

• African ride-hailing startup Moove is close to raising $1.2 billion in a debt round to finance a rollout of an autonomous-driving fleet with Waymo. (BBG)

• Israeli startup Wonderful raised $34 million in a Seed round led by Index Ventures to deploy AI agents for call centers in non-English markets. (CAL)

FREEDOM

👏 “Billboard Chris” Wins Free Speech Battle in Australia as X Post Censorship Reversed

The Scoop: Australia’s Administrative Review Tribunal overturned a government censorship order against Canadian activist Chris "Billboard Chris" Elston, ruling that his February 2024 X post criticizing a World Health Organization appointee Teddy Cook was not "cyber abuse," in a major victory for free speech.

The Details:

• Elston’s post, using biologically accurate pronouns for Cook, was labeled “cyber abuse” by Australia’s eSafety Commissioner, which ordered X to remove it.

• X initially refused the order and later geo-blocked the post in Australia, prompting legal challenges from both X and Elston.

• Supported by ADF International and the Human Rights Law Alliance, Elston argued the censorship violated free expression during a week-long Tribunal hearing in March.

• The U.S. State Department had condemned Australia’s censorship in May 2025 as part of a global trend toward state coercion.

What’s Next: The Tribunal’s decision sets a precedent for challenging Australia’s Online Safety Act, potentially curbing the eSafety Commissioner’s powers. Global scrutiny of censorship laws is likely to intensify, with Elston’s case galvanizing free speech advocates worldwide.

Freedom Roundup

🏛️ Economy & Tech

• ⭐ Editor’s Pick: Trump’s “Big, Beautiful Bill,” boosts tax credits for semiconductor firms expanding U.S. manufacturing to 35% from 25%. (CNBC)

• A proposed 1% remittance tax in Trump’s “One Big, Beautiful Bill” could deter illegal immigration by increasing the cost of sending money abroad, potentially generating $10 billion in federal revenue. (FOX)

• A senior European Union official said the bloc’s regulations on content moderation, digital competition, and artificial intelligence are non-negotiable in trade discussions with the U.S. (POL)

• DOGE reports that federal agencies canceled 256 contracts over the past four days, with a combined ceiling value of $14.3 billion, yielding estimated savings of $11.5 billion. (X)

• FCC Chairman Brendan Carr, in his first major address under the Trump administration, titled the "Build America Agenda," outlined ambitious plans for the U.S. to lead the global space economy. (FOX)

💬 Free Speech & Woke Overreach

• ⭐ Editor’s Pick: UK universities are undermining academic freedom by tolerating activist-led harassment and marginalization of scholars with gender-critical views, a government-commissioned review found. (FSU)

• Missouri Attorney General Andrew Bailey (R) opened an investigation into the city of Columbia’s use of DEI initiatives in local government programs, hiring, and funding. (MNN)

• Anti-DEI groups, led by Edward Blum, urged the SEC to ban proxy firms from using gender, race, or ethnicity in voting advice for board nominees. (BL)

• Wright State University and Miami University in Ohio have eliminated multiple departments and offices related to DEI. (WS)

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