Tech Titan: Robotics Nearing "ChatGPT Breakthrough" Moment

Welcome back!

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

• House takes up "Big, Beautiful Bill"

• Vinod Khosla’s robot prediction 

• USAID officially eliminated 

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

— Josh

MARKETS

🏛️ House Rules Committee Advances Trump's "Big, Beautiful Bill"

The Scoop: The House Rules Committee advanced President Donald Trump’s "Big, Beautiful Bill" for a chamber-wide vote Wednesday after a 12-hour-long debate, but GOP dissent and weather-related attendance issues threaten Speaker Mike Johnson’s (R) push to meet a July 4 deadline.

The Details:

• Reps. Ralph Norman (R-SC) and Chip Roy (R-TX) voted against advancing the bill in committee, citing concerns with Senate changes.

• Senate modifications cut Medicaid and green energy credits, frustrating moderates and conservatives like Reps. Scott Perry (R-PA) and Andy Ogles (R-TN).

• Ogles’ amendment to revert to the House’s May version and Perry’s to curb green energy rollbacks were proposed but risk delaying passage.

• Severe weather in Washington delayed flights, potentially reducing GOP attendance for Wednesday’s vote, with no remote voting allowed.

• Republicans can lose only three votes to pass the bill without Democratic support, assuming full attendance.

What's Next: The House will vote on a procedural “rule vote” at 9:00 a.m. ET Wednesday, followed by a final vote on the bill. If amendments pass, the bill returns to the Senate, likely missing the July 4 deadline. GOP unity and the weather remain critical hurdles.

Markets Roundup

🏦 Economy

• ⭐ Editor’s Pick: Federal Reserve Chair Jerome Powell said the central bank would have eased monetary policy by now but for Trump’s tariff plan. (CNBC)

• U.S. job openings unexpectedly rose to 7.8 million in May, up from 7.4 million in April, surpassing economists’ expectations of a decline to 7.3 million, signaling robust demand in the labor market. (AP)

• U.S. manufacturing contracted in June at a slower-than-expected pace, with the ISM’s PMI rising to 49.0 from 48.5, topping forecasts of 48.8. (INV)

• Treasury Secretary Scott Bessent said the U.S. and India are “very close” to reaching a trade agreement. (RTS)

• Zohran Mamdani’s victory in New York City’s Democratic mayoral primary has spurred wealthy buyers to seek Florida luxury properties. (NW)

• The U.S. is projected to gain a net influx of 7,500 foreign millionaires in 2025, bringing an estimated $43.7 billion in wealth. (FBN)

📈 Stock Market

• ⭐ Editor’s Pick: AstraZeneca CEO Pascal Soriot wants to shift the British drugmaker’s stock listing to the US, a move that would deal a significant blow to Britain's equity markets. (TT)

• Design software maker Figma filed for an IPO, targeting a listing on the New York Stock Exchange under the ticker FIG. (YF)

• Tesla shares dropped 7% to $300.71 by Tuesday’s close from $323.63 on Friday, ahead of a Q2 delivery report expected to show 387,000 vehicles, down 13% from 444,000 last year. (CNBC)

• Ken Griffin’s Citadel hedge fund reported positive returns across all funds in the first half of 2025, with its flagship multistrategy Wellington fund rising 2.5%. (BI)

• Cliff Asness’s AQR Capital Management posted a 0.9% gain in June for its Apex Strategy multi-strategy fund, achieving an 11.4% return for the first half of 2025. (RTS)

🏢 Industry

• ⭐ Editor’s Pick: Paramount Global will pay $16 million to Trump’s foundation for his future presidential library to settle a lawsuit over edited 60 Minutes interview with Kamala Harris from last fall’s elections. (FOX)

• Stellantis is considering factory closures to avoid hefty EU fines for missing strict CO2 emission targets. (YF)

• Tesla's China-made electric vehicle sales rose 0.8% year-over-year in June to 71,599 units, ending an eight-month decline. (SA)

• Intel is considering stopping external sales of its costly 18A and 18A-P chipmaking processes to prioritize major clients, potentially incurring a write-off of hundreds of millions or billions. (RTS)

• Apple filed a lawsuit accusing former Vision Pro senior design engineer Di Liu of stealing thousands of company documents before joining Snap. (ENG)

• Neutonic, a nootropic drinks brand founded by podcaster Chris Williamson and personal trainer James Smith, raised $3.7 million, bringing the company's valuation to $20 million. (BEV)

• Buc-ee’s opened two new locations this week, with one in Georgia and the other in Virginia. (FBN)

💵 Energy & Commodities

• ⭐ Editor’s Pick: U.S. energy companies are investing record amounts in power plants and transmission lines to meet surging electricity demand from data centers. (FT)

• Walmart opened its first fully owned beef processing plant in Kansas, cutting out middlemen to control costs and secure supply amid high beef prices. (FBN)

• The Iranian military loaded naval mines onto vessels in the Persian Gulf last month, heightening U.S. concerns that Tehran may be preparing to blockade the Strait of Hormuz. (RTS)

• Trump said the U.S. will replenish its strategic oil reserves when market conditions are favorable. (BR)

• Copper prices surged to a three-month high of $9,960 per ton, driven by tight supply and trade optimism. (MIN)

🌕 Crypto

• ⭐ Editor’s Pick: Bitcoin’s market share surged to 64% this year, the highest since January 2021, while altcoins lost over $300 billion in value as major investors increasingly favor BTC. (BBG)

• Deutsche Bank will launch a crypto custody service in 2026, collaborating with Bitpanda Technology Solutions and Taurus to build the service. (BBG)

• The SEC approved Grayscale's mixed crypto fund as an ETF, a move that could bolster momentum for other crypto ETF proposals. (TB)

• Arizona Gov. Katie Hobbs (D) vetoed House Bill 2324, blocking the creation of a state reserve fund for seized crypto assets. (CT)

• American Bitcoin, a Bitcoin mining firm backed by Donald Trump Jr. and Eric Trump, raised $220 million to acquire bitcoin and cryptocurrency mining equipment. (CD)
  

TECH

🤖 Vinod Khosla: Robotics Poised for Breakthrough "ChatGPT Moment" in 2-3 Years

The Scoop: Billionaire venture capitalist Vinod Khosla told Jack Altman of the “Uncapped” podcast that humanoid robots capable of household tasks could become widely available within years, potentially transforming domestic life by the 2030s.

The Details:

• Khosla predicted robotics will experience a "ChatGPT moment" within two to three years, enabling machines to cook, clean, and handle complex household tasks.

• The Khosla Ventures founder estimated monthly costs of $300 to $400, positioning the robots as alternatives for households employing domestic help.

• Nvidia CEO Jensen Huang sees robotics as a multi-trillion-dollar opportunity, with autonomous vehicles leading commercialization.

• Amazon CEO Andy Jassy announced this week that the company has deployed its 1 millionth robot.

• Elon Musk has said Tesla's Optimus robot could drive the company's market capitalization to $25 trillion in the future.

What's Next: The humanoids market could surpass $5 trillion by 2050, including sales from supply chains and networks for repair, maintenance and support, according to Morgan Stanley research. Although humanoids are still under development, there could be more than 1 billion by 2050, with 90% used for industrial and commercial purposes.

Tech Roundup

🧠 AI

• ⭐ Editor’s Pick: OpenAI CEO Sam Altman slammed Meta’s AI talent poaching, stating in a memo that “missionaries beat mercenaries” and stressing OpenAI as the sole path for AGI researchers, while hinting at a compensation review. (WIR)

• Cloudflare launched a tool that enables website owners to block unauthorized bot crawlers or set a “pay per crawl” price for AI firms accessing their content. (TCB)

• Huawei will open-source two AI models from its Pangu series to encourage adoption of its products, including Ascend AI chips. (CNBC)

• AI researcher salaries are climbing, with mid-to-senior-level scientists at Big Tech earning total compensation packages of $500,000 to $2 million, up from $400,000 to $900,000 in 2022. (FT)

• Anthropic’s annualized revenue soared to $4 billion, nearly quadrupling from early 2025, as competition with AI coding startup Cursor intensifies. (TI)

• X launched a pilot program to test AI-generated Community Notes, enabling chatbots like Grok and third-party tools to propose contextual notes for posts. (ADWK)

• In his essay “The Great Differentiation,” Packy McCormick highlights Robinhood’s theatrical stock token launch in Cannes as part of a broader trend where companies use unique offline experiences to stand out in an AI-driven era of cheap digital "slop." (NB)

🤖 Hardware & Robotics

• ⭐ Editor’s Pick: MIT researchers launched a project to equip humanoid robots with advanced sensors, enabling them to "see" through walls using radio frequency signals. (IE)

• Chinese researchers created a snake-like robot to revolutionize aeroengine maintenance by automating blade inspections and high-end equipment repairs without disassembly. (CDA)

• The UK’s Nuclear Decommissioning Authority is set to deploy robots at a former nuclear plant to autonomously sort radioactive waste. (IE)

• “Superhuman” robot maker Dexterity, valued at $1.65 billion, is planning an initial public offering. (WSJ)

• A British startup, Fieldwork Robotics, is deploying AI-powered robots to pick strawberries in Essex. (RAYO)

🚀 Defense & Space

• ⭐ Editor’s Pick: Two Chinese nationals were arrested for allegedly spying on U.S. Navy personnel and bases, acting as agents of China’s Ministry of State Security to gather intelligence and recruit military members. (FOX)

• Defense Secretary Pete Hegseth has paused a shipment of missiles and ammunition to Ukraine due to concerns over depleted U.S. military stockpiles. (AX)

• Congress authorized a $10 billion NASA Moon-to-Mars initiative, funding a Mars orbiter and lunar Gateway station, a plan that drew skepticism from Elon Musk and Jared Isaacman. (TC)

• The U.S. Army’s 2026 budget request includes funding for electronic warfare to counter drones, emphasizing jammers to disrupt enemy signals, sensors to detect threats, and protective systems to shield forces. (DS)

• Two tiny spacecraft, launched via SpaceX Falcon 9, aim to achieve the world’s first GPS-only satellite docking. (IE)

• A Jeff Bezos-backed satellite designed to track methane emissions from the oil and gas industry, was lost in space after losing power. (INV)

💰 Venture Capital & Deals

• ⭐ Editor’s Pick: Surge AI, a data-labeling company rivaling Scale AI, has engaged advisors to raise up to $1 billion in its first-ever capital raise. (RTS)

• Grammarly has acquired productivity startup Superhuman, last valued at $825 million, though financial terms of the deal were not disclosed. (RTS)

• Genesis AI, a startup developing a foundational AI model to power diverse robots, emerged from stealth with a $105 million seed round co-led by Khosla Ventures and Eclipse Ventures. (TC)

• Peter Thiel's Founders Fund is among investors supporting Erebor, a new bank spearheaded by Palmer Luckey and Joe Lonsdale to replace Silicon Valley Bank’s role in financing startups and crypto firms following its collapse. (FT)

• Ambrook, a farming-focused accounting software startup, raised $26.1 million in a Series A round led by Thrive Capital and Figma’s Dylan Field. (FM)

• Remark secured $16 million in Series A funding, led by Inspired Capital with Stripe's participation, to develop human-like AI avatars. (BW)

FREEDOM

🌎 Marco Rubio Officially Eliminates USAID

The Scoop: Secretary of State Marco Rubio announced Tuesday that USAID will officially cease foreign assistance operations, with the State Department taking over select programs aligned with President Donald Trump's priorities.

The Details:

• In an announcement, Rubio criticized USAID for funding programs that failed to advance U.S. interests, citing decades of inefficiency and anti-American sentiment.

• The State Department will administer remaining foreign assistance with increased accountability starting July 1.

• DOGE's review canceled 80% of USAID's 6,200 programs—roughly 5,200—effective March 11.

• Scrapped programs include $1.5 million for DEI in Serbia's workplaces and $70,000 for a DEI musical in Ireland.

What's Next: The State Department will begin transitioning USAID's remaining programs, prioritizing strategic, America-first initiatives. Only programs aligning with Trump administration policies and U.S. interests will continue under State Department oversight.

Freedom Roundup

🏛️ Economy & Education

• ⭐ Editor’s Pick: The Senate-approved "Big, Beautiful Bill" phases out Inflation Reduction Act tax credits for new wind and solar projects after 2026, while removing a proposed excise tax and extending credits to projects starting construction before 2026. (RTS)

• The Trump administration cut the federal workforce by over 23,000 to 2,289,472 by March 31, down from 2,313,216 in September 2024, with more reductions planned to reduce government waste. (FOX)

• Columbia University was warned its accreditation is "in jeopardy" due to "insufficient evidence" of compliance with standards, including fostering a respectful campus climate. (BBG)

• The House Judiciary Committee subpoenaed the University of Pennsylvania and Brown University, probing alleged tuition price-fixing among Ivy League schools. (POL)

• NOAA proposes reducing its workforce by approximately 18% and cutting $1.5 billion from its budget. (BBG)

💻 Business & Tech

• ⭐ Editor’s Pick: Senate Republicans passed a measure within the "Big, Beautiful Bill" to raise the $10,000 SALT deduction cap to $40,000 starting in 2025, phasing out for incomes above $500,000, with both figures increasing 1% annually until reverting to $10,000 in 2030. (CNBC)

• DOGE is urging the SEC to relax regulations on blank-check companies (SPACS) and private investment funds. (RTS)

• FTC Chairman Andrew Ferguson declared July “Made in the USA” month to celebrate U.S.-made products, and crack down on the misuse of the designation. (FBN)

• The Senate's 99-1 vote to remove a moratorium on state-level AI regulations from a major bill, despite its earlier House passage, reflects a setback for U.S. AI leadership, exposing Congress's struggle to govern emerging technology, the ALFA Institute warned. (AFLA)

💬 Free Speech & Woke Retreat

• ⭐ Editor’s Pick: UK regulator Ofcom proposed new rules to preemptively block viral content, mandate age verification, and restrict livestream interactions to curb illegal material, raising concerns about censorship. (RTW)

• The People’s Union USA began a month-long boycott of Amazon, Starbucks, and Home Depot on July 1, with a July 4 economic blackout to push for the return of DEI programs. (CL)

• America First Legal, founded by Stephen Miller, lodged an EEOC complaint against the Los Angeles Dodgers and Guggenheim Partners, alleging their DEI policies illegally discriminate in employment decisions. (THR)

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