#AI

Whatnot has raised $545 million in Series G funding, reaching a $2 billion valuation. The live commerce marketplace has seen rapid growth, with over 650,000 new users weekly and exceeding last year’s GMV. The new capital will be used to empower sellers, enhance technology with AI, and expand globally. This funding round underscores the booming live commerce sector and Whatnot’s significant market presence.

China is rapidly advancing in AI development, particularly in open-source models, posing a challenge to US dominance. Chinese AI is becoming cost-effective and widely adopted globally, even in Western markets. Despite US advantages in compute power and talent, China’s strategic positioning in deployment sectors like robotics suggests potential long-term leadership. The AI race hinges on the US’s ability to adapt to China’s multifaceted competitive strategy.

Savers is revolutionizing thrift retail with ThriftIQ, an AI-powered pricing platform. Deployed in 58 pilot stores, it has priced over 25 million items, leading to improved sales, larger baskets, and enhanced profitability. Unlike dynamic pricing, ThriftIQ offers consistent, predictable pricing, keeping items 40-70% below traditional retail. This digital transformation, a partnership with Kaizen Analytix, aims to modernize operations and augment associate productivity across all U.S. and Canadian stores by 2028, capitalizing on the booming secondhand market.

The Fed may reduce meeting frequency, potentially increasing market volatility. Meanwhile, Google faces an AI leadership shake-up as key figures depart. U.S. Treasury is refunding $100 billion in tariffs, boosting corporate finances. Bank of America warns of risks in leveraged markets. Restaurant Brands International saw strong Q2 results, led by Burger King, while Salad and Go filed for bankruptcy. AMD navigates intense AI chip competition.

AppLovin’s stock plummeted 19% to a 52-week low after missing Q2 revenue expectations. The company cited timing of AI model enhancements for the miss, despite a 53% year-over-year revenue increase. Analyst downgrades reflect concerns about predictable future earnings, highlighting the challenges of AI integration in the evolving adtech sector.

Demis Hassabis is stepping down as CEO of Google DeepMind to become Chair and Chief Scientist at Alphabet, focusing on global AGI initiatives and scientific advancement. This shift reflects a core tension between scientific transformation and Google’s need for rapid AI commercialization amidst intense competition. Hassabis, a proponent of AI for science, aims to balance long-term AGI goals with the pragmatic demands of a fierce AI race.

Asian technology stocks, particularly in South Korea and Japan, experienced a sharp downturn, mirroring U.S. markets. This volatility highlights investor concerns around AI-driven growth, with major chipmakers like SK Hynix and SoftBank seeing significant drops. Despite these fluctuations, analysts from J.P. Morgan and S&P Global remain cautiously optimistic, believing fundamental demand for AI remains strong and investment cycles are intact.

Hadrian, a manufacturing startup focused on defense and aerospace, has secured nearly $8 billion in valuation, more than quadrupling its January figure. Co-led by Baillie Gifford and J.P. Morgan Strategic Investment Group, the funding will fuel investments in workforce, its Opus software platform, and address national production challenges in areas like submarines and munitions. This surge reflects a broader boom in defense tech, with Hadrian positioned to modernize manufacturing through physical AI.

Salesforce appointed Miguel Milano as Chief Operating Officer in a significant leadership reshuffle. Milano, previously Chief Revenue Officer, brings extensive experience to the newly created role. The changes coincide with Salesforce’s focus on AI integration and navigating market pressures, including a recent stock dip. The reorganization also sees Srini Tallapragada transition to an advisor role, Rohan Kumar expand engineering oversight, and Alexa Vignone become Chief Revenue Officer.

The AI sector is not a winner-take-all market. Despite individual company successes or setbacks, the overall demand for AI hardware, including CPUs and GPUs, is projected to be massive. Investors should avoid a narrow focus and recognize the potential for multiple companies to profit from the AI revolution.