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August 3, 2025, 11:20 PM
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memeorandum
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| Noah Smith / Noahpinion: |
A look at why the AI data center building boom could spark a financial crisis akin to 2008, including the rising use of debt financing via private credit funds — This time let's think about a financial crisis before it happens. — The U.S. economic data for the last few months is looking decidedly meh.
More: Blood in the Machine, The Economist, and Wall Street Journal
Bluesky: @lastnametbd, @andrewfacini.com, @stellarwork.com, @kosso.co.uk, @4til7, @nicholasgrossman, @edfinnerty, @jessefelder, @mel.bzky.team, @globalecoguy, @cfaller96, @akfullerton, and @edzitron.com. Mastodon: @remixtures@tldr.nettime.org
X: @da_stockman, @zoomyzoomm, @sdamico, @zoomyzoomm, @ej_sanmartin, @noahpinion, @emollick, @daniellefong, @noahpinion, and @noahpinion. Forums: r/neoliberal
| Paul Kedrosky: |
As a percentage of US GDP, AI datacenter capex is already larger than peak telecom spending during the dot-com era and is approaching the railroad spending boom — AI capex is so big that it's affecting economic statistics, boosting the economy, and beginning to approach the railroad boom
More: Wall Street Journal and Cautious Optimism
X: @birdyword, @mims, @partners_road, @bopanc, @mims, @bearlyai, @clairlemon, @josephpolitano, @lhamtil, and @dkthomp
| Mark Gurman / Bloomberg: |
Sources: Apple formed an Answers, Knowledge, and Information team to work on ChatGPT-like search experiences; iPhone 17 Pro may have been seen in live testing — Apple has a new “Answers” team developing a stripped-down rival to ChatGPT to help users access world knowledge.
More: TechCrunch, Livemint, Moneycontrol, PYMNTS.com, MacRumors, The Mac Observer, Engadget, KnowTechie, PhoneArena, Neowin, Benzinga, iPhone in Canada, Digital Trends, Appuals, iThinkDifferent, Mashable, AppleInsider, Philip Elmer‑DeWitt, Cult of Mac, and 9to5Mac
Threads: @atcalexj. X: @markgurman, @samsolid57, @rustybrick, @firstadopter, @markgurman, and @maxwinebach. Forums: r/apple
| Angel Au-Yeung / Wall Street Journal: |
Young Americans are increasingly turning to BNPL loans from Affirm and others, as getting approved for credit cards becomes harder in today's economic climate — Young Americans are turning to easy, high-interest loan products; research shows some are spending more| Renee Dudley / ProPublica: |
Microsoft relied on China-based engineers to maintain SharePoint “OnPrem”, which was recently exploited by Chinese hackers to breach US government systems — Microsoft announced that Chinese state-sponsored hackers had exploited vulnerabilities in its popular SharePoint software … | Jessica Roy / The Information: |
A look at newsletter platform Beehiiv, which has hit $30M in ARR and fees starting at $43/month for 1,000 subscribers, unlike Substack, which takes a 10% cut — Last August, when CNN's Oliver Darcy decided he wanted to leave the network and launch Status, an email newsletter focused on the media industry …
More: On my Om and Daring Fireball
Bluesky: @dannygroner. Mastodon: @jeffjarvis@mastodon.social. X: @joannastern, @denk_tweets, and @kendallbaker
| Haley Zimmerman / Wall Street Journal: |
An interview with Strava CEO Michael Martin on Athlete Intelligence, the premium AI “coach” introduced in 2024 that has alienated experienced users, and more — Over 150 million people use the fitness app. Michael Martin is hoping its new ‘Athlete Intelligence’ will convince more of them to pay for it.
Bluesky: @sidneysk, @jimmytwohands, and @hazardfromharvard
| Bloomberg: |
Asian financial hubs are updating stablecoin regulations and companies like Ant Group plan to become issuers, driven by US' embrace of dollar-pegged stablecoins — Asian markets are hurriedly updating their stablecoin rules as President Donald Trump's embrace of US dollar-pegged cryptocurrencies instills …
More: Motley Fool and Bitcoinist.com
| Clément Delangue / VentureBeat: |
Hugging Face CEO Clément Delangue says open-source AI is vital for US innovation and the US risks losing the AI race to China if it falls behind in open source — When President Trump released the U.S. AI Action Plan last week, many were surprised to see “encourage open-source and open-weight AI …
More: Analytics India Magazine. Bluesky: @kcnickerson and @jaime-taco. Mastodon: @brianstorms@mastodon.social
Threads: @robosubnick and @yannlecun
X: @sundeep, @bgurley, and @clementdelangue
| Christina Kyriasoglou / Bloomberg: |
SAP plans to acquire HR software company SmartRecruiters, with the deal expected to close in Q4; SmartRecruiters was valued at $1.5B in a 2021 funding round — SAP SE, Europe's most valuable company, will buy San Francisco-based human resources software specialist SmartRecruiters.| Kieran Smith / Financial Times: |
Darktrace says it plans to invest $200M in the US in 2026, up 11% YoY, as part of a push to surpass $1B in revenue and grow its US sales to 50% of its revenue — UK-based cyber security group steps up investment plans following takeover by US private equity firm Thoma Bravo| David DiMolfetta / Nextgov/FCW: |
The US Senate confirms Sean Cairncross to serve as National Cyber Director, making him the first Senate-approved cybersecurity official of Trump's second term — The Senate confirmed Sean Cairncross to serve as national cyber director in a 59-35 vote on Saturday night …
More: The White House, McCrary Institute, Cybersecurity Dive, CyberScoop, and The Hill
| Emily Baker-White / Forbes: |
A profile of Rumble founder Chris Pavlovski, who declined an offer to become CEO of Truth Social and opted to provide services to the platform through Rumble — Before he helped run Truth Social, Chris Pavlovski owned porn domains. Now, he's allied with a political movement that wants to ban pornography.| Zack Abrams / The Block: |
Arkham Intelligence claims to have uncovered a previously undisclosed heist of 127,426 BTC, now worth ~$14.5B, from Chinese mining pool LuBian in December 2020 — - Blockchain analytics platform Arkham Intelligence claims to have uncovered a heist of 127,426 BTC, now worth nearly $14.5 billion, from a Chinese mining pool in 2020.Sponsor Posts
Google:
Try Gemini 3 Pro — Google's newest and most intelligent AI model that helps you bring any idea to life
Try Gemini 3 Pro — Google's newest and most intelligent AI model that helps you bring any idea to life
Shopify:
Shopify's new AI commerce stack — Their VP of Product digs into just-launched products to help entrepreneurs and developers build with the latest AI and tech.
Shopify's new AI commerce stack — Their VP of Product digs into just-launched products to help entrepreneurs and developers build with the latest AI and tech.
Zoho:
Email fatigue is real: Here's how smart email tools help you regain control — Picture this: It's Monday morning. You walk into the office feeling energized and ready to take on the week.
Email fatigue is real: Here's how smart email tools help you regain control — Picture this: It's Monday morning. You walk into the office feeling energized and ready to take on the week.
IDrive:
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Box data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.
Protecting your Cloud Applications Data — Backing up Office 365, Google Workspace, Dropbox & Box data is critical to preventing data loss or corruption, complying with laws and avoiding critical downtime in case of a disaster.Featured Podcasts
Uncapped with Jack Altman:
Saam Motamedi from Greylock Partners
Conversations with people I admire about things I'm genuinely interested in.
Subscribe to Uncapped with Jack Altman.
Invest Like the Best:
Henry Ellenbogen - Man Versus Machine
The leading destination to learn about business and investing. We do this by showcasing exceptional talent and ideas.
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Grit:
How Evan Spiegel Is Building the Future of Computing
Grit explores what it takes to create, build and scale world-class organizations.
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Acquired:
10 Years of Acquired (with Michael Lewis)
Learn the playbooks that built the world's greatest companies - and how you can apply them as a founder, operator, or investor.
Subscribe to Acquired.
Lenny's Podcast:
Why humans are AI's biggest bottleneck (and what's coming in 2026) | Alexander Embiricos (OpenAI Codex Product Lead)
Interviews with world-class product leaders and growth experts to uncover actionable advice to help you build, launch, and grow your own product.
Subscribe to Lenny's Podcast.
Tools and Weapons with Brad Smith:
Ted Sarandos: Netflix and how tech changed storytelling
Microsoft Vice Chair and President Brad Smith speaks with leaders in government, business, and culture to explore the most critical challenges at the intersection of technology and society.
Subscribe to Tools and Weapons with Brad Smith.
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| Salvador Rodriguez / CNBC: |
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