Navarro: Bitcoin is a "hedge" against fiat

Luigi Mangione has formally pleaded guilty in the fatal shooting of UnitedHealth Group CEO Brian Thompson. A federal judge has set Mangione’s sentencing date for December 18. Mangione told the court during the hearing that he entered a guilty plea in his federal criminal case, admitting to shooting Thompson. The plea agreement will prevent the high-profile case from proceeding to a federal trial. Additionally, the guilty plea may enable Mangione to seek dismissal of New York state murder charges and delay the upcoming state trial. Mangione currently faces both federal and state charges. The state trial is scheduled for September 8. If convicted of second-degree murder, Mangione faces a sentence of 25 years to life in prison. (CCTV)

Fed’s Goolsbee says CPI data is encouraging, but more data is needed to reach a judgment. The latest two productivity readings are very disappointing, backing the decision to hold interest rates steady in July. If productivity continues to decline, expectations around AI will need to be re-evaluated.

US Securities and Exchange Commission (SEC) filings show that SoftBank Group cut its stake in TSMC (TSM.N) by 71.5% to 565,000 depositary receipts.

According to market data from BIT (bit.com), Applied Optoelectronics (AAOI), an optical communication concept stock, has extended its gains to 15.37%, now trading at $150.075.

Aave announced in a post that the deposit volume of Aave V4 has exceeded $400 million, hitting a new all-time high.

CNBC reports that OpenAI is experiencing a wave of executive departures as it advances toward a potential initial public offering (IPO). Chief Revenue Officer Denise Dresser announced her sudden exit this week, just two days after senior executive Brad Lightcap revealed he would step down after 8 years with the company; Fidji Simo had left OpenAI prior to these recent moves. Some investors believe the ongoing leadership turmoil is increasing uncertainty ahead of OpenAI’s IPO. The company confidentially filed its IPO documents in June, and is currently valued at approximately $852 billion, though no specific listing date has been disclosed. Kevin McCormick, founder of AI startup SignAudit.AI, stated: “OpenAI executive departures ahead of its IPO are a major red flag.” Two existing investors said Dresser’s departure caught some financial backers off guard. Meanwhile, OpenAI’s enterprise business remains on track for growth. President Greg Brockman noted in internal communications that annualized revenue rose over 20% month-over-month in July, with enterprise client revenue increasing 32%. OpenAI added that its enterprise client count has reached 2 million, doubling from a year ago. CFO Sarah Friar plans to hold meetings with investors, with Brockman also in attendance to discuss the company’s strategy. The report notes that Friar is expected to provide clarity on recent executive changes during these sessions.