Core Points - The lawsuit centers around a former xAI engineer who sold over $4.7 million worth of xAI stock in June and subsequently copied the company's core codebase to personal devices before resigning to join OpenAI [2] - Elon Musk confirmed on social media that the entire xAI codebase was stolen, supported by logs and a handwritten statement from the individual involved [2] - The lawsuit reveals that OpenAI has hired at least eight xAI employees, including the infrastructure engineering lead, Uday Ladulaj, and the former senior financial officer, Mike Liberto, who left after only three months [2] - Musk stated that after multiple warnings went unheeded, the lawsuit was the "only option" [2] - OpenAI has not publicly responded to the lawsuit but previously claimed that Musk's demands were "baseless" [2]

Market Overview - Major US indices experienced declines, with the Dow Jones down 173.96 points (-0.38%) at 45947.32, Nasdaq down 113.16 points (-0.50%) at 22384.7, and S&P 500 down 33.25 points (-0.50%) at 6604.72 [2] Economic Developments - The US GDP for Q2 was revised to an annualized growth rate of 3.8%, exceeding expectations of 3.3%, driven by an increase in consumer spending from 1.6% to 2.5% [5] - The core PCE price index was revised to 2.6%, which is 0.1 percentage points higher than expected, indicating rising inflationary pressures [5] Corporate Actions - President Trump signed an executive order approving TikTok's continued operation in the US, with a valuation of $14 billion, involving a sale of its US operations to a new joint venture [8] - Oracle and Silver Lake Capital will be major investors in the new company, controlling approximately 45% of the shares, while ByteDance retains less than 20% [8] Legal and Regulatory Issues - Amazon reached a $2.5 billion settlement with the Federal Trade Commission over misleading Prime membership fees, which includes a $1 billion civil penalty and $1.5 billion in refunds to affected users [8] - SAP is under investigation by the European Commission for potential anti-competitive practices in the software support services market, which could lead to significant fines [9] - xAI, founded by Elon Musk, has filed a lawsuit against OpenAI for allegedly poaching employees and stealing trade secrets [8] Strategic Partnerships - Intel is in discussions with TSMC and Apple regarding investment and manufacturing collaborations, which have accelerated since the US government acquired a 10% stake in Intel [11]