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Q2 confirmed that the artificial intelligence (AI) boom is entering a new phase in the physical world.

As the industry evolves, attention is being directed to strengthening underlying infrastructure while advancing areas like embodied AI, a subsector that MarketsandMarkets projects will grow at a CAGR of 39 percent globally by 2030.

Also during Q2, a geopolitical tech rivalry exacerbated shifting macroeconomic conditions.

While the race for compute, energy, hardware and supply chain dominance intensified, talk of tariff policies reigniting inflation or contributing to stagflation created brief periods of contraction.

Concerns also grew around AI-driven job displacement, amplified by Anthropic CEO Dario Amodei’s ominous warning that AI could eliminate up to half of all entry-level white-collar jobs within the next five years.

On a more positive note, the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) both ended Q2 up by 0.5 percent, closing the first half of 2025 at all-time highs with gains of 5.5 percent.

That said, investor enthusiasm for AI is showing early signs of recalibration.

Big Tech delivered generally robust Q2 earnings despite initial volatility in April, but posted only modest year-to-date gains, suggesting near-term caution around richly valued growth names. Meanwhile, quantum computing, which NVIDIA (NASDAQ:NVDA) CEO Jensen Huang said was decades away just six months ago, made measurable progress in Q2, drawing attention from both deep-tech investors and national governments.

McKinsey’s annual Quantum Technology Monitor projects that quantum computing, communication and sensing could generate up to US$97 billion in global revenue by 2035, with quantum computing leading the way.

Not surprisingly, AI companies performed well. Thirty-eight AI stocks chosen by Morningstar — including Palantir Technologies (NASDAQ:PLTR), Palo Alto Networks (NASDAQ:PANW), Synopsys (NASDAQ:SNPS) and Micron Technology (NASDAQ:MU) — closed 27.3 percent higher, outpacing the Morningstar US Technology Index, which gained 22 percent.

Ultimately, the quarter underscored a strategic pivot for major tech players, prioritizing vast infrastructure investments alongside aggressive AI monetization efforts to capitalize on this transformative era.

AI results impact major tech players

In public markets, AI-related equities continued to attract attention.

NVIDIA posted another blockbuster quarter, with its market cap on the cusp of $US4 trillion at the end of June. Its performance was driven largely by demand for Blackwell architecture.

Alphabet (NASDAQ:GOOGL), facing a possible Chrome divestiture, reported an increase in AI-related ad revenue and highlighted growing adoption of its Gemini model suite. Amazon (NASDAQ:AMZN) reported a 23 percent annual increase in net sales from its Amazon Web Services segment, beating earnings estimates by 17.78 percent.

Meta Platforms’ (NASDAQ:META) Reality Labs division reported a $US4.2 billion operating loss; however, interest in embodied AI applications for the metaverse and augmented reality continue to be the company’s long-term play, with CEO Mark Zuckerberg poaching the industry’s top talent to assemble the Meta Superintelligence Lab. On July 7, Reuters reported that the company had added Apple’s (NASDAQ:AAPL) Ruoming Pang as its latest recruit.

Microsoft’s (NASDAQ:MSFT) OpenAI partnership faced issues after OpenAI bought Windsurf, an AI coding firm. Disputes arose over Microsoft’s access to WindSurf’s IP and its stake in a restructured OpenAI.

Q2 was also marked by a shift to AI in hardware, robotics and edge applications.

Chipmakers Advanced Micro Devices (NASDAQ:AMD) and Google introduced specialized AI accelerators, a potential challenge to NVIDIA’s nearly three year run as the dominant provider.

Notable developments in robotics included Google Cloud and Samsung Electronics’ (KRX:005930) partnership, integrating Google Cloud’s advanced generative AI technology into Samsung’s new home AI companion robot, Ballie.

Data center operators like Amazon Web Services and Google Cloud also increased their infrastructure investments in the US as part of an effort to reduce reliance on foreign markets and secure long-term AI compute capacity.

Companies began testing or rolling out new AI agent capabilities, empowered by the Model Context Protocol from Anthropic. Major tech players, along with payment giants Visa (NYSE:V), Mastercard (NYSE:MA), Stripe, Block (NYSE:SQ) and PayPal (NASDAQ:PYPL), began adopting the Model Context Protocol to integrate seamless payment functionality directly into AI chatbots, moving beyond simple browse to full commerce.

Microsoft enhanced its GitHub Copilot offering with new coding agents capable of autonomous actions, while a handful of companies, including Dataiku, Databricks and Atlassian (NASDAQ:TEAM), introduced tools designed to build, deploy and manage autonomous systems for real-world enterprise applications.

On the quantum computing side, a paper published by researcher Craig Gidney for Google’s Quantum AI division suggests that a quantum computer could break a highly secure 2048 bit encryption, like the kind used for online banking, much faster than previously thought, requiring fewer than a million qubits.

Quantum computing firms later saw their shares spike following bullish comments from NVIDIA’s Huang at his company’s Paris GTC conference. Before Huang’s comments, IBM (NYSE:IBM) announced its development of the world’s first large-scale, error-free quantum computer, set to launch by 2029.

AI trends to watch in Q3

Q2 confirmed the AI cycle is evolving beyond text-based chatbots to hardware, embodiment and commercial uses.

While the Magnificent Seven still largely drove returns in Q2, there’s an expectation that earnings growth will broaden out to other sectors. Picton Investments’ 2025 mid-year update suggests that foundational model growth is encountering headwinds, with competition challenging the need for extensive capital expenditure.

Graph indicating that investor enthusiasm for AI stocks has recently ‘lost altitude.’

Graph via Picton Investments.

However, the firm also suggests that this shift is redirecting the spotlight to real-world AI applications, leading to an expected acceleration of industrial adoption and the creation of new companies.

At this year’s Web Summit conference in May, panelists emphasized the critical role of strategic early stage investments when it comes to navigating the evolving AI landscape and identifying new opportunities.

“Our take is (that) AI is going to upend a lot of technology businesses. In the specific sense, I am of increasingly high conviction that authoring software is going to be more or less free, and that’s going to shake up the topology of the software business market (in terms of) what makes sense and what’s investable,” said Brett Gibson, managing partner at Initialized Capital, during a panel discussion on where AI investment is headed next.

He added that customizable software will ultimately allow for tailored solutions for virtually any need.

In H2, quantum computing could continue its shift from pure research into early stage commercialization.

Updates may come from firms like IonQ (NYSE:IONQ), which recently raised US$1 billion to expand quantum networking, as well as Quantinuum and PsiQuantum, which may reach technical milestones.

Meanwhile, D-Wave (NYSE:QBTS) is pivoting toward hybrid commercial models, which may offer continued proof of revenue from quantum optimization-as-a-service.

However, the outcome of ongoing trade negotiations between the US and the rest of the world could impact chip capacity and rare earths supply chains, constraining the growth of AI hardware stocks.

The Trump administration’s imposition of 25 percent tariffs on Japan and South Korea may pose a threat to semiconductor capacity and rare earths equipment imports critical for AI hardware.

“Both countries have been close partners on economic security matters and have a lot to offer the United States on priority matters like shipbuilding, semiconductors, critical minerals and energy cooperation,” Asia Society Policy Institute vice president Wendy Cutler said in response to the hikes.

Investor takeaway

The second quarter of the year confirmed an evolution in the AI landscape as the industry moves beyond theoretical discussions to real-world applications and critical infrastructure development.

While geopolitical tensions and concerns about job displacement may continue to present challenges, this pivot could set the stage for continued innovation and adaptation as the industry navigates both opportunities and complexities.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Sen. Rand Paul, R-Ky., on Monday announced that he would revive his criminal referral against Dr. Anthony Fauci, adding yet another wrinkle to the ongoing Biden White House autopen saga.

‘Today I will reissue my criminal referral of Anthony Fauci to Trump DOJ,’ Paul said on X.

It’s not the first time that Paul has issued a criminal referral against Fauci, who is the former director of the National Institute of Allergy and Infectious Diseases (NIAID) and medical adviser to former President Joe Biden.

The first came in 2021, when Paul accused Fauci of lying to Congress about funding gain-of-function research for the COVID-19 virus at the Wuhan Institute of Virology. The next came in 2023, again as part of Paul’s efforts to investigate the origins of the virus.

‘Perjury is a crime,’ Paul said. ‘And Fauci must be held accountable.’

Fox News Digital reached out to Paul’s office for comment.

This time, Paul’s reupping of his criminal referral comes after a new report added another chapter to the ongoing autopen saga, in which President Donald Trump and congressional Republicans have accused Biden of shrugging off his authority to aides and top officials in the White House to authorize his signature on a slew of pardons and documents.

The New York Times reported that emails showed that Biden’s Chief of Staff Jeff Zients gave final approval for the use of the autopen for preemptive pardons for Fauci and former Joint Chiefs of Staff Gen. Mark Milley, two of Trump’s top critics.  

Biden signed the bulk of his over 4,000 clemency documents in the waning months of his presidency, a point that Trump and congressional Republicans have pounced to hammer in the claims that the former president’s cognitive ability was declining and his staff were running the White House.

Trump has gone so far as to request Attorney General Pam Bondi open an investigation into Biden’s usage of the autopen, while Republicans in the Senate and House have all held their own committee hearings on the matter.

And earlier Monday, Trump told reporters that Biden’s alleged use of the autopen amounted to possibly ‘one of the biggest scandals that we’ve had in 50 to 100 years.’

‘I guarantee you he knew nothing about what he was signing, I guarantee you,’ Trump said. 

Diana Stancy contributed to this report. 

This post appeared first on FOX NEWS

Sen. Josh Hawley, R-Mo., is urging Department of Homeland Security (DHS) Secretary Kristi Noem to declassify all documents related to the assassination attempt on then-presidential candidate Donald Trump in Butler, Pennsylvania, on July 13, 2024.

Hawley’s request comes a year after 20-year-old Thomas Matthew Crooks fired off several shots at Trump from a rooftop near the presidential rally grounds. The gunman had a clear shot and grazed the president’s ear.

Even after a year, though, questions still remain about how Crooks was able to get a clear shot.

In his letter to Noem, Hawley mentions the one-year anniversary of the first assassination attempt on Trump.

‘This occasion marks a deeply troubling chapter in our nation’s history and serves as a reminder of the importance of transparency in preserving public trust during moments of national crisis,’ he wrote. ‘To that end, I urge you to take the necessary steps to declassify all documents within the Department of Homeland Security (DHS) related to the events of July 13, 2024.

‘As you know, assassination attempts against current and former presidents are rare but profoundly consequential events in American life,’ Hawley continued. ‘And the American people rightly expect full transparency from their government.’

The senator pointed to investigation stonewalling tactics from the Biden administration’s Secret Service and DHS, which he said ultimately denied basic facts to the American people.

‘The public learned far more from whistleblowers than they did from public officials, and I released a report documenting these disclosures, many of which have been corroborated to date,’ Hawley wrote. ‘In October of last year, in a unanimous vote, the Homeland Security Committee passed my legislation requiring the Secret Service release to the public all pertinent documents.

‘Now, I am requesting that you immediately declassify and release all documents relating to the first assassination attempt on President Trump within the full extent of your authority, subject only to the narrowest possible redactions necessary to protect ongoing operations or individual safety,’ he said. ‘The public deserves a full and accurate account of this event, the circumstances that allowed it to happen, and the steps the government has taken since to strengthen protective measures.’

Hawley requested a complete inventory of all classified or non-public materials related to the first assassination attempt on Trump, including reports, internal communications, threat assessments, after-action reviews and coordinated records with other agencies.

He also requested a formal explanation for the continued classification of materials Noem believes must remain restricted, as well as a proposed plan and timeline for the immediate declassification and public release of all remaining documents, all by July 30, 2025.

Fox News Digital has reached out to DHS for comment on the matter.

Hawley released a report in September, detailing the failures of the Secret Service in connection with the attempted assassination of Trump in July, which included whistleblower allegations that are ‘highly damaging to the credibility’ of the agency.

The report uncovered a ‘compounding pattern of negligence, sloppiness, and gross incompetence that goes back years, all of which culminated in an assassination attempt that came inches from succeeding.’

Hawley accused the Secret Service, FBI and DHS of all trying ‘to evade real accountability.’

‘These agencies and their leaders have slow-walked congressional investigations, misled the American people, and shirked responsibility,’ the report states. 

After the first of two assassination attempts against Trump in just over two months, Hawley visited the Butler rally site to interview whistleblowers and opened up a whistleblower tip line, encouraging those with relevant information to share with officials. 

Documents subpoenaed by the Senate Committee on Homeland Security and Government Affairs also show major failures among the six U.S. Secret Service (USSS) agents who were suspended without pay in response to the assassination attempt.

The documents were based on interviews with the agents and their colleagues and revealed that several agents admitted the existence of major security concerns at the Butler rally, but none of them elevated the concerns or helped produce a plan to properly cover the roof that provided Crooks a clear shot of Trump.

The documents show that some agents in charge never even conducted walk-throughs of the site. For example, the lead advance agent, documents show, never did a final security walk-through of the rally site because she was in the hospital for heat exhaustion, the special agent in charge said when questioned.

Some of the agents were suspended without pay for various terms, though none of the agents were fired.

This post appeared first on FOX NEWS

America has triumphed in each industrial revolution – whether steel, energy or manufacturing – and has the power to lead the AI revolution, too. This week in Pittsburgh, President Donald Trump is bringing together leaders to address a defining challenge of our time: how to fuel the AI revolution with American energy. 

Progress on this front will be consequential for our economy, our national security, and America’s global leadership. 

President Trump’s announced $500 billion private sector AI investment is a critical enabler for our country. But artificial intelligence won’t power itself. It needs vast amounts of electricity, delivered affordably and reliably. 

And as demand for AI computing surges, the real question isn’t just about who writes the best code – it’s also about who can build out data center infrastructure behind it. The U.S. has the unique capability to do that – including the energy dominance to fuel it – and we now have the political will to lead. 

U.S. policy has often prioritized climate idealism over energy pragmatism. Wind, solar and battery technologies will play a key role in our energy future, but they are not available at the scale or reliability needed to fuel expected AI data center demand. And these combined sources are more expensive than U.S. natural gas. 

Without a balanced and clear-eyed approach, we risk pushing AI innovation – and the economic and national security advantages that come with it – overseas.

Other countries are already trying to lure investment away from the United States by subsidizing AI computing power. In China, dozens of data centers are being built – 39 approved in the last quarter of 2024 alone. In Malaysia, authorities are fast-tracking electricity infrastructure for data centers, cutting lead times to just 12 months, compared to five years in the U.S. Some American companies are already helping to finance data center growth in the Middle East.

The path to powering America’s AI dominance is rooted in abundant American natural gas. The United States is already by far the world leader, accounting for a quarter of global natural gas production. And we are also one of the lowest-cost producers. 

Equally important is to ensure AI power demand doesn’t drive up electricity costs for consumers. We can develop natural gas-based power generation independent of the current electric grid and co-locate it with data centers across the country. Providing this dedicated electricity prevents a competition for grid-connected power, which would drive up costs and burden our already strained electricity grid. 

New solutions like this require creative partnerships and continued innovation – which is why Chevron is working with Engine No. 1 and GE Vernova to establish facilities designed to provide reliable, affordable, long-term power-generating solutions to underpin American AI leadership.

President Donald Trump, Secretary of Energy Chris Wright and Sen. David McCormick, R-Pa., recognize the opportunity for the United States to achieve AI dominance. By leveraging abundant American natural gas as a foundation to meet surging AI power demand, we can strengthen our national security, grow our economy and protect our technology leadership.

We have the power to lead the race to develop and deploy AI. It’s time to use it. 

This post appeared first on FOX NEWS

Members of the ‘Squad’ are undermining coexistence between Arabs and Jews in the Middle East, Israeli-Arab activist Yoseph Haddad told Fox News Digital.

‘Representatives of the Squad are trying to harm the coexistence and partnership that exist in the region between Arabs and Jews,’ Haddad said. ‘I think it was [Alexandria] Ocasio-Cortez herself who said she had no idea about the geopolitics of this region—she’s right. Ilhan Omar and Rashida Tlaib know exactly what’s going on here, but they decide to lie and twist the facts.’

Haddad, the CEO of Together Vouch for Each Other — an organization founded in 2018 by young Israeli Arabs to bridge cultural and religious divides — has emerged as a prominent voice in Israel’s public diplomacy efforts following Hamas’ Oct. 7, 2023 massacre. 

Since the attack, Jewish communities across the United States and Europe have faced a sharp rise in antisemitic incidents, with pro-Hamas demonstrations appearing on college campuses as early as October 8.

‘The first group is what I call the useful idiots — people who have no idea what’s going on but joined because it felt like the cool thing to do,’ Haddad said. ‘Then there are the paid protesters. You see the same faces at different rallies holding different signs — sometimes it’s about LGBTQ issues, sometimes it’s pro-Palestinian, sometimes it’s about internal American problems.’

‘It’s always the same person, just a different outfit and a different sign,’ he continued. ‘And the third group — the most dangerous—are the extremists who’ve come from the Middle East. Those are the ones we should be most concerned about.’

Haddad traced the rise of extremist voices in the West to waves of immigration and population displacement from conflict zones in the Middle East. While the majority of Muslim immigrants fled persecution in search of a better life, he said, a vocal minority brought with them the ideology of the Muslim Brotherhood, effectively holding their communities hostage.

‘When you have so many immigrants all around the world, it’s enough for 10 or 20 percent of them to be extremists — and suddenly, you’re dealing with millions of extremists,’ he said.

‘Ostriches, when there is a danger and there is a problem, what they do is they stick their head in the sand thinking the problem will just pass because nobody will notice them,’ he added. ‘And this is what the weak governments are doing right now, becoming like an ostrich. The only problem is that no one will skip them over, it will make it easier to chop their heads off.’

Addressing accusations that Israel enforces an apartheid system between Jews and Arabs, Haddad rejected the comparison outright.

‘In real apartheid, like in South Africa, everything was segregated — transportation, hospitals, courts, sports, even walking on the sidewalks,’ Haddad said. ‘But if you actually come to Israel and see life here, it’s the complete opposite — 180 degrees different.’

‘Stop speaking from a place of emotion — that’s exactly what The Squad is doing,’ he continued. ‘Start talking about facts. Then you’ll realize that anyone who concludes Israel is an apartheid state is an imbecile.’

He also mentioned a run-in he had with a protester, who he refers to as ‘the useful idiots.’

They have no clue … One time, I read the charter of Hamas to some pro-Palestinian useful idiot, I read it to them, and I said you agree to this, and they said no, no, no I didn’t know that. And I said yes, but this is what you are supporting, and he had the headband of Hamas on his head. You understand that this is what you are supporting.

‘He literally took the band off after that. Such useful idiots like this you have a lot, not just in the United States, you can see it in Europe as well.’

When asked what he believes the Palestinians ultimately want, Haddad pointed to slogans often heard at anti-Israel and antisemitic protests, such as ‘From the river to the sea, Palestine will be free’ and ‘There is only one solution: Intifada revolution.’

‘The majority of Palestinians do not want to live side by side with Israel,’ Haddad said. ‘So when people talk about a two-state solution and question Israel’s commitment, I say: Don’t ask the Israelis — ask the Palestinians. You’ll be shocked to find that many of them aren’t willing to accept it.’

Haddad pointed out that history can be approached in multiple ways — through religious texts like the Torah for Jews, the Bible for Christians and the Quran for Muslims. Even those who are atheists can look to history books for evidence of the deep-rooted connection of the Jewish people to the land of Israel.

Haddad argued that the Torah explicitly mentions the presence of Jews in Israel, tracing their presence back thousands of years. He also highlighted the Biblical reference to the birthplace of Jesus in Jewish Bethlehem, challenging the notion that Palestinian Muslims have a historical claim to the land before the Jews.

Haddad noted that while Jerusalem is never mentioned in the Quran, the term ‘sons of Israel’ appears more than 43 times. He also emphasized that the name ‘Palestine’ was imposed by the Romans as a punishment for the Bar Kokhba revolt.

Haddad highlighted that in 1947, Arabs had the opportunity to establish a Palestinian state through the U.N. Partition Plan, which the Jews accepted despite receiving less land and fewer resources. However, the Arabs rejected the plan and opted to wage war. When the Jews emerged victorious, 156,000 Arabs remained within what became Israel. Sharing his personal connection to this history, Haddad explained that his grandfather was one of those Arabs who stayed and eventually became part of the Arab Israeli identity.

‘It’s either you accept the fact that Israel exists and is here to stay, or you continue with this cycle of bloodshed and death that we are trying to escape,’ said Haddad. ‘But the ones who will suffer the most are you, the Palestinians, whether in the West Bank or Gaza.’

Several requests for comment sent to Reps. Ocasio-Cortez, Tlaib and Omar were not returned.

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Former National Security Advisor Mike Waltz is poised to face members of the Senate on Tuesday to get the ball rolling on his nomination to represent the U.S. at the United Nations.

Waltz’s appearance before the Senate Foreign Relations Committee comes months after he exited his job at the White House amid controversy surrounding his role in a Signal group chat with other top administration officials. 

Democrats vowed to grill Waltz during his confirmation process in the aftermath of The Atlantic magazine’s reporting about a Signal group chat that his team had set up to discuss strikes against the Houthis in March.

Even so, the tough questioning from Democrats on the so-called ‘Signalgate’ issue isn’t expected to derail Waltz’s confirmation to the post, given that Republicans hold a 53–47 majority in the Senate. 

‘It’s all theater — you know he’s going to get confirmed,’ a GOP foreign relations source told Fox News Digital. ‘If Signalgate’s a big thing against him, it wasn’t enough to get anyone else fired or impeached or anything like that.’ 

Waltz, a former congressman who represented Florida’s 6th congressional district, is a retired Army National Guard colonel and former Green Beret. During his time in uniform, he served four deployments to Afghanistan and earned four Bronze Stars — the fourth-highest military combat award, issued for heroic service against an armed enemy.

Waltz and Secretary of Defense Pete Hegseth were both entangled in the Signal chat that Waltz’s team created where members of the Trump administration discussed strike plans against the Houthis. 

Waltz in March said he took ‘full responsibility’ for the Signal group chat, and the Trump administration has maintained that no war plans were shared in the chat. The Atlantic published the full exchange of messages, which included certain attack details such as specific aircraft and times of the strikes from Hegseth. 

On May 1, President Donald Trump announced Waltz’s departure from his role as national security advisor and hours later unveiled the former Florida congressman’s nomination to represent the U.S. at the U.N. 

Democrats called for Hegseth’s resignation as a result of the chat and warned that Waltz would face the heat during the confirmation process for U.N. ambassador. 

Democratic Sen. Tammy Duckworth of Illinois said in a May interview with CBS News that Waltz could count on a ‘brutal, brutal hearing’ from senators, and described his nomination as ‘failing up.’ 

‘He’s not qualified for the job, just by nature of the fact that he participated in this Signal chain,’ Duckworth, a member of the Senate Foreign Relations Committee, told CBS News. 

Duckworth, who served in the Illinois Army National Guard as a Blackhawk helicopter pilot and lost both of her legs during a 2004 deployment to Iraq, told Fox News Digital Monday that Waltz’s involvement in the group chat should disqualify him from serving as U.N. ambassador. She also said that every official included in the chat should be fired. 

‘As a retired Soldier, Waltz should have shut the unclassified chain down as soon as he saw Hegseth share such classified information that could’ve gotten our pilots killed,’ Duckworth said in a statement. ‘It’s clear Waltz cannot be trusted to make critical and sensitive national security decisions, and I look forward to pressing him on his conduct and holding him accountable.’

 

Duckworth has pinned most of the blame on Hegseth for Signalgate. Prior to Trump’s announcement on Waltz’s U.N. ambassador nomination, Duckworth said in a May post on X that of ‘all the idiots in that chat, Hegseth is the biggest security risk of all — he leaked the info that put our troops in greater danger.’ 

In addition to Waltz and Hegseth, administration officials including Vice President JD Vance, Secretary of State Marco Rubio and CIA Director John Ratcliffe were part of the group chat. 

Additionally, ranking member of the Senate Foreign Relations Committee Sen. Chris Coons, D-Conn., said that Waltz could brace for a meticulous confirmation hearing before the committee’s members. 

‘I look forward to a thorough confirmation hearing,’ Coons said in a post on X in May. 

A spokesperson for Coons did not respond to a request for comment from Fox News Digital. 

The GOP foreign relations source described the fallout from Signalgate a ‘huge nothing burger,’ and pointed out that Democrats’ previous efforts to use Signalgate against Waltz and Hegseth have proven unsuccessful. 

‘If this was their deathly bullet, it would have killed Hegseth, and it would have killed Waltz, but they’re both left standing,’ the source told Fox News Digital. 

A Senate aide told Fox News Digital that while Waltz took the brunt of the blame for Signalgate because his team created the chat, Democrats’ expected questioning of the group chat during the hearing is actually about finding a new avenue to go after Trump. 

‘I don’t think he’s the target. He’s just the mechanism to go after the target,’ the Senate aide said. ‘At the end of the day, Democrats want to criticize and go after the president, so these guys are just a mechanism to get there.’ 

Meanwhile, Republican lawmakers have voiced support for Waltz, with Senate Foreign Relations Committee Chairman Sen. Jim Risch, R-Idaho, calling him a ‘great choice’ for the position in a post on X in May. Additionally, Sen. Lindsey Graham, R-S.C., said at the time that the Senate would ‘for sure’ confirm Waltz. 

‘Some things I know for sure: the sun rises in the East, sets in the West and Mike Waltz will be confirmed as the next UN Ambassador,’ Graham said in an X post in May. ‘He is highly qualified, well-positioned, and will be a strong voice for our nation at the UN.’

Since Waltz’s departure as serving as national security advisor, Rubio has stepped in to fill that role. 

Trump previously nominated Rep. Elise Stefanik, R-N.Y., to represent the U.S. at the U.N. However, her nomination was pulled in March, and Trump claimed at the time that the House could not give up another Republican seat with its slim 220–212 Republican majority. 

If confirmed as U.N. ambassador, Waltz would be responsible for representing U.S. interests at the U.N.’s New York headquarters, weighing in on resolutions, treaties and other global matters.  

Waltz could not be reached for comment by Fox News Digital. 

The 80th session of the U.N. General Assembly is scheduled for Sept. 9, providing a window of time for Waltz’s nomination to make it through the entire confirmation process beforehand. 

‘The hope is to have him in place before the U.N. General Assembly is in session,’ the GOP foreign relations source told Fox News Digital. 

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The Federal Reserve has brought in its inspector general to review a building expansion that has drawn fire from the White House, according to a source familiar with the issue.

Fed Chair Jerome Powell asked for the review, following blistering criticism of the project, initially pegged at $2.5 billion but hit by cost overruns that have brought accusations from President Donald Trump and other administration officials of “fundamental mismanagement.”

“The idea that the Fed could print money and then spend $2.5 billion on a building without real congressional oversight, it didn’t occur to the people that framed the Federal Reserve Act,” Kevin Hassett, director of the National Economic Council, said Monday on CNBC’s “Squawk Box.” “We’ve got a real problem of oversight and excess spending.”

The inspector general serves the Fed and the Consumer Financial Protection Bureau and is responsible for looking for fraud, waste and abuse. Powell’s request was reported first by Axios.

In a letter posted to social media last week, Russell Vought, head of the Office of Management and Budget, also slammed the project, which involves two of the Fed’s three Washington, D.C., buildings including its main headquarters known as the Eccles Building.

Vought, during a CNBC interview Friday, likened the building to the Palace of Versailles in France and charged that Powell was guilty of “fiscal mismanagement” at the Fed.

For its part, the central bank has posted a detailed frequently asked questions page on its site, highlighting key details and explaining why some of the specifications were changed or “scaled back or eliminated” at least in part due to higher-than-expected construction costs.

“The project also remediates safety issues by removing hazardous materials such as asbestos and lead and will bring the buildings up to modern code,” the page explains. “While periodic work has been done to keep the buildings occupiable, neither building has seen a comprehensive renovation since they were constructed.”

The Fed is not a taxpayer-funded institution and is therefore not under the OMB’s supervision. It has worked with the National Capital Planning Commission in Washington on the project, but also noted on the FAQ page that it “does not regard any of those changes as warranting further review.”

In separate comments, former Fed Governor Kevin Warsh, speaking Sunday on Fox News, called the renovation costs “outrageous” and said it was more evidence the central bank “has lost its way.” Warsh is considered a strong contender to succeed Powell when the latter’s term as chair expires in May 2026.

This post appeared first on NBC NEWS

I remain very bullish and U.S. stocks have run hard to the upside off the April low with growth stocks leading the way. I expect growth stocks to remain strong throughout the summer months, as they historically do, but we need to recognize that they’ve already seen tremendous upside. Could technology (XLK) names, in particular, use a period of consolidation? Well, if we look at a 5-year weekly chart, the XLK really isn’t that overbought just yet:

The weekly PPO has crossed its centerline and is gaining bullish momentum. The recent price breakout suggests to me that we likely have further to run. And if you look at the weekly RSI, you’ll note that we’ve seen the weekly RSI move well into the 70s and even close to 80 before witnessing a market top or pause. Outside a bit of profit taking, I really don’t see the likelihood of a big selloff here. Keep in mind that the XLK represents 31% of the S&P 500. If the XLK doesn’t slow down, it’s very unlikely that we’ll see any type of meaningful decline in the S&P 500 either.

Growth vs. Value

Growth stocks have historically performed well over the summer months. One way to visualize this is to compare large-cap growth (IWF) to large-cap value (IWD) using a seasonality chart. Check this out:

The average monthly outperformance since 2013 is reflected at the bottom of each month’s column. If you add those numbers for May through August, you get +5.4%. If you add those numbers for the other 8 months combined, you get +0.6%. Clearly, large-cap growth has the tendency to outperform value from May through August. We’re in the growth “sweet spot” right now.

So Should We Lower Our Market Expectations?

I say absolutely not. Yes, we’ve run substantially higher off that April low, but I see more left in the tank. Will we see profit taking from time to time and could we see a period of consolidation? Sure. But I still believe that remaining on the sidelines is a big mistake as plenty of market upside remains. In fact, I see another somewhat forgotten asset class that’s poised to scorch 50% higher or more, possibly over the next 6 months. I’m investing in this area now, as I believe it’s in the early stages of a significant rally, and believe it would be prudent for you to take a look as well. For more information, simply CLICK HERE, provide your name and email address, and I’ll send you a video that explains exactly why I’m favoring this group right now!

Happy trading!

Tom

Here’s a quick recap of the crypto landscape for Wednesday (July 9) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin’s (BTC) price peaked at US$111,744 as the market wrapped, a 2.7 percent increase in the last 24 hours. The day’s range for the cryptocurrency also brought a low of US$108,644.

Crypto analyst TradingShot believes Bitcoin may not experience another rally this cycle, despite projections exceeding US$160,000. This assessment is based on Bitcoin’s historical four year patterns.

According to TradingShot, Bitcoin has not broken out of its current upward channel to trigger the explosive rallies seen in 2017 and 2021. If the four year cycle holds, time is running out for such a breakout.

Ethereum (ETH) is priced at US$2,772.50, up by 6.3 percent over the past 24 hours. On Wednesday, the cryptocurrency hit a low of US$2,635.74 before rallying to finish the day at its peak, mirroring a broader market trend.

Altcoin price update

Bitcoin price performance, July 9, 2025.

Chart via TradingView.

  • Solana (SOL) was priced at US$157.12, up by 3.7 percent over 24 hours. Its lowest valuation as of Wednesday was US$153.45.
  • XRP was trading for US$2.42, up 4.5 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.36
  • Sui (SUI) was trading at US$3.05, up by 4.9 percent over the past 24 hours. Its lowest valuation was US$2.93.
  • Cardano (ADA) is priced at US$0.6217, up by 5.6 percent in the last 24 hours. Its lowest valuation as of Wednesday was US$0.6027

Today’s crypto news to know

US Senate committee gathers for hearing on digital assets

The US Senate Banking Committee held a hearing on Wednesday dubbed ‘From Wall Street to Web3’ to discuss proposed legislation regarding digital assets, including the Clarity Act.

Massachusetts Democrat Elizabeth Warren, a longtime crypto critic, said she is in favor of laws regulating digital assets that strengthen the financial system in the US, but criticized aspects of the Clarity Act that she said would allow non-crypto companies to “put their stocks on the blockchain,’ evading US Securities and Exchange Commission guidelines.

“That is a serious problem for our country,” she warned.

Ahead of the hearing, Warren sent a statement to analytical publication the Block, accusing Republicans of enabling “industry handouts” to crypto lobbyists. Other vocal critics of the bill include New York Attorney General Letitia James and the ranking member of the House Financial Services Committee Maxine Waters.

Both she and Warren have questioned the ethics of US President Donald Trump’s business ties to the industry. At the hearing, former chief White House ethics lawyer Richard Painter, who was invited to speak by Warren, said:

“We cannot have the people who are in charge of passing legislation and enforcing legislation, implementing legislation, have conflicts of interest with their official responsibilities. You should be divesting from crypto if you’re going to be regulating crypto.”

Lawmakers are now facing a September 30 deadline to define cryptocurrencies, address Trump’s crypto interests and finalize industry rules.

RLUSD gains traction via Transak integration and BNY Mellon custody

Transak, a Web3 onboarding infrastructure provider allowing users to buy and sell digital assets using traditional payment methods, officially integrated Ripple’s US-dollar pegged stablecoin, RLUSD.

The move expands the token’s reach to 8.3 million additional users across 64 countries.

“Transak has always strived to make finance truly accessible and that includes bringing on assets like RLUSD that balance blockchain ethos with compliance requirements,” said Sami Start, CEO and co-founder of Transak.

“With this integration, users gain access to one of the most thoughtfully designed stablecoins in the market, now available through a seamless and trusted fiat-to-crypto experience.”

The news was announced the same day Ripple chose Bank of New York Mellon to custody its USD reserves. This move by a traditional financial giant lends significant institutional credibility to Ripple’s stablecoin, which was built as an enterprise-grade stablecoin to improve the efficiency of cross-border transactions.

“As primary custodian for RLUSD, we’re proud to support the growth of digital assets by providing a differentiated platform, designed to meet the evolving needs of institutions in the digital assets ecosystem,” said Emily Portney, global head of asset servicing at Bank of New York Mellon.

South Korea to reclassify crypto businesses as venture companies

South Korea’s Ministry of SMEs and Startups announced Wednesday that it will lift current restrictions preventing crypto-related businesses from qualifying as venture companies. Firms in the virtual asset sector are currently restricted in their eligibility for various tax breaks and financial support due to crypto regulations implemented last year.

However, the minister said that the proposed amendment reflects “a shift in perception” regarding the industry.

“It is expected that the virtual asset business operators based on new technologies with innovation and business viability will be newly recognized as venture companies, and existing venture companies will also be able to promote virtual asset-related businesses,” the statement explains, “which will lead to the activation and expansion of the venture ecosystem and promote the fostering of the virtual asset industry.”

This change will be supported by the establishment of “legal and institutional safeguards” designed to protect users. Public comments on the proposal will be accepted by the ministry until August 18.

Tether reveals it holds US$8 billion in gold in private Swiss vault

Tether, the issuer behind the world’s largest stablecoin, USDT, has disclosed it holds nearly 80 metric tons of gold worth US$8 billion in a private Swiss vault, according to a Bloomberg report.

The company, which manages over US$159 billion in circulating stablecoins, says most of the gold is directly owned by Tether, making it one of the world’s largest private gold holders outside of sovereign institutions.

CEO Paolo Ardoino confirmed the gold is stored in a highly secure location in Switzerland, though he declined to disclose the exact facility for safety reasons.

The firm also operates a gold-backed token called XAUT, with each coin redeemable for one ounce of physical gold.

Tether’s increasing exposure to gold comes amid rising demand for safe-haven assets and ongoing concerns about US debt sustainability. However, new regulations in the US and EU may force the company to divest gold from USDT’s reserves if it seeks formal approval in those markets.

Trump Media files for Crypto Blue Chip ETF

Trump Media & Technology Group (NASDAQ:DJT) has filed to launch its third crypto-focused exchange-traded fund (ETF) under the Truth Social brand. Called the “Crypto Blue Chip ETF,’ the fund will aim to allocate 70 percent to Bitcoin, 15 percent to Ether and the remainder to Solana, Cronos and XRP.

This marks the latest move by the Trump-affiliated media company to expand its crypto investment footprint following two prior filings focused more narrowly on Bitcoin and Ether.

The ETF is set to trade on NYSE Arca, and is being developed in partnership with Crypto.com.

The company had earlier disclosed plans to raise US$2.5 billion to directly acquire Bitcoin. While Trump Media shares rose nearly 3 percent on the day of the announcement, it remains down over 40 percent year-to-date.

Sequans soars 43 percent on Bitcoin treasury strategy

Chipmaker Sequans Communications (NYSE:SQNS) saw its share price jump 43 percent after announcing a major pivot to a Bitcoin-based treasury reserve strategy. The firm raised US$384 million through equity and debt instruments to begin acquiring Bitcoin as a long-term corporate asset, emphasizing Bitcoin’s scarcity and independence from central banks as reasons behind the move and its potential to strengthen the company’s financial footing.

More than 40 institutional investors backed the fundraising, including convertible debentures and warrants that could bring in another US$57 million. The company plans to allocate future cash flows toward Bitcoin purchases.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The US Department of Defense (DoD) will become the largest shareholder in MP Materials (NYSE:MP) after agreeing to purchase US$400 million worth of preferred stock in the company.

MP Materials is known for owning and operating the only US rare earths mine.

The rare earths producer said the proceeds from the investment will fund the expansion of its processing capabilities at the Mountain Pass mine in California and support the construction of a second magnet manufacturing facility in the US.

The materials mined and processed by MP Materials are critical to the production of permanent magnets used in military systems, including the F-35 fighter jet, drones, and submarines.

The US has depended heavily on foreign imports for these materials — primarily from China, which accounted for about 70 percent of rare earth imports in 2023, according to the US Geological Survey.

In a press release issued on Thursday (July 10), MP Materials described the agreement as a ‘transformational public-private partnership.’ The company also said the deal will ‘dramatically accelerate the build-out of an end-to-end US rare earth magnet supply chain and reduce foreign dependency.’

The investment gives the Pentagon newly created preferred stock convertible into common shares, along with a 10-year warrant to buy additional stock at US$30.03 per share. If fully converted and exercised, the DoD would own 15 percent of MP Materials, based on current share counts as of Wednesday (July 9). That would exceed the 8.61 percent stake held by CEO James Litinsky and the 8.27 percent stake held by BlackRock Fund Advisors.

Litinsky emphasized that the deal does not equate to government control of the company. “This is not a nationalization,” he told CNBC. “We remain a thriving public company. We now have a great new partner in our economically largest shareholder, DoD, but we still control our company. We control our destiny. We’re shareholder driven.”

MP’s new magnet facility, called 10X, will increase the company’s magnet manufacturing capacity to 10,000 metric tons annually once it begins commissioning in 2028. The exact location of the facility has not yet been disclosed.

The Pentagon has committed to purchasing 100 percent of the magnets produced at the 10X facility for 10 years.

Additionally, the DoD will guarantee a minimum price of US$110 per kilogram for MP’s neodymium-praseodymium oxide, a key material for magnet production.

If market prices fall below that level, the Pentagon will pay the difference quarterly. In return, once the new facility is operational, the government will receive 30 percent of any upside above US$110 per kilogram.

To further support the buildout, MP Materials expects to receive a US$150 million loan from the Pentagon within 30 days to expand its heavy rare earth separation capabilities at Mountain Pass, the only active rare earth mine in the US.

It is also commissioning a magnetics facility in Texas, known as Independence, to bolster its downstream processing capabilities.

As the only domestic miner with vertically integrated capabilities and a clear path to rare earth magnet production at scale, MP Materials now sits at the center of the Biden-to-Trump era effort to bring critical minerals supply chains back to American soil.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com