Financial Mindset

Good morning. On Fortune’s radar today: Anthropic’s $2 trillion IPO will eclipse SpaceX. Markets: Q2 was awesome. The futures market for ‘compute’ could hit $150 trillion . Iran wants to prolong the war as long as possible.  AI isn’t eating jobs yet—but it’s nibbling at the edges. Biofuel is putting up the price of food. “Time billionaires.” Sam Altman was ‘peer-pressured and tricked’ into an ‘unbelievably terrible’ internship at Goldman Sachs . ➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here . This story was originally featured on Fortune.com from Fortune | FORTUNE https://ift.tt/uDcasFK via Financial Mindset

In today’s CEO Daily: Tech CEOs could learn from Buffett. The big leadership story: Traders will pay for an early look at Trump posts. The markets: Mixed following U.S. inflation report and Middle East tensions. Plus: All the news and watercooler chat from Fortune . Good morning. Phil Wahba writing this morning from New York. Earlier this week, Meta founder and CEO Mark Zuckerberg published a few of his thoughts. Specifically 6,500 words outlining ways to spread the wealth and opportunity from AI to all people, including skeptics such as residents of communities that host data centers . That word count made the piece about one-tenth the length of the average novel—and 10x his article on Personal Superintelligence a year ago. And Zuckerberg is not alone: Anthropic CEO Dario Amodei delivered the longest piece in this genre so far in 2024 with his 13,000-word “Machines of Loving Grace” essay, while Nvidia’s Jensen Huang has also joined in, as ...

To engineer-turned-corporate executive Guillaume Lucci, there’s a straightforward solution to the Philippines’ ongoing energy emergency . “What we need is more energy of all sorts, not only more renewable energy,” Lucci, the CEO of Filipino infrastructure firm Prime Infra, tells Fortune at the firm’s headquarters in Pasay City, Manila. “We don’t see energy reliability and affordability as being decoupled from decarbonization, but for now, we need a bit of everything.” When the U.S.-Iran war broke out in February, shuttering the Strait of Hormuz and halting oil flows from the Gulf, there were few countries as hard hit as the Philippines. The archipelagic Southeast Asian country, which imports 98% of its oil from the Gulf, declared a nationwide energy emergency on March 24, which President Ferdinand Marcos Jr. said would remain in effect for a year. Lucci’s pragmatic all-of-the-above approach cuts against some of the more purist energy transition narratives dominating Weste...

As of 6:20 a.m. Eastern Time, oil is trading at $92.54 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $4.99 above yesterday morning’s level and about $25.38 higher than where it stood a year ago. Oil price per barrel % Change Price of oil yesterday $87.55 +5.69% Price of oil 1 month ago $76.55 +20.88% Price of oil 1 year ago $67.16 +37.79% Check Out Our Daily Rates Reports Discover the highest high-yield savings rates , up to 4.50% for August 12, 2026. Discover the highest CD rates , up to 4.50% for August 12, 2026. Discover the top CD rates from major banks on August 12, 2026. Discover the current mortgage rates for August 12, 2026. Discover current refi mortgage rates report for August 12, 2026. Discover current ARM mortgage rates report for August 12, 2026. Discover current HELOC rates for August 12, 2026. Discover the current price of gold for August 12, 2026. Discover the current price of silver for August 12, 20...

Neocloud provider CoreWeave’s revenue more than doubled in the second quarter, totaling $2.58 billion and topping analysts targets thanks to surging demand for its AI infrastructure services. “Our near-term capacity remains effectively sold out,” CEO Michael Intrator said on a call with analysts on Tuesday. Coreweave said its revenue backlog—deals that it has not billed yet— rose 246% year-over-year to $104.2 billion in the second quarter. And the company noted that the figure doesn’t include roughly $25 billion of net new customer commitments added in early Q3. In response, the stock surged more than 14% in after hours trading on Tuesday, following a volatile year that has seen share prices whipsaw as investors have worked through fears of an AI bubble and the massive amounts of capital expenditures being plowed into AI infrastructure. Coreweave is among several so-called neocloud providers that build and operate data centers to run AI models, and which compete ...

On Wednesday, at the end of the day in London, Google CEO Sundar Pichai and Google DeepMind CEO Demis Hassabis had some news for employees.  Hassabis, DeepMind’s cofounder and the lab’s longtime steward, was giving up the CEO title and moving to a chairman role, they said. Minutes later, the news broke that longtime chief scientist Jeff Dean and several other prominent researchers were leaving the company.  Staff in DeepMind’s London office were shocked. They had questions. Was the move a promotion or a demotion? Would Hassabis retain real influence over DeepMind’s direction? And was Google finalizing a power shift from the London lab to its Mountain View headquarters? One DeepMind engineer familiar with internal reaction told Fortune that employees were “very mixed” on what the reshuffle meant, with some wondering whether the chairman role would ultimately end with Hassabis phased entirely out of the company. In reality, the shock exit was just the tip of t...

Baby boomers are sitting on immense wealth after benefiting from a historic era of economic growth and financial gains, but heirs shouldn’t get their hopes up too much. Estimates of the so-called Great Wealth Transfer vary, reaching as high as $124 trillion. A report last month from Visa Business and Economic Insights  put the number at a more modest $93 trillion, though that’s still three times the size of U.S. GDP. But millennials and Gen Xers with great expectations for inheriting that wealth may be setting themselves up for great disappointment. Visa likened it to winning the lottery, then seeing the eventual check whittled down drastically. “You hit the jackpot, but you immediately lose half by—smartly—taking the lump sum,” the report said. “Next, you lose another 30–40% through taxes and fees. The advertised jackpot is enormous, but after the lump-sum haircut, taxes, and fees, the take‑home number is much lower. A similar dynamic ap...