Jane Street reported roughly $15 billion of losses in July, its first down month in about a decade, tied in part to losses from its investment in the AI-focused hedge fund Situational Awareness and to wrong-way bets in Asian equities. The swing came in July. As a result, Jane Street says it has closed a significant portion of risk in the areas that hurt in July and is more selective about taking risk while it moves ahead with a $14.6 billion bond refinancing.
AI-driven tech wealth is expected to produce a new wave of philanthropists, but the giving infrastructure they encounter pushes them toward delaying grant decisions. $300 billion in American donor-advised fund accounts sits largely idle, with only about a quarter of assets paid out each year and no requirement to distribute funds. Reform efforts and better grantmaking-focused DAF and evaluation infrastructure are urged so money reaches charities instead of remaining in fee-earning accounts indefinitely.
Anthropic PBC reported that its second-quarter revenue rose at least 14-fold year over year in documents seen by Bloomberg News. The latest completed quarter’s preliminary revenue was over $11.5 billion versus $787 million a year earlier. The company also indicated positive adjusted operating income for the quarter, with figures subject to revision and as it pushes growth to win corporate customers amid IPO planning.
Google’s Jeff Dean and Sanjay Ghemawat left the company, and the market treated the departures as a talent crisis. Alphabet’s share price fell 4% in a day. The article argues this likely reflects changes in how Alphabet allocates capital and compute across the AI cycle rather than a sudden loss of belief in AI talent.
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