WORD ON THE STREET 

• You Know ’45 Will Use This – Several dozen Wall Street executives have donated to former president Donald Trump’s opponents in the Republican primary, with everyone from Florida Governor Ron DeSantis to Senator Tim Scott enjoying largesse from the financial industry. One of the most prominent donors was Paul Tudor Jones, who donated the maximum to DeSantis’s campaign soon after he announced his candidacy.

• Fear Not, PlayStation Gamers – Microsoft is as good as its word (for now). Sony and Microsoft have signed a 10-year deal that will keep Call of Duty available on PlayStation gaming consoles. Sony has consistently opposed Microsoft’s acquisition of Activision Blizzard on the grounds that it would be anti-competitive and potentially freeze out PlayStation owners from access to the best-selling franchise.

  

• Suddenly, Our Fiscal Policy Makes Sense! – Secretary of the Treasury Janet Yellen has sparked a run on “jian shou qing,” a mushroom dish she dined on during her visit to China to repair economic ties. The dish has been selling out in Chinese restaurants. The best (or worst) part – the mushrooms are hallucinogenic unless fully cooked

• Musk Admits Twitter Still In “Negative Cash Flow” – Elon Musk said that his attempt to turn around Twitter is still facing big problems. “We’re still negative cash flow, due to [a] 50% drop in advertising revenue plus heavy debt load,” he said. However, Meta Platforms’s Threads is having problems as it tries to get traction – with engagement already down 25% from its debut.

HOT SPOTS: What’s Going on in Geopolitics

• Russia Vows To Use Cluster Bombs If Necessary – Reacting furiously to the American decision to arm Ukraine with cluster munitions, Russian President Vladimir Putin said his country would respond in kind. “Russia has a sufficient supply of various types of cluster munitions,” he said. “If they are used against us, we reserve the right to mirror actions.”
  

• British Defense Chief Steps Down After Ukraine Furor – British Defense (sorry, “Defence”) Secretary Ben Wallace said he will resign when the Cabinet is next reorganized. He recently suggested that Ukraine should show “gratitude” for the massive military support it has received from NATO, most notably from the United Kingdom.”

• China, Russia Start Joint Military Drill – Chinese naval forces joined Russian military units in the Sea of Japan for an exercise aimed at “safeguarding the security of strategic waterways.” The “Northern/Interaction-2023” will involve a Chinese force of five warships and four helicopters. Not huge, but a rebuke to American warnings to stop working with Russia.

CUTTING EDGE: What‘s Happening In Tech

• Rockstar Hacker Deemed Unfit For Trial – Arion Kurtaj, an 18-year old whose hacking spree sent the video game industry into turmoil after he leaked footage from Grand Theft Auto VI, was deemed unfit to stand trial by a London court. He was allegedly part of the hacking collective Lapsus$, which launched a reign of cyberterror against targets including Uber, Revolut, Rockstar Games, and other companies.

• OpenAI CEO Gives $200K To POTUS Campaign – Federal documents show that OpenAI CEO Sam Altman has made two separate contributions of $100,000 to President Joe Biden’s PAC, the Biden Victory Fund. Both donations were made on June 14, just before President Biden visited San Francisco. I bet they had lots to talk about!

• Tesla Produces First Cybertruck – It’s finally a reality. After two years of delays, Tesla produced the first “Cybertruck” at its factory in Austin, Texas. Tesla is aiming to produce as many as 250,000 Cybertrucks a year, with mass production scheduled to begin around the end of this year.

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