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Disney’s ESPN and Fox Corp. are teaming up to offer their upcoming direct-to-consumer streaming services as a bundle, the companies said Monday.

The move comes as media companies look to nab more consumers for their streaming alternatives, and draw them in with sports, in particular.

Last week, both companies announced additional details about the new streaming options. ESPN’s streaming service — which has the same name as the TV network — and Fox’s Fox One will each launch on Aug. 21, ahead of the college football and NFL seasons.

The bundled apps, however, will be available beginning Oct. 2 for $39.99 per month. Separately, ESPN and Fox One will cost $29.99 and $19.99 a month, respectively.

While the bundle will offer sports fans a bigger offering at a discounted rate, the streaming services are not exactly the same.

ESPN’s flagship service will be an all-in-one app that includes all of its live sports and programming from its TV networks, including ESPN2 and the SEC Network, as well as ESPN on Disney-owned ABC. The app will also have fantasy products, new betting tie-ins, studio programming and documentaries.

ESPN will also offer its app as a bundle with Disney’s other streaming services, Disney+ and Hulu, for $35.99 a month. That Disney bundle will cost a discounted $29.99 a month for the first 12 months — the same price as the stand-alone app.

Last week, ESPN further beefed up the content on its streaming app when it inked a deal with the WWE for the U.S. rights to the wrestling league’s biggest live events, including WrestleMania, the Royal Rumble and SummerSlam, beginning in 2026. The sports media giant also reached an agreement with the NFL that will see ESPN acquire the NFL Network and other media assets from the league.

The Fox One service, however, will be a bit different. Fox had been on the sidelines of direct-to-consumer streaming for years after its competitors launched their platforms. Just this year, it said it would offer all of its content — including news and entertainment — from its broadcast and pay TV networks in a streaming offering. Fox One won’t have any exclusive or original content.

Fox’s move into the direct-to-consumer streaming game — outside of its Fox Nation app and the free, ad-supported streamer Tubi — came after it abandoned its efforts to launch Venu, a joint sports streaming venture with Disney and Warner Bros. Discovery.

Both Fox CEO Lachlan Murdoch and Disney CEO Bob Iger said during separate earnings calls last week that they were exploring bundling options with other services. Since Fox announced the Fox One app, Murdoch has said the company would lean into bundles with other streaming services.

“Announcing ESPN as our first bundle partner is evidence of our desire to deliver the best possible value and viewing experience to our shared customers,” said Tony Billetter, SVP of strategy and business development for FOX’s direct to consumer segment, in a release on Monday.

This post appeared first on NBC NEWS

Senate Republicans left Washington this week to sell President Donald Trump’s ‘big, beautiful bill,’ but the road to creating and passing the legislation began just over a year and a half ago. 

Trump’s $3.3 trillion megabill, crammed with his legislative priorities on border security, defense and energy, was a product months in the making. And it was the marquee policy in the bill, which was to extend or make permanent many of the 2017 Tax Cuts and Jobs Act, that was the driving force behind Republicans’ desire to pass it.

But Senate Republicans have had little time to rest on their laurels and celebrate the bill’s passage, spending the month since Trump signed it advancing a $9 billion clawback package and trying to ram through Senate Democrats’ blockade of the president’s nominees.

The journey to pass the bill began well before Republicans had a trifecta in Washington in early 2024, when then-Senate Republican Conference Chair John Barrasso, R-Wyo., hosted a policy retreat with Senate Republicans to hash out what the GOP’s agenda could look like should the win out in November.

And months later, Trump visited with Senate Republicans to discuss the strategy they had been working on behind-the-scenes.

‘With President Trump in the White House, we discussed how Republicans will get America back on track,’ Barrasso said at the time. ‘That starts with helping families escape the pain of Democrat high prices, unleashing American energy, stopping Democrat tax increases, and securing the Southern Border. Republicans are united.’

The real, nitty-gritty work began in January where concepts were taken and fleshed out into legislation.

Senate Majority Leader John Thune, R-S.D., opted to leapfrog the House and move forward with the Senate’s own budget framework, which initially divided the ‘big, beautiful bill’ into two chunks. That added pressure on Republicans in the lower chamber to coalesce behind a plan of their own.

For much of the earlier part of this year, however, the Senate was waiting on the House to fine-tune and pass their own version of the bill. Still, Thune and his leadership team, including Sen. Markwayne Mullin, R-Okla., worked to get a product from one side of the building to the other that the Senate GOP could work with.

And when the bill made its way to the upper chamber in early June, the pressure was on to deliver a finished product to Trump by July 4, an artificial deadline used to help corral lawmakers into finishing work on the bill.

One of the major disagreements in the upper chamber before the bill ever hit the floor was over the nature of cuts to Medicaid, particularly aimed at the provider tax rate. The issue was eventually smoothed over through the creation of a $50 billion rural hospital fund, but lawmakers who sounded the alarm against it vowed to ensure that the changes to the provider would never take effect.

‘I think it was a huge mistake,’ Sen. Josh Hawley, R-Mo., said at the time. ‘I think this has been an unhappy episode here in Congress, this effort to cut Medicaid.’ 

‘And I think, frankly, my party needs to do some soul-searching,’ he continued. ‘If you want to be a working class party, you’ve got to get delivered for working class people. You cannot take away health care from working people.’

And when the bill did finally hit the floor for what would evolve into a multi-day affair of passing through procedural hurdles, Senate Minority Leader Chuck Schumer, D-N.Y., forcing the reading of the entire bill and a marathon vote-a-rama, Senate Republicans were still not entirely on board.

At first, a cohort of fiscal hawks led by Sen. Ron Johnson, R-Wis., and Sen. Rick Scott, R-Fla., appeared to not support the package — they wanted even deeper cuts to Medicaid by tweaking the percentage that the federal government pays for healthcare in states that opted into Obamacare, which they argued would have saved billions extra.

They were offered an amendment that eventually never came to the floor, but was enough for them to back down from tanking the bill. And their resistance began in the first of a handful of huddles inside Thune’s office outside the Senate floor.

Sen. Cynthia Lummis, R-Wyo., joined them for the closed-door conversations, and told Fox News Digital that while her vote was not contingent on getting the change added, she wanted to make the case for why it should be.

‘It saved a lot of money,’ she said. ‘It saved a lot of money, and so I was anxious to see us use the opportunity, since we were able to open up mandatory spending, use the opportunity to really save some money.’

And later on, in the wee hours of the night, Republicans were bouncing from Thune’s office to the Senate floor, hashing out deals as they went to get Sen. Lisa Murkowski, R-Alaska, to support the bill, knowing that Sens. Susan Collins, R-Maine, and Thom Tillis, R-N.C., could vote against it.

‘Sometimes it’s got to be put on a clock, because at some point the argument has to come to an end,’ Mullin told Fox News Digital. ‘And that’s why we had to do some of it on the floor. We had to, we had to force the hand.’

And in the end, only three Republicans, Sens. Rand Paul of Kentucky, Collins and Tillis voted against the bill. From there it went to the House, where Republicans in the lower chamber had their own dramatic rally to pass the legislative behemoth.

And now, as Republicans scatter to their home states to sell the bill to their constituents, Tillis said that the ‘foundational’ piece of information that lawmakers can share is that they averted a nationwide tax hike.

‘The shame of the Medicaid provision is that the vast majority of the bill is supported,’ he told Fox News Digital. ‘I think we have to remind them the problem with the tax bill is they’re not going to see a cut, but if we hadn’t done it, they would have seen a historic increase.’

‘So we need to remind them of what we’re doing is continuing what we started, and the economy that we created, it was able to withstand COVID,’ he continued. ‘And I firmly believe if we hadn’t passed it. We’d have been in a different posture.’

This post appeared first on FOX NEWS

A senior member of Russian President Vladimir Putin’s inner circle warned that multiple countries are mounting ‘titanic efforts’ to undermine the upcoming summit between the Russian leader and U.S. President Donald Trump.

The two leaders are scheduled to meet in Alaska on Aug. 15, though Trump’s announcement, made via a Truth Social post on Friday, offered few additional details about the summit. It is also unclear if Ukrainian President Volodymyr Zelenskyy will be invited to join the talks as the Kremlin’s unprovoked war stretches into its fourth year. 

‘Undoubtedly, a number of countries interested in continuing the conflict will make titanic efforts to disrupt the planned meeting between President Putin and President Trump,’ wrote Russia’s investment envoy, Kirill Dmitriev, in a Telegram post on Saturday, referencing the Kremlin’s ongoing war in Ukraine.

While Dmitriev did not name specific countries, he warned that critics of the upcoming talks could seek to sabotage the summit through diplomatic maneuvers or media-driven provocations. Several NATO countries in Europe have been openly skeptical of any deal that rewards Russian aggression in the three-year-old war.

Dmitriev, who met with Trump administration officials in Washington in April, has been dubbed Putin’s ‘shadow foreign minister’ for his behind-the-scenes role in shaping Russia’s global diplomacy.

 As head of the Kremlin’s sovereign wealth fund and a recently appointed special envoy, he has often acted as an informal bridge between Moscow and Washington.

Meanwhile, the Kremlin said in a statement on Saturday that Trump and Putin are expected to ‘focus on discussing options for achieving a long-term peaceful resolution to the Ukrainian crisis.’

‘This will evidently be a challenging process, but we will engage in it actively and energetically,’ the statement added.

Trump has previously said that Putin and Zelenskyy were close to a ceasefire deal but suggested that Kyiv would have to concede significant territory, an outcome that Ukrainians and many European allies oppose. 

This post appeared first on FOX NEWS

Senate Republicans faced a choice recently: Remain in session and confirm more of President Trump’s nominees, or finally abandon Washington for the vaunted August recess.

Senators hung around – a little while – knocking out some of the President’s nominees for administration positions. But not all. That drew the ire of some conservatives, Trump loyalists and President Donald Trump himself.

Trump seethed at Senate Minority Leader Chuck Schumer, D-N.Y., for requiring the Senate to run lengthy parliamentary traps and incinerate valuable floor time to confirm even non-controversial nominees. The President finally unloaded on the New York Democrat in a digital coup de grace, telling him to ‘GO TO HELL!’

It’s notable that Trump has not yet met with Schumer or House Minority Leader Hakeem Jeffries, D-N.Y., during his second term. But then again, this is a two-way street. And Democrats remember multiple tumultuous meetings with Mr. Trump during the last time he was in office. It culminated in verbal grappling between the President and former House Speaker Nancy Pelosi, D-Calif, and ended with Democrats abandoning the meeting after only a few moments.

So, it’s far from certain any such meeting would yield anything remotely productive.

But back to the ‘August recess.’

First, it’s important to establish that members of the House and Senate are not on ‘summer vacation.’ Sure, there are always some breaks to visit with family and friends. Lawmakers are people, too. But truly, this is not a ‘break.’ Lawmakers are always ‘on.’ Not everything they do is centered around Washington. Any congressman or senator worth their salt will tell you that spending time back in their home states or districts is just as important – if not more so – than what goes down on Capitol Hill. Meeting with constituents. Visiting businesses. Conducting town hall meetings. Stopping by local coffee bars. Breaking bread at diners. Chatting up the local press corps. 

Members also use this longer respite for political travel and fact-finding missions overseas. These ‘CODELS’ – short for ‘Congressional Delegation’ – are a critical function for lawmakers to build bridges with foreign leaders and make their marks on how the U.S. approaches the rest of the globe. House Speaker Mike Johnson, R-La., and former House Majority Leader Steny Hoyer, D-Md., have recently led groups on trips to Israel. At least one other major trip is booked for later this month.

So, the ‘August recess’ is not inherently a ‘bad’ thing. It’s an essential part of the job and probably one of the biggest misnomers in American politics. 

Still, many Americans simply dismiss August as a ‘vacation’ for House members and senators, and it is a challenging optic for Congress.

Which brings us back to the tension between staying in session to get ‘something’ done and returning home.

It’s clear the Senate could have stayed in session to plow through more of President Trump’s nominees. Schumer and other Democrats simply weren’t going to relent and allow Republicans to confirm a slate of nominees ‘en bloc.’ That’s where the Senate greenlights a large slate of nominees all at once and approves them either by unanimous consent or via voice vote. The Senate confirms the nominees all at once. The House certainly could have stayed in session to hammer out a few spending bills ahead of the deadline to fund the government by October 1.

But here’s a stark reality – especially for the Senate:

Lawmakers and staff desperately needed a break.

Period. Full stop.

Since May, the Senate in particular has conducted multiple overnight, round-the-clock and weekend sessions. Not just a few. The Senate voted deep into the night or overnight on the Big, Beautiful Bill. Then the Senate was back for late-night sessions confirming nominees. 

Yes. This is the people’s business. But the floor staff and support teams were exhausted. Senate leaders were mindful of that. And that’s to say nothing of the lawmakers themselves.

It’s anecdotal, but lawmakers probably needed a break from one another, too. That makes them happier – and probably more productive when they return to Washington. 

But this still doesn’t solve the political dilemma facing Republican senators with a substantial core of their party demanding they remain moored in Washington to grind out nominees.

And it may not satisfy President Trump, either.

There’s lots of Senate talk now about ‘changing the rules’ to accelerate the confirmation of nominees. 

One thing is for sure: the Senate won’t change the ‘rules’ to expedite the confirmation process. The Senate boasts 44 standing rules. It takes 67 votes to break a filibuster on an actual rules change. But what Senate Majority Leader John Thune, R-S.D., could do is back the Senate into a special parliamentary posture where he can initiate a new ‘precedent’ to confirm different types of nominees. That’s a maneuver that late Senate Majority Leader Harry Reid, D-Nev., executed to confirm some of former President Obama’s nominees. The same with former Senate Majority Leader Mitch McConnell, R-Ky., to confirm Supreme Court nominees.

‘New precedents’ in the Senate require some complicated parliamentary wrangling. But only a simple majority is necessary to make good on this gambit for nominees. So, it’s easier and much more plausible than ‘changing the rules.’

To the lay person, a new ‘precedent’ doesn’t sound important. But there’s a reason why the Senate only has 44 standing rules and a voluminous book of precedents. You can accomplish a lot in the Senate if you’re able to concoct a new precedent.

And note that it’s not just Republicans who want to change the way the Senate does things for some lower-tier, non-controversial nominees. Some Senate Democrats have expressed interest in changes, too.

There are only so many minutes and so many hours. Time is just as valuable to Democrats as it is to Republicans.

Everyone on Capitol Hill knows that more long nights and overnight sessions await lawmakers in September and the fall as the Senate attempts to confirm additional nominees.

That’s to say nothing of avoiding a government shutdown in October.

This is why Senate Republicans elected to stick around for a bit recently – and then call it a day. Or a month.

After all, there is only so much time available in August.

This post appeared first on FOX NEWS

Ukrainian President Volodymyr Zelenskyy on Sunday thanked European leaders for backing his push to join this week’s U.S.–Russia summit, as Kyiv fears Washington and Moscow could strike a deal to end the war but in a way that undermines Ukraine’s sovereignty.

‘The end of the war must be fair, and I am grateful to everyone who stands with Ukraine and our people today for the sake of peace in Ukraine, which is defending the vital security interests of our European nations,’ Zelenskyy said.

The leaders of Britain, France, Germany, Italy, Poland, Finland and the European Commission said in a joint statement that any diplomatic solution brokered between President Donald Trump and Russian President Vladimir Putin must protect the security interests of Ukraine and Europe.

‘The U.S. has the power to force Russia to negotiate seriously,’ EU foreign policy chief Kaja Kallas told Reuters on Sunday. ‘Any deal between the U.S. and Russia must have Ukraine and the EU included, for it is a matter of Ukraine’s and the whole of Europe’s security,’ she added.

NATO Secretary General Mark Rutte said the upcoming summit ‘will be about testing Putin’ and will serve as a measure of how serious the Russian leader is about ‘bringing this terrible war to an end.’

Both the White House and the Kremlin have acknowledged Zelenskyy’s request to join the talks, though no formal invitation has been issued. Trump and Putin are scheduled to meet in Alaska on Aug. 15. If Zelenskyy were to take part, the meeting would mark the first between Putin and Zelenskyy since the start of Moscow’s war.

The meeting, which Trump announced in a Truth Social post on Friday, comes on the heels of Washington’s threats to impose steep tariffs on the Kremlin and its allies.

Trump has previously singled out countries like India and China—top buyers of discounted Russian crude — for undermining G7 price caps and weakening the impact of Western sanctions.

In response, bipartisan lawmakers introduced the Sanctioning Russia Act, which would impose a 500% tariff targeting the core of Russia’s economy — its oil and gas exports — if Moscow continues to resist peace efforts or escalates the conflict.

Meanwhile, a senior member of Putin’s inner circle warned that multiple countries are mounting ‘titanic efforts’ to undermine the upcoming summit between the Russian leader and Trump.

‘Undoubtedly, a number of countries interested in continuing the conflict will make titanic efforts to disrupt the planned meeting between President Putin and President Trump,’ wrote Russia’s investment envoy, Kirill Dmitriev, in a Telegram post on Saturday, referencing the Kremlin’s ongoing war in Ukraine.

While Dmitriev did not name specific countries, he warned that critics of the upcoming talks could seek to sabotage the summit through diplomatic maneuvers or disinformation through the media.

This post appeared first on FOX NEWS

President Donald Trump will use the upcoming summit with Russian President Vladimir Putin to test how serious Putin is about ending the war with Ukraine, NATO Secretary General Mark Rutte said Sunday.

Rutte told ABC’s ‘This Week’ that the meeting comes as Trump continues to put pressure on Putin, noting the recent secondary sanctions on countries like India, which purchased Russian oil, and delivering lethal weapons to Ukraine.

‘Next Friday will be important because it will be about testing Putin, how serious he is on bringing this terrible war to an end,’ Rutte said.

Trump announced the first in-person meeting with Putin since Moscow launched its deadly invasion of Ukraine in 2022 in a Truth Social post on Saturday. The leaders are expected to meet in Alaska on Friday, Aug. 15.

In recent weeks, Trump has refused to mince words when asked about Putin. Trump said during a Cabinet meeting July 8 he was fed up with Putin and said he was eyeing potentially imposing new sanctions on Russia. 

The NATO chief called the upcoming meeting ‘an important step’ in the process of reaching full-scale peace negotiations between Russia and Ukraine.

Ukrainian President Volodymyr Zelenskyy, however, wasn’t expected to be at the summit with Trump and Putin as of Sunday. Despite Zelenskyy’s absence, Rutte said ‘we need Ukraine at the table.’

‘It will be about territory,’ Rutte said of the upcoming meeting. ‘It will, of course, be about security guarantees, but also about the absolute need to acknowledge that Ukraine decides on its own future, that Ukraine has to be a sovereign nation deciding on its geopolitical future, of course having no limitations to its own military troop levels, and for NATO to have no limitations on our presence on the eastern flank in countries like Latvia, Estonia and Finland.’

U.S. Ambassador to NATO Matthew Whitaker told CNN on Sunday that no decision had been made at this point about whether Zelenskyy would be invited to the meeting.

‘If [Trump] thinks that that is the best scenario to invite Zelenskyy, then he’ll do that,’ Whitaker said, adding that ‘there’s time to make that decision.’

When asked about whether Putin can be trusted, Whitaker said that in any situation of competing national interests it will be actions, not words, that decide whether peace is achieved and preserved.

‘Words are cheap, but in this case, whether it’s the Russians or the Ukrainians, both sides are going to have to take the actions to have peace and to continue to honor that peace,’ he said.

Fox News Digital’s Diana Stancy contributed to this report.

This post appeared first on FOX NEWS

President Donald Trump recently spoke to the South Carolina Republican Party’s Silver Elephant Gala through a phone that Sen. Lindsey Graham held up to a microphone.

Trump, who endorsed Graham for re-election earlier this year, continued expressing his support for the senator while speaking on the phone.

Trump said the senator has his ‘full endorsement,’ calling him a ‘great guy,’ saying that Graham has always been there for him when he needed him and he ‘won’t forget it.’

‘Thank you for your surprise call, Mr. President!’ Graham said in a post on X that also featured footage of Trump’s remarks about him. 

‘With your support, I’ll keep delivering the America First agenda to the great people of South Carolina. I’m glad to have been part of the most awesome six months in modern history led by President @realDonaldTrump.’

Graham, who has served in the Senate since 2003, is facing Republican primary challengers.

Paul Dans, the former director of the 2025 Presidential Transition Project at the Heritage Foundation and who is one of Graham’s challengers, attended the event where Trump spoke by phone.

‘Lindsey Graham’s terrified—his Senate seat’s at risk against me, his toughest challenger yet. After 32 years of broken term-limit promises, he’s done. Clinging to President Trump won’t save him from SC’s America First Patriots who see his grift. #LindseyPanic #PrezTrumpPlsHelpMe,’ Dans wrote in a post on X.

Graham will be up for re-election in 2026.

This post appeared first on FOX NEWS

Here’s a quick recap of the crypto landscape for Friday (August 8) 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 (BTC) was priced at US$116,454, down by 0.8 percent over the last 24 hours. Its lowest valuation on Friday was US$115,979, while its highest valuation was US$117,038.

Bitcoin price performance, August 8, 2025.

Chart via TradingView.

An executive order from the Trump administration about the addition of cryptocurrency investment options to federally regulated 401(k) retirement plans could trigger an influx of new capital and drive up Bitcoin’s price.

Separately, over US$1 billion in Bitcoin call options are set to activate if Bitcoin hits US$200,000 on December 26, when US$8.8 billion in options are set to expire; however, experts believe the presence of these call options reflects strategic positioning rather than a widespread belief in a year-end surge to that level. Cointelegraph analyst Marcel Pechman notes that pro traders are using far-out-of-the-money calls in structured strategies like diagonal spreads and inverse butterflies to manage risk and seek asymmetric upside, not as direct bets on extreme price targets.

Ethereum (ETH) was priced at US$4,053, up by 4.9 percent over the past 24 hours and its highest valuation of the day. Its lowest valuation on Friday was US$3,910 at the start of trading.

Altcoin price update

  • Solana (SOL) was priced at US$178.05, up by 3.8 percent over 24 hours. Its lowest valuation on Friday was US$174.86, and its highest was US$179.36.
  • XRP was trading for US$3.30, up by 6.6 percent in the past 24 hours. Its lowest valuation of the day was US$3.22, and its highest price was US$3.35.
  • Sui (SUI) was trading at US$3.85, up 3.1 percent over the past 24 hours. Its lowest valuation of the day was US$3.73, and its highest was US$3.86.
  • Cardano (ADA) was trading at US$0.7964, up by 4.2 percent over 24 hours. Its lowest valuation on Friday was US$0.7787, and its highest was US$0.8022.

Today’s crypto news to know

Trump order opens door for crypto and private equity in 401(k)s

US President Donald Trump has signed an executive order directing the Department of Labor to review its fiduciary rules for retirement plans, potentially clearing the way for assets like cryptocurrencies, private equity and real estate to be included in 401(k)s. While no laws have changed, the move signals a potential shift from the Biden era.

The Employee Retirement Income Security Act still requires fiduciaries to choose “prudent” investments, meaning employers will need to justify the inclusion of volatile or opaque assets. Legal experts say the order could influence how federal agencies interpret the rules, but it won’t override decades of court precedents on fiduciary duty.

For now, employers remain cautious due to the risk of lawsuits over imprudent or overly expensive options. Crypto in 401(k)s remains rare, though large firms like BlackRock are already exploring target-date funds with alternative assets.

SEC and Ripple dismiss appeals, ending lawsuit

Ripple and the US Securities and Exchange Commission (SEC) have dismissed their respective appeals, effectively ending a five-year lawsuit, as per a brief filing on Thursday (August 7) with the Court of Appeals for the Second Circuit.

“Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals,” Ripple’s chief legal officer, Stuart Alderoty, wrote on X.

The SEC sued Ripple in 2020 for selling XRP as an unregistered security. A July 2023 ruling by Judge Analisa Torres found XRP was not a security when sold on public exchanges, but was when sold to institutional investors.

The SEC appealed, and Ripple cross appealed. However, this past April, both parties filed a joint motion to pause their appeals, hinting at a settlement. They settled in May, asking Torres to dissolve the injunction and lower the US$125 million fine. She denied that in June, stating that Ripple must still follow federal securities laws.

Following the announcement, open interest in XRP grew by over 15 percent in 24 hours and futures volumes rose by over 233 percent, according to Coinglass data.

Parataxis to go public via SPAC merger

Bitcoin asset manager Parataxis announced its plan to go public by merging with a special purpose acquisition company (SPAC) called SilverBox Corp. IV on Wednesday (August 6).

The deal aims to raise up to US$640 million to “support acceleration of digital asset purchases and support long-term strategy.’ It implies a total pro forma equity value of up to US$800 million for the combined company, assuming the US$10 share price and no redemptions. The new public company will be named Parataxis Holdings and will trade on the New York Stock Exchange under the ticker symbol “PRTX.”

The company’s goal is to launch a yield-enhanced Bitcoin treasury strategy in the US and South Korea. The deal also includes an equity line of credit to raise additional funds. This will allow it to continue accumulating Bitcoin.

The company has already allocated US$31 million for an initial Bitcoin purchase.

Fundamental Global files to raise funds for ETH accumulation

Fundamental Global (NASDAQ:FGF), a new Ethereum treasury vehicle, has filed to raise US$5 billion, signaling the potential emergence of a new mega whale in the Ethereum market.

According to a Friday press release, the company aims to use the majority of the proceeds from a potential US$4 billion common stock offering to acquire a 10 percent stake in the Ethereum network.

“This US$5 billion shelf filing represents a significant step in our capital raising capabilities and positions us to move with speed and scale when capital deployment opportunities arise,” said CEO and Chairman Kyle Cerminara.

“We believe this framework will enable us to capitalize on ETH accumulation opportunities and support our target of a 10 percent stake in the Ethereum Network,’ he added.

Binance partners with Spain’s BBVA to bolster asset security

Binance is teaming up with Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second largest bank, to give customers the option of storing their assets with a regulated custodian rather than directly on the exchange.

The arrangement is designed to reassure investors after Binance’s US$4.3 billion fine from US regulators in 2023 over anti-money laundering failures. With BBVA acting as an independent custodian, customer funds would remain secure even if Binance faced hacking, insolvency or further regulatory action.

The partnership leverages BBVA’s strong reputation for compliance and innovation, aiming to encourage more cautious investors to engage with crypto. The move also follows leadership changes at Binance, including founder Changpeng Zhao’s resignation and brief prison sentence, as the company works to repair its image.

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

This week saw tech stocks push the Nasdaq Composite (INDEXNASDAQ:.IXIC) to its best week since June.

However, on Monday (August 4), multiple news outlets reported that various Wall Street firms were warning of a near-term drop in the S&P 500 (INDEXSP:.INX) after its strong rally. In a note to clients, Mike Wilson of Morgan Stanley (NYSE:MS) forecasts that tariffs, which went into effect this week, will lead to a 10 percent correction.

“Over the last couple of weeks, we have noted that investors should expect a modest pullback in the third quarter,” Wilson wrote. Julian Emanuel of Evercore (NYSE:EVR) anticipates a 15 percent drop. Additionally, Parag Thatte’s team at Deutsche Bank (NYSE:DB) points to an overdue drawdown following three months of equity expansion.

Markets appear to have disregarded the warnings, as economic data released this week has revived expectations for interest rate cuts. Stephen Miran, US President Donald Trump’s interim selection for Adriana Kugler’s position as chair of the Council of Economic Advisers, has further fueled these expectations. According to CME Group’s (NASDAQ:CME) Fedwatch tool, traders now anticipate a nearly 90 percent probability of a rate cut next month.

Furthermore, exemptions to the Trump administration’s tariffs for companies investing in US manufacturing capacity led to a midweek rally in tech stocks that persisted through to Friday (August 8).

1. OpenAI’s busy week

On Wednesday (August 6), OpenAI unveiled the long-awaited GPT-5 version of ChatGPT, which CEO Sam Altman described as a “significant step” along the path to artificial general intelligence (AGI).

Altman declared that GPT-5 gives users PhD-level expert assistance on any subject, with fewer hallucinations, as well as superior coding abilities that could lead to an era of “software on demand.’

“Something like GPT-5 would be pretty much unimaginable in any other time in history,” he said during a pre-briefing with journalists on Wednesday. While GPT-5 exhibits signs of broad intelligence, Altman clarified that it lacks a key characteristic of AGI: the ability to learn and improve autonomously.

Concurrently, OpenAI for Government announced it is partnering with the US General Services Administration to offer ChatGPT Enterprise to the federal executive branch workforce for US$1 per agency for the next year.

In a statement to Wired, Altman said the agreement was part of Trump’s Artificial Intelligence (AI) Action Plan, which is geared at leveraging AI to better serve the American people.

Additionally, the company reportedly engaged in early discussions this week for a secondary stock sale that would increase its valuation to US$500 billion. During an interview with Schwab Network, Ben Emons, chief investment officer and founder of FedWatch Advisors, said OpenAI’s valuation could hit US$1 trillion.

A recent report by the Information found that OpenAI has hit an annualized run rate of US$12 billion, roughly double the US$6 billion recorded in revenue in the first half of 2025.

OpenAI also introduced a pair of freely available models this week, which Amazon (NASDAQ:AMZN) will offer to cloud-computing clients.

2. Stocks react to chip tariff exemptions

Trump announced plans to impose a nearly 100 percent tariff on semiconductor chips on Wednesday, but carved out an exemption for companies investing in US manufacturing capacity.

After a meeting at the White House, Apple (NASDAQ:AAPL) CEO Tim Cook pledged an additional US$100 billion investment in US manufacturing capacity, bringing its total commitment to US$600 billion over the next four years.

However, final assembly is expected to remain overseas “for a while,” according to Cook, and the announcement did not include any mention of future iPhone assembly in the US.

Apple performance, August 5 to 8, 2025.

Chart via Google Finance.

The pledge led to a significant market reaction, with Apple shares climbing over 4 percent, leading gains on Wall Street.

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) also saw strong gains after it was reported that National Development Council Chief Liu Chin-ching told parliament that the company will be exempt since it has factories in the US, referring to fabrication plants currently under construction in Arizona.

However, he added that some of Taiwan’s chipmakers will be affected.

Likewise, South Korean trade officials stated that Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) will both avoid the tariffs due to their investments in US manufacturing facilities. Samsung has two chip fabrication plants in Texas, while SK Hynix is building a new advanced chip packaging and R&D facility in Indiana.

3. Firefly Aerospace makes explosive Nasdaq debut

Firefly Aerospace (NASDAQ:FLY) made a strong debut on the Nasdaq Global Market on Thursday (August 7).

The stock opened at US$70 per share, a significant jump from its initial public offering price of US$45.

After first targeting between US$35 and US$39 per share, the company raised the price from US$41 to US$43 on Tuesday (August 5). Firefly was valued at over US$2 billion after a Series D funding round in November 2024.

Its opening price represented a further increase. After briefly topping US$73.80, the company closed its first day on the market at US$60.35, raising US$868.3 million and achieving a valuation of approximately US$8.5 billion.

The company experienced a moderate pullback on Friday, opening at US$54.85 before briefly touching US$57.07; it then closed the week at US$50.17.

4. Tesla desbands Dojo team

Tesla (NASDAQ:TSLA) CEO Elon Musk confirmed reports that the company is disbanding its Dojo supercomputer team, posting to X on Thursday evening:

“It doesn’t make sense for Tesla to divide its resources and scale two quite different AI chip designs.

“The Tesla AI5, AI6 and subsequent chips will be excellent for inference and at least pretty good for training. All effort is focused on that.”

Tesla intended for Dojo to facilitate the training of its Autopilot and Full Self-Driving systems.

Sources for Bloomberg, which first reported the story, said Tesla will rely on partners like NVIDIA (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) and Samsung for chip manufacturing.

This move contradicts Musk’s commitments to “double down on Dojo” during his company’s second quarter earnings call on July 23. The development follows a letter sent to shareholders by two Tesla directors on Monday explaining the board’s decision to grant Musk a US$23.7 billion stock award.

Robyn Denholm, chair of Tesla’s board of directors, and Kathleen Wilson-Thompson, a director, said the decision was driven by Tesla’s transition from electric vehicles to AI and robotics.

The letter emphasizes the critical need to motivate Musk, stating that his involvement is essential for attracting and retaining talent at Tesla, especially as competition for AI talent intensifies.

5. Palantir reports solid growth in Q2

Major software company Palantir Technologies (NASDAQ:PLTR) reported its Q2 earnings on Monday, revealing revenue growth of 48 percent to US$1.003 billion. Shares of the company opened over 7 percent higher on Tuesday and continued to rise, finishing the week up nearly 18 percent.

Palantir Technologies performance, August 5 to 8, 2025.

Chart via Google Finance.

“This was a phenomenal quarter. We continue to see the astonishing impact of AI leverage,’ said Alex C. Karp, co-founder and CEO of Palantir, in a press release. “We are guiding to the highest sequential quarterly revenue growth in our company’s history, representing 50 percent year-over-year growth.”

Free cashflow rose by 282 percent to US$568.7 million. The company is projecting further revenue growth of around 49 percent in the third quarter. Its share price is up over 145 percent year-to-date after starting the year at US$76.20. As of Friday’s closing bell, shares of Palantir were trading for US$186.96.

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

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