Brightstar Resources (BTR:AU) has announced Strategic Acquisition of Aurumin Consolidates Sandstone
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American Rare Earths Limited (ARR:AU) has announced Resignation of Managing Director/CEO
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The US government has imposed a 93.5 percent anti-dumping tariff on battery-grade graphite imports from China, targeting what officials have described as unfairly low-priced shipments.
They claim domestic producers have been undercut, and have cited concerns over critical minerals dependence.
The US Department of Commerce announced the duty on Thursday (July 17) after an investigation prompted by from US manufacturers, who argued that Chinese producers were flooding the market with underpriced graphite.
The new duty, when combined with existing countervailing tariffs, raises the total effective rate to around 160 percent, according to the American Active Anode Material Producers (AAAMP), the coalition that filed the complaint.
The move affects roughly US$347 million worth of Chinese graphite imports, according to commerce department estimates, and comes as US policymakers scramble to secure critical mineral supply chains.
“Commerce’s determination proves that China is selling [active anode material] at less than fair value into the domestic market,” Erik Olson, a spokesperson for AAAMP, said in a Thursday press release.
The department said final rulings on both anti-dumping and anti-subsidy investigations will be announced by December 5.
A separate ruling in May placed a 6.55 percent preliminary countervailing duty on most Chinese producers, but singled out Huzhou Kaijin New Energy Technology and Shanghai Shaosheng for exceptionally high rates — 712.03 percent and 721.03 percent, respectively.
Graphite’s importance draws new scrutiny
While graphite rarely draws headlines like lithium or cobalt, it comprises up to 50 kilograms of every electric vehicle (EV) battery, forming the anode — a component as essential as the more widely discussed cathode.
China accounts for roughly 95 percent of global anode production, according to data from SNE Research.
Imports from China represented two-thirds of the 180,000 metric tons (MT) of graphite products shipped to the US in 2023, BloombergNEF data shows. Industry analysts say the new duties could significantly reshape market economics — especially for foreign battery suppliers that serve US automakers.
Supporters of the decision, including domestic producers and some lawmakers, argue the tariffs are a long-overdue corrective measure to level the playing field and stimulate US production.
“The decision today underscores the strategic importance of building a domestic supply chain for critical minerals, including synthetic graphite, in North America,” said Michael O’Kronley. “It affirms our business strategy as well as the diversification strategy of our customers to source critical battery materials and components locally.’
O’Kronley is CEO of Novonix (ASX:NVX,NASDAQ:NVNXF), which is building one of the largest synthetic graphite facilities in North America with support from a US$750 million US Department of Energy loan.
Westwater Resources (NYSEAMERICAN:WWR), which is constructing a graphite plant in Alabama, said the ruling provides the policy clarity and market signals needed to accelerate domestic graphite production.
“These two rulings by the DOC are distinct from legislative-driven global trade tariffs,” said Chief Commercial Officer Jon Jacobs in a statement of support. “They reflect long-term support for US-based graphite production.”
The company expects to produce 12,500 MT of graphite in 2026 and ramp up to 50,000 MT annually by 2028.
Despite efforts to boost local production, US automakers and battery makers warn that domestic graphite supply remains years away from meeting commercial demand — either in scale or purity.
In filings with the commerce department, Tesla (NASDAQ:TSLA) cautioned that US producers have yet to demonstrate the technical ability to deliver the quality needed for EV batteries. Panasonic (OTC Pink:PCRFF,TSE:6752) echoed similar concerns, and both companies opposed the tariff earlier this year.
This leaves companies with a difficult choice: pay sharply higher prices for Chinese imports or risk shortages from an unproven local market.
Trade frictions add to supply chain strain
The timing complicates matters further. Just days before the US tariff announcement, China finalized new export controls on key battery technologies, including those used in lithium iron phosphate (LFP) cells — an area where China leads globally. The combination of trade restrictions on both sides is stoking fears of a wider resource standoff.
For US automakers, the downstream pressure is immediate. The tariff could wipe out up to 20 percent of the value of production tax credits under the Inflation Reduction Act, while added import costs may ripple through the supply chain.
Higher battery costs could also push EV sticker prices further upward, straining affordability and slowing adoption.
But experts caution that breaking China’s dominance in graphite will not be quick or easy. According to the International Energy Agency, developing alternative supply chains for battery materials could take years, if not decades — especially given the high purity and consistency required in EV-grade materials.
Still, supporters argue the short-term pain is worth the strategic payoff. “It’s a very strong signal that they are intent on fostering an ex-China supply chain,” Ben Lyons of Jarden told the Financial Times.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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China is solidifying its position as the primary engine for global platinum demand
Record participation in Shanghai Platinum Week underscores the country’s expanding influence in a market facing a deepening supply deficit. The event, which attracted over 590 delegates from 30 countries, took place at a critical moment — just as the platinum market is tightening and a supply shortfall is deepening through 2029.
The World Platinum Investment Council (WPIC) notes that China now accounts for 64 percent of global demand for platinum bars and coins — up from 11 percent in 2019 — driven largely by investors seeking alternatives to gold.
“Platinum demand in China is continuing to expand, as the growth in physical platinum investment we are currently witnessing demonstrates,” said WPIC CEO Trevor Raymond, who also warned of persistent market tightness to 2029.
Also during the event, Valterra Platinum (JSE:VAL) CEO Craig Miller delivered his first public address in Asia since the company’s high-profile demerger from Anglo American (LSE:AAL,OTCQX:AAUKF) in May.
Miller confirmed Shanghai as one of Valterra’s three new international marketing hubs, emphasizing the company’s intent to shape demand within China’s growing platinum-group metals (PGMs) ecosystem.
“Attending Shanghai Platinum Week has highlighted its value for connecting with the PGM market in China,” he said. “Shaping demand for PGMs through market development remains an integral part of our strategy.”
Although new tariffs are expected to dent platinum demand by an estimated 112,000 ounces in 2025, that 1.4 percent decline is being far outweighed by a boom in investment and jewelry consumption.
The Chinese jewelry sector, too, is undergoing a transformation. Wholesalers are commissioning stock that mimics popular gold designs, making platinum jewelry more accessible and appealing to retailers and consumers alike.
If this trend continues, the WPIC forecasts a sharp rise in jewelry-related platinum usage from 2026 onward.
Platinum market fundamentals also remain tight, with supply expected to lag behind growing demand through at least 2029. Several Chinese refiners have recently secured “good delivery” accreditation from the London Platinum and Palladium Market, bolstering investor confidence and strengthening the local trading ecosystem.
Beyond investment and jewelry, regulatory and industrial shifts are setting the stage for long-term structural demand. China’s upcoming China VII/7 vehicle emissions standards, due to take effect in 2026, are expected to significantly increase PGMs loadings per vehicle due to more stringent cold start and real-world emissions testing.
Meanwhile, a global phaseout of mercury-based catalysts in polyvinyl chloride manufacturing is likely to drive adoption of platinum-based alternatives by 2030. In the hydrogen economy — a sector widely seen as platinum’s next frontier — the outlook remains bullish. Installed global electrolysis capacity is forecast to reach 100 gigawatts by 2030, with platinum-intensive proton exchange membrane (PEM) technology expected to dominate nearly half the market.
“This year we were delighted to welcome more overseas interest than ever before,” said Raymond. “Platinum investment is a natural mechanism for attracting metal into any geography, providing a pool of liquidity to supply future demand — particularly vital for countries like China, which rely on imports and recycling for supply.”
The week also celebrated Shanghai Platinum Week’s fifth anniversary with the unveiling of a commemorative 999.5 platinum medal designed by master engraver Luo Yonghui, limited to just 200 pieces.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Here’s a quick recap of the crypto landscape for Friday (July 18) 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$117,488, down by 1.3 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$117.409 and a high of US$119,529.
Bitcoin price performance, July 18, 2025.
Chart via TradingView.
After hitting new highs this week, supported by optimism around US crypto legislation and continued institutional inflows, Bitcoin is consolidating. The crypto market is currently seeing a capital rotation from Bitcoin to altcoins, with Ethereum’s token, ETH, exhibiting an exceptionally strong run.
Ethereum (ETH) was priced at US$3,555.99, up by 3.9 percent over the past 24 hours. Its lowest valuation on Friday was US$3,541.70, and its highest was US$3,657.81.
Altcoin price update
- Solana (SOL) was priced at US$117.28, up by 1.6 percent over 24 hours. Its lowest valuation on Friday was US$176.32, and its highest was US$181.52.
- XRP was trading for US$3.44, up 3.1 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$3.36, and its highest was US$3.52.
- Sui (SUI) is trading at US$3.80, down by four percent over the past 24 hours and its lowest valuation of the day. Its highest was US$4.01.
- Cardano (ADA) was trading at US$0.8176, up by 1.9 percent over 24 hours. Its lowest violation was US$0.8152 while its highest was US$0.8591.
Today’s crypto news to know
GENIUS Act becomes law
US President Donald Trump signed the GENIUS Act into law on Friday, establishing the first federal regulatory framework for stablecoins in the US. This marks a significant development for digital assets.
The act will take effect 18 months after the date of enactment, or 120 days after the primary federal payment stablecoin regulators issue any final implementing regulations.
In a statement, Securities and Exchange Commission (SEC) Chair Paul Atkins congratulated the House on the accomplishment, which was preceded by a tumultuous period on Tuesday (July 15) that saw a procedural vote fail.
This was followed by a successful bipartisan vote on Wednesday (July 16) to advance the bill, culminating in its overwhelming passage on Thursday (July 17). Atkins added that he will look forward to watching the market leverage the regulatory framework provided by the GENIUS Act” over the coming months and years.
Stablecoins are used to facilitate trading, payments, and transfers within the crypto ecosystem without the volatility of traditional cryptocurrencies like Bitcoin. Secretary of the Treasury Scott Bessent recently suggested that the law could help grow the stablecoin market to US$3.7 trillion by 2030.
Two other bills also passed the House during the so-called “Crypto Week”: one defining which crypto assets are securities or commodities, and another barring the Federal Reserve from launching a US central bank digital currency.
These bills will now proceed to the Senate, but the Genius Act’s passage alone is already being hailed as a defining moment in the evolution of US crypto regulation.
Crypto market soars past US$4 trillion
The global market capitalization of the crypto sector has topped US$4 trillion for the first time, spurred by optimism following the US House’s passage of federal stablecoin legislation.
Investors are piling into altcoins and crypto-related equities as momentum builds behind Crypto Week in Washington. Ether led the charge with a 22 percent jump over five days, while Bitcoin soared to an all-time high of US$123,205 and continues to make up over half of the market’s total value.
The gains reflect confidence that a regulatory framework is finally taking shape in the world’s largest economy.
Analysts predict that the stablecoin sector alone could balloon to US$3.7 trillion by 2030, especially with state and federal guardrails in place. Exchange-traded fund inflows have been particularly strong this month, with US-listed Bitcoin and Ether funds attracting a combined US$8.4 billion in July.
SharpLink to raise US$6 billion for ETH acquisition
Following a 16,370 ETH acquisition on Sunday (July 13), a prospectus supplement filed with the SEC by online performance marketing company SharpLink on Thursday revealed the company increased the amount of common stock it can sell by an extra US$5 billion. Added to the US$1 billion in its initial May 30 filing, this brings the total offering to US$6 billion. SharpLink said it would use the funds to acquire more ETH.
Executive order will reportedly allow crypto in 401(k)s
Trump is reportedly expected to sign an executive order allowing American 401(k) retirement plans to include alternative assets like cryptocurrencies, as well as gold and private equity.
This development was reported by the Financial Times on Thursday, citing three individuals briefed on the plans, who added that the order would direct regulatory agencies to investigate the remaining hurdles preventing alternative investments in professionally managed funds.
In response, SEC Chair Paul Atkins expressed openness to the inclusion of cryptocurrencies in 401(k) retirement plans during an appearance on Bloomberg Talks, but emphasized the critical need for investor education.
Atkins has also indicated that the SEC is considering an innovation exemption within its regulatory framework. This exemption would aim to facilitate new trading methods and offer targeted relief to foster the growth of a tokenized securities ecosystem.
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.
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President Trump has been in office for six months, delivering on campaign promises, securing his ‘big beautiful bill’ by his self-imposed deadline and taking decisive action on the world stage.
The president was sworn into office Jan. 20, and the Trump administration has operated at warp speed since Day One.
Key tenets of Trump’s first 100 days included imposing harsh tariffs on Chinese imports, starting and continuing peace negotiations between Russia and Ukraine, and cracking down on border security amid a mass deportation initiative.
The next chapter of the second Trump administration began, with the House of Representatives, as promised, passing Trump’s ‘One Big Beautiful Bill,’ before Memorial Day, sending it to the Senate for weeks of negotiations.
The Senate made its changes, approved the legislation and kicked it back to the House just in time for the lower chamber to pass the bill before Trump’s self-imposed Fourth of July deadline.
The president welcomed House and Senate Republican leadership to the White House July 4 for a signing ceremony on his landmark legislation, which included key provisions that would permanently establish individual and business tax breaks included in his 2017 Tax Cuts and Jobs Act, and incorporate new tax deductions to cut duties on tips and overtime pay.
Trump’s second administration has also focused on the new Department of Government Efficiency (DOGE), which was run by Elon Musk. DOGE proposed cuts to programs that the Trump administration chalked up to wasteful and excessive government spending.
Congressional lawmakers prepped a rescissions package — a bill to codify those DOGE cuts into law. Congress passed that package by its deadline.
Trump signed the package Friday, which blocks $8 billion in funding to the U.S. Agency for International Development (USAID) and $1 billion to the Corporation for Public Broadcasting for the remainder of the fiscal year. The dollars had been allocated by Congress for the duration of fiscal year 2025.
As for Musk, his ‘special government employee’ window expired, and he returned to the private sector. Shortly after, Musk started a short-lived feud with the president, who chose not to prolong the tensions. Trump only hit his former ally briefly, and carried on with business as usual, leaving Musk to a lonely rant on social media.
Meanwhile, on the world stage, the president ordered strikes on Iran’s nuclear facilities.
Trump’s historic precision strikes on Iran’s nuclear sites in June hit their targets and ‘destroyed’ and ‘badly damaged’ the facilities’ critical infrastructure — an assessment agreed upon by Iran’s Foreign Ministry, Israel and the United States.
But Iranian Supreme Leader Ayatollah Ali Khamenei recently issued his latest threat against the U.S. and ‘its dog on a leash, the Zionist regime (Israel),’ saying that Iran’s attack on U.S. Al Udeid Air Base in Qatar was just the beginning of what Tehran could throw at Washington. He warned that ‘an even bigger blow could be inflicted on the U.S. and others.’
Iran has until the end of August to agree to a nuclear deal with the United States and its allies, Fox News has learned.
Secretary of State Marco Rubio and the foreign ministers of France, Germany and the United Kingdom set the de facto deadline, according to three sources with knowledge of a call Wednesday among the officials.
If Iran fails to agree to a deal, it would trigger the ‘snapback’ mechanism that automatically reimposes all sanctions previously imposed by the United Nations Security Council.
The sanctions were lifted under the 2015 Iran deal.
In his first six months as president, Trump also signed a sweeping order blocking travel to the U.S. from nearly 20 countries identified as high-risk for terrorism, visa abuse and failure to share security information.
The travel restrictions — announced under executive order 14161 — apply to nationals from 12 countries, including Afghanistan, Iran, Somalia, Libya and Yemen, all deemed ‘very high risk’ due to terrorist activity, weak or hostile governments, and high visa overstay rates.
Domestically, the president has focused efforts on securing the border, with border crossings at a record low.
U.S. Customs and Border Protection reported the lowest number of border crossings in recorded history in June. Nationwide, there were 25,228 CBP encounters, the lowest monthly number the agency has recorded, including a ‘historical low’ of 8,024 apprehensions. Encounters include legal ports of entry, whereas apprehensions are arrests of those coming into the United States illegally.
As for tariffs, the Trump administration had leveled tariffs as high as 145% on Chinese goods following the president’s reciprocal tariff plans in April, when China retaliated against the U.S. with tariffs of its own. China and the U.S. reached a preliminary trade agreement in May, which Trump said China violated in a Truth Social post at the end of May.
An agreement was reached between the U.S. and China in June, which includes China supplying rare earth materials to the U.S., and that Trump will ‘work closely’ with Chinese President Xi Jinping ‘to open up China to American Trade.’
‘Full magnets, and any necessary rare earths, will be supplied, up front, by China,’ Trump said in June. ‘Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!’
The president also celebrated the U.S. Army’s 250th birthday with a massive parade in Washington June 14 — kicking off a yearlong extravaganza leading up to America’s 250th birthday.
Outside the White House, Trump administration agencies have delivered on promises.
The Department of Education unveiled plans to scale down its workforce, terminating nearly 1,400 Education Department employees. The Supreme Court upheld Trump’s move.
The Justice Department released the audio of former President Joe Biden’s interview with former Special Counsel Robert Hur. Hur was investigating Biden for alleged improper retention of classified records.
Congressional lawmakers had been demanding the audio of that interview be released since 2024, after the transcript of Biden’s interview was littered with mistakes and revealed significant memory lapses.
The Department of Justice also has started an investigation into Biden’s pardons his final days in office to determine whether they are valid. Fox News Digital has learned the pardons, in his final weeks in office, were signed by autopen, with just one signed by hand — the pardon for his son Hunter.
Trump has also directed Attorney General Pam Bondi to make public any relevant grand jury testimony relating to the Jeffrey Epstein case.
Over at the FBI, CIA and the Office of the Director of National Intelligence, intelligence officials and political appointees are in the process of declassifying all records related to the Trump–Russia investigation, also known as ‘Crossfire Hurricane.’
Fox News Digital also exclusively reported that former FBI Director James Comey and former CIA Director John Brennan are under criminal investigation relating to their actions tied to the Trump–Russia probe.
Fox News’ Emma Colton, Diana Stancy, Elizabeth Elkind and Louis Casiano contributed to this report.
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Democrats have railed against potential Medicaid cuts since President Donald Trump won the 2024 presidential election. Now that his ‘big, beautiful bill’ has passed through Congress, they are making Medicaid a top talking point ahead of competitive midterm elections expected in 2026.
Republicans, meanwhile, are doubling down on Medicaid reform included in Trump’s megabill, which also includes sweeping legislation on taxes, immigration and energy.
‘My policy is if you’re an able-bodied worker, get a damn job,’ Rep. Nancy Mace, R-S.C., told Fox News Digital. ‘If you want government benefits, go to work and get a job.’
A provision in the megabill requires able-bodied, childless adults between the ages of 18 and 64 to work at least 80 hours a month to be eligible to receive Medicaid benefits. Individuals can also meet the requirement by participating in community service, going to school or engaging in a work program.
Fox News Digital asked lawmakers on Capitol Hill if taxpayers should have to pay for Medicaid bills for able-bodied workers who are under 65 and unemployed.
Sen. Angus King, an independent from Maine, said in both Arkansas and Georgia, where work requirements have already been imposed, it ended up costing taxpayers more money to administer the work requirements.
‘We’re talking about a very small population, and in the two cases where they tried it, it ended up, number one, disqualifying people who met all the requirements but gave up on the paperwork. These aren’t people that are used to filling out a lot of paperwork every month. And it also cost the state a lot to administer,’ King said.
The New England Journal of Medicine found that Arkansas’ Medicaid work requirement from 2018 to 2019 ‘found no evidence of increased employment … and a significant loss of Medicaid coverage among low-income adults.’
Similarly, the Georgia Budget & Policy Institute (GBPI) reported that 80% of the $58 million spent in the first year of Georgia’s Pathways to Coverage program went toward administrative costs.
But Sen. Katie Britt, R-Ala., emphasized that Republicans ‘want these programs to be around for the people who need them.’ She said Medicaid reform is about ‘strengthening and preserving these programs at the rate that they’re growing.’
‘These programs were intended to be safety nets, not hammocks that people stay in, and the success of these programs should be measured by how many people we get off of them,’ Britt said.
Sen. Bill Cassidy, R-La., agreed, telling Fox News Digital, ‘What you don’t want is for somebody to become dependent. I’d tell people: safety nets should bounce you to your feet. They shouldn’t be like flypaper in which you stick and can never get off.’
‘We’re not saying, ‘Hey, we’re not throwing you out.’ All right, but you gotta go get a job. You either get a job, or actually you can even volunteer, all right? And that will satisfy the requirements for work,’ Rep. Carlos Gimenez, R-Fla., explained.
But Democrats who spoke to Fox News Digital continued to push back against the work requirements included in the ‘big, beautiful bill.’
‘I think people [who] are able to work, trust me, they’d rather work than to get the piddling dollars that they get from Medicaid. It’s insulting to suggest that a person would rather sit at home rather than work and get this meager amount of money. All of this has just been totally expanded to fit a narrative that allows them to cut into those people who really deserve Medicaid,’ Rep. Troy Carter, D-La., said.
And Rep. Lateefah Simon, D-Calif., said, ‘We need to be able to have an infrastructure in this country that supports the elderly and the sick and the widows and the child. This bill, it violates all those basic principles.’
Fox News’ Peter Pinedo contributed to this report.
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Investors honed in on tech stocks again as Q2 earnings season kicked off on Monday (July 14).
Some experts believe the rallying market is showing signs of frothiness.
Apollo Global Management (NYSE:APO) Chief Economist Torsten Sløk highlighted concerns about overvaluation mid-week, comparing the current tech craze to the dotcom bubble of the 1990s.
“The difference between the IT bubble in the 1990s and the AI bubble today is that the top 10 companies in the S&P 500 today are more overvalued than they were in the 1990s,” he wrote in a note on Wednesday (July 16).
Similar thoughts were expressed by Moor Insights & Strategy founder Patrick Moorhead last week.
However, Sanctuary Wealth’s chief investment strategist, Mary Ann Bartels, told CNBC’s Power Lunch team that valuations are justified by the technology that’s being unleashed. Major financial firms like Citigroup (NYSE:C), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) also said they are increasingly exploring digital asset offerings, signaling traditional finance’s growing involvement in crypto and the broader adoption of innovative technologies.
These announcements came alongside positive earnings reports and mixed inflation data that helped lift markets to renewed highs, culminating in global manufacturer 3M (NYSE:MMM) raising its full-year profit forecast on Friday.
The company is projecting a smaller tariff-related hit to its 2025 earnings.
1. TSCM, ASML release latest quarterly results
This week saw semiconductor giants Taiwan Semiconductor Manufacturing Company (NYSE:TSM) and ASML Holding (NASDAQ:ASML) report their latest quarterly earnings.
The companies received vastly different reactions from the market. Contract chipmaker TSMC saw its valuation soar on Thursday (July 17) morning after it posted record profits that exceeded expectations and raised its full-year revenue forecast by 30 percent due to demand for artificial intelligence (AI) chips.
While the chipmaker addressed minor concerns about US tariffs and inventory, AI-driven growth dominated investor sentiment. Shares of TSMC opened 4.51 percent higher from Wednesday’s (July 16) closing price.
Positive sentiment spilled over into other chip stocks, with NVIDIA (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) also seeing gains. TSMC maintained its position to close up 5.87 percent for the week.
TSMC and ASML performance, July 15 to 18, 2025.
Chart via Google Finance.
Conversely, ASML, a lithography systems monopolist, saw its share price plunge more than 8 percent ahead of Wednesday’s open, despite solid Q2 numbers, due to a cautious outlook for late 2025 and 2026.
In a statement, the company said it cannot confirm growth in 2026 due to current macroeconomic and geopolitical developments. ASML closed the week 7.39 percent below its Monday opening price.
The divergence highlights their supply chain positions: TSMC directly benefits from the immediate AI boom, while the prospects for ASML, a step removed, remain uncertain.
2. US announces major investments in Pennsylvania
US President Donald Trump joined Pennsylvania Senator Dave McCormick (R) at the inaugural Energy and Innovation Summit at Carnegie Mellon University in Pittsburgh on Tuesday (July 15).
He announced an investment amounting to over US$90 billion in AI and energy infrastructure in the state.
The announcement from Trump covers several multibillion-dollar spending plans from the likes of Google (NASDAQ:GOOGL), Blackstone (NYSE:BX), Anthropic, GE Verona (NYSE:GEV) and others for power generation and grid modernization. It also includes natural gas production to help power data centers.
Additionally, the preview mentions AI training programs and apprenticeships for businesses.
“These commitments will create tens of thousands of construction jobs and thousands of permanent jobs, signaling Pennsylvania’s readiness to power the AI and energy revolution, further strengthening America’s resilience and independence,” McCormick’s office wrote in a press release.
Separately, Google and Brookfield Asset Management (NYSE:BAM) announced on Tuesday that they have entered into a framework agreement to provide up to 3,000 MW megawatts of domestically produced hydropower from Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania. The agreement allows for future expansion, with an initial focus on the mid-Atlantic and mid-continent electricity markets.
3. NVIDIA resumes chip sales to China
On Monday, NVIDIA CEO Jensen Huang said his company will resume H20 GPUs sales to China after productive meetings with government officials from the US and Beijing earlier this month.
In a press release, the company said it has been assured by the US government that licenses will be granted.
NVIDIA performance, July 15 to 18, 2025.
Chart via Google Finance.
Shares of the chipmaker opened 4.27 percent higher on Tuesday and closed the week up 4.25 percent.
4. Apple to invest in US rare earths miner
On Tuesday, Apple (NASDAQ:AAPL) said it will invest US$500 million in rare earths miner MP Materials (NYSE:MP) as part of an effort to strengthen the American rare earths supply chain.
MP is the only fully integrated rare earths miner operating in the US. Last week, the US Department of Defense said it would buy a direct equity stake in the company, becoming its largest shareholder.
The company’s Apple collaboration also includes plans to build out MP’s neodymium magnet manufacturing lines at its Texas factory specifically for Apple products. This expansion is slated to boost production and create jobs in advanced manufacturing and research and development, helping to meet global demand.
Apple and MP will also collaborate to establish a rare earths recycling line in Mountain Pass, California, and will develop new magnet materials and processing technologies to improve magnet performance.
“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the U.S. economy,” said Tim Cook, Apple’s CEO.
5. OpenAI and AWS launch new AI agent features
Open AI has launched a powerful new Agent mode in ChatGPT for pro, plus and team users.
It can autonomously complete tasks across the web, and also includes productivity tools.
The new feature enables AI agents that can help automate workflow by creating and editing spreadsheets and presentations, generating reports, analyzing data and managing calendars on users’ desktops; agents can also browse websites and fill out forms with user approval. The company has plans to add e-commerce checkouts.
Aside from that, the Financial Times reported this week that OpenAI plans to take a cut of online shopping purchases made within its chatbot as a way to generate revenue from people using AI for shopping inspiration.
Amazon (NASDAQ:AMZN) also made major announcements around AI agents this week. At its Amazon Web Services (AWS) Summit in New York, the company launched Bedrock AgentCore, a suite of enterprise-grade services that will allow developers to build, deploy and run scalable agents. AWS also introduced AI Agents & Tools, a new category on AWS Marketplace. It features pre-built agents from partners like Anthropic, IBM (NYSE:IBM) and Stripe.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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Elon Musk’s health tech company Neuralink labeled itself a “small disadvantaged business” in a federal filing with the U.S. Small Business Administration, shortly before a financing round valued the company at $9 billion.
Neuralink is developing a brain-computer interface (BCI) system, with an initial aim to help people with severe paralysis regain some independence. BCI technology broadly can translate a person’s brain signals into commands that allow them to manipulate external technologies just by thinking.
Neuralink’s filing, dated April 24, would have reached the SBA at a time when Musk was leading the Trump administration’s Department of Government Efficiency. At DOGE, Musk worked to slash the size of federal agencies.
MuskWatch first reported on the details of Neuralink’s April filing.
According to the SBA’s website, a designation of SDB means a company is at least 51% owned and controlled by one or more “disadvantaged” persons who must be “socially disadvantaged and economically disadvantaged.” An SDB designation can also help a business “gain preferential access to federal procurement opportunities,” the SBA website says.
The Department of Justice has previously fined companies for making false claims about their SDB status.
Musk, the world’s wealthiest person, is CEO of Tesla and SpaceX, in addition to his other businesses like artificial intelligence startup xAI and tunneling venture The Boring Company. In 2022, Musk led the $44 billion purchase of Twitter, which he later named X before merging it with xAI.
Jared Birchall, a Neuralink executive, was listed as the contact person on the filing from April. Birchall, who also manages Musk’s money as head of his family office, didn’t immediately respond to a request for comment.
Neuralink, which incorporated in Nevada, closed a $650 million funding round in early June at a $9 billion valuation. ARK Invest, Peter Thiel’s Founders Fund, Sequoia Capital and Thrive Capital were among the investors. Neuralink said the fresh capital would help the company bring its technology to more patients and develop new devices that “deepen the connection between biological and artificial intelligence.”
Under Musk’s leadership at DOGE, the initiative took aim at government agencies that emphasized diversity, equity and inclusion (DEI). In February, for example, DOGE and Musk boasted of nixing hundreds of millions of dollars worth of funding for the Department of Education that would have gone towards DEI-related training grants.
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The State Department says it is working swiftly to distribute tens of thousands of tons of food aid around the globe, pushing back on reports that the U.S. was preparing to incinerate hundreds of tons of stockpiled supplies before they could be delivered.
According to figures shared with Fox News Digital, the agency currently has 59,305 metric tons of in-kind food commodities stored in warehouses across the United States and abroad.
‘We have already programmed all the food expiring before October 2026,’ a senior State Department official said. ‘The idea that we have tons of expiring food we are letting go to waste is simply false.’
The State Department says it has approved 44,422 metric tons of food to be transferred or reprogrammed through partnerships with the World Food Program (WFP), Catholic Relief Services, Mercy Corps, and Cultivating New Frontiers in Agriculture (CNFA). That includes 30,000 tons of short-dated food supplies already programmed for delivery to crisis zones like Syria, Bangladesh, and Sudan.
An additional 12,000 tons of aid is awaiting final reprogramming, a delay the department attributes to a temporary hold by the Office of Management and Budget (OMB) on Title II apportionments — an issue officials say has now been resolved.
‘To the extent there is a delay that is causing operational problems, it is not from the State Department,’ the official said. ‘All of the food expiring in the next 16 months is accounted for.’
The official also dismissed recent media coverage, arguing that the focus on a limited amount of food near expiration distorts the larger picture. ‘The very small portion — less than 1% of USAID’s food stockpiles — addressed by the mainstream media was the exception that distracts from a very extensive and orderly process we directed to ensure that all of the food was accounted for in an efficient and strategic manner.’
The public defense comes after several outlets reported that the Trump administration ordered the incineration of roughly 500 metric tons of emergency food stored in Dubai as it neared expiration.
According to Reuters, while 622 tons were successfully redirected to countries including Syria, Bangladesh, and Myanmar, another 496 tons — valued at $793,000 — were destroyed, with an additional $100,000 in disposal costs.
The incident occurred as part of a broader restructuring of U.S. foreign aid policy. In early July, the Trump administration officially dissolved USAID, transferring authority over development and humanitarian programs to the State Department. That shift has been accompanied by efforts to rescind billions of dollars in foreign assistance.
A temporary aid pause in January prompted the former State Department inspector general to warn that as much as $500 million worth of food aid was at risk of expiring. However, the department says assistance is now back online under a restructured model.
With USAID phased out, the State Department is now responsible for managing large-scale aid programs, and it is under pressure to deliver. Lawmakers and aid groups are closely watching to see whether the newly reprogrammed food aid reaches intended recipients.
Democrats seized on the incineration reports during congressional hearings this week, accusing the Trump administration of turning its back on urgent humanitarian needs. The reports were first published by The Atlantic.
Earlier this month, Secretary of State Marco Rubio outlined the administration’s vision for foreign assistance, saying he was abandoning what he called a ‘charity-based model’ in favor of empowering growth and self-reliance in developing nations.
‘We will favor those nations that have demonstrated both the ability and willingness to help themselves,’ Rubio wrote, ‘and will target our resources to areas where they can have a multiplier effect and catalyze durable private sector — including American companies — and global investment.’
The new approach is designed to emphasize trade and investment over direct aid, and to position the U.S. to better counter China’s growing global influence.
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