Good morning, Quartz readers!
Here’s what you need to know
The Seine won’t be used in the Paris Olympics sporting events, at least for now. Rain has thwarted the city’s $1.5 billion plan.
Apple’s AI rollout got delayed. Apple Intelligence will now launch in October, not September — but it’s giving developers a sneak peak.
The U.S. Food and Drug Administration approved a new method to test for colon cancer. The blood test is the first of its kind to meet the requirements for Medicare coverage.
Germany is helping revive the EV startup Rivian. The country’s competition authority approved a joint-venture between Rivian and Volkswagen.
Elon Musk spread AI disinformation about Kamala Harris on X. He reposted an AI-altered video that potentially breaks his platform’s own policy.
Big Tech’s AI spending is going through the roof
Money, money, money, must be funny in a Silicon Valley world. Quartz’s pitch for Broadway: Imagine a new version of Mamma Mia! in the Bay Area. Donna (Meryl Streep) is Big Tech, Sophie (Amanda Seyfried) is AI, and her possible biological fathers are Meta’s Mark Zuckerberg, Microsoft’s Satya Nadella, and Google’s Sundar Pichai. Might be too much of a stretch, but we enjoy comparing the economy and various industries to Hollywood storylines.
The three tech tycoons and their companies are spending billions of dollars on AI. This earnings season is testing Wall Street’s appetite for those hefty bills. Investors reacted poorly to Google and Tesla’s big spending last week. And over the next couple of weeks, we’ll get a chance to see which tech companies — if any — can compellingly justify their expenses. In the spotlight over the next few days are Microsoft and Meta. Quartz’s Laura Bratton has those stories.
Before you dive in, here’s a chart for your consideration (yep — AI is a big part of that spending rise).
One big number: $70,000
The approximate high price point of Bitcoin yesterday.
The value of the popular cryptocurrency has been on a rollercoaster in recent months. That’s because crypto is a big theme in this year’s U.S. presidential election, and Republican nominee Donald Trump spoke at the annual Bitcoin Conference in Tennessee over the weekend. Quartz’s Rocio Fabbro has the story.
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Surprising discoveries
“The lipstick effect” is a phenomenon in which people buy more lipstick during times of economic hardship. Brighter lips apparently mean tighter pursestrings.
A $4 million Wu-Tang Clan CD set for release in 2103 (yes, you read that right) is in the middle of a legal battle. A collective is trying to stop its former fraudster owner from releasing copies.
Scientists say they have more evidence of life on Venus. A gas that signifies life, phosphine, is reportedly in the clouds of Earth’s Evil Twin.
The global market for board games is expected to more than double over the next eight years. Looks like we’ll all be playing Ludo and chess in 2032.
Zoom has helped Kamala Harris’s presidential campaign raise millions of dollars. Apparently Zoom is becoming the place for political rallies instead of work meetings.
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Our best wishes on a safe start to the day. Send any news, comments, lipstick, and chess boards to talk@qz.com. Today’s Daily Brief was brought to you by Laura Bratton and Morgan Haefner.