OpenAI CEO Sam Altman speaks at the Federal Reserve Board’s Large Bank Capital Framework Consolidation Review Conference in Washington, DC, USA on July 22, 2025.
Ken Cedeno | Reuters
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
The first full-year trading day in July saw another round of profit-taking in the chip space. The double-digit decline comes as stocks from Micron to Samsung have risen significantly this year.
But the roller coaster around AI could get even steeper with the latest reports about OpenAI looking for ways to appease the White House.
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What you need to know today
Meanwhile, Russia launched large missile and drone attacks against Ukraine. Russia’s Ministry of Defense announced that it carried out a “large-scale attack using long-range precision air, land and sea weapons and attack drones.” Both Poland and Finland responded to the escalation by scrambling fighter jets and establishing restricted air zones.
Geopolitical tensions in Europe and the Middle East continue to increase price pressures. In his first public comments since the Fed’s decision, Chairman Kevin Warsh told CNBC during a panel discussion in Sintra, Portugal, that inflation is too high, but declined to suggest what the central bank could do about interest rates.
At the same event, ECB President Christine Lagarde said the US and Europe “need each other” when it comes to AI investment, and that they are “like hostages to each other” when it comes to progress.
Today, Squawk Box Europe brings its show to Canary Wharf, the heart of London’s financial district, as businesses in the capital and across the UK assess the impact of political uncertainty. See all our coverage here.
And don’t miss CNBC’s Joe Kernen’s interview with President Donald Trump today at 5pm ET in Washington, DC.
— Leonie Kidd
And finally…
Amazon is designing its own AI chips for the Echo, Fire TV and future devices, executives tell CNBC
Amazon is focused on developing chips for “critical” consumer devices, a top hardware executive at the company told CNBC.
In a wide-ranging interview on CNBC’s “The Tech Download” podcast, Panos Panay, Amazon’s head of devices and services, spoke for the first time about the company’s approach to semiconductors in its hardware and how it is experimenting with different types of AI-enabled gadgets.
— Arjun Karpal
