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European startups raised $24B in Q2, up 66% YoY and the strongest quarter in four years; UK startups raised $10.4B, above Germany's $3.2B, and France's $2.4B (Gené Teare/Crunchbase News)
Meta releases Muse Spark 1.1, capable of more advanced coding and a "step-change" from the first generation, available to US developers via a public API preview (Dominic Preston/The Verge)
Meta launches a Meta Model API, which Mark Zuckerberg says will have "aggressive and attractive" pricing at ~25% of the cost of OpenAI's and Anthropic's models (Kurt Wagner/Bloomberg)
Meta prices Muse Spark 1.1 at $1.25/1M input tokens and $4.25/1M output tokens; Alexandr Wang says improving coding and agentic performance was a key focus (Ina Fried/Axios)
Character.AI launches three human-written, AI-generated microdramas, whose characters users can chat with, and aims to eventually let users make their own shows (Ivan Mehta/TechCrunch)
Bun's creator says he rewrote Bun from Zig to Rust using a Claude Fable 5 prerelease version in 11 days, noting it would've taken three engineers "about a year" (Jarred Sumner/bun.com)
Kraken Technology, which designs and builds autonomous maritime platforms, such as uncrewed subsurface vessels, raised a $175M Series B at a $1B valuation (John Reynolds/Tech.eu)
Microsoft President Brad Smith says the US now has AI "regulation without transparent or complete rules", and adds that "without rules, businesses can't plan" (Beatrice Nolan/Fortune)
OpenAI broadly releases GPT-5.6, and launches ChatGPT Work, an AI agent that can gather context across apps and files to create documents, on Mac and Windows (Axios)
GPT-5.6 Sol costs $5 per 1M input tokens and $30 per 1M output tokens, GPT-5.6 Terra costs $2.50 and $15, and GPT-5.6 Luna costs $1 and $6 (OpenAI)
OpenAI merges Codex and ChatGPT desktop apps for Mac and Windows under a new ChatGPT desktop app, allowing users to switch between Codex, Chat, and Work (Zac Hall/9to5Mac)
Sources: AI contractor marketplace Mercor is discussing raising new funds at a roughly $20B valuation, less than a year after raising money at a $10B valuation (Bloomberg)
OpenAI is discontinuing ChatGPT Atlas, its standalone desktop browser, in favor of the new ChatGPT desktop app (Zac Hall/9to5Mac)
The EU Parliament advances a bill letting tech companies scan for CSAM, reviving a proposal rejected in March, with an exemption for E2EE services like WhatsApp (Sam Clark/Politico)
Anthropic, set to add usage-based billing for Fable 5 on July 12, aims to return the model to Claude's subscription plans "when sufficient capacity allows" (Maxwell Zeff/Wired)
The OpenAI Deployment Company agrees to acquire Northslope, an applied AI company founded by ex-Palantir employees, its second acquisition after buying Tomoro (Madison Mills/Axios)
Nvidia lost ~$1T in market value in less than two months, dropping 16% from its May all-time-high, trading at 18x forward earnings, its lowest level since 2019 (Bloomberg)
Crypto VC firm Paradigm raised $1.2B, its fourth fund, to invest in areas outside of crypto, like AI and robotics; Paradigm had $11.9B in AUM at the end of 2025 (Rebecca Torrence/Bloomberg)
Mistral launches Robostral Navigate, a hardware-agnostic robotics navigation model trained via simulation that uses a single camera and basic language prompts (Benoit Berthelot/Bloomberg)
Sources: China plans to let some of its biggest AI companies buy a small number of Nvidia's H200 chips to offset a domestic computing shortage in recent months (Qianer Liu/The Information)

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