MEF BUSINESS NEWS 18 JUL 2025 Global stocks are on a tear. U.S. and European futures rose again today, extending a record-setting rally as fresh economic data calmed recession fears. S&P 500 and Nasdaq 100 futures ticked up after both indexes hit all-time highs, while optimism in Asia surged after Taiwan Semi’s bullish AI forecast sent its shares soaring. The dollar trimmed losses after Fed Governor Christopher Waller called for rate cuts to support a softening job market, even as other officials urged caution. Meanwhile, cryptocurrencies jumped after Congress passed landmark stablecoin legislation. Driving the rally? Strong retail sales, falling jobless claims, and hopes that robust Q2 earnings will offset the drag from Trump’s tariff war and Fed uncertainty. Markets shrugged off recent volatility. ——————————————————— Fed Chair Jerome Powell is pushing back against White House criticism over a $2.5 billion renovation of the Fed’s Washington headquarters. In a letter to the Office of Management and Budget, Powell defended the project, saying the central bank is committed to being a good steward of public funds. This comes after Trump allies, including OMB director Russ Vought, blasted the upgrades as an “ostentatious overhaul” — just as Trump steps up pressure on the Fed to cut interest rates. The criticism has sparked a political firestorm, with a GOP lawmaker now calling for a criminal investigation into Powell’s testimony. The political heat is rising — and so is the scrutiny of Fed independence amid Trump’s economic agenda. —————————— The European Central Bank can hold off on its final rate cut until December without spooking investors, a recent survey of economists shows. Most expect the last quarter-point cut, lowering the deposit rate to 1.75%, in September after a pause next week, but half say the ECB could skip several meetings before markets assume rates have hit rock bottom. This flexibility comes amid uncertainty over trade tensions, especially between the EU and the US, which remain the biggest risk to Europe’s economic outlook. The ECB, led by Christine Lagarde, is balancing inflation concerns with growth risks and a stronger euro that could dampen price rises. While some economists see the rate-cut cycle ending soon, about one in five predict a rate hike before 2027. Policymakers will weigh fresh economic data in September and December, navigating a volatile trade landscape. In short: The ECB’s patience means markets should expect a slow, careful approach — easing without panic, watching trade talks like a hawk. The future of borrowing costs is on a wait-and-see runway, with the euro’s strength keeping everyone guessing. ———————————- Global stocks are on a tear. U.S. and European futures rose again today, extending a record-setting rally as fresh economic data calmed recession fears. S&P 500 and Nasdaq 100 futures ticked up after both indexes hit all-time highs, while optimism in Asia surged after Taiwan Semi’s bullish AI forecast sent its shares soaring. The dollar trimmed losses after Fed Governor Christopher Waller called for rate cuts to support a softening job market, even as other officials urged caution. Meanwhile, cryptocurrencies jumped after Congress passed landmark stablecoin legislation. Driving the rally? Strong retail sales, falling jobless claims, and hopes that robust Q2 earnings will offset the drag from Trump’s tariff war and Fed uncertainty. Markets shrugged off recent volatility — including fears Trump ——————————- Union Pacific is eyeing a nearly $200 billion mega-merger with rival Norfolk Southern — a deal that would create a coast-to-coast rail titan and redraw the map of U.S. freight logistics. Talks are still early, but both sides have hired advisers and started sketching out how the deal might pass regulatory muster. The merger would combine America’s largest and fourth-largest rail operators, covering over 50,000 miles of track and generating more than $36 billion in annual revenue. But to get the green light, they’ll need to convince the Trump administration and the powerful Surface Transportation Board that this move won’t stifle competition — especially after Norfolk Southern’s recent safety scandals. With Norfolk’s board shake-up and new leadership in place, the timing might be right. Still, political and regulatory hurdles loom large, especially after past derailments and public scrutiny over consolidation. ——————————————- Britain’s Jaguar Land Rover has hit pause on its much-hyped electric reboot, delaying the launch of its new electric Range Rover and Jaguar models until at least next year. Why? To buy time for more testing and to wait for demand to catch up — and because political and economic headwinds are clouding the road ahead. Sales dipped 15% last quarter, and up to 500 managers are being offered redundancy. Blame Trump’s tariffs, a volatile EV market, and JLR’s cautious pivot to electric — now aligned more with Tata’s delayed battery factory, not consumer demand. Despite viral buzz around Jaguar’s pink-and-blue rebrand, the first model — codenamed Type 00 — won’t roll off the line until 2026, with the next a year later. Delays may help JLR sell more hybrids while avoiding UK penalties after ZEV rules were softened. But for a company trying to reinvent itself, time may be running short. —— —— MEF MOBILE NEWS 18 JUL 2025 AT&T has switched on nationwide 5G RedCap coverage, now reaching 200 million PoPs across the U.S. The rollout marks a major push to support the next wave of lighter, cheaper 5G devices—like wearables, XR glasses, and industrial IoT sensors—with lower power demands and smaller form factors. The move is built on AT&T’s standalone 5G network and follows its first RedCap data call two years ago. RedCap—short for Reduced Capability and standardized by 3GPP—is designed to bring streamlined 5G to mid-speed devices where battery life and cost matter more than blazing speeds. AT&T is already certifying devices like the Franklin Wireless RG350 hotspot and teaming up with suppliers like Semtech and Rhino Mobility to grow the ecosystem. —————————————— Europe’s 5G push may be stalling just as it nears critical mass. New data from Ookla shows that while countries like Sweden and Spain lead in coverage—thanks to smart subsidies and government targets—nations like the UK, Belgium, and Hungary are falling behind, weighed down by regulation, Huawei swap-outs, and post-Brexit funding gaps. Despite most spectrum auctions being done, 5G Standalone—crucial for next-gen apps—is barely taking hold. Europe’s share of SA tests fell to just 1.3% last quarter, compared to 20% in the U.S. and 80% in China. With mobile traffic growth now slowing and investment peaking, Europe risks missing its 5G moment unless deployment hurdles clear fast. 5G’s built—but not yet lit. ——————————————- Orange Business has just secured Europe’s highest cybersecurity certification for its Cloud Avenue SecNum platform—a major win in the race for AI-ready, sovereign cloud services. Approved by France’s top cyber agency, the nod gives enterprises rock-solid assurance their data stays protected and local. This comes as European companies face tightening digital regulations and demand for secure AI infrastructure climbs. Orange is one of just a few providers working with Nvidia to deliver trusted, region-specific AI compute. With global cybersecurity revenue set to nearly triple by 2032, Orange is now firmly on the map. —————————————— EQT, Omers, and Phoenix Tower are reportedly preparing final bids for Cellnex’s Swiss telecom towers, a sale that could hit €2 billion. It’s the latest move in Cellnex’s aggressive effort to shed debt after a decade of acquisition-fueled expansion across Europe’s mobile infrastructure. The deal covers Cellnex’s 72% stake in its Swiss business—key real estate in Europe’s wireless tower network. The rest is held by Swiss Life. Final offers are expected next week, with JPMorgan and SocGen advising. The bidders—EQT, already deep in data centers; Phoenix, a rising US-Latin tower giant; and Omers, Canada’s mega-pension fund—are all eyeing strategic expansion in Europe’s 5G ecosystem. Whoever wins, mobile connectivity infrastructure in Switzerland is about to change hands. —— —— MEF TECH NEWS 18 JUL 2025 Mark Zuckerberg and top Meta executives have quietly settled an $8 billion lawsuit that accused them of losing the company billions by mishandling user privacy. The suit, brought by shareholders, aimed to make leaders — not Meta — pay for fines like the $5 billion Facebook shelled out to the FTC over the Cambridge Analytica scandal. The Delaware trial ended abruptly on day two, just before venture capitalist and Meta board member Marc Andreessen was set to testify. Zuckerberg and Sheryl Sandberg were expected later, but now they’ll dodge the spotlight — again. The case alleged Meta insiders knowingly ran Facebook as a data-harvesting machine in violation of a 2012 FTC agreement, yet the company denies wrongdoing and hasn’t commented. Critics say the settlement shields execs from real accountability. ———————————— Meanwhile, Meta has just scored another win in Silicon Valley’s AI talent war — hiring two top Apple researchers, Mark Lee and Tom Gunter, just weeks after luring away their boss with a $200 million deal — Bloomberg reports. All three will join Meta’s Superintelligence Labs, a team central to Zuckerberg’s vision of dominating the next wave of AI. The hires come amid deep uncertainty at Apple’s AI division, which is now reportedly considering outsourcing Siri’s brainpower to rivals like OpenAI or Anthropic. Meta, meanwhile, is offering engineer pay packages in the $100 million-plus range — several times Apple’s compensation — and placing its elite recruits just steps from Zuckerberg himself. With over $100 billion pledged to AI infrastructure, Meta isn’t just chasing the future — it’s buying the people building it. ——————————— OpenAI has launched a powerful new AI assistant — but only outside the EU for now. The ChatGPT agent can now go beyond chat: it can scan your files, browse the web, book restaurants, shop online, or draft hiring shortlists — all with a single command. The launch marks a leap in mobile and desktop AI integration, turning the chatbot into a true task manager that thinks and acts. OpenAI admits it comes with “more risks” than past versions, so the agent must ask for permission before doing anything destructive, and it can be interrupted at any time. This upgrade places OpenAI ahead of rivals like Google and Anthropic, with real monetization potential — especially if AI agents begin steering users toward retail purchases. OpenAI denies using ads or sponsored links — for now. But questions loom: will these agents remain neutral, or start pushing products for profit? And what happens when one lands on a malicious site? —————————————— Donald Trump is gearing up to unveil his AI Action Plan — a sweeping set of guidelines that promises to loosen federal rules on artificial intelligence and ramp up energy access for the data centers powering it — Bloomberg Rreports citing people familiar witth the matter. The plan is short on sweeping reforms but long on executive orders, all designed to supercharge U.S. AI dominance. The coming policy will champion global AI partnerships, push Congress to block state-by-state regulation, and promote U.S. exports of AI tech — even using agencies like the Ex-Im Bank to help flood global markets. Meanwhile, the White House wants environmental permitting streamlined to fast-track new infrastructure. At its core, the plan’s message is clear: less red tape, more power, and full-speed ahead for American AI, especially from giants like Meta, OpenAI, and Google. Critics worry it’s industry-first, safety-later — but Trump’s team is betting that speed wins the race. —————————————- A secretive powerhouse behind Elon Musk’s empire is shutting its doors — to outsiders. Vy Capital, the low-profile tech investment firm bankrolling SpaceX, xAI, Neuralink, and more, will no longer accept external money after scoring massive returns from Musk-linked ventures. The four-person firm, with $15 billion under management, has quietly generated 28% annual returns since 2014. Its bets on SpaceX — now valued near $400 billion — and xAI, racing toward a $200 billion valuation, have turned it into a financial engine for Musk’s ambitions. Vy also helped bankroll Musk’s $44 billion takeover of Twitter (now X) and embedded team members in his companies. Now, with its portfolio surging, Vy will invest only its own capital — no more fundraising, no splashy pitch decks, just deep ties and deeper pockets. —— ——

MEF BUSINESS NEWS 18 JUL 2025 Global stocks are on a tear. U.S. and European futures rose again today, extending a record-setting rally as fresh economic data calmed recession fears. S&P 500 and Nasdaq 100 futures ticked up after both indexes hit all-time highs, while optimism in Asia surged after Taiwan Semi’s bullish AI forecast sent its shares soaring. The dollar trimmed losses after Fed Governor Christopher Waller called for rate cuts to support a softening job market, even as other officials urged caution. Meanwhile, cryptocurrencies jumped after Congress passed landmark stablecoin legislation. Driving the rally? Strong retail sales, falling jobless claims, and hopes that robust Q2 earnings will offset the drag from Trump’s tariff war and Fed uncertainty. Markets shrugged off recent volatility. ——————————————————— Fed Chair Jerome Powell is pushing back against White House criticism over a $2.5 billion renovation of the Fed’s Washington headquarters. In a letter to the Office of Management and Budget, Powell defended the project, saying the central bank is committed to being a good steward of public funds. This comes after Trump allies, including OMB director Russ Vought, blasted the upgrades as an “ostentatious overhaul” — just as Trump steps up pressure on the Fed to cut interest rates. The criticism has sparked a political firestorm, with a GOP lawmaker now calling for a criminal investigation into Powell’s testimony. The political heat is rising — and so is the scrutiny of Fed independence amid Trump’s economic agenda. —————————— The European Central Bank can hold off on its final rate cut until December without spooking investors, a recent survey of economists shows. Most expect the last quarter-point cut, lowering the deposit rate to 1.75%, in September after a pause next week, but half say the ECB could skip several meetings before markets assume rates have hit rock bottom. This flexibility comes amid uncertainty over trade tensions, especially between the EU and the US, which remain the biggest risk to Europe’s economic outlook. The ECB, led by Christine Lagarde, is balancing inflation concerns with growth risks and a stronger euro that could dampen price rises. While some economists see the rate-cut cycle ending soon, about one in five predict a rate hike before 2027. Policymakers will weigh fresh economic data in September and December, navigating a volatile trade landscape. In short: The ECB’s patience means markets should expect a slow, careful approach — easing without panic, watching trade talks like a hawk. The future of borrowing costs is on a wait-and-see runway, with the euro’s strength keeping everyone guessing. ———————————- Global stocks are on a tear. U.S. and European futures rose again today, extending a record-setting rally as fresh economic data calmed recession fears. S&P 500 and Nasdaq 100 futures ticked up after both indexes hit all-time highs, while optimism in Asia surged after Taiwan Semi’s bullish AI forecast sent its shares soaring. The dollar trimmed losses after Fed Governor Christopher Waller called for rate cuts to support a softening job market, even as other officials urged caution. Meanwhile, cryptocurrencies jumped after Congress passed landmark stablecoin legislation. Driving the rally? Strong retail sales, falling jobless claims, and hopes that robust Q2 earnings will offset the drag from Trump’s tariff war and Fed uncertainty. Markets shrugged off recent volatility — including fears Trump ——————————- Union Pacific is eyeing a nearly $200 billion mega-merger with rival Norfolk Southern — a deal that would create a coast-to-coast rail titan and redraw the map of U.S. freight logistics. Talks are still early, but both sides have hired advisers and started sketching out how the deal might pass regulatory muster. The merger would combine America’s largest and fourth-largest rail operators, covering over 50,000 miles of track and generating more than $36 billion in annual revenue. But to get the green light, they’ll need to convince the Trump administration and the powerful Surface Transportation Board that this move won’t stifle competition — especially after Norfolk Southern’s recent safety scandals. With Norfolk’s board shake-up and new leadership in place, the timing might be right. Still, political and regulatory hurdles loom large, especially after past derailments and public scrutiny over consolidation. ——————————————- Britain’s Jaguar Land Rover has hit pause on its much-hyped electric reboot, delaying the launch of its new electric Range Rover and Jaguar models until at least next year. Why? To buy time for more testing and to wait for demand to catch up — and because political and economic headwinds are clouding the road ahead. Sales dipped 15% last quarter, and up to 500 managers are being offered redundancy. Blame Trump’s tariffs, a volatile EV market, and JLR’s cautious pivot to electric — now aligned more with Tata’s delayed battery factory, not consumer demand. Despite viral buzz around Jaguar’s pink-and-blue rebrand, the first model — codenamed Type 00 — won’t roll off the line until 2026, with the next a year later. Delays may help JLR sell more hybrids while avoiding UK penalties after ZEV rules were softened. But for a company trying to reinvent itself, time may be running short. —— —— MEF MOBILE NEWS 18 JUL 2025 AT&T has switched on nationwide 5G RedCap coverage, now reaching 200 million PoPs across the U.S. The rollout marks a major push to support the next wave of lighter, cheaper 5G devices—like wearables, XR glasses, and industrial IoT sensors—with lower power demands and smaller form factors. The move is built on AT&T’s standalone 5G network and follows its first RedCap data call two years ago. RedCap—short for Reduced Capability and standardized by 3GPP—is designed to bring streamlined 5G to mid-speed devices where battery life and cost matter more than blazing speeds. AT&T is already certifying devices like the Franklin Wireless RG350 hotspot and teaming up with suppliers like Semtech and Rhino Mobility to grow the ecosystem. —————————————— Europe’s 5G push may be stalling just as it nears critical mass. New data from Ookla shows that while countries like Sweden and Spain lead in coverage—thanks to smart subsidies and government targets—nations like the UK, Belgium, and Hungary are falling behind, weighed down by regulation, Huawei swap-outs, and post-Brexit funding gaps. Despite most spectrum auctions being done, 5G Standalone—crucial for next-gen apps—is barely taking hold. Europe’s share of SA tests fell to just 1.3% last quarter, compared to 20% in the U.S. and 80% in China. With mobile traffic growth now slowing and investment peaking, Europe risks missing its 5G moment unless deployment hurdles clear fast. 5G’s built—but not yet lit. ——————————————- Orange Business has just secured Europe’s highest cybersecurity certification for its Cloud Avenue SecNum platform—a major win in the race for AI-ready, sovereign cloud services. Approved by France’s top cyber agency, the nod gives enterprises rock-solid assurance their data stays protected and local. This comes as European companies face tightening digital regulations and demand for secure AI infrastructure climbs. Orange is one of just a few providers working with Nvidia to deliver trusted, region-specific AI compute. With global cybersecurity revenue set to nearly triple by 2032, Orange is now firmly on the map. —————————————— EQT, Omers, and Phoenix Tower are reportedly preparing final bids for Cellnex’s Swiss telecom towers, a sale that could hit €2 billion. It’s the latest move in Cellnex’s aggressive effort to shed debt after a decade of acquisition-fueled expansion across Europe’s mobile infrastructure. The deal covers Cellnex’s 72% stake in its Swiss business—key real estate in Europe’s wireless tower network. The rest is held by Swiss Life. Final offers are expected next week, with JPMorgan and SocGen advising. The bidders—EQT, already deep in data centers; Phoenix, a rising US-Latin tower giant; and Omers, Canada’s mega-pension fund—are all eyeing strategic expansion in Europe’s 5G ecosystem. Whoever wins, mobile connectivity infrastructure in Switzerland is about to change hands. —— —— MEF TECH NEWS 18 JUL 2025 Mark Zuckerberg and top Meta executives have quietly settled an $8 billion lawsuit that accused them of losing the company billions by mishandling user privacy. The suit, brought by shareholders, aimed to make leaders — not Meta — pay for fines like the $5 billion Facebook shelled out to the FTC over the Cambridge Analytica scandal. The Delaware trial ended abruptly on day two, just before venture capitalist and Meta board member Marc Andreessen was set to testify. Zuckerberg and Sheryl Sandberg were expected later, but now they’ll dodge the spotlight — again. The case alleged Meta insiders knowingly ran Facebook as a data-harvesting machine in violation of a 2012 FTC agreement, yet the company denies wrongdoing and hasn’t commented. Critics say the settlement shields execs from real accountability. ———————————— Meanwhile, Meta has just scored another win in Silicon Valley’s AI talent war — hiring two top Apple researchers, Mark Lee and Tom Gunter, just weeks after luring away their boss with a $200 million deal — Bloomberg reports. All three will join Meta’s Superintelligence Labs, a team central to Zuckerberg’s vision of dominating the next wave of AI. The hires come amid deep uncertainty at Apple’s AI division, which is now reportedly considering outsourcing Siri’s brainpower to rivals like OpenAI or Anthropic. Meta, meanwhile, is offering engineer pay packages in the $100 million-plus range — several times Apple’s compensation — and placing its elite recruits just steps from Zuckerberg himself. With over $100 billion pledged to AI infrastructure, Meta isn’t just chasing the future — it’s buying the people building it. ——————————— OpenAI has launched a powerful new AI assistant — but only outside the EU for now. The ChatGPT agent can now go beyond chat: it can scan your files, browse the web, book restaurants, shop online, or draft hiring shortlists — all with a single command. The launch marks a leap in mobile and desktop AI integration, turning the chatbot into a true task manager that thinks and acts. OpenAI admits it comes with “more risks” than past versions, so the agent must ask for permission before doing anything destructive, and it can be interrupted at any time. This upgrade places OpenAI ahead of rivals like Google and Anthropic, with real monetization potential — especially if AI agents begin steering users toward retail purchases. OpenAI denies using ads or sponsored links — for now. But questions loom: will these agents remain neutral, or start pushing products for profit? And what happens when one lands on a malicious site? —————————————— Donald Trump is gearing up to unveil his AI Action Plan — a sweeping set of guidelines that promises to loosen federal rules on artificial intelligence and ramp up energy access for the data centers powering it — Bloomberg Rreports citing people familiar witth the matter. The plan is short on sweeping reforms but long on executive orders, all designed to supercharge U.S. AI dominance. The coming policy will champion global AI partnerships, push Congress to block state-by-state regulation, and promote U.S. exports of AI tech — even using agencies like the Ex-Im Bank to help flood global markets. Meanwhile, the White House wants environmental permitting streamlined to fast-track new infrastructure. At its core, the plan’s message is clear: less red tape, more power, and full-speed ahead for American AI, especially from giants like Meta, OpenAI, and Google. Critics worry it’s industry-first, safety-later — but Trump’s team is betting that speed wins the race. —————————————- A secretive powerhouse behind Elon Musk’s empire is shutting its doors — to outsiders. Vy Capital, the low-profile tech investment firm bankrolling SpaceX, xAI, Neuralink, and more, will no longer accept external money after scoring massive returns from Musk-linked ventures. The four-person firm, with $15 billion under management, has quietly generated 28% annual returns since 2014. Its bets on SpaceX — now valued near $400 billion — and xAI, racing toward a $200 billion valuation, have turned it into a financial engine for Musk’s ambitions. Vy also helped bankroll Musk’s $44 billion takeover of Twitter (now X) and embedded team members in his companies. Now, with its portfolio surging, Vy will invest only its own capital — no more fundraising, no splashy pitch decks, just deep ties and deeper pockets. —— ——