The Mirage Hotel and Casino in Las Vegas will close permanently on July 17, 2024. To comply with Nevada gambling regulations, the casino must distribute over $1.6 million in unclaimed jackpots before closing. This includes up to $1.2 million in slot machine prizes and $400,000 in table game winnings, which it began distributing on July 9 and must complete by July 16. Large crowds and minor altercations have resulted from this giveaway. The Mirage has rehomed its animals and closed its Beatles Love by Cirque Du Soleil show in preparation for shutting down. The casino, once opened in 1989, was known for the Siegfried & Roy show and will rebrand as Hard Rock Las Vegas, paying $80 million in severance to laid-off employees. Transformation into Hard Rock Las Vegas will take place over the next two months.

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Investors are funneling funds into national security-focused startups, with Helsing raising €450 million to establish a branch in Estonia. Defence tech startup valuations peaked in 2024, benefiting mainly top-tier companies. DreamFlare assists creators in producing content through AI, while Scribble Journey offers art therapy via an app addressing the mental health crisis. Alma, a tech-driven legal startup, aims to simplify visa processes for skilled professionals. Nala raised $40 million for international remittance services from Africa. Regard, a medical AI startup, received $61 million to aid doctors in diagnosing patients. Kudos, making cotton-lined diapers, raised $3 million. Index Ventures secured $2.3 billion for market-appropriate investments. Alpine Space Ventures raised $184 million for the U.S. and European space sectors, while Kearny Jackson accumulated $65 million for pre-seed and seed B2B SaaS and fintech startups. Lastly, Thrive AI Health aims to promote healthier lifestyles using an AI-powered assistant, supported by Arianna Huffington and Sam Altman.

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On July 12, 2024, several startups across various sectors secured significant funding. Skild AI, a Pittsburgh robotics startup, secured $300 million in Series A funding, bringing its valuation to $1.5 billion. Element Biosciences, a San Diego biotech firm, raised over $277 million to advance DNA sequencing and multi-omics technology. Regal, the U.S. movie theater chain, obtained $250 million to upgrade its locations. Michigan's HarmonyCares raised $200 million to expand in-home primary care services. Earned Wealth, a wealth tech startup for medical professionals, also secured $200 million for acquisitions. Hebbia, a New York AI startup, raised $130 million to improve data analysis technologies. Hayden AI from San Francisco secured $90 million to enhance its vision AI platform for traffic safety. X-Bow Systems, based in Albuquerque, raised over $70 million for rocket motors and hypersonics technologies. Captions, a New York AI startup for video creation, raised $60 million, and Massachusetts-based water treatment startup ZwitterCo secured $58.4 million. These investments highlight a busy and promising period for various technology and service sectors.

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A new survey reveals that nearly half of parents with children under 18 are taking on side gigs due to rising inflation and housing costs. Specifically, 45% of these parents have side hustles, compared to 36% of childless adults and 28% of parents with adult children. On average, these side hustles bring in about $891 per month, with more than half of participants having started within the last two years. The additional income helps pay bills, save money, or fund leisure activities. Jordan Chussler, a father and editor, shared that he and his wife take on extra jobs to supplement their $165,000 household income, aiming for $200,000 for added financial security, with the extra earnings going towards a Roth IRA and their daughter's education fund.

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Retro, a private photo-sharing app, identified significant similarities between its platform and a new feature in Google Photos called "My Week." The feature first appeared in a post on X and encourages users to document and share their week in a format akin to Retro's approach. Ryan Olson, Retro’s co-founder and CTO, pointed out the resemblance on X, referencing an Android Authority report that Google Photos plans to launch "My Week" soon. Google confirmed "My Week" as an invite-only experiment designed to help users share memories but did not comment on the similarities. Nathan Sharp, CEO of Retro, acknowledged the resemblances but emphasized Retro's focus on privacy, no ads, and unique features like collaborative journals and photo postcards. Retro is also developing new options like a widget for iOS and direct sharing with "keyholders."

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In June 2024, wholesale prices in the United States rose by 2.6% compared to a year earlier, the highest increase since March 2023, indicating persistent inflation pressures. The Labor Department's producer price index, up by 0.2% from May to June, provides an early indication of consumer inflation trends. Core wholesale prices, excluding food and energy, also rose by 0.4% from May and 3% from June 2023. Consumer inflation slowed for the third consecutive month in June, with consumer prices dropping by 0.1% from May to June. The Federal Reserve, which raised its benchmark interest rate 11 times in 2022 and 2023 to curb inflation, is expected to start cutting interest rates in September. These rate cuts could reduce borrowing costs and potentially boost stock prices. Despite the slowed inflation, essential costs like food, rent, and healthcare remain high, contributing to public dissatisfaction and possibly affecting President Joe Biden’s re-election prospects.

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AMD strengthens its AI chip strategy by acquiring Finnish startup Silo AI for $665 million in cash. This acquisition marks a significant step for AMD, positioning it to better compete with Nvidia in the AI chip market. Silo AI employs over 300 AI experts, focusing on developing open-source and custom AI solutions for clients. AMD has also invested $125 million in various AI firms over the past year. Nvidia currently dominates the AI chip market, but AMD, along with other competitors like Intel and Tenstorrent, is ramping up efforts. The deal aims to accelerate AMD's AI development, although the high costs of AI development remain a challenge for all major companies investing in the field.

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Nvidia is evolving into a dominant player in the AI era, similar to IBM's role during the PC era. Jim Keller, a former engineer at AMD, Apple, and Tesla, now leading an AI chip startup Tenstorrent, describes Nvidia as central to the technology strategies of major companies like Microsoft and Google. Nvidia commands over 80% of the AI chip market, owing to its early investment in AI and machine learning. The company's next-gen AI chip is set to exceed $30,000. Similar to IBM’s early influence on the personal computer market, Nvidia's early start in AI has fortified its market position. Tenstorrent, in the AI chip space, is supported by Samsung and Hyundai and is valued at $2 billion.

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The IRS collected $1 billion in back taxes from high-wealth individuals, highlighting their efforts using funds from the Biden administration's 2022 climate, health care, and tax package. Campaigns targeted individuals with over $1 million in income and $250,000 in recognized tax debt. Treasury Secretary Janet Yellen emphasized tax fairness through these actions. In June, the Treasury proposed a rule to stop partnership basis shifting, potentially generating over $50 billion in revenue over a decade. Other initiatives included addressing improper deductions for personal flights on corporate jets and targeting delinquent millionaires. Despite benefits, Republican efforts in Congress threaten IRS funding, with proposed cuts such as a $1.4 billion reduction in 2023. Nearly two-thirds of audits in 2023 involved those earning less than $200,000, indicating ongoing IRS scrutiny of non-high-wealth partnerships.

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Global venture funding shows a slight recovery, but Asia has reached its lowest levels since 2015, with Asia-based startups raising $14.6 billion in the last quarter—a 24% decline from the previous quarter and a 32% annual decrease. Asia's deal volume also drops, with only 1,511 funding deals in Q2, down 15% from Q1 and 27% year-over-year. Late-stage growth rounds draw $14.6 billion, the lowest since 2019. Unlike North America, which had several billion-dollar rounds, key Asian deals included $690 million for China's Hozon, $665 million for India's Zepto, and $552 million for China's Unisoc. Early-stage funding also struggles, hitting $4.9 billion in Q2—a 53% drop from Q1 and 39% annually, with deal volume falling 7% from Q1. Seed and angel funding shows slight increases, totaling $1.9 billion but with deals down 19% from Q1 and 34% from last year. China leads the decline, with funding reaching only $6.9 billion, a 46% drop from Q1. India sees $3.4 billion, up 27% from Q1 but down 9% year-over-year. The decline in venture funding pushes the market back to levels from a decade ago, with trade tensions, economic instability, and regulatory policies in China contributing to the downturn.

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