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MrBeast Sales Slow, Angel Stock Falls, MUBI and Neon Look for Hits, and Will an NBA Franchise Set a Sales Record?
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) You probably remember egg prices spiking a few years ago. This led to a lot of debate between the pro-market/pro-competition/antitrust/Neo-Brandesian crowd and the center/center-right/center-left/abundance/libertarian crowd over the cause, whether it was the avian flu outbreak or whether industry consolidation led to price fixing, using avian flu as a convenient cover. Basel Musharbash wrote a whole investigation at BIG looking at it. Well, two years later, we have our answer: it was price fixing. The Justice Department found proof, via emails, of price fixing. Indeed, just the threat of an investigation brought prices down two years ago: I bring this up because at least half a dozen of my favorite political writers and pundits, who were skeptical about price fixing at the time, haven’t written any mea culpas on this issue. It’s really dispiriting and makes it much, much harder to trust their work on other issues. If you take a hard stand on an issue, then you get it wrong, you need to explain how and why you got it wrong. Or update your priors. This is how epistemological bubbles are formed! All of which is to say, it’s time for another installment of “What I Got Right, What I Got Wrong”. Last issue, I mostly focused on the “wrong” side of the equation, so today’s is a bit more balanced, but with one big mea culpa (though I still stand by my original concerns). Let’s dive right in! Subscribe CORRECTION: UFC Didn’t Release Subscriber Data (But Seems to Have Bragged About It Internally) In my analysis of the viewership of UFC Freedom 250, I wrote... “Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers.” Well, that datecdote did not come from a PR rep, but from great reporting from James Faris at Business Insider. The actual quote was this: “Paramount’s flagship streaming service generated about a million new subscribers on the day of its first-ever UFC event, Paramount product chief Dane Glasgow told employees in a town hall on Tuesday morning, three staffers who attended the meeting told Business Insider.“ This wasn’t the biggest goof in the world; even Faris emphasized to me that this is more a “clarification” than a correction. Still, it sounds like, internally, the folks at Paramount were very happy about this result—and I’m guessing they were happy with this news getting out—even though the gains didn’t last through the quarter, dropping to 700K adds. RIGHT: MrBeast’s Struggles Continue... I’m very skeptical about MrBeast’s burgeoning media “empire” and, in particular, its $5 billion valuation, as I wrote earlier this year and last year. Sure enough, according to Business Insider, regarding its “booming” consumer products division_:_ “US sales volume grew 13% year-over-year in 2025, following a 33% leap the previous year, according to a presentation deck dated May 2026....A February 2025 investor deck viewed by Business Insider showed Feastables’ net revenue more than doubled in 2024 from 2023, to $215 million, and was forecast to grow 74% in 2025, to $375 million.” [Emphasis mine.] If you told investors that you projected 74% growth but delivered 13%,1 that’s not ideal. But it’s not just MrBeast. Logan Paul and KSI’s Prime had sales drop in half for their energy drinks. It’s one thing to build a successful entertainment company and an entirely different thing to succeed in the heavily-consolidated-but-also-very-competitive consumer packaged goods space! CPGs are dominated by a few firms with very wide moats compared to YouTube, which has few barriers to entry. These businesses require different skill sets and have completely different business environments. WRONG: Does the NBA Have an $8 Billion Bidder? Almost as soon as I published my article about the NBA’s finances, casting skepticism on NBA expansion, I saw this Front Office Sports headline: One group “claims to have already raised $8 billion” for the Vegas expansion team. I mean, wow. That’s just $2 billion less than what the Los Angeles Lakers were valued at when they were sold just last year. And they’re arguably the most popular team in the NBA. (Side note: the new owner is now under an investigation for fraud in how he went about financing the Lakers and the Dodgers purchases.) So much for the “dried up” language I used in that article. (This is why I usually stick to my “Entertainment Nuance Guy” tone in articles...) I went off old information—from April, when I read/heard about the NBA downplaying expansion efforts—instead of doing a quick double-check for new news. That said...if you read the article, the market for Seattle is “slow”, with just one reported bidder. So I wasn’t entirely off. This goof has annoyed me since I first published it, mainly because it undercut that article’s real point, which I stand by: NBA franchises are really overvalued right now. Now, I get why NBA teams are overvalued. When it comes to owning sports teams, it’s basically never wrong to assume that some rich person somewhere will care more about owning a team (or just being part of a group since they’re so expensive) than the actual financials. There are only so many teams to own, and opportunities to buy in preferred markets don’t come along very often. This explains why the teams sell for such high multiples (usually above a 10 to 12.5 revenue multiple, which is very high). You only need one person to overpay! Beyond the ultra-wealthy luxury good explanation, I worry NBA teams are becoming speculative assets. More and more private equity investors are buying into NBA teams. But the value, in owning a team, comes from selling it later, not any meaningful relationship to revenue or profit growth. In other words, the newer NBA owners are increasingly expecting someone later to buy their inflated asset. That’s not sound economics; that’s the “greater fool” theory at work.2 At some point, actually making money has to matter. Especially since revenue growth is now below the growth of the stock market. (And this matters because the NBA doesn’t have easy levers to pull to drastically lower their costs—half of their revenue has to go to players and then you actually have to run a team, including coaching, training, travel, media expenses, and more—or raise revenues aside from one-off expansions in America and overseas.) I just don’t see how investors make their money back buying NBA teams, except for selling at a higher price later on down the line. But if revenue/profit growth continues to slow, at some point, someone will be left holding the bag. RIGHT: Baseball and Basketball are about equally popular. Related to the above, I wanted to cite two quick pieces of evidence for one of my other theories: that the NBA and MLB are about as popular as each other, but the NBA gets much, much better media coverage. One YouGov survey has that fans prefer basketball to baseball by 52% to 48%, which I’m guessing is within the margin of error for that poll. That’s virtually even, meaning they’re about the same popularity. Over on NBC, a recent Red Sox-Yankees game averaged 4 million viewers, higher than Sunday Night Basketball’s average of 3.4 million on the same network. A Yankees-Dodgers game averaged 3.9 million two weeks ago. Not every game averages this much, but it shows you that baseball isn’t far off from basketball, depending on the matchup. Altogether, the NBA is just slightly more popular than baseball, but NBC is paying MLB a fraction of what they pay the NBA, a point I’ve made before. RIGHT: Angel, MUBI and Neon Updates... I’ve long been skeptical about many of Hollywood’s buzziest startups/smaller indie studios. It’s not that they don’t make great movies—films like Anora and Everything Everywhere All at Once are amazing—or that they’re not (rightfully) pushing the majors to make better films, but...they get a ton of hype, and that hype often doesn’t live up to the reality or difficulty in scaling up. Starting with MUBI, well, The Wall Street Journal wrote a feature on MUBI’s struggles last April, best summarized by the subheader “After Sequoia valued Mubi at $1 billion, a left-wing revolt sent the indie film company into a tailspin”. MUBI lost $7.3 million on $200 million in revenue in Q4 2025, but reportedly hit a record 1.7 million subscribers at the end of Q1. As for Neon, Department M purchased a “significant stake” in the company earlier this year. How much is that “stake” worth? According to Deadline, “No financial figures for the Neon-Department M deal were disclosed.” So...that’s not great! If it was a big valuation, we’d hear about. Also, I found this curious: “Both Neon and Department M already have separate partnerships with Qatar. The Qatar Film Committee has a slate deal in place with the former, and a biopic production pact with the latter.” Color me skeptical about much Middle Eastern investment dollars. See: LIV Golf. Finally, as for Angel (formerly Angel Studios), their stock very, very slightly popped last month after Young Washington ($20 million budget) which made $45 million in the US, but their stock is still way down from its opening. Smaller Updates RIGHT: The WGA should focus on antitrust concerns! I’ve been on this for years. Post-WGA/AMTPT deal in 2023, I wrote an article for the Ankler calling on the WGA to focus and organize against industry consolidation. Sure enough, the WGA filed a lawsuit against the Paramount-WBD merger, and people are organizing around this issue now. I wish this energy had coalesced earlier (specifically to lobby Washington much earlier), but better late than never! WRONG: Actually, the chip shortage might be due to market manipulation. In my last “Long Reads for the Long Summer” article, I shared an article about how LLMs are causing memory chip prices to spike, which will make all electronics more expensive. Well, turns out, three RAM manufacturers control 90% of the market, and now a private lawsuit accuses them of price-fixing. So yeah. WRONG/UPDATE: The Odyssey will hold! Two weeks ago, I wrote, “As of this moment, we haven’t had a super-blockbuster, though The Odyssey, Spider-Man: Brand New Day and Avengers: Doomsday could all cross the $500 million mark. (At this point, The Odyssey would need a very strong hold to get there.)” Well, it’s safe to say it’s going to have that hold! It only dropped 30% in weekend two and IMAX screenings are sold out all month. Spider-Man: Brand New Day is also off to a great start. RIGHT: People are rushing to get shows out yearly. I’ve long been bullish on yearly, weekly-released shows, and Leslie Goldberg at The Ankler wrote about how many people in town are now listening. WRONG: Mark Carney reverses Canada’s stance on homegrown production. After writing about Canada installing domestic production quotas, Canada has backed off. WRONG: I don’t trust Spider-Man: Brand New Day’s online “views”. When I originally wrote about the latest Spider-Man film’s record-breaking trailer, I thought this was just YouTube views, but after watching this Corridor Crew video and doing more research, well, it’s all social views of the trailer globally. Really? That stat includes TikTok, Reels and YouTube Shorts views. Basically, I don’t trust it anymore. (This film will probably set record, but I trust the pre-sales data more.) RIGHT: Celebrity Production companies are still struggling. I’ve written about this for years, but the company that I didn’t track was Kevin Hart’s HartBeat, which was valued at $650 million but is struggling now and might just end soon, especially after Kevin Hart pulled his endorsement deals. And Bad Robot is moving to NYC. CORRECTION: SpongeBob is a “second run” title. In my 2025 recap article, I had _SpongeBob SquarePants_labelled as a “library” title, when it is still a “second run” show, with new episodes still coming out on Nickelodeon. CORRECTION: In my last “What I Got Right, What I Got Wrong” update, I offered a correction from Doug Creutz and misspelled TD Cowen. Thanks, Grammarly! 1 Though he could have increased prices to make up for the gap, he couldn’t have increased them that much. 2 There’s a theory, which I think that Daryl Morey created and Bill Simmons popularized, that, to be successful building your team, you only need a handful of bad GMs in the league to take advantage of. To be clear, Daryl Morey’s theory was also for signing bad contracts, that you could always get out of bad contracts. Basically, there’s always someone who will make a bad trade. It’s not the same exact thing, but similar enough to the Greater Fool Theory that I really like it.
Google Password Manager passkeys could be at risk with new ‘Pass-ta-key’ attack
Passkeys are becoming more popular as a safer alternative to traditional passwords, but some cracks are starting to show after...
Volunteer network born during immigration crackdown becomes DFL organizing force
Minnesotans who organized bus stop escorts and grocery deliveries during the immigration crackdown are now becoming party delegates, campaign volunteers and even candidates for office.
T.J. Tampa is becoming more dependable during Ravens training camp
Mike Mickens says consistency, not occasional highlight plays, will determine which defensive backs earn roles with Baltimore.
Analysis
A lot of money is being spent in this year’s primaries. It’s becoming a huge focus of the races.
Cowboys’ Ryan Flournoy steps up as offense loads up with playmakers
The pads are on at Dallas Cowboys training camp, and one thing is becoming increasingly clear: The Cowboys have a lot of mouths to feed on offense.
Debt Digest | Federal Debt is a Health Care Problem
Welcome David Ditch to the Debt Dispatch! We are pleased to announce a new regular contributor: David Ditch will be joining the Cato Institute as a Policy Analyst for Budget and Entitlement Policy later this week. David has more than a decade of experience in fiscal policy issues, with a particular focus on federal spending. He previously worked at the Senate Budget Committee, the Heritage Foundation, and the Economic Policy Innovation Center. David’s areas of expertise include appropriations, transportation, agriculture, federalism, grantmaking, and policy options for deficit reduction. Originally from the Rochester, N.Y. area, David has a BA in Economics and Political Science from the University of Rochester and a MA in Political Management from George Washington University. David currently lives in Arlington, VA. You may have enjoyed his earlier guest posts: CBO: New Highway Bill Has More Spending, Taxes, and Deficits Trump Administration’s Proposed Changes to Federal Grants Highlight Problems of Big Government Here are this week’s reading links and fiscal facts: The federal debt is largely a health care problem. In a new report, the Congressional Budget Office and Joint Committee on Taxation find that “In 2026, federal subsidies for health insurance, net of related payments to the government, are projected to equal $2.4 trillion, or 7.4 percent of gross domestic product (GDP). In CBO and JCT’s projections, those subsidies grow by 65 percent, reaching $3.9 trillion, or 8.4 percent of GDP, in 2036. Subsidies for Medicare contribute most to that overall growth, increasing by $900 billion. Over the entire 2026–2036 period, federal subsidies for health insurance total $33.6 trillion.” Cato’s Michael Cannon emphasizes, “The long-term federal debt problem is a health care problem. […] Only two categories of federal outlays will grow faster than gross domestic product (GDP): health care subsidies and interest payments on the debt. The former is, therefore, the primary driver of the latter.” The bond market fears deficits, not the loss of tariff revenue. Responding to a New York Times essay claiming tariff revenue has grown too important for a future administration to unwind, Cato’s Kyle Handley argues: “Bond investors are not attached to customs duties as a line item revenue source. They care about the government’s overall fiscal position.” He continues, “tariff revenue is a side hustle. And the Trump administration has already promised to dole out the funds through schemes like tariff dividend rebates, farm subsidies, and pay-fors on tax cuts or other spending.” Furthermore, “tariff revenue is simply not large enough to transform the government’s fiscal trajectory.” Take net interest for example: it “reached $970 billion in fiscal year 2025, absorbing 18.5 percent of federal receipts. Customs duties accounted for only 3.7 percent of receipts—and that was before refunds (see Figure 2).” Handley concludes, “The real bond-market concern is a large and growing interest bill, persistent budget deficits, and a political system unwilling to bring spending and revenue into alignment.” Medicare’s spending growth is driven by more volume and utilization. A Congressional Research Service report finds that Medicare spending “grew at an average annual rate of 7.3%” from 1985 through 2025, and the trustees project health care expenditures will keep rising “faster than gross domestic product (GDP) in most future years.” Citing CBO, the report attributes Medicare’s projected 2026–2036 spending growth to “23% from higher enrollment, 31% from inflation, and 47% from the growth of inflation-adjusted spending per beneficiary. In other words**, the largest single driver of Medicare spending growth during the next decade is expected to be higher volume and intensity of health care services.”** Boccia and Thakur explain: “as the economy grows, Medicare spending tends to grow at least as fast—and often faster—because the program automatically pays the bill for more and more healthcare consumption by seniors, even as prices rise.” The Fed has little control over market interest rates. Cato’s Jai Kedia documents that the Fed has held its rate target steady since December, yet “nearly every rate Americans actually borrow at has climbed over the same stretch.” Kedia continues, “The Fed did nothing, and the cost of credit went up anyway. […] Markets spent these months repricing macroeconomic events such as sticky core inflation, a volatile energy market driven by the conflict in the Middle East, and global trade disrupted by tariffs, among others. None of that required a policy change to show up in borrowing costs because markets, not the FOMC, set prices.” He concludes, “Accurately priced borrowing rates will come from credible disinflation and disciplined budgets and from a Fed content to follow the economy rather than pretend it leads it.” Nearly half of US farm income comes from taxpayers. Former Reagan OMB director David Stockman notes that “in the most recently completed full year (FY 2025) farmer incomes in the US totaled $97.8 billion, but fully 42.7% or $41.8 billion of that amount came from taxpayers, not the marketplace. Nor is this some kind of one-year aberration. If we look at the most recent decade as a whole, total farm income posted at nearly $708 billion, but, as indicated, fully $322 billion or 45% of this came compliments of US taxpayers.” Cato’s Chris Edwards explains why so little of that income is market-earned: “Farmers are businesspeople, but the government shields them from just about every type of weather and market risk. Furthermore, just about every part of the agricultural industry is subsidized, including insurance, loans, marketing, research, export sales, and land improvements.” The Debt Dispatch is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
UFC or PFL? Nurmagomedov to decide future 'very soon'
PFL lightweight world champion Usman Nurmagomedov will decide on his future "very soon" after becoming a free agent, according to his cousin and coach Khabib Nurmagomedov.
‘Spider-Man: Brand New Day’ nets second best North American opening ever with $355 million
“Spider-Man: Brand New Day” has made box office history in its first weekend, becoming the second biggest North American opening ever with $355 million in ticket sales. It was just
‘Spider-Man: Brand New Day’ nets second best North American opening ever with $355 million
“Spider-Man: Brand New Day” has made box office history in its first weekend, becoming the second biggest North American opening ever with $355 million in ticket sales.
‘Spider-Man: Brand New Day’ nets second best North American opening ever with $355 million
“Spider-Man: Brand New Day” has made box office history in its first weekend, becoming the second biggest North American opening ever with $355 million in ticket sales.
Panama: Haemophilus influenzae meningitis case reported in Veraguas Health Region
The Veraguas Health Region, located in the central-western region of Panama, confirmed a case of meningitis caused by the Haemophilus influenzae bacteria in a 12-year-old student from La Primavera School, diagnosed on July 29. The patient remains hospitalized, is receiving appropriate treatment, and is in stable clinical condition. The regional health director of Veraguas, Xavier A. Torres Domínguez, reported that, once the diagnosis was confirmed, the Ministry of Health (Minsa), in coordination with the Social Security Fund (CSS), immediately activated the epidemiological investigation and health response protocols established for this type of event. Canada: Haemophilus influenzae type B outbreak in Calgary As part of the actions implemented, the Epidemiology teams carried out the identification and monitoring of the patient’s close contacts, applying the corresponding preventive measures to reduce the risk of transmission and safeguard the health of the educational community. Health authorities explained that meningitis caused by Haemophilus influenzae is a bacterial disease that requires timely medical attention. In that regard, they urged the population to immediately seek medical attention if they experience symptoms such as high fever, severe headache, stiff neck, vomiting, drowsiness, or altered mental status. They also reiterated that vaccination is the main preventive measure against this disease, and therefore called on parents and guardians to verify that their children’s immunization schedules are complete, in accordance with the Expanded Program on Immunization (EPI). Outbreak News Today is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Madison Square Garden Entertainment: The Calendar Is Becoming The Growth Engine
Madison Square Garden Entertainment is now more of an earnings-driven story, with valuation upside hinging on operational improvements. See why MSGE stock is a buy.
Chile declares health alert for hantavirus
The Chile Ministry of Health issued a Health Alert for hantavirus and other diseases, such as some arboviruses and avian influenza. This is the first time this measure has been taken and it will be in effect until July 31, 2027 and it extends from the Atacama region to the Magallanes region. “Hantavirus causes a disease that is endemic to Chile, transmitted by the long-tailed pygmy rice rat that lives in rural and semi-rural areas throughout almost the entire country. As a ministry, we are constantly monitoring its behavior and are very concerned and actively working because this year the virus's lethality has increased, and for this reason, we decided to declare this alert. As of last week, there were 46 confirmed cases and 18 deaths, representing a 39% lethality rate,” reported the Undersecretary of Public Health, Dr. Alejandra Pizarro. Cases have occurred in the regions of Valparaíso, Metropolitan, O'Higgins, Maule, Ñuble, Biobío, La Araucanía, Los Ríos, Los Lagos, and Aysén. By comparison, in 2025, there were 44 infections and eight deaths (18% case fatality rate). The health alert, which is preventative and prepared, will allow for the granting of extraordinary powers in the event of serious health emergencies to strengthen surveillance, ensure timely resource management, hire specialized personnel, implement health control measures, and expedite the acquisition of supplies through direct procurement. The alert does not imply that there is an ongoing epidemic or that the healthcare system is overwhelmed. Subscribe to Outbreak News TV on YouTube “Hantavirus is not exclusively a summer virus, as the long-tailed pygmy rice rat is present year-round. Therefore, we urge everyone to take extreme precautions: avoid touching rodents, ventilate homes before entering if they have been closed, clean unused spaces with water and bleach, and keep garbage covered and food stored away. Furthermore, it is crucial to be aware of the symptoms: fever, intense muscle pain, and difficulty breathing. If someone experiences these symptoms and has been in rural or semi-rural areas where the long-tailed pygmy rice rat may have been present, they should immediately go to a health center and inform the medical staff so that a hantavirus diagnosis can be considered promptly,” the official added. Since December 2025, the Pan American Health Organization (PAHO) has maintained an epidemiological alert due to the rise in hantavirus cases throughout the Southern Cone, and that the Ministry of Health had an epidemiological alert in place since November of last year. Chile eliminates leprosy As mentioned above, the Health Alert decree also covers diseases transmitted by the Aedes aegypti, Aedes vexans, and Anopheles pseudopunctipennis mosquitoes, such as dengue and Zika, which, according to the alert, “have a high epidemic potential, which could generate high demand and overload for health facilities.” For these diseases, the alert is in effect from Arica to Los Ríos. The authority stressed that it is essential to prevent mosquitoes from breeding in stagnant water and to monitor any suspected cases of people arriving from abroad infected with any of these diseases, in order to prevent any of these vectors from biting a sick person and starting to spread the disease. In the case of avian influenza, the alert was extended to the entire country, because unlike other years, the disease has been concentrated in wild and farm birds, not in poultry farms, increasing the risk of exposure for people. Outbreak News Today is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Race Matters: When AI Learns Our Bias featuring Professor of Computer Science Ian Davidson
Artificial intelligence is rapidly becoming part of how we work, learn and make decisions. But AI doesn't think independently — it learns from the data and information people provide. As a result, these systems can reproduce or even amplify patterns of bias that already exist in society.
ESPN’s SEC Bias Is Becoming Impossible to Ignore
Every offseason, college football fans argue over one thing more than anything else: SEC bias. And ESPN may have just poured gasoline on that fire. Earlier this week, ESPN Analytics revealed that every single SEC team has a preseason strength of schedule ranked inside the nation’s top 20. The explanation? The conference’s new nine-game league…
Mark Cuban’s Las Vegas A’s investment is his ‘Sports 2.0’ Dallas Mavericks playbook all over again
“The new model of baseball—or basketball, football—is teams becoming media companies and transcending a local marketplace," Rashaun Williams told Fortune.
The market’s big AI doubts are exposing the riskiest players
The meteoric rise and stunning near-collapse this week of a US hedge fund has sent shockwaves across global markets, becoming a kind of cautionary tale for the AI era.
Graphics Cards Could Get Even More Expensive, and It’s Not Just Nvidia
At this point, PC gaming is becoming a pure luxury.
Japanese politics is becoming less of a turn-off for the young
Social-media-savvy politicians are drawing them in
Downtown Knoxville continues to thrive even after another business closes
Myrtle’s Chicken and Beer has closed on Market Square, becoming the latest restaurant departure from Market Square.
Biggest Recruiting Misses That Changed Texas A&M Football
The Texas A&M Aggies know how to use the recruiting trail, but which misses have led to the program becoming what it is today?
Climate extremes are becoming more extreme, worrying scientists
Heat, sea level rise, polar melting: They’re all picking up pace.
Get in the game: Delta, DraftKings bring sports fandom to new heights
Delta and DraftKings are bringing a new kind of sports experience onboard: SkyPicks, a free-to-play sports knowledge contest built for fans who want to do more than just watch. SkyMiles Members (ages 21 and up) can make sports prediction picks and play to win Delta gift cards – no betting, deposit functionality, buy-in, miles or financial risk involved. It’s one more way Delta is becoming the home for sports fandom in the sky.
Doctor Reveals No. 1 Sign Your Stress Is Becoming a Chronic Condition
In TODAY.com’s Expert Tip of the Day, NBC News medical journalist Dr. Akshay Syal explains the main trait he looks for when diagnosing chronic stress in patients.
Fitzwater's pride at becoming Exeter City captain
Jack Fitzwater says it is a "really proud moment" to be named Exeter City captain.
The Science Behind the AI Panic Is Shakier Than You Think
A column by Sascha Lobo Is AI making us dumb? So asked DER SPIEGEL on its cover a while ago. After a few weeks of recovery and a therapeutic intervention with the help of my AI, I feel able to respond. That’s a bit unfair, of course; the article itself is more nuanced than the loud cover, the image of a schoolkid with dull prompt questions, or the subtitle: “AI is conquering the schools, and educators fear a disaster.” The short answer to “Is AI making us dumb?” is: no. The long answer is more interesting, and even carries a preliminary glimmer of the spectacular. Unfortunately, it requires a detour into the sphere of artificial intelligence, into the mogul-field terrain of technology assessment, the attention economy, and the destructive virus of cultural pessimism. Along with narrowing the scope to AI’s effects on education and work rather than on intelligence. Because the honest version of the question would be: Does AI help us learn and work, or not? Generative AI, which set off the still-ongoing hype with ChatGPT, has only existed in relevant distribution since late 2022, early 2023. For a technology-driven transformation of people and society, that is extremely short. For that reason alone, research is still in its infancy. And technology assessment is not a fast discipline anyway. Prominent voices from Elizabeth Eisenstein to RAND to Tom Wheeler say we still cannot conclusively judge the consequences of the printing press. Its invention is a mere 580 years back, and some scholars would rather not circulate assessments that might have to be retracted in two or three hundred years. We’re Going Through Growing Pains A phenomenon that already caused upheaval in social media research makes serious assessment of AI’s consequences even harder: the “moving target” problem of LLM-ology, as the linguist Sean Trott called it in 2025. AI develops so quickly and so unpredictably that researchers often end up studying snapshots of the past. There are concepts, from morphological analysis to anticipatory governance, for keeping research, planning, and regulation halfway meaningful anyway. But even with those, universally valid statements are rare. DER SPIEGEL - The German View is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber. Subscribe We should therefore treat findings about the interplay between humans and AI as far more procedural and situational. Unfortunately, this challenge comes at the worst possible time. We are going through growing pains: AI’s everyday impact has grown very large very fast, and with it the longing for guidance. Annoyingly, the body of solid knowledge has not exploded along with it. Experts cannot be moved to broad consensus on even banal statements about AI. Sascha Lobo, born in 1975, is an author and strategy consultant focusing on the internet and digital technologies. Together with Jule Lobo, he explores the debates of the day in the podcast “Feel the News – Was Deutschland bewegt” (”What Moves Germany”). Nvidia CEO Jensen Huang says software developers are dying out. Bill Gates considers coders one of only three professions that will survive the AI tsunami. Top tech economists find virtually irrefutable arguments both for and against an AI bubble. The same naturally applies to the structurally youth-hostile debate over whether AI is good or bad for young people. The gap between the demand for insight and the supply of solid knowledge creates an orientation vacuum. This vacuum of AI cluelessness is filled, as the attention economy described by Georg Franck in 1998 would have it, with half-knowledge (funnily enough, often AI-generated), marketing, and self-marketing. After all, infinite money is at stake, along with academia’s best current shot at global fame. But this iridescent froth of interpretation operates more by the algorithmic principles of the digital public sphere than by seriously earned insight. That is why dramatized, fear-feeding claims about AI are so promising. It tempts parts of academia into distorted drivel, and parts of the media then sensationalize the published drivel once more. Was the Research Aimed at a Desired Result? How badly this can influence academia and public perception is demonstrated by one of the most-discussed studies on AI’s effects: “Your Brain on ChatGPT.” The MIT study by Nataliya Kosmyna also gets plenty of space in the SPIEGEL cover story. What was measured and interpreted: lower brain activity in people who write with AI assistance, compared to people who only google or write without any tools. As is common with preprints, the study has not yet been peer-reviewed, and it contains substantial weaknesses that experts have sharply criticized. The first round had 54 participants in three groups, the second only 18, who reportedly also came from MIT’s own orbit. There was no preregistration (committing in advance to what you want to find out with which data). In their analysis, Stanković et al. even discovered an opposite effect that the study does not further explain. Some measurement data has not (yet) been published. And the EEG analysis method used is considered too imprecise to support such far-reaching conclusions. The biggest criticism, though, is the suspicion of an activism-driven study. In an interview with Time, lead author Kosmyna said she published the study immediately, rather than after full peer review, because she feared politicians might otherwise decide to put ChatGPT in kindergartens. She considers that absolutely harmful. It is legitimate to hold such a view. It just seems unscientific to approach a study with it, and then to design the setup so that the chance of a fitting desired result remains as high as possible. Ideologies Collide It is not easy to separate genuine AI insights from studies that trivialize and weaken well-founded AI criticism. The same goes for the opposing, AI-enthusiastic narratives, because the pro-AI side works against it with billions in resources. Ideologies collide, fed by egos, PR strategies, moral posturing, and once-in-a-lifetime opportunities. Doomsday marketing makes the search even harder: AI companies can profit from warnings about the dangers of AI, whether through the notoriety of apocalypse narratives or because, in some target groups, danger translates into power. Some seemingly negative findings are therefore quite welcome in the AI industry. If you try to get at the findings presumably less influenced by interest groups, the picture in education seems relatively clear: AI can improve educational outcomes when the right AI is used the right way, namely pedagogically. Simply dumping an AI chatbot into a classroom, by contrast, accomplishes little. Huge surprise. But something else is also obvious: whether they are allowed to or not, kids use AI for school, which is why the controlled integration of AI tools into education is, in the medium term, entirely without alternative. In the world of work, the landscape of findings is more complex and requires more differentiation. A series of serious studies points to an AI effect that suits neither the alarmists, regulation fetishists, and AI opponents, nor the trillion-dollar corporations with their armada of paid scientists, PR professionals, and ecosystems: working with AI helps the inexperienced (at least for now) considerably more than it helps the pros, in certain fields of work, and provided they know how to use it correctly. Missing Domain Knowledge Among the experienced, the professionals, and the high flyers, by contrast, despite frequent time savings, partially negative effects and new problems are emerging. Take the jagged frontier problem: AI solves task A brilliantly and fails completely at task B, even though both look similar even to professionals. Or the verification-cost problem, in which AI’s greater productivity gets eaten up by the enormous effort of checking its output. Or the illusion of competence, because AI makes new domains seem easily penetrable, until you painfully discover that deep domain knowledge is missing. Taken as a whole, the effects of working with AI do lean positive. But the promise that AI works as a turbocharger for everyone and boosts practically everything simply refuses to materialize. The AI magic the world has been feeling since ChatGPT arrived in late 2022 has so far barely shown up in most companies’ numbers. The consulting firm McKinsey has coined a term for this, the “gen AI paradox,” and believes that work processes and corporate structures would have to be rebuilt quite fundamentally to realize AI’s benefits at scale. Reuters just reported that only 3.3 percent of Microsoft’s customers have subscribed to the AI package Copilot. That may be down to the product; in other areas we continue to see soaring successes and new AI triumphs. But after the first quarter of 2026, disillusionment is the word for all too many AI projects at traditional companies: because the promised revolution of AI agents has so far failed to arrive or been postponed, and because of the leveling effect that many of the studies cited here suggest. Against Inequality The societal effects, on the other hand, appear rather encouraging. Many previous technologies operated on the Matthew principle, named for the Gospel verse about giving to those who already have: they tended to reward the more competent and more privileged. AI, however, seems more often to have an equalizing effect once a threshold of access and education is crossed. Some anecdotal insights point in this direction, for example, how an unemployed man in Leipzig successfully defended himself in court in 2025 against fraud accusations from Germany’s federal employment agency — without a lawyer, armed only with ChatGPT. The AI made mistakes and cited invented court rulings, but in the end the man walked away unpunished. And a key capability of artificial intelligence is its capacity to learn: set up correctly and fed with data, it can keep getting better. It is a question of time, or more precisely of AI innovations and training data, until even free AI chatbots write better legal briefs than law graduates with perfect exam scores. Whether that will make anyone dumb is something the world’s press will surely inform us of in due time. Subscribe Leave a comment
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Earlier today, fans and workers in Maryland protested the cuts at the ZeniMax teams in a rally organized by the Communication Workers of America, the union that represents many of the impacted employees. Regarding concerns around the game, a community manager stated on Saturday: “The plan is still to deliver great content, and we will hopefully have an update soon.” In their note to the studio today, the outgoing leaders of ZeniMax Online Studios predicted “growth” for the game: We have tremendous confidence in Josh and Nick, the future of this studio, and the continued growth of ESO. With exciting experiences still ahead for our players as we wrap up work for Update 51 and beyond, we believe that your passion, creativity, and commitment to each other and the community will continue serving as the heartbeat of ESO. 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To review this month’s supposed remake of 2013’s Assassin’s Creed IV: Black Flag, I must first correct the record. Assassin’s Creed Black Flag Resynced isn’t a game about pirates (and assassins) in the 18th century Caribbean. Sure, sure, that’s what the trailers would have you believe. They’ve go their clips of Edward Kenway swinging his swords and steering his pirate ship into cannon-blasting combat against British frigates. Is Resynced truly a pirate game? Of the 47 hours I spent playing Resynced over the past few weeks, I will admit I spent maybe 44 (?) of them collecting plunder with Blackbeard, drinking rum with Anne Bonny and debating the pros and cons of the lawless pirate-run settlement Nassau with Benjamin Hornigold. I may in fact have spent dozens of hours sailing to remote islands, reading treasure maps, opening messages left in bottles, sinking the odd Man o’ War with a well-timed broadside, collecting sea shanties for my crew, befriending a pet monkey, and hunting whales. I am nevertheless neither so Gullible nor so Narrow-Minded as to call the magnificent Resynced a “pirate remake.” Oh no. Forget any reviews of Assassin’s Creed Black Flag Resynced you may have read. Forget what you yourself may have played, if you’ve spent any time with the game since its launch. What Assassin’s Creed Black Flag Resynced is really about I’m here to give you the scoop (spoilers for Resynced’s Animus menu lore, which many players are probably not going to see): Assassin’s Creed Black Flag Resynced, the new game whose development was led by Ubisoft Singapore, is set in the year 2096. It’s about a societal split, about revolution, about an old Assassin’s Creed adventure repurposed in the series’ distant future as propaganda or samizdat. It’s about the overheated future of 2096, essentially conquered by the series’ well-established nefarious Templar-run company Abstergo. (In this future, Abstergo is, among other things, remaking a 2013 pirate movie called Devils of the Caribbean, but this time in VR. The VR version will be backed by a marketing plan that involves AI influencers, a 10,000-avatar “metaverse premiere event” and that manufacturing of memes aimed at “50 million VR nodes.” See what I mean about Abstergo being evil?) Resynced is about a late 21st-century population mollified by the widespread use of Abstergo’s Animus devices which let people experience the lives of historical figures culled from “genetic memories.” It’s about an insurgent faction of Assassins. And it’s about a plan to wake the population into revolutionary fervor by showing them the memories of 18th century pirate Edward Kenway, who—as depicted in the original Black Flag and again in Resynced—gradually comes to an understanding about the Assassins of his day and their centuries old fight for freedom. Resynced is also about an AI developed within the late 21st-century Animus, called Ego. It has found a way to alter genetic memories, to create and show Animus users false ones. The game is about Ego’s efforts to tell the people experiencing Edward Kenway’s memories that Kenway was wrong, that fighting against order is folly, that we should crave a world where “compliance is rewarded with power.” Who are we in this game? We’re an unnamed Animus user in 2096 who experiences Kenway’s journey virtually. At four moments during Kenway’s exploits in the Caribbean our virtual jaunt can be interrupted for 10-15 minutes, as we explore Animus “rifts” where Ego explicitly tries to tell us how wrong Kenway was. None of this is what 2013’s Assassin’s Creed IV: Black Flag was about, of course. That was a different game, even if you also spent dozens of hours pirating as Kenway in that game, across missions and a map that’s been faithfully reintroduced and rebuilt for Resynced. The 2013 Black Flag was about you playing as an unnamed researcher newly hired in 2013 by Abstergo Entertainment, the video game development wing of the Templars’ evil-corp. In that game, you were assigned to use the Animus to dive into the genetic memories of Desmond Miles, a man who died in Assassin’s Creed III and who was descended from a long line of Assassins (and at least one Templar) whose adventures were featured across the prior AC games. In 2013’s Black Flag, your mission was to plumb the Edward Kenway experience for material that Abstergo could use in productions such as the motion picture Devils of the Caribbean, though the Templars had some ulterior motives for the assignment. Resynced is therefore not a remake of 2013’s Black Flag. It’s a sequel. It is a new game about a new exploration of Edward Kenway’s pirate/assassin journey, set 83 years after the framing sequences of the original game. Resynced provides a new narrative framework that, thanks to the concept of an AI that wants to alter historical memories, arrives with creative justification to tweak a now-classic 13-year old game. That makes Resynced, already a hot seller, a tantalizing hint of where Ubisoft could go with a line of Assassin’s Creed remakes. They could remake the first game, the Ezio games, even the recent ones set in ancient Egypt and Greece. And for each, they could not just modernize the graphics and controls but expand and alter their sequences of events to use them as reference points for a conflict set in the late 21st century, as rival factions try to weaponize historical memories. Game File is a reader-supported publication. To receive new posts and support my work, even when that work consists of ravings about Assassin’s Creed’s modern day plot, please consider becoming a free or paid subscriber. Subscribe A story most players will probably miss If you didn’t know any of this, I’m not surprised. If you played the game and still didn’t catch it, I’m not a bit shocked. If Ubisoft has no plans to do more of this, I won’t fall down. Almost all of what I’ve described is optional and missable in Black Flag Resynced. I nearly missed it myself, as I planned for a breezy playthrough of an old Assassin’s Creed favorite. Instead, I found myself in a 40+ hour hunt for the “real” story, buried deeper in Resynced than any gold-filled chest. The story of 2096 is Resynced’s meta-story, told in two remote pockets of the game: 1) four optional playable “rifts” that players may find as they proceed through Resynced’s pirate fantasy , 2) in dozens of text files tucked three menus deep in the game’s barely-interactive Animus hub. Assassin’s Creed games have almost always had a meta-story about people in the 21st century (usually matching the game’s release year) and their connections to the main history portions you play. Those meta-stories have always been squeezed into the margins, though seldom as severely and as, uh, graphiaclly simple, as in recent games. Back in 2013, the modern-day exploits of you as an Abstergo Entertainment employee were prominent. They were portrayed via first-person portions that occasionally interrupted the third-person Kenway experience and could be explored for hours, complete with their own missions, side quests and puzzles. Resynced’s 2096 story—of Assassin “Watchers” vs. Abstergo/Tempar goons, of rogue AIs, of panicking scientists, of a woman wondering why her Animus-addicted husband is muttering about Mary Read (“What does he mean by Assassins?”), of a fight for the population’s hearts and minds via varying interpretations of Edward Kenway’s life choices—is mostly told through unlockable text files. The files are interesting. Offered via diary entries, intercepted chats and news reports, they present varied perspectives of a world in crisis. One set works as a narrative puzzle as it reveals the Rashomonic interpretations of a massacre, or was that a successful Assassin hit? Another favorite reveals the rising bitterness of a person who, through Edward Kenway’s journey, now shakes at the ignored evil around him. One surmises that Ubisoft is averse to putting the Assassin’s Creed’s meta-story in the way of more marketable pirate playgrounds and ninja/samurai epics. Instead, we get a better-than-nothing text-in-menus approach introduced in 2025’s Assassin’s Creed Shadows. In Shadows, players unlocked the meta-story text files largely via time-gated missions that called on the user to kill X number of enemy type Y, clear three enemy castles, re-win a three-phase fighting tournament, and other grinds. Time restrictions on accessing these missions and unlocking the files meant it could take players months to access the full story in-game. But even in the most hardcore Assassin’s Creed hangouts, the fanbase instead seemed to throw up their hands rather than grind to keep up. In Resynced, Ubisoft has shown some mercy, diminishing the amount of new text files that are tied to timed grinds. Now, most of the text-based 2096 lore are associated with “data file” collectibles that players can find in the world. That includes a batch of written entries that explain a historical link between the feudal Japan era in Shadows and the piracy adventures in Black Flag. Players who explore a lot will find dozens of data files, though the game does not appear to offer any in-game tracker for finding each one. You just need to keep looking for them. As of this writing, I have most of them, but not all. I can’t find any full guide for them online. And even Ubisoft’s optional $5 microtransaction that reveals lots of items in-game does not appear to reveal the locations of the text files (at least the official description omits them from its collectibles list). That’s not a huge bother, because tracking the data files down compelled me to re-explore the waves and islands of Black Flag. That was a thoroughly pleasant task to do for the first time in a dozen years. I expect many players, though, will be content to wait for the files to be reproduced in an online AC wiki somewhere, the easier to read on a web page. It may not seem enticing to play a video game in order to gradually unlock pages of text to read. Why not, you may ask, just read a book, where they put the pages in order? For one, they’ve not tucked this latest installment of Assassin’s Creed’s meta saga in a book. I also enjoy the unordered delivery, the dawning comprehension of a story about 2096’s desperate people and questionable tech, which I glimpsed first at its middle, then the end, then the front, then other moments in between1. I am also enamored with the idea of the Assassin’s Creed games I’ve previously played, including Black Flag, being repurposed for an information war. The ideas in Resynced’s meta-story, which builds off characters and ideas in Shadows’ chunks of text, are strong. The potential of where they could go with it is exciting. As for the pirate stuff? Looks great, controls pretty well, is fun to play and oh so speedy in terms of how much of a good time you can have with each sit-down. It never gets old to chase a new shanty page across a rooftop, bombard a fort with upgraded mortars or use a diving bell to explore sunken wrecks (hats off to the team at Ubisoft Barcelona that worked on the underwater portions in Resynced; that team is now facing layoffs, such is the misery of modern gaming and oft-troubled Ubisoft). New pirate missions in Resynced involving new ally characters are brief, dramatic and add more to Edward’s story, even if the gameplay perks they provide barely enhance the gameplay. A new denouement for high-class pirate Stede Bonnet is affecting; a new hunt for Blackbeard’s treasure is a welcome extra moment. A new epilogue to hunt down a pirate killer, on the other hand, over-complicates Kenway’s character. The ending credits remain my favorite of any game I’ve ever played. Black Flag provides great source material. The revisit is well-made and a great sign of what could be. It is offered in a different wrapper that hints at an opportunity for more interesting remakes to come, should Ubisoft choose to pursue such treasures—and as we brace to resist or comply with an Abstergo future. 1 The messages that Edward Kenway finds in bottles tell another out-of-order story, one about a man reckoning with the strange memories and voices he’s heard in his head since he was a boy. That tale was also in the 2013 game and develops into one of Black Flag’s most compelling character arcs. In Resynced, it has lost its climax, because the bottle story previously paid off in the halls of the first-person Abstergo Entertainment, which is exclusive to the older game. An altered resolution, written by the 2013 game’s lead writer is fine, doesn’t invalidate the 2013 version, but makes for an inferior final note.
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The Quintessential Trump-era Politician
In 2020, I wrote an article about collaboration and collaborators. The title was History Will Judge the Complicit, and it started with the story of two famous East Germans, Markus Wolf and Wolfgang Leonhard, who both landed in East Berlin just after the end of the war. Although they came from very similar backgrounds, the former stuck with the regime, eventually becoming its spy boss; the latter, horrified by the brutal reality of Soviet-style communism, escaped. By way of juxtaposition, I also wrote about Lyndsey Graham and Mitt Romney. These two men also made very different decisions when confronted by Donald Trump’s assault on the ideals that they had both grown up believing: A glance at their biographies would not have led many to predict what happened next. On paper, Graham would have seemed, in 2016, like the man with deeper ties to the military, to the rule of law, and to an old-fashioned idea of American patriotism and American responsibility in the world. Romney, by contrast, with his shifts between the center and the right, with his multiple careers in business and politics, would have seemed less deeply attached to those same old-fashioned patriotic ideals. Most of us register soldiers as loyal patriots, and management consultants as self-interested. We assume people from small towns in South Carolina are more likely to resist political pressure than people who have lived in many places. Intuitively, we think that loyalty to a particular place implies loyalty to a set of values. But in this case the clichés were wrong. It was Graham who made excuses for Trump’s abuse of power. It was Graham—a JAG Corps lawyer—who downplayed the evidence that the president had attempted to manipulate foreign courts and blackmail a foreign leader into launching a phony investigation into a political rival. It was Graham who abandoned his own stated support for bipartisanship and instead pushed for a hyperpartisan Senate Judiciary Committee investigation into former Vice President Joe Biden’s son. It was Graham who played golf with Trump, who made excuses for him on television, who supported the president even as he slowly destroyed the American alliances—with Europeans, with the Kurds—that Graham had defended all his life. By contrast, it was Romney who, in February, became the only Republican senator to break ranks with his colleagues, voting to impeach the president. “Corrupting an election to keep oneself in office,” he said, is “perhaps the most abusive and destructive violation of one’s oath of office that I can imagine.” In the wake of Graham’s unexpected death on Saturday, I wrote about him again. He was, in many ways, the quintessential politician of Trump’s Washington, a man who shifted 180 degrees. Graham had been a fervent American patriot, proud reserve officer and military lawyer; he became one of the most important defenders of a president who believes soldiers are “suckers and losers” and shows no respect for law of any kind. As his politics changed, his language grew coarser and his behavior grew worse: He urged Israel to “level the place” in Gaza, and insulted the Danish prime minister in Munich, prompting a colleague, Senator Elissa Slotkin, to issue an apology. Here’s an excerpt from the article, which you can read in The Atlantic (gift link here) Like his close friend John McCain, Graham believed that America should stand at the center of a broad democratic alliance. The few times I met him were in that context, at the Munich Security Conference or at other European-American gatherings, which he once attended with great regularity. He also took seriously the practice of American democracy at home. In a 2014 conversation with The Atlantic, he described himself as a pragmatic politician who eschewed populist slogans. “I know Washington is broken, but what’s broken about it is everybody yelling and nobody trying to fix it,” he said. “I’m trying.” When Donald Trump first appeared in U.S. politics, Graham recognized him immediately for what he was: the spokesman for an alien ideology, one radically different from the idealistic patriotism that Graham had practiced and preached since childhood. Trump privately mocked the military that Graham loved as nothing but “suckers and losers.” He put falsehoods, cynicism, and personal greed at the center of his politics, while expressing disdain for transparency, accountability, and democracy itself. In 2015, Graham described Trump as a “race-baiting, xenophobic, religious bigot” who should “go to hell.” Also as a “nutjob.” When Trump won, Graham understood, as did so many others, that he would have to make some important choices. For a while, he went silent. In the spring of 2016, I saw him at one of those conferences in Europe. He seemed too depressed to speak. But then, like many other Republicans—and, more important, like many other people who have lived under political occupation or experienced radical regime change—he made the decision to abandon his previous ideals, to bury the patriotism that was once so important to him, and to become, instead, a loud, opportunistic collaborator. As I wrote in 2020, it’s very hard to look in to anyone’s heart and to understand their motivations from the outside. But it does seem that Graham had a deep need to be relevant, to be in the game, to be a player, at any cost. And that, rather than any particular achievement, is what he will be remembered for. Continuing to monitor conflicts of interest, ostentatious emoluments, outright corruption and policy changes that will facilitate outright corruption. (Read my original article, Kleptocracy Inc and check out the SNF Agora Institute chart) June 27 Trump diverted funds from more than 900 projects nationwide—including safety upgrades at national parks—to finance beautification projects around Washington, including $700,000 used to fix a White House walkway. June 28 After a years-long Department of Justice investigation into Abbott Laboratories over its management of a baby formula facility where potentially deadly bacteria turned up enough evidence to criminally charge the firm, top department officials instead opted for a financial penalty—illustrating the department’s move away from strict corporate enforcement under the Trump administration. June 29 Defense Secretary Pete Hegseth stacked the Defense Policy Board—which is charged with providing independent national security recommendations to the Office of the Secretary of Defense—with Trump allies, including tech billionaire Marc Andreessen, who has invested in defense contractors like OpenAI and SpaceX, after purging the panel last year. Trump purchased between $1 million and $5 million worth of stock in Axon—which makes about 90% of US tasers—two weeks before ICE solicited bids for a $220 million taser contract. The White House unveiled limited-edition US passports for America’s 250th birthday, featuring a portrait of Trump overlaid on the Declaration of Independence. June 30 Trump made around $1.2 billion from his various crypto companies last year, including more than $500 million from World Liberty Financial and $600 million from sales of his meme coin. Trump is considering issuing 250 pardons to commemorate America’s 250th birthday. These are expected to be largely doled out through the Office of the Pardon Attorney’s informal network of intermediaries. White-collar defense attorneys say they can typically win pardons for clients for $2 million. Last year, Trump administration officials awarded a no-bid contract worth up to $500 million to Clark Construction for the White House ballroom—negotiations in which the president was directly involved. July 1 The Amazon MGM Studios documentary about Melania Trump earned the First Lady more than $10 million. Trump made hundreds of individual stock purchases worth as much as $12.8 million the day before his announcement pausing “Liberation Day” tariffs for 90 days sent the S&P 500 soaring nearly 10%—one of the largest single-day gains ever. Mar-a-Lago and Trump National Doral saw record surges in revenue during Trump’s first year in office, earning $77.5 million and $121.9 million respectively, compared to average annual revenues of $25 million and $75 million during Trump’s first term. Entities across the Persian Gulf paid more than $300 million to Trump’s businesses last year, including $263 million from the sale of half his stake in World Liberty Financial to a firm backed by Sheikh Tahnoon bin Zayed Al Nahyan, a top UAE royal and brother of the country’s president. Kash Patel failed to properly disclose his stock purchase of a Department of Justice contractor, MicroStrategy, worth up to $250,000 last year, despite laws requiring disclosure within 45 days of the trade. July 2 Trump has been directing administration officials to steer more government contracts—so far worth more than $2.4 billion—to Jeff Bezos’s Blue Origin aerospace firm, after Amazon gave $1 million to Trump’s inaugural fund, donated to the White House ballroom project, and reached a $40 million deal to license a Melania Trump documentary. Alongside the billions he made from cryptocurrency last year, Trump earned millions of dollars from real estate licensing fees, including $21 million from organizations in the UAE and $9.2 million in Saudi Arabia, along with smaller sums from merchandise sales, including $4.7 million from Trump Watches and $35,920 from 45 Guitar, a guitar brand endorsed by the president. House Democrats accused consultants tied to the Trump administration of financial fraud, alleging they gave prospective donors to America250—the bipartisan committee created by Congress to celebrate the nation’s semiquincentennial—the banking and routing numbers for Freedom 250, the White House’s fund for events like the UFC cage fight. Democrats also allege that Freedom 250’s CEO traveled to the World Economic Forum in Davos to solicit donations from foreign government officials and business leaders. The Trump administration’s proposed rollback of gun regulations would lift the prohibition on mailing handguns to individuals, a significant win for GrabAGun—the direct-to-consumer firearm retailer on whose board Donald Trump Jr. sits and in which he holds a 1.1% ownership stake. GrabAGun currently must rely on a middleman to transfer firearms to customers. Trump’s financial disclosure revealed that he made more than 21,000 securities trades during his first year back in office, growing his investment account to at least $858 million across stakes in around 1,600 companies, compared to the 13 total trades Joe Biden made during his entire presidency. July 4 Nearly 1 million people who bought the president’s meme coin—Trump Coin—collectively lost $3.8 billion on the token, while he walked away with $636 million. July 6 Shares of Dell closed up 4.4% after Trump recommended people buy the firm’s computers during a speech announcing the launch of Trump investment accounts for children, boosting the more than $1 million worth of shares the president owns in the company. July 9 Federal Reserve Chair Kevin Warsh named crypto investor and Trump ally Marc Andreessen to a task force aimed at modernizing the Federal Reserve, including rethinking its approach to inflation—a key factor keeping interest rates elevated. Palm Beach International Airport has officially changed its name to Trump International Airport—a move that will require Florida to pay royalties to the president’s family for licensing his name. I was there a few months ago, during a trip to Barcelona. The sculptures were a revelation, I’d never seen so many together before. Each one has its own personality. Enjoy the good weather, if you are lucky enough to have it. History Will Judge the Complicit The Quintessential Politician Autocracy Inc Open Letters, from Anne Applebaum is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
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The Ministry of Health of the Republic of Azerbaijan reports posts have been circulating on social networks about the widespread spread of epidemic mumps in Baku do not reflect the current epidemiological situation. Health officials say the epidemiological situation of mumps in the country is stable. The registered cases of infection consist of individual sporadic cases, no epidemics or mass spread have been recorded. The current situation is constantly under epidemiological surveillance by relevant medical institutions, and the necessary preventive and counter-epidemic measures are consistently implemented. Epidemic mumps is observed more often among unvaccinated or incompletely vaccinated individuals. The disease is transmitted mainly by airborne droplets - during coughing, sneezing and close contact. The incubation period usually lasts 11–23 days. The main symptoms of the disease are fever, swelling and pain in the parotid salivary glands, discomfort when chewing and swallowing, general weakness, headache and loss of appetite. In most cases, mumps is mild and results in complete recovery. However, in rare cases, certain complications may develop in unvaccinated adolescents and adults. Therefore, timely vaccination is of particular importance in preventing the disease. Subscribe to Outbreak News TV on YouTube In accordance with the National Vaccination Schedule in Azerbaijan, the combined measles, mumps, and rubella (MMR) vaccine is administered to children at 12 months of age, with a booster dose at 6 years of age. The MMR vaccine is the most reliable and effective means of protection against mumps. The Ministry of Health recommends that parents check their children’s vaccination status. If for any reason the vaccination has been delayed or missed, it is recommended to contact the medical facility in your area of residence and consult a doctor. To protect yourself from the disease, it is recommended to follow preventive measures such as avoiding close contact with sick people, following personal hygiene rules, washing hands regularly, and frequently ventilating closed spaces. If you experience symptoms of the disease, avoid self-medication, seek medical attention, and do not return to work until you are fully recovered. Citizens are asked to refer only to official sources and not to believe or share unverified information circulating on social networks. Outbreak News Today is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
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AI helped scientists discover two new superconductors, bringing them closer to a room-temperature breakthrough that could change electronics
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