Good morning. It's Friday, July 26, and we're covering the Olympics in Paris, a massive quantum project in Chicago, and much more. First time reading? Join over 3.5 million intellectually curious readers. Sign up here. |
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Olympics Opening Ceremony |
The 2024 Paris Olympics opening ceremony takes place today, 100 years since France last hosted in 1924 (see photos). For the first time in Summer Games history, athletes will travel in boats along the Seine River instead of parading in an arena. Stream the ceremony at 1:30 p.m. ET here.
The Games will include 329 medal events across 35 venues, with 10,500 athletes from 206 countries competing in events ranging from basketball and fencing to the new event of breakdancing. The US will field nearly 600 athletes. The Games are expected to cost roughly $9B, with 96% coming from the private sector. See the Olympics by the numbers here.
Two of the most-watched US events, swimming and gymnastics, kick off this weekend. The Games run through Aug. 11, followed by the Paralympics from Aug. 28 to Sept. 8. See a full schedule of events here. |
The country's first utility-scale quantum computer is slated to be built on the site of a former steel mill in Chicago's South Side, Mayor Brandon Johnson said yesterday. The computer is part of a broader $9B quantum research campus projected to potentially bring $20B in investment and 175,000 jobs over the coming decades.
Quantum computers can surpass even the most powerful supercomputers available today, improving encryption and expediting development of new drugs (see more, w/video). Silicon Valley startup PsiQuantum's facility will use photons—particles of light—to perform calculations, an approach not yet commercially proven. This comes in contrast to techniques relying on ultracold atoms or superconducting circuits used in existing quantum computers by Google, IBM, and others.
The 300,000-square-foot facility will become the anchor tenant of the proposed Illinois Quantum and Microelectronics Park, a new vision for the abandoned steel mill there (see history). The project, one of the earliest public-private partnerships for quantum computing in the US, will see roughly $500M in public investment from federal, state, and city budgets. |
Economy Beats Expectations |
The US economy grew at an annualized rate of 2.8% in the second quarter of 2024, according to preliminary data yesterday. The figure beat analysts' expectations of 2.1% and comes as inflation continues to cool.
The announcement sparked hopes the economy was on track for a soft landing, in which inflation is curbed without triggering a recession. The US gross domestic product was double the 1.4% growth rate in the first quarter. It also came as consumer prices last quarter grew at 2.6%—above the Federal Reserve's target inflation rate of 2% but down from 3.4% in the first quarter. Household spending drove over two-thirds of GDP growth; Americans save about 3.8% of their monthly paychecks today, down from 7% prepandemic.
The news reinforced expectations the Federal Reserve will keep interest rates steady at next week's meeting but may cut rates in September. The country's total yearly GDP is roughly $28.6T. See historical data here. |
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Sports, Entertainment, & Culture |
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> "Inside Out 2" hauls in $1.46B at global box office, surpassing "Frozen 2" as the highest-grossing animated film (More) | "Deadpool & Wolverine" expected to have biggest opening weekend ever for an R-rated film (More) |
> US women's national soccer team kicks off Olympics group stage with 3-0 victory over Zambia (More) |
> San Diego Comic-Con kicks off; see full convention schedule (More) | Screen Actors Guild calls for strike with video game companies over use of AI (More) |
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> NASA provides update on Boeing Starliner currently stuck at the International Space Station due to issues with helium leaks and thruster control; no return date for pair of astronauts aboard the ISS (More) |
> OpenAI announces pilot of SearchGPT, an AI-powered search engine meant to compete with Google and Perplexity; launch will be initially limited to 10,000 users (More) | The history of OpenAI in three minutes (More, watch) |
> Butterflies can use static electricity to pull pollen grains from flowers more than half an inch away, increasing the effectiveness of the pollinators as they fly (More) |
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In partnership with Nautilus |
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> US stock markets close mixed (S&P 500 -0.5%, Dow +0.2%, Nasdaq -0.9%) as tech sell-off continues and investors assess US economic growth report (More) | Cold storage giant Lineage raises $4.4B in largest initial public offering of 2024 (More) |
> Southwest Airlines to end open seating for first time in 53-year history, will also offer pricier seats with extra legroom; Southwest shares close up 5.5% on the news (More) | California Supreme Court upholds ballot measure classifying gig workers like Uber, Lyft, and DoorDash drivers as contractors (More) |
> Supermarket chains Kroger, Albertsons pause $25B merger amid federal and state legal challenges (More) | Meta reportedly to face antitrust fine from European Commission over its bundling of Facebook and ad service Marketplace (More) |
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📈Inflation, 401(k), student debt, oh my: We've covered these topics and much more in our newly launched Business & Finance newsletter. Join thousands of others, sign up here to get it in your inbox! |
> President Joe Biden meets with Israeli Prime Minister Benjamin Netanyahu at the White House to discuss the war in Gaza and potential cease-fire deal; trip marks Netanyahu's first White House visit since 2020 (More) | See war updates (More) |
> The US indicts North Korean hacker accused of stealing military secrets and targeting US hospitals, NASA, and military bases in cyberattack (More) |
> California Gov. Gavin Newsom (D) issues executive order to clear homeless encampments in the state (More) | Man arrested for allegedly starting California's largest fire of the year, which has burned over 70,000 acres of land (More) |
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> Playing with Fear
Believer | Elisa Gabbert. The fun we enjoy is often fear-filled—think Halloween, scary movies, and rollercoasters. Some believe this terror-play helps us expend energy and process emotions. (Read)
> Losing Michael
Dead Sibling Society | Callum Fairhurst, Gracie Nuttal. (Podcast) Spencer Matthews reflects on the loss of his 22-year-old brother on the slopes of Mount Everest when he was a child—and how it impacted the rest of his life. (Listen) |
> The Long Life of Drummers
Honest Broker | Ted Gioia. A renowned music critic ponders the mysterious health benefits of drumming. Among others, he cites jazz legend Roy Haynes' ability to play well into his 90s. (Read)
> Butterflies through the Nanoscope
Nanoscapes | Kristina Dutton. Peer into the complex topography of butterfly wings at 50,000 times magnification in this dramatic and mesmerizing video. (Watch) |
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