Barron reported that the rally carried Berkshire Hathaway to an eight-month high this week. The gain also came while technology shares fell, drawing money toward a large defensive company with businesses in insurance, rail, energy, manufacturing, retail, and finance. The Class B shares closed Tuesday at $512.37, their best finish since November 28, when they ended at $513.81. They had closed Friday at $511.54, or 5.2% below the record close of $539.80 set on May 2, 2025. The record came one day before Warren Buffett said he would leave the CEO job at the end of 2025.

Berkshire Hathaway stock registers new high

The Class A shares ended Tuesday at $768,010, also their highest close since November 28’s $770,100. Friday’s Class A close of $766,600 was 5.3% under its record of $809,350. Both Berkshire Hathaway share classes are up only about 1% in 2026, compared with a return of roughly 9% for the S&P 500. The company has also trailed stocks connected to two of its largest operations. Union Pacific, the closest listed comparison for BNSF, has gained about 30% this year. Chubb, a major property and casualty insurer, has also posted a much larger gain.

UBS Group analyst Brian Meredith raised his Class A price target by 3%, taking it to $877,848 from $854,596, while keeping a Buy rating. That target is about 15% above the share price used in his report. Brian estimated Berkshire’s intrinsic value at nearly $800,000 per Class A share, around 5% above the current price. Brian also raised his profit forecasts. His 2026 estimate for the Class B shares increased 1.3% to $21.05, while his 2027 figure rose 0.8% to $21.32.

Brian cited “modestly higher earnings at BNSF and lower catastrophe losses” during the second quarter. The disaster-loss figure relates to Berkshire’s large property and casualty insurance business. Berkshire Hathaway (NYSE: BRK.A, BRK.B) now trades at about 1.4 times an estimated book value of roughly $535,000 per Class A share. The earlier estimate for the end of the second quarter was about $522,000. The current ratio sits near the lower end of its range in recent years and below the 1.8 times recorded in May 2025, when Class A traded near $810,000.

Berkshire Hathaway is due to publish its second-quarter results within the next two weeks. That report will include shareholder equity and an updated book-value figure. Berkshire’s cash balance is also helping the stock while traders cut technology exposure. The Technology Select Sector SPDR Fund (NYSE Arca: XLK) fell another 2% Tuesday, and Berkshire has often traded against the tech sector’s direction this year. Brian said Berkshire appeared to repurchase about $8.5 billion of its stock during the second quarter.

The filing was done by Warren Buffett, and he called the possible purchase a “bullish sign.” It would rank among the company’s largest quarterly buybacks. Barron’s placed the likely total between $5 billion and $11 billion after reviewing the filing earlier this month. There is no peer comparison on the open market for Berkshire Hathaway since the stock is valued at around $1.1 trillion and consists of a diversified portfolio of businesses. However, there are some stocks related to Berkshire Hathaway that have performed much better than the latter.

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According to reports, New York argues that its case, brought in a verified petition filed in the New York Supreme Court under Executive Law 63(12), is that a Kalshi customer risks money on an unpredictable outcome over which they have no control and is paid if it comes to pass. That’s the legal definition of gambling, the Attorney General’s Office says. “No matter what they call themselves, prediction markets like Kalshi are gambling platforms, plain and simple,” James said in the announcement. The petition claims that by not getting a license from the New York State Gaming Commission, Kalshi avoided the ~51% tax that licensed mobile sportsbooks pay.

New York argues against the nature of Kalshi’s bets

According to the state, the money involved funds schools and problem-gambling programs. The filing also cites Kalshi’s own numbers, a claimed $22 billion valuation, and $178 billion in annualized transaction volume. The Attorney General’s staff seem to have used the platform as proof. The investigators wagered from New York accounts. They bought four “yes” contracts on a UConn-Michigan basketball game for $1.14 in April and 10 more on the winner of Big Brother in July.

New York also said Kalshi took bets on New York college teams, citing a Siena-Duke matchup that is off-limits even to licensed sportsbooks. It says Kalshi let people between the ages of 18 and 20 trade even though the state requires people to be at least 21 to bet on sports. The Attorney General’s Office said that exposing that age group to online gambling involves long-term psychological and financial risk. The petition seeks $100,000 for each unauthorized sports-wagering offer under the Racing Law.

In addition, the state is also seeking disgorgement and triple-damages demand under Penal Law 80.10. The court has not tested any of those claims, and it has not found Kalshi liable. Aside from the state gambling charges, New York says Kalshi has violated the federal Interstate Wire Act, which bars the use of wires to transmit bets across state lines. Since 2020, Kalshi has claimed that its event contracts are federally regulated derivatives, not wagers.

The platform has argued that because it is a designated contract market registered with the Commodity Futures Trading Commission, it is therefore not subject to state gambling law. By reaching for a federal criminal statute, New York is fighting on Kalshi’s turf. The CFTC claims exclusive authority over these markets and has sued New York and several other states to assert it. On July 29, a Second Circuit judge denied the company’s request for emergency relief and referred its motion for an injunction to a three-judge panel.

The ruling left Kalshi vulnerable after a penalty pause New York had granted in October 2025 had expired. That dispute dates back to October, when Kalshi sued New York officials to stop the Gaming Commission’s cease-and-desist order. Analisa Torres, a U.S. District Judge, denied Kalshi’s injunction on July 7, ruling that the federal Commodity Exchange Act does not preempt New York’s gambling laws with respect to Kalshi’s sports-event contracts, Cryptopolitan reported.

Torres wrote that the state’s interests in curbing gambling addiction and protecting sports integrity “heavily” outweighed the company’s federal-preemption case, and added that courts across the country remain split on the question. Kalshi is appealing that ruling. James, in April, sued Coinbase Financial Markets and Gemini Titan on the same theory, saying their event-contract products are unlicensed gambling. Coinbase moved its case to federal court within a day, making the same federal-question argument that Kalshi is making.

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Emirates Airlines is utilizing Crypto.com’s Pay solution to allow its customers to carry out payments on its website and application, with transactions processed in compliance with UAE regulatory standards. Crypto.com Pay is available to eligible UAE residents.

According to the statement, UAE residents can make bookings priced and settled in UAE fiat currency, the AED. Earlier this year, Crypto.com, through its UAE entity, Foris DAX Middle East FZE, received a Stored Value Facilities (SVF) license from the Central Bank of the UAE, allowing it to offer crypto payments in the UAE. Adnan Kazim, Emirates Airlines Deputy President and Chief Commercial Officer, noted that this initiative expands their commitment to customer choice in how they pay for travel, reflecting the preferences of a younger generation who use their phones.

Emirates Airlines launches new payment option in UAE

In his statement, Kazim said, “Moving from signature to launch with Crypto.com in under a year is a credit to both teams and to a regulatory environment that makes this kind of innovation possible, reflecting the UAE’s and Dubai’s ambition to lead in fintech and the digital economy.” Eric Anziani, President and Chief Operating Officer, noted that this partnership is a milestone for Crypto.com and is a testament to the UAE’s forward-thinking approach to innovation.

When customers use the website emirates.com or the Emirates application, they can opt for Crypto.com Pay at checkout and can complete the payment using their wallet on their phone or a QR code on a desktop and then approve the payment using the application. Once payment is approved, the booking is confirmed, and an e-ticket is issued on their screen. The service is part of Dubai’s Cashless Strategy under the D33 Economic Agenda. It aims to make 90 percent of all financial transactions across government and private sectors digital by the end of 2026.

Emirates Airlines joins only three other airlines globally in crypto payments, and they are airBaltic from Latvia, Vueling in Spain, and Peach Aviation in Japan. It is noteworthy that it will be Crypto.com’s entity that will accept the payments and then exchange them into either an AED stablecoin or an AED fiat currency to Emirates Airlines. This is because the UAE Central Bank only accepts regulated AED stablecoins or AED fiat currency for the payment of goods and products in the country.

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On Wednesday’s earnings release, analysts had expected about $22.46 billion. It also beat the unit’s own recent cadence, with cloud sales having climbed 63% to $20 billion just three months ago. The segment’s unbilled contract backlog was now $514 billion, Google said, driven by companies buying its AI infrastructure and enterprise AI tools. According to Cryptopolitan’s live coverage of the results, Alphabet posted total revenue of $119.8 billion, a 24% increase and better than the $116.93 billion expected by LSEG-tracked analysts. It was the 12th consecutive quarter of double-digit growth.

Google revenue figure beats Wall Street’s prediction

Earnings came in at $9.11 per share versus a $2.89 forecast. About $98 billion of that came from other income, mostly paper gains on Alphabet’s holdings in other companies. According to Cryptopolitan, finance chief Anat Ashkenazi told analysts that the company still doesn’t have enough computing capacity to serve its cloud customers and its own product teams. For the third quarter, her solution is to lease more infrastructure from third parties, while Google continues to build out its own.

She mentioned that this approach would help onboard customers but squeeze margins in the short term. Alphabet invested $44.9 billion in capital expenditures during the quarter. Some 60% went to servers, the rest to data centers and networking. The company expects full-year capital expenditures of $180 billion to $190 billion. Some of the biggest customers of the cloud unit need unusually large amounts of compute, and serving them through third parties may be costly for months but should still pay off over the life of the contracts, said the CEO, Sundar Pichai.

Google built its case on adoption numbers. Gemini app monthly active users increased to 950 million from 750 million in the fourth quarter of 2025. Gemini models process 22 billion tokens per minute, the company said. About 90% of Fortune 100 companies are using Gemini Enterprise, according to Cryptopolitan. The Antigravity coding platform developed by Google now has more than 2.4 million weekly users, although Pichai would not say how many are paying customers.

Asked when the spend pays off, Pichai pointed to compute-capacity investments in 2027. Demand signals, including long-term deals, are looking better than a year ago, he said. “Our AI investments are redefining what’s possible across every part of our business,” he said on the call to analysts. The results weren’t perfect. Search revenue was $63.3 billion, just shy of the $63.4 billion analysts wanted, and Ashkenazi cautioned that Search had a more difficult year-over-year comparison in the third quarter.

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Elon Musk is promising a level of scrutiny no major social platform has offered in order to provide answers for individuals who have questioned how X ranks posts and moderates content. Elon Musk, in a post on X, said he will release the full codebase of the platform “with no exceptions” after the review for security vulnerabilities is completed. He added that “third party reviewers” would be invited “to confirm that the open source code is what is running on X’s live servers.

Elon Musk to open source X codebase after security checks

Before this announcement, in May 2026, X’s “For You” recommendation algorithm, which exposed the Grok-based ranking system along with the Thunder and Phoenix Retrieval components that pull candidate posts, was released on GitHub. It attracted thousands of developers, reaching 20,000 stars within a day, but it included only a small “mini” AI model, not the full production version, and withheld training data and advertising strategy.

Musk has previously described X’s algorithm as a “black box” that needs “massive improvements.” Musk has so far not provided a specific date for when the security review would finish or when the code would be released. The company reportedly plans to publish algorithm changes on GitHub every four weeks. Earlier, in a February 9 post, he announced that X would run “rigorous security tests” of X Chat and then open source all of that code. This also does not have a fixed date for completion.

xAI, the AI company whose Grok model underpins X’s newer ranking work, has also run its own open-source track. Cryptopolitan reported in August 2025 that xAI released the Grok 2.5 model on Hugging Face, a 500GB download that needs at least eight GPUs to run. Releasing the full codebase puts every vulnerability, design choice, and shortcut out in the open for anyone to see, and this comes with significant risk.

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Features like the infinite scroll, video autoplay, push notifications, and the platforms’ personalized recommender systems are being pointed out as part of the core problem. According to the Commission, these features “shift the brain into autopilot mode,” and it says that Meta failed to properly weigh their effect on users’ physical and mental health. However, a Meta spokesperson has stated that the company does not disagree with the regulators’ findings, including the conclusions about its teen accounts. The spokesperson also stated that Meta would keep working with the Commission on child safety.

Meta rejects European Commission’s findings on its platform designs

Meta has previously stated that it has put in more than a decade of work and built over 50 tools to protect younger users. The investigation was started in May 2024 and focused on minors and vulnerable adults. The Commission found that Meta ignored what it knew about how long children stay on the apps late at night and about how formats like Reels and Stories can drive what it calls an “excessive or even compulsive use.” The regulator added that the fixes Meta claims to have put in place did not hold up under review.

It also states that features such as time-management tools, parental controls, and screen-time awareness pages are too weak to offset features engineered for engagement. A senior Commission official told journalists that the teen accounts Meta rolled out in the EU in 2024 did not meet the standard set by the DSA. The official also added that their default settings “can be easily dismissed” and that parents need to be experts to locate the controls at all.

Henna Virkkunen, the Commission’s Executive Vice President for Tech Sovereignty, Security, and Democracy, said, “The Digital Services Act provides a clear framework to hold platforms accountable for the addictive design and effects of their services,” adding, “We are fully committed to enforcing our legislation in Europe.” The preliminary findings don’t mean the EU has made a decision or issued any penalty yet.

Meta, on the other hand, can respond in writing, examine the Commission’s files, and try to refute the case before any penalty is set. If the finding is confirmed, Meta could face fines of up to 6% of its total annual worldwide revenue, alongside orders to change the products. The Commission wants autoplay and infinite scroll switched off by default, and screen breaks added. It also recommends that Meta rework its algorithm to serve less personalized content.

In April, the Commission said the company was failing to keep under-13s off Facebook and Instagram, and in October 2025, it accused Meta and TikTok of blocking researcher access to platform data. TikTok was separately found to be unlawfully addictive in February 2026. Also, an expert panel convened by Commission President Ursula von der Leyen is expected to present recommendations on social media limits for children by July 17. At least 10 member states, including France, Italy, and Spain, are already drafting their own rules.

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The FIFA World Cup, which took effect earlier this month, has also increased interest around prediction markets, as thousands of contracts connected to sports outcomes pulled in an insane wave of activity. Numbers tracked by Dune Analytics show a dramatic jump in activity on the U.S. side of Polymarket. Daily turnover was sitting near $50 million around the middle of May. By June 20, that figure had climbed beyond $200 million. Overseas trading also accelerated. Weekly volume on the international platform reached new highs after softer conditions earlier in April and May.

Polymarket hits $1 billion revenue amid FIFA World Cup frenzy

The American exchange first went live in December. Its arrival followed years of regulatory issues that kept Polymarket out of the U.S. market. Back in 2022, the company could not legally operate there because registration requirements had not been met. The situation changed after both the Commodity Futures Trading Commission and the Department of Justice ended their reviews without filing charges.

The US operation now runs under CFTC oversight. A Polymarket spokesperson allegedly told CNBC, “Polymarket is a product-led company. We spent the last five years building the world’s largest prediction market and understanding how people engage with markets at scale. We are applying those learnings to our U.S. platform, where our focus is on intuitive market experiences, institutional-grade liquidity, and a consumer experience that sets the standard for the category.”

While trading activity is climbing, two US senators recently asked for federal scrutiny of the online presence of the platform, according to the Wall Street Journal. In a letter sent to CFTC Chairman Michael Selig, John Curtis and Adam Schiff wrote that the allegations were “deeply troubling and demand immediate scrutiny.” The lawmakers noted that the public-facing behavior alleged here does not resemble a sober financial market designed for hedging or price discovery.

They also claimed that they remain concerned that the Commission is neither enforcing the law appropriately nor is equipped to serve as a federal gambling regulator. Their request asked whether regulators are examining Polymarket and whether the conduct described in the reporting could violate federal rules. At the same time, a separate CFTC inquiry into Polymarket is underway. News of that review surfaced after the agency had already closed a broader investigation last year.

The Journal reported that the company paid content creators to record simulated trades on imitation websites and used workers outside the United States to help spread those clips online. The report said the campaign targeted American audiences despite restrictions that have blocked US users from trading on the international website since 2022. Journal reporters examined 1,105 videos, most of them featuring college-age creators. None disclosed payment from Polymarket.

According to the reports, nearly 10% allegedly used modified headlines or old footage to create the impression that traders had earned almost $900,000. The report said those positions would actually have produced losses exceeding $166,000. Several clips described the activity as “free money.” Meanwhile, the consumer advocacy group National Association of Consumer Advocates (NACA) filed a lawsuit against Polymarket, CEO Shayne Coplan, and CMO Matthew Modabber earlier today.

The complaint alleges that college students were targeted through misleading advertising that did not properly communicate the risk of losing money. The filing said that: “Polymarket aimed to attract young people to place bets on their platforms using a method likely to be effective: showing them social media videos of popular and respected young people enjoying a Polymarket platform. But rather than pursue this goal lawfully, Defendants used many layers of manipulation to trick college-aged consumers, who suffered significant harm as a result.”

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While 11 victims have been identified so far, the final count may still increase as investigators continue to trace more transactions. Polymarket has faced phishing and social engineering attacks since last year. Each one exploited different entry points but followed the same playbook: tricking users into handing over credentials, then clearing their wallets before they notice. Earlier this month, Polymarket’s VP of Engineering, Josh Stevens, addressed a case where a user was swindled out of more than $2 million.

The victim had entered a one-time password into a fake website that looked exactly like Polymarket, which allowed the attacker to compromise the victim’s Magic Link wallet (an email-based login system) and drain their funds instantly. Stevens stressed that while the impact was massive, the breach took place on a scam site and did not stem from a flaw in Polymarket’s own platform. That attack came after a $520,000 drain from the platform’s UMA CTF Adapter contract on Polygon in May. According to on-chain investigator ZachXBT, the attack was caused by a compromised deployer key.

Polymarket users continue to face phishing risks

The phishing risk facing Polymarket users is compounded by growing speculation around a potential POLY token airdrop. On June 25, X user Tiptop noted that Polymarket had quietly updated its FAQ page, removing language that previously stated the platform “does not have a token” and scrubbing references to having no plans for an airdrop or token generation. Polymarket CMO Matthew Modabber confirmed token and airdrop plans in an October 2025 interview.

Modabber said that the team wanted to create “a token with true utility, longevity, and to be around forever,” as Cryptopolitan reported. That confirmation prompted users to adjust their trading behavior in hopes of qualifying for a future distribution. The hype around potential airdrops makes it easy for scammers to trick people with fake eligibility checkers and claim pages. Another round of airdrop speculation has started spreading on social media, as Web3 profiles have reported that Polymarket recently removed the explicit denial of an airdrop from its FAQ page.

The risks on the platform have gone beyond phishing. Last December, SlowMist found a Polymarket copy-trading bot on GitHub embedded with malicious code meant to steal and transmit private keys to hackers. Another investigation conducted by StepSecurity in March also uncovered a compromised GitHub organization that was distributing fake trading bots designed to compromise user accounts. The platform also faces reputational headwinds.

According to a Wall Street Journal investigation, Polymarket paid influencers around $2,000 to $3,000 per month to post scripted videos showing fake trading profits. Apparently, the influencers were told to hide that they were being paid, and even ordered to redo clips if they weren’t exciting enough. They were also instructed to make the fake winnings appear as if they were real, organic experiences. In addition to the phishing campaigns and malicious bot issues, it raises concerns about user safety.

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The European Parliament’s important Committee on Economic and Monetary Affairs (ECON) adopted on Tuesday the so-called Single Currency Package of legislative proposals. The laws are designed to establish a legal framework for a digital version of the common currency while also ensuring that cash remains a viable option throughout the euro area. The digital euro file was approved by 43 members of the committee, with 14 voting against and one abstention, the legislative body detailed in an announcement on its website.

Digital euro moves closer to launch

The central bank digital currency (CBDC) will be an electronic form of money issued by the European Central Bank (ECB) that would work both online and offline, the press release noted. European officials claim the latter option, which will be realized through local storage devices, would be “equivalent to using physical cash,” up to the loss of funds in case of losing the carrier. They also say the digital euro system will ensure the privacy of transactions, thanks to technologies such as zero-knowledge proofs, and that the ECB would have no access to identification data.

Nevertheless, the EU authorities have also addressed worries that the CBDC may threaten the survival of euro banknotes and coins, whose legal tender status will be guaranteed. Another approved proposal aims to safeguard the role of euro cash. It must remain widely accepted and accessible in eurozone countries, which will be required to prepare for disruptions in digital channels. Thus, businesses would not be allowed to reject cash payments, and member-states would be obliged to regularly check its availability, especially with vulnerable social groups in mind, such as the elderly and unbanked people.

“With the single currency package, we are protecting citizens’ freedom to choose how they pay,” commented Fernando Navarrete Rojas, the EP’s lead rapporteur on the digital euro. He also insisted: “The digital euro will complement cash, never replace it. No one should be forced away from cash, and no one should be left without a secure, resilient, and genuinely European digital payment option.” The positive vote at the ECON is paving the way for further advances in the EU’s complex legislative process. The legislation is expected to be adopted by the end of 2026.

It also opens the door for more negotiations on the realization of the digital euro project, which will now focus on the final design of Europe’s digital currency. The European Central Bank hailed the progress in a statement posted on X: “The monetary authority’s reaction came one day after ECB President Christine Lagarde expressed hope that the initiative will move to its next stage, which will be “of a more technical nature.”

That will lead to the launch of a pilot phase of the digital euro, the governor said, emphasizing the need to ensure that all Europeans can have a “good experience” with the digital incarnation of the common currency. In mid-June, Lagarde rallied support for the digital euro in the face of dollar-backed stablecoins and U.S.-dominated global payment systems, as reported by Cryptopolitan. Meanwhile, legislators across the Atlantic are taking steps to prevent the Federal Reserve from issuing a digital dollar. A new Senate bill aims to impose a respective ban until 2030.

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Amazon MGM Studios confirmed on Thursday that it will not release “Artificial,” the director Luca Guadagnino’s film that chronicles Altman’s chaotic 2023 firing and rehiring at OpenAI. Mike Hopkins, who runs Prime Video and Amazon MGM Studios, informed Guadagnino and his producing team that Amazon would walk away from the planned release. The decision comes months after Amazon committed $50 billion to OpenAI in a February deal that expanded on a $38 billion cloud computing agreement signed in November 2025.

Amazon pulls plug on Sam Altman biopic ‘Artificial’

“We believe that Artificial will be better served if it were released by a different studio and are working closely with the filmmaking team to find the film a new home,” an Amazon spokesperson said. Andrew Garfield stars as Altman in the film, which was written by Simon Rich. Yura Borisov played OpenAI co-founder Ilya Sutskever. Monica Barbaro portrays former OpenAI CTO Mira Murati, while Ike Barinholtz plays Elon Musk. The cast also includes Cooper Hoffman, Jason Schwartzman, Billie Lourd, Mark Rylance, and Chris O’Dowd.

Altman was reportedly painted in an unfavorable light in the early version of Rich’s script, with one scene featuring computer scientist Geoffrey Hinton calling Altman “one of the most manipulative people on the planet.” A source familiar with internal workings at Amazon told reporters that the finished film’s tone turned considerably darker than what was originally pitched, and this led Hopkins to halt the release after watching a cut. An early viewer reportedly stated that Altman and Musk are the two characters audiences would “like the least.”

The business relationship between Amazon and OpenAI predates this deal by years. Amazon was among OpenAI’s earliest investors in 2015. Altman and Amazon founder Jeff Bezos have built a personal friendship over the past decade. Altman attended Bezos’s wedding to Lauren Sanchez in Venice in 2025. That friendship now sits alongside a corporate partnership worth tens of billions. Amazon’s February investment gave OpenAI access to Amazon Web Services infrastructure, including customized AI model development.

Jeff Bezos’ alleged influence and Altman’s legal tussle

With that much capital flowing between the two companies, releasing a film that portrays Altman as power-hungry and manipulative was always going to be an uncomfortable proposition. The film reportedly had a $75 million production and marketing budget. Amazon had reviewed every early iteration of the script before hiring Guadagnino to direct, meaning the studio knew the subject matter from the start. The shelved biopic adds to a public profile that continues to court conflict for the OpenAI CEO.

In May, a jury in Oakland rejected all of Elon Musk’s claims against OpenAI after a three-week trial. Florida Attorney General James Uthmeier filed the first state-led lawsuit against OpenAI and Altman in June, calling ChatGPT a “dangerous product” and seeking potentially billions in penalties. Altman also has close ties with the Trump administration, adding a political dimension to his already complicated public image.

The film had been positioned for a late 2026 awards qualifying run followed by a wide release in early 2027. It would have competed with Aaron Sorkin’s “The Social Reckoning,” a sequel to “The Social Network” that also deals with tech industry power. But with the latest developments, that release strategy is now in limbo. With Amazon out of the picture, the studio is now shopping the project to rival distributors through talent agency CAA.

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