Warsh pushes reform at his first Fed meeting
Federal Reserve Chair Kevin Warsh used the dinner tied to his first meeting in office to announce five working groups that will revisit how the Fed interprets the economy, according to Nick Timiraos, often described as the Fed’s key media observer.
The plan immediately drew pushback from Governor Chris Waller, who said that once the membership list is released, people will already be able to predict the outcome. The report added that Warsh had previously persuaded Donald Trump to appoint him, and now faces a broader challenge: convincing 18 colleagues to move away from what he sees as an established way of thinking that has drifted off course. His first major test is due on Wednesday this week.
Anthropic CEO rejects a ban on open-weight AI models
Bloomberg reported that Anthropic CEO Dario Amodei recently clarified that the company does not support banning open-weight AI models. NVIDIA CEO Jensen Huang and other Silicon Valley leaders were said to hold a similar view.
The debate had intensified after Chinese AI models posted breakthrough progress and challenged U.S. technological leadership, prompting calls for government controls on open-weight models. At the same time, Amodei argued that the U.S. should take policy steps to slow China’s AI development and said all AI models, open or closed, should face mandatory safety testing before release.
Largest SK Hynix short on Hyperliquid shows $6.1 million unrealized gain
According to on-chain analyst EmberCN, the largest SK Hynix short position on Hyperliquid was sitting on an unrealized profit of $6.1 million as the stock dropped.
The address shorted $40.5 million worth of SKHX, tied to SK Hynix shares, at an average price of $1,275.7. With the price falling to $1,083, the position was showing a $6.1 million paper gain. The same address also shorted $19.15 million worth of Brent crude oil, labeled BRENTOIL, at $97.7 and was sitting on a $2.43 million unrealized profit.
SKHX drops 17.9% as four-hour liquidations top Binance
On-chain analyst Ai Yi (@ai_9684xtpa) said Hyperliquid’s $SKHX saw a flash crash on the morning of July 28, with liquidations over four hours exceeding Binance.
The trigger, according to the post, was an anomalous pre-market trade in South Korea at 7 a.m., when one share of SK Hynix changed hands on NXT at KRW 1,272,000, or about $867. Thin liquidity sent the stock down as much as 30% and triggered a trading halt. Hyperliquid prices then dropped as the oracle followed the move, while Binance also fell as arbitrage trading spread the dislocation.
Hyperliquid says Trade.xyz is investigating the contract move
In a July 28 response, Hyperliquid said the unusual volatility in the SK Hynix perpetual market is being investigated by Trade.xyz, the team that deployed and operates the xyz:SKHYNIX perpetual contract. The platform said it is a permissionless blockchain and that HIP-3 markets can be deployed and run independently by different teams. Findings will be released later once a conclusion is reached.
Hyperliquid also said HIP-3 deployers can supply a market’s mark price, oracle price and external perpetual price inputs. If a setup similar to validator-operated perpetual markets is used, the protocol itself provides only one of the three median-based components: the median of the latest on-chain trade, best bid and best ask. The other two components are supplied by the deployer, and together they determine the final mark price.
NVIDIA employee detained in Taiwan in AI chip smuggling probe
Bloomberg also reported that prosecutors in Taiwan detained an NVIDIA employee and searched the company’s office as part of an expanding investigation into the alleged smuggling of AI accelerators into China. It marked the first legal action taken by authorities against an NVIDIA employee in the case.
Taiwanese officials had already launched a first round of arrests in May involving employees of Super Micro, AI server distributors and data center operators. Those arrested were accused of falsifying documents to evade U.S. export controls and illegally ship NVIDIA AI chips to China.
Google AI search penetration rises to 43%
TechCrunch, citing Similarweb data, reported that Google AI Overviews appeared in 43% of search results over the past year, up from 15%. AI Mode monthly visits also climbed from 126 million in June 2025 to 279 million in May 2026.
User behavior changed along with it. Average query length continued to rise, short keyword searches were increasingly replaced by more natural conversational prompts, and time spent on Google increased noticeably.
The shift has had a clear effect on publishers. AI citations were up more than fivefold from a year earlier, but outbound clicks remained limited. After ChatGPT rolled out a search update on May 7, though, U.S. desktop web referral rates rose from 25% in March to nearly 60% by late May, bringing some relief to publishers. Analysts said Google is moving more quickly from being the gateway to the internet toward becoming the endpoint for information consumption.
Bitmine keeps buying ETH this week
EmberCN said Bitmine continued adding to its Ethereum position this week. Four hours earlier, the address received 7,500 ETH from BitGo, worth about $14.61 million.
Other market moves
Bitget market data showed that SpaceX (SPCX.O) shares were down 20% from their IPO price, with more than $1.2 trillion erased from market value from the peak.