JUST IN: Stanley Druckenmiller just updated his portfolio This is everything Duquesne Family and Stanley Druckenmiller owned as of the end of Q1 Natera $NTRA: $576.7M Taiwan Semiconductor $TSM: $201.2M STMicroelectronics $STM: $161.1M YPF Sociedad Anonima $YPF: $142.0M Insmed $INSM: $126.3M Brazil ETF $EWZ: $124.6M BBB Foods $TBBB: $113.6M NewAmsterdam Pharma $NAMS: $109.2M Sea Limited $SE: $96.8M Roku $ROKU: $93.2M Alcoa $AA: $92.9M Broadcom $AVGO: $83.7M Teva Pharmaceutical $TEVA: $82.1M Woodward $WWD: $73.6M Sandisk $SNDK: $54.1M Figure Technology $FIGR: $51.2M Revolution Medicines $RVMD: $46.0M Intel $INTC: $44.9M Coupang $CPNG: $43.5M Humana $HUM: $42.1M Seagate $STX: $40.6M CRH $CRH: $39.0M Lattice Semiconductor $LSCC: $39.0M Bloom Energy $BE: $38.6M Option Care Health $OPCH: $36.5M Twilio $TWLO: $36.0M Restaurant Brands $QSR: $34.6M Global X MSCI Argentina ETF $ARGT: $33.7M Jabil $JBL: $28.2M Caris Life Sciences $CAI: $28.1M Wabtec $WAB: $25.0M United Airlines $UAL: $24.6M Cleveland-Cliffs $CLF: $23.8M Arm Holdings $ARM: $22.5M iShares GSCI Commodity $GSG: $22.0M Southern Copper $SCCO: $21.7M Linde $LIN: $20.9M Unity Software $U: $20.4M Nuvation Bio $NUVB: $20.1M Qnity Electronics $Q: $19.8M Micron Technology $MU: $17.2M Protagonist Therapeutics $PTGX: $16.4M Coherent $COHR: $15.8M Belite Bio $BLTE: $15.2M Olema Pharmaceuticals $OLMA: $13.4M Xenon Pharmaceuticals $XENE: $13.0M ADMA Biologics $ADMA: $12.8M StubHub Holdings $STUB: $12.2M PureCycle Technologies $PCT: $12.1M Amazon $AMZN: $12.1M Celestica CLS: $12.0M Daktronics DAKT: $10.7M Cloudflare NET: $10.4M Twist Bioscience TWST: $10.1M LyondellBasell LYB: $9.9M Vista Energy VIST: $9.8M JBS JBS: $8.9M EchoStar SATS: $8.3M Almonty Industries ALM: $8.2M DBV Technologies DBVT: $7.5M Lumentum LITE: $6.8M Solstice Advanced Materials SOLS: $5.3M MercadoLibre MELI: $4.3M Westlake WLK: $1.9M Wave Life Sciences WVE: $1.2M

Investors are worried about Oracle's credit: Oracle's, $ORCL, 5-year credit default swaps (CDS) are up to a record ~203 basis points. This means protection against Oracle's default now costs ~$203,000 for every $10 million of principal. Oracle's CDS have more than QUADRUPLED since mid-2025, even surpassing the 2008 Financial Crisis peak. The company’s borrowing costs are also rising, with the spread on its 6.7% notes due 2056 widening +8 bps on Monday, to 263 bps, and its 5.7% notes due 2036 widening +9 bps, to 205 bps. Meanwhile, S&P Global Ratings downgraded Oracle to BBB- on July 9th, just 1 notch above junk, citing its rapidly growing AI-related spending. Oracle's credit risk is at crisis levels.

From a multi-agent system surpassing human grandmasters to terrorist groups weaponizing AI chatbots, the last two weeks highlight agentic AI is reshaping both competition and security landscapes. Here's your biweekly recap of everything that happened in the space, in the latest edition of AI Agents Pulse: 1️⃣ SpaceXAI releases Grok 4.5, an 'Opus-class model' the company says has 'twice greater token efficiency' than other leading models, positioned as a workhorse for coding, research, and knowledge work. 2️⃣ AI chip startup SambaNova raises $1 billion in a round led by General Atlantic, reaching an $11 billion valuation as investors continue to back Nvidia challengers. 3️⃣ S&P Global downgrades Oracle's credit rating to BBB-, citing OpenAI as a key credit risk due to Oracle's massive data center contractual obligations. 4️⃣ Databricks adopts Chinese open-source model GLM 5.2 as its default coding engine after it matched Anthropic's Opus 4.8 performance at a lower cost. 5️⃣ Microsoft's carbon emissions rose 25 percent in 2025 to 34 million metric tons, driven primarily by the expansion of its datacenter infrastructure, per the company's 2026 sustainability report. 6️⃣ Over 200 economists and AI researchers, including Nobel laureates, warn that the window to prepare for AI's economic impact is closing fast. 7️⃣ General Intuition, a Bezos-backed startup, raises $320 million at a $2.3 billion valuation to develop physical AI world models trained on gaming data. 8️⃣ GrandCode, a multi-agent reinforcement learning system, becomes the first AI to consistently beat all human participants in live Codeforces contests. 9️⃣ A study finds terrorist groups like Boko Haram are using major AI chatbots for attack planning and weapons development, with safety filters failing to prevent misuse.

FedEx @FedExHelp @FedEx claims they delivered the boxes—there were four in total, but we only received one. We also reported it to the police, but they didn’t seem to bother checking any surveillance footage. FedEx just closed out our shipment as ‘delivered’ without providing any delivery photo or signature at all… so we can’t even proceed with the claim process. We had purchased insurance at the time too. I really didn’t expect FedEx to be so unreasonable here in the United States. I’m just fed up. For someone like me who hates dealing with this kind of hassle, I really don’t want to waste time on it. Ugh, it’s so frustrating, honestly. In Australia, for something like this, you can complain to Fair Trading. Is filing a complaint with the BBB in the US actually effective? Ironically, I even dreamed last night that those missing boxes were found…