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My Daily AI & Markets Briefing · July 18 · 8 min

AI Daily: Saturday, July 18, 2026

SOXL cratered ~25% this week as AI hyperscaler spend skepticism, Chinese model competition from Kimi K3, and global semiconductor weakness hammered leveraged semis — QQQ and VGT each fell ~3–3.5%, VUG dropped ~2.4%. • Moonshot AI's open-source Kimi K3 matches or beats Anthropic's Opus 4.8, marking the clearest sign yet that Chinese frontier labs have closed the capability gap with leading US labs. • Meta is in talks to lease its AI infrastructure to Anthropic, potentially entering the cloud compute market and challenging AWS, Azure, and Google Cloud directly. • Databricks hit a $188 billion valuation this week, fueled by enterprise AI data tooling and fresh research showing cost savings from open-weight models for coding. • Apple has filed suit against OpenAI in a major new legal battle over IP and platform control, while a Meta Oversight Board report found leading LLMs systematically avoid criticizing repressive governments.

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SOXL cratered ~25% this week as AI hyperscaler spend skepticism, Chinese model competition from Kimi K3, and global semiconductor weakness hammered leveraged semis — QQQ and VGT each fell ~3–3.5%, VUG dropped ~2.4%. • Moonshot AI's open-source Kimi K3 matches or beats Anthropic's Opus 4.8, marking the clearest sign yet that Chinese frontier labs have closed the capability gap with leading US labs. • Meta is in talks to lease its AI infrastructure to Anthropic, potentially entering the cloud compute market and challenging AWS, Azure, and Google Cloud directly. • Databricks hit a $188 billion valuation this week, fueled by enterprise AI data tooling and fresh research showing cost savings from open-weight models for coding. • Apple has filed suit against OpenAI in a major new legal battle over IP and platform control, while a Meta Oversight Board report found leading LLMs systematically avoid criticizing repressive governments.

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