The day in tech.

Stocks ended lower for the week as AI-driven chip stocks extended losses, with the S&P 500 down 1.6% and the Nasdaq off 2.9%. Fundstrat's Tom Lee says stocks are poised to rebound after a massive margin call and selloff in AI trade darlings.

Grayscale has filed an S-1 with the SEC for the first US Worldcoin ETF, expanding its lineup of crypto-related exchange-traded products beyond Bitcoin and Ether.

A federal judge gave final approval to Anthropic's $1.5 billion settlement of a class action copyright lawsuit. The payout delivers $3,000 per work across an estimated 500,000 works to authors and publishers. Judge William Alsup had ruled that training AI on copyrighted text counts as fair use, but found Anthropic's use of pirate sites illegal.

Google is designing a server chip codenamed Frozen v2, optimized for its Gemini AI models and slated for release in 2028. The chip could deliver six to ten times better performance per watt than Google's current AI silicon, measured by tokens generated per unit of power. Google did not directly confirm the report.

David Sacks warned the U.S. could lose the AI race after a Chinese model's breakout. The warning highlights growing competition from Chinese AI models, which have demonstrated rapid advances and could challenge U.S. leadership in artificial intelligence development.

Investors continue funding AI drug discovery startups despite a lack of approved drugs from the approach. The gap between AI-driven development and regulatory approval has not deterred venture capital. Companies like Recursion Pharmaceuticals and Insilico Medicine have raised significant rounds.

China is considering stricter export controls on AI models and chips. The potential restrictions target advanced semiconductor technologies and artificial intelligence software. The move signals escalating technology trade tensions between global powers.

Bristol Myers Squibb is deploying NVIDIA's Vera Rubin systems, giving the drugmaker what it calls the most powerful AI computing infrastructure in life sciences to speed drug discovery.

U.S. District Judge Araceli Martínez-Olguín ordered Paramount Skydance to pause its acquisition of Warner Bros. Discovery through August 3 after several states argued the merger would harm competition. The judge said the states made a "strong showing" that the merger would decrease competition.

Bloomberg reports that a major AI breakthrough appears concerning. The development signals potential risks and challenges ahead for the technology sector. The piece highlights growing unease about the direction of artificial intelligence advancements.