AI company to buy crypto miner for $9b to meet power needs
That very 2025 sentence comes as AI companies race to scoop up energy...
That very 2025 sentence comes as AI companies race to scoop up energy and data centers to power their tech. CoreWeave is doing it by acquiring Core Scientific, a Bitcoin miner that was already providing data center infrastructure to the company and has access to lots of energy. It’ll nab those centers for itself in an all-stock deal valued at $9 billion that’s expected to close in Q4. But investors weren’t energized by the deal—both companies’ stocks fell after it was announced.
Search for survivors continues as death toll from Texas floods...
Search for survivors continues as death toll from Texas floods rises. Camp Mystic, a Christian summer camp for girls, said 27 campers and counselors had died due to the flash flooding over the weekend, with 10 more campers and a counselor reportedly still missing. In all, authorities said yesterday that more than 100 people were known to have died in the flooding, and that the number was likely to go up as searching continued. They declined to answer questions about weather warnings and didn’t clarify why more areas were not evacuated as searches continued with more rain expected. Meanwhile, facing criticism from Democrats, President Trump denied that staffing cuts at the National Weather Service had hindered weather forecasting before the sudden flooding.
President Trump and Israel’s Prime Minister Benjamin Netanyahu met at the White House yesterday, as the US pushes for a ceasefire agreement between Israel and Hamas.
TikTok is reportedly developing a US-only version of its app in advance of a planned sale required by a US law that forces it to be sold or face a ban (though President Trump has extended its deadline).
Apple appealed a 500 million euro ($586 million) fine the European Union slapped it with in April for allegedly violating its Digital Markets Act with App Store policies.
California National Guard troops and federal officers in tactical gear were deployed in MacArthur Park, which sits in an area of Los Angeles where many immigrants live.
Russia’s Minister of Transport is suspected to have died by suicide hours after being fired by President Vladimir Putin, Russian state media outlets reported.
The TSA is reportedly letting travelers keep their shoes on when they go through airport security, rolling back the rule that’s forced everyone to shuffle through in socks since 2006.
(Reuters) - Oil prices rose nearly 2% on Monday as signs...
(Reuters) - Oil prices rose nearly 2% on Monday as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.
Brent crude futures settled up $1.28, or 1.9%, at $69.58. U.S. West Texas Intermediate crude settled up 93 cents or 1.4%, at $67.93.Early in the session, Brent had fallen as low as $67.22 and WTI's session low was $65.40.
"The supply picture definitely looks to be elevating; however, the stronger demand is remaining above expectations as well," said Dennis Kissler, senior vice president of trading at BOK Financial.
Travel industry statistics released last week showed that a record number of Americans had planned to travel for the Fourth of July holiday by road and air.
The OPEC+ decision will bring nearly 80% of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts, led by Helima Croft, said in a note.
However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, analysts said.
U.S. stocks log worst day in three weeks after Trump posts tariff letters
U.S. stocks ended lower on Monday after President Donald...
U.S. stocks ended lower on Monday after President Donald Trump released letters to trading partners including Japan, South Korea, Laos and Myanmar, announcing tariffs ranging from 25% to 40%.
The Dow Jones Industrial Average went down 422.17 points or 0.9% to close at 444,06.36, recording its largest one-day point and percentage decline since June 13.
The S&P 500 fell 49.37 points or 0.8% to finish at 6,229.98, snapping its back-to-back gains.
The Nasdaq Composite declined 188.59 points or 0.9% to end at 20,412.52, also snapping back-to-back gains.
Riley Permian Closes Silverback Exploration II Deal
Riley Exploration Permian Inc. said on July 2 it closed on its $142...
Riley Exploration Permian Inc. said on July 2 it closed on its $142 million deal to buy EnCap’s Silverback Exploration II LLC.
The deal adds 47,000 net acres in Eddy County, New Mexico, and 300 gross undeveloped locations in the Permian Basin’s Northwest Shelf to Riley’s portfolio.
When the deal was first announced in May, Riley stated that it was accretive to the company's long-term strategy, despite market volatility.
Silverback Exploration II is backed by private equity firm EnCap Investments LP. EnCap’s initial investment in Silverback II was a $500 million equity investment in 2017.
Silverback’s first iteration sold to Centennial Resource Development LLC for roughly $855 million. The deal included 35,000 acres in the Permian’s Delaware Basin in Reeves County, Texas.
