Sam Altman seeks new world order for AI as OpenAI slowly loses ground to Google and Anthropic 

Good morning. On Fortune’s radar today:

Markets: tech stocks lead declines.

Sam Altman’s new world order.

ChatGPT’s lead is slowly slipping away.

The AI miracle stubbornly refuses to show up in the real world.

Trump’s personal finances: Fortune breaks it down here.

The ever-rising cost of weddings.

There is no free lunch at Nvidia.

The Fortune 500 Digest will take the day off on Friday, July 3, and return to normal service on Monday, July 6. 

Stocks take a beating as traders pull money out of the tech sector

S&P 500 futures were down 0.16% this morning. The index closed down 0.22% yesterday. 

In Europe, the Stoxx 600 was up 0.31% in early trading and the U.K.’s FTSE 100 was up 0.5% before lunch.

Asia: South Korea’s KOSPI was down 7.89%. Japan’s Nikkei 225 was down 2.47%. India’s Nifty 50 was up 0.52%. China’s CSI 300 was down 2.96%. 

Brent crude was down to $70 per barrel this morning from a high of $72 yesterday.

Bitcoin rose to $60.2K.

Tech stocks led declines globally overnight. The Nasdaq 100 closed down 1.54% yesterday. By contrast, the equal weight S&P 500 actually hit a record high yesterday—indicating that tech companies are the ones dragging down the broader index. “The main culprit has been another slide in chip stocks, with the Philly semiconductor index down -6.27%,” Henry Allen and his colleagues at Deutsche Bank told clients this morning.

Sam Altman seeks new world order for AI

OpenAI founder Sam Altman has proposed a global framework to control AI and make it safe for humanity. In an op-ed for The Financial Times, he wrote: “A US-led international forum that establishes accepted standards, provides expert and impartial analysis of capabilities and risks, and makes the technology available to nations and companies that participate and follow the rules. This forum might include government representatives, independent technical experts and others. It could also serve as a governance mechanism over the labs, and guard against the commercial pressures that can lead to unsafe racing.” He cited aviation safety, global financial standards, and the International Atomic Energy Agency as examples of world bodies that set global standards in their industries.

OpenAI proposes handing Trump administration 5% stake - FT

The Anthropic Fable Ban Is Over. The Battle Over How to Tame AI Has Just Begun. - WSJ

SpaceX Showed Investors Prototype of Elon Musk’s New AI Device - WSJ

ChatGPT is slowly losing audience to Gemini and Claude

Anthropic has overtaken OpenAI in terms of self-reported revenue and is slowly gaining on the latter in terms of users, too. OpenAI has said it is on course........

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