President Trump yesterday authorized Iran to export crude oil and petrochemicals for 60 days through August 21, the broadest sanctions relief since 1979, as peace talks in Switzerland advance and Tehran agreed to readmit IAEA nuclear inspectors. Nymex crude fell -2% to $74.75/bbl and Brent fell -4% to $77.73/bbl on the news. Trump also signed executive orders targeting a capable quantum computer by 2028 and requiring federal agencies to adopt quantum-resistant encryption by 2031.
IBM Joins OpenAI Cyber Defense Program
IBM (IBM) is up nearly +5% in premarket trading following yesterday's announcement of a partnership with OpenAI to embed frontier AI into enterprise security workflows. IBM joined OpenAI's Daybreak Cyber Partner Program, gaining access to advanced AI models deployed within client environments to help identify and mitigate cyber risks faster. The collaboration builds on Project Lightwell, IBM's open-source security initiative backed by a $5B commitment from IBM and Red Hat, deepening IBM's position as a core enterprise AI security vendor.
SoftBank Bets Against Space Data Centers
SoftBank Group (SFTBY) founder, Masayoshi Son, dismissed the case for space-based data centers, arguing that while electricity savings are the main draw, power costs represent a small fraction of overall expenses compared to hardware. Son added that transport, maintenance, and communication costs would negate any power savings, and that the near-term AI race matters far more than anything a decade away. The comments came as SpaceX and Amazon's (AMZN) Blue Origin pursue rival space compute ambitions, with SFTBY betting on Earth-based capacity instead.
SoFi Launches AI-Powered Investing Platform
SoFi Technologies (SOFI) is down -2% in premarket trading despite launching Composer by SoFi, an AI-powered platform that lets investors build, test, and execute rules-based strategies using everyday language, with the decline reflecting broader tech weakness rather than product reception. SOFI acquired Composer Securities to develop the tool, which guides users through strategy creation with controls for weighting, conditions, and filters, and back-tests performance before execution. Unlike agentic trading tools, Composer executes only predefined rules, keeping investment decisions in the user's hands.
Bath & Body Works Enters Ulta Stores
Bath & Body Works (BBWI) is expanding its wholesale push, partnering with Ulta Beauty (ULTA) to place its fragrances, soaps, and candles in more than 600 ULTA stores and online starting July 12. The deal gives BBWI another distribution channel following its February launch on Amazon (AMZN) while filling a gap in ULTA's home fragrance lineup with a recognized mid-price brand. Both companies are targeting younger consumers, aligning with ULTA's marketplace expansion and BBWI's multi-year strategy to grow beyond its own retail footprint.
