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Weston McKennie has taken up a new habit at the U.S. men’s national team’s World Cup base.

Thursday and Friday could see temps hit and potentially surpass a broiling 100 degrees, with the real-feel more like 105 to 110.

Chinese AI Matches Mythos In Cybersecurity Tasks With Open-Weight Model

While Anthropic has been forced to shut down its latest general-use models for over two weeks after it emerged that the company's de-tuned public-facing Fable 5 model could be 'jailbroken' into its unrestricted form (Mythos 5) to perform tasks that pose security risks, a Chinese AI company backed by Alibaba and Tencent has released a model that matches the performance of Mythos in some cybersecurity scenarios. 

The company, Zhipu AI - also known as Z.ai, can match the latest US models when it comes to finding security bugs - though it still lags at other tasks, according to the Wall Street Journal. 

Overall, the capability gap between top U.S. models and those built by Chinese companies has narrowed significantly, and use of Chinese AI systems has surged as businesses seek to rein in runaway costs. A host of companies, including Microsoft, are weighing how they can offer Chinese models on their platforms, a development that is set to alter the balance of power among tech companies.

What's more, Zhipu's GLM-5.2 is an open-weight model, meaning it can be downloaded and run on hardware by anyone and can be modified and used without supervision - which hackers are undoubtedly loving. 

GLM-5.2 has ranked as one of the 10 most-used AI models, according to data from OpenRouter, a company that provides access to more than 400 AI models. In some benchmarking tests, according to the cybersecurity company Semgrep, GLM-5.2 bested Anthropic’s Claude Opus 4.8 model, which was released in May. When given further instructions, Opus 4.8 and GLM-5.2 can match Mythos in bug-finding ability, according to researchers.

As we noted last week for our premium subscribers, this is how Goldman's Delta One head, Rich Privorotsky framed the latest Chinese shock to the system from open-weight models: 

The big development over the last couple of days has been GLM-5.2, another Chinese open source model that appears highly competitive on SWE benchmarks relative to some of the latest private models. It is not quite cutting edge, but the gap between open and closed models continues to narrow. The weights are open (MIT license), models can be distilled, quantized and reproduced...its a big leap in capability and a clear sign the field is narrowing.

It's not just some of Wall Street's top thinkers who were immediately drawn to the stats of the latest Chinese offering: various industry insiders were in shock.

Artificial Analysis’ new knowledge work benchmark rated it higher than GPT 5.5

"This kind of powerful weapon that can alter the landscape of cyberwarfare can’t remain solely in American hands," Zhou Hongyi - CEO of Chinese cybersecurity company 360 Security Technology, speaking at a cybersecurity conference in Beijing. His company has released a new bug-finding tool called Tulongfeng - which it claims is comparable to Mythos when it comes to finding bugs. 

Zhou Hongyi, chief executive of 360 Security Wu Hao/EPA/Shutterstock

So while the Trump administration restored some access to Mythos 5, IT departments across America are now at a disadvantage when it comes to using something this powerful to find and patch their own vulnerabilities. 

"Banning Fable while selling chips China needs to develop its own version is a gift to China," said Saif Khan - a distinguished technology fellow at the Institute for Progress think tank who focused on export restrictions under the Biden administration. Kahn says that the US needs to maximize the use of Mythos and similar models to harden cyber defenses while it can. 

Among the Mythos 5 and Fable 5 users that had lost access before Friday’s decision to restore Mythos 5 access for some trusted entities: the National Security Agency, which had been testing the tools and found them impressive in trials, according to people familiar with the matter.

Critics of the White House approach have said it has been lax in restricting use of Chinese open-weight models from companies such as DeepSeek and Zhipu, which are popular among U.S. businesses. -WSJ

Meanwhile - OpenAI on Friday said it will now limit access to its latest model - GPT 5.6, after Trump administration officials raised security concerns. The company warned that the government's current case-by-case evaluation process isn't a good long-term solution, but they're adhering to it following a recent executive order focused on security and model oversight. 

In short, the Trump administration is driving people to use open-weight Chinese models, while hobbling the US AI industry. 

Tyler Durden Sun, 06/28/2026 - 18:05

The US and Iran have agreed to meet after the Islamic republic suffered blows in the peace deal relating to the Strait of Hormuz and Lebanon, a US official told The Post.

Tech billionaires behind California Forever are attempting an end run around years of local resistance by asking Sacramento to slash environmental reviews.

Collin has been taking public jabs at his mom ahead of his new memoir, “In the Shadow of Eight: Surviving the Reality of My Childhood," coming out on Oct. 13.

Collin has been taking public jabs at his mom ahead of his new memoir, “In the Shadow of Eight: Surviving the Reality of My Childhood," coming out on Oct. 13.

Ralph Mincey, 63, allegedly told cops he "lost it" when his daughter accused him of not taking care of his elderly mom.

The New York Democratic Party faces extinction if it doesn't wake up and turn out voters to the polls to defeat socialist candidates who are taking over the party, said former Gov. and ex-state Democratic Party chairman David Paterson.

The Coming Return Of Commodity-Backed Money

Authored by Chris MacIntosh via InternationalMan.com,

This piece is as much a mental exploration as a fact-gathering exercise.

Let’s begin with the problem. Bank failures come together with economic failures.

So trusting banks is a problem, but furthermore, trusting fiat currency is also a problem. This is on top of the issue that moving capital from one bank to another is increasingly fraught with headaches. AML and KYC have become weaponised, and the global surveillance system is tightening its grip. So movement of capital, treasury, and of course what to own in your treasury are all problems as I see it.

How to solve for all?

The Inversion

Most investors think in fiat terms — what’s the IRR in dollars, what’s the EBITDA multiple. That’s measuring real assets with a rubber ruler.

The better question is: What is this stake worth in hard asset terms, and what hard asset exposure does it give me per unit of fiat deployed?

Fiat currency is a liability of a central bank. It has no intrinsic floor. Now consider a warehouse receipt for oh say 500 tonnes of copper. That is the asset. There’s no counterparty sitting behind it who can dilute it, default on it, or sanction it into worthlessness.

The Real Monetary History

The current system is historically aberrant. Pre-1971, every dollar was a claim on gold. What Nixon did at Camp David wasn’t just a policy change — it was the largest unilateral default in history, redenominating global savings from hard asset claims into sovereign promises.

Since then, global M2 has expanded roughly 50x. Gold has gone from $35 to $4,000+. Real wages in the developed world have largely flatlined. Asset prices have inflated dramatically… but measured in gold, most assets are flat to down.

The money supply expansion didn’t create wealth. It merely redistributed it from savers and wage earners toward asset holders… and those closest to the money creation spigot.

What Warehouse Receipts Actually Represent

Imagine owning a warehouse receipt just like in the good old days when gold was held with a goldsmith and you received a receipt of ownership. But one can expand this beyond gold into most any commodity. This then isn’t just “a useful treasury instrument.” Rather, it’s a pre-fiat-style monetary instrument.

Medieval banking was largely built on exactly this. A Florentine merchant deposited grain or wool, got a receipt, and that receipt circulated as money because it was a claim on something real. Through this lens, the Medici didn’t invent credit — they institutionalised the monetisation of physical inventory.

What if one could enjoy a partial return to that model: hold receipts for oil, copper, wheat, cocoa. Those receipts are denominated in the asset itself, not in a currency. The currency price of those assets will fluctuate, but the asset quantity doesn’t. When the next monetary reset comes — and the direction of travel is clear — you hold the denominator, not the numerator.

The Hierarchy of Real Assets

Not all hard assets are equal in this context.

Gold and silver (the monetary metals). No industrial consumption risk on gold; pure monetary store. Silver has a dual role: monetary and industrial (solar, electronics). Both have 5,000-year track records as money. Central banks are net buyers of gold at record pace right now. They know what’s coming. Since you’re here… you do too.

Oil and energy (the master resource). Everything in industrial civilisation is downstream of energy. A barrel of oil contains the energy equivalent of roughly 4.5 years of human manual labour. It can’t be printed. It is under attack now globally and being fought over.

Agricultural commodities — arguably the most underappreciated. Food is the original hard asset. You can live without gold but not without calories. Soft commodities (cocoa, coffee, sugar) and hard agricultural commodities (wheat, corn, soy) sit at the base of social stability. History is littered with governments that fell not from military defeat but from grain price spikes.

Industrial metals, especially copper. The copper price is essentially a real-time vote on global industrial activity. Also increasingly a monetary metal proxy given its role in electrification, regardless of which energy path dominates.

So the question I asked myself is this: where in the world does something exist that has all or some of these commodities in physical form? And how to move them and turn them liquid?

The Trading House as Hard Asset Node

The answer appears to be trading houses.

A commodity trading house at its core is a node in the physical asset network. It handles the logistics, financing, and title transfer of real goods. The warehouse receipts it holds at any given moment are snapshots of real-world production: tonnes of metal, barrels of oil, bushels of grain.

It makes sense to own a stake in that node. It provides continuous exposure to the physical flow of real assets without having to warehouse them yourself; receipt access as treasury — you’re not holding a gold ETF (someone else’s promise), you’re holding a title document to a specific physical lot; and participation in the spread between jurisdictions — the firm makes money on the arbitrage between where goods are produced and where they’re consumed. That spread is denominated in real goods, not financial engineering.

What’s the alternative? Compare this to holding cash in a bank. The bank holds your deposit as a liability on its balance sheet and lends it out 10:1. You have an unsecured claim on an institution that is itself leveraged against a system that can be inflated, bailed-in, or sanctioned. The warehouse receipt has none of those layers.

The Monetary Reset Angle

The direction of travel globally is already toward commodity-backed settlement.

The BRICS payment system discussions keep circling back to commodity baskets. Saudi Arabia is actively diversifying away from dollar settlement. Russia’s war chest rebuild post-sanctions was done largely through commodity export surpluses held outside Western systems. China has been accumulating gold at the sovereign level while simultaneously building out commodity infrastructure across Africa, South America, and Central Asia.

When — not if — the next monetary architecture emerges, it will be anchored to something real. The countries and entities that hold the physical nodes of that system will be on the right side of the reset.

A trading house stake, held correctly, is a small position in that inevitable infrastructure.

Practical Implication for the Deal

Price the stake in hard asset terms. What quantum of warehouse receipt access does this buy you? Expressed not in dollars but in tonnes of copper equivalent, barrels of oil equivalent, or ounces of gold equivalent.

If a firm has, say, $15 million of inventory at any given time and you own a 20% non-operating stake with receipt participation rights, you have a claim on $3 million of physical commodity inventory. At current gold prices, that’s roughly 1,000 oz gold equivalent.

That’s your real floor. Not the EBITDA multiple.

*  *  *

The shift Chris describes is already underway. The old financial system is being strained by debt, inflation, political pressure, and a growing loss of trust in fiat money. That does not mean you need to predict every detail of what comes next. But it does mean you should understand the forces now reshaping the world—and what they could mean for your wealth, freedom, and future. We’ve prepared a free special report that explains the major economic, political, and cultural trends unfolding right now, the risks they create, and how a contrarian investor can think about staying one step ahead. Click here to get it now now.

Tyler Durden Sun, 06/28/2026 - 17:30

The Mets mounted threat after threat and could not capitalize, continually letting Phillies pitchers slip out of jams.

Serena Williams "wasn't sure" about playing singles at Wimbledon — and had to convince herself to accept a wild card for the tournament.

Once on the battlefield, Russian soldiers are being picked off in an average of 20 to 35 minutes, according to reports.

The Clippers need to figure out what they’re going to do with Kawhi Leonard. According to a report from NBA insider Jake Fischer, the Clippers have reportedly “had real conversations” about trading Leonard to the Raptors. Before Leonard signed with the Clippers during the 2019 NBA offseason, he had a one-year stint in Toronto after...

Don't miss Dutton Ranch's Season 1 finale.

Germany has emerged as a real dark-horse World Cup contender ahead of its knockout match against Paraguay on Monday. Those looking to trade on the World Cup knockout stage can use the Polymarket welcome offer for a $50 bonus when you sign up with the Polymarket promo code NYPMAX. The Germans are heavily favored to advance at...

Soccer fans can sign up to make trades using the FanDuel Predicts promo code and will receive a $25 bonus in the FanDuel Predicts app. 

Google reportedly told Meta around March it could not meet the full Gemini capacity the company had sought to purchase.

Six South Americans, including several minors, were arrested Tuesday in connection with a series of home burglaries that have terrorized California neighborhoods over the past year.  

US rescuers miraculously pulled a 9-month-old baby and her mom from the rubble of a collapsed building in Venezuela on Saturday after quakes there killed more than 1,400 people, harrowing video shows.