Key Takeaways
- Apple (AAPL) has filed a major lawsuit against OpenAI, alleging the "institutional" theft of hardware trade secrets by former employees to accelerate OpenAI's entry into the consumer device market.
- Chile’s state-owned Codelco reported an 18.3% year-on-year drop in May copper production, totaling just 106,300 metric tons, intensifying fears of a global supply deficit.
- 95% of Americans report the U.S. is facing an "affordability crisis," according to a new Guardian/Harris poll, with 57% of respondents stating the economy is actively worsening.
- LG Group is investing $1 billion in Vietnam to expand semiconductor substrate production, signaling a strategic shift toward high-value AI server and mobile components.
- Fitch Ratings maintained a 'BBB-' rating for Goldman Sachs BDC (GSBD) with a Negative Outlook, citing weakened asset cushions and elevated non-accruals.
Apple Alleges "Rotten" Culture of IP Theft at OpenAI
Apple (AAPL) has initiated legal action against OpenAI, accusing the AI giant of a coordinated campaign to misappropriate confidential hardware designs and manufacturing secrets. The lawsuit, filed in the Northern District of California, names former Apple executives Tang Yew Tan and Chang Liu as key figures who allegedly breached contracts to benefit OpenAI’s nascent hardware division.
The complaint claims that OpenAI encouraged job candidates to bring "actual parts" from Apple to interviews for "show and tell" sessions. Apple further alleges that Liu exploited a previously unknown authentication bug to download dozens of files related to unreleased products and proprietary project data after joining OpenAI.
Global Copper Supply Strained by Codelco Decline
Chilean state copper giant Codelco continues to struggle with operational hurdles, reporting a sharp 18.3% production decline for the month of May. This drop to 106,300 metric tons follows an internal audit that revealed the company had overstated its 2025 output, which was already at a 27-year low.
The production shortfall comes at a critical time as global demand for copper surges, driven by the expansion of AI data centers and electric vehicle infrastructure. Analysts at J.P. Morgan project a refined copper deficit of 330,000 tonnes by 2026, a gap that may widen if Chile's structural output issues persist.
US Economic Sentiment Sours Amid Affordability Crisis
A staggering 95% of Americans believe the United States is in the midst of an affordability crisis, according to a poll conducted by The Harris Poll for The Guardian. Despite stable employment figures, 57% of respondents believe the economy is getting worse, up from 46% in February.
The findings highlight a growing disconnect between macroeconomic indicators and the lived experience of consumers facing high costs for housing, groceries, and fuel. The sentiment is further dampened by reports that nearly half of Americans under 30 are living with their parents due to high housing costs, while 63% of job seekers now face AI-automated interview processes.
Tech and Energy Infrastructure Developments
In Southeast Asia, LG Group is committing $1 billion to a new semiconductor substrate facility in Hai Phong, Vietnam. The plant will focus on high-value components like FC-BGA substrates, which are essential for AI servers, as LG seeks to diversify its supply chain away from traditional assembly toward advanced manufacturing.
Meanwhile, Cuba’s national electricity grid suffered a total collapse on Friday, the second such failure in less than a week. The island is grappling with a severe energy emergency exacerbated by a fuel blockade, leaving millions in darkness and forcing the state to impose draconian power cuts of up to 20 hours a day.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.