Business & Markets — July 31, 2026

Copper supply tightens on Chile storms. Deadly storms in Chile have disrupted copper mining operations, straining a global supply already squeezed by AI infrastructure demand. Prices could climb sharply.

According to CNBC, the metal is being hit from two directions at once: the weather-driven halt to Chilean output cuts into availability just as data center buildouts for artificial intelligence push consumption higher. Chile is a major producer, so extended interruptions there ripple through worldwide markets. CNBC's report indicates the price response has already begun, with further gains possible if the disruption persists.

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New York sues Kalshi over gambling laws. New York's attorney general sued Kalshi Friday, claiming its prediction markets platform violates state laws against illegal gambling — the latest legal challenge to the fast-growing sector.

The case turns on whether contracts that let users wager on event outcomes amount to unlawful betting under New York statutes, a question the attorney general answers in the affirmative, according to Reuters. The suit is not an isolated action; Reuters notes it follows a string of legal fights confronting prediction market operators as the industry expands, meaning the outcome could shape how such platforms operate in other states.

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AI hedge fund sells entire public portfolio. Situational Awareness, run by a former OpenAI researcher in his mid-20s, sold its entire public equities portfolio to Ken Griffin's Citadel after steep losses on leveraged AI bets.

The transaction, reported by MarketWatch, hands the fund's stock positions in bulk to Citadel rather than unwinding them piecemeal on the open market. The losses stemmed from the use of leverage, which magnified declines on the fund's artificial intelligence wagers. The sale covers only publicly traded holdings, and the fund's collapse underscores the risks facing concentrated, borrowing-fueled strategies tied to the AI trade, per MarketWatch.

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Mortgage rates reach one-year high. The average 30-year fixed mortgage rate reached 6.66% Thursday, its highest in a year, as inflation concerns and the U.S.-Iran conflict squeezed prospective homebuyers.

NPR reports the increase reflects two overlapping pressures: expectations that inflation will stay elevated and uncertainty tied to hostilities between the United States and Iran, both of which push up the borrowing costs that underpin home loans. Higher rates raise monthly payments for buyers who have not locked in financing, adding to affordability strains in the housing market, according to NPR.

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