On the first full trading day of July, profit-taking in the chip space led to double-digit declines for stocks from Micron to Samsung amid huge gains on the year. OpenAI is looking for ways to appease the White House. Russia launched a large missile and drone attack against Ukraine, with Russia’s Defense Ministry stating it carried out a “massive strike using long-range precision air, land, and sea-based weapons and attack drones.” Poland and Finland reacted by scrambling fighter jets and imposing aviation restriction zones. In his first public comments since the Fed decision, Chairman Kevin Warsh told CNBC in Sintra, Portugal that inflation is too high but declined to signal interest rate moves. ECB President Christine Lagarde said the U.S. and Europe “need each other” for AI investment. Separately, Amazon is designing its own AI chips for Echo, Fire TV and future devices, its top hardware executive told CNBC.