Axios

To paraphrase Justin Timberlake in his iconic turn in the 2010 film "The Social Network," a trillion dollars isn't cool. You know what is? $3 trillion.

The big picture: That's roughly how much money seven Big Tech companies, including Google, Microsoft and Nvidia, have committed to spending on AI-related infrastructure in off-balance-sheet commitments, according to a new analysis from Morgan Stanley.

• And that's on top of the estimated $770 billion in debt and lease obligations that are on the balance sheets.

AI behemoth Nvidia reported blowout earnings Wednesday — exceeding Wall Street's expectations — and even jaded investors who had grown a bit immune to the company's stratospheric growth over the past year seemed to like it.

Why it matters: The chipmaker's earnings are viewed as a barometer of the overall health of the AI trade.

Crime, comedy, sci-fi and football are on this week's list of notable streaming picks.

"The Whisper Man" — Thriller available Friday on Netflix

Meta's historic settlement with 51 U.S. state and territory attorneys general represents one of the largest government penalties ever levied on a Big Tech firm anywhere.

Why it matters: For the first time, U.S. officials — at least at the state level —have proven they are as serious about policing Big Tech as their European counterparts.

Puck, the subscription newsletter and events business, is in late-stage talks with private investment firm RedBird Capital Partners about a deal that would see RedBird becoming its largest shareholder, sources confirmed to Axios.

Why it matters: The deal, which values Puck at roughly $250 million, would set a strong industry benchmark for other media startups looking to liquidate.

It's prime time to plant grass seed for patching bare spots or overseeding lawns in most U.S. regions.

Why it matters: Plant too late and grass might not establish before winter; too early and young grass could still be exposed to stressful summer heat.

Protectionist trade policies may buy Detroit automakers some time, but they can't hide the U.S. auto industry's deteriorating global competitiveness forever.

Why it matters: American consumers don't see Chinese brands like BYD, Geely, Chery or Xiaomi in dealerships, so the rise of Chinese competition can feel theoretical.

Apple on Wednesday sent invitations for a Sept. 9 event where the company is expected to unveil its first foldable iPhone and other new products.

Why it matters: The launch would push Apple into a smartphone category it has resisted while rivals experimented with folding screens — and give incoming CEO John Ternus an immediate opportunity to put his stamp on the company's most important product.

The Trump administration has struck data-sharing deals with major technology firms to help track how AI is affecting jobs and hiring, acting Labor Secretary Keith Sonderling told Axios.

Why it matters: AI could reshape the labor market faster than traditional government statistics can capture it. That could make it difficult for economic policymakers to see major shifts in jobs and hiring in real time.

Breedr, a startup that's developed a digital system of record for cattle, today announced $27 million in new venture funding.

Why it matters: The price of beef is just too damn high, causing pain for ranchers, consumers, and politicians.