Axios

Major economic sectors around the world — including health care, transportation, emergency services and mass media — were hobbled today by an IT failure that caused a massive global outage of Microsoft Windows machines.

Why it matters: The scale of the issue is the latest example of the true reach of Big Tech and the growing risks posed by the widespread dependency on key systems.

Catch up quick: CrowdStrike, a cybersecurity company, pushed out a faulty software update to its flagship cloud-based service that provides antivirus monitoring and on-device protection.

• The defect caused Windows systems to crash and a full fix could take "days to weeks," Lukasz Olejnik, an independent cybersecurity researcher, tells The Verge.

While hugely disruptive, the macroeconomic or market impacts of today's issues are likely to be limited, according to Capital Economics. The damage to CrowdStrike's reputation, however, is "major," Oppenheimer analyst Ittai Kidron wrote.

• Fittingly, competitor stocks like Palo Alto Networks and SentinelOne rose significantly on the day.

Another consequence we're watching is whether CrowdStrike customers seek compensation.

• "There is a risk of large potential liability claims from customers that were affected by the outages," Raj Joshi, of Moody's Ratings, said.

The world's largest Din Tai Fung — a Taiwanese, Michelin-awarded dim sum chain famous for its soup dumplings or xiao long bao — opened to the public in New York on Thursday.

Why it matters: Din Tai Fung's rise in popularity reflects a growing obsession with Asian cuisine across the U.S., NBC News notes.

Thousands of travelers across the U.S. and around the world were grappling with flight cancelations and delays Friday stemming from a massive IT outage that grounded flights.

Why it matters: Travelers are entitled to refunds from airlines for canceled flights "regardless of the reason" for cancelation, according to the Department of Transportation.

A "state of the union" at Christie's Art and Tech Summit in New York Thursday affirmed what has become apparent in the NFT market — sales are down.

Why it matters: Amid a market rout, the movers and shakers in fine art got real about their relationship status with non-fungible tokens, and it's in transition.

Ether fund fees are in, and deals abound.

The big picture: The eight issuers poised to launch their spot ether funds showed how low they were willing to go as amended filings were submitted to the SEC late Wednesday.

• As with the bitcoin ETFs, the real deal on fees was not in the sticker price, but in the initial waivers offered by some issuers with varying conditions.

Between the lines: Two funds do not appear to have a waiver. Invesco Galaxy is one, but it could still offer it later.

One of Axios' reporters covering the Republican National Convention in Milwaukee sent us this promo fan for MAGA (TRUMP), the biggest meme coin for the former president.

• Market cap: $300 million, down from a peak of $775 million on June 1.
• TRUMP runs on Ethereum.

The Swifties are wreaking havoc across the Atlantic — or, at least on European economic data.

Why it matters: "The Eras Tour" is a source of faster price increases as concertgoers spend on food, tickets and hotels. That's making for a cruel summer, pushing inflation rates higher with possibly more distortions to come.

Ryan Selkis is stepping down from CEO to a senior adviser role at the crypto data firm he co-founded, Messari, after a series of increasingly controversial political tweets became too much for colleagues at the venture-backed company.

Why it matters: Selkis has become a fierce proponent for everyone in the blockchain industry getting behind the candidacy of former president Donald Trump.

Saronic, an Austin, Texas-based maker of autonomous surface vehicles for the U.S. Navy, raised $175 million in new venture capital funding at around a $1b valuation.

Why it matters: This is a big-money reminder that military drones aren't just for the sky.

Teamsters president Sean O'Brien's speech at the RNC this week highlights the lengths the Republican party, with no track record of supporting labor, will go to appeal to working-class voters.

Why it matters: It's not at all clear that pressure from O'Brien — or the ascension of a populist like Sen. J.D. Vance (R-Ohio) to the ticket — will actually translate into any real action on labor policy.

Former President Trump in his acceptance speech Thursday night tore into the United Automobile Workers — calling for its president, Shawn Fain, to be fired. Just days earlier, a different union boss got a much warmer reception at the RNC.

Why it matters: The clashing speeches highlight tensions simmering in the Republican party as it pursues the votes of working-class Americans — and the mercurial nature of dealing with Trump, who's quick to insult those who don't bend the knee.

A U.S. appeals court filed an order on Thursday barring President Biden's administration from providing student debt relief with its SAVE Plan.

Why it matters: Although the order on an emergency motion is not a final ruling, all aspects of the SAVE Plan are now blocked while the court case continues, per the Court of Appeals for the Eighth Circuit.