Axios

Volkswagen reportedly plans to lay off as many as 100,000 employees worldwide in a massive downsizing that illustrates how Chinese competition is reshaping the global automotive industry.

Why it matters: European automakers are faltering in China and on their home front as Chinese automakers like BYD deliver high-quality, low-cost electric vehicles.

General Intuition, an AI lab that uses gaming content for training, raised $320 million in Series A funding at a $2.3 billion post-money valuation and already is working on a Series B round.

Why it matters: The next phase of AI adoption and investment is expanding into the physical economy, according to a Goldman Sachs report shared exclusively with Axios.

Predicting what the Federal Reserve will do next has become an exercise in trying to game out the tactical instincts of a new chairman who isn't giving the world much to work with.

Why it matters: While it's early days in the Kevin Warsh chairmanship, his reaction function — the way he is likely to respond to incoming information about the economy — is a black box.

• It means that a wide range of possibilities for interest rate policy this year remain in play — from multiple rate hikes starting in late July, to leaving rates steady indefinitely.

Americans felt better about the economy in June as gas pump prices eased.

Why it matters: Few economic indicators shape Americans' outlook more than the cost of filling up their tanks.

• June's rebound suggests easing fuel costs and fading fears about the Middle East conflict were enough to lift confidence, even as inflation and the cost of living continue to weigh on households.

For the first time, Uber drivers see charging access as a greater barrier to going electric than vehicle costs, a 13-country survey shows.

Why it matters: Public and residential infrastructure are persistent hurdles for the ride-hailing giant, which is behind on its electric vehicle targets.

• But its annual survey has bright spots, with drivers' concerns about EV prices consistently dropping.

U.S. corporate profits are surging as the AI boom broadens out, lifting companies outside Big Tech.

Why it matters: AI investment is boosting the economy and making the U.S. more reliant on a boom that could eventually peter out.

The Dow Jones Industrial Average is set to get even less "industrial" on Monday morning, when the index of 30 stocks drops Verizon to add Google parent Alphabet.

The big picture: Though largely irrelevant to investors now, the 130-year-old blue-chip index is still the shorthand for "stock market" among many Americans, who gauge the economy based on whether the Dow went up or down that day.

Finance social media was honking over this one: billionaire SoftBank CEO Masayoshi Son's latest shareholder slide deck, replete with geese and dozens of their golden eggs.

Why it matters: It's fun — plus maybe a sign of rising animal spirits during a bubbly moment — and it offers some protein-rich food for thought.

This will be the busiest July 4 week for travel since at least 2019, AAA predicts.

Why it matters: The right departure time could save you hours stuck in traffic.

Thirsty? You're in luck if you're at a World Cup match in Atlanta, where a small draft beer goes for $5. In other U.S. cities hosting games, food and drinks can be much pricier.

Why it matters: There is a wild variance in prices for food, water and other drinks across the 11 U.S. cities hosting the World Cup this year.

People spend a lot of time on their devices. The AI boom means they will also be spending more for them.

Why it matters: The enormous sums of money going into the AI race are driving up costs for resources and components throughout the economy.

• That's now becoming increasingly apparent to ordinary Americans who might have thought that AI's impact would be primarily on their jobs.