Yields on long-term government debt are hitting levels seldom seen in recent decades.

Why it matters: The global move higher will raise borrowing costs for consumers, corporations and governments worldwide, and may create malaise in the stock market.

• Besides helping to set the price for government borrowing, government bond yields act as the floor for most other interest costs on debt — from consumer credit cards to corporate bond issues to mortgage rates.
• 📈 As they rise, typically all other interest rates do too.

The latest: The U.S. 10-year Treasury note touched 4.80% this afternoon, territory it briefly saw in October 2023. (Before that, the T-note last spent significant time there in 2007.)

• The yield on the Japanese 10-year government bond hovered near 3% after briefly touching that level, which it hadn't breached in roughly 30 years, according to Bloomberg.
• Other large, developed nations, such as Britain, Germany and France saw their long-term bond yields climb toward turf not seen in a decade or more.
• Traders pointed to the rise in such rates as a reason the stock market slumped.

🛢️ Between the lines: Analysts pointed to recent Iranian attacks on oil tankers — and the resulting jump in oil prices — as a key contributor to the bond sell-off.

• That's because it could worsen inflation dynamics worldwide, especially in countries like Japan, which are heavily reliant on Mideast oil.

The big picture: Inflation is the key bogeyman for bond investors as it cuts into the fixed return of bonds.

A legal fight between Apple and OpenAI over alleged trade secret theft is getting pretty spicy.

• 👉 OpenAI, responding to Apple's preliminary injunction request, called the dispute today "a mess of Apple's own making," and said its accuser "is trying to blame everyone else," Axios' Herb Scribner writes.
• 🗑️ Apple said in a court filing that OpenAI was actively destroying evidence in the case, as first reported by Bloomberg.

Catch up quick: Apple sued OpenAI in federal court in July, alleging that the AI company used Apple employees to obtain closely guarded hardware secrets in an effort to develop its own consumer hardware products.

• OpenAI claims that it never sought Apple's secrets, and it's argued the lawsuit was really about Apple's struggle to retain engineers and keep pace in AI.

Apple has made clear that it wants the courtroom battle to head into the discovery phase, suggesting OpenAI's arguments for dismissal would be answered through discovery.

• 🌶️ OpenAI snapped back in today's filing, alleging that Apple had not done enough to protect itself, saying it "cannot use its own sloppy procedures to blame others for its own mess."

🍿 What's next: The case is scheduled for a court hearing before a judge on Oct. 1.

Go deeper

⚾️ Stan Kroenke has agreed to buy a controlling interest in the Los Angeles Angels from longtime owner Arte Moreno, adding MLB to Kroenke's sports portfolio, which includes the NFL's Los Angeles Rams, the NBA's Denver Nuggets and the Colorado Avalanche of the NHL. (ESPN)

🥛 Chobani announced plans to invest $1.2 billion to make a high-protein milk product at a former Keurig Dr Pepper facility in Pennsylvania. (Bloomberg)

☁️ Anthropic agreed to a $35 billion cloud-computing deal with Lambda via a data center in Texas. Nvidia, an investor in Lambda, will hold the lease on the operation. (WSJ)

If you've always wanted a $500 AI-powered toothbrush, well, your teeth are going to be very happy.

🪥 State of play: Vacuum cleaner maker Dyson today revealed the $499.99 Dyson CameraJet, which took six years of R&D, 16 million lines of code and a machine learning system trained on 470,000 dental photos.

Features include:

• 📸 A 100,000-pixel macro lens camera that assesses 28 live photos per second "to identify and target gaps between teeth in real time" and then delivers a "conical burst of mouthrinse to floss while you brush."
• 💦 A 12.5-milliliter "anti-gravity" tank that dispenses mouthrinse and is "optimized to clean the gaps in one session without flooding the mouth."
• ⚡️ A docking station that refills the toothbrush in three seconds and charges it between use.
• 🧘 A contoured bristle brush head with "a sonic dampener for optimal acoustics and comfort."
• 🛜 WiFI connectivity with a live camera so that users can see their teeth in the MyDyson app while they're being cleaned.

💭 Nathan's thought bubble: For $500, I feel like I shouldn't even have to use my hands to brush my teeth.