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Major U.S. airlines are voicing concerns over a significant increase in jet fuel prices, which is expected to contribute to elevated costs during the busy summer travel season. According to Airlines for America, jet fuel prices in Chicago, Houston, Los Angeles, and New York averaged $3.18 per gallon on Tuesday, registering a more than 30% surge compared to July 5. As fuel and labor costs represent the largest expenses for airlines, the spike raises questions about the extent to which carriers have been able to pass the increased costs onto customers this summer, following a decline in fares from last year.

Riot Platforms, a Bitcoin mining company, has shifted its strategy to rely on energy credits from selling power back to the Texas grid to mitigate losses. The company recently earned $31.7 million in energy credits, surpassing the value of its Bitcoin mining revenue. The move comes after the crypto market reversed in 2022, leading to significant losses for Riot Platforms. Despite the challenging market conditions, Bitcoin’s recovery in 2023 boosted Riot’s stock.

The company’s unique power strategy aims to make it one of the lowest-cost producers of Bitcoin in the industry. Bitcoin miners overall have faced challenges due to low trading volume and ballooning energy prices, prompting them to seek alternative sources of income. Riot Platforms has a mutually beneficial relationship with the Electric Reliability Council of Texas (ERCOT), wherein the agency pays miners to reduce power consumption to alleviate strain on the grid. The credits earned by Riot comprise energy sold back to the ERCOT grid and demand response credits. Texas has become an ally of the Bitcoin mining industry, offering financial incentives. However, a bill to cut off the mining industry from these credits ultimately stalled.

U.S. venture capital (VC) firms are redirecting their investments toward defense technology and industrial development due to increasing trade restrictions with China. The move comes after years of political tensions led to numerous sanctions and trade restrictions between the two largest economies. With the Chinese tech market becoming riskier, VCs are finding new opportunities on their home turf, as the U.S. government actively encourages investments in semiconductors and other critical industries. This shift in focus is driven by a desire to protect U.S. values and recognize defense technology’s growing potential and impact. The tech community is also more open to working with the government on defense contracts.

Google has announced new rules that will require election ads created with artificial intelligence (AI) to carry a clear disclosure. As concerns grow about the ease of creating and spreading deceptive information online with AI tools like OpenAI’s ChatGPT and Google’s Bard, the policy comes ahead of the 2024 presidential and congressional elections. Starting mid-November, election advertisers must disclose if their ads contain digitally altered or generated content that does not depict real events. This step aims to promote responsible political advertising and provide voters with the transparency needed to make informed decisions.

Crab fishermen in Alaska face significant challenges as crab populations in the Bering Sea have drastically declined in recent years. The red king crab fishery has been closed, and the snow crab fishery has been severely limited. The collapse in crab populations is believed to be connected to rising ocean temperatures and altered ecosystems due to climate change. Fishermen are experiencing financial hardships and are forced to find alternative sources of income, such as working as salmon tenders. The future of the crab fishing industry remains uncertain as researchers continue to investigate the causes of the collapse and determine appropriate catch limits.

Bandana, a startup co-founded by CEO Timothy Makalinao, has secured $3.8 million in seed funding to develop a platform aimed at helping hourly wage workers find higher-paying jobs with benefits. The platform aims to connect job seekers with employers offering above-minimum-wage salaries, health insurance, paid time off, and locations close to their homes. The startup, which plans to focus on the New York City area initially, will keep its platform free for a year to attract users and plans to charge employers for job postings in the future. Bandana also intends to expand geographically and add features such as certifications and financial tools to aid workers in savings and money management. General Catalyst and Craft Ventures led the funding round.

The European Union (EU) has unveiled a list of tech giants that will be subjected to new regulations under the Digital Markets Act (DMA). Dubbed “gatekeepers,” these companies, including Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft, are seen as having significant market power that requires proactive competition rules.

The DMA designates 22 core platform services operated by the six gatekeepers, encompassing social networks, online marketplaces, search engines, browsers, operating systems, and messaging services. The regulations curb anti-competitive behaviors, such as self-preferencing, controlling app stores, and stifling rivals’ services. Noncompliance penalties can range from 10% to 20% of global annual turnover. However, some tech giants, such as Microsoft and Apple, have faced challenges and objections over including certain services.