Good morning from the Financial Times.
Today is Thursday, July 2nd, and this is your FT News Briefing.
The U.S. Government might get a piece of an AI powerhouse, and UBS is dipping its toes in American banking services.
Plus, Ukraine has pushed Russia onto its back foot, and even Vladimir Putin is starting to acknowledge it.
I'm Mark Filipino, and here's the news you need to start your day.
OpenAI has discussed giving a 5% stake to the U.S.
Government.
That's according to people familiar with the talks.
The arrangement would involve other American AI companies handing over a similar stake,
but it's not clear if those other companies would be willing to play ball.
The move could help OpenAI improve its relationship with the Trump administration.
It would also be an attempt to address political blowback.
The American public and politicians have gotten more concerned about all the data centers
being built and the impact AI could have on the job market.
The idea is that the deal would share the wealth generated by AI with the public.
OpenAI declined to comment on this, and the White House did not immediately respond to a request for comment.
UBS is expanding in the United States.
The Swiss lender will start testing out everyday banking services for its employees in the U.S.
The plan is to launch a full-service bank for wealthy Americans by the middle of next year.
That's according to people familiar with the matter, but UBS declined to comment.