TL;DR

OpenAI rebuffs Musk’s $97B bid; Google Cloud wins $10B+ Meta AI deal; OnlyFans eyes $8B sale.

Highlights

• OpenAI disclosed Elon Musk and xAI sought Mark Zuckerberg’s backing for a $97B takeover bid, which was rejected; legal disputes between Musk, OpenAI, and Meta continue1.
• OnlyFans paid its owner a record $701M dividend as it explores a potential $8B sale; user and creator growth remains strong2.
• Google Cloud secured a $10B+ six-year deal to supply Meta with Nvidia-powered infrastructure for AI workloads6.
• Apple is in talks to license Google ’s Gemini AI models for a revamped Siri, while also considering Anthropic and OpenAI7.
• Meta hired Frank Chu, Apple ’s former AI cloud leader, its sixth senior Apple AI hire in seven weeks, despite a hiring freeze8.
• Chinese regulators are restricting Nvidia H20 AI chip sales, prompting Nvidia to pause production3; Chinese chipmaker Cambricon surged 20% after DeepSeek adapted its LLM to domestic chips9.
• Y Combinator filed an amicus brief supporting Epic Games in its antitrust suit against Apple , citing App Store fees as harmful to startups4.
• Waymo received New York City’s first permit to test robotaxis, expanding its autonomous vehicle trials to Manhattan and Brooklyn5.
• MMTFinance (Sui DEX, $1.5B TVL) launched AI-managed vaults and invested in DeAgentAI, highlighting VC interest in AI-crypto integration10.
• VanEck filed for the first staked Solana ETF (JitoSOL); Invesco Galaxy refined its spot Solana ETF filing, signaling institutional demand for Solana-linked products15.
• Corporate treasuries now hold $17.6B in Ethereum , with Peter Thiel’s Founders Fund increasing exposure; ETH price up 20% this month14.
• China’s Jiuzhang 4.0 quantum computing milestone is intensifying urgency for post-quantum encryption efforts12.

Commentary

AI infrastructure, talent, and cloud remain central themes, with Google Cloud ’s $10B+ multiyear agreement to supply Meta ’s AI workloads marking a significant shift in hyperscaler partnerships and multicloud adoption6. Apple ’s early talks to license Google ’s Gemini AI for Siri7, alongside Meta ’s ongoing recruitment of Apple ’s senior AI talent8, further highlight the premium placed on foundational models and technical leadership. These developments suggest continued high valuations and intense competition for startups and scale-ups in AI infrastructure, model development, and applied AI.

In China, regulatory actions against Nvidia ’s H20 chips and the resulting production halt are accelerating opportunities for domestic players such as Cambricon, which saw a sharp rally after DeepSeek’s LLM adaptation39. This shift is likely to drive increased capital flows toward Chinese AI chip and LLM startups, while U.S.-based startups with China exposure may face greater regulatory and supply chain risks.

On the fintech and crypto side, OnlyFans’ strong financials and potential $8B sale2, alongside growing institutional adoption of Ethereum and the race for Solana-linked ETFs1415, point to robust exit and liquidity options for profitable platforms and crypto infrastructure plays. MMTFinance’s AI-managed vaults and investment in DeAgentAI also signal growing VC and institutional interest in the intersection of AI and Web310.

Regulatory and security issues remain active. Y Combinator’s support of Epic Games against Apple ’s App Store fees could, if successful, improve economics for mobile-first startups4. Meanwhile, China’s quantum computing breakthrough is increasing urgency for investment in post-quantum security and cryptography startups12.