TL;DR

Pentagon, Nvidia, and Cantor Fitzgerald drive major AI, chip, and crypto deals; Geely takes Zeekr private.

Highlights

• Pentagon awards $200M AI contracts each to xAI, Google , OpenAI, and Anthropic, creating an $800M pool for frontier AI models in defense use 1.
• Nvidia receives U.S. approval to resume H20 AI chip sales in China, reversing an April ban and boosting its market cap 3.
• Cantor Fitzgerald nears $4B SPAC deal with Bitcoin pioneer Adam Back to acquire over 30,000 BTC , signaling renewed institutional crypto interest 2.
• DOJ and CFTC close probes into Polymarket, potentially clearing the way for its U.S. re-entry amid a friendlier regulatory climate 8.
• Geely to acquire remaining 37.2% of Zeekr for $2.4B, taking the EV unit private and delisting from NYSE 4.
• Trump administration announces $90B in private-sector AI and energy investments in Pennsylvania, led by Google , Blackstone, FirstEnergy, and CoreWeave 5.
• Apple invests $500M in MP Materials for U.S.-made rare-earth magnets, following a $400M Pentagon stake; MP shares surge on supply chain localization 9.
• Uber and Baidu partner to deploy thousands of Apollo Go robotaxis abroad, with first deployments in Asia and the Middle East this year 7.
• Joby Aviation doubles California eVTOL plant capacity, with Toyota investing and advising; targets Dubai air-taxi launch in 2026 6.
• Google confirms merger of Android and ChromeOS, aiming for unified cross-device platform and streamlined development 12.
• Bank of England’s Bailey warns against bank-issued stablecoins, diverging from U.S. push for digital dollar legislation 11.
• Pandox and Eiendomsspar make €1.4B offer for Dalata, Ireland’s largest hotel chain, at a 49.7% premium 15.

Commentary

Government and private sector capital are converging on AI and digital infrastructure, with the Pentagon’s $800M in AI contracts 1 and the Trump administration’s $90B AI-energy investment push 5 both underscoring strong institutional demand. For VCs, this signals sustained appetite for large-scale AI deployments and related infrastructure, and suggests that startups with proven compliance and security protocols will have an edge in securing government and enterprise contracts.

Nvidia ’s restored access to the Chinese AI chip market is significant for growth-stage hardware and semiconductor startups, as it demonstrates that regulatory risks can shift rapidly and that cross-border sales remain a key driver of sector valuations 3. The move may also ease investor concerns about U.S.-China tech decoupling, at least in the near term.

Crypto and fintech deal flow is likely to benefit from Cantor Fitzgerald’s $4B SPAC for a Bitcoin vehicle 2 and the regulatory clearance for Polymarket 8, indicating renewed institutional willingness to back digital asset platforms. However, the Bank of England’s opposition to stablecoins highlights ongoing regulatory fragmentation, which VCs should factor into cross-border fintech strategies 11.

Strategic M&A and platform consolidation remain active themes. Geely’s $2.4B Zeekr buyout 4 and the €1.4B Dalata offer 15 point to continued consolidation in capital-intensive sectors, while Google ’s Android-ChromeOS merger 12 and Uber /Baidu ’s robotaxi partnership 7 signal that ecosystem integration is a priority for incumbents. Startups positioned as key enablers or acquisition targets in these trends may see heightened interest.

Supply chain localization is accelerating, as seen in Apple and the Pentagon’s investments in MP Materials 9. This trend may generate new opportunities for advanced materials, manufacturing tech, and energy infrastructure startups, particularly those aligned with U.S. and allied supply chain security priorities.