TL;DR

xAI targets $200B raise; JPMorgan to charge fintechs for data; Bitcoin hits $118K on ETF inflows.

Highlights

• xAI (Elon Musk) is seeking a $200B valuation in new fundraising; Grok 4 LLM launched, outperforming OpenAI and Google on benchmarks, with Tesla integration planned amid renewed bias concerns 14.
• Intel spun out RealSense, funding it with a $50M Series A; RealSense claims 60% share in autonomous mobile robot vision systems and plans to scale manufacturing in Asia 2.
• JPMorgan will begin charging fintechs hundreds of millions for access to customer data, impacting firms like PayPal and Block and likely raising costs sector-wide 3.
• Goldman Sachs rolled out an internal AI assistant and is piloting Cognition Labs’ Devin autonomous coding agent; Cognition Labs is valued at nearly $4B 6.
• Tesla applied for permits to expand its Robotaxi fleet to Phoenix, its first move outside Texas; Bay Area entry pending 8.
• Recruit Holdings will cut 1,300 jobs and merge Glassdoor into Indeed, consolidating HR tech and focusing on AI-driven job matching 9.
• Ramaco Resources started construction on the first new U.S. rare-earth mine in 70 years, aiming to reduce China reliance; $500M project budgeted 10.
• Pentagon lifted drone procurement restrictions and ordered expanded domestic drone production, boosting shares of Kratos and AeroVironment 11.
• Kraft Heinz is considering a $20B spinoff of its Kraft-branded grocery division, retaining higher-growth condiments and sauces 12.
• FDA rejected Capricor’s Duchenne cell therapy, citing insufficient efficacy and manufacturing issues; signals greater scrutiny for cell/gene therapies 7.
• Bitcoin hit new highs above $118,000 on near-record ETF inflows; ether also rallied, with combined daily ETF inflows over $1.5B 14.
• Coinbase hired pseudonymous influencer AlexOnchain as its first Crypto Twitter lead to deepen community engagement 15.

Commentary

AI remains the key driver of private market activity, with xAI’s $200B valuation target and Grok 4’s benchmark performance setting new expectations for late-stage AI rounds 14. The planned integration of Grok 4 into Tesla vehicles highlights the increasing convergence of AI models and consumer hardware, but also brings governance and bias risks to the forefront—an area investors should monitor as regulatory scrutiny intensifies 4.

The Intel RealSense spinout and Goldman Sachs ’ adoption of agentic AI tools (notably Cognition Labs' Devin) signal strong appetite for applied AI and robotics across both enterprise and industrial sectors 26. RealSense’s significant market share in autonomous robotics and its patent portfolio position it well for growth as automation demand accelerates 2. For VCs, this reinforces the opportunity in enabling technologies and vertical AI solutions with defensible IP.

JPMorgan ’s decision to monetize customer data access will likely pressure fintech margins and could reshape the economics of API-driven business models 3. This move may drive consolidation and force fintechs to invest in proprietary data assets or seek deeper partnerships with incumbents. Early-stage fintechs should be prepared for higher costs and potential shifts in negotiating leverage.

In hard tech and infrastructure, the Pentagon’s push for domestic drone manufacturing and Ramaco’s rare-earth mine address supply chain vulnerabilities and create new openings for startups in advanced manufacturing, defense tech, and critical minerals 1011. These government-driven initiatives may lead to increased non-dilutive funding and strategic VC activity, especially for dual-use technologies.

Crypto’s momentum—evidenced by record ETF inflows and Bitcoin ’s surge—signals renewed institutional and retail engagement, which could support late-stage crypto infrastructure and consumer deals 14. Meanwhile, the FDA’s rejection of Capricor’s cell therapy and Recruit ’s HR tech consolidation underscore that regulatory and operational risks remain significant diligence factors, particularly in capital-intensive or compliance-driven sectors 79.