TL;DR

Novo Nordisk inks $550M Replicate deal; Reliance plans Jio IPO, AI push; Microsoft launches in-house AI.

Highlights

• Novo Nordisk signs a $550M licensing deal with Replicate Bioscience for self-replicating RNA obesity drugs, expanding beyond GLP-1 therapies 1.
• PepsiCo invests $585M in Celsius Holdings, increasing its stake to 11% to strengthen distribution and marketing 2.
• Reliance Industries plans a 2026 IPO for Jio Platforms and launches an AI subsidiary, announcing AI partnerships with Google Cloud and Meta 3.
• Alibaba develops a new AI chip with a mainland Chinese foundry to reduce reliance on Nvidia amid U.S. export controls 4.
• U.S. revokes chip equipment waivers for Intel, Samsung, and SK Hynix in China, introducing new export license requirements and potential supply chain risks 5.
• Meta licenses Midjourney’s AI image/video technology to enhance consumer and ad products across its platforms 6.
• Affirm shares surge 22% after reporting 33% revenue growth and strong FY26 guidance, offsetting concerns over Walmart’s exit 7.
• Trump-backed WLFI token to launch on major crypto exchanges; American Bitcoin to debut on Nasdaq via Gryphon merger 8.
• IREN secures Nvidia preferred-partner status and financing to expand its AI cloud fleet to 10,900 GPUs, diversifying beyond crypto mining 9.
• Offchain Labs (Arbitrum) partners with Succinct Labs to implement zero-knowledge proofs, aiming for faster withdrawals and improved security for Ethereum Layer-2 10.
• 21Shares files for a U.S. ETF tracking Sei Network’s SEI token, including a staking option, as altcoin ETF filings rise 11.
• Microsoft unveils in-house AI models (MAI-Voice-1 and MAI-1-preview) to reduce reliance on OpenAI and strengthen its AI stack 14.
• Pop Mart’s Labubu collectibles sell out instantly worldwide, driving 204% revenue growth and a 250% YTD share price increase 13.
• DeFi Development Corp. buys $77M in Solana, launches UK Solana treasury vehicle, and plans further international expansion 15.
• Elon Musk moves to dismiss SEC lawsuit over delayed Twitter stake disclosure 12.

Commentary

Strategic partnerships and vertical integration are prominent this cycle, with large corporates targeting emerging tech to secure future growth. Novo Nordisk’s $550M deal with Replicate Bioscience signals sustained appetite for platform biotech, particularly as pharma incumbents seek to diversify pipelines amid export headwinds 1. For VCs, this highlights continued M&A and licensing as primary exit paths in therapeutics and platform biotech.

AI remains a central theme. Microsoft ’s launch of proprietary models and Alibaba ’s new domestic AI chip both reflect efforts to reduce third-party dependencies—on OpenAI and U.S. chip suppliers, respectively 144. Reliance Industries’s new AI subsidiary and partnerships with Google and Meta signal that hyperscale cloud and AI infrastructure are expanding rapidly in India, creating new demand for AI tools and data centers 3. Early-stage AI hardware, model development, and cloud infrastructure startups should see increased investor attention as corporates seek to localize and differentiate.

In fintech and consumer, Affirm ’s strong quarter and Pop Mart ’s global collectibles boom show that resilient consumer demand and brand-driven business models continue to attract capital and deliver growth 713. PepsiCo ’s increased investment in Celsius further illustrates the value of strategic distribution partnerships in crowded consumer categories 2.

Crypto and digital assets are seeing both institutional and political engagement. The Trump-backed WLFI token and American Bitcoin’s Nasdaq debut highlight a shift toward mainstream acceptance and regulatory engagement, while developments like Arbitrum ’s ZK upgrade and 21Shares’ ETF filing point to infrastructure maturation and new public market vehicles 81011.

Geopolitical and regulatory risks remain top of mind, with the U.S. tightening chip export rules and Alibaba moving to localize critical tech 54. These moves may impact cross-border deal flow and valuations in hardware and semiconductor startups. Investors should monitor regulatory shifts, strategic M&A, and the pace of infrastructure buildout as signals for deal activity and exit timing.