TL;DR

BlackRock adds $283M in Bitcoin; Amazon invests $13B in AU data centers; Vietnam legalizes crypto from 2026.

Highlights

• BlackRock added $283M in Bitcoin , as U.S. spot Bitcoin ETFs acquired 12,700 BTC ($1.3B) in a week1.
• Vietnam approved a Digital Technology Law, legalizing crypto trading and custody from 2026 with a regulatory framework2.
• Amazon will invest US$13B in Australian data centers and solar farms by 2029 to support AI/cloud growth3.
• xAI is internally testing Grok 3.5 with web voice features, targeting public launch soon4.
• Taiwan imposed new export controls on Huawei and SMIC , restricting AI chip technology shipments5.
• ZKJ and KOGE tokens crashed over 60% on Binance Alpha, triggering $99M in liquidations and highlighting DeFi risks6.
• Bybit launched USDT-settled CFDs on 78 U.S. stocks, gold , and forex directly in-app8.
• Bybit to launch Solana -based Byreal DEX on June 30, aiming for CEX-level liquidity on-chain9.
• Ethereum overtook Solana in daily blockchain fees and DEX volume for the first time since 202410.
• Major trader AguilaTrades opened a $200M, 20x leveraged Bitcoin long on Hyperliquid, with plans to scale to $255M11.
• Sarepta paused Elevidys gene therapy shipments for non-ambulatory patients after a second fatal liver failure7.
• BT Group CEO signaled further AI-driven job cuts beyond the 55,000 already planned12.
• Baykar and Leonardo formed LBA Systems JV, debuting new combat drones at the Paris Air Show13.
• Renault CEO Luca de Meo will step down in July, reportedly to lead Kering 15.

Commentary

Institutional appetite for digital assets remains strong, with BlackRock and other U.S. ETF issuers accumulating over $1.3B in Bitcoin last week, despite recent volatility and token-specific disruptions1. Vietnam’s move to legalize crypto with a clear regulatory framework from 2026 could make the country a new hub for blockchain startups and cross-border capital, offering VCs a clearer path for compliant investment in Southeast Asia2.

Amazon ’s $13B commitment to Australian data centers and renewables signals continued hyperscaler investment in AI and cloud infrastructure, which should support regional enterprise SaaS and AI startups, as well as those in energy optimization3. Meanwhile, xAI’s Grok 3.5 internal testing and BT ’s plans for further AI-driven workforce reductions both highlight ongoing adoption of advanced AI models and automation, with implications for enterprise tech and labor efficiency startups412.

Market structure risks in crypto remain acute, as evidenced by the ZKJ and KOGE token crashes and $99M in liquidations on Binance Alpha6. This underscores the need for robust risk management and transparency in DeFi protocols—an area where infrastructure startups may find opportunity. Bybit ’s expansion into USDT-settled TradFi CFDs and its upcoming Solana -based DEX reflect continued convergence between centralized and decentralized trading, and may drive new product innovation for fintech and infrastructure ventures89.

Geopolitical and regulatory developments—such as Taiwan’s new chip export controls and Sarepta ’s gene therapy pause—continue to shape both risk and opportunity sets, particularly for startups in deep tech, biotech, and supply chain resilience57. Leadership changes at Renault and Kering , as well as new defense tech joint ventures like Baykar -Leonardo , may also create openings for startups aligned with shifting corporate and strategic priorities1315.

TL;DR

Google, Microsoft, and OpenAI exit Scale AI post-Meta deal; Trump Media cleared for $2.5B Bitcoin buy; Waymo halts AVs amid protests.

Highlights

• Google to end its $200M relationship with Scale AI after Meta acquires a 49% stake; Microsoft , OpenAI, and xAI also withdraw as clients 1.
• White House orders review of SpaceX’s $22B in federal contracts after a public Trump–Musk dispute; no immediate contract changes 2.
• Anne Wojcicki’s nonprofit wins 23andMe bankruptcy auction with a $305M bid, aiming to convert it to a nonprofit and retain its genetic data 3.
• Waymo suspends autonomous vehicle services in LA, SF, Austin, and Atlanta due to ICE-related protests and vandalism 5.
• Telefónica sells its Ecuador unit to Millicom for ~$330M, continuing its retreat from Latin America to focus on core and defense markets 6.
• Trump discloses $57M in crypto venture income 7; SEC approves Trump Media’s $2.5B Bitcoin treasury plan 8.
• Visa and Mastercard shares drop as U.S. retailers explore stablecoin-backed payment alternatives to reduce interchange fees 9.
• Seven major asset managers, including Fidelity and Grayscale, update SEC filings for spot Solana ETFs, adding staking features 10.
• OpenAI’s Sam Altman quantifies ChatGPT’s energy use as over 10x a Google search, raising infrastructure concerns 11.
• NASA targets June 19 for Axiom-4 launch after resolving Falcon 9 and ISS issues; technical risks persist 4.
• Trump approves Nippon Steel’s $11B U.S. Steel acquisition, retaining a government “golden share” for U.S. control 15.
• Musk activates Starlink over Iran during regime blackout; real impact limited by local terminal access 13.

Commentary

The withdrawal of Google , Microsoft , OpenAI, and xAI from Scale AI following Meta ’s 49% acquisition highlights the strategic sensitivity of data infrastructure providers in the AI stack 1. For VCs, this signals increased customer concentration risk and the potential for rapid shifts in enterprise demand if perceived conflicts of interest arise. It may also open opportunities for new, independent data-labeling startups to capture hyperscaler business.

The White House’s review of SpaceX’s $22B in government contracts, triggered by political tensions, introduces new diligence considerations for space and defense-related venture investments 2. While current missions remain unaffected, the episode underscores the exposure of VC-backed aerospace and dual-use startups to policy volatility and reputational risk.

In digital assets, Trump’s disclosure of significant crypto earnings 7 and the SEC’s approval of Trump Media’s $2.5B Bitcoin treasury plan 8 reflect growing mainstream and political acceptance of crypto as a treasury and business strategy. The coordinated Solana ETF filings by major asset managers, now including staking, suggest imminent regulatory movement and further institutionalization 10, but the payments sector’s reaction—seen in Visa and Mastercard ’s share decline—shows that blockchain-based disruption is now a live competitive issue, not just a theoretical risk 9.

Operational risks remain top of mind for mobility and infrastructure plays. Waymo ’s service suspensions due to protests and vandalism illustrate the unpredictable real-world challenges facing autonomous vehicle deployment, with implications for risk management and insurance 5. Meanwhile, OpenAI’s transparency on ChatGPT’s resource consumption will likely push infrastructure and sustainability concerns higher up the diligence checklist for AI and data center investments 11.

Deal flow may shift toward startups that can demonstrate independence from strategic acquirers, robust risk management, and clear regulatory navigation. Investors should closely track enterprise procurement trends in AI, regulatory shifts in crypto and payments, and operational resilience in mobility and infrastructure.

TL;DR

Meta buys 49% of Scale AI; Amazon invests $20B in AI data centers; SEC eases crypto rules.

Highlights

• Meta acquires 49% of Scale AI for $14.3B; CEO Alexandr Wang to lead Meta’s new superintelligence lab 1.
• Amazon to invest $20B in Pennsylvania AI data centers, securing 1.92 GW of nuclear power 4.
• OpenAI launches “o3 Pro” model for ChatGPT; Mistral, Meta, and ByteDance announce new AGI initiatives 5.
• Tencent explores $15B acquisition of South Korea’s Nexon, expanding its gaming portfolio 2.
• AST SpaceMobile secures 80-year, 45 MHz spectrum deal in US/Canada and raises $550M for direct-to-device satellite network 3.
• AstraZeneca and CSPC sign AI drug discovery partnership worth up to $5.3B 7.
• SEC withdraws Gensler-era crypto and ESG rule proposals; new leadership signals regulatory shift 10.
• Invesco and Galaxy file for Solana ETF; SEC accelerates crypto ETF reviews with a decision possible by July 15.
• China’s SAMR delays $35B Synopsys-Ansys merger amid US chip export controls 8.
• JetZero to invest nearly $5B in North Carolina for blended wing-body aircraft manufacturing, creating 14,500 jobs 6.
• Apple delays AI-enhanced Siri assistant to spring 2026 12.
• Paramount to cut 3.5% of staff amid Skydance merger delay; US State Dept. considers up to 80,000 layoffs 11.

Commentary

AI infrastructure and talent remain at the center of strategic activity, as Meta ’s $14.3B investment in Scale AI secures both high-value data assets and leadership talent 1. The move, combined with Amazon ’s $20B commitment to AI data centers powered by nuclear energy, highlights the capital requirements and operational scale now expected in the AI arms race 4. For VC-backed AI infrastructure and data startups, these transactions signal continued demand from strategic buyers and a competitive environment for exits, but also rising costs and expectations for differentiation.

On the application layer, OpenAI’s “o3 Pro” rollout and parallel AGI efforts from Mistral, Meta , and ByteDance point to sustained innovation cycles and rapid product iteration 5. Apple ’s delayed Siri upgrade may create short-term whitespace for startups building vertical or context-specific AI assistants 12. Meanwhile, Tencent’s potential Nexon acquisition and JetZero’s manufacturing expansion show that strategic acquirers are still active in gaming and aerospace, sectors where scale and IP matter 26.

Regulatory developments are shifting. The SEC’s reversal of crypto and ESG rules, along with the fast-tracking of Solana ETF reviews, could reduce compliance friction and attract more institutional capital to digital assets 1015. However, China’s delay of the Synopsys -Ansys merger underscores persistent geopolitical risk, especially for cross-border deep tech deals 8.

For VCs, the current environment favors differentiated AI infrastructure, capital-light applications, and digital asset platforms with regulatory clarity. Strategic M&A remains a viable exit path, but investors should remain cautious of regulatory and geopolitical headwinds in semiconductors and cross-border transactions.

TL;DR

OpenAI eyes $40B raise; Chime surges 59% in IPO; Yale to sell $6B in PE/VC.

Highlights

• OpenAI in talks for a $40B round led by SoftBank, with Saudi PIF, Reliance, and UAE’s MGX; targets another $17B raise in 20271.
• AI and robotics startups attract major funding: Glean valued at $7.2B, Cyera raises $540M (valuation up to $6B), Multiverse Computing secures €189M, and Coco Robotics raises $80M for 10,000 delivery vehicles by 20262.
• Samsung and Nvidia (NVDA ) invest $35M in Skild AI’s $4.5B Series B, led by SoftBank, focusing on consumer robotics3.
• Chime shares surge 59% in Nasdaq debut after $864M IPO, valuing the fintech at $11.6B4.
• BioNTech to acquire CureVac for $1.25B in stock, consolidating mRNA cancer therapy pipelines5.
• Yale University seeks to sell up to $6B in private equity and VC holdings amid sector underperformance and regulatory scrutiny6.
• Databricks launches a free edition, $100M talent fund, and deepens cloud partnerships with Microsoft and Google Cloud7.
• Nominal raises $75M Series B led by Sequoia (closed in 10 days); Alfred Lin joins board8.
• Honda (HMC ) to invest in Rapidus for advanced auto chips; Denso shifts to Rohm; Xpeng (XPEV ) debuts G7 SUV with in-house AI chip, targeting Volkswagen partnership911.
• Micron to invest $200B in US chip fabs and R&D, aiming for 40% of global DRAM output in the US by 203010.
• Tesla (TSLA ) sues ex-engineer and Proception for alleged Optimus robot trade-secret theft12.
• China allows Hong Kong and Macau GBA firms to list on Shenzhen with eased requirements, expanding cross-border capital market access15.

Commentary

AI and robotics continue to dominate late-stage venture activity, with OpenAI’s $40B fundraising talks and a pipeline for further capital in 2027 setting a new bar for scale1. Major sovereign and strategic investors are deepening their exposure, and SoftBank is again central to the largest rounds, also leading Skild AI’s $4.5B Series B3. The surge in funding for Glean, Cyera, and Coco Robotics reflects sustained investor appetite for AI-driven enterprise and automation solutions, as well as robotics platforms moving toward commercialization2.

Chime’s strong Nasdaq debut, with shares up 59% post-IPO, signals renewed public market demand for high-growth fintechs and could encourage more tech IPOs in the near term4. However, Yale’s intent to offload $6B in private equity and venture holdings highlights institutional caution regarding private market valuations, liquidity, and regulatory scrutiny—raising questions about future secondary market dynamics and the sustainability of current late-stage valuations6.

Strategic M&A and hardware investments remain active: BioNTech’s CureVac acquisition consolidates mRNA assets for oncology5, while Micron’s $200B US chip initiative and Honda’s investment in Rapidus underscore the strategic value of domestic semiconductor supply and proprietary hardware109. Xpeng’s (XPEV ) launch of the G7 SUV with an in-house AI chip, and its partnership with Volkswagen, further illustrate the trend toward vertical integration in automotive tech11.

For early-stage investors, Databricks’ expanded startup program and Nominal’s rapid $75M Series B (with Sequoia’s Alfred Lin joining the board) highlight that technical depth and market relevance in AI, data, and defense continue to drive fast funding cycles78. China’s move to allow GBA firms dual listings in Shenzhen could provide new liquidity and exit options for startups with cross-border ambitions15.

VCs should monitor further mega-rounds in AI/robotics, the pace of tech IPOs, secondary market activity from large LPs, and the evolving regulatory environment impacting capital flows and valuations.

TL;DR

Chime, Voyager, Insta360 IPOs surge; Stripe buys Privy; Proxima Fusion raises €130M for fusion.

Highlights

• Chime to IPO at $11B valuation (10x oversubscribed); early VCs (Crosslink, Cathay, PivotNorth) set for major returns amid renewed fintech IPO activity 1.
• Stripe acquires crypto wallet firm Privy, advancing its stablecoin and on-chain payments infrastructure after Bridge acquisition 2.
• Proxima Fusion (Germany) raises €130M Series A (Europe’s largest fusion round) to build stellarator-based fusion power plant by 2031; backed by Breakthrough Energy Ventures 3.
• Multiple Asia- and Japan-focused funds close: Churchill ($1.5B co-invest), BharCap ($1B+), Geodesic ($250M US-Japan tech), Seed to Sunflower ($150M), Ares ($2.4B Japan data centers), Apollo expands Asia credit 4.
• Byju’s sells US subsidiaries Epic ($95M) and Tynker ($2.2M) in bankruptcy auction, reflecting late-stage edtech and cross-border M&A risk 5.
• Oklo shares rise 30% on pending DoD micro-reactor contract; plans $400M share sale to fund advanced nuclear projects 6.
• Bullish, a Peter Thiel-backed crypto exchange, confidentially files for US IPO amid improving digital asset policy environment 7.
• Insta360 IPO on Shanghai STAR Market raises $270M; shares surge 285%; targets US expansion 9.
• Voyager Technologies raises $383M in NYSE IPO; shares up 125% on debut, supporting momentum for space/defense tech exits 10.
• Nvidia announces major European AI expansion: 18,000-chip Mistral deal, Siemens partnership, new AI/automation toolkits 11.
• Disney and NBCUniversal sue AI startup Midjourney for copyright infringement, increasing legal scrutiny for generative AI 12.
• UK announces £2.1T spending plan: £2B for AI, £30B for nuclear, record R&D and infrastructure funding 13.
• Japan’s Marelli files for Chapter 11, secures $1.1B DIP financing to restructure $4.9B in debt, raising auto supply chain credit concerns 14.
• Google offers voluntary buyouts to US Search/Ads staff as AI investment pressures margins; further tech sector restructuring possible 15.

Commentary

The IPO window is clearly opening for scaled tech companies, with Chime 1, Voyager Technologies 10, and Insta360 9 all securing strong public market demand and delivering substantial first-day gains. Early VC investors in Chime are seeing significant liquidity events, which may encourage renewed capital deployment in fintech and adjacent sectors 1. The robust performance of Voyager and Oklo 6 also signals public market appetite for defense, space, and advanced nuclear tech, potentially improving exit prospects and late-stage valuations in these categories 610.

Strategic M&A and capital formation remain active. Stripe’s acquisition of Privy, following its Bridge purchase, underscores the drive among payments leaders to integrate crypto and stablecoin infrastructure, which could spur further consolidation and investment in fintech infrastructure 2. Bullish’s confidential IPO filing points to improving sentiment for digital asset platforms, especially with a perceived policy tailwind in the US 7.

Deep tech and climate remain in focus, with Proxima Fusion’s record Series A 3 and Oklo’s DoD contract progress 6 highlighting investor and government interest in next-generation energy. The UK’s £2.1T spending plan—with targeted AI and nuclear allocations—signals sustained public sector support for R&D, infrastructure, and climate tech 13. Nvidia’s Nvidia Corp European expansion and new partnerships will likely accelerate the development of AI-native startups and enterprise applications across the continent 1113.

On the risk side, Byju’s distressed asset sales 5 and Marelli’s bankruptcy 14 illustrate the dangers of overextension, debt-heavy capital structures, and cross-border M&A, particularly in volatile sectors. The legal action by Disney and NBCUniversal against Midjourney increases IP risk for generative AI startups, an area VCs should monitor closely 12. Google’s buyouts reflect ongoing cost pressures as incumbents reallocate resources to AI, which may create opportunities for startups to attract talent or fill gaps left by larger firms 15.

TL;DR

Meta acquires 49% of Scale AI for $14.8B; Glean raises $150M at $7.2B; Mistral AI eyes $1B raise.

Highlights

• Meta acquires 49% of Scale AI for $14.8B; CEO Alexandr Wang to lead Meta’s new superintelligence team 1.
• Glean raises $150M Series F at $7.2B valuation for enterprise AI search; plans global expansion 2.
• Mistral AI launches Magistral Medium model, targets $1B raise at nearly €6B valuation; eyes IPO, not sale 3.
• OpenAI signs Google Cloud deal to expand compute capacity, diversifying beyond Microsoft Azure 9.
• OpenAI’s ChatGPT and Sora experience hours-long global outage tied to cloud provider disruption 13.
• Uber and Wayve to begin Level 4 driverless taxi trials in London in spring 2026; UK accelerates AV regulation 10.
• Guardz raises $56M Series B, backed by Goldman Sachs , to expand AI-driven cybersecurity for MSPs and SMBs 6.
• Wisk acquires SkyGrid to advance autonomous aviation; sector sees progress in electric/hybrid aircraft and AI-enabled drones 7.
• Anduril tops CNBC Disruptor 50 after $30B valuation; Databricks, OpenAI, Rippling also featured 8.
• Disney acquires remaining 33% of Hulu from Comcast for $438.7M, completing full ownership and integration plans 11.
• Blackstone plans $500B investment in Europe over the next decade; eyes Middle East expansion 15.
• Bloomberg Beta closes $75M Fund V; HarbourView, BharCap, and Sunflower also close new funds; CMBS distress rate rises to 11% 5.

Commentary

AI investment remains central, with Meta ’s $14.8B stake in Scale AI marking the largest external AI commitment to date and signaling continued demand for foundational AI infrastructure 1. Glean’s rapid valuation increase and Mistral AI’s $1B fundraising target further highlight investor appetite for enterprise AI and open-weight models 23, while OpenAI’s expanded cloud partnership with Google Cloud underscores the sector’s operational dependencies and the need for diversified compute resources 9. The outage affecting ChatGPT and Sora is a reminder of the risks tied to cloud concentration for AI-native businesses 13.

Autonomous systems are advancing on multiple fronts. Uber and Wayve’s 2026 London driverless taxi pilot, enabled by accelerated UK regulatory timelines, points to a more favorable environment for mobility tech commercialization 10. Wisk’s acquisition of SkyGrid and ongoing progress in electric and hybrid aviation reflect sustained momentum in autonomous and sustainable air mobility, with potential for both early-stage and growth investment 7.

Cybersecurity and defense technology continue to attract capital, as seen in Guardz’s $56M round for AI-driven MDR 6 and Anduril’s $30B valuation and top ranking on CNBC’s Disruptor 50 8. These sectors remain resilient amid broader market volatility, benefiting from enterprise and government demand for AI-enabled security and automation.

On the capital formation side, new funds from Bloomberg Beta and others 5, alongside Blackstone ’s $500B European investment plan 15, indicate sustained LP interest in both early-stage and alternative assets. The rise in CMBS distress rates and ongoing PE activity suggest a bifurcated environment—robust for tech and AI, but with emerging distress in some credit-linked sectors 5. Disney ’s full acquisition of Hulu is a notable example of continued consolidation in media, with integration and streaming strategies in focus 11.

TL;DR

OpenAI hits $10B ARR, closes $40B round; Anysphere raises $900M; Qualcomm acquires Alphawave for $2.4B.

Highlights

• OpenAI reaches $10B annual recurring revenue, 500M weekly users, and closes $40B round at ~30x revenue; targets $125B revenue by 2029 despite $5B loss last year1.
• Anysphere (Cursor) raises $900M at $9.9B valuation as revenue tops $500M; over half of Fortune 500 using Cursor4.
• Qualcomm to acquire Alphawave for $2.4B cash (96% premium); Alphawave to delist from LSE in Q1 20262.
• IonQ acquires Oxford Ionics for $1.08B (mainly stock), targeting 2M qubits by 2030; Oxford Ionics founders to remain3.
• Advent International invests $175M for minority stake in Felix Pharmaceuticals; pursues £3.73B Spectris takeover5.
• Circle stock up 329% post-IPO; ARK and SBI Holdings invest $150M and $50M respectively6.
• Plasma Foundation raises $500M in public token sale in under five minutes; 40% allocated to top 10 wallets12.
• Tools for Humanity (Worldcoin) launches iris-scanning Orbs in UK; 13M users verified globally; regulatory scrutiny ongoing7.
• Getty Images sues Stability AI in London over copyright; outcome could set precedent for AI IP10.
• Rapido to pilot food delivery in Bengaluru, raises $15M at $1.1B valuation; Zomato, Swiggy shares fall8.
• Rite Aid to close 200+ stores amid bankruptcy; CVS to acquire 64 locations, Walgreens to buy prescription files14.
• Walmart , Synchrony, and Mastercard to launch OnePay credit cards this fall for millions of U.S. customers15.

Commentary

AI and developer tools continue to dominate private and public market activity, with OpenAI’s $40B raise and $10B ARR, despite ongoing losses, underlining investor willingness to pay high multiples for dominant AI platforms1. Anysphere’s $900M round at a $9.9B valuation, driven by strong enterprise adoption of Cursor, signals sustained demand for AI-native productivity tools and rapid scaling potential in the developer ecosystem4.

Strategic M&A in deep tech remains active. Qualcomm ’s $2.4B acquisition of Alphawave at a significant premium reflects ongoing consolidation in semiconductor IP and data center connectivity2. IonQ ’s $1.08B acquisition of Oxford Ionics, with ambitious quantum scaling targets, highlights the appetite for differentiated hardware and quantum capabilities3. These exits provide liquidity for late-stage investors and reinforce the trend of incumbents acquiring specialized technology assets.

In fintech and crypto, Circle’s post-IPO rally and large institutional inflows from ARK and SBI Holdings underscore continued institutional interest in regulated digital asset infrastructure6. Plasma Foundation’s rapid $500M token sale demonstrates strong liquidity for high-profile blockchain projects, though token concentration among large holders remains a governance concern12. Walmart ’s new OnePay credit cards and Rapido’s entry into food delivery (backed by Nexus Venture Partners) illustrate ongoing fintech and consumer tech innovation, with notable impact on incumbents’ market positions158.

Regulatory and legal developments are increasingly relevant for venture investors. Getty Images ’s suit against Stability AI in London could set important IP precedents for generative AI10, while Tools for Humanity’s UK launch amid privacy investigations highlights the regulatory complexities facing identity and AI startups7. Advent International’s dual moves in pharma and UK industrials show PE appetite for both minority and control positions in undervalued or specialized assets5.

Deal flow remains robust across AI, deep tech, fintech, and consumer sectors, but investors should closely monitor regulatory outcomes, IP litigation, and the sustainability of high-revenue multiples in growth-stage deals.

TL;DR

Meta eyes $10B+ Scale AI deal; Nvidia projects $200B revenue; Bitcoin tops $106K on major raises.

Highlights

• Meta is in advanced talks to invest over $10B in Scale AI, targeting a $25B valuation—potentially the largest-ever external AI deal for Meta and among the biggest private rounds 1.
• Nvidia holds 87.7% of the AI accelerator market, projects $200B revenue for 2025, and is lobbying for relaxed U.S. export restrictions to China amid Huawei competition 11.
• OpenAI launches a major ChatGPT voice upgrade and expands deployments in higher education; Cal State rolls out ChatGPT to 460,000 students amid a 5.8% graduate jobless rate and warnings of significant entry-level job automation 6.
• Bitcoin reaches $106,000; Metaplanet raises $5.4B and Strategy Inc. $1B to expand Bitcoin holdings, with Strategy now holding 580,995 BTC (~$61B) and launching a 10% dividend preferred stock 27.
• Tether CEO confirms no IPO plans and calls a $515B valuation "bearish," despite market speculation 8.
• Cetus Protocol relaunches after a $220M exploit, restoring 50% of TVL on Sui with $37M in new liquidity and compensation for users 9.
• Google ’s Gemini AI Overviews faces criticism for hallucinations and has caused a 40–60% drop in publisher click-through rates 10.
• Westinghouse announces a $75B plan to build 10 AP1000 nuclear reactors in the U.S. by 2030, following a Trump executive order to accelerate licensing 4.
• JAB Holding considers a stake sale and IPO for Pret A Manger, confirming public listing plans as the chain operates 700 shops globally 3.
• China partially eases rare earth export controls for the EU ahead of U.S.-China trade talks; rare earth supply remains a priority for global manufacturing 13.
• U.S. and China resume trade talks in London after a 90-day tariff pause; tech export controls, student visas, and rare earths are key issues 14.
• U.S. May CPI estimated at 2.5% as S&P 500 tops 6,000; Fed expected to hold rates steady. ECB signals end of rate-cut cycle with deposit rate at 2% 1512.

Commentary

The week is marked by large-scale capital flows into AI and digital assets, with Meta ’s possible $10B+ investment in Scale AI standing out as a signal of continued appetite for foundational AI infrastructure plays 1. This mirrors the scale of recent strategic investments by Microsoft and Amazon, and further cements the trend of hyperscalers driving up late-stage valuations for core AI companies. The deal, if completed, will likely set a new price anchor for advanced AI startups, influencing both primary and secondary market activity 1.

Nvidia ’s sustained dominance in AI hardware, with an 87.7% market share and a projected $200B in annual revenue, continues to define the compute landscape 11. The company’s push for looser export controls to China reflects ongoing geopolitical risk for deeptech and hardware startups, especially as Chinese competitors like Huawei struggle with technical and adoption barriers. For VCs, this underscores the importance of monitoring policy shifts that could affect supply chains, exit timelines, and valuations in the AI stack 11.

In digital assets, Bitcoin ’s new highs and the aggressive accumulation by Metaplanet and Strategy Inc.—including innovative financing vehicles like perpetual preferreds—demonstrate growing institutionalization and new capital market structures in crypto 27. Tether’s decision to remain private, despite massive valuation speculation, highlights the continued lack of public exit options in stablecoins and the preference for private capital 8.

Elsewhere, OpenAI’s rapid rollout of advanced AI voice and education tools is accelerating adoption but also intensifying concerns about job displacement, especially in entry-level roles 6. Google ’s Gemini AI hallucination issues and the resulting hit to publisher traffic reinforce the risks for content and adtech startups reliant on traditional distribution 10. Meanwhile, the relaunch of Cetus Protocol after a major exploit and the continued recovery of DeFi platforms on Sui highlight both the resilience and ongoing risks in emerging blockchain ecosystems 9.

Macro conditions remain fluid: U.S.-China trade negotiations, rare earth supply, and the end of the ECB’s rate-cut cycle all contribute to a more stable but still uncertain environment for dealmaking 131412. VC investors should focus on late-stage AI and digital asset infrastructure, monitor regulatory and geopolitical risk, and watch for pre-IPO or secondary liquidity in consumer and fintech names.

TL;DR

Roark acquires Dave’s Hot Chicken for $1B; KiranaPro hit by breach; Pump.fun eyes $1B token sale.

Highlights

• Roark Capital acquires Dave’s Hot Chicken for ~$1B after rapid global expansion to 400 locations since 2017; Drake among early investors 1.
• KiranaPro, Indian quick commerce startup, suffers internal breach and code wipe amid $1.2M seed round; salary delays and governance gaps exposed 2.
• Pump.fun plans $1B token sale at $4B valuation with revenue sharing and 10% airdrop, despite high user losses and declining daily revenue 3.
• Beta Technologies’ all-electric ALIA aircraft completes first North American passenger flight; 70 nautical miles for $8 electricity 4.
• Trump lifts 52-year U.S. supersonic flight ban, enabling Boom Supersonic and others to pursue faster commercial air routes 5.
• Circle’s stock surges to $24B market cap post-IPO (146x PE); Tether reaches $154B market cap and 433M users, fueling IPO speculation 6.
• NASA and Pentagon seek SpaceX alternatives after Trump threatens to review/cancel Musk’s government contracts amid political dispute 78.
• Senate GOP ties $500M broadband funding to 10-year state AI regulation ban, sparking bipartisan and industry backlash 10.
• China, EU finalize EV price talks; EU tariffs up to 35.3% on Chinese EVs, China offers rare earth export incentives 11.
• FDA approves Lumipulse, first blood test for early Alzheimer’s; Mayo Clinic to offer up to 5,000 tests/month 13.
• SpaceX completes 69th Falcon 9 launch of 2025, deploying SiriusXM SXM-10 satellite; SiriusXM continues $220M satellite upgrade 12.
• UK High Court warns lawyers of life imprisonment risk for submitting fake AI-generated case citations; calls for legal AI oversight 15.

Commentary

Roark Capital’s $1B acquisition of Dave’s Hot Chicken highlights continued strong exit opportunities for fast-scaling, brand-driven consumer concepts, particularly those with viral or celebrity backing 1. The deal underscores sustained private equity appetite for proven, franchisable models, which may support higher late-stage valuations for similarly positioned food and beverage startups.

KiranaPro’s internal breach and operational failures serve as a caution to investors in emerging markets and early-stage tech: governance, HR, and cybersecurity diligence are non-negotiable, especially as quick commerce and AI-powered platforms attract more capital 2. Expect increased investor scrutiny on internal controls and founder discipline in seed and Series A rounds.

On the digital assets front, Pump.fun’s proposed $1B token sale at a $4B valuation, combined with Circle’s post-IPO surge and Tether’s scale, reflects both the speculative nature and institutionalization of crypto 36. However, high user losses, declining revenues, and regulatory uncertainty should temper enthusiasm for late-stage or retail-facing crypto projects 3. Infrastructure, compliance, and stablecoin rails remain more attractive for VC exposure 6.

Aerospace and mobility saw notable regulatory and technical milestones: the lifting of the U.S. supersonic flight ban and Beta Technologies’ successful electric passenger flight open new commercial pathways for advanced aviation startups 45. Meanwhile, the Trump administration’s public dispute with Musk has prompted NASA and the Pentagon to diversify supplier relationships, potentially creating opportunities for new aerospace entrants but also adding uncertainty around government contract stability 78.

Policy and regulatory risk remain front and center. The Senate’s proposed AI regulation moratorium, tied to broadband funding, and the UK High Court’s warning on AI misuse in legal proceedings, signal that regulatory frameworks for AI will remain fluid and contentious 1015. Investors should closely monitor state and federal policy shifts impacting AI, digital assets, and cross-border commerce 1011.