Evening Scan

Beijing flex season continues: China just blocked Meta's $2 billion Manus acquisition after a four-month security review, while Middle East conflict fallout sent PCB prices surging 40% month-over-month.

40% — Month-over-month PCB price surge in April due to Middle East supply disruptions. (Goldman Sachs)

China blocks Meta's $2B Manus acquisition, after reviewing whether it violated investment rules, and tells both to cancel it; Manus moved to Singapore in 2025

The formal cancellation order came four months after Meta announced the deal. Singapore relocation did not shield the acquisition from Beijing's review. (Financial Times)

A look at Elon Musk's efforts to launch the banking and payments service X Money, delayed by US regulatory concerns, as some industry watchers remain skeptical

The super app dream lives on, though US regulators are reluctant to let the everything app handle everything money. (Bloomberg)

Scoop: Apple's Former AI Chief John Giannandrea To Join Science Startup CuspAI

The architect behind Apple Intelligence is moving to Cambridge for a part-time role with the materials science AI startup. (Upstartsmedia)