Morning Scan

The week after a long weekend opens with institutional authority asserting itself over technology it can't quite control — a Pope issuing doctrine on AI, central bankers summoning lenders over model-discovered vulnerabilities, and a $2 trillion valuation that at least two analysts think is priced for a different planet. The hardware race has a new entrant trying to route around Moore's Law entirely.

$2T — The SpaceX IPO valuation Scott Galloway and Ed Elson argue doesn't pencil out — and their math is worth a skim before the hype fully takes hold. (Prof G Media)

Connected World

Pope Leo XIV Releases Magnifica Humanitas, an Encyclical on AI

When the Vatican issues binding doctrine on AI regulation and child protection in the same document, the "this is moving too fast" argument has officially reached its widest possible audience. (New York Times)

The ECB Summons Eurozone Banks to Discuss AI Model Risks

The European Central Bank wants to talk about Mythos — an AI model actively finding cybersecurity flaws in bank infrastructure — and it's hoping US banks with access will share what they know. (Financial Times)

Monopoly Round-Up: Private Equity Blocked from Buying Homes. Mostly.

The "mostly" is doing a lot of work in that headline, and Matt Stoller's breakdown of what the restrictions actually cover is the right corrective to the triumphant press releases. (The Big Newsletter)

Connected World

Huawei Says It Aims to Make 1.4nm Chips by 2031 Using "LogicFolding" Tech

Huawei is betting its proprietary Tau Scaling Law can route around both Moore's Law limits and US export controls — ambitious even by Chinese tech standards, but worth watching if the timeline holds. (Nikkei Asia)

Blue Origin Commits Another $600M to Its Florida Campus

An 830,000-square-foot upper-stage factory at Cape Canaveral signals that Jeff Bezos is playing a longer game on launch infrastructure, timing be damned. (The Next Web)

Xiaomi Committed ~$8.8B in AI Investments Over the Next Three Years

Xiaomi is threading AI through chips, handsets, and EVs simultaneously — a hardware-native AI strategy that looks more coherent than most pure-software plays at this scale. (South China Morning Post)

Connected World

SpaceX IPO: Why the $2 Trillion Valuation Doesn't Add Up

Galloway and Elson walk through the numbers and find a valuation priced on vibes and national narrative more than cashflow — useful skepticism before the roadshow noise drowns everything out. (Prof G Media)

Uber Weighs a Higher Bid for Delivery Hero After €38/Share Offer Was Rebuffed

At €11.5B+ and already rejected, Uber's delivery consolidation ambitions are getting expensive — and the other side hasn't blinked yet. (Financial Times)

Tether Buys Out SoftBank's ~26% Stake in Bitcoin Treasury Firm Twenty One Capital

SoftBank's exit — at a stake worth roughly $679M — concentrates ownership of one of the largest bitcoin treasury vehicles in Tether's hands, which is either reassuring or alarming depending on your priors. (Bloomberg)

Connected World

Mandalorian and Grogu Tops Box Office as Disney Bets on Star Wars Revival

$102M domestic over the holiday weekend on a $300M spend — not a disaster, not a triumph, and Grogu remains the only IP that makes adults openly weep in a parking lot. (New York Times)