Morning Scan

The AI IPO pipeline is getting harder to ignore, and the capital required to feed it keeps growing. Computex 2026 looks like a hardware arms race, and Washington's tariff agenda found a new target overnight.

$4T — The combined potential market-cap addition from SpaceX, OpenAI, and Anthropic IPOs, per The Economist — and markets are already asking who absorbs it. (The Economist)

Connected World

Alphabet Plans to Raise $80B to Pay for AI Buildout

Even the incumbent with the most to lose from the AI IPO wave is raising like a challenger — the infrastructure bill is that large. (TechCrunch)

Like OpenAI, Anthropic Makes SEC Filing Ahead of Possible IPO

The confidential filing lands just days after Anthropic's valuation crossed OpenAI's — good timing or deliberate posturing. (SFist)

“The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding its current infrastructure capacity.” — Alphabet, via TechCrunch

Machines & Minds

Nvidia Chases $200B CPU Market with AI Agent PCs from Microsoft, Dell, and HP

Nvidia's RTX Spark is a land grab on the one part of the market Jensen Huang hasn't owned yet. (TechCrunch)

Arm CEO Says Oracle and ByteDance Are Among Customers of Its New AGI Data Center CPUs

ByteDance as a named ARM data center customer is the detail that will get read closely in Washington. (Reuters)

SK Hynix Plans to Double Memory Chip Capacity Over Five Years Amid Shortage That Could Last Till 2030 (paywall)

A five-year doubling commitment signals that Hynix sees the AI memory shortage as structural, not cyclical. (Bloomberg)

Nvidia Launches Nemotron 3 Ultra, a 550B-Parameter Open Model — But China's Kimi K2 Still Leads

The smartest open US model at launch, already in second place — the benchmark gap with Chinese models is becoming a recurring story. (The Decoder)

Connected World

Trump Targets Brazil With 25% Tariff, Citing Unfair Trade Practices (paywall)

Section 301 investigations are becoming the administration's preferred tool for rebuilding the tariff agenda country by country. (NYT)

Defense Tech Darling Mach Industries Hits $1.8B Valuation, a 4x Jump in a Year

A 22-year-old CEO, $300M in new funding, and five government contracts — defense tech is doing its best impression of 2021 fintech. (TechCrunch)

Wise Confirms Belgian Money Laundering Investigation Over €500M in Suspicious Transactions

Wise's "transparent" brand is about to face a serious stress test — a half-billion in flagged transactions is not a footnote. (The Bureau of Investigative Journalism)

China Adds Data and Algorithms to Its Trade Secret Rules to Block Tech Leaks (paywall)

Beijing is building a legal moat around its AI assets at the same time the US is trying to restrict their export. (Bloomberg)

Connected World

A Pixel Watch 5 May Have Leaked From the Most Unlikely Place Yet

A scuba diver found what appears to be an unreleased Pixel Watch 5 at the bottom of the ocean, which raises more questions than it answers about Google's QA process. (Android Central)