Morning Scan

Half the news cycle this morning is AI money moving fast — a 4x valuation jump here, a $135M Series A there — while the other half is governments trying to figure out what to do about all of it. Happy Q3.

$50B — The estimated total in taxes avoided by tech giants fueling the data center boom, per a new Zeteo investigation. (Zeteo)

Machines & Minds

AI Video Startup Higgsfield in Talks to Raise at $5B Valuation

More than 4x its January valuation, and the round isn't even closed yet — AI video is running on vibes and very large checks. (The Information)

Chamath Palihapitiya Raises $135M Series A for AI Coding Startup 8090

Salesforce Ventures led, and Chamath is taking the CEO seat himself — a vote of confidence or a red flag, depending on your priors. (TechCrunch)

Rocket Lab to Buy Satellite Operator Iridium for $8B

A launch provider acquiring an orbital network is a vertical integration play that would make Elon nervous — if he weren't already occupied elsewhere. (SiliconANGLE)

Google's GV Bets $30M on Nebex, a Stock Exchange for Space

The space economy keeps minting rockets; someone still needs to build the financial plumbing underneath them. (The Next Web)

$5.6B** — What five Chinese tech and manufacturing companies are seeking to raise across simultaneous Hong Kong listings, led by Apple supplier Luxshare's $3.15B offering. *(Reuters)

Connected World

$50 Billion in Taxes Avoided by Tech Giants Driving the Data Center Boom

The infrastructure buildout everyone is celebrating comes with a subsidy tab that's now harder to ignore. (Zeteo)

UK CMA Proposes Requiring Apple and Google to Relax App Store Payment Rules

The CMA wants Apple to open NFC and both companies to allow payment steering — Google says it already complied, which is a very Google thing to say. (Reuters)

US House Passes Kids Online Safety Package, Setting Up a Senate Fight

The bill cleared the chamber that usually kills these things, which means the block has officially moved downstream. (The Next Web)

Trump Administration Wants Medical Data for Its Drug War

The new fentanyl strategy includes data collection provisions that go well beyond the stated goal — worth reading past the headline. (Zeteo)

Marc Andreessen Appointed to Pentagon's Defense Policy Board (paywall)

The revolving door between Silicon Valley and defense policy keeps spinning, and a16z's fingerprints on DOD strategy are about to get a lot more official. (Bloomberg)

Connected World

WhatsApp Now Lets You Reserve a Username

The app with two billion users is finally moving toward handles, which means the land rush for @yourname starts now. (MacRumors)