Evening Scan

Apple is suing OpenAI over alleged theft of confidential presentations, prototypes, and supplier details by poached employees — a trade-secrets claim, not a patent dispute. Meanwhile, Apple's policy team agreed to route chip orders through Intel fabs in exchange for tariff relief. The company fights one front while conceding another. (WIRED, MacRumors)

$40B+ — Shein's target valuation for its Hong Kong IPO, now cleared by Beijing and potentially landing as early as Q3, after its U.S. listing fell apart in 2024. (WSJ)

Apple Agreed to Intel Chips Amid White House Tariff Talks

Apple's legal team prepared to sue OpenAI while its policy team agreed to route chip orders through Intel fabs in exchange for semiconductor tariff relief. The most consequential Apple decisions rarely happen on stage. (MacRumors)

Helsing Raises $1.8B Series E at $18B Valuation (paywall)

The Munich-based defense AI startup became one of Europe's most valuable private companies, backed by Dragoneer, Iconiq, and Goldman. Germany handed it a €270M order this year. (Bloomberg)

Europe Moves Toward a Social Media Ban for Children

The European Commission is weighing sweeping restrictions on minors' access to social platforms across all 27 member states. Von der Leyen made the announcement today. If it moves to legislation, it would be the most aggressive regulatory action of its kind anywhere. (The Verge)