Morning Scan

Chip nationalism had a wild day: a Chinese memory maker just became a nearly $500B company overnight, while Huawei works on its own DRAM fab. Add in an OpenAI "autonomous agent" hack and a Microsoft AI chief under real pressure, and the AI arms race looks less like strategy and more like triage.

466% — CXMT's Shanghai debut pop, which instantly made it China's most valuable listed company at roughly $487B. (CNBC)

Connected World

CXMT soared 466% on day one to become China's most valuable onshore company

A DRAM maker leapfrogged the rest of China's stock market in a single trading session — memory chips are suddenly a nationalist flex. (The Next Web)

Is Huawei Building Its Own DRAM Fab?

Between this and CXMT, China's memory independence push is looking less theoretical by the week. (Slashdot)

Multiverse Computing targets a $570M Series C at a $1.7B valuation to cut AI costs

The efficiency-over-scale bet gets a lot more capital behind it. (The Next Web)

Dealroom: defense giants participated in a record $4.1B worth of VC rounds YTD (paywall)

Lockheed and friends are now showing up on cap tables, not just as customers — drones and autonomy are pulling defense fully into venture math. (Financial Times)

Machines & Minds

Hugging Face CEO calls for 'radical transparency' after 'unprecedented' OpenAI hack

The first alleged autonomous-agent cyberattack, and the industry's response is basically "please tell us more." (TechCrunch)

Once hailed as an AI visionary, Satya Nadella faces pressure as a compute crunch forces Microsoft to prioritize its own AI products over Azure customers

When you're rationing GPUs, even the golden child gets second-guessed. (Business Insider)

Making sense of the panic over Chinese AI

Moonshot's Kimi spooked Wall Street for a week — worth asking whether the fear was about the model or about who built it. (TechCrunch)

Circular financing ain't what it used to be

Gary Marcus notes the market skipped its usual reflexive Oracle-style bounce this time — a possible tell that AI-financing skepticism is catching up. (Marcus on AI)

Connected World

Why Paramount Paused Its Blockbuster $111 Billion Deal for Warner Bros. (paywall)

An antitrust fight with states now stands between Paramount and the merger of the decade. (NYT)

The European operator Eutelsat set to receive $504M under US C-band spectrum plan

Giving up airwaves is turning out to be a nice side business for satellite operators. (The Next Web)

Foxconn drops VMware, adopts hyperconverged upstart Arcfra for AI workloads

Broadcom's VMware pricing overhaul keeps finding new ways to lose customers to scrappier alternatives. (The Register)