Morning Scan

AI money keeps flowing into legal tech, science research, Chinese memory chips, and Silicon Valley wealth managers positioning for a millionaire windfall — while OpenAI works through what WIRED calls one of its largest internal crises yet. Trump's cyber memo and Truth Social's pay-for-access lawsuit are a reminder that policy is moving as fast as the funding rounds.

50% — Legal AI startup Legora's ARR jumped that much quarter-over-quarter to $150M, and it's now talking to investors about a valuation north of $10B — up from $5.6B four months ago. (Financial Times)

Machines & Minds

Inside OpenAI's safety reckoning

Leadership is rallying staff around a crisis spanning safety, cybersecurity, and alignment — not exactly the vibe you want mid-fundraise. (WIRED)

Wealth managers court OpenAI, Anthropic staff ahead of IPOs (paywall)

Silicon Valley's private bankers are cutting fees and hiring now, betting today's option grants become tomorrow's fee-paying fortunes. (Financial Times)

Legal AI startup Legora eyes $10B+ valuation (paywall)

Nearly doubling its valuation in four months on the back of triple-digit ARR growth — legal tech is one of the hottest verticals in enterprise AI. (Financial Times)

Jeff Dean's new startup in talks for $1B at ~$10B valuation

Discovery Loop hasn't shipped much publicly yet, but Dean's name alone is apparently worth ten figures. (Business Insider)

Cerebras posts 74% revenue growth, stock drops anyway

Beating expectations and raising guidance used to be enough — now investors want more, faster. (Reuters)

Connected World

Lenovo posts best quarterly growth in five years

Revenue up 43% YoY with AI now a third of the business — the PC maker's second act looks a lot like an AI infrastructure story. (Reuters)

China's YMTC cracks the NAND top three for the first time

14% share behind Samsung and SK Hynix — a real dent in a market Korea and the US have long dominated. (South China Morning Post)

Foreign chip investment in Japan hits ~$37B

Subsidies are working as designed, pulling logic, memory, and sensor makers onto Japanese soil. (Nikkei Asia)

Tencent eyes instant profit on $53B AI hardware splurge

Renting out compute now, building models later — a hedge that says as much about GPU scarcity as it does about Tencent's ambitions. (The Register)

AI data center planned for downtown Oakland

20,000 square feet in the middle of the city, and the neighborhood pushback hasn't even started yet. (SFist)

Machines & Minds

Trump signs memo letting private firms conduct offensive cyberattacks abroad (paywall)

Outsourcing cyber-offense to the private sector is a genuinely new posture for Washington, not a tweak. (Bloomberg)

Trump sued over "brazen" scheme selling Truth Social API access for $100K/month

Nonprofit news groups argue paid early access to a sitting president's posts is its own kind of market manipulation. (Ars Technica)

Kalshi flagged 32 possible insider traders to the CFTC in one quarter

Prediction markets were supposed to be the wild west; now they're generating their own regulatory caseload. (New York Times)