Morning Scan

The AI-regulation debate has become the least predictable coalition in politics: Bernie Sanders and Steve Bannon agree on something, Jensen Huang doesn't want anyone telling Nvidia what to do, and Brussels wants to card teenagers before they open an app. OpenAI is shopping a $1.2T valuation ahead of a planned IPO.

$1.2T — OpenAI's early conversations with investors on a new private round, ahead of its planned IPO. (Financial Times)

Machines & Minds

Steve Bannon and Bernie Sanders Condemn Tech 'Oligarchs' and Demand A.I. Reforms (paywall)

When populists left and right agree, Washington usually still finds a way to do nothing — but the optics alone are a warning shot to Big Tech. (NYT)

We don't need AI regulation — leave safety to us, Nvidia's Jensen Huang says

Convenient position for the guy selling the picks and shovels. (TechCrunch)

Washington won't be regulating AI anytime soon

The House left town with 48 days to midterms and zero appetite for touching AI safety. (WIRED)

Ursula Von der Leyen backs AI slowdown in State of the Union address

Brussels is happy to do what Washington won't — slow the industry down, at least rhetorically. (The Next Web)

At a US House hearing, Treasury Secretary Scott Bessent said AI labs should get no liability exemptions

A Trump cabinet official siding against the industry's favorite ask is the more interesting story buried in this one. (FedScoop)

Connected World

OpenAI has held early conversations with investors about raising another private round at a $1.2T valuation (paywall)

The pre-IPO victory lap before the actual IPO. (Financial Times)

Crypto exchange CoinEx says it is closing, citing a lengthy downturn and rising compliance costs (paywall)

The $3B+ in alleged Iran-linked transfers since 2019 is doing a lot of work in that "compliance costs" euphemism. (WSJ)

Pulley, which offers cap table management software, says it will cease operations after December 8

Raised $50M+, lost to Carta anyway — a reminder that infrastructure plays need real moats, not just VC goodwill. (Business Insider)

CADDi, which sells AI tools to manufacturers, raised a $114M Series D at a $1.2B valuation

Valuation nearly tripled from $470M last year — industrial AI is having its moment. (Fortune)

Democrats vote down crypto's Clarity Act, citing ethics concerns and Trump's vast crypto wealth

Crypto's landmark legislation dies over the awkward fact that the president has skin in the game. (SiliconANGLE)

Connected World

SK Hynix is in talks with Intel to make memory chips in the US

Another sign the memory supply chain is being re-shored around AI demand. (The Next Web)

The EU's Kids Act to ban social media for under-13s, curb chatbot access

Platforms and AI chatbots getting lumped into the same regulatory bucket is the real headline here. (MacRumors)

Samsung may outsource DDR5 production to make more expensive HBM

When even Samsung is triaging which chips are worth making, the HBM math is that lopsided. (SamMobile)