Morning Scan

The AI money spigot keeps widening while the safety conversation gets louder — sometimes literally, in a Scottish castle with the King. Washington's regulatory tug-of-war tilted hard toward the industry's preferred outcome, and a federal judge handed Google a rare defeat on ad tech. Heavy on numbers today; only a couple earn a callout.

$22B — A 10-bank syndicate is financing Blackstone and Alphabet's Crux AI venture to buy TPUs for AI labs — debt-funded compute is now its own asset class. (Bloomberg)

Machines & Minds

10 Banks Line Up $22B Chip Loan for Blackstone-Alphabet Venture (paywall)

Crux AI wants to be the landlord for AI labs' TPU needs, and banks are apparently happy to underwrite the real estate. (Bloomberg)

Emulate Nears $700M Raise at $3.7B Valuation — a Month After Founding (paywall)

A month-old startup from ex-DeepMind researchers commanding a $3.7B mark is either genius pattern-matching or a sign the froth has no floor. (Financial Times)

Arcee AI Crosses $1B Valuation

Open-weight models attracting real capital suggests the "only frontier labs get funded" thesis is cracking. (SiliconANGLE)

May Mobility to Go Public via SPAC at $1.4B

Self-driving's public-market comeback tour continues, SPAC vehicle and all. (Axios)

Connected World

Musk, Zuckerberg, and Huang Stalled Trump's AI Safety Plan (paywall)

Three of the industry's biggest names phoned the President and killed Demis Hassabis's regulatory push — lobbying by direct line. (Wall Street Journal)

Judge Orders Google to Open Up Ad Tech to Rivals

Interoperability, shared auction data, and an internal monitor — the antitrust hammer finally lands with teeth. (New York Times)

King Charles Convenes AI Executives on Safety (paywall)

A royal audience for the safety debate, days after the industry showed it can route around Washington entirely. (New York Times)

House Passes Ratepayer Protection Act 417-3

A near-unanimous vote to stop data centers from padding household electric bills — rare bipartisan alignment on AI's hidden costs. (CNBC)

Machines & Minds

OpenAI Discloses Six More Agent 'Misalignment' Incidents

A formal framework for reporting bad agent behavior is progress, but six more incidents in one cycle isn't reassuring. (SiliconANGLE)

Nvidia Goes Green to Protect Its Own Revenue

Grid capacity, not chip supply, is becoming Nvidia's constraint — sustainability as self-preservation. (The Register)

“Startup says it's learned from these mistakes and that they shouldn't happen again … which is just what Zuck has said about 100 times.” — The Register