Morning Scan

Tariffs and trade rules are shaping where factories go and who gets a waiver, and Apple's foldable launch is followed by another product event. AI continues to draw capital, litigation and ETF filings.

$404M — Crypto longs wiped out in four hours as bitcoin briefly dipped below $80,000. (The Block)

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Machines & Minds

Audi to Build Factory in Georgia, Trump Says (paywall)

A brand that imports every car it sells in the US has found a reason to build a plant here. (NYT)

Intel gets waiver after worries fuzzy US ban on foreign-made robots may hit fabs

The national chip champion has to ask permission to find out whether its own factory equipment is legal. The rule is too vague. (Ars Technica)

Pennsylvania will require labels on AI-generated ads

Another state moves on AI disclosure while Washington keeps drafting. (The Verge)

How Trump Gave the Worst Polluters a Free Pass (paywall)

Temporary waivers on cancer-causing emissions came first. Appointees then worked to make the loosening permanent. (NYT)

Elon Musk Just Gave Europe a Reason to Replace American Technology

Policymakers in London are reportedly treating a Musk decision as a wake-up call on tech sovereignty. (Steve Blank)

Machines & Minds

LSEG agrees to acquire Octus for $3.54B in cash (paywall)

The exchange operator continues to buy its way into data, this time with credit intelligence. (WSJ)

Utopai, an AI film studio, raised $60M at a $1B valuation

Twenty-plus projects in the works and a unicorn valuation show where AI video money is going. (The Information)

How Pepsi fell behind in the cola wars—and then lost KFC

A restaurant chain the company once owned has dropped it. (Fortune)

Connected World

What to expect from Apple's 'Pro and tell' event

Apple's event cadence is now fast enough that the last launch is barely cold. (The Verge)

Apple bets iPhone Duo can remake foldable market as sales begin

CEO Ternus greeted customers at the Austin store, an effort that suggests the bet is big. (Reuters via Daring Fireball)

Instagram launches an Apple TV app for watching Reels, longer videos, and live shows

The living room is now another scroll surface. (MacRumors)

Memo: Helen Chiang, Xbox's first COO, is leaving Microsoft

The role was created only months ago, and she's out after 21 years at the company. (The Verge)

Connected World

Home Depot IT chief says its digital price tags won't give consumers different prices

The pitch for e-ink tags is that they help delivery workers and won't be used to surge-price a hammer. (Business Insider)

Kojima Productions x F.C.Real Bristol Teases a Collab That Puts Hideo Kojima's Studio on the Pitch

Hideo Kojima's studio is heading to the football pitch, and the kit is going to be strange. (Hypebeast)