A Better Newspaper

Pentagon Signs AI Contracts with Google, Nvidia, SpaceX, and Five Others

Eight technology companies — including Google, Nvidia, and SpaceX — have signed deals with the US Department of Defense to deploy AI technology for military applications. The Pentagon described the agreements as accelerating the transformation toward an 'AI-first fighting force' that will 'strengthen warfighters' ability to maintain decision superiority across all domains of warfare.' The contracts emphasize 'lawful' use of AI in military contexts.

Context: This is significant in light of Anthropic's ongoing Pentagon blacklisting litigation, which we've been tracking. The companies selected here are effectively locking in preferred-vendor status for defense AI procurement — a market that will likely be worth tens of billions annually. For enterprises adjacent to defense, this signals which AI stacks will have security clearances and which won't.

Cerebras Targets Up to $4 Billion IPO as AI Chip Demand Heats Up

Cerebras Systems, the AI chipmaker and data center operator, is seeking to raise as much as $4 billion in its initial public offering, according to people familiar with the matter. Bloomberg reports demand for the company's shares is heating up.

Context: A $4B raise would make this one of the largest tech IPOs in recent memory and a direct market test of whether investors believe the AI infrastructure buildout has room for a second major chip player beyond Nvidia. Cerebras's wafer-scale approach is architecturally distinct — if the IPO prices well, it validates the thesis that AI compute demand is large enough to sustain multiple high-value hardware platforms. Watch this as a leading indicator for the broader AI capex cycle.

DeepSeek V4 Arrives Near Frontier Performance at a Fraction of the Cost

Simon Willison's analysis of DeepSeek V4 finds the model performing nearly at frontier levels while being dramatically cheaper to run than Western competitors. The review positions it as a significant data point in the ongoing cost-performance compression of large language models.

Context: This fits squarely into the inference-economy thesis we've been tracking: China is competing not on training-run scale but on deployment economics. For any business building on top of LLM APIs, the practical implication is that the cost floor for AI inference keeps dropping — which means margins for model providers compress while the opportunity for application-layer businesses expands. DeepSeek V4 also complicates the US export-control strategy, which was premised on maintaining a capability gap that appears to be narrowing.

ByteDance Pushes AI Drug Discovery Unit onto the Global Stage

ByteDance's drug-discovery unit, Anew Labs (also known as Anew Therapeutics), has begun presenting AI-designed therapies at international scientific conferences. The unit operates from Shanghai, Singapore, and San Jose, California, and lists 36 core members along with prominent scientific advisors including Liu Yongjun, former president of Innovent Biologics.

Context: This is a quiet but strategically important move. ByteDance is deploying its AI engineering talent and compute infrastructure into biotech — a sector where AI-driven drug discovery is expected to compress timelines and costs dramatically. The geographic spread (China, Singapore, US) suggests they're positioning to navigate regulatory regimes in multiple jurisdictions simultaneously. For the reader: the convergence of big-tech AI capabilities with pharma R&D is creating a new class of competitor that traditional biotech firms aren't structured to match.

Liquid AI Scales Up Its Alternative Architecture with LFM2-24B

Liquid AI has released LFM2-24B-A2B, a scaled-up version of its Liquid Foundation Model architecture — a non-transformer approach to language modeling. The blog post details the company's efforts to demonstrate that alternative architectures can compete at meaningful parameter scales.

Context: Liquid AI is one of a handful of companies betting that the transformer architecture isn't the endgame. If alternative architectures prove viable at scale, it reopens the competitive landscape for AI model development — potentially breaking the advantage that incumbents hold through transformer-optimized hardware and training infrastructure. Still early, but worth watching as a hedge against the assumption that the current architectural paradigm is permanent.

Boosting a Single Protein Helps Mouse Brains Clear Alzheimer's Plaques

Scientists have found that increasing levels of a protein called Sox9 activates astrocytes — the brain's star-shaped support cells — to more aggressively clear amyloid plaques. In mice already exhibiting memory problems, this approach reduced plaque buildup and preserved cognitive function over time. The work suggests a therapeutic strategy that works with the brain's own maintenance machinery rather than introducing external agents.

Context: This is notable because most Alzheimer's drug development has focused on antibodies that target plaques from outside (like Lecanemab/Leqembi), which carry significant side effects. A small-molecule approach that upregulates the brain's endogenous cleanup system could be cheaper, more scalable, and potentially combinable with existing therapies — a very different commercial profile.

Australia Records Zero New Cervical Cancer Cases in Women Under 25 — First Country on Track to Eliminate a Cancer

Australia has recorded no new cervical cancer diagnoses in women under 25, a milestone in its campaign to become the first country to eliminate a cancer. The achievement is the culmination of the country's aggressive HPV vaccination program and screening overhaul. The BBC examines whether full elimination is achievable and what barriers remain.

Context: Australia began its school-based HPV vaccination program in 2007 and switched from Pap smears to HPV DNA testing in 2017. This is the clearest real-world proof that HPV vaccination at population scale works as a cancer elimination strategy — data that matters enormously for countries still debating vaccination investment and for companies in the HPV diagnostics and vaccine space.

Dangerous Free-Living Amoebas Spreading Globally as Water Systems Age and Temperatures Rise

Free-living amoebae — some capable of causing deadly brain infections — are emerging as a growing global health concern, driven by warming temperatures and aging water infrastructure. Certain species can survive heat and resist standard disinfectants, and some harbor other dangerous pathogens within them. Scientists are calling for improved surveillance and upgraded water treatment approaches.

Context: Naegleria fowleri (the 'brain-eating amoeba') cases have been creeping northward in the U.S. for years. The commercial implication here is in advanced water treatment: UV, ozone, and copper-silver ionization systems that can handle organisms conventional chlorination can't. Municipal water infrastructure upgrades are already a multi-billion-dollar market in the U.S. alone.

Abdominal Movement Triggers Brain 'Cleaning' via Cerebrospinal Fluid Circulation

Scientists have discovered that even slight tightening of abdominal muscles causes the brain to sway subtly inside the skull, driven by pressure changes in connected blood vessels. This motion appears to help circulate cerebrospinal fluid around the brain, potentially flushing out harmful waste products.

Context: This connects to the glymphatic system — the brain's waste-clearance network discovered in 2012 — which has been linked to sleep, Alzheimer's prevention, and now physical movement. It's a mechanistic explanation for why sedentary lifestyles correlate with neurodegeneration, and it could eventually inform both exercise-based therapeutic protocols and medical device development.

People Can Communicate and Practice Skills While Lucid Dreaming, New Research Suggests

New research described in The New Yorker suggests that people in lucid dream states can engage in two-way communication with researchers and may be able to practice skills during sleep. The findings expand our understanding of consciousness during sleep and raise questions about whether dream time could be harnessed for learning.

Ultrafast Laser Creates Star-Like Plasma from Metal, Tracking Electron Loss in Trillionths of a Second

Scientists used two cutting-edge lasers in tandem to blast copper atoms into superheated plasma and then track, in real time, how atoms lose and regain electrons in trillionths of a second. The technique captures the creation and dissolution of highly charged ions in a rapid sequence, offering an unprecedented window into extreme-state physics.

Context: Ultrafast plasma dynamics are directly relevant to inertial confinement fusion (the approach used at the National Ignition Facility) and to next-generation semiconductor manufacturing via extreme ultraviolet lithography. Better understanding of how matter behaves at these timescales could improve both fusion energy yields and chip fabrication precision.

Spirit Airlines Shuts Down After White House Bailout Collapses — Budget Aviation Distressed Assets Now in Play

Spirit Aviation Holdings is winding down all operations after surging jet fuel prices — which have roughly doubled — made its ultra-low-cost model unviable, and a government bailout floated by President Trump fell through. The shutdown will cost thousands of jobs and eliminates one of the last major US budget carriers.

Context: This is a direct casualty of the Hormuz blockade's energy price cascade. Spirit was already in bankruptcy reorganization; doubled fuel costs were the kill shot. The opportunity here is threefold: Spirit's gate slots at congested airports (Fort Lauderdale, Las Vegas, Orlando) are suddenly available and extremely valuable to remaining carriers; its fleet of relatively young A320neos will hit the used aircraft market at distressed prices; and the elimination of budget competition on dozens of routes gives pricing power to Frontier, JetBlue, and Southwest. Watch for litigation funding opportunities as creditors, employees, and ticketholders all have claims against the estate.

GameStop Preparing Offer for eBay

GameStop is preparing a takeover offer for eBay, according to a Wall Street Journal report.

Context: This would be among the most audacious uses of meme-stock-era capital ever attempted. GameStop has been sitting on a massive cash hoard (over $4B at last count) after its Bitcoin pivot and multiple equity raises. eBay's market cap is roughly $25-30B, so this likely requires significant financing. The strategic logic — if any — presumably centers on GameStop leveraging eBay's marketplace infrastructure for used gaming and collectibles. But the real question is whether this is a serious bid or a negotiating tactic. Either way, eBay shareholders should watch the spread closely, and if this goes hostile, there will be significant M&A advisory and litigation activity.

Ares Draws Nearly $20B From Investors as Capital Rotates Into Real Assets

Private credit giant Ares Management drew nearly $20 billion in investor commitments, with real estate and infrastructure investments helping offset weakness in its core direct lending business.

Context: The signal here is capital rotation, not just fundraising. The fact that Ares's core private credit business is showing weakness while real estate and infrastructure are surging tells you where sophisticated allocators see value: physical assets in an inflationary, supply-disrupted world. This is consistent with the broader pattern of infrastructure becoming strategic. For entrepreneurs, the takeaway is that capital for real-asset-backed businesses is abundant right now — if you're building anything with hard assets or infrastructure exposure, the fundraising environment is favorable.

Meta Acquires Robot AI Startup Assured Robot Intelligence for Humanoid Push

Meta Platforms acquired Assured Robot Intelligence, an AI software startup for robots, to advance its humanoid robotics development. Financial terms were not disclosed. The startup's minimal public presence (a single-page website) suggests this was primarily a talent acquisition.

Context: Meta joins Tesla, Figure, Apptronik, and others in the humanoid robotics race. The acqui-hire pattern here is worth noting: robotics AI talent is so scarce that Big Tech is buying entire companies for their engineering teams. The opportunity for entrepreneurs is in the robotics supply chain — actuators, sensors, simulation environments, safety certification — rather than trying to compete head-to-head with Meta's R&D budget.

Fast-Money Hedge Funds Roaring as Stocks Hit Records Despite Macro Headwinds

Wall Street is back in "triumphant mode" with stocks at record highs and risk appetites refreshed. Alternative strategies running on their own engines are winning alongside traditional equity exposure, according to Bloomberg.

Context: The disconnect between macro reality (Hormuz disruption, Spirit's collapse, energy price spikes) and equity market euphoria is the story. Fast-money funds are momentum-driven by definition — they'll ride this until they don't. For the contrarian, the question is what breaks the spell. The fact that Ares is seeing weakness in private credit while public equities are at records suggests stress is building below the surface in less liquid markets first.

Sports Franchises Hitting an 'Inflection Point' — Real Estate Around Venues Is the New Business Model

Harbinger Sports Partners founder Rashuan Williams describes an 'explosion' in sports franchise revenue diversification, with franchises shifting to 'Sports 2.0' — a model focused on maximizing real estate development surrounding sporting venues rather than relying primarily on game-day and media revenue.

Context: This tracks with what we're seeing from the Commanders' sale, the Bills' new stadium deal, and the A's relocation saga. The franchise itself is becoming the anchor tenant for a mixed-use real estate play. For entrepreneurs: the services layer around these venue-adjacent developments (hospitality tech, experiential retail, event management platforms) is where the accessible opportunity lies. The franchises themselves are $3-7B assets, but the ecosystem companies serving them are still buildable.

New Mexico Public Nuisance Trial Against Meta Begins Monday — Platform Threatens State Withdrawal

A bench trial in Santa Fe begins Monday in which New Mexico AG Raúl Torrez accuses Meta of designing Facebook, Instagram, and WhatsApp to addict minors and failing to protect children from sexual exploitation. The case applies public nuisance law to social media platform design. Meta has warned that a ruling ordering sweeping operational changes could force it to withdraw from the state entirely.

Context: This is the most advanced state AG action using public nuisance theory against a social media company. If the judge orders injunctive relief requiring design changes, it creates a template other state AGs can follow — and a potential new mass tort theory for plaintiff-side firms pursuing children's social media harm claims.

Federal Circuit: PTAB Real-Party-in-Interest Challenges Are Unreviewable on Appeal

In Federal Express Corp. v. Qualcomm Inc., the Federal Circuit issued a precedential decision vacating a PTAB obviousness determination while holding that it lacks jurisdiction to review the Board's refusal to determine whether all real parties in interest were properly identified in an IPR petition.

Context: This is strategically significant for litigation funders and patent challengers. If the Federal Circuit cannot police real-party-in-interest compliance, it effectively insulates coordinated or funded IPR campaigns from appellate scrutiny on standing grounds — strengthening the hand of parties using third-party funding to challenge patents through IPR.

Capital One $425M Savings Account Interest Settlement Gets Final Approval

A federal judge granted final approval to a $425 million class action settlement resolving claims that Capital One misled customers about interest rates on its 360 Savings accounts.

Context: This is one of the largest consumer financial services class settlements in recent years and sets a valuation benchmark for deceptive-practices claims tied to savings account rate representations.

SCOTUSblog: Federal-State Court Power Struggle Over Roundup and Mass Public Harms Could Reshape Forum Strategy

SCOTUSblog published an analysis examining the ongoing jurisdictional tension between state and federal courts in the Roundup litigation and similar mass public harm cases, exploring how courts are jockeying for authority over these sprawling dockets.

Context: This is a critical strategic piece for anyone allocating capital to mass torts. The federal-state forum question directly impacts case valuation, timeline, and settlement leverage. The Roundup MDL has been a bellwether for preemption and multidistrict litigation procedure; any shift in the balance of power between state and federal courts will ripple across every active mass tort docket.

Kia Recalls 141,000+ Carnival Minivans Over Fuel Leak Risk — Fire Hazard Pattern Worth Watching

Kia is recalling more than 141,000 Carnival vehicles from model years 2022 through 2026 due to a potential fuel leak issue, according to Top Class Actions.

Context: Kia and Hyundai (its corporate sibling) have been under sustained scrutiny for fire-related defects across multiple vehicle lines, including the ongoing engine fire litigation. A fuel leak recall of this scale across five model years suggests a systemic design or manufacturing defect rather than an isolated production run problem. If fires or injuries are reported before the recall is fully effectuated, this becomes a strong products liability case. Monitor NHTSA complaints and any reported injuries closely.

Chime Hit with Class Action Over April 2026 Data Breach — Fintech Security Failures as Emerging Tort Category

A new class action lawsuit alleges Chime Financial failed to protect customers' highly sensitive data during a recent data breach that occurred in April 2026.

Context: Fintech data breach litigation is an increasingly viable mass tort subcategory. Unlike traditional bank breaches, fintechs often lack the regulatory infrastructure and security maturity of chartered banks, creating stronger negligence arguments. Chime has approximately 22 million account holders; the plaintiff class could be substantial depending on breach scope. The key variable for funders is whether the breach exposed financial account data (high per-plaintiff damages) versus just PII (lower value, harder to monetize).

Roku and TCL Face Novel Class Action Alleging Software Updates 'Brick' Smart TVs

A new class action alleges Roku and TTE Technology (doing business as TCL North America) sold televisions that are rendered unusable by defective software updates.

Context: This is a novel product-defect theory worth tracking. The 'bricking via software update' claim sits at the intersection of traditional products liability and emerging software-as-a-service consumer protection law. If the court allows this theory to proceed, it could establish precedent applicable to any IoT or smart device manufacturer. Signal strength is moderate — damages per plaintiff are relatively low (cost of a TV), but the affected class could be very large given Roku's installed base of over 80 million active accounts.

Trump Rejects Iran's Peace Proposal, Says Conflict 'Likely' to Restart

On day 64 of the US-Iran war, President Trump has rejected Tehran's latest peace proposal, saying it includes demands he 'can't agree to.' Iran's military says conflict with the US is 'likely' to restart. Trump said he is 'not happy' with the proposal and is considering the option to 'blast the hell out of' Iran.

Context: The ceasefire, while technically holding, has not resolved the underlying conflict. The rejection of this proposal significantly raises the probability of resumed hostilities, with direct implications for energy prices, defense equities, and broader risk sentiment.

Trump Tells Congress Ceasefire Means He Doesn't Need War Authorization

President Trump has written to Congress arguing that because hostilities 'have terminated' due to the ceasefire, he does not need congressional authorization to continue the Iran war. The assertion sets up a constitutional confrontation over war powers.

Context: This is a significant legal and political maneuver. By claiming the ceasefire ends the need for authorization under the War Powers Act, Trump is positioning to resume operations without congressional approval — essentially arguing that a pause in fighting resets the clock on legislative oversight. For investors, this means the decision to escalate or de-escalate remains concentrated in the executive branch with fewer institutional checks.

US Withdrawing 5,000 Troops from Germany Over Allied Reluctance on Iran

The US is withdrawing 5,000 troops from Germany as President Trump feuds with European allies over their reluctance to step up support for the war on Iran.

Context: This is punitive force posture, not strategic redeployment. It signals a deepening transatlantic rift that has implications well beyond Iran — European defense stocks, NATO cohesion, and the broader question of whether US security guarantees in Europe remain reliable. For companies with European operations, this deterioration in the alliance structure adds a layer of political risk.

China Says Strait of Hormuz Reopening Will Dominate Trump-Xi Talks

China's UN Ambassador Fu Cong says maintaining the ceasefire and reopening the Strait of Hormuz are 'urgent' priorities and will dominate upcoming Trump-Xi talks.

Context: The Hormuz closure has been the single most economically consequential dimension of the Iran conflict, disrupting roughly 20% of global oil transit. China, as the world's largest crude importer, has enormous leverage and incentive here. If Trump-Xi talks produce a Hormuz reopening framework, expect a significant move down in oil prices and a relief rally in energy-dependent emerging markets. If they fail, sustained supply disruption continues to support elevated crude prices.

Trump Expands Cuba Sanctions with Extraterritorial Reach, Targeting Foreign Banks and Firms

President Trump signed an executive order expanding Cuba sanctions, authorizing penalties not only against Cuban officials but also against foreign companies and financial institutions that do business with the island. The order allows US authorities to target third-country actors deemed to support the Cuban government, with potential implications for global firms including those in China.

Context: Extraterritorial sanctions — penalizing non-US companies for doing business with a sanctioned country — are one of the most powerful and controversial tools of US economic statecraft. This expansion follows the model used against Iran and Russia. Foreign banks and firms will now face compliance pressure to cut ties with Cuba or risk losing access to the US financial system.

Israeli Strikes Kill 13 in Southern Lebanon Despite Ceasefire

Thirteen people, including four women and a child, were killed in Israeli strikes on southern Lebanon, according to the health ministry. Fighting between Israel and Iran-backed Hezbollah continues despite a ceasefire.

Context: The Lebanon front remains a barometer of the broader Iran-axis conflict. Continued Israeli operations against Hezbollah during a nominal ceasefire period suggest the regional security architecture remains deeply unstable, complicating any diplomatic resolution of the US-Iran war.

Wall Street Week on Kevin Warsh potentially reshaping the Fed

The episode explores how Kevin Warsh may be poised to fundamentally change the Federal Reserve as an institution, beyond just rate decisions. Also covered: why AI-enabled 'vibe coding' is simultaneously the best and worst thing to happen to software engineering, and the case for geothermal energy using fracking-derived technology.

Context: Warsh has been rumored as a leading candidate for Fed Chair when Powell's term ends. His institutional reform agenda could matter more than any single rate decision.

Odd Lots on why billionaires are buying dinosaur fossils instead of museums

After Ken Griffin paid almost $45 million for a stegosaurus skeleton — the most expensive fossil ever auctioned — Odd Lots explores how the private market for dinosaur fossils actually works, why bones are flowing to collectors instead of institutions, and the parallels to art and antiquities markets.

Context: The alternative assets space continues to expand as ultra-high-net-worth investors seek uncorrelated stores of value. Fossils join art, wine, and classic cars in the trophy asset category.

Big Take on casino-style mobile games and who's really profiting

Bloomberg's Big Take podcast investigates games like Monopoly GO! and High 5 Casino, exploring how casino-style mechanics are embedded in mainstream mobile games, who profits most from their rise, and the increasing regulatory scrutiny they're attracting.

No-Reserve 2023 Porsche 911 Sport Classic — Paint-to-Sample Irish Green, 2,600 Miles

This is #679 of 1,250 Sport Classics produced worldwide, optioned in paint-to-sample Irish Green over Cognac leather with Pepita inserts. Canadian-market car imported to the US in 2026 with 2,600 miles. Full spec includes the 3.7L twin-turbo flat-six, seven-speed manual, rear-wheel drive, PCCB brakes, Burmester audio, and the Heritage Design Package. Selling at no reserve in California with the serialized Porsche Design Chronograph.

Context: The 992 Sport Classic is already one of the most sought-after modern Porsches — a manual-only, RWD, wide-body Turbo S engine in a retro package. Paint-to-sample Irish Green elevates this beyond the standard Sport Classic Grey most buyers chose. No-reserve means this could be a steal or a bloodbath, but either way it's the most interesting 992 on the market right now. These have been trading in the $350-400k range.

1972 Ford Bronco Bill Stroppe Baja — Documented, Refurbished to Factory Spec

A genuine Stroppe Baja Bronco from the limited run Ford built from 1971-1975 to commemorate Baja 500 and Baja 1000 victories. Originally ordered through the Denver DSO and delivered to a Wyoming dealer. Previously repainted black, now refurbished to factory specification. Powered by a 302 V8 with three-speed auto and dual-range transfer case. Comes with a Deluxe Marti report and Baja Broncos Unlimited archive report confirming provenance. Offered in Arizona on consignment.

Context: Real Stroppe Bajas are among the most collectible early Broncos — fewer than 650 were built across all years, and documented survivors with proper provenance reports are genuinely rare. The Marti report plus the Baja Broncos Unlimited archive report is about as bulletproof as documentation gets for these trucks. Early Bronco prices have cooled slightly from their 2022 peak, which may create an entry point.

Superformance GT40 Mk I — Shelby 496 FE, Fuel-Injected, 24 Miles, $300k+ Build

A brand-new Superformance GT40 Mk I assembled in 2025 at a total cost exceeding $300k. Powered by a Carroll Shelby Engine Company 496ci FE V8 with Borla 8-stack fuel injection, mated to a Quaife five-speed manual transaxle. Finished in red with white stripes, equipped with front-axle lift, adjustable coilovers, Wilwood brakes, AC, and a Gurney bubble. Only 24 miles. Titled as a 1965 Ford GT40 via Montana LLC.

Context: You're essentially buying someone else's completed dream build at whatever the auction settles at — and builds like this almost always sell for less than the sum of their parts. A $300k+ all-in cost on a Shelby-engined, fuel-injected GT40 replica with essentially zero miles is the kind of thing where the second owner gets the best deal. The Superformance GT40 is the gold standard of continuation/replica GT40s, legally titled and accepted at most major events.

Kaege Retro 993 Targa Conversion — 3.8L, Six-Speed, Backdated Carbon Bodywork

A 1998 993 Cabriolet converted by Kaege Retro of Germany in 2022 using components from a donor 993 Targa, including carbon-fiber Targa bodywork, a 3.8-liter flat-six, six-speed manual, and limited-slip differential. Finished in Light Green Metallic over Mushroom Brown leather. Offered in New York with Kaege build documentation and a clean title.

Context: Kaege Retro is one of the most respected 993 specialists in Europe — their builds are essentially bespoke restomods with real engineering substance, not just cosmetic work. A 3.8L Targa conversion with carbon bodywork in this color combination is a one-of-one proposition. The 993 market remains the strongest of the air-cooled 911s, and a properly documented Kaege build commands a serious premium in European circles that US buyers may not yet fully price in.

1997 Porsche 993 Carrera S Coupe — Six-Speed, Wide Body, Fresh Engine Reseal

A 993 Carrera S in Arctic Silver over black leather with the six-speed manual and factory wide body. The 3.6L flat-six received an engine-out reseal in 2024. Equipped with the desirable 18" hollow-spoke Technology wheels, power sunroof, and full service records. Offered in California with a Porsche Certificate of Authenticity and clean Carfax.

Context: The 993 C2S is the wide-body, naturally aspirated, manual 911 that collectors consider the pinnacle of the air-cooled era. Arctic Silver is a classic color for these, and the completed engine-out reseal removes the biggest maintenance anxiety for any prospective buyer. With the air-cooled market stabilizing, a well-documented C2S with fresh major service could be a smart buy.