• A profile of PsiQuantum, which raised $1B in 2025, is building a quantum computer with photonic chips made by GlobalFoundries and is closely monitored by DARPA (James O'Donnell/MIT Technology Review)
• As China's rules for humanlike AI interaction take effect, many users are bemoaning the loss of the virtual companions they had created on Chinese AI platforms (Bloomberg)
• Sources: DeepSeek's annualized revenue recently reached $400M to $500M as it seeks to raise ~$7.4B at a ~$74B valuation, up from ~$50B after raising ~$7B in May (The Information)
• Court filing: Google says it is ready to add third-party app stores in Google Play in the US on July 22, as Google and Epic withdraw their joint motion (Sean Hollister/The Verge)
• Sources: Oracle leads the race to sell "air-gapped" cloud services to Japan that the US says are key to secure intelligence sharing between Tokyo and its allies (Financial Times)
• The UAE gained broader US AI chip access after aiding the US in the Iran war, letting G42 buy freely for at least nine months; G42 plans to become a US company (Wall Street Journal)
• Daniel Ek's Neko Health, which offers AI-based full-body scans, raised $700M co-led by Lightspeed and O.G. Venture Partners, sources say at a ~$7B valuation (Bernhard Warner/New York Times)
• NYC-based Hadrius, which provides AI-native compliance tools for financial services, raised a $22M Series A led by CRV with participation from Y Combinator (Ryan Lawler/Axios)
• Sources: Stripe and PE firm Advent International have jointly offered $60.50/share to acquire PayPal, a 28% premium to Tuesday's close, valuing it at $53B+ (Milana Vinn/Reuters)
• Sources: OpenAI researcher Miles Wang is leaving the company to launch an AI drug discovery startup, and is in talks to raise $200M at a $2B valuation (Marina Temkin/TechCrunch)
• Meta is sued by 26 current and former employees, who allege its use of AI in May layoffs unfairly targeted workers with disabilities or on protected leave (Wall Street Journal)
• Sources: multiple GOP governors and large utilities are expected to join Trump's pledge for data center developers to cover their energy use and infrastructure (Politico)
• Monitoring Analytics: PJM's recent electricity auction is expected to add $6.3B to customers' bills in 13 states and DC through 2029 due to data center demands (Ivan Penn/New York Times)
• InstaLILY, which develops AI agents to automate sales, operations, and service workflows, raised a $60M Series B led by Energize Capital (Mike Wheatley/SiliconANGLE)
• Sources: CoreWeave is exploring the use of financial derivatives as a potential hedge against a future drop in memory and storage chip prices (Max A. Cherney/Reuters)
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| • The WGA is also suing to block Paramount-Warner Bros. Discovery merger
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