⛵ $4B Photonics Bet
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Capital is deleveraging in AI-native firms while legacy empires merge under heavier balance sheets.
Nvidia’s $4B Photonics Bet
TL;DR: Nvidia will invest $4 billion to secure critical silicon photonics components for its AI datacenter networks, putting $2 billion each into Coherent and Lumentum, alongside multibillion-dollar purchase commitments. The two companies specialize in lasers, transceivers, and optical switching hardware essential for high-speed, lower-power interconnects. Both plan to expand US manufacturing as Nvidia locks in supply for scaling distributed AI systems.
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ASML Eyes AI Future
TL;DR: ASML is preparing to expand beyond its dominance in EUV lithography, outlining plans to enter advanced packaging for AI chips, develop new scanner systems, and explore larger chip sizes. CTO Marco Pieters said the company is researching tools for stacking and bonding next-generation AI processors and using AI to improve machine speed and inspection, positioning ASML for the next decade of chipmaking.
US Mulls Nvidia Export Caps
TL;DR: The Trump administration is weighing a plan to cap each Chinese company’s purchases of Nvidia’s H200 AI chips at 75,000 units, with AMD’s comparable MI325 chips included in the same limit. While total exports to China could reach up to one million units, the per-customer ceiling would sharply restrict major buyers. The proposal comes ahead of a planned Trump-Xi meeting, as Washington and Beijing debate conditions for resuming high-end AI chip sales.
Musk’s X and xAI to Repay Debt
TL;DR: Elon Musk’s X and xAI are planning to repay roughly $17.5 billion in outstanding debt in full, Bloomberg reported, citing sources. Morgan Stanley has informed lenders of the intent to redeem the obligations, including xAI’s $3 billion in high-yield bonds at a premium. The move follows recent funding rounds and corporate restructuring involving SpaceX and xAI.
Paramount-Warner Deal Brings $79B Debt
TL;DR: Paramount said its $110 billion merger with Warner Bros Discovery will result in a combined company carrying about $79 billion in net debt. The firms will merge their streaming platforms, including Paramount+ and HBO Max, and keep their cable networks rather than spin them off. CEO David Ellison said the deal is expected to generate over $6 billion in cost savings and close in the third quarter.
Starlink Expands Into Europe
TL;DR: Starlink will partner with Deutsche Telekom to launch a satellite-based mobile service in 10 European countries in 2028. The rollout will be the first in Europe to use Starlink’s second-generation V2 satellites, delivering broadband, voice, and messaging directly to mobile phones, particularly in remote and hard-to-cover areas.
PayPay Eyes $13.4B Nasdaq Debut
TL;DR: SoftBank-backed PayPay is targeting a valuation of up to $13.4 billion in a U.S. IPO, aiming to raise about $1.1 billion by selling nearly 55 million ADS priced between $17 and $20. Despite volatile markets, the Japanese payments app, with 72 million users, has secured major cornerstone investors and plans to list on Nasdaq as “PAYP.”
Amazon Buys Virginia Campus for AI
TL;DR: Amazon’s data center unit is acquiring George Washington University’s Virginia Science and Technology campus in Ashburn for $427 million, with plans to build a data or IT center to support expanding AI infrastructure. The purchase aligns with Amazon’s long-term $35 billion Virginia investment plan, while the university may continue operating programs there for up to five years.
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