Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition we are tackling the following:

🛡️ Rocket Lab secures new major defense contract, expanding commercial launches.
💰 SoftBank scrambles to meet its $22.5B OpenAI funding deadline.
✈️ Google and Apple warn visa-holding employees to avoid international travel.
📂 Trump official defends partial Epstein file release amid backlash over transparency.
🛍️ Shein pushes global expansion forward despite backlash over its first Paris store.

TECHNOLOGY

• Rocket Lab secures another major defense contract, expanding beyond commercial space launches (TechCrunch)
  ^{_{More: MSN, LA Times}}

  • Rocket Lab won an $816 million Space Development Agency contract, its largest award to date.

  • The deal covers designing and manufacturing 18 missile-warning and tracking satellites for SDA’s Tranche 3.

  • Combined SDA contracts now exceed $1.3 billion, strengthening Rocket Lab’s defense and military ambitions.

• SoftBank scrambles to meet its $22.5B OpenAI funding deadline (Reuters)
  ^{_{More: Yahoo!, Times of India}}

  • SoftBank sold Nvidia and T-Mobile stakes and may tap Arm-backed loans to fund OpenAI.

  • Masayoshi Son paused most Vision Fund deals, redirecting capital and approvals toward the OpenAI investment.

  • PayPay’s IPO was delayed to early 2026, while OpenAI needs capital for massive AI data center expansion.

• Israeli VC Jon Medved, diagnosed with ALS, backed technologies now improving his life (TechCrunch)
  ^{_{More: Startup Ecosystem, Yahoo!}}

  • Venture capitalist Jon Medved retired after ALS diagnosis, stepping down from OurCrowd, the firm he founded.

  • Medved previously invested in health technologies that now help manage and improve his quality of life.

  • A pioneer of Israel’s startup ecosystem, he helped popularize crowdsourced venture capital through OurCrowd.

BUSINESS

• Google and Apple warn visa-holding employees to avoid international travel (Reuters)
  ^{_{More: TechCrunch, NPR, Business Insider}}

  • Law firms advised Google and Apple employees needing visa stamps to avoid travel due to delays.

  • U.S. embassies are prioritizing deeper visa vetting, causing unpredictable and extended re-entry processing times.

  • Hundreds of Indian professionals faced canceled or rescheduled appointments amid new social media screening requirements.

• Trump official defends partial Epstein file release amid Democratic backlash over transparency (AP)
  ^{_{More: CBC, CNBC, Firstpost}}

  • Deputy Attorney General Todd Blanche said limited release was necessary to protect Epstein’s sexual abuse survivors.

  • Democrats accused the administration of withholding information after only a fraction of files met the deadline.

  • Blanche promised full compliance later, citing sensitive content and ongoing document reviews for victim protection.

• Stocks rise globally as commodities soar, with gold reaching a record high (Bloomberg)
  ^{_{More: Yahoo!, Investing.com, Reuters}}

  • Global stocks climbed to a one-week high, led by tech gains in Asia.

  • MSCI All Country World Index rose for a third day, 2025 gains now 20%.

  • Gold surged to $4,391.92 per ounce, silver also hit historic peak amid safe-haven demand.

• Stay ahead of AI at work*

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MARKETS

WORLD

• Shein pushes global expansion forward despite backlash over its first Paris store (Bloomberg)
  ^{_{More: Business Times, Mirage News}}

  • Shein’s first physical Paris store triggered strong opposition from French retailers and political leaders.

  • A Paris court rejected suspending Shein’s platform, calling a government ban disproportionate.

  • Analysts say consumer demand favors Shein’s survival in France despite continued political and retail resistance.

• Australian PM apologizes to Jewish community following violent Bondi Beach attack (Bloomberg)
  ^{_{More: Firstpost, Times of Israel, News.com}}

  • PM Albanese faced boos and protest at Bondi vigil while condemning attack.

  • He urged parliamentary urgency and unity to pass reforms addressing hate speech.

  • Proposed measures aim to combat anti-Semitic language at rallies and protect Jewish communities.

• Asian shares rise, yen weakens sharply as Japanese bonds face intense selling pressure (Reuters)
  ^{_{More: CNA, Global Banking & Finance}}

  • Asian equities climbed broadly, led by tech gains, while Wall Street futures also rose.

  • The yen fell near all-time lows against the euro and Swiss franc amid BOJ rate hikes.

  • Silver reached a new peak and oil prices increased on news from Venezuela.

FUTURISM

• Waymo suspends service in San Francisco as robotaxis stall during blackout (TechCrunch)
  ^{_{More: CNBC, Business Insider}}

  • Waymo suspended San Francisco robotaxi operations after a major blackout left multiple vehicles stalled citywide.

  • Photos and videos showed stalled robotaxis blocking intersections, forcing human drivers to stop or maneuver around them.

  • Blackout, likely caused by a PG&E substation fire, disrupted traffic lights, transit systems, and Waymo infrastructure.

• Humanoid robots inch closer as China invests and Musk pushes bold ambitions (The Verge)
  ^{_{More: Bloomberg, ABC}}

  • Footage shows Tesla’s Optimus robot malfunctioning, spilling water bottles before collapsing awkwardly onstage.

  • Observers noted movements suggesting human assistance, echoing past skepticism over Tesla’s robot autonomy claims.

  • China views humanoid robots as economic drivers, while Musk frames them as central to Tesla’s future.

• AI contributed to over 50,000 U.S. layoffs in 2025, top firms cited (CNBC)
  ^{_{More: Times of India, Straits Times, Ground News}}

  • AI was cited in nearly 55,000 U.S. layoffs in 2025, per Challenger data.

  • Major companies like Amazon and Salesforce attributed thousands of job cuts to AI adoption.

  • Total job cuts in 2025 reached 1.17 million, the highest since the 2020 pandemic.

CONTENT

• Ryan Deiss explains building systems that let your business run without you (My First Million)

  • Deiss emphasizes creating defaults and identifying constraints to streamline business operations efficiently.

  • Business process mapping and the High Output Team Canvas help scale operations effectively.

  • Common mistakes, scalability, and the psychology of money are crucial for sustainable growth.

• Sander Schulhoff explains why securing AI is harder and guardrails are failing (Lenny's Podcast)

  • Prompt injection differs from jailbreaking, exposing AI systems to hidden attacks in browsers.

  • Current AI guardrails fail, leaving organizations at risk despite superficial security measures.

  • Real AI damage hasn’t occurred yet, but merging cybersecurity and AI expertise is essential.

• Zach Perret explains the fintech cycle and why the market heats again (a16z)

  • Fintech surged in 2020–2021, then collapsed, with venture funding dropping nearly to zero.

  • AI, embedded finance, and incumbents adopting external software are driving renewed market momentum.

  • Plaid’s innovations in fraud, credit, and consumer access showcase fintech’s evolving landscape and growth.

EXTRAS

• Hong Kong unveils new crypto and infrastructure regulations for insurers (Bloomberg)
  ^{_{More: AInvest, The Block, Tech in Asia}}

  • HKMA and SFC dual-licensing in 2025 structures virtual assets, with 22 banks offering services.

  • Stablecoins Ordinance requires full fiat reserves, HKD 25M capital, aligning rules with EU and US.

  • Insurers face 100% crypto risk capital, while tokenized infrastructure assets enable cross-border and green finance.

• Uber and Lyft plan UK robotaxi trials with Baidu’s autonomous vehicles (CNBC)
  ^{_{More: Bloomberg}}

  • Baidu will bring Apollo Go robotaxis to London via Uber and Lyft platforms.

  • Lyft plans testing in 2026 with dozens of vehicles, scaling to hundreds pending approval.

  • UK government support and competition from Waymo signal intensifying autonomous taxi race.

• Hardware companies suffer rough week as multiple high-profile bankruptcies hit (TechCrunch)
  ^{_{More: FindArticles, Yahoo!}}

  • iRobot, Luminar, and Rad Power Bikes filed for bankruptcy within a single week.

  • Despite different products, all faced tariff pressures, failed major deals, and difficulty expanding beyond core offerings.

  • Pandemic-era growth faded, competition intensified, and blocked acquisitions or concentrated bets exposed weak long-term strategies.

AND MORE

• AI-driven IPOs surge in China, but foreign investors face barriers.

• Israeli spyware mogul resurfaces with billion-dollar cybersecurity startup after NSO fallout.

• Holiday candy chocolate may be fake this year due to rising cocoa costs.

• China imposes duties up to 43% on EU dairy imports after probe.

• Psychologist says happiest couples practice 7 simple weeknight habits most people ignore.

• 200k+ readers from Google, TikTok, OpenAI, and Deel love Open Source CEO's deep dive business content.*

• OpenAI allows users to directly adjust ChatGPT’s enthusiasm level.