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Fresh doubts about the timing of massive AI infrastructure spending dragged share prices lower as delays at key data center projects rippled through chip and cloud names. The Wall Street Journal has more here.

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By Rebecca Bellan

President Donald Trump signed an executive order Thursday evening that directs federal agencies to challenge state AI laws, arguing that startups need relief from a “patchwork” of rules. Legal experts and startups meanwhile say the order could prolong uncertainty, sparking court battles that leave young companies navigating shifting state requirements while waiting to see if Congress can agree on a single national framework. 

The order, titled “Ensuring a National Policy Framework for Artificial Intelligence,” directs the Department of Justice to set up a task force within 30 days to challenge certain state laws on the grounds that AI is interstate commerce and should be regulated federally. It gives the Commerce Department 90 days to compile a list of “onerous” state AI laws, an assessment that could affect states’ eligibility for federal funds, including broadband grants.

The order also asks the Federal Trade Commission and Federal Communications Commission to explore federal standards that could preempt state rules and instructs the administration to work with Congress on a uniform AI law. 

The order lands amid a broader push to rein in state-by-state AI rules after efforts in Congress to pause state regulation stalled. Lawmakers in both parties have argued that without a federal standard, blocking states from acting could leave consumers exposed and companies largely unchecked.

“This David Sacks-led executive order is a gift for Silicon Valley oligarchs who are using their influence in Washington to shield themselves and their companies from accountability,” said Michael Kleinman, head of U.S. Policy at the Future of Life Institute, which focuses on reducing extreme risks from transformative technologies, in a statement. 

Sacks, Trump’s AI and crypto policy czar, has been a leading voice behind the administration’s AI preemption push.

Even supporters of a national framework concede the order doesn’t create one. With state laws still enforceable unless courts block them or states pause enforcement, startups could face an extended transition period.

BlossomHill Therapeutics, a six-year-old San Diego startup that develops targeted therapies for EGFR-mutant lung cancer and other difficult-to-treat malignancies, raised an $84 million Series B extension round co-led by Janus Henderson Investors, Brahma Capital, and Biotrack Capital, with additional participation from Cormorant Asset Management, OrbiMed, Plaisance Capital Management, and Vivo Capital. The company has raised a total of $257 million. More here.

Esusu, a 10-year-old New York company that helps renters build credit by reporting on-time rent payments to credit bureaus, raised a $50 million Series C round at a $1.2 billion post-money valuation. The deal was co-led by Westbound Equity Partners, with the Geraldine R. Dodge Foundation and Blue Meridian Partners also taking part. The company has raised a total of $200+ million. More here.

Serval, a startup that automates IT workflows for enterprise teams, raised a $75 million Series B round at a $1 billion post-money valuation. The deal was co-led by Sequoia Capital, Redpoint, and Meritech, with First Round, General Catalyst, Evantic, Sound Ventures, and Radical Ventures also participating. Pulse 2.0 has more here.

Steelhead Technologies, a four-year-old startup based in Calumet, MI, that builds ERP software for metal finishers and fabricators, raised an $84 million round. Mainsail Partners was the lead investor. More here.

Cellular Origins, a four-year-old startup based in Cambridge, UK, that develops robotic systems to automate cell therapy manufacturing, raised a $40 million Series A round led by Johnson & Johnson, with Highland Europe, BGF, NYBC Ventures, and TTP Group also contributing. European Biotechnology has more here.

Neosapience, an eight-year-old Seoul startup that develops AI voice-generation technology that interprets text to produce natural-sounding speech with precise emotional control, raised an $11.2 million Series C round led by Intervest, with HB Investment, K2 Investment, and Bokwang Investment also engaging. More here.

PsiThera, a three-year-old startup based in Watertown, MA, that uses AI to develop oral small-molecule drugs for immune and inflammatory diseases, raised a $47.5 million Series A round co-led by Lightstone Ventures and Samsara BioCapital, with Roivant, YK Bioventures, and Eurofarma Ventures also participating. BioPharma Dive has more here.

Ritten, a five-year-old Philadelphia startup that develops an AI-powered system of record for behavioral health providers, raised a $35 million Series B round led by Five Elms Capital, with Threshold Ventures, 8VC, and Bienville Capital also joining in. More here.

Conveyd, a two-year-old London startup that uses AI to automate large parts of the UK real estate closing process, raised a $3.3 million seed round led by Eka Ventures, with Portfolio Ventures and Founders Factory also joining in. Tech Funding News has more here.

Cyphlens, a three-year-old New York startup that develops visual encryption technology that protects sensitive data at the moment it is viewed, raised a $3.8 million seed round. Investors included Salesforce Ventures, Motivate Ventures, DCG, ex/ante, and Cambrian Ventures. More here.

Double, a six-year-old New York startup that develops an AI-driven close management and practice management platform for accounting and bookkeeping firms, raised a $6.5 million Series A round led by Album Ventures, with Jack Altman and Y Combinator also digging in. The SaaS News has more here.

Keeper, a three-year-old New York startup that develops an AI matchmaking system for long-term relationships, raised a $4 million pre-seed round co-led by Lightbank and Lakehouse Ventures, with Champion Hill Ventures, and Goodwater Capital also investing. Business Insider has more here.

Realm.Security, a two-year-old Boston startup that develops an AI-native security data pipeline platform for enterprise security teams, raised a $2 million round from Presidio Ventures. More here.

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Jay-Z’s MarcyPen Capital Partners and Hanwha Asset Management are forming MarcyPen Asia, a planned $500 million fund that will back fast-growing Korean and Asian consumer and culture companies aiming to scale globally. Hypebeast has more here.

Intel is apparently thisclose to buying SambaNova, a eight-year-old Palo Alto startup that develops advanced AI compute systems that combine custom chips, software, and integrated hardware to train and run large AI models more efficiently for enterprises and governments. The price is reportedly in the neighborhood of $1.6 billion. SambaNova’s investors include Temasek Holdings, BlackRock, Celesta Capital, Atlantic Bridge, and SoftBank Vision Fund. Bloomberg has more here.

Wealthfront inched higher after a choppy Nasdaq debut that briefly dipped below its $14 offer price. MarketWatch has more here.

Elon Musk’s escalating attacks on Europe after a $140 million fine highlight a deepening clash between U.S. and E.U. speech laws, testing regulators’ willingness to confront a politically connected owner of a major social network. The New York Times has more here.

Sam Altman’s World rolled out a new app that adds encrypted chat and broader crypto payments as it shifts from relying on its Orb eye-scan hardware to a more social experience meant to accelerate adoption beyond its roughly 20 million users. TechCrunch has more here.

Clair Obscur: Expedition 33 has stunned the video game industry by becoming a breakout hit on a budget under $10 million, a pittance considering best-selling games often cost hundreds of millions. The New York Times has more here.

Chinese filmmaker Bi Gan’s new sci-fi film Resurrection anchors its finale with a 30-minute tracking shot that he executed in a single take, establishing him as the reigning master of cinematography’s most difficult shot, the “oner.”

Rolls-Royce’s new 25-car Phantom Centenary Private Collection required more than 40,000 hours of bespoke development and introduces first-time techniques like 3D marquetry and gold leafing.

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