SpaceX and Nvidia are adapting Nvidia’s Vera Rubin NVL72 rack-scale AI platform for Low Earth Orbit, with SpaceX planning its first launch as part of the Starmind AI satellite line. The target is a first launch in Q4 2027 (with significant scale planned for 2028). The effort shifts the system from an Earth rack assumption to an orbital one, raising new engineering work on closed-loop cooling and radiation tolerance rather than assuming the terrestrial design will simply carry over.
Japan’s Defense Ministry disclosed an 8.9 trillion yen budget request to shift defense strategy toward drones, artificial intelligence, and new warfare methods. The preliminary total is only slightly above the 8.8 trillion yen defense budget requested for the current fiscal year. The plan adds an integrated AI command-and-control platform and calls for domestic mass production of low-cost uncrewed weapons plus state-backed, government-owned factory support to stabilize defense equipment supply.
Bank of England governor Andrew Bailey warned G20 finance ministers that artificial intelligence could contribute to a global economic downturn and raise cyber security risks for financial systems. He pointed to “simultaneous disruption” across multiple firms as a scenario firms should prepare for, and warned that AI-market sector declines could trigger a worldwide market correction. Policymakers are being urged to support safe, responsible AI model release and deployment while tightening financial and cyber defenses.
The European Commission said ChatGPT, Reddit, and Roblox must comply with the EU Digital Services Act or face fines. It classified all three as “very large online platforms,” which can be fined up to 6 percent of global revenue. This adds duties like removing illegal content and protecting minors’ privacy and security as Brussels determines how the rules apply to AI services.
Shein priced and completed its Hong Kong IPO, raising about $1.7 billion and valuing the company at roughly $26 billion. The shares were set at HK$48.56 and trading on the Hong Kong Stock Exchange begins on Tuesday. Shein’s lower valuation compared with a 2022 round of about $100 billion reflects weaker profitability and higher import-cost pressures, leading to a repricing toward a thin-margin retailer model.
Shein Global Holdings Ltd. plans a Hong Kong IPO that sharply reduces CEO Sky Xu’s personal fortune after the company’s valuation and investor interest declined. Xu’s wealth drops by more than $15 billion to about $8 billion at the listing price. The IPO timing and a shift in investor focus toward AI-related debuts change the payoff for Shein’s investors compared with the earlier surge seen for other consumer listings.
The U.S. tightened restrictions on foreign-made drones and advanced robotic systems by adding drones and their components to the FCC’s Covered List and imposing new tariffs on the imports. The drone tariffs begin in September, with additional component tariffs set for 2027. As a result, industry analysts expect a more fragmented, regional robotics market where Chinese companies expand elsewhere while U.S. and allied firms focus on areas with stricter security requirements.
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