Sources: Palmer Luckey's Erebor Bank is in talks to raise money at an $8B+ valuation, up from $4.35B in 2025; its deposits grew from $1.1B in March to $4B now (Bloomberg)

Summary

Bloomberg: Sources: Palmer Luckey's Erebor Bank is in talks to raise money at an $8B+ valuation, up from $4.35B in 2025; its deposits grew from $1.1B in March to $4B now — Erebor Bank is in talks to raise money at a valuation of at least $8 billion, as deposits grow rapidly at the politically connected startup …

SpinGraph analysis pending — check back after processing.

• A look at the quant fund frenzy in China, as assets under management have more than doubled to ~$384B in less than a year amid rapid AI adoption (Bloomberg)
• Meta could use its compute for its own models, ad scaling, SpaceX-like neocloud deals, and hosting 3rd-party models; it may be close to an Anthropic deal (Jeremie Eliahou Ontiveros/SemiAnalysis)
• Meta getting into the cloud business has been inevitable for a long time, as it seeks to diversify beyond ad revenue and monetize its AI buildout (M.G. Siegler/Spyglass)
• Instagram has been running ads promoting child sexual abuse material in India, with terms like "rape video" and "child video" and linking to Telegram channels (Divya Arya/BBC)
• An interview with Sriram Krishnan, who says "there will not be an FDA for AI" under Trump, blames the AI backlash on the industry's "doomer" messaging, and more (Financial Times)
• Texas AG Ken Paxton opens an investigation into StubHub following complaints of last-minute ticket cancellations for FIFA World Cup matches (Giles Turner/Bloomberg)