CrunchBase : The Week’s 10 Biggest Funding Rounds: NinjaOne Leads With $400M As

The Week’s 10 Biggest Funding Rounds: NinjaOne Leads With $400M As Large Deals Also Go To Blockchain, Cloud Infrastructure, Biotech And Robotics

Big fundraising deals did not take a pause for summer this week. In the U.S., the largest financings went to enterprise software company NinjaOne and blockchain technology provider Digital Asset. The largest deals of the week, however, were for European companies, with Germany’s Neura Robotics pulling in $1.4 billion and Finnish space tech company Iceye landing $520 million.

1. NinjaOne, $400M, enterprise software: NinjaOne, provider of an IT operations and endpoint management platform, raised over $400 million in Series C extension funding at a $12.3 billion valuation. The Austin-based company said it grew revenue over 70% in 2025 and posted a profit in the first quarter of this year.

2. Digital Asset, $355M, blockchain technology: Digital Asset, a provider of blockchain technology geared for financial institutions, secured $355 million in a later-stage financing led by Andreessen Horowitz’s crypto fund, a16z crypto. Founded in 2014, the New York-based company has raised at least $847 million in known funding to date, per Crunchbase data.

3. TensorWave, $350M, AI cloud infrastructure: Las Vegas-based TensorWave, an AMD AI cloud technology provider for training and inference workloads, closed on $350 million in Series B funding. Magnetar Capital and AMD Ventures led the financing.

4. Beren Therapeutics, $300M, biotech: Beren Therapeutics, a developer of therapeutics for conditions characterized by defective cholesterol trafficking, raised $300 million in equity and debt funding. The financing for the Thousand Oaks, California-based company includes $165 million in debt funding from Hercules Capital as well as $135 million in equity investment.

5. Standard Bots, $200M, robotics: Standard Bots, a manufacturer of AI-native industrial robots, picked up $200 million in Series C funding. RoboStrategy and General Catalyst were lead investors in the round, which set a $1 billion valuation for the New York-based company.

6. SonoThera, $125M, genetic medicines: SonoThera, developer of an ultrasound-mediated genetic medicine platform, secured $125 million in Series B funding. Vida Ventures led the financing for the San Francisco-based company.

7. (tied) GT Medical Technologies, $100M, medical devices: Tempe, Arizona-based GT Medical Technologies, developer of a form of radiation therapy called GammaTile that is used at the time of brain tumor removal surgery, picked up $100 million in Series E funding led by Viking Global Investors.

7. (tied) MainFunc (aka Genspark), $100M, agentic AI: MainFunc, the company behind Genspark, a developer of agentic AI tools for the workplace, reportedly raised $100 million in Series B extension funding at a $2.6 billion valuation. Investors reportedly included Sozo Ventures, UpHonest Capital and South Korea’s Mirae Asset.

9. City Therapeutics, $99.5M, biotech: Cambridge, Massachusetts-based City Therapeutics, a developer of RNA interference (RNAi)-based medicines, closed on $99.5 million in Series B funding from backers including new investors Viking Global Investors and Sofinnova Investments.

10. Rylo, $85M, tools for the deaf and hearing-impaired: Rylo, developer of an app for hearing-impaired people, raised $85 million in growth funding from General Catalyst, Canaan and existing investors.

FT : Fusion industry suppliers bet on race for reactors creating a $73bn market

Fusion industry suppliers bet on race for reactors creating a $73bn market
Groups eye windfall as technology’s potential to deliver abundant power attracts investors

Suppliers to the nuclear fusion industry are expanding capacity as they bet a race to build reactors and power plants will create a lucrative market long before the technology delivers on its promise of abundant electricity.

Consultancy Helixos estimates that construction spending on commercial fusion plants will reach $73.1bn per year by 2040, more than three times the $20bn worth of electricity it expects them to generate by then.

Japanese manufacturer Fujikura and engineering group Aecom, based in the US, are among companies wagering that efforts to support the fusion sector will prove profitable years before it sells meaningful amounts of electricity.

Helixos co-founder Alex Borovskis said the first big commercial opportunity could come from building the “still relatively expensive” new plants because fusion will still be in its “early build-out phase”.

Investment has poured into fusion start-ups with governments and hyperscalers — companies such as Alphabet, Amazon and Microsoft that are building data centres — on the hunt for a clean energy source capable of powering electricity-intensive AI.

Fusion groups aim to commercialise a technology that replicates the reaction that powers the Sun by forcing atomic nuclei to combine in a superheated plasma.

While its proponents are excited because it emits no carbon and does not produce long-lived nuclear waste, fusion developers have struggled to turn the potential shown in experiments into sustained electricity production.

One engineering executive said that some private companies were setting “very, very ambitious” targets to “excite the market”, and predicted that many will drop out of the race before achieving commercial fusion.

But groups including Tokyo-based Fujikura are not deterred. It is spending about $72mn to triple production capacity for its superconducting magnet materials by 2027 and double it again by the spring of 2028, in anticipation of increased demand from private fusion companies.

The material is used in next-generation superconductors that generate the strong magnetic fields needed to contain superheated plasma.

“The volume needed for use of the material in fusion is really one or two orders of magnitude difference compared to other uses,” Masanori Daibo, general manager at Fujikura, told the FT, adding that future demand for the material would be mainly for fusion.

Dallas-based Aecom has invested in Type One Energy, a Bill Gates-backed start-up that is aiming to build commercial fusion plants in the US and UK by the mid-2030s.

Troy Rudd, chair and chief executive of Aecom, said fusion looked to be “five to 10 years away” from commercial deployment, rather than being “always 20 years off” — referring to a well-known joke in the industry.

“There is real economic investment being made,” he said. “This is not a money-losing proposition for us by any means.”

An executive at an engineering company said investments by suppliers were already generating “meaningful” revenue and that their own firm had about $250mn of orders.

A joint venture led by Kier Infrastructure, based in Salford in northern England, and French nuclear engineering company Nuvia in March won an initial £200mn contract to work on the UK’s national prototype fusion plant. The whole project, called Step, could eventually cost £20bn and aims to demonstrate commercial viability by delivering electricity to the grid by 2040.

Ross MacKenzie, managing director for natural resources at the British firm, said fusion has “quite a long runway” and that Kier wants to be “part of the conversation” about the technology’s development.

“When [fusion] develops in the future . . . it will go down one of probably several different avenues,” MacKenzie added. “And what we think is going to go down now, it’s probably going to be wrong.”

The rush has highlighted the fragility of the fusion sector supply chain. It is “small, specialised, fast-growing and currently constrained”, according to John Ruddleston at Ki Consultancy.

This means companies could be left unprepared to meet a sudden wave of orders. Superconducting materials, in particular, are dominated by a handful of Japanese and Chinese manufacturers, while uncertainty about future demand could discourage smaller suppliers from investing.

Kyoto Fusioneering, a provider of technology to the nuclear fusion industry, said it was trying to persuade its own suppliers to expand production of components such as gyrotrons, devices used to heat plasma.

Yuhei Nozoe, head of sales, said he had even arranged drinking sessions — in addition to regular meetings — as he sought to convince the companies to build capacity. Many were reluctant to spend money and bet on demand that may be decades away and could be delayed further.

Nozoe said he had been talking to “company CEOs, government people, everyone from top to bottom” to convey that demand for fusion equipment will come.

“For private companies, 10 years is already beyond the medium term and becomes a long-term plan,” he added. “So the question of whether they should invest now for that kind of timeline is a very difficult discussion.”

FT : Bridgepoint weighs $1bn sale of anti-drone group guarding World Cup sites

Bridgepoint weighs $1bn sale of anti-drone group guarding World Cup sites
Danish company MyDefence has already drawn buyout and defence sector interest as demand surges for counter-UAV kit

Bridgepoint is preparing to sell a drone-detection and jamming company whose work includes monitoring airspace during the World Cup, as it seeks to capitalise on surging demand for defence technology.

The private equity firm is exploring a sale of Danish tech group MyDefence, according to people familiar with the matter who said an adviser had been hired to prepare for an auction towards the end of the year.

The business could be valued at about $1bn based on the multiples attached to other companies in the sector, the people said, adding that its sales were poised to more than double this year.

Several military contractors and buyout firms have previously signalled their interest in MyDefence to Bridgepoint, according to the people.

The company, which was founded by former Danish military officers and engineers in 2013, builds products that use radio-frequency detection and targeted electronic jamming to protect people and infrastructure against drones.

Its products include the Pitbull, a jammer that can be worn by a soldier, and the Dobermann, which can be mounted on vehicles and boats.

The US Department of Homeland Security is working with MyDefence on the football World Cup that kicked off this week in the US, Mexico and Canada to monitor and protect critical infrastructure, public gathering areas and transportation corridors, according to the company.

That includes tracking both authorised and potentially hostile drone activity.

The conflicts in Ukraine and the Middle East have propelled drones and anti-drone equipment to the forefront of modern-day warfare. They have also underlined the cost imbalance between cheap, unmanned attack aircraft such as Iran’s Shahed drones and the expensive air-defence missile systems, such as the US-made Patriot, that are used to shoot them down.

Demand in the unmanned aerial vehicle space has surged among militaries, manufacturers and investors. Robin Radar Systems, a Dutch drone-detection equipment maker, is also working with an adviser to explore a sale for about $2bn.

British defence start-up Cambridge Aerospace is raising new funds for its interceptor systems and Mercedes-Benz is set to partner with Munich-based Tytan Technologies to protect European critical infrastructure from hostile drones, the FT has reported.

Bridgepoint, which specialises in investing in mid-market companies, is raising a new flagship fund of about €7.5bn.

It acquired a majority stake in MyDefence in 2024 and has helped finance an increase in production and research and development to expand its presence globally.

The London-listed group has also bought related businesses, such as Comrod, a Norwegian maker of tactical communications and power products for the defence industry.

Bridgepoint and MyDefence declined to comment. Robin Radar could not immediately be reached for comment.

FT : Electrification jumps up corporate agenda after energy crisis, survey finds

Electrification jumps up corporate agenda after energy crisis, survey finds
Security and cost concerns elevate business push for overhaul of power systems

Geopolitical instability has made electrification more urgent for four in five business executives responding to one of the biggest corporate polls since the Middle East energy crisis. 

The struggle to absorb energy charges has thrust the issue up the agenda for companies focused on how to electrify their operations cost-effectively.

The survey of almost 2,000 executives across 18 countries — initiated by green campaign groups but conducted independently and outside of their membership — also found that 91 per cent believed the switch from fossil fuel-powered equipment to electric alternatives, such as electric furnaces, heat pumps or vehicles, would improve their energy security. 

The chief executive of the Swiss-Dutch multinational chemical company DSM-Firmenich, Dimitri de Vreeze, said a shift to renewable energy and expanding electrification of operations was already improving the group’s energy security and cost predictability.

“Businesses today are operating in a structurally more volatile energy landscape, where continued reliance on fossil fuels exposes companies and economies to recurring shocks,” he said.

Leading European pharmaceutical group Roche backed the view. It has a goal to cut absolute emissions from operations by 70 per cent by 2029, from 2022 levels, including an 85 per cent reduction in fleet-related emissions, after achieving full use of sustainable electricity at all sites last year.

“Our experience shows that electrification can help strengthen operational resilience and support long-term business continuity,” said chief executive Thomas Schinecker.

Christian Hartel, president and chief executive of Wacker Chemie, the Munich-based chemicals multinational, said more than 60 per cent of the energy used in its processes was already electricity-based.

The polling was carried out by the Public First agency on behalf of green groups E3G, We Mean Business Coalition and the Global Renewables Alliance, but did not target constituents of those organisations.

It covered Australia, Brazil, China, Colombia, France, Germany, India, Indonesia, Japan, Kenya, Nigeria, Philippines, Poland, South Africa, South Korea, Turkey, the UK and the US.

Three-quarters of those polled said they expected to replace the majority of fossil-fuel-powered equipment by 2030, but 72 per cent complained that government policies were lagging behind and hindering the shift to electrification. 

“This is not the first fossil fuel crisis, and it will not be the last,” said José Manuel Entrecanales, executive chairman of ACCIONA, the Spanish infrastructure group. Dependence on imported fuels was a strategic vulnerability, he said.

“What businesses need now are the grids, market structures and policy frameworks that can match their ambition and unlock the full potential of electrification,” Entrecanales said.

A large-scale expansion and grid upgrades will be required to allow greater electrification, with the International Energy Agency estimating annual grid investment would need to double by 2030 from today’s $400bn a year.

The IEA said this year that electricity consumption was projected to grow at least 2.5 times faster than overall energy demand over the next five years, driven by rising consumption from industry, electric vehicles, air conditioning and data centres. 

Electrification is seen as a key to the shift away from burning fossil fuels by green advocates, as electricity can be efficiently and cheaply supplied by clean sources. In some countries, however, fossil fuels such as coal remain a major part of the power system, including China as the world’s biggest emitter.

The survey found businesses in heavily populated developing nations including Nigeria, Indonesia, India, the Philippines, Colombia and South Africa were among those with the most ambitious electrification targets.

FT : UK intercepts Russian shadow fleet oil tanker in English Channel

UK intercepts Russian shadow fleet oil tanker in English Channel
Prime minister hails ‘yet another blow to Russia’ as part of effort to clamp down on those fuelling Ukraine war

British armed forces intercepted an oil tanker in the English Channel in the early hours of Sunday morning in the first such action by the UK as part of its crackdown on Russia’s shadow fleet. 

Sir Keir Starmer, the prime minister, said the successful operation had delivered “yet another blow to Russia” and was part of a concerted effort to clamp down on those fuelling Vladimir Putin’s war in Ukraine. 

Moscow has been running a shadow fleet of more than 700 oil tankers to evade international sanctions imposed on its exports of fossil fuels, a major plank of the Russian economy.

Royal Marine commandos and law enforcement officers from the National Crime Agency boarded the vessel, called the Smyrtos, in an operation that lasted for six hours. The operation was supported by aircraft from the Maritime Air Group, an RAF P-8 aircraft, as well as HMS Sutherland and HMS Ledbury.

The Ministry of Defence said the ship would be held while investigations continued. The vessel’s transponder is reporting that the ship is at anchor off Weymouth, on the English south coast. According to Kpler, the freight data company, the vessel is loaded with 700,000 barrels of crude from Ust Luga, one of Russia’s Baltic ports.

The so-called shadow fleet consists of ships that are owned through opaque structures and avoid using western services, particularly insurance. This makes it complex to take action against their owners if they breach rules.

Shipbrokers estimate that the size of the total global shadow fleet — which has also served Iran and Venezuela — is more than 1,500 tankers, having steadily grown as sanctions regimes on both Russia and Iran have tightened. 

These vessels have historically taken advantage of the fact that states are not allowed to board or stop a ship that is properly flagged — meaning that another state has accepted responsibility for it.

A ship, however, can be boarded where there are reasonable grounds to suspect the vessel is without nationality — and may be subjected to coastal states’ legal processes. Allies of Ukraine have been pressurising flagging states not to offer cover to sanctioned ships.

The Smyrtos had been sailing under the flag of Cameroon, a state that has become one of the largest flaggers of shadow fleet vessels. This week, however, the country announced a further purge of its registry to get rid of ships. According to Lloyd’s List, the vessel is one of 36 expelled from the register this week.

Other Cameroonian-linked shadow tankers appear to be avoiding the channel. The Maini, the Lion I and the Sona — all engaged in shipping oil from the Russian Baltic ports to India — changed course on Sunday morning, seemingly to avoid entering the English Channel.

Stateless vessels may now seek to avoid the narrow waterway, transit of which would put them at risk of seizure by French and British forces. The operation on Sunday morning was conducted in close co-ordination with the French, the MoD said.

Two other Cameroon-flagged vessels, the Chios and Deliver, are currently passing the west of Ireland after having previously decided to take a long route from the Baltic, around the north of Scotland, to avoid entering the Channel.

Starmer announced in March that British armed forces were “now able to board sanctioned vessels that are passing through our waters”.

Richard Hermer, attorney-general, said: “This government made clear that we would pursue Russia’s shadow fleet under the full force of international law.”

WSJ : Amazon CEO’s Talks With U.S. Officials Triggered Crackdown on Anthropic Mo

Amazon CEO’s Talks With U.S. Officials Triggered Crackdown on Anthropic Models
Information shared with Trump administration sparked move to halt foreign access to company’s powerful AI tools

  • The Trump administration halted foreign use of Anthropic’s most-capable AI models after Amazon.com Chief Executive Andy Jassy raised security concerns.
  • Anthropic shut off access to its Mythos and Fable models to comply, stating the rule effectively prevented its foreign-born researchers from working.
  • The action reignited a long battle between Anthropic and the Trump administration, which distrusts the startup’s ties to liberal causes.

The Trump administration’s decision to halt all foreign use of Anthropic’s most-capable AI models was prompted by conversations between Amazon.com AMZN -1.23%decrease; down pointing triangle Chief Executive Andy Jassy and U.S. officials including Treasury Secretary Scott Bessent, people familiar with the matter said.

Researchers at Amazon had used a series of prompts to get Anthropic’s Fable 5 model to provide them with information that could be used to aid cyberattacks and was supposed to be off-limits, Jassy told the officials, according to people familiar with the matter. Tech industry executives have been in regular touch with the administration about the power of cutting-edge AI tools.

Shortly afterward, White House officials held a meeting to discuss how to respond, and security researchers began testing Amazon’s claims. The officials asked Anthropic to fix the vulnerabilities or take down the model, according to administration officials.

The officials decided that the most direct way to address that risk was by preventing foreign governments, companies and individuals from accessing the tool, the people said. President Trump later signed off on the action despite reservations about its hindering innovation, a senior White House official said.

The administration had long felt that Anthropic, one of the leaders in America’s artificial-intelligence race, couldn’t be trusted to manage the security risks its new model presented. Friday’s call between some administration officials and Anthropic Chief Executive Dario Amodei reinforced that idea, the people said. Some of the officials said the company indicated that it was unwilling to work with security experts in the government to address the issue.

In response to the government’s move Friday, Anthropic said it was shutting off access to Mythos and Fable to all users to make sure it complied, potentially hampering efforts by companies around the world to use the tools to identify software vulnerabilities. Many of the researchers at Anthropic are foreign-born, meaning the government’s rule effectively prevented them from working on the latest models, the company said.

The government’s talks with Amazon—a big investor in Anthropic that supplies the AI company with chips for data centers, while deploying its best models to identify software vulnerabilities—are a sign of how America’s largest companies and governments are navigating the emerging technology’s novel capabilities. Friday’s rapid events show how quickly new discoveries and experimentation can affect government restrictions and, potentially, company fortunes.

“As a leading cloud provider that serves a large number of private and public sector customers, it’s not uncommon for governments to seek our counsel on potential security risks,” an Amazon spokesman said. “When they occur, we don’t share the details of these discussions.”

Anthropic has said that the vulnerabilities like those flagged by Amazon are relatively basic. The company has said that other publicly available models are capable of discovering them and that they don’t represent a full so-called jailbreak, a point of view shared by some security researchers familiar with Amazon’s research.

The startup has said it has adequate safeguards in place and is known for giving priority to safety. It previously held off expanding access to Mythos at the direction of the White House and works with a key government AI testing unit before releasing models.

The Information earlier reported that Jassy raised concerns with senior administration officials.

Increased controls
Combined with a recent executive order giving security officials more oversight of models, and discussions about the government’s potentially taking equity stakes in AI companies, the moves show a dramatic increase in the control the administration is willing to exert over the industry, some analysts said.

The senior White House official said the new intervention was about model safety and doesn’t detract from the administration’s innovation focus. White House AI adviser and venture capitalist David Sacks, an Anthropic critic, said on social media that the administration had issued the restriction “reluctantly.”

The administration’s “hope now is that Anthropic remediates the safety issue, the export control is lifted, and Fable goes back into general release,” he wrote.

Shutting down the top models could hold back Anthropic as it prepares for an initial public offering as soon as this fall if users turn to other models. It could also benefit competitors such as OpenAI, which has a powerful cyber model of its own that it is gradually offering to customers and discussing with the Trump administration.

Founded in 2021 by Amodei and other OpenAI alumni who felt the ChatGPT maker wasn’t emphasizing AI safety, Anthropic has become a top model provider to businesses for the strength of its Claude Code tool.

The moves Friday reignited a long battle between Anthropic and the Trump administration, which remains distrustful of the startup’s ties to donors to liberal causes and its warnings about the dangers of AI. Anthropic previously hired several former Biden administration officials, and Amodei has criticized Trump and his administration.

Anthropic and the Trump administration have been sparring over the use of the startup’s AI tools by the military, resulting in an unprecedented designation by the Pentagon that the company is a security risk. Anthropic is fighting the move in two separate lawsuits.

Some analysts have said the White House’s dislike of Anthropic may have influenced the latest model move. The senior White House official said the move was about model safety and the Defense Department wasn’t heavily involved.

Amazon’s report
Friday’s action comes after reports that a user had bypassed the safety guardrails of Anthropic’s Fable 5, adding to worries about its ability to facilitate cyberattacks.

An Amazon report on Fable shared with cyber experts showed that it was able to dig up security bugs in at least four software programs when the tool was prompted with a specific set of queries, according to people who viewed the paper. That is information that Fable would typically not provide, but it is still a long way from dangerous cybersecurity information, according to Andrew Morris, founder of the cybersecurity firm GreyNoise Intelligence.

Many other tools can already reveal this information, but Anthropic’s software is known for being able to convert that bug information into working “exploit” code. Such code could be used to break into networks, but there is no evidence that Amazon’s researchers were able to access that capability, which is protected by Fable’s security guardrails, Morris said.

Jassy’s calls to administration officials were viewed by some as a general warning that quickly escalated into a wide Commerce Department ban on foreign users’ accessing Mythos and Fable, the people said. National Cyber Director Sean Cairncross and Commerce Secretary Howard Lutnick were involved in the conversations. The Commerce Department is in charge of export controls on critical technology.

Anthropic began previewing Mythos to Amazon and other tech companies earlier this year, working with the Trump administration on a phased approach. The goal was to let critical users apply the model to find software vulnerabilities and address them before more of the public had access.

An April meeting that included Amodei, Bessent and White House chief of staff Susie Wiles was seen as an olive branch and peacemaking opportunity, but it also included a discussion about security.

Adam Thierer, a senior fellow at the R Street Institute think tank focused on technology and innovation, said this past week’s events are “a significant escalation in the politicization of AI and centralization of control over advanced computation in this country.”

WSJ : AI Supercharges Deepfake Nudes—Unleashing a New Form of Bullying Among Kid

AI Supercharges Deepfake Nudes—Unleashing a New Form of Bullying Among Kids
As ‘nudify’ tools proliferate online, parents and schools are struggling to protect young victims

  • AI “nudify” tools enable easy creation of explicit deepfakes, leading to widespread bullying and harassment, particularly among young people.
  • The federal Take It Down Act, enforced in May, criminalizes nonconsensual intimate images, but victims say it places enforcement burden on them.
  • Over 100 nudification apps were downloaded more than 700 million times, and a third of U.S. teens had deepfakes created without permission.

AI has made it trivially easy for anyone with a phone to digitally undress people and post the content online. Called explicit deepfakes, these images, and sometimes videos, are unleashing a new form of bullying and harassment among young people.

Artificial-intelligence “nudify” tools are evolving and multiplying. Laws cracking down on them have lagged behind cases and aren’t always enforced. Schools don’t know how to handle them. Parents are left trying to help their children regain a sense of safety as they try to scrub the images from the internet.

Megan Mancini in Hingham, Mass., wished she had a playbook for dealing with the issue. Last year, a boy created a deepfake image of her middle-school daughter and shared it on Snapchat with other kids, who then took screenshots and shared them in the hallways during school. The local police said the best way to get the photo offline was to upload it to a website that specializes in removing deepfakes. But because the image depicted a naked minor, federal law prevented the police from giving her the image electronically. They gave her a black-and-white printout of the image instead.

Mancini said the police told her that her daughter would likely need to testify if she pressed charges and said the boy would face limited consequences because he was a minor.

Mancini filed a Title IX complaint against Hingham Public Schools. After a nearly five-month investigation, the district sent a letter saying that there was insufficient evidence to conclude the behavior occurred in the district’s schools. The boy, who had admitted to creating the image, faced no formal disciplinary consequences.

The school district didn’t respond to requests for comment.

Another mother at the school recently contacted Mancini in distress. A boy had approached her daughter with a threatening message: “You’re next.”

“We are the ones left cleaning up the pieces,” Mancini said.

In May, the federal government began enforcing the Take It Down Act, which was passed with bipartisan support last year and made it a federal crime to knowingly publish, or threaten to publish, nonconsensual intimate images, including those created by AI. It requires platforms to remove content within 48 hours of receiving a notification from a victim.

The European Union, meanwhile, is looking to ban nudify apps outright.

Some states criminalize deepfake nudes but the laws often aren’t enforced. Cases “still are underreported, under-investigated and under-prosecuted,” said Carrie Goldberg, one of the first lawyers to pursue cases of revenge porn and deepfakes.

Victims and their families said the federal legislation puts the onus on them to enforce the law, and doesn’t address some types of group chats and images that people download to their camera rolls.

Many schools still lack policies on deepfakes, even as they tell students not to use AI for cheating.

A single image
When deepfake technology first came on the scene around 2015, it required hundreds or thousands of photos. The people who were vulnerable were famous. Now a growing number of nudify apps can virtually remove clothing from a person based on one image. With just 10 seconds of audio, an AI tool can clone a voice.

“The threat vector has gone from Taylor Swift and Scarlett Johansson to anyone who has a single image of themselves online,” said Hany Farid, a digital forensics professor at the University of California, Berkeley. “Which for young people is, well, everybody.”

More than half of the 557 U.S. teens who took a recent George Mason University survey said they had created at least one image using nudification tools. A third said someone had created and shared a nude image of them without their permission.

The share of teens using AI nudification was “way higher than I thought it would be,” said Chad M.S. Steel, a digital forensics researcher at George Mason, who led the study.

While people of all ages are falling victim to deepfakes, younger generations are encountering the rapidly evolving technology during a formative time in their social and sexual development.

The nonprofit Tech Transparency Project, which investigates online platforms, found more than 100 nudification apps in the Apple and Google app stores in January. Those apps were collectively downloaded more than 700 million times and generated $117 million in revenue, app analytics firm AppMagic found in the investigation.

Google said it disabled the search term “nudify” in its app store in May after an inquiry from The Wall Street Journal. Apple also recently disabled searches for the term in its app store.

Google doesn’t allow apps that contain sexual content, a spokesman said, adding that the company detects and removes apps with harmful content. As part of a broader investigation into deepfakes, he said, Google has suspended hundreds of apps.

An Apple spokesman said the company’s app store prohibits overtly sexual content and requires developers to have a method for filtering objectionable user-generated content. He said the company removes nudification apps, which are against the company’s guidelines.

Teens can find these tools in other ways, outside of app stores. Many nudification services operate websites and promote their services on social media. And teens also create deepfakes using apps that allow users to swap faces in images.

‘It haunts me’
In the fallout, some teen victims decide their best option is to leave their school.

Nadeen Noel was a high-school sophomore when she discovered she was among a group of about 50 students targeted by a group of boys in Iowa. The boys used a site called Undress AI, which for $29.99 will create nude and sexually explicit images with a few clicks. Their deepfake images of those classmates then got passed around.

When she encountered the boys in the hallways, their glances left her feeling disturbed.

“It haunts me thinking about it,” she said. Noel, who just finished her junior year of high school, is now taking classes online.

The Belize-based Undress AI teases a $59 video-creation option on its website with images of a peach emoji. Users select the pose for the video: undressing, “riding,” and other sexual acts. It encourages users to recruit others to join the site: “For each friend you invite you get free credits that can be used for Undress AI!”

Undress AI didn’t respond to requests for comment.

Some AI nudify apps use coordinated networks of accounts on social media to promote themselves, including one network of 45,000 accounts on X that use variations of similar text, according to Matthew Patane, a senior researcher at Graphika, a social network analysis firm. The ads use implicit phrases and censored visuals in an attempt to avoid moderation, Patane found.

“AI has no chill these days. Found this AI tool that, uh, removes clothes from photos,” reads one of the X posts that appears to be a part of the network promoting Undress AI. “It’s ridiculous and kinda brilliant.”

X didn’t respond to requests for comment. Broadly, X prohibits users from engaging in activity to mislead others.

A fresh start
Teens’ targets aren’t all underage. When Angela Tipton, 46, was teaching eighth-graders three years ago in Indianapolis, boys in her class created a graphic deepfake nude image of her, and then sent it to students around the school, as well as to her high-school sons.

After the deepfake, Tipton said students would stare at her and make snide remarks. Someone created an Instagram account impersonating her and pretending to be a porn star. Tipton brought complaints to the school district and police department, and filed a Title IX complaint that found the boys to be at fault for sexual harassment.

The school asked Tipton to continue teaching the boys, and when she refused, the district transferred her to an elementary school. The prosecutor’s office told Tipton that the boys were put on a probation-like program for a year.

Tipton took a different job in a neighboring school district, but she says adults still mention it almost daily. Tipton plans to change her name and move to another state this summer to give herself a fresh start.

“To the middle-schoolers I taught, the deepfake is real. For them, I am the teacher who was a porn star,” Tipton said. “That’s not the legacy I wanted.”

Some deepfakes have led to tragic consequences. Cybercriminals have run “sextortion” schemes in which they create fake nude images of teenage boys and threaten to post them if the teens don’t pay a ransom, in some cases leading to suicide.

“When we were kids we were told about a white van. These kids have to be scared of the internet,” said Shannon Heacock, whose 16-year-old son, Elijah, died by suicide after a stranger threatened to spread AI-generated nude photos of him unless he paid a ransom.

The tools are being used by perpetrators of any age to disseminate images of child sexual abuse. The Internet Watch Foundation, a U.K. nonprofit that operates a child sex abuse hotline, reported an increase in AI videos of child sexual abuse to more than 3,400 in 2025, from about a dozen in 2024. Many included real and recognizable victims.

Late last year, Elon Musk’s Grok chatbot began allowing users to edit photos based on text prompts, including instructions to take off someone’s clothes and depict them in sexualized positions in revealing underwear or bikinis. Grok produced an estimated 3 million sexualized images of people in an 11-day period at the start of this year, 23,000 of which appeared to depict children, according to the Center for Countering Digital Hate.

Grok is now the subject of a federal class-action suit alleging Musk’s company knowingly designed it to generate child sexual abuse imagery. Annika Martin, lead counsel on the case, said the content is corrosive to society as a whole.

“If you think about the high-school boy that does this, this is the boy who would have had a Sharpie and drawn boobs on his classmate’s yearbook picture. And now he’s got a bazooka,” Martin said. “He can go to jail. He can be on a sex-offender list for the rest of his life. That is devastating for boys, too.”

Grok’s parent company SpaceX didn’t respond to requests for comment. Musk’s social network X said in a post in January that the company had started blocking users from using Grok to undress images of real people in jurisdictions where it is illegal, which would include the U.S.

Custom bots
Other new technologies allow users to create bots based on voice recordings. The target may not even know about it.

A 16-year-old boy in Canada put a 10-second voice message from his crush into an AI platform called Character.AI to create a custom-made bot that uses the girl’s voice.

In an interview, the teen said he discussed his sexual fantasies with the bot, and described his exchanges as borderline pornography. The girl doesn’t know about it, and only he has access to the bot. He said the humanoid quality of the conversations has made it hard at times for him to resist logging on.

Character.AI changed its policies in October and no longer allows teens to have open-ended conversations with bots. The teen said he set his age to 18 when he signed up a few years ago and still has access.

Character.AI said the teen’s behavior violates its rules. “When we receive reports of unauthorized impersonation, we respond promptly by removing the content,” said Deniz Demir, the company’s head of safety engineering.

Staying offline doesn’t guarantee protection from becoming a victim. Researchers say they have encountered cases of people who created deepfakes from photos they took of their neighbors.

“Existing in the world puts you at risk for these crimes,” says Sarah Gardener, chief executive of child-safety group Heat Initiative. “If app stores didn’t allow these dangerous apps to be uploaded in the first place it would have a huge effect,” she added.

Anika Dugal, an undergraduate at Duke University who advocates against nonconsensual explicit deepfakes through policy education and victim support, says she has been scared to post photos to social media because she knows how they can be manipulated and used as a form of harassment.

“So much of building a career is putting yourself out there,” Dugal said.

WSJ : Why the Bisexual Man Is Hollywood’s Breakout Star

Why the Bisexual Man Is Hollywood’s Breakout Star
Male heartthrobs are increasingly fluid, mirroring a new demographic reality

These days there’s no keeping Hollywood’s gay icons and hetero heartthrobs apart. Appreciated by both men and women, the new male lead is either boldly or just barely bisexual—and he’s suddenly everywhere.

He is Connor Storrie’s hot hockey center Ilya Rozanov on HBO’s “Heated Rivalry,” a practiced seducer of both sexes. “It’s true I’ve been with many women,” Rozanov practically purrs when pressed on the matter by his boyfriend’s parents. “But I have only been in love with one person.”

Or he’s a subtler, mostly straight type who nonetheless flirts (or more) with other men: Tom Hiddleston in the second season of “The Night Manager,” Leo Woodall in “The White Lotus,” Luke Thompson in “Bridgerton.”

In “DTF St. Louis,” David Harbour’s Floyd is ostensibly straight, yet also, possibly, a little bit gay, pleased by the attention of a gay man on an accidental date. Later, dancing in his underwear with his best friend, Clark, the two grin helplessly at each other with barely sublimated desire.

These two are clearly having a moment. And they are not alone.

However it manifests, this sexual fluidity marks something of a “Bi Renaissance,” as Gay Times magazine recently called it. Whereas previous on-screen incarnations often cast bisexuals as slippery, villainous (Loki in “Loki”) or troubled (Caleb in “Shameless”), the new bisexual man is intended to reassure, titillate or both. The intimation for audiences is that people who are bisexual are by nature sexual beings, so sexual that they will have sex with anybody. And that’s a new kind of male ideal, at least among a certain cohort.

Bisexuality is especially prominent in content aimed at Gen Z. Streaming series such as “Heartstopper,” “The Summer I Turned Pretty,” “Sex Education,” “Heartbreak High,” “What We Do in the Shadows” and “Interview with the Vampire” are rife with bisexual story lines. (Per Gen Z, vampires are definitionally bi.)

This is a distinctly new aura for bisexuality, which for decades some sex researchers and laypeople insisted didn’t exist. (To quote Carrie Bradshaw in what is now viewed as a benighted “Sex and the City” episode circa 2000: “I’m not even sure bisexuality exists. I think it’s just a layover on the way to Gaytown.”) Many gay people viewed bisexuals as either deceitful or in denial, and heterosexuals often saw bisexuals as eagerly social bandwagoning on the trend for alternative identities—one conveniently requiring neither commitment nor behavioral change.

And while female bisexuality has long been idealized, particularly by heterosexual men, the idea that an outwardly heterosexual man may not be entirely straight has traditionally been viewed as a risk to the heterosexual status quo.

To get a sense of how dramatic the shift is, consider “Challengers,” a 2024 take on the Hollywood staple of two guys vying for the same girl who, during one pivotal scene, kiss passionately at the girl’s behest. Ten years ago, this would have played as nightmare or tragedy, but here it’s hot romance, complete with feverish symbolic winks (a banana, a churro) at the competitors’ scantily suppressed mutual desire.

So why all the bi now? It’s possible that bisexuality’s allure offers straight women some kind of fantasy corrective to the manosphere in the same way Sharon Stone’s Sapphic turn in 1992’s “Basic Instinct” reassured straight men threatened by the women’s movement.

It may also be that a bisexuality that is more suggestive than real is a way for straight Hollywood to make itself hip to young audiences. Whereas the straight actor once risked his reputation by playing gay, playing bi may now be a way to enhance it, making their hetero maleness somehow sexier.

Then again, on-screen bisexuals may just reflect demographic reality.

Bisexuality is now the fastest-growing sexual orientation, with the number of American adults identifying as bisexual tripling since the ‘90s and the rate increasing faster among men than among women. Young people’s rates of LGBTQ identification has skyrocketed (22.3% of Gen Z adults compared with 2.3% of Boomers), and most of that growth is due to more people identifying as bisexual. Among adults who identify as LGBTQ, the majority (57.3%) now say they are bi.

Compared with earlier generations, millennials and Gen Z are far more likely to identify as bisexual than as gay. Nearly 7% of Gen Z men say they are bisexual, more than twice as many as those who say they are gay—and that’s not counting those who prefer more flamboyant monikers like “pansexual” or “sexually fluid.” More young men also think of themselves as “mostly straight” rather than exclusively so.

Bisexuality is nothing new, as any scholar of ancient Greece knows. “Males do not represent two discrete populations, heterosexual and homosexual,” noted Alfred Kinsey, author of the Kinsey Report and himself bisexual, in 1948. “Not all things are black nor all things white.”

But bisexuality is still deeply misunderstood, according to Ritch Savin-Williams, a professor emeritus of developmental psychology at Cornell University who has studied sexuality for decades and is himself “totally gay” and married to a bisexual man.

“Not only is male sexuality more on a spectrum than people suppose, but bisexuality itself is also a spectrum,” Savin-Williams says. “It’s very rarely about equal attraction to both sexes. More often, it leans heavily in one direction, or splits between romantic attraction toward one sex and sexual attraction toward the other.”

Bisexual behavior also doesn’t always match bisexual identity. According to Pew, 88% of partnered bisexuals are in heterosexual relationships.

Further complicating matters are men who don’t consider themselves bisexual but still experience same-sex romantic or sexual attraction.

For his book, “Mostly Straight: Sexual Fluidity Among Men,” Savin-Williams conducted research with hundreds of self-identified heterosexual men who respond to some degree to same-sex imagery. (This was determined in a lab through experiments measuring pupil dilation.)

Other research confirms that “male sexual orientation is expressed on a continuum rather than dichotomously,” as one 2020 study put it. Another online survey from 2025 broke bisexuality down into eight different categories including “sometimes same-sex attracted” and “wants some future same-gender sex encounter.”

Gen Z seems especially inclined toward a view of sexual attraction as less categorical and more of a scale or a spectrum. They are also more comfortable separating identity from behavior, says Jean Twenge, author of “Generations: The Real Differences between Gen Z, Millennials, Gen X, Boomers and Silents—and What They Mean for America’s Future.”

“For Gen Z, what began as acceptance of differences and then progressed to embracing specific identities has become a shedding of labels altogether,” Twenge explains. “Their attitude is, ‘I might easily change tomorrow.’ And they’re completely casual about it.”

As for the fan base of bisexuality on-screen? It seems anything but casual, includes both sexes and all sexual orientations and is only expanding.

WSJ : SpaceX Is Coming Early to Your Index. How Worried Should You Be?



From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 06/14/26 20:42:13 UTC+2:00
Subject: WSJ : SpaceX Is Coming Early to Your Index. How Worried Should You Be?
SpaceX Is Coming Early to Your Index. How Worried Should You Be?
Owen Lamont of Acadian Asset Management says the fast-tracking of mega IPOs shouldn’t keep passive investors up at night, but it isn’t great either

A lot of investors chose to buy SpaceX SPCX 19.22%increase; up pointing triangle when it went public last week. Next week, others will be buying it whether they like it or not.

Some index providers, including Nasdaq and FTSE Russell, are speeding up the inclusion of SpaceX and other megasize initial public offerings, adding them to major benchmarks after as little as five days of trading instead of waiting for the typical “seasoning period” of up to a year. This has a lot of passive investors concerned about being exposed to an untested company.

But how worried should they be?

We put the question to economist Owen Lamont on this week’s episode of WSJ’s Take On the Week podcast. A former finance professor, he is a portfolio manager at Acadian Asset Management whose investment research is widely followed.

Owning some of SpaceX shouldn’t keep true passive investors up at night, he says. “If you’re an index investor, you’ve already decided not to worry about every little thing.”

But the indexes’ moves are unlikely to boost investors’ returns and could be a sign of an overvalued market, Lamont says.

He has called past waves of IPOs and other stock issuance the “third horseman of the bubble apocalypse” because they tend to precede major market corrections.

“If we were hypothetically in a big [artificial-intelligence] bubble, one of the symptoms of an AI bubble would be a lot of IPOs,” he says.

“Another symptom would be a huge pop,” he says, referring to first-day IPO jumps. SpaceX’s pop was 19%, a modest rise compared with other recent buzzy offerings.

Are we in the midst of one of those IPO waves? Check out this week’s episode to learn what Lamont thinks.

WSJ : Charlie Javice Has Been Seeking a Pardon From Trump After Defrauding JPMor

Charlie Javice Has Been Seeking a Pardon From Trump After Defrauding JPMorgan
The entrepreneur sold her startup Frank to the bank for $175 million and was sentenced in September to over seven years in prison for fraud

  • Charlie Javice, convicted of defrauding JPMorgan Chase, is seeking a presidential pardon from the Trump administration.
  • Javice was arrested in 2023 for doctoring customer lists while selling her company, Frank, to JPMorgan for $175 million.
  • Javice, sentenced to over seven years in prison, is appealing her verdict and faces an SEC civil case and a legal battle with JPMorgan.

The entrepreneur Charlie Javice has been seeking a presidential pardon for her criminal conviction for defrauding JPMorgan Chase JPM 2.31%increase; up pointing triangle when she sold her company to the bank for $175 million, people familiar with the matter said.

Javice and people close to her have looked to solicit support from people close to the Trump administration for a possible pardon, the people familiar with the matter said.

A spokesman for Javice declined to comment.

White House officials are considering a plan for President Trump to issue 250 pardons as a way to mark the celebration of the nation’s 250th birthday this summer, The Wall Street Journal previously reported.

Trump’s willingness to issue pardons has led to a wave of requests for clemency, in particular from white-collar criminals.

Javice’s name hasn’t appeared on a formal list of requests made to the Justice Department. A White House official said Trump is the ultimate decider on any clemency-related actions.

Javice has been a thorn in the side of JPMorgan and Chief Executive Jamie Dimon, who have endured years of embarrassment and spent millions in legal bills because of the botched purchase of her startup, Frank, for $175 million.

Javice sold Frank to JPMorgan in 2021, promising the bank it could have access to what she said were her four million young customers to pitch bank accounts and credit cards to. She was arrested in 2023 on charges of fraud after the bank found she had doctored a list of customers and only had a fraction of the number of customers that she had claimed to have.

Prosecutors said that she intentionally created bogus evidence that showed her company had millions of customers who didn’t actually exist. A jury found her guilty on four counts of fraud and Javice was sentenced in September to more than seven years in prison.

She is appealing the verdict and has long alleged that her prosecution has been unfair. After she was arrested, Javice’s attorneys had argued that the Justice Department had improperly colluded with JPMorgan to bring a criminal case against her.

“The Government has worked hand-in-glove with [JPMorgan], receiving curated sets of documents, access to witnesses, and suggestions as to targets for third-party subpoenas,” her then-attorney Alex Spiro wrote in an October 2023 memorandum. “The Government is apparently content to ignore the highly relevant and likely exculpatory materials [JPMorgan] is strategically choosing to hold back.”

During the trial last year, her attorneys also said she was unfairly prosecuted alongside her co-executive Olivier Amar. The effective double trial led each executive to produce more damaging claims about the other, thus prejudicing the jury against the defendants, the lawyers said.

Even after her conviction, some of her original friends and investors have continued to support her, including Apollo Global Management CEO Marc Rowan. Rowan was an investor in Javice’s company and was one of only a few witnesses to testify in her defense during her trial. He wrote a letter to Judge Alvin Hellerstein pleading for leniency, arguing that she still had much to contribute to society.

Earlier this year, JPMorgan sued a trust controlled by Rowan to try to recoup some of the money he earned from the Frank deal. According to the lawsuit, Rowan and other investors in Frank refused to give back the funds it earned after her criminal conviction. The trust and JPMorgan resolved the lawsuit without disclosing terms.

Rowan is also close with members of the Trump administration and was recently named as a member of the Board of Peace, an international effort to pledge billions of dollars to rebuild the Gaza Strip, along with Steve Witkoff, Marco Rubio and Jared Kushner.