OpenAI is raising $110 billion at an $840 billion valuation, with Amazon, Nvidia, and SoftBank as major investors (Reuters). Paramount and Warner Bros. Discovery have reached a nearly $111 billion merger agreement backed by Larry Ellison's Oracle, pending regulatory approval—a significantly larger deal than the earlier Paramount-Skydance transaction reported in today's dispatch (TechCrunch).

A federal court ruled the IRS illegally shared confidential taxpayer data with ICE 42,695 times (AP). Tether has frozen $4.2 billion in stablecoins linked to criminal activities, marking one of the largest crypto enforcement actions to date.