Bloomberg:
Beijing-based AI company Z.ai reports 2025 revenue of ~$105M, below ~$109M est., and net loss up 60% YoY to ~$680M, vs. ~$545M est., amid aggressive spending  —  Zhipu reported a much faster-than-expected 60% surge in net losses for 2025, underscoring how China's AI upstarts continue …

Juro Osawa / The Information:
Alibaba's new Qwen3.5-Omni multimodal model, which processes text, audio, images, and video, is proprietary, marking a shift away from its open-source strategy  —  Alibaba Group has released the new generation of its large language model that can understand text, audio, images and video.

Ryan Gould / Bloomberg:
London-based 9fin, which offers AI tools to help credit traders and investors originate new business efficiently, raised a $170M Series C at a $1.3B valuation  —  9fin Ltd., the debt intelligence provider founded by two former investment banking analysts, has raised fresh funds …

Stephen Clark / Ars Technica:
The US' GPS Next-Generation Operational Control System, developed by RTX for $8B+, remains non-operational nine months after the Space Force took ownership  —  Last year, just before the Fourth of July holiday, the US Space Force officially took ownership of a new operating system …

Financial Times:
Iran mobilizes its hackers to sow chaos, gather intel, and find targets; ex-CISA Director Chris Krebs says Iran is “throwing everything they have at this”  —  Tehran's cyber operatives have sought to sow fear and hoover up intelligence in series of attacks in Israel and the US  —  NEW