Politico reports the state of California will expand its use of the Claude AI model at a discounted price.

INVESCO said in a Monday survey that sovereign wealth funds and central banks managing $29 tln are reallocating toward energy assets and expressing concern about the dollar, reflecting portfolio reassessments driven by unprecedented geopolitical shifts. The survey of 90 sovereign wealth funds and 54 central banks found that amid trade tariffs, waterway closures and conflicts in Ukraine and the Middle East, investors are prioritizing diversification and portfolios able to withstand shocks and remain broadly stable. About 80% of respondents said energy security and energy-transition infrastructure are the most reliable ways to boost portfolio resilience; INVESCO said infrastructure will account for 9% of sovereign wealth fund assets by 2026. INVESCO noted that demand for energy-intensive AI infrastructure is increasing the appeal of such assets. INVESCO research head Benjamin Jones said resilience is becoming a requirement rather than a luxury.

In 1H Japan saw just 18 IPOs and $917m of proceeds, the fewest listings since 2011 and lowest fundraising since 2022, Dealogic data show (annual average ~35 listings). The Nikkei 225 is up roughly one-third YTD, but the market rally has not revived issuance. This month ride‑hailing app Go raised ¥89bn (~$550m) on listing, highlighting the scarcity of companies willing or able to go public. Bankers, advisers and lawyers say the weak pipeline is unlikely to reverse in H2, in part because Japan lacks startups positioned to capture valuation gains tied to AI, data‑center and semiconductor demand.