ARMADA RAISES $230M AT $2B VALUATION FOR MODULAR AI DATA CENTERS Armada builds modular data centers that can be deployed near power sources and run AI workloads on-site instead of sending data back to large cloud regions. The Series B was co-led by Overmatch, 8090 Industries and BlackRock. Johnson Controls also invested and signed a manufacturing deal with Armada. The companies plan to build modular AI data centers at a new 400,000-square-foot Arizona factory called Galleon Forge One. The factory is expected to create more than 500 jobs. Production will start with Leviathan, Armada’s megawatt-scale modular data center, this summer. Armada says bookings grew 540% from FY25 to FY26, and Q1 FY27 bookings were up roughly 2,000% YoY.

Armed Forces Day: honoring the ultimate defenders of freedom. This week we also recognize a Hollywood icon who walked away from celebrity to fly heavy bombers in World War II. Service is the highest calling. We fight and we win.

ARMSTRONG SAYS CLARITY ACT VOTE IS CRUCIAL FOR US FINANCIAL SYSTEM Coinbase CEO Brian Armstrong (@Brian_Armstrong) defines today’s US Senate vote on the Clarity Act as a pivotal opportunity to accelerate the evolution of the domestic financial system. This high-stakes vote follows months of bipartisan negotiation aimed at providing the legal certainty required for massive institutional on-ramping. The U.S. Senate Banking Committee is set to vote on the crypto market structure bill today at 10:30 AM ET.

ARM AND SOFTBANK JUST TRIED TO BUY AI CHIPMAKER CEREBRAS BEFORE THE IPO Cerebras turned them down. The full picture, per Bloomberg: The approach: • Arm Holdings $ARM and majority owner SoftBank made a preliminary acquisition approach weeks before the IPO • Cerebras rebuffed the offer • Representatives for all three companies declined to comment The IPO is happening anyway: • Cerebras expected to price today at $185 per share, above the marketed $150-$160 range • 30 million shares in the offering • Order book was 20x+ oversubscribed • On track to be the biggest IPO of the year so far, rivaling Arm's own record semiconductor IPO in 2023 Why the strategic interest: • SoftBank has been increasing its chipmaking exposure (acquired Ampere Computing for $6.5B late last year) • Arm is pivoting from licensing-only to offering its own chip lineup for the first time • Arm shares are roughly +100% YTD on AI data center optimism Why Cerebras held out: • Founder and CEO Andrew Feldman is positioning the company as a direct NVIDIA $NVDA challenger • Technology: giant chips made from a single disk of silicon (vs typical small chips from one wafer) • OpenAI is a customer and released a model trained on Cerebras chips earlier this year