The Block:
Filing: the SEC approved a Nasdaq rule change allowing some securities to trade in tokenized form; the new approach will be tested in an upcoming pilot program  —  Quick Take  — Eligible participants will be able to settle trades in tokenized form during a pilot program operated by the Depository Trust Company.

Bloomberg:
Alibaba and Tencent lost a combined $66B in market value in ~24 hours after investors punished the two Chinese tech leaders for unclear AI monetization plans  —  Alibaba Group Holding Ltd. and Tencent Holdings Ltd. lost $66 billion of market value in roughly 24 hours, after the market punished …

Saritha Rai / Bloomberg:
Sources: Indian AI data center operator Yotta is aiming to secure ~$500M to $600M at a ~$4B valuation, then file initial paperwork for an IPO within weeks  —  Yotta Data Services Pvt., the data center operator that runs India's largest cluster of Nvidia Corp. AI processors …

Jose Antonio Lanz / Decrypt:
Microsoft releases MAI-Image-2, ranked third on Arena AI's text-to-image leaderboard behind only models from Google and OpenAI, available in the MAI Playground  —  Microsoft has been quietly building its own image generator.  Announced Thursday by the company's AI Superintelligence team …

Micah Maidenberg / Wall Street Journal:
Filing: Blue Origin seeks US FCC approval to deploy nearly 52K solar-powered satellites as part of Project Sunrise, its proposed orbital AI data center system  —  Blue Origin joins SpaceX and Starcloud in filing FCC applications for AI satellites  —  Jeff Bezos' Blue Origin is seeking permission …