First, you couldn't send an email. Now, you can't take a flight. It's been a bad day for America's critical technology infrastructure.

State of play: The FAA implemented a rare national ground stop late this afternoon, citing significant unspecified safety concerns.

• That came as the nation was still recovering from an all-consuming Microsoft outage that left millions of American workers unable to communicate via email.

Zoom in: An air traffic control advisory posted this afternoon reads: "All departing traffic should remain ground stopped until further notice."

• "Inbound international flights will be managed on a case by case basis."

What they're saying: "The FAA issued a nationwide ground stop for all U.S. airports following communication issues impacting multiple Air Route Traffic Control Centers," the agency said in a statement.

• "FAA technicians are investigating the issue. We will provide updates."

How it works: Air Route Traffic Control Centers, often simply called "centers," mostly handle high-altitude en route airspace between airports.

Between the lines: The FAA has been rolling out a new AI tool designed to help manage airspace congestion, but it's unclear if that system has any connection to today's communication issues.

All eyes may be on Anthropic, but there's another looming IPO sure to test investors' AI appetite — and the state of AI financing in a post-Jensen Huang world.

• Neocloud startup Nscale today reported ballooning debt and increased reliance on Nvidia for financing.

Why it matters: The U.K. company is buying chips from Nvidia, getting financing from Nvidia, promising cloud computing to Anthropic and collaborating with Microsoft — illustrating the increasingly dense thicket of ties that bind together the AI economy.

Zoom in: Nscale reported in a regulatory filing that it will need additional financing to meet its projected obligations in 2027, warning that "there can be no assurance" it will secure the capital on acceptable terms.

• The projected need for more capital came after its debt already soared from $137 million at the end of the second quarter to $5.5 billion at the end of the third quarter, according to the new filing.
• Nvidia committed an additional $1 billion in financing to Nscale beyond the $1 billion that was already disclosed, according to the filing.

The intrigue: With Huang's downfall, the markets will be watching to see whether Nvidia continues to extend financing to customers like Nscale, which wants its chips to keep building data centers.

• Nvidia CFO Colette Kress, who is now serving as interim CEO, "has sometimes pushed back on deals that Huang championed," including a deal to backstop a massive OpenAI project, The Information reported.
• After Huang directed Nvidia to provide cloud companies with financing in exchange for a share of their revenue, Kress "raised questions including how to decide which deals to pursue, how to value the guarantees, and how to calculate the return on investment," WSJ reported.

Reality check: "The additional fundraising requirements won't knock Nscale's progress toward listing and it remains on track to go public before the end of the year," WSJ reported, citing a person close to the company.

What to watch: Whether Nvidia turns off the spigot.

🚀 SpaceX is about to try to catch both its next-gen Starship rocket and its Super Heavy booster back at its launch pad for the first time. A successful attempt would mark a huge step toward realizing SpaceX's vision of Starship as a fully reusable, 171-foot space launch behemoth. (Axios)

🇨🇳 Treasury Secretary Scott Bessent put the responsibility for keeping Megaspeed off a special national security watchlist squarely on Commerce Secretary Howard Lutnick. The Singapore tech company is at the heart of the Chinese spy allegations tied to Jensen Huang's admitted affair. (Axios)

The force was apparently with the auctioneers when they went to sell the lightsaber used by Darth Vader when he told Luke Skywalker, "I am your father."

• It went for $4.875 million, marking the all-time auction record for a Star Wars collectible, Heritage Auctions said today.

State of play: The lightsaber was part of a broader Star Wars auction that fetched nearly $8 million for a variety of items, including other screen-used props.

• The Vader lightsaber appeared in "Star Wars: Episode V — The Empire Strikes Back" — including the famous scene in Cloud City where Vader cuts off Skywalker's hand — as well as "Star Wars: Episode VI — Return of the Jedi."

💭 Nathan's thought bubble: I think for that much money, you should get an actual functioning lightsaber.