America is less than three months away from ... say it with me ... the most important election of our lifetimes.

• Yet the Democratic Party hasn't yet articulated its vision for artificial intelligence, a technology that promises to fundamentally transform our economy and society.
• It's a failure of leadership, and also exacerbates investor uncertainty.

Let's stipulate that AI is not a top issue on most voter minds, save for links between data centers and electricity costs, and that politicians tend to ignore sparks until they become fires.

• Moreover, parties don't write new platforms for midterms, with the quasi-exception of the Contract with America in 1994.

But that doesn't absolve Democrats — who are seeking to flip both the House and Senate — of providing almost no directional guidance on what could become the century's defining issue.

We tend to know what Republicans would do, based on the first 18 months of Trump 2.0.

• The macro ideology is laissez-faire, occasionally interrupted by micro squabbles. Bigger, better, faster — all in the service of "beating China."
• It's basically what Trump promised in 2024, which is why so many tech titans traded blue for red.
• If the White House does implement "voluntary" model reviews, then voters will know that too.

Democrats thus far have offered an assortment of one-off proposals — usually from the party's left flank — that haven't gained traction with the broader caucus.

• At a dinner in May, I asked Sen. Ed Markey (D-Mass.) what Dems would do differently on AI policy were they to take congressional gavels. "Even just something small," I added.
• Markey's reply was that they would hold hearings.
• This came shortly after an Axios event in which Sen. Mark Warner (D-Va.) — a former venture capitalist and tech founder — said that Congress "desperately needs the AI community to come in and help us figure it out."

Democrats are pretty unified on issues like taxes, health care, antitrust, and Iran.

• But voters have no idea what most Democrats want to do about regulating AI models (foreign or domestic), using AI in schools, preparing for possible labor disruptions, taking government stakes in AI companies, circular economy risks, etc.

This isn't about picking the "correct" lane. It's about picking a lane at all, because that's the job.

Nielsen has agreed to buy DoubleVerify (NYSE: DV), a digital media measurement firm, for around $2.15 billion, or $13.60 per share.

Why it's the BFD: This highlights a recent trend of media measurement firms going (or staying) private, which could accelerate as AI continues to pressure software valuations.

Catch up quick: Nielsen was taken private in 2022 for $16 billion by Elliott Management and Brookfield Asset Management.

• DoubleVerify was bought by Providence Equity Partners in 2017 and then went public in 2021 at $27 per share. It soon hit an all-time high of $43.52, but shares have traded below $20 since May of 2024. Providence still holds nearly a 12% equity stake.

Zoom in: Nielsen will finance the acquisition with cash-on-hand and debt from Barclays, BofA Securities, and Citi.

The bottom line: "While Nielsen is known for measuring the size of audiences, DoubleVerify helps companies measure the effectiveness of their advertising, a service that could help Nielsen push deeper into the world of digital media." — Michelle Davis, Bloomberg

• Firmus, an Australian AI infrastructure company, raised US$2b at more than a $10.5b post-money valuation from Blackstone, Jane Street and insiders Coatue, and Nvidia. axios.link/4hUrQw8

• Lumilens, a San Jose, Calif.-based connectivity platform for AI infrastructure, raised more than $700m at a $5.5b valuation from Atreides Management, Bain Capital Ventures, Meritech, Seligman Ventures, Spark Capital, Addition, Alkeon, HarbourVest, JPMorgan Private Capital, Mayfield, MVP Ventures, Qualcomm Ventures, Peak XV, Redpoint Ventures, and Seifdune. axios.link/4qaDPrB

• Whatnot, an LA-based live-shopping platform for collectibles, raised $545m in Series G funding at a $20b valuation. Iconiq, Lightspeed and Avra led, joined by Kleiner Perkins, Wellington Management, a16z, Bond, DST Global, Greycroft, YC, Standard Capital, and CapitalG. axios.link/3TIlA0x

🚑 Sonablate, a Charlotte, N.C.-based developer of image-guided therapeutic ultrasound technologies, raised $200m from Saudi Arabia's Eleven Ventures. axios.link/4bxPv1F

• Acrab, a Singapore-based developer of agentic AI compute infrastructure, raised $130m in Series B funding from insiders Vertex Ventures SEA & India and Vertex Growth. axios.link/4wItd5A

• NavVis, a German digital twin platform for construction and industrial customers, raised $85m. The Jordan Co. led, joined by Yttrium, Kozo Keikaku Engineering, and Cipio Partners. axios.link/3RMJVSl

• Omilia, a Greek agentic CX company, raised $67m in Series B funding led by Expedition Growth Capital. axios.link/4xq5E1v

🚑 Vedanta Biosciences, a Cambridge, Mass.-based developer of oral therapies for gastrointestinal diseases, raised $40m from AMR Action Fund and BNP Paribas Asset Management Alts. axios.link/4wIdtiZ

• Multiplier, a Singaporean professional services platform, raised $35m in Series B funding. The General Partnership led, joined by Ribbit Capital and Lightspeed. axios.link/45aSV6Q

• Naïve, an infrastructure provider for agentic business operations, raised $28.5m in Series A funding. Nexus Venture Partners led, joined by YC, Zetta and Liquid 2. axios.link/45PYxn7

⚡️ Chargepoly, a French startup focused on electrifying heavy-duty and commercial vehicle fleets, raised €23m. Meridiam led, joined by Fidève Groupe. axios.link/4xqqaPz

• HomeRun, an Indian quick-commerce platform for construction and interior materials, raised $12m in Series A+ funding. Nexus Venture Partners led, joined by Sorin Investments, Titan Capital, Sparrow Capital, and Consumer Collective by Atrium. axios.link/4wFvkat

• Atlas Motion, a physical AI supply chain security startup, raised $11.5m from Greycroft and Also Capital. axios.link/4xt3nmn

⚡️ Naked Energy, a U.K.-based solar thermal developer for businesses, raised €10.4m. Great British Energy led, joined by Barclays Climate Ventures. axios.link/3RDvHDj

🌎 Plantible Foods, a San Marcos, Calif.-based plant protein producer, raised $10m from RA Capital and insiders. It also closed a $25m loan from X-Caliber Rural Capital. axios.link/4wJrD3s

• Malachyte, an NYC-based ecommerce analytics company, raised $10m in seed funding. Bessemer Venture Partners and Gradient Ventures led, joined by Harpoon Ventures. axios.link/3SlNKhv

• Vangrid, a Dutch spatial intelligence network, raised $9m in seed funding from HashKey, Borderless, Crypto.com Capital, Animoca Brands, Gate Labs, and Mapleblock. axios.link/3SjV25k

• SiteVue AI, a Nashville, Tenn.-based manufacturing video analytics company, raised $7.5m. Penny Jar Capital and Overture led, joined by Silence, Spring Bank, Mana Ventures, Outset Capital, WaterStone, and Untapped Ventures. axios.link/45J1rtQ

• Inevitable AI Group, an Israeli startup studio for AI-native software, raised $6m in pre-seed funding led by Aleph. axios.link/4xnDvIn

🚑 Meduloc, a West Chester, Pa.-based orthopedic medical device company, raised $4m in Series B funding. GenHenn Capital led, joined by Life Sciences Greenhouse Investments, Ben Franklin Technology Partners of Southeastern Pennsylvania, and Broad Street Angels. axios.link/3TKpYMu

• AIR Control Concept, a Blackstone portfolio company, acquired Vertical Systems, a Santa Fe Springs, Calif.-based HVAC company. axios.link/4hju3RK

• Apollo agreed to buy U.K. budget carrier EasyJet for around $7.7b, beating out Castlelake. axios.link/45JpY21

• BNP Group, backed by Godspeed Capital, acquired U.S. Cost, an Alpharetta, Ga.-based cost management and project controls firm for construction. axios.link/4fU8DYN

• Carlyle agreed to buy a minority stake in wealth manager Prime Capital Financial from Abry Partners. axios.link/45wwhGl

🚑 ClaimsBridge, backed by Eir Partners, acquired DialysisPPO, a Malvern, Pa.-based cost containment company for end-stage renal disease and chronic dialysis treatment. axios.link/4wvImql

• Eckoh, backed by Bridgepoint, acquired Quality Xperience, a U.K. provider of conversational AI solutions. axios.link/4hN2FM0

• FMG Leading, a Copley Equity Partners portfolio company, acquired Washington, D.C.-based market intelligence and strategic advisory firm BroadBranch Advisors. axios.link/45Jcu6j

• Peak Rock Capital invested in ISMG, a Princeton, N.J.-based intelligence and education firm focused on cybersecurity and IT. axios.link/4waomZQ

• Pregis, backed by Warburg Pincus, acquired MP Global Packaging, a Norfolk, Neb.-based cold chain and thermal packaging business. axios.link/45HWzoT

• Verdane invested in Factbird, a Danish IoT manufacturing software developer. Existing backers Expedition Growth Capital and EIFO also reinvested. axios.link/3Uh6ijr

• Verix Equity Partners invested in Syntasa, a Herndon, Va.-based sovereign agentic AI and data platform. axios.link/4x2qd4x

🚑 BlossomHill Therapeutics, a San Diego-based cancer biotech, raised $150m in its IPO. It priced 9.38m shares at $16, versus plans to offer 7.8m at $15-$17, and had raised $257m from Cormorant (15.5% pre-IPO stake), OrbiMed (9.8%), Vivo Capital (7%), Janus Henderson (5.3%), Brahma Capital, BioTrack Capital, and Plaisance Capital Management. axios.link/3U29Fe1

🚑 Latigo Biotherapeutics, a Thousand Oaks, Calif.-based developer of non-opioid pain management drugs, raised $346m in its IPO. It priced 19.2m shares at $18, versus plans to offer 16m at $16-$18, and had raised over $300m from Westlake BioPartners (29.9% pre-IPO stake), 5AM Ventures (16.5%), Foresite Capital (15%), Blue Owl (7.1%), Deep Track Capital (5.7%), Access Biotechnology, Qatar Investment Authority, and Sanofi Ventures. axios.link/4gjlDbS

• Lucens Capital Acquisition I, an Argentina-focused SPAC, filed for a $100m IPO. axios.link/3TDeIBH

• River City Bank, a Sacramento, Calif.-based commercial bank, raised $122m in its IPO. It priced at $45, below its $48-$51 range, and listed on the Nasdaq (RCBC). axios.link/4btM38g

• NetApp (Nasdaq: NTAP) acquired JetStream Software, a San Jose, Calif.-based cyber resilience technology company that had raised around $13m from firms like Digital Alpha Advisors and Illuminate Ventures. axios.link/4wPa9my

• Spencer Spirit, parent company of Spencer's Gifts and Spirit Halloween, agreed to acquire retailer Hot Topic from Sycamore Partners for a reported $350m. axios.link/4z0rR83

⚡️ Sunoco (NYSE: SUN) agreed to acquire Offen Petroleum, a Commerce City, Calif.-based fuel distributor, for $600m in cash from Court Square Capital Partners. axios.link/45819wB

⚡️ Virginia Gov. Abigail Spanberger plans to intervene in the proposed $67b merger of Dominion Energy and NextEra Energy.

• Avolta (Swiss: AVOL) acquired a majority stake in Penha Duty Free Group, a duty-free operator in the Caribbean. axios.link/4ggKw82

• Dream Finders Homes (NYSE: DFH) agreed to buy rival homebuilder Beazer Homes (NYSE: BZH) for around $2.2b in enterprise value (including debt), or $33.50 per share in cash. axios.link/4wMYKnb

• Framewerx, a Canadian IT consulting and managed services provider, acquired AD Micro Technology, a Canadian provider of managed IT services. axios.link/4ggbFIj

• Goodwin (LSE: GDWN) said it may seek to sell parts of its mechanical engineering business, as part of a broader strategic review. axios.link/3RxOkZm

• Toms Capital Investment Management, an activist hedge fund, is telling shareholders that Voya Financial (NYSE: VOYA) should explore a sale. axios.link/4z87VjM

• U.K. antitrust regulators signed off on Paramount Skydance's proposed purchase of Warner Bros. Discovery. axios.link/4q3trlv

• Elephant Partners, a Boston-based VC firm, is raising up to $700m for its sixth flagship fund, per an SEC filing.

• Battery Ventures promoted Brandon Gleklen to partner, Jason Mendel to principal, and both Jack Mattei and Lucas Maiman to vice presidents. battery.com

• GreyLion promoted Drew Darling and Sean Gormley to principals, Jack McMillin to senior associate, and Matt Kawko to controller. axios.link/4xvemf7

• Neos Partners promoted Nick Mangus to managing director. axios.link/45LxJ7y

• Ralph Yang joined Audax Strategic Capital as a managing director and co-head of investments and operations. He was previously with Blackstone. axios.link/4xhcYfU

The U.S. economy lost 23k jobs in July, while revisions for the past two months removed another 103k jobs. To say these were misses would be an understatement, although stocks are up because labor market weakening could help stave off a Fed rate hike.

• The unemployment rate was 4.1%, down from 4.3% in May.