Axios

The four major hyperscalers have lost a combined $1 trillion in market cap following their latest quarter earnings releases.

The big picture: Investors are rotating out of tech as rising AI spend is fueling fears of an overbuild.

Editor's note: This story was corrected to reflect the combined loss of $1 trillion in market cap was from their latest quarter earnings (not fourth quarter earnings).

The White House's gutting of the legal foundation of climate regs will spill into U.S. elections, global diplomacy, C-suites, and litigation that's on a collision course with the Supreme Court.

Catch up quick: On the off-off chance you missed it, EPA on Thursday repealed the "endangerment finding" — the formal 2009 conclusion that greenhouse gases threaten humans.

A growing number of Democrats are putting AI regulation at the heart of their 2026 campaigns, making it a defining issue for the next Congress.

Why it matters: The Democrats campaigning on AI policy now could be the ones writing the rules for it in the next Congress.