Axios

Castelion, a Torrance, Calif.-based developer of hypersonic missiles, raised $800 million in Series C equity funding at a $13 billion post-money valuation.

Why it matters: Startups are racing to help fill stockpiles depleted by the wars in Iran and Ukraine.

Two senators are demanding TikTok explain an "experiment" that withheld safety measures for millions of users.

The big picture: The demand comes as a cascade of lawsuits over social media's allegedly harmful and addictive designs are playing out in courts across the U.S., including Meta and YouTube's landmark trial earlier this year.

Big recent moves in U.S. government bond yields reflect in part a new financial reality: Foreign governments are far less willing to finance American budget deficits than they used to be.

Why it matters: The U.S. Treasury market's role as the place where foreign governments socked their cash for safekeeping conferred huge advantages on the U.S. government and economy and kept borrowing costs lower than they would otherwise be.

Moderna and Merck shares soared on Wednesday after the companies said a personalized mRNA treatment hit its target of preventing skin cancer from recurring or spreading in a late-stage clinical trial.

Why it matters: The results come at a pivotal moment for Moderna and mRNA research, after Trump administration health officials cut federal funding for new vaccines and asserted the technology poses more risks than rewards.

Many Federal Reserve officials believed that the central bank would have to raise interest rates if inflation did not ease, according to the minutes released on Wednesday from the Fed's July 28-29 policy meeting.

Why it matters: Some of the nation's top policymakers worried that interest rates weren't doing enough to restrain the economy and bring down inflation. They warned that waiting too long to raise rates could mean bigger, more painful increases down the line.

Treasury Secretary Scott Bessent will host finance ministers and economic leaders from around the world, plus heavy-hitting U.S. CEOs, for the G20 Finance Ministerial in historic Asheville, N.C., from Aug. 29 to Sept. 1.

Why it matters: In America's 250th anniversary year, Bessent will use the summit in the Blue Ridge Mountains to emphasize the resilience of the American spirit — and push his global counterparts to focus on growth and prosperity, showcasing results of President Trump's agenda.

• The focus on economic growth will be a stark change of tone and topic from climate change, which often dominates global gatherings.

President Trump announced Wednesday he's nominating White House aide Heidi Overton to lead the Food and Drug Administration.

Why it matters: The agency was left in turmoil after the exit of former commissioner Marty Makary earlier this year, threatening the stability of U.S. drug development.

A majority of Americans believe President Trump has profited inappropriately from a cryptocurrency empire while in office and disapprove of his family's global business activity, according to recent polls.

Why it matters: Democrats are leaning into those concerns in their own midterm messaging — and laying the groundwork to audit Trump's historically lucrative presidency should they emerge victorious.

Pennsylvania Gov. Josh Shapiro's (D) newly hard line on data centers says plenty about the evolving politics of AI and the tech industry's challenge to build the energy and computing power it needs.

Why it matters: He's in the 2028 presidential mix, leads a critical swing state, and faces November reelection in one of several governor's races where data centers are taking center stage.

Lattes and matchas are going bananas.

The big picture: Already the most-eaten fresh fruit in America, bananas are ripe for the beverage market beyond smoothies.