Nscale’s $35 billion IPO is largely silent about its biggest customer, China’s ByteDance, which wants access to Nvidia’s chips

Good morning. On Fortune’s radar today:

• Nscale’s $35 billion IPO is heavily dependent on ByteDance.
• See Fortune’s 2026 Change the World list here.
• The U.S. semiconductor export bans did little to slow down China’s chip trade.
• Markets: A rare double-zero day.
• AI is creating some jobs—at very small companies.
• For most people, the weekend is now only one day.
• Despite their complaints, Gen Z is richer than the Millennials, Gen X, or the Baby Boomers ever were.

This story was originally featured on Fortune.com