AI capital surges into defense, robotics, and app layers while bubble skeptics sharpen their knives

Threads we are following

• Whether Helsing's third factory and Plymouth plant start yielding fielded, reliable units at volume — and whether the European-structure shift leads to an IPO.
• Whether Holiday Robotics' second factory-line deployment proves genuinely faster and cheaper than the first, validating the data-flywheel thesis
• Whether Elevation's Fund IX diligence actually screens portfolio bets by the 'who owns the exhaust' test, or backs thin wrappers anyway
• Whether Nscale's Essex site secures a real grid connection or commits to Bloom fuel cells as a stopgap