Ukraine's former defence minister Mykhailo Fedorov is seeking US investment for a defence technology fund to develop new weapons and build companies. Speaking in Washington, Fedorov, who was recently sacked by President Volodymyr Zelenskyy, offered to help the US "build an army of drones" in exchange for Patriot missile interceptors. The proposed fund would go beyond conventional venture capital by creating new companies and investing in existing Ukrainian start-ups.

Fedorov identified three initial priorities: battlefield robotics, cheap high-speed interceptor drones, and low-cost AI-enabled missiles. The vehicle would use western capital to develop technologies critical to Ukraine's ability to resist Russia's ongoing invasion. Meanwhile, Big Tech giants booked a more than $160bn windfall last quarter from investments in other AI companies, flattering their earnings and raising concerns that paper gains are overstating the strength of the AI boom.

Alphabet, Amazon, Nvidia and Microsoft reported boosts to their pre-tax profits from the "other income" line in their accounts. The US military has also struck two Iranian rocket launchers on an island in the Strait of Hormuz in the first American attack on Tehran's forces in more than a month.