Tech start-ups have built a record $150bn cash pile to weather a potential AI downturn, prioritising ‘fortress’ balance sheets as funding cools and public market jitters grow. Backers urge discipline on burn, compute costs and revenue, warning valuations may outpace real adoption.

Global dealmaking hit about $4.5tn, the second-highest year on record. Cheap finance, boardroom confidence and US tax and regulatory shifts fuelled megadeals, lifting investment bank fees. Activity was led by US buyers, with technology, healthcare and energy among key sectors.

Labour has softened plans for farm inheritance tax, raising the threshold to £2.5m and leaving about 15% of estates liable. The change, expected to cost the Treasury about £130m, follows rural concerns. The NFU welcomed the step as support for family farms.

Binance continued to process suspicious crypto flows despite a $4bn US plea deal, according to internal data and compliance alerts. Analysts flagged transfers linked to sanctions and illicit finance risks. The exchange says it has strengthened controls and blocks suspect activity.