Revolut is reportedly discussing a new incentive package for CEO Nik Storonsky tied to a future $500 billion valuation. With the company already valued at around $115 billion in a secondary transaction, we discuss how far Revolut can go and what could happen when it eventually enters the public markets.

Visa is spending $2.4 billion to acquire BioCatch as AI makes scams, account takeovers and digital fraud easier to scale. We look at what behavioral biometrics adds to Visa’s fraud stack and whether the technology will remain as useful as payments move toward AI agents.

Google is making major changes inside its AI business. Demis Hassabis is moving away from the day-to-day leadership of DeepMind and taking a broader role across Alphabet. We discuss why Google has struggled to dominate the AI conversation despite its research, infrastructure, distribution and talent.

Then there is the stablecoin race. Visa and Mastercard have joined Circle’s Arc while also participating in other stablecoin initiatives. Their strategy increasingly looks like being present across the infrastructure regardless of which network wins.

We also get into OpenAI’s legal fight with Apple over former employees and alleged trade secrets, OpenAI’s decision to publish private communications from the dispute, and the growing competition around AI hardware.

Finally, Klarna is expanding its US distribution through JPMorgan Payments, giving merchants access to its Buy Now, Pay Later product through JPMorgan’s commerce platform. We discuss what this partnership says about the relationship between fintech companies and the banks they were once expected to disrupt.