What's up: How to spot North Korean scammers (hint: Minions); an interview with Microsoft's AI CEO; Figma shares IPO plans.

Good morning. The splashier the roll-out, the rockier the execution. Six months after Stargate, OpenAI and Softbank's $500 billion AI project, received the White House treatment, the newly formed company charged with making it happen has yet to complete a single deal for a data center.

Participants pledged at the January announcement to invest $100 billion “immediately.” Now the project is setting the more modest goal of building a small data center by the end of this year, the WSJ's Eliot Brown and Berber Jin report.

But AI remains a real-estate heavy endeavor and Stargate's woes have not stopped OpenAI from pursuing other data center projects, some, confusingly, also named Stargate.

The company recently struck a data-center deal with Oracle totaling 4.5 gigawatts of capacity. Taken with a smaller deal OpenAI struck with CoreWeave, OpenAI has now completed data-center deals for nearly as much capacity as Stargate promised for this year in January. Read the story. 

The FBI believes thousands of North Koreans have infiltrated the U.S. workforce by assuming the identities of Americans to secure remote jobs. Many of them, investigators have found, appear to have an obsession with Minions, the cuddly yellow agents of evil from “Despicable Me.” WSJ reports that it has reached the point where investigators pursuing suspected North Koreans view "Despicable Me" references in social-media accounts and email addresses as a sign they might be on the right track.

Oracle is talking with media company Skydance Media about a cloud software deal worth about $100 million per year upon completion of its bid for Paramount Global, Bloomberg reports. Skydance founder and CEO David Ellison is the son of Oracle Chairman Larry Ellison.

Carlyle Group has agreed to acquire a majority stake in IT services provider Adastra Group, Bloomberg reports.

In a first for machines, an AI system built by Google DeepMind won a gold medal in the International Math Olympiad, the premier math event for (human) high school students, Ars Technica reports.

Each day users send over 2.5 billion prompts to OpenAI’s ChatGPT, Axios reports.

The design software start-up Figma is kicking off its initial public offering with plans to raise about $1 billion, Barron's reports. In a securities filing, Figma said it would sell about 37 million shares at a range of $25 to $28 a share.

Austin-based Ambiq Micro, a maker of low-powered semiconductors, plans to raise up to $85 million in an IPO, Bloomberg reports.

JPMorgan Chase named Rob Otter, State Street’s global head of digital technology and quantum computing, to lead its applied research group after the departure of Marco Pistoia, CNBC reports. 

China’s thirst for oil drove global demand for decades. Now a government campaign to curb that addiction is nearing a milestone, with national consumption expected to peak by 2027, then begin to fall. (WSJ)

Faced with extreme uncertainty, businesses and households have surprised economists with their ability to hedge, finding a short-term path through as they await clarity on where tariffs will end up.  (WSJ)

Legal analysts say Harvard has a strong case in arguing that the U.S. government improperly cut $2.2 billion in federal funding from the Ivy League school. But President Trump is already threatening to appeal. (WSJ)

A federal judge sentenced former Louisville, Ky., police detective Brett Hankison to nearly three years in prison for his role in the botched 2020 raid during which Breonna Taylor was fatally shot. (WSJ)

The WSJ CIO Journal Team is Steven Rosenbush, Isabelle Bousquette and Belle Lin.

The editor, Tom Loftus, can be reached at thomas.loftus@wsj.com.