Nscale Seeks 30 Billion Dollars in Its IPO. Investors Are Offering Half.
The distance between what a company asks for and what buyers will pay is usually negotiated in private, across a table, with a banker in the room. For Nscale it…
Anthropic Sets Aside 5 Percent of Itself, With a Formula for More
The unusual part of the commitment was not the 5 percent. It was the clause that came after it. Anthropic said on October 18 that it will place 5 percent…
Hedge Funds Give Back Half a Year of Gains in Four Months
The number that caught attention on the Goldman Sachs trading desk was not a price. It was a z-score, below minus three for global AI stocks, measured across six consecutive…
If Everyone Is Arguing About the Bubble, the Bubble Has Time
Howard Marks does not test for a bubble by looking at the price. He tests for it by listening to the room. A real one, in his account, is a…
Two Lines on a Chart, and Fifteen Percent of Cloud Stock
On the chart, the two lines separate. One is the credit spread on the AI hyperscalers, the handful of companies that own most of the computing capacity in the world,…
A Wiretap Behind a Television, and a Call to the Royal Court
The device went into a USB port behind a television in an executive conference room at OpenAI on September 28. Two days later, someone found it. The arrest came on…
Three Interns From One Winter, and What They Built
The caption was seven words: “got the HRT gang back together!” Alexandr Wang, Meta’s chief artificial intelligence officer, posted the selfie on X on October 19. Two faces filled the…
A SpaceX Share for Every Child, and No Instructions
The post ran to two sentences. Next year, Elon Musk said on X on Monday, he will give one of his SpaceX shares to every kid in America. “This will…
Meta’s Muse Chat Draws Fire from Adult Creators
Vanniall has about a hundred thousand followers on Instagram. Her account is still restricted, in a state that requires a user to log in before viewing it, and the sexually…
Amodei Says Culture Takes Up to 40% of His Time as IPO Talk Grows
Dario Amodei says the most important part of his working day is the part that does not appear on any product roadmap. In an interview published by Fortune on October…
