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Crusoe CEO Chase Lochmiller speaks onstage at the All-In and Hill & Valley Forum on July 23 in Washington, D.C. Image via Getty.

OpenAI’s Data Center Provider in Talks to Raise Money at $10 Billion Valuation

By Anissa Gardizy and Natasha Mascarenhas · Aug 21, 2025 8:44am PDT

Crusoe, the developer behind OpenAI’s first Stargate data center, is discussing raising funds at a $10 billion valuation—more than three times its valuation less than a year ago, according to two people with direct knowledge of the fundraising talks. The seven-year-old company wants to raise at least $1 billion to fulfill its ambitions to... Crusoe, the developer behind OpenAI’s first Stargate data center, is discussing raising funds at...

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What to Watch as the IPO Heat Turns Up

By Cory Weinberg · Aug 19, 2025 3:00pm PDT

Initial public offerings are generating buzz again, and share prices of tech listings have doubled on average this year. The Nasdaq has been at an all-time high, today’s big-tech stock sell-off notwithstanding. And Chamath Palihapitiya is raising money for a special purpose acquisition company. Are we about to hit a speculative IPO and SPAC... Initial public offerings are generating buzz again, and share prices of tech listings have...

Outside the Lordstown, Ohio plant in 2018. Photo via AP.

What Foxconn’s Ohio Factory Deal Says About the Increasing Reach of AI

By Martin Peers · Aug 18, 2025 5:00pm PDT · 2 comments

Talk about symbolism. Foxconn chair Young Liu said today that the electronics manufacturer was selling its Lordstown, Ohio, electric vehicle factory to SoftBank, which will use it to make artificial intelligence computer servers. It’s the latest example of how AI is supplanting other newish technologies. (Notably, the Lordstown factory, which... Talk about symbolism. Foxconn chair Young Liu said today that the electronics manufacturer was...

Perplexity CEO Aravind Srinivas. Photo via Getty

Perplexity’s PR Genius

By Martin Peers · Aug 12, 2025 5:00pm PDT · 5 comments

Perplexity CEO Aravind Srinivas. Photo via Getty

Perplexity’s PR Genius

By Martin Peers · Aug 12, 2025 5:00pm PDT · 5 comments

For a relatively small player in the artificial intelligence sector, Perplexity AI certainly gets a lot of press. In the past couple of months, reports have suggested Apple and Meta Platforms have both contemplated buying it. At the same time, Perplexity offered to buy TikTok. And today we got news that Perplexity had offered to buy the Chrome... For a relatively small player in the artificial intelligence sector, Perplexity AI certainly gets...

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Figma’s Bubble and Apple’s Surprise

By Martin Peers · Jul 31, 2025 5:00pm PDT

What a day! Apple surprised with a much better quarter than it had projected, lifting revenue in the June quarter 10%, thanks to 13% higher iPhone revenue, the best iPhone quarter in four years. Amazon, meanwhile, reported the best growth for its online stores in three years. (See below for more on the quarterly results.) The biggest news today,... What a day! Apple surprised with a much better quarter than it had projected, lifting revenue in...

Kraken CEO Arjun Sethi. Photo via Getty

Kraken’s $15 Billion Price Tag; Dylan Field’s Unusual Power

By Cory Weinberg · Jul 29, 2025 3:01pm PDT

The tech investment climate feels more like New York City (97 degrees) today than San Francisco (67 degrees). That is to say, it’s scorching hot and starting to get uncomfortable. The latest major startup deal I’m hearing about is crypto exchange Kraken seeking about $500 million, at a $15 billion valuation, according to people familiar... The tech investment climate feels more like New York City (97 degrees) today than San Francisco...

Andrew Feldman, co-founder of Cerebras. Photo by Getty.

Cerebras Seeks Up to $1 Billion in Private Funding, Delaying Possible IPO

By Valida Pau and Cory Weinberg · Jul 29, 2025 12:58pm PDT

Cerebras Systems, a startup that is developing artificial intelligence chips to challenge Nvidia’s, is planning to raise money privately, potentially delaying a plan to go public this year, the company has told investors. The company is in talks to raise up to $1 billion in fresh funding, according to a person familiar with the discussion.... Cerebras Systems, a startup that is developing artificial intelligence chips to challenge Nvidia’...

Fireworks AI CEO and co-founder, Lin Qiao. Photo via Getty

AI Cloud Startup Fireworks Discusses $4 Billion Valuation Deal With Lightspeed, Index

By Sri Muppidi · Jul 28, 2025 4:41pm PDT · 1 comment

Fireworks AI CEO and co-founder, Lin Qiao. Photo via Getty

AI Cloud Startup Fireworks Discusses $4 Billion Valuation Deal With Lightspeed, Index

By Sri Muppidi · Jul 28, 2025 4:41pm PDT · 1 comment

Fireworks AI, part of a new class of cloud providers that rents out Nvidia chip servers to developers that use artificial intelligence models, is in talks to raise capital at a $4 billion valuation including the investment, more than seven times its valuation from a year ago, according to two people familiar with the fundraise. New investors... Fireworks AI, part of a new class of cloud providers that rents out Nvidia chip servers to...

Figma IPO Set to Be a Windfall for Silicon Valley’s Biggest Names

By Cory Weinberg and Natasha Mascarenhas · Jul 28, 2025 6:00am PDT · 1 comment

Silicon Valley royalty are set to be the big winners from Figma’s initial public offering this week. Former Meta and Google executive Sheryl Sandberg, former LinkedIn CEO Jeff Weiner, and venture capital firms Greylock Partners and Kleiner Perkins are all turning modest investments into windfalls ranging from tens of millions to more than $1... Silicon Valley royalty are set to be the big winners from Figma’s initial public offering this...

Art by Clark Miller; Image via Getty.

LeBron’s AI Blunder, Tech’s Fortunate Bet on Trump

By Abram Brown · Jul 26, 2025 7:00am PDT

Welcome, Weekenders! In this newsletter:• The Big Read: Sports execs’ favorite pastime? Venture capital• The Top 5: The best new startup accelerators • Plus, our Recommendations: “Autocracy in America,” “I Regret Almost Everything” and “Star Trek: Strange New Worlds” LeBron James would like the internet to behave itself. Of course, it won’... Welcome, Weekenders! In this newsletter:• The Big Read: Sports execs’ favorite pastime? Venture...

Targets to Watch as AI Dealmaking Picks Up

By Valida Pau · Jul 24, 2025 6:00am PDT

Google’s and Meta Platforms’ unconventional multibillion-dollar deals to obtain artificial intelligence talent have dominated headlines in recent weeks. But large technology companies including Meta, Amazon, Nvidia, Snowflake and cloud provider CoreWeave have gone beyond recruiting talent: Each has recently acquired at least one AI startup for... Google’s and Meta Platforms’ unconventional multibillion-dollar deals to obtain artificial...

Crusoe co-founder and CEO, Chase Lochmiller. Photo via Getty

Upstart Crusoe’s Audacious Plan to Take On Cloud Giants

By Anissa Gardizy and Cory Weinberg · Jul 23, 2025 6:09am PDT

Crusoe co-founder and CEO, Chase Lochmiller. Photo via Getty

Upstart Crusoe’s Audacious Plan to Take On Cloud Giants

By Anissa Gardizy and Cory Weinberg · Jul 23, 2025 6:09am PDT

Crusoe, the startup developing a giant data center for OpenAI’s $500 billion Stargate effort, is raising around $1 billion in a bid to join the race to provide computing power for artificial intelligence. The company burst into AI by promising quick access to electricity for power-hungry data centers. Its new effort will leverage that position... Crusoe, the startup developing a giant data center for OpenAI’s $500 billion Stargate effort, is...

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Microsoft’s Persistent Cybersecurity Sore

By Martin Peers · Jul 21, 2025 5:00pm PDT

Will Microsoft dock Satya Nadella’s pay again this year? The software giant faced the latest in a seemingly endless string of security breaches over the weekend, when it told customers that hackers were exploiting a flaw in its SharePoint file-sharing software. According to a statement by cybersecurity firm Palo Alto Networks, the fact that... Will Microsoft dock Satya Nadella’s pay again this year? The software giant faced the latest in a...

Dylan Field, CEO of Figma. Photo via Getty

Figma’s IPO May Be Hot, but Its Outlook Is Murky

By Anita Ramaswamy · Jul 21, 2025 6:00am PDT · 1 comment

After two blockbuster tech initial public offerings, investors are positively drooling over Figma’s upcoming listing. The design software company is expected to launch into a surprisingly hot market for tech offerings led by CoreWeave and Circle, which are up more than 200% and 600%, respectively, since they started trading. Figma boasts... After two blockbuster tech initial public offerings, investors are positively drooling over Figma...

An Nvidia Blackwell chip. Photo via Getty

Chip-Backed Borrowing Boom Propels AI Computing Startups

By Miles Kruppa · Jul 8, 2025 11:41am PDT · 1 comment

Several startups offering computing power for artificial intelligence are embracing the “borrow big to grow fast” strategy pioneered by CoreWeave, loading up on debt backed by their stocks of high-powered chips. For instance, London-based cloud startup Fluidstack has gotten approval from Macquarie and other lenders to borrow more than $10... Several startups offering computing power for artificial intelligence are embracing the “borrow...

Yichao "Peak" Ji, co-founder and Chief Scientist at Manus AI. Screenshot via YouTube

OpenAI, Investors Eye Agent Startups Led by Chinese Founders

By Juro Osawa and Jing Yang · Jul 8, 2025 7:00am PDT

Yichao "Peak" Ji, co-founder and Chief Scientist at Manus AI. Screenshot via YouTube

OpenAI, Investors Eye Agent Startups Led by Chinese Founders

By Juro Osawa and Jing Yang · Jul 8, 2025 7:00am PDT

Chinese tech founders with strong pedigrees are starting to attract attention in Silicon Valley, including from OpenAI, for launching artificial intelligence agents targeting the U.S. market. They’re following in the footsteps of Manus, a browser-using agent developed by Chinese founders that briefly went viral earlier this year and got... Chinese tech founders with strong pedigrees are starting to attract attention in Silicon Valley,...

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Questions About CoreWeave’s Shopping Spree

By Ken Brown · Jul 7, 2025 5:00pm PDT

In just three months, CoreWeave has gone from an iffy IPO candidate to a financial monster gobbling up rivals. That’s what a 300% stock rally can do.CoreWeave’s $9 billion bid, announced Monday, for its rival in the artificial data center business, Core Scientific, has far more significance than just a flashy deal. It also shows the dominance of... In just three months, CoreWeave has gone from an iffy IPO candidate to a financial monster...

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Google Convinces OpenAI to Use TPU Chips in Win Against Nvidia

By Anissa Gardizy and Qianer Liu · Jun 27, 2025 1:09pm PDT · 1 comment

OpenAI, one of the world’s biggest customers of Nvidia artificial intelligence chips, recently began renting Google’s AI chips to power ChatGPT and other products, the first time it has used non-Nvidia chips in a meaningful way, according to a person who is involved in the arrangement. The move reflects OpenAI’s broader shift away from relying... OpenAI, one of the world’s biggest customers of Nvidia artificial intelligence chips, recently...

Travis Kalanick. Photo via Getty

Kalanick May Ride Pony Back to Prominence

By Martin Peers · Jun 26, 2025 5:00pm PDT

Welcome back, Travis Kalanick! We’ve missed you as a generator of news. The New York Times scooped the juicy news today that Kalanick is in talks to get Uber’s backing for a buyout of Chinese autonomous vehicle developer Pony.ai’s U.S. assets. Assuming the deal gets done, it may not involve big dollars—Pony’s market capitalization of $5.2... Welcome back, Travis Kalanick! We’ve missed you as a generator of news. The New York Times...

Coatue founder Philippe Laffont at The Information’s 2024 Private Capital Conference. Photo by Nicole Pereira.

Tokens Are AI Boom’s New Favorite Metric; Quick Payout for Friedman-Gross Fund

By Miles Kruppa and Natasha Mascarenhas · Jun 19, 2025 2:00pm PDT

Coatue founder Philippe Laffont at The Information’s 2024 Private Capital Conference. Photo by Nicole Pereira.

Tokens Are AI Boom’s New Favorite Metric; Quick Payout for Friedman-Gross Fund

By Miles Kruppa and Natasha Mascarenhas · Jun 19, 2025 2:00pm PDT

On Wednesday, Kalley and Cory broke the news that former GitHub CEO Nat Friedman and Safe Superintelligence co-founder Daniel Gross were in advanced talks to join Meta Platforms. Along with the hires, Meta is also discussing buying out a portion of the duo’s fund, which raised more than $1 billion two years ago. On Wednesday, Kalley and Cory broke the news that former GitHub CEO Nat Friedman and Safe...