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Cerebras IPO Stock Pop; Apple-OpenAI Drama

By Martin Peers · May 14, 2026 5:00pm PDT

This was quite the day. OpenAI is jumping up and down about its unhappiness with Apple (it’s doubtful Tim Cook is shaking in his boots). Big telecom threw down the gauntlet to Elon Musk and Amazon (not that they should worry). We get to both news items lower down. But first…the AI trade on Wall Street is booming, as demonstrated by today's... This was quite the day. OpenAI is jumping up and down about its unhappiness with Apple (it’s...

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Cerebras Payday Includes Tiger—And SPVs

By Katie Roof and Julia Hornstein · May 14, 2026 4:20pm PDT

Earlier this morning we published exclusive returns on some of the biggest investors in AI chip designer Cerebras, whose shares surged in their first day of trading. The offering represents welcome cash for investors after they’ve seen initial public offerings get delayed year after year. Tiger Global Management, for instance, bought... Earlier this morning we published exclusive returns on some of the biggest investors in AI...

Art by Clark Miller.

Cerebras Shows IPO Market Will Pay Up for Messy AI Math

By The Information Staff · May 14, 2026 1:05pm PDT

Cerebras’ shares surged in their trading debut Thursday, showing that public investors are willing to look past unusual financial risks for companies tied to the AI infrastructure boom. That’s a striking reception for a company that does not look like the clean software listings investors used to love: Cerebras is an expensive... Cerebras’ shares surged in their trading debut Thursday, showing that public investors are...

Art by Clark Miller.

Why Anthropic Costs Are Unpredictable

By Laura Bratton · May 14, 2026 12:08pm PDT · 3 comments

Art by Clark Miller.

Why Anthropic Costs Are Unpredictable

By Laura Bratton · May 14, 2026 12:08pm PDT · 3 comments

Anthropic customers are already feeling pinched by the company’s AI price hikes, Aaron and I reported Wednesday. Making matters harder, Anthropic customers like PagerDuty and ServiceNow—which says it already blew through its full-year budget for Anthropic AI tools—can’t predict what they’ll pay this year.One reason Anthropic costs are tough to... Anthropic customers are already feeling pinched by the company’s AI price hikes, Aaron and I...

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AGI Is the Elephant in the Musk v. OpenAI Courtroom

By Rocket Drew · May 14, 2026 7:00am PDT

Lawyers for Elon Musk and OpenAI are set today to deliver closing arguments in their trial, which centers on Musk’s allegations that OpenAI breached a charitable trust, in part by violating its charitable mission. The two sides disagree on almost everything in the case, but one phrase is likely to be mentioned in both speeches: artificial... Lawyers for Elon Musk and OpenAI are set today to deliver closing arguments in their trial, which...

Cerebras IPO Winners Include Foundation, Benchmark—and OpenAI

By Julia Hornstein, Katie Roof and Cory Weinberg · May 14, 2026 6:00am PDT

Over the last decade, there were times when Cerebras investors could be forgiven for losing hope. The company, which was attempting the difficult and expensive task of developing an alternative to Nvidia’s graphics processing units, didn’t deliver its first chips until five years into its existence. Then, after it filed to go public in 2024, the... Over the last decade, there were times when Cerebras investors could be forgiven for losing hope....

Erik Bernhardsson, Founder and CEO at Modal. Art by Clark Miller; YouTube.

Startup Modal in Talks to Raise at $4.5 Billion Valuation After Revenue Surges

By Stephanie Palazzolo and Anissa Gardizy · May 13, 2026 10:49am PDT

Modal, a startup that rents out Nvidia graphics processing units and software to help developers run and train models as well as agents, is in talks to raise money at around a $4.5 billion valuation. That would be an 80% premium to its last valuation from just a few months ago, according to two people with knowledge of the round. The steep hike... Modal, a startup that rents out Nvidia graphics processing units and software to help developers...

Anthropic CEO, Dario Amodei. Photo via Getty Images

How Anthropic Could Take an OpenAI Supplier Off The Table

By Laura Mandaro · May 13, 2026 7:00am PDT

Anthropic CEO, Dario Amodei. Photo via Getty Images

How Anthropic Could Take an OpenAI Supplier Off The Table

By Laura Mandaro · May 13, 2026 7:00am PDT

Is a big AI model maker about to take out a supplier to its archrival? That seems possible if a deal we reported on late Tuesday reaches the finish line. Anthropic is in talks to buy developer tools startup Stainless for at least $300 million, according to Stephanie and Katie. The New York startup makes software development kits that... Is a big AI model maker about to take out a supplier to its archrival? That seems possible if a...

Junyang Lin, former lead researcher of Alibaba’s Qwen models. Art by Clark Miller; YouTube.

Former Alibaba Star Researcher Starts New AI Lab, Seeks $2 Billion Valuation

By Juro Osawa and Jing Yang · May 12, 2026 11:20pm PDT

Junyang Lin, former lead researcher of Alibaba’s Qwen models, is seeking to raise several hundred million dollars for his new AI lab, according to two people with direct knowledge of the matter. The new AI lab will likely be valued at around $2 billion after the funding round, the people said, adding that the discussions are ongoing and the... Junyang Lin, former lead researcher of Alibaba’s Qwen models, is seeking to raise several hundred...

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ServiceNow and FedEx Reflect the Great AI Pricing Divide

By Laura Bratton · May 12, 2026 12:45pm PDT

Software companies such as HubSpot and Adobe have started pricing their AI tools based on the number of tasks the AI successfully completes rather than based on flat fees or the number of AI tokens they consume. Many more firms plan to follow suit, even as the practice is still being hotly debated.Some 31% of 230 enterprise software firms... Software companies such as HubSpot and Adobe have started pricing their AI tools based on the...

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Beyond the Models: Where Investors Are Finding AI’s Next Wave

By The Information Partnerships · May 12, 2026 11:18am PDT

Getting in on the ground floor of the next AI wave can feel particularly elusive for investors. With billions continuing to pour into frontier models and the infrastructure powering them, much of that opportunity is already spoken for. For investors looking beyond hyperscalers and data centers, the question is no longer whether AI will reshape... Getting in on the ground floor of the next AI wave can feel particularly elusive for investors....

Judgment Labs cofounders (from left to right): Chief Scientist Andrew Li, CEO Alex Shan and CTO Joseph Camyre. Photo courtesy of Judgment Labs.

Why Lightspeed Backed This Agent Evaluation Startup’s Back-to-Back Rounds

By Stephanie Palazzolo · May 12, 2026 7:00am PDT

Judgment Labs cofounders (from left to right): Chief Scientist Andrew Li, CEO Alex Shan and CTO Joseph Camyre. Photo courtesy of Judgment Labs.

Why Lightspeed Backed This Agent Evaluation Startup’s Back-to-Back Rounds

By Stephanie Palazzolo · May 12, 2026 7:00am PDT

Alex Shan may not have been old enough to legally buy alcohol in 2023, but he was still old enough to start his own company and join the AI boom.Shan was 20 when he was first introduced to James Alcorn, an investment partner at Lightspeed Venture Partners, through a fellow Stanford University classmate. Shan, who started college at 16, had... Alex Shan may not have been old enough to legally buy alcohol in 2023, but he was still old...

Eran Zinman, co-CEO of Monday.com. Screenshot via YouTube/SaaStr AI.

Monday.com’s AI Hiring Lesson; BuzzFeed’s Rescue

By Martin Peers · May 11, 2026 5:00pm PDT

Digital media historians will be intrigued by news this afternoon that media mogul Byron Allen is buying control of once-important media outlet BuzzFeed. For more on this unusual deal, see below. Meanwhile... if you’re using mass layoffs as an indicator for AI’s impact on the job market, you may be looking in the wrong place. It might be smarter... Digital media historians will be intrigued by news this afternoon that media mogul Byron Allen is...

Art via Getty Images

The Startup Helping OpenAI Optimize Its AI For Cerebras Chips

By Stephanie Palazzolo · May 11, 2026 7:30am PDT

As access to Nvidia AI chips become more elusive, major developers such OpenAI and Meta Platforms are diversifying their sources of computing power, including by striking deals to use a variety of AI server chips. But making that approach work is not a cinch. The AI labs need to tailor the code that trains and runs their models to each type of... As access to Nvidia AI chips become more elusive, major developers such OpenAI and Meta Platforms...

Art by Clark Miller.

The Problem With Fast Follows

By Katie Roof · May 7, 2026 5:35pm PDT

How soon is too soon to raise a new funding round?I’ve been covering venture capital long enough (more than a decade!) to remember that the hottest startups used to raise financing every 12-18 months. Then it was 9-12 months. Then 6-9 months. And now…two months? Two weeks? Recently, a wave of both early and late stage startups have been... How soon is too soon to raise a new funding round?I’ve been covering venture capital long enough...