Anthropic's IPO Gambit
How the Claude maker's march toward a public listing is forcing Wall Street to price a company on revenue it hasn't earned yet.
John Karpentar
Stripe's $7 Billion Bet on AI's Toll Booth
How Stripe's purchase of OpenRouter turns AI model routing into a payments-style infrastructure play.
Anthropic's Profit Test
How Anthropic's first operating profit reframes the debate over whether frontier AI can ever pay for itself—and why the definition of "profit" is doing heavy lifting.
DeepSeek's Price Reversal
How the company that ignited the AI price war just raised its own prices by as much as 1,100% — and what that says about the real economics of cheap intelligence.
DeepSeek Ends the Price War
How the startup that made AI absurdly cheap is now raising prices, and what its retreat reveals about the real limits of low-cost intelligence.
Washington's $5 Billion AI Bet
How the Genesis Mission turns the U.S. government into one of the largest customers and backers of AI for science, and what it means for industry.
The AI IPO Race Splits in Two
How OpenAI and Anthropic filed for the public markets within a week of each other, offering Wall Street two opposite theories of how to build an AI company.
Anthropic's $6 Billion Decart Bet
How a reported Decart acquisition signals that the AI arms race is quietly shifting from building bigger models to serving cheaper tokens.
Meta's Open-Weight Gambit
How Zuckerberg's decision to give away Meta's best model reframes the open-versus-closed fight and turns it into a contest with China.
Cognition's $40 Billion Sprint
How an AI coding startup's valuation tripled in a year, and what that velocity says about the real price of software.