OpenAI Just Pulled the AMD Playbook Again — This Time at $56 Billion
OpenAI secured a one‑cent‑per‑share warrant for roughly ten percent of Cerebras, mirroring a similar deal it struck with AMD. The AI‑chip startup priced its IPO at $185, giving it a $56.4 billion market cap—the biggest U.S. tech IPO in five years. Cerebras reported $510 million in 2025 revenue, a 21‑fold increase, and a 47% net margin, but over 80% of that revenue now comes from OpenAI and two UAE customers. The warrants effectively tie the company’s valuation to OpenAI’s future equity stake and execution risk.
The Three Mile Island Trade
In September 2024 Microsoft signed a 20‑year power‑purchase agreement to revive Three Mile Island Unit 1, committing roughly $1.6 billion to bring the dormant reactor online for AI training workloads. Constellation Energy, after acquiring Calpine for $26.6 billion, positioned itself as the largest...
Meta Isn’t Laying Off 8,000 People. It’s Converting Them Into GPUs
Meta announced a cut of roughly 8,000 employees, about 10% of its workforce, framing the move as a conversion rather than a traditional layoff. The payroll savings—estimated at $2.26 billion annually—are earmarked for a massive GPU purchase, enough for roughly 70,000...
The Humanoid Robot IPO Wave Nobody Is Ready For — And 4 Stocks Positioning For It Right Now
Unitree Robotics filed a $610 million IPO on Shanghai’s STAR Market, valuing the company at $7 billion as its entry‑level humanoid robot now sells for $5,900. Prices for humanoid robots have collapsed 85% in two years, enabling mass deployment in factories such...
The 7 Taxes on AI
TSMC posted a record Q1 with $35.9 billion revenue, 40.6% YoY growth, and a 62.3% gross margin, while ASML reported €8.77 billion (~$9.6 billion) revenue, beating forecasts. Both companies lifted full‑year 2026 guidance, yet their stocks were rattled by unrelated macro headlines—a US...
Europe’s $800 Billion Rearmament Has a Chemistry Problem
Europe’s $880 bn rearmament drive hinges on a fragile chemistry chain. Rheinmetall’s €500 m (≈$550 m) Unterlüß plant will boost 155 mm shell output to 350,000 units by 2027, but every round needs nitrocellulose derived from Chinese cotton linter. The alliance also depends on...