enterprise-software
The Picks, the Shovels, and the Mine
Anthropic bought the dev tools startup that OpenAI, Google, and Cloudflare were already paying for. Read that sentence again. The company selling you the model now owns the workbench you use to build with everyone else’s model too. That is not vertical integration in the gentle sense. It is a frontier lab quietly making rent…
Bank Accounts and Whole Countries
Cerebras priced its offering this week and the headline writers reached for the obvious comparison: a rising tide for SpaceX, OpenAI, and Anthropic. Three names that did not, in any meaningful sense, need a rising tide. They are the ocean. What the moment actually surfaced is that the AI capital pool has narrowed enough that…
What Cerebras Pays For
Cerebras priced its IPO this week with the kind of demand that bends the usual math, and the number on the tape is the least interesting part of it. The capital it raised, and the much larger pool of capital it pulled out of the queue behind it, is doing more than funding one chip…
The Year the Open Companies Stopped Being Open
Somewhere in San Francisco this week, a company that put the word “Open” in its name is squaring up against the company that put its product on a billion phones. TechCrunch reports that OpenAI is preparing to move against Apple, and notes in the same breath that Apple has left partners feeling burned before. That…
The Bootloader and the IPO Pop
Cerebras opened today and closed up 108 percent. The company raised $5.5 billion in the first huge tech offering of the year, and within hours the market had agreed the deal was underpriced by several billion dollars more. This is not price discovery. Price discovery happens when someone with one model of the future meets…
The Ownership Question Nobody Is Asking Out Loud
A ransomware crew this week claimed a breach at Foxconn, the contract manufacturer behind Apple, Google, and Nvidia hardware. The scope is still unclear, and the disclosure is the kind of thing that gets buried under a louder news cycle. It shouldn’t be. Sit with it for a moment, because it answers a question the…