private-markets
The Bill for Moving Fast Comes Itemized
A federal judge approved a $1.5 billion settlement this week over books that were never bought. Anthropic trained Claude on a library of pirated titles, and the number attached to that shortcut finally landed, roughly the price of a mid-sized acquisition, paid not for a product but for a corner cut years earlier. It is…
When You Dam a River, the Water Just Finds the Next Channel
Zhipu climbed 33 percent in a single session. The trigger, depending on which desk you ask, was a major US lab tightening access abroad: fewer doors open overseas, so the money rotated to whoever still had a door open. The move is being read as enthusiasm, and it isn’t. Capital is water. Wall off one…