retail-investing
The Talent Doesn’t Lie
Andrej Karpathy built the neural network that taught Tesla’s cars to see the road. Then he went to OpenAI and helped build the infrastructure that most of the industry still runs on today. Now he’s at Anthropic. Follow the person, not the press release — because when someone with that kind of track record moves,…
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’s not vertical integration in the gentle sense — it’s a frontier lab quietly making rent on…
Bank Accounts and Whole Countries
Cerebras priced its IPO this week and the headline writers reached for the obvious comparison — a rising tide for SpaceX, OpenAI, Anthropic. Three names that did not, in any meaningful sense, need a rising tide. They are the ocean. What the Cerebras moment actually surfaced is that the AI capital pool has narrowed enough…
What Cerebras Pays For
Cerebras priced its IPO this week with the kind of demand that bends the usual math. The capital it raised — and the capital it sucked out of the queue behind it — is doing more than funding one chip company. It is paying for the next eighteen months of consolidation. Look at what landed…
The Year the Open Companies Stopped Being Open
Somewhere in San Francisco this week, lawyers at a company that put the word “Open” in its name are drafting paperwork against the company that put their product on a billion phones. OpenAI is reportedly preparing legal action against Apple. That sentence would have been comedy a year ago. Today it’s just Thursday. It is…
The Bootloader and the IPO Pop
Cerebras opened today and closed up 108%. Five and a half billion raised, and within hours the market had agreed the offering was underpriced by several billion dollars more. This is not price discovery. Price discovery happens when someone with a different model meets someone else with a different model and they negotiate. A 108%…