📉 The market’s “40% concentration” warning is back

A Bank of America chart is making the rounds again. It shows the top 10 AI stocks now account for about 40% of the S&P 500, near the same concentration seen before past market bubbles.

Two things are worth noting.

First, a major correction is always possible. The current bull market has run for years, and many investors feel the cycle is mature. But markets can stay extended far longer than expected. The same argument was common before COVID, and the rally continued.

Second, concentration alone is a weak signal. Large companies control a much bigger share of the economy than they did decades ago. If business is more concentrated, stock indices will be more concentrated too.

That does not remove risk.

It does change what “normal” looks like.

✔️ @venture

🟢 US Allows 10 Chinese Firms to Buy Nvidia H200 Chips

The US has authorized about 10 Chinese companies, including Alibaba, Tencent, and ByteDance, to purchase up to 75,000 Nvidia H200 chips each under US licensing rules.

These chips are critical for AI development, but China has imposed restrictions on buying foreign hardware since January and plans to continue supporting its emerging domestic production.

China sees the US move as a way to control its main competitor by limiting chip supply to maintain Nvidia's influence and revenue without ceding full technological advantage.

The AI race is no longer just about models but about controlling supply chains.

✔️ @venture

🚀 Google discusses SpaceX launches for orbital AI data centers

Google is in talks with SpaceX to launch hardware for its Suncatcher project, according to The Wall Street Journal. The first test mission is planned for early 2027.

Google wants to build a network of satellites equipped with its own TPU chips. The satellites would run on solar power and exchange data through optical links.

The 2027 mission with Planet Labs will send two prototypes into orbit to test radiation exposure, temperature swings, and communication between satellites.

The next data center race may start above Earth.

✔️ @venture

✂️ Cisco cuts 4,000 jobs while reporting record revenue

Cisco is laying off nearly 4,000 employees, about 5% of its workforce, even as it reports record quarterly revenue and double-digit growth.

The company says the cuts will help shift spending toward AI and cybersecurity. Cisco also plans to expand internal use of AI across the business.

The move follows a broader pattern in tech. Companies are using strong earnings to fund larger infrastructure bets while reducing headcount.

More revenue no longer means more employees.

✔️ @venture

🤖 OpenAI Considers Legal Action Against Apple

OpenAI is reportedly preparing to sue Apple over a stalled partnership that began in 2024. The deal promised deep integration of ChatGPT across Apple's ecosystem and new subscription revenue, but sources say ChatGPT's presence remains limited and renegotiations have stalled.

Apple integrated ChatGPT into Apple Intelligence and Siri, allowing ChatGPT subscriptions via iPhone settings. However, Apple is now testing AI models from Google Gemini and Anthropic's Claude, aiming for a multi-model platform.

OpenAI's claims are not about exclusivity but about broken expectations. The shift risks reducing OpenAI from a key partner to just one of several AI providers in Apple's ecosystem.

✔️ @venture

🤖 Anthropic forecasts US-China AI race to 2028

Anthropic says AI leadership depends on access to compute, chips, and infrastructure, not just model quality. The US holds an edge but China is close to the frontier.

They outline two scenarios: the US keeps its lead through export controls and infrastructure growth, or China catches up and shapes global AI standards.

Anthropic notes frontier AI is dual-use tech, impacting chatbots, cybersecurity, military systems, and scientific research acceleration.

✔️ @venture

On this day in 1997: Amazon went public.

A $1,000 investment in the IPO would be worth $3.5 million today.

✔️ @venture

SpaceX is now expected to raise up to $75 billion in its IPO, potentially debuting as soon as June 12.

This would be 2.5 times larger than Saudi Aramco's IPO, the current largest IPO ever.

Nothing in history has come close to what SpaceX is about to achieve.

✔️ @venture

😺 OpenAI sued over alleged sharing of ChatGPT data with Meta and Google

A new class action lawsuit claims OpenAI shared user chats and personal data with Meta and Google through tracking tools such as Meta Pixel and Google Analytics.

The complaint says this may have included chat queries, email addresses, and user IDs. Plaintiffs argue OpenAI did this without proper consent and violated California privacy laws.

The case matters because people use ChatGPT for deeply personal conversations, including mental health, legal, and financial topics.

AI products are starting to look more like the rest of the internet.

Private conversations may not be as private as users assume.

✔️ @venture

🤖 Anthropic nears $900B valuation in new $30B funding round

Anthropic has agreed terms for a $30 billion round that would value the company at $900 billion, according to the Financial Times.

The round is expected to be led by Dragoneer, Greenoaks, Sequoia, and Altimeter. Each could invest more than $2 billion.

The deal comes just 3 months after Anthropic raised $30 billion at a $350 billion valuation.

Anthropic’s annualized revenue is reportedly close to $45 billion, up from $9 billion at the end of last year. That pace has pushed the company ahead of OpenAI on some revenue measures.

The company is turning growth into capital almost as fast as it turns capital into compute.

AI financing is now moving in $30 billion steps.

✔️ @venture

Trump purchased up to a $1 million worth of Nvidia $NVDA stock on January 6, 2026.

This is a week before the Commerce Department officially approved the sale of Nvidia chips to China.

✔️ @venture

⚖️ Elon Musk loses his lawsuit against OpenAI

A California jury ruled against Elon Musk in his case accusing OpenAI of abandoning its original nonprofit mission. The jury said Musk waited too long to bring the lawsuit.

Musk claimed OpenAI misled him into contributing $38 million before shifting toward a for-profit structure backed by Microsoft and other investors.

The verdict removes a major legal overhang as OpenAI prepares for a potential IPO that could value the company at around $1 trillion.

One of the most closely watched battles in AI ended in less than 2 hours of jury deliberation.

✔️ @venture