Foundation Model Valuations Near $1 Trillion But History Says Infrastructure Builders Rarely Win

Anthropic and OpenAI are racing toward trillion-dollar valuations as foundation model funding absorbs 14% of global venture capital. The question is whether foundation labs have built enough application-layer lock-in to avoid the structural fate of the optical networking giants they most resemble.

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Forbes

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Private-equity firm 3i buys majority stake in Laboratoire Nutergia

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MarketWatch

Tom Steyer spent $216 million of his own money to run for governor of California — here’s where that ranks

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Bloomberg Markets

Bill Ackman’s Pershing Square Set to Exit Universal Music Stake

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Marvell’s stock is on a run not seen in a quarter-century as the tech company grows in stature

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