Good morning. Here’s what happened overnight and what you need to know today.
1.
IPO race: AI giant Anthropic confidentially filed for a US initial public offering, joining rivals OpenAI and SpaceX in a race to list on public markets this year. The AI giant confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission, it said in a statement. The number of shares and price had not been set and the offering will depend on market conditions, the statement added. The filing comes just days after the company completed a USD65 billion raising in a funding round at a USD965 billion post-money valuation, eclipsing rival OpenAI’s valuation for the first time. OpenAI, which according to Bloomberg was targeting a public debut as soon as the northern hemisphere autumn, or Australia’s spring this year, is also expected to confidentially file in the coming weeks, an unnamed source told Reuters. The move also follows SpaceX last month publishing its IPO prospectus, targeting a listing at a valuation of USD1.75 trillion. Goldman Sachs, JPMorgan Chase and Morgan Stanley are expected to be under consideration for key roles on both the Anthropic and OpenAI listings. (Capital Brief)(Anthropic)(FT)(Bloomberg)(Reuters)
2.
Chip race: Nvidia unveiled a new PC chip it claims is the most efficient ever built, returning to the consumer personal computer market for the first time in more than a decade and setting up a direct challenge to Intel, AMD, Apple and Qualcomm. CEO Jensen Huang announced the RTX Spark Superchip at the Computex conference in Taipei, saying Nvidia and Microsoft had spent three years collaborating to “reinvent the PC” for the AI era. The chip, developed with Taiwan’s MediaTek and to be manufactured by TSMC, will debut this northern hemisphere autumn (Australia’s spring) in laptops and desktop computers from Dell, Lenovo, HP, Asus, Microsoft Surface and MSI, with Acer and Gigabyte to follow, according to Reuters. Nvidia said the chip was designed to run AI agents locally on devices rather than relying on cloud computing. Nvidia’s shares gained 6.26% on the announcement while Intel fell 5.35% and Qualcomm dropped 8.78%. Nvidia said it expected to supply chips for about 30 laptop models and more than 10 desktop models. (Nvidia)(FT)(Bloomberg)(Reuters)(Capital Brief)
