We used to not have $3 trillion companies. Now, thanks in part to President Trump’s tariffs roiling the markets, we don’t again. Since Trump took office in January, Nvidia, Microsoft, and Apple have all shrunk from their $3 trillion market caps. Apple is the latest to leave the club after the iPhone maker shed more than $300 billion yesterday alone.
OpenAI has reportedly signed a letter of intent to invest up to $25 billion on “Stargate Argentina,” a new 500-megawatt AI data center.
Reuters reports that the deal would involve tax incentives.
In a video announcing the project, OpenAI CEO Sam Altman said:
“Our vision for Stargate Argentina is to deliver a major boost to the country’s AI infrastructure, creating a foundation for new capabilities from smarter public services to tools that help small businesses compete globally.”
OpenAI did not immediately respond to a request for comment.
You may remember the name “Stargate” from the megaproject that tech giants and the Trump administration announced earlier this year to build a huge number of data centers in the US. And you may remember Argentina as the nation the Trump administration is now bailing out with a $20 billion currency swap.
Meta is considering building a dedicated TV app to expand the reach of Instagram’s video content, according to comments by Adam Mosseri, head of Instagram, at a Bloomberg conference.
Instagram has 3 billion monthly users and is leaning into its Reels vertical videos, which puts it head-to-head with TikTok. Mosseri told Bloomberg:
“If behavior [and] the consumption of these platforms is moving to TV, then we need to move to TV, too.”
A move to living room screens could let Meta compete against Alphabet’s YouTube, but adapting vertical videos to TV could prove challenging.
“If behavior [and] the consumption of these platforms is moving to TV, then we need to move to TV, too.”
A move to living room screens could let Meta compete against Alphabet’s YouTube, but adapting vertical videos to TV could prove challenging.
When DeepSeek R1 was released at the end of last year, it shook the AI world to its core.
The scrappy Chinese startup developed a competitive open-weights reasoning model that bested several state-of-the-art models from OpenAI and Google in several benchmarks.
The release caused the industry to question its bet on massive AI infrastructure over clever engineering done with constrained resources.
American startup Reflection AI thinks the West needs its own DeepSeek, and plans on being the company to build it.
On Thursday, Reflection AI announced it had raised $2 billion at an $8 billion valuation, with Nvidia leading the fundraising round with an $800 million investment.
Reflection does not appear to have developed a frontier-scale model yet, but has built the software needed to train one. A $2 billion cash infusion will certainly help with the company’s training costs, but by comparison, DeepSeek’s R1 model was trained for only $249,000.
The release caused the industry to question its bet on massive AI infrastructure over clever engineering done with constrained resources.
American startup Reflection AI thinks the West needs its own DeepSeek, and plans on being the company to build it.
On Thursday, Reflection AI announced it had raised $2 billion at an $8 billion valuation, with Nvidia leading the fundraising round with an $800 million investment.
Reflection does not appear to have developed a frontier-scale model yet, but has built the software needed to train one. A $2 billion cash infusion will certainly help with the company’s training costs, but by comparison, DeepSeek’s R1 model was trained for only $249,000.
In an interview on CNBC yesterday, Nvidia CEO Jensen Huang threw some shade at the recently announced megadeal between competitor Advanced Micro Devices and its partner, OpenAI.
The unusual deal calls for AMD to sell multiple generations of its GPUs to OpenAI, totaling 6 gigawatts of computing power, in exchange for stock warrants for OpenAI to buy about 10% of the company.
When asked about the deal, Huang said:
“Yeah, I saw the deal. It’s imaginative, it’s unique and surprising. Considering they were so excited about their next-generation product, I’m surprised that they would give away 10% of the company before they even built it.”
The move diversifies part of OpenAI’s GPU supply chain away from Nvidia, which supplies the vast majority of GPUs for hyperscalers today.
When asked about the deal, Huang said:
“Yeah, I saw the deal. It’s imaginative, it’s unique and surprising. Considering they were so excited about their next-generation product, I’m surprised that they would give away 10% of the company before they even built it.”
The move diversifies part of OpenAI’s GPU supply chain away from Nvidia, which supplies the vast majority of GPUs for hyperscalers today.
