Alibaba

Chinese technology and cloud giant; developer of the Qwen models and a major AI-infrastructure investor.

Issue #131: Anthropic's Operating Profit Arrived Before Its Compute Did

Anthropic's public S-1 shows a $974m quarterly operating profit, earned while most of its compute is still on order.

Apollo

+23

Issue #130: Anthropic Lost $80.7bn in Six Months. Most of It Was on Paper.

Anthropic's draft prospectus shows $16.3bn of revenue and $450bn of cloud contracts it cannot cancel.

DeepSeek

+30

Issue #128: 163 Million Users Couldn't Stop Character.AI Going Bankrupt

Compute cost Character.AI $56 million in eight months. Lenders are now running the same numbers on the neoclouds.

IDC

+30

Issue #125: Oracle Cites Force Majeure on Stargate's Biggest Site

Five thousand two hundred feet of New Mexico dirt is holding up 2.45 gigawatts.

OpenAI

+23

Issue #121: NVIDIA Wants the Home of Open-Source AI

A reported $12.9bn bid for Hugging Face. NVIDIA systems 15% dearer the same week.

z.ai

Issue #119: NVIDIA and Wall Street give birth to a new asset class

But don't call it vendor financing.

Apollo

+27

Issue #118: A Two-Year-Old With Nothing to Sell Just Raised $312M

At a $3.3bn valuation. Arm and Netflix's co-founder are in. First chip: 2027.

DeepSeek

+27

Issue #115: Anthropic and OpenAI have a serious problem

The frontier model race is opening up

Apollo

+26

Issue #113: Is Meta Quietly Dropping Out of the Frontier Model Race?

Built to compete. Now for rent.

Together AI

+29

Issue #112: 60 People Are on the Hook for $6.3B of Compute

And the model they plan to train doesn't exist yet.

OpenAI

+12

Issue #109: IREN's GPU Debt Goes Investment-Grade, Helion Triples to $15.5B for AI Fusion Power, & CoreWeave Lights Up First VR200

Cheaper money, faster hardware access, bigger cheques, and a $15.5B bet on fusion: to the (current) winners go the spoils.

Megaport

+18

Issue #108: Anthropic Raises $65B at $965B, Releases Opus 4.8 the Same Day, & Groq Returns as a Neocloud After Licensing to NVIDIA

New funding and a new model. On the same day. Dario spoils us.

OpenAI

+16

Issue #70: Anthropic's Million TPU Google Deal, Crusoe Heads to Orbit, Raises $1.375B & AI Browsers Galore

Feat. NVIDIA, OpenAI, Anthropic, Google, Crusoe, Starcloud, Microsoft, Alibaba, Meta, Blue Owl, and Applied Digital

OpenAI

+11

Issue #66: Arrests at Northern Data, Nscale & Fluidstack Show the Market How to Scale, & "Stargate" China

Feat. Northern Data, Nscale, Nokia, Fluidstack, Cipher Mining, Alibaba, Humain, and China

Alibaba

Issue #63: OpenAI, NVIDIA, & Nscale Bring Billions to the UK, Nebius x Microsoft, & Oracle's $300B Contract

Feat. OpenAI, NVIDIA, Nscale, Oracle, Nebius, Microsoft, MBZUAI, G42, Alibaba, and Vantage Data Centers

OpenAI

Issue #44: $44B Quarters, Neocloud M&A Rumblings, & the AI Great Game

Feat. Nvidia, Humain, CoreWeave, Nebius, Northern Data, DeepSeek, AMD, Alibaba, Microsoft, and Blue Owl Capital

DeepSeek

Issue #38: Neocloud Nscale Wants $2.7B, Meta Becomes a Cloud, & Regulatory Capture

Feat. Nscale, Meta, Nebius, DDN, Alibaba, Anthropic, Intel, Amazon, and Microsoft

Alibaba

Issue #30: Apple Joins the Party, CoreWeave Floats, & Meta's Rejection

Feat. Apple, Nvidia, CoreWeave, Fluidstack, Crusoe, Meta, FuriosaAI, Microsoft, and Alibaba

Alibaba

+10

Issue #13: DeepSeek, HPE & Juniper vs. The DOJ, & 20GW of Natural Gas

Feat. DeepSeek, The DOJ, HPE, Juniper Networks, Lambda, Pegatron, Alibaba, ASML, and Meta

DeepSeek