Artificial intelligence has become exceptionally capable at understanding language, but understanding the physical world requires a different kind of intelligence. A business can be described by its name, address, category, reviews, and opening hours, yet those details do not necessarily explain how the place actually functions. A restaurant may be categorized simply as a restaurant, for example, while its real-world activity pattern reveals whether it behaves primarily as a breakfast...

OpenAI has completed a $7 billion employee share buyback at an $852 billion valuation, creating one of the most consequential liquidity events in the private artificial intelligence market. The transaction gives current and former employees an opportunity to convert part of their equity compensation into cash while allowing the company to maintain the private valuation established by its latest major financing. More importantly, the structure of the transaction reveals a great deal about...

The artificial intelligence race is rapidly becoming an infrastructure race. As frontier models grow more capable, the limiting factor is no longer simply access to algorithms, training data, or specialized talent. The ability to secure enormous quantities of computing power, electricity, land, cooling capacity, networking infrastructure, and financing is increasingly determining how quickly an AI company can scale. Anthropic’s new partnership with Macquarie Asset Management and Singapore’s...