TRACK SECONDARY VALUATIONS

“Google just had their big cloud event in Las Vegas this week. They rolled out the Gemini Enterprise Agent Platform. I think this is basically their attempt to take a swing at OpenAI and Anthropic in the enterprise for the AI agent race. I think first, access to over 200 models through Model Garden is something that they're going to be rolling out. So enterprises aren't going to be locked into just Gemini.”

“The pricing, I think, is also where this gets a lot, gets very interesting. The standard GPT-55 is $5 per million input tokens and $30 per million output tokens. That doubles GPT-54 on paper, but OpenAI is claiming that the model uses tokens more efficiently, so the real world cost per task should be roughly flat or better. GPT 5.5 Pro is $30 in and $180 out, which is very expensive.”

“SpaceX is telling its investors it wants to start building its own GPUs. This is a massive deal, because I think this is really just showing us how tight the compute market has gotten. You have like a rocket company that is looking at building its own silicone. I think this is what is, what this is telling us right now is that we've basically reached the point where the biggest tech companies in the world no longer trust the GPU supply chain enough to just be customers.”

“The model itself, basically OpenAI's positioning on this is that it is quote unquote a fully agentic model, meaning that it's designed to complete all these multi-step computer tasks with minimal human direction. They specifically highlighted five different categories, analyzing data, writing and debugging code, operating software directly, researching online, creating documents and spreadsheets autonomously.”

“Microsoft is actually integrating that, but it's just a preview. It's directly inside of their secure coding framework, and the idea is that Clawed gets used for threat detection, vulnerability scanning, and incident response inside of Microsoft's DevTooling. And at the same time, OpenAI has been briefing US federal agencies, state governments, and also the Five Eyes intelligence partners on a version of their model called GPT 5.5 Cyber.”

“Meta has just sent a memo to all of their employees, announcing that they're cutting about 10% of their workforce. This represents about 8,000 people. Zuckerberg basically told everyone this at the start of the year, when he said 2026 would be quote, the year AI starts to dramatically change the way we work. I think this is a story about how AI is starting to really reshape payroll at the biggest companies on the planet.”

“On the secondaries, OpenAI's valuation, what people are buying the shares for right now, it's kind of interesting because it's like an indicator of kind of where the stock will go sometimes. What OpenAI's shares are selling for right now is $850 billion. Anthropic's shares, $1 trillion. So Anthropic is being priced and valued at higher possible, you know, possible part of that is maybe not even where they are today, but where people can see them going in the future.”