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Sierra raises $950M as AI agents race intensifies with Fortune 50 clients and rapid growth

Bret Taylor's Sierra closed a $950 million funding round led by Tiger Global and GV, pushing its valuation above $15 billion. The company hit $150 million in annual recurring revenue in just eight quarters and now serves over 40% of Fortune 50 companies. The raise signals intensifying competition as enterprises rush to deploy AI agents for customer service, with an estimated $400 billion market shifting toward automation.

Startups5 sources

Sierra raises $950M as AI agents race intensifies with Fortune 50 clients and rapid growth

Startups5 sources

AI chipmaker Cerebras targets $3.5 billion in IPO backed by massive OpenAI partnership

Cerebras Systems is preparing to sell 28 million shares at $115 to $125 each, targeting a $26.6 billion market cap in what could be 2026's largest tech IPO. The AI chipmaker's wafer-scale chips compete directly with Nvidia, and its $20 billion OpenAI deal anchors investor confidence despite customer concentration risks.

Business11 sources

AI chipmaker Cerebras targets $3.5 billion in IPO backed by massive OpenAI partnership

Business11 sources

OpenAI CFO says vertical wall of demand drives growth, not revenue target misses

OpenAI CFO Sarah Friar pushed back against reports of missed internal targets, stating the company is beating its core plan and experiencing a vertical wall of demand. The real constraint isn't sales growth but data center capacity, as the company projects revenues to surge from $30 billion this year to $284 billion by 2030.

Business2 sources

OpenAI CFO says vertical wall of demand drives growth, not revenue target misses

Business2 sources

Nebius acquires 20-person Eigen AI for $643 million to dominate AI inference optimization

Cloud provider Nebius agreed to buy Eigen AI, a California startup that optimizes AI chip performance, for $643 million in stock and cash. The 20-person team from MIT specializes in maximizing tokens generated per Nvidia GPU, a critical capability as inference costs dominate AI operations. The acquisition strengthens Nebius Token Factory against competitors.

Technology5 sources

Nebius acquires 20-person Eigen AI for $643 million to dominate AI inference optimization

Technology5 sources

Anthropic asks investors for allocations as $900B+ valuation round nears close within two weeks

Anthropic has given investors just 48 hours to submit allocations for its latest fundraise, expected to be roughly $50 billion and close within two weeks. The AI company Anthropic is targeting a potential $900B+ valuation that could surpass OpenAI's $852 billion mark, driven by soaring revenue and demand for its Mythos AI model.

Business2 sources

Anthropic asks investors for allocations as $900B+ valuation round nears close within two weeks

Business2 sources

Euro-area finance ministers to discuss Mythos AI as Anthropic faces mounting security concerns

Euro-area finance ministers will convene Monday to address challenges posed by Anthropic's Mythos AI model, a tool so powerful it can enable dangerous cyberattacks. No EU government has access to the system, creating a competitive disadvantage as the White House blocks expansion while the NSA uses it internally.

Policy2 sources

Euro-area finance ministers to discuss Mythos AI as Anthropic faces mounting security concerns

Policy2 sources

Caterpillar stock doubles Nvidia returns as AI data centers fuel power generation demand

Caterpillar has emerged as an unexpected winner in the AI boom, with shares climbing 174% over the past year—more than double Nvidia's 74% gain. The equipment maker's power generation business is surging as hyperscalers build on-site power plants to bypass grid interconnect delays, creating a $63 billion record order backlog that extends into 2028.

Business3 sources

Caterpillar stock doubles Nvidia returns as AI data centers fuel power generation demand

Business3 sources

Nvidia backs legal AI startup Legora at $5.6 billion as rivalry with Harvey intensifies

Nvidia's venture arm NVentures has made its first legal AI investment, backing Swedish startup Legora in a $50 million Series D extension that values the company at $5.6 billion. The investment comes as Legora crosses $100 million in annual recurring revenue and intensifies its competition with U.S. rival Harvey, which recently hit an $11 billion valuation.

Startups3 sources

Nvidia backs legal AI startup Legora at $5.6 billion as rivalry with Harvey intensifies

Startups3 sources

JPMorgan downgrades Meta Platforms as AI spending surges to $145 billion with unclear returns

JPMorgan has downgraded Meta Platforms from overweight to neutral, slashing its price target from $825 to $725. The investment bank cites concerns over Meta's massive AI spending forecast of $125-145 billion and limited visibility into how the company will generate returns beyond advertising, even as it posted 33% year-over-year revenue growth.

Business2 sources

JPMorgan downgrades Meta Platforms as AI spending surges to $145 billion with unclear returns

Business2 sources

SoftBank plans $100B IPO for Roze AI, a robotics company designed to automate data center builds

SoftBank Group Corp. is creating Roze AI, a new AI and robotics company focused on automating data center construction in the U.S. Founder Masayoshi Son aims for a $100 billion valuation and potential IPO as early as this year, though internal skepticism about the timeline and market conditions persists. The move reflects SoftBank's aggressive bet on AI infrastructure.

Business13 sources

SoftBank plans $100B IPO for Roze AI, a robotics company designed to automate data center builds

Business13 sources

Former Junior Bankers Build $2 Billion AI Tool to Transform Investment Banking Grunt Work

Rogo Technologies, founded by ex-bankers frustrated with spreadsheets and slide decks, just raised $160 million at a $2 billion valuation. The AI tool automates financial analysis for over 35,000 users at firms like JPMorgan and Bank of America. But as the platform reshapes Wall Street workflows, concerns grow about junior bankers job displacement and the future of entry-level finance roles.

Startups3 sources

Former Junior Bankers Build $2 Billion AI Tool to Transform Investment Banking Grunt Work

Startups3 sources

Manifest Secures $60M Series A to Transform Legal Services with AI-Powered Platform

AI legal software startup Manifest has raised $60 million in Series A funding at a $750 million valuation, marking the largest legal tech Series A ever. Founded by Dan Mishin, the company aims to end the billable hour model by empowering lawyers with AI tools that double their income while making legal services more accessible through outcomes-based pricing.

Startups2 sources

Manifest Secures $60M Series A to Transform Legal Services with AI-Powered Platform

Startups2 sources

AI fears push investors to rethink stock valuations as terminal value hits 25-year high

Goldman Sachs analysts warn that concerns about AI disruption are forcing investors to reassess how much of stock valuations depend on distant future profits. Terminal value now accounts for 75% of S&P 500 equity value, mirroring dotcom boom levels. The software sector has dropped 17% this year amid fears that AI tools could erode long-term corporate growth and profit margins.

Business2 sources

AI fears push investors to rethink stock valuations as terminal value hits 25-year high

Business2 sources

Citigroup raises AI market forecast to $4.2 trillion as enterprise adoption accelerates beyond expectations

Citigroup has increased its global artificial intelligence market forecast to over $4.2 trillion by 2030, up from $3.5 trillion, driven by faster-than-expected enterprise adoption of AI tools. The revised outlook highlights Anthropic's explosive growth, with its annualized revenue run rate surpassing $30 billion by April, making it one of the fastest growth trajectories in tech history.

Business3 sources

Citigroup raises AI market forecast to $4.2 trillion as enterprise adoption accelerates beyond expectations

Business3 sources

OpenAI misses revenue targets as AI investments face scrutiny and market confidence wavers

OpenAI reportedly missed internal revenue targets and ChatGPT user growth goals, sending shockwaves through tech stocks. The company's CFO expressed concerns about funding billions in future compute contracts, while partners like Nvidia, Oracle, and AMD saw shares drop. The news raises questions about whether the AI boom can sustain its massive infrastructure spending.

Business33 sources

OpenAI misses revenue targets as AI investments face scrutiny and market confidence wavers

Business33 sources

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