Top stories today:

1. Anthropic said to break even by 2028 as OpenAI losses swell to $74B
2. Meta’s chief AI scientist Yann LeCun plans exit to start new venture
3. Google unveils Private AI Compute to take on Apple
4. SoftBank shares -3% after $5.8B NVIDIA exit rattles AI investors
5. Apple said to delay next iPhone Air after weak sales, plan dual cameras

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Anthropic said to break even by 2028 as OpenAI losses swell to $74B

• Anthropic expects to burn ~$3B on $4.2B in sales, per internal documents.

OpenAI is expected to burn $9B on $13B in sales this year, and only turn a profit in 2030

OpenAI is reportedly set to spend ~$235B on AI costs through 2028, over 3× Anthropic’s plan

• 2025: Anthropic is projected to generate ~80% of its $4.7B in revenue from selling AI models through an API and the rest from its Claude subscriptions.

OpenAI’s broad research efforts and backup servers are expected to inflate compute expenses

2. Meta’s chief AI scientist Yann LeCun said to plan exit to start new venture

• LeCun, a Turing award winner, has reportedly told associates about his departure from Meta in the coming months.

• He is said to be in early talks to raise funds for his own startup.

• LeCun has been reporting to Alexandr Wang, Meta’s “superintelligence” lead.

• Furthering work on world models will be LeCun’s next endeavor.

4. Google unveils Private AI Compute, its answer to Apple’s Private Cloud Compute

• The new platform will handle more complex AI requests that require greater reasoning and compute power than devices can manage on their own.

• Sensitive data remains “only accessible to you and no one else — not even Google,” the company said.

5. SoftBank shares -3% after $5.8B NVIDIA exit rattles AI investors