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Top stories today:
- Anthropic tops OpenAI in business adoption as run-rate nears $50B
- Cerebras prices IPO above range at $185/share, valued at $56.4B
- Trump-Xi meeting coincides with U.S. clearing NVIDIA H200 sales
- Google said to unveil new Gemini model at I/O on Tue.
- Musk v. Altman filing reveals Altmanās $2B+ in startup stakes
- Cisco +20% on AI demand despite ~4K job cuts
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Anthropic tops OpenAI in business adoption as run-rate nears $50B by Jun.-end
Anthropicās business adoption +3.8% MoM in Apr. to 34.4%, while OpenAIās -2.9% to 32.3%, per Ramp AI Index:
Anthropic has quadrupled business adoption over the past year, while OpenAIās grew just 0.3%, Ramp data showed.
The Ramp figures offer an incomplete picture of enterprise adoption, as large enterprises typically donāt pay for software via credit cards, an OpenAI spokesperson said.
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3. Cerebras prices IPO above range at $185/share, valued at $56.4B fully diluted
Representational image generated using ChatGPT.
$5.55B+ will be raised through the IPO by selling 30M shares.
4.5M additional shares can be purchased by underwriters.
$150-$160/share was the expected IPO range.
24% of Cerebrasā 2025 revenue came from G42, down from 85% in 2024.
62% of revenue came from the UAEās Mohamed bin Zayed University of Artificial Intelligence.
Arm and SoftBank reportedly explored acquiring Cerebras weeks before the IPO, but were rebuffed.
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5. Trump-Xi meeting coincides with U.S. clearing NVIDIA H200 sales to Alibaba, Tencent, others
Representational image generated using ChatGPT.
