Top stories today:

1. GameStop ($12B) makes unsolicited $56B offer to buy eBay
2. Grok 4.3 a generation behind OpenAI, Anthropic, Gemini: Artificial Analysis
3. Cerebras seeking as much as $4B in IPO, targeting $40B valuation
4. Meta acquires Assured Robot Intelligence
5. Update: Anthropic nears $1.5B JV with Wall Street firms

0. Data and calendar

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

1. GameStop ($12B) makes unsolicited $56B offer to buy eBay

Stock +9% to $113.73 in the pre-market (offer at $125):

• 50% cash, 50% stock.

• TD Bank offering $20B in debt financing.

• GameStop built ~5% stake in eBay.

• CEO: preparing proxy fight if eBay isn't receptive.

3. Grok 4.3 a generation behind OpenAI, Anthropic, Gemini: Artificial Analysis

• $1.25 / $2.50 per 1M input / output tokens.

  • Improvement on cost-per-intelligence vs. Grok 4.20.

5. Cerebras seeking as much as $4B in IPO, targeting $40B valuation

• March: $2B was reportedly being sought after.

• $10B+ in reported interest.

6. Meta acquires Assured Robot Intelligence, startup developing AI models for robots

• Team to work closely with Meta Robotics Studio, Meta's humanoid team launched in 2025.

• Relatedly, Chinese Linkerbot is targeting a $6B valuation in its next round.

7. Update: Anthropic nears $1.5B JV with Wall Street firms

• $300M each: Anthropic, Blackstone, and Hellman & Friedman.

• Goldman Sachs ($150M) and General Atlantic also involved.

• Goal: consulting arm for Anthropic, helping PE businesses incorporate Claude.

8. DeepSeek V4 Pro 8 months behind frontier U.S. models: NIST

9. Interesting videos, posts, and memes

10. Other headlines

AI

• Apple challenged over curbs on AI vibe coding apps.

• Anthropic in early talks to buy AI chips from UK startup Fractile.

• OpenAI CFO Friar: WSJ profile.

• Oscars: AI actors and writers ineligible for Academy Awards.

• AWS CEO: AI is reshaping coding jobs and intern hiring at Amazon.

• Coatue launches Next Frontier to buy land for AI data centers.

Tech

• Founders Fund: Thiel firm raises record $6B in largest-ever haul.

• Mac mini now starts at $799 after Apple raises base price.

• Mac Studio, Mac mini supply will stay constrained for months.

• John Ternus's Apple drops cash-neutral plan: more AI, fewer buybacks.

Tech & Law

• China: court rules firms can't lay off workers on AI grounds.

Biotech

• FDA's real-time clinical trial push could transform medicine: Longevity Technology.

Business

• Berkshire: Greg Abel rules out break-up at first meeting as CEO.

Crypto

• Trump family crypto project sold quietly.

U.S. politics

• Project Freedom: U.S. begins escorting ships out of Hormuz.

• Giuliani hospitalized in critical condition at 81.

World

• NATO chief: U.S. disappointed in Europe over Iran response.

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