Friday 10 July 2026
Top stories today:
GPT-5.6 rolls out broadly as OpenAI’s new top AI model
Muse Spark 1.1 debuts as Meta’s advanced coding model
SK Hynix raises $26.5B in biggest foreign U.S. debut
Mercor seeks new funding at ~$20B valuation, buys Deeptune
OpenAI, Google sell AI models to blacklisted Chinese firms
0. Data & 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 today’s newsletter (beware of hallucinations):
1. GPT-5.6 rolls out broadly as OpenAI’s new top AI model
GPT-5.6 Sol has been ranked 2nd to Anthropic’s Claude Fable 5 on the Artificial Analysis Intelligence Index:
Costs $5/$30 per 1M input/output tokens, unchanged from GPT-5.5, vs. Fable 5’s $10/$50, Grok 4.5’s $2/$6, and GLM 5.2’s $1.4/$4.4.
GPT-5.6 Terra and Luna complete the lineup, priced at $2.5/$15 and $1/$6, respectively.
GPT-5.6 Sol offers a similar level of intelligence to Fable 5 at 33% of the cost, per Artificial Analysis
GPT-5.6 has a higher hallucination rate than GPT-5.5
OpenAI has debuted ChatGPT Work, an AI agent for creating documents across apps and files
OpenAI is discontinuing ChatGPT Atlas in favor of the new ChatGPT app, while Codex has been merged into the ChatGPT desktop app.
Separately, Fidji Simo announced she is leaving OpenAI to become a part-time adviser
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3. Muse Spark 1.1 debuts as Meta’s advanced coding model
The new Muse Spark model has delivered competitive performance across early benchmarks:
Costs $1.25/$4.25 per 1M input/output tokens, vs. Opus 4.8’s $5/$25, GPT-5.5’s $5/$30, and Gemini 3.1 Pro’s $4/$18 (>200K tokens).
Meta has also debuted the Meta Model API, offering developers pay-per-use access.
Meta’s stock closed +5% following the announcement.
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5. SK Hynix raises $26.5B in biggest foreign U.S. debut, tops 7x demand
SK Hynix has surpassed Alibaba’s U.S. debut to become the third-biggest listing in history:
SK Hynix sold 177.9M ADRs at $149 each, with each ADR representing one-tenth of a Seoul-listed common share.
The listing was priced at a ~3% premium to Thu. closing price for its ordinary shares in Korea.
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7. Mercor said to seek new funding at ~$20B valuation, buys AI agent startup Deeptune
Received at least one term sheet at this valuation, Mercor reportedly told investors.
$2B annualized revenue run rate announced this week, up from $1B four months ago.
Mercor CEO Brendan Foody backed Deeptune’s $43M Series A in Mar.
