Top stories today:

1. NVIDIA plans to invest up to $100B in OpenAI
2. Strive to acquire Semler in $1.3B all-stock deal
3. TikTok deal won’t include U.S. golden share or equity: White House
4. Until Labs raises $58M to develop reversible cryopreservation
5. Alibaba unveils Qwen3-Omni, open-weight multilingual AI model

0. Data and calendar

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

1. NVIDIA plans to invest up to $100B in OpenAI as part of data center push

NVIDIA stock closed +4% on Mon.:

• OpenAI plans to deploy NVIDIA systems that require 10 gigawatts of power, the companies said.

• The 10 gigawatts is equal to 4-5M GPUs, matching this year’s shipments and “twice as much as last year,” CEO Jensen Huang said.

• NVIDIA’s 1st investment of $10B will be deployed when the 1st gigawatt is completed.

• 2H 2026: the 1st phase of the latest investment will come online using NVIDIA’s Vera Rubin systems.

• At then-current valuations, investments will reportedly be made.

• NVIDIA would be a “preferred” supplier for OpenAI for chips and networking gear.

• “We need the smartest people,” Huang and Sam Altman said while reacting to Trump’s H-1B visa fee.

3. Strive to acquire Semler in $1.3B all-stock deal to expand Bitcoin holdings

Semler stock closed +10% on Mon.:

• Strive will also buy $675M in Bitcoin.

• The combined firm would hold 10.9K BTC, with future buys funded via “preferred equity only.”

• -5% in Strive stock on Mon.

• 2022: Vivek Ramaswamy co-founded Strive.

4. TikTok deal won’t include U.S. golden share or equity: White House