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Top stories today:
- OpenAI unveils Jalapeño custom AI chip, developed with Broadcom
- Anthropic accuses Alibaba of adversarial Claude distillation
- Micron Q3 revenue +346% YoY, net income up 15x on memory demand
- Kalshi seeks new funding at $40B valuation
- SambaNova plans up to $1B raise at reported ~$10B valuation
- Qualcomm unveils data center CPU, announces Meta early customer
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 today’s newsletter (beware of hallucinations):
1. OpenAI enters custom AI chip race with Jalapeño, developed with Broadcom
OpenAI’s models aided development.
~50% lower cost than typical AI GPUs, Broadcom CEO Hock Tan said.
Later this year, the finalized chips will be integrated into Microsoft and other partners’ data centers.
OpenAI is currently testing the silicon on AI workloads.
Broadcom stock rose marginally on the announcement
Separately, OpenAI updated GPT-5.5 Instant with better intent understanding, more reliable responses, and improved shopping recommendations.
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3. Anthropic said to accuse Alibaba of adversarial Claude distillation
Alibaba allegedly used ~25K fraudulent accounts for 28.8M Claude exchanges between Apr.-Jun., according to Anthropic’s letter to U.S. officials.
Anthropic called it the biggest known attempt by a Chinese company to piggyback on leading U.S. AI labs.
Alibaba and other Chinese firms are making systematic, unauthorized use of top U.S. models, Anthropic said.
Alibaba stock -5% following the news.
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5. Micron Q3 FY26 revenue +346% YoY, net income up 15x on memory demand
