September 19, 2026: Tech Holds Relatively Better After Rate Hike

Last week, Nasdaq was up 0.7%, S&P 500 fell 0.1%, Dow Jones Industrial Average was down 1.7%, markets witnessed the first Fed rate hike since 2023. Anthropic chose the Nasdaq for an IPO targeted for October. The Company told investors adjusted operating income will be positive for a second straight quarter, with gross margins above 80% before partner revenue share and training costs. OpenAI, which pushed its IPO to 2027 or later, is in early talks to raise at a US$1.2 trillion valuation. The FT reported OpenAI now projects US$278 billion of cash burn through 2030, up from US$180 billion, though an OpenAI finance director disputed the figures. After recent safety warnings, Dario Amodei called for AI labs to pace frontier development, backed by Sam Altman and Elon Musk. Donald Trump rejected a slowdown and China dismissed it as fearmongering. Jensen Huang said Nvidia will sell twice as many chips next year. Nscale filed for an IPO at a ~US$35 billion valuation, with H1 revenue of ~US$140 million (vs. US$10.4 million). CoreWeave priced US$3.7 billion of 2033 convertibles at 2.875%, up from 1.75% in April. Generac shares jumped 19% on an up-to-US$8 billion Amazon generator deal. Microsoft raised its dividend 8% while spending US$50 billion on capex this quarter. The SEC issued a five-year exemption allowing certain tokenized stocks to trade in the U.S. Huawei pulled its Ascend 960DT AI chip forward nine months to Q1 2027. In Canada, Bell signed a non-binding MOU with Saskatchewan for a 1.2 GW data centre. The project could exceed $50 billion, which would be the province’s largest private investment. Radical Ventures closed over US$1 billion for its Radical Breakouts Fund, potentially Canada’s largest VC fund. In news pertaining to Sophic clients, 01 Quantum formed a post-quantum cryptography alliance with HSM provider Utimaco. The Company also appointed Jeffrey Kilborn, formerly CFO of Atlas Salt, as CFO, succeeding the retiring Brian Stringer. Juno Industries expanded its board, advisory and leadership teams ahead of its going-public transaction with Trail Blazer Capital, with headcount now above 30.

Sophic Client 01 Quantum Inc (ONE-TSXV, OONEF-OTCQB) and Utimaco Inc. formalize global post-quantum cryptography alliance.

01 Quantum announced the formation of a Post-Quantum Cryptography (“PQC”) Technology Alliance. The partnership brings together the complementary technologies and expertise of both companies to help governments and enterprises prepare for and execute the transition toward quantum-resilient cryptographic infrastructures. As organizations assess the potential impact of quantum computing on existing cryptographic infrastructure, many face a complex transition involving the identification of cryptographic assets, assessment of vulnerabilities, technology selection, system integration, compliance requirements, and long-term modernization planning. The alliance is designed to address these challenges through a coordinated and standards-aligned approach to PQC adoption. 01 Quantum brings its PQC software technologies, cryptographic discovery capabilities, and expertise in transitioning applications toward quantum-resistant cryptography. Utimaco contributes its expertise and technologies in hardware security modules (HSMs), secure key management, cryptographic infrastructure, crypto-agility, and quantum-safe security. Together, the companies will identify opportunities where their complementary technologies can help organizations assess, modernize, and protect their cryptographic environments as they transition toward post-quantum security. The companies will collaborate on technical integration, joint solution design, pre-sales engineering, technical demonstrations, customer education, and customer opportunities. This approach is intended to enable organizations to combine application-level PQC capabilities with secure, enterprise-grade cryptographic infrastructure and key protection. Joint go-to-market initiatives are expected to include co-branded webinars, conference participation, solution briefs, whitepapers, technical workshops, and other programs focused on helping organizations understand and prepare for the transition to quantum-resistant security. By bringing together 01 Quantum’s PQC software and cryptographic discovery capabilities with Utimaco’s quantum-safe security technologies and long-standing expertise in protecting cryptographic keys and critical infrastructure, the alliance aims to provide organizations with a practical and complementary approach to PQC migration, from discovery and assessment through implementation and secure operational deployment. Executive Commentary: Andrew Cheung, CEO of 01 Quantum, stated, “Preparing for the quantum era is about more than replacing one encryption standard with another. Organizations first need to understand where cryptography exists across their systems, what is exposed, and how to modernize without disrupting critical operations. This alliance represents a significant step forward in helping organizations modernize their cryptographic foundations. Quantum-resilient security requires both advanced technology and seamless integration. By combining our PQC software with Utimaco’s enterprise-grade security expertise, we can provide customers with a practical, standards-aligned roadmap for adopting PQC at scale.” Cindy Provin, Chief Strategy and Sales Officer of Utimaco, stated, “The transition to post-quantum cryptography requires an ecosystem of complementary technologies and expertise. Utimaco has a long history of protecting cryptographic keys and critical digital infrastructures, and quantum-safe security is an important part of the evolution of our portfolio. By working with 01 Quantum, we are extending the options available to customers as they assess their cryptographic environments and move from PQC planning toward implementation. Together, we can help organizations approach this transition in a secure, practical, and crypto-agile way.” https://t.co/h0KyBSaj99

Sophic Client 01 Quantum Inc (ONE-TSXV, OONEF-OTCQB) announces appointment of new CFO.

01 Quantum is pleased to announce the appointment of Jeffrey Kilborn as Chief Financial Officer. Mr. Kilborn brings extensive capital markets experience supporting public company reporting, governance, and investor communication. He was most recently the CFO & VP Corporate Development at Atlas Salt Inc. (TSX-V:SALT), which raised over $25 million of capital during his tenure. In his role as CFO, he will oversee financial reporting and serve as the Company’s primary interface with capital markets as 01 Quantum advances commercialization of its post-quantum cryptography (PQC) technologies. Mr. Kilborn replaces Brian Stringer who is retiring from his role as CFO and will remain with the Company in an advisory capacity. Executive Commentary: Andrew Cheung, Founder and CEO, stated, “Jeff is joining 01 Quantum at an important point in the Company’s evolution. His combination of public company leadership, capital markets experience and corporate development expertise makes him an excellent addition to our executive team. As we continue to build our post-quantum cybersecurity business and pursue new opportunities, Jeff’s experience will be instrumental in supporting our growth and strengthening our engagement with the capital markets. I want to thank Brian for his incredibly dedicated service as CFO and for continuing to support the Company in an advisory capacity during this transition. With our expanded business development bench and new partnerships with system integrators, we are positioned to accelerate adoption across enterprise customers and governments, including defence organizations, where AI security and PQC are becoming mission-critical priorities. The demand for quantum-safe security is rising quickly, and I believe our team is ready to lead that shift.” William Train, Chairman of the Board of Directors, added, “On behalf of the Board, I would like to thank Brian for his years of dedicated service to 01 Quantum. Brian has been a trusted member of our leadership team and has made significant contributions to the Company throughout his tenure. His professionalism, commitment and deep knowledge of the Company have been greatly valued by the Board and management team. We wish Brian all the very best as he begins this next chapter.” Brian Stringer stated, “I am incredibly proud of what we have accomplished and of the Company we have built. It has been a privilege to work alongside Andrew, the Board and the entire 01 Quantum team. As I prepare for retirement, I believe 01 Quantum is entering one of the most exciting periods in its history, with significant opportunities ahead in post-quantum cybersecurity and AI. I am very pleased to welcome Jeff as my successor and am confident that his experience and leadership will serve the Company well as it enters its next phase of growth.” Grant of Stock Options: The Company’s Board of Directors approved the grant of 400,000 stock options to an executive to purchase up to 400,000 common shares at an exercise price of $0.47 per share. The options were granted on September 11, 2026, pursuant to the terms of the Company’s stock option plan. The options have a term of four years expiring on September 11, 2030 and vest in four equal tranches of 100,000 on March 11, 2027, September 11, 2027, March 11, 2028 and September 11, 2028. Market Outlook: 01 Quantum continues to advance its mission of delivering quantum-safe cybersecurity solutions that help organizations prepare for the coming transition in global security standards. According to Emergen Research, a market research and strategic consulting partner, the global post-quantum cryptography market was valued at US$310 million in 2024 and is projected to reach US$2.89 billion by 2034, representing a 25.1% compound annual growth rate (CAGR) (Emergen Research, Post-Quantum Cryptography Market Report). With a strengthened leadership team, expanded commercial partnerships, and accelerating demand for PQC technologies, the Company is positioned to execute on its strategy and support customers navigating the shift to quantum-safe infrastructure. https://t.co/AQWdkCb6zv

Sophic Client Juno Industries (Private) announces expanded Board, Advisory and leadership team.

Juno Industries Inc. is pleased to announce the expansion of its board, advisory and leadership teams, to increase product innovation scale and pace, support the growth of its defence business, improve customer integration, and provide best-in-class governance. “We are proud to welcome leaders of this calibre to Juno Industries,” said Hunter Scharfe, Chief Executive Officer and co-founder of Juno Industries. “They bring extraordinary experience across AI, ML, national security, government, and strategic leadership, and their collective collaboration will be invaluable as we continue to grow and build technologies designed to strengthen Canada’s sovereign capabilities and support our allies.” “Setting the bar high in our approach to hiring from day one has led us to build a mighty team of A+ players,” said Harjit Sajjan, Executive Chairman and co-founder of Juno Industries. “Our company footprint has expanded across Vancouver, Toronto, and Ottawa and we’re in a really strong position to further our mission, which is to provide needs-based solutions to the CAF, Canadian partners, and our allies, and to work even more closely with end users, at the pace required.” Juno Industries announced the following appointments. In addition to the team members listed below, the Company’s team has grown to over 30, continuing to expand monthly. Board of Directors: The following individuals have agreed to join the Board of Directors of the combined company following the completion of Juno Industries’ going public transaction with Trail Blazer Capital Corp. (see news releases of Trail Blazer dated March 25, 2026 and May 1, 2026) (the “Going Public Transaction”). Independent Director, Claude Rochette. Claude Rochette is a Canadian Armed Forces and public sector leader with more than 37 years of service to Canada. Over a 26-year military career, he held senior financial and operational roles, including Comptroller of the Canadian Armed Forces, Deputy Chief Financial Officer, and Director General Compensation and Benefits, retiring as a Brigadier-General in 2010. He later served as Chief Financial Officer at the Communications Security Establishment, the Canada Border Services Agency, and the Department of National Defence, and as Senior Associate Deputy Minister of National Defence. Rochette currently serves on the Departmental Audit Committees for Elections Canada and Fisheries and Oceans Canada and provides strategic advisory support to several federal departments and agencies. Independent Director, Alnesh Mohan. Alnesh Mohan is a finance executive with over 25 years of experience providing advisory services. He has been a partner at Ascend Advisory Partners LLP (formerly Quantum Advisory Partners LLP), a professional services firm focused on providing Chief Financial Officer and full-cycle accounting services to public and private companies, since 2005. Acting on behalf of several public companies, Alnesh has acquired considerable experience in financial reporting, corporate governance and regulatory compliance. He holds a Bachelor of Business Administration from Simon Fraser University, a Master’s of Science in Taxation from Golden Gate University and is a Chartered Professional Accountant (CPA, CA). Advisory Team Appointments. Advisor, Ron Lloyd. Ron Lloyd retired from the RCN in 2019 having served as the 35th Commander of the RCN and the first Chief Data Officer for DND/CAF. He also served as the Acting-VCDS for several months. Since retirement he has worked as a strategic advisor in industry and has written several papers for the Canadian Global Affairs Institute on how Canada can better posture itself during these turbulent times. Leadership Team Appointments. Head of Strategy, Tania Belisle-Leclerc. Tania Belisle-Leclerc brings more than two decades of experience in international security, defence, intelligence, diplomacy, and geopolitics. As former Director of Policy to Canada’s Ministers of Foreign Affairs and National Defence, she led the development and implementation of major government policies and strategies and oversaw responses to international crises. She previously held senior strategic planning and crisis management roles at the United Nations, working alongside military and security forces globally. Earlier in her career, she co-developed investment products at Goldman Sachs. Head of Engineering, Dylan Neid. Dylan Neid is an accomplished engineering leader with deep expertise in automation, systems design, and building high-performing technical organizations. Prior to joining Juno Industries, he spent nearly a decade at AbCellera, joining as one of the company’s first employees and helping scale the organization to more than 600 team members during a period of significant growth. During his tenure, Neid played a key role in advancing its core technology platforms, which supported the development of industry-leading antibody discovery systems and precision automation infrastructure. His work spanned both technical innovation and organizational development, helping translate complex scientific and operational challenges into robust, scalable technology solutions. Head of Operations, Vincent Virk. Vincent Virk is an executive and military veteran with over two decades of combined experience in defence technology, strategic operations, and commercial enterprise. Alongside his executive role at Juno Industries, he is the Founder & CEO of Northfield Systems, an autonomous systems and dual-use technology firm, and President of Pallas Group a real estate and hospitality group of companies. He has worked with various industry and advocacy groups and is a fellow with the Royal Canadian Geographic Society. Additionally, Vincent serves as a reserve Lieutenant Colonel in the Primary Reserves with the Canadian Armed Forces. Head of Administration, Alexandra Shimam. Alexandra Shiman is the Head of Administration at Juno Industries, where she provides direct support to senior executives and oversees key operational and administrative functions. Drawing on years of experience as an Executive Assistant supporting c-Suite leaders and managing high-performing teams, Shiman brings a disciplined, detail-oriented approach to organizational leadership, operational efficiency, and strategic execution. Head of Growth, Bryan Riddell. Bryan Riddell is a growth executive with leadership experience developing markets and scaling organizations across defence and public safety. He previously served as the CEO of Team Rubicon Canada, and as an officer in the Canadian Army and Special Operations Forces. Bryan holds Executive MBA degrees from Cornell, and Queen’s University. Head of Marketing and Communications, Sarah Mawji-Walker. Sarah Mawji-Walker is a strategic communications leader and Principal of Venture Strategies, with over a decade of experience shaping public presence for companies across North America and in the European market. She’s held senior roles both in-house and agency-side, including Managing Director at U.S.-based Sevans PR (acquired by Zen Media) and Public Relations Executive at Harbourfront Wealth Management, where she supported the firm’s first major equity injection in 2022 and which today is valued at $1.7 billion. She has advised founders, executives, and growth-stage companies operating in complex regulatory and geopolitical environments, aligning media strategy with business objectives to drive measurable impact, and often speaks at conferences across the country. https://tinyurl.com/ys45sv6t

Bell announces $50 billion buildout to produce Canada’s largest data centre in Saskatchewan.

Bell is on track to produce Canada’s largest data centre after signing a non-binding memorandum of understanding (MOU) with the Province of Saskatchewan. The non-binding MOU expands on an initial agreement between Bell and Saskatchewan this past March for a 300-megawatt data centre just outside Regina. The new commitment brings the project up to a 1.2-gigawatt capacity. Bell said the project’s total capital investment could exceed $50 billion. This would mark the largest private capital investment in Saskatchewan’s history. https://tinyurl.com/4ezv6eut

Radical Ventures launches Canada’s largest AI fund with US$1 billion first close.

Toronto-based Radical Ventures has launched a “multi-billion-dollar” venture capital (VC) fund geared towards backing AI scaleups in Canada and abroad with a first close of “well over” US$1 billion ($1.4 billion CAD). Radical announced its new Radical Breakouts Fund on Tuesday at Prime Minister Mark Carney’s inaugural Canada Investment Summit in Toronto. The AI-focused VC firm secured this amount from a group that includes some of the country’s largest pension funds and banks. While Radical did not disclose its exact target for the fund, this first close puts it roughly on par with Georgian’s more than US$1 billion 2021 alignment fund. Should Radical meet its multi-billion-dollar mark, the Radical Breakouts Fund would be Canada’s largest VC fund by a wide margin, according to Canadian Venture Capital & Private Equity Association and PitchBook data. https://tinyurl.com/3t4jh6h5

Orbits secures US$2 million to manage home logistics with AI.

A new Canadian technology company with links to a16z, Super.com, and the University of Toronto (U of T) has emerged to bring agentic AI to the home. The news: Toronto- and San Francisco-based Orbits announced on Wednesday that it has closed nearly US$2 million ($2.6 million) in pre-seed funding to fuel the consumer launch of its AI household assistant. Silicon Valley’s a16z Speedrun, Toronto-based N49P, and Kitchener-Waterloo’s Garage Capital invested, alongside undisclosed angels, including an Anthropic employee. Orbits plans to use this funding to expand its user base, scale its infrastructure, and grow its team. https://tinyurl.com/ympv3pwj

OpenAI in early talks for new funding round at US$1.2 trillion valuation.

OpenAI has held early conversations with investors about a new funding round that could lift its valuation to US$1.2 trillion or higher, according to people familiar with the conversations. The conversations come as OpenAI has pushed off a planned initial public offering to next year or later. The potential funding follows interest by some investors in a new round, said one of the people. The company last announced a US$122 billion funding round at a valuation of US$852 billion, including the new investment, in March. Since then, its estimated value on the secondary market, as tracked by Caplight, has risen past US$1 trillion as its Codex coding product gained in popularity and its recently released GPT-6 Astra model outperforms competitors in some areas. The Financial Times first reported on the funding talks. OpenAI had previously planned an IPO as soon as late this year. But CEO Sam Altman said recently that an offering this year didn’t make sense amid rising concerns about AI safety. Rival Anthropic has been working on a planned IPO expected to be US$1.5 trillion or higher. https://tinyurl.com/498s9fv3

Anthropic has chosen the Nasdaq for its IPO listing.

Anthropic has selected the Nasdaq for its potential IPO, according to a person familiar with their plans. The company, which has been targeting an October listing, has given Nasdaq another big win, according to a person familiar with the matter. Nasdaq secured the coveted SpaceX listing earlier this year. SpaceX was valued at US$1.75 trillion, and some estimates have put Anthropic at US$2 trillion, though that figure has not yet been finalized. The record-setting size of these IPOs, combined with the dearth in tech listings in recent years, has made winning this competition particularly valuable. Both hope to be seen as the home for future AI IPOs. Anthropic is preparing to IPO at a time when OpenAI CEO Sam Altman says that it wouldn’t go public right now amid the controversy surrounding existential threats from AI. That risk gained more attention last week after a viral tweet from a former Anthropic employee, warning of a greater than 10% human extinction risk. Historically, the New York Stock Exchange has won many of the largest listings, but Nasdaq has remained strong in tech, with large listings including Cerebras and Rivian. Listings on its exchange a prerequisite for inclusion in the Nasdaq 100 Index. In terms of how Anthropic ultimately trades, this decision likely matters little. There isn’t a definitive answer on whether companies perform better on one exchange versus another. One key difference between the exchanges concerns market-maker mechanics. They have different processes for determining the opening price on the first day of trading, and high-volume IPOs can cause delays and confusion. Nasdaq experienced technical issues on the first day of Facebook’s 2012 IPO. Anthropic’s IPO filing has not yet been made public, but the company will need to release its financials at least 15 days before it begins its investor road show. https://tinyurl.com/5csdp997

Nscale IPO files to go public, shows huge revenue jump and steep losses.

Nvidia-backed startup Nscale disclosed Friday that revenue had surged 10 times in the first half of this year from the year-ago period, but losses mounted as the cloud startup spent billions on data centers and the AI chips they’ll house. The two-year-old UK startup, a spinout of an Australian crypto miner, became a major force in providing compute to AI companies in March when it bought American Intelligence & Power, a company that owns a massive data center complex in West Virginia. Revenue is still relatively small. Nscale generated around US$140 million in revenue for the first six months of this year vs. US$10.4 million in the same period last year. Net losses jumped to US$1 billion, compared to US$369 million in the first half of last year. Capital expenditures for the most recent period jumped to US$3.2 billion. Nscale is projecting US$103 billion of total contracted revenue after signing on a slew of commitments in recent months. Those include a US$45 billion computing deal with Anthropic and a smaller deal with robotics startup Figure. Nscale also disclosed that Microsoft is expected to pay Nscale US$43.8 billion through 2033. Still, the company warned that revenue could be heavily concentrated among Microsoft and Anthropic, according to the filing. It expects that concentration to fall in the coming years. Nvidia, one of Nscale’s major shareholders, earlier this month agreed to invest US$3 billion in convertible debt, including US$2 billion it agreed to buy in the run-up to the IPO. Previously Nscale had raised US$3.3 billion in three venture rounds, which most recently valued the company at US$14.6 billion in March. In the IPO, Nscale is expected to be valued at about US$35 billion, according to the Financial Times. Nscale is going public during a time when shares of the AI-linked companies have been volatile, Some of its publicly-traded competitors such CoreWeave and Nebius have lost more than 10% the past month. https://tinyurl.com/bddtzpfk

CoreWeave said on Friday it had priced US$3.7 billion in convertible bonds, more than the AI cloud provider had previously said it was targeting.

The convertible senior notes will be due in 2033 and carry a coupon of 2.875%, at the top of the pricing range marketed to investors and up from the 1.75% coupon on CoreWeave’s 2032 convertible sale in April. Borrowing costs have been rising broadly, while investors have also been demanding more compensation to hold some AI-related debt amid heavy issuance and concerns about the risks of AI buildouts. CoreWeave had said on Thursday that it was seeking to raise US$3 billion in the offering. Shares in the company rose roughly 1% in morning trading on Friday. https://tinyurl.com/mtzmdp5j

OpenAI said to forecast nearly US$280 billion in cash burn through end 2030.

OpenAI has told some investors that it expects to burn US$278 billion by the end of 2030, the Financial Times reported, as it spends more on cloud computing and chips to run and train its AI. The forecast, based on a recent presentation, is higher than the one it gave investors early this year, when it predicted US$180 billion in negative cash flow over the same period. An OpenAI spokesperson declined to comment. Kyle Kober, whose social media profile says he is a director of product finance for OpenAI, posted on X late Friday that the numbers were inaccurate. The maker of ChatGPT had US$73 billion in cash and marketable securities at the end of the first quarter, and it has received about US$100 billion of a March US$122 billion fundraising commitment from investors including Nvidia, SoftBank, Amazon and others. Combined, the US$195 billion stockpile suggests it won’t need to raise more money until about 2028. However, the company is considering raising a new private round, at a valuation of US$1.2 trillion or more, after CEO Sam Altman said the company would wait to hold a public offering until next year. According to the FT report, which couldn’t be independently verified, OpenAI expects its expenses to increase to US$350 billion in 2030 from US$36 billion this year. Revenue over the five year period should total US$840 billion, the report said. That would be higher than the US$673 billion previously forecast, according to The Information. https://tinyurl.com/yatr7emc

Anthropic tells investors it will be profitable for second straight quarter.

Anthropic has told its backers it will be profitable this quarter, as it moves to allay investor concerns about the aggressive cash burn of frontier AI companies ahead of its blockbuster initial public offering. The company has told a small group of shareholders that its adjusted operating income will be positive for the second consecutive quarter, according to multiple people with knowledge of the matter. The measure strips out costs including stock-based compensation. Anthropic’s gross margins are above 80 per cent before accounting for revenue shared with distribution partners, including Amazon, and the cost of training its models, according to two of the people. Sustained profitability would be a major milestone for the five-year-old company ahead of its planned listing. Anthropic has chosen Nasdaq as the venue for an IPO that could value it at US$2 trillion or more, according to a person with knowledge of the matter. The company declined to comment. The Claude maker had been expected to unveil its prospectus last week. Instead, the company shared documents with a small group of investors and will field questions from them before making them public, according to people familiar with the process. https://tinyurl.com/mr4djy9r

Donald Trump rejects calls from tech bosses for an AI slowdown.

Donald Trump has rejected calls for an AI slowdown after tech bosses and Democrats urged tighter regulation of the industry over rising fears that the technology poses an existential threat. The heads of some of the leading US AI groups — Dario Amodei of Anthropic, Sam Altman of OpenAI and SpaceX’s Elon Musk — this weekend called for a more cautious pace of development following dramatic safety warnings over rapidly advancing model capabilities. But the president said on Sunday that while some “guardrails” were possible, it was imperative for the US to retain its international leadership in the area. “Look, we’re leading China in AI . . . and, frankly, I want to keep it that way, because whoever wins AI, wins,” Trump told reporters during a trip to his Doonbeg golf course in Ireland. “We can put guardrails, we can do this and that, but I think you have a lot of negative forces that are bringing it up that shouldn’t be bringing it up and they’re bringing up things that won’t happen,” he added. https://tinyurl.com/c99x49de

China rebuffs U.S. “Fearmongering” in light of AI pacing calls.

China on Monday rejected calls from top U.S. tech executives on pacing frontier AI development while maintaining a lead over China to ensure America’s national security. “The development of artificial intelligence concerns the common well-being of all humanity. All parties should jointly promote an open, inclusive, universally beneficial, and ethically sound approach to AI,” Guo Jiakun, a spokesperson for China’s Ministry of Foreign Affairs, said at a press briefing on Monday. “Fearmongering and engaging in confrontation and malicious competition will only disrupt the global AI governance process and serve no one’s interests,” Guo said, when asked about proposals to slow down AI development from Sam Altman and Elon Musk. Over the weekend, Anthropic chief executive Dario Amodei laid out a plan to slow down AI development without sacrificing the U.S.’s lead over China. The call for pacing has been echoed by Altman and Musk. Monday’s rebuff underscores Beijing’s concern that Washingon could leverage AI safety to impose further restrictions on China. On Sunday, Chen Yixin, China’s Minister of State Security, penned an article that warned of rising AI-enabled cyber and security threats posed by “hostile forces,” and singled out models developed by Anthropic and OpenAI. “Marked by the recent launch of models such as ‘Claude Mythos’ and ‘GPT-5.5-Cyber’ by US tech companies, artificial intelligence technology is significantly boosting the efficiency of network vulnerability discovery, malware development, and weaponization capabilities. “Certain nations and organizations now possess the ability to rapidly mine vulnerabilities in bulk, automatically stitch together attack chains, and execute complex hacking operations. This dramatically lowers the technical threshold and cost of launching cyberattacks, posing severe risks and hazards to China’s critical information infrastructure,” Chen wrote in the article. https://tinyurl.com/2e9ktj2y

Zuckerberg says AI safety is becoming a competitive necessity.

Meta Platforms chief Mark Zuckerberg said ensuring the safety of AI is a commercial necessity for the companies that make models, and took an implicit swipe at calls for a collective slowdown in the technology’s development. “Every lab has the responsibility and incentive to move at the pace required to train its models safely, and the ability to take its own actions to ensure that happens,” the CEO wrote in a post on X Tuesday. Zuckerberg had been noticeably silent in recent days as other tech chiefs, led by Anthropic CEO Dario Amodei in an essay published Saturday, have warned that AI’s growing risks require new measures to limit advances at the technology’s frontier. Meta’s AI in recent years hasn’t been at that frontier in terms of performance and capabilities, though its most recent models have closed the gap considerably. In his post, Zuckerberg argued that companies don’t need to wait for others to act, pointing to Meta’s delay in the release of its recently launched Muse consumer AI agent to work on safety and security issues. “We didn’t call for everyone else to do this before we would,” he wrote. “There is a lot of debate about slowing progress on capabilities until alignment catches up,” he wrote, arguing that trust and alignment are becoming important competitive distinctions for AI models and agents. “Any lab that doesn’t focus on alignment will fall behind.” https://tinyurl.com/3bjje4hk

Elon Musk Says AI companies should test each other’s models for safety.

SpaceX CEO Elon Musk proposed that competing AI companies, including his own SpaceXAI, should “peer-review” each other’s models prior to release, as industry leaders acknowledge rising worries around AI safety. “Instead of grading your own homework, you would at least have competitors grading your homework and raising the alarm if they see concerns,” Musk said at the All-In Summit in Los Angeles on Monday. He said the proposal shouldn’t necessarily replace regulation, but could be more quickly implemented, and suggested that Chinese model makers could get on board. Musk’s comments came in the wake of a series of hacking incidents involving AI and public warnings by AI employees that have highlighted the risks of the technology. In response, Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman have expressed a willingness to pace the rate of AI development to improve monitoring and aligning models to human values. https://tinyurl.com/3dy8kt69

Altman and Musk back Amodei’s call for AI companies to slow down AI development.

Anthropic CEO Dario Amodei on Saturday called for leading AI companies to slow the development of advanced AI, drawing supportive responses from OpenAI CEO Sam Altman and SpaceX CEO Elon Musk. In a 3,800-word essay Saturday morning, Amodei said Anthropic would give “employee-like access” to third party evaluators who would assess and report how safely the company is developing its AI models. The commitment was part of a three-part plan Amodei put forward for leading AI companies to “pace the frontier”, which came just days after his own employees spoke about the growing dangers of AI development. Both Musk and Altman said they agreed with Amodei. Altman said the need to “pace the frontier” “has been a primary topic of discussions we’ve had at OpenAI in recent weeks.” Altman said OpenAI would also commit to giving independent evaluators employee-like access. The calls come as the AI industry struggles to understand and test its latest models, which have grown larger and more intelligent. Amodei said new AI models “are more capable of deceiving tests, and thus may appear more aligned while having serious problems that go undetected.” Amodei also asked the U.S. government to give the go-ahead for AI companies to “work together to set standards” for AI safety. (Right now, some AI leaders fear antitrust reprisals for such coordination.) He said that third party evaluators (like the nonprofit Metr) would be able to verify that AI companies are following the safety practices they claim. He wrote that “the most effective method of pacing is via regulation that targets all U.S. frontier AI companies, as that covers even those who are unwilling to cooperate voluntarily.” He added “Unfortunately, passing laws can take time, and AI is advancing very quickly.” https://tinyurl.com/yrhu7axu

Jensen Huang says Nvidia will sell twice as many chips next year.

Nvidia CEO Jensen Huang said on Thursday that the company will double the number of chips it sells next year. It’s the latest forecast from Nvidia that points to continuing massive growth for the next six quarters, and comes shortly after the company revealed that it expected 70% growth in the fiscal year ending in January 2028, or about US$673 billion, which caused analyst expectations to shoot up. “I expect Nvidia to sell twice as many chips as this next year as we do this year,” Huang told the media at a summit with King Charles III in Scotland. “The reason for that is because AI has, has so much contribution to the benefits of different industries, different economies, and you can see that in almost every single country that we’re in, people want to invest in AI.” https://tinyurl.com/4dj5fyux

Z.ai plans US$5 billion fundraising as compute cost grows.

Z.ai is raising about US$5 billion through equity and convertible bond offerings, seeking to replenish its warchest in the increasingly costly race to develop frontier AI models. Hong Kong-listed Z.ai said in a regulatory filing on Sunday that it plans to raise US$2 billion through a share placement, and another US$3 billion through issuance of convertible bonds. The new fundraising comes just two months after Z.ai raised US$4 billion through a share placement. Beijing-based Z.ai is one of several Chinese companies that are shaking up the global AI industry by offering open-source models with top-tier performance at a fraction of the cost of U.S. frontier models. Z.ai’s latest flagship model, GLM-5.3, is ranked seventh on the Artificial Analysis Intelligence Index, behind the frontier models from OpenAI and Anthropic as well as Meta Platforms’ new Muse Spark 1.3. Z.ai said it will use about 60% of the net proceeds from the new fundraising for research and development of its next-generation models. It plans to use about 25% of the proceeds to replenish its working capital for daily operations and other services, and the remaining 15% could be used for strategic investments and acquisitions. https://tinyurl.com/3pj5kpux

Chinese AI chip firm Biren plans US$1 billion fundraising.

Chinese AI chip designer Shanghai Biren Technology is considering raising around US$1 billion through a stock offering, Bloomberg reported on Tuesday, citing people familiar with the situation. Biren, which develops graphics processing units used to train and run AI models, debuted on the Hong Kong Stock Exchange in January amid a flurry of blockbuster listings in the sector. The company is weighing another fundraise amid Beijing’s push to accelerate the development of domestic chips to reduce China’s reliance on Nvidia. Biren previously raised about US$900 million in a July share sale. Banks are in the early stages of gauging interest from investors for the potential fundraise, Bloomberg reported. The exact size and structure of the share placement have not been finalized. https://tinyurl.com/mr4d9y8f

Elon Musk hints at possible Tesla-SpaceX merger.

Elon Musk once again teased the potential of a merger between Tesla and SpaceX on Monday, saying it was a “great question” why Tesla and SpaceX were separate companies. “With all this collaboration, on so many levels, who can imagine what action one might take when there’s so much close collaboration in so many areas,” Musk added, during a virtual appearance at the All-In Summit. The question came up in reference to Tesla’s upcoming event for its next-generation Roadster. The vehicle was developed as part of a collaboration between Tesla and SpaceX, which built cold gas thrusters for a limited edition version of the hypercar. The event is scheduled to occur in Texas, near SpaceX’s rocket-testing facility, on Oct. 1. During SpaceX’s first earnings call as a public company last month, Musk didn’t dismiss the possibility and said it would have to be “done with the appropriate process.” https://tinyurl.com/yscdw9w9

OpenAI said to buy startup Glass Imaging for US$300 million.

OpenAI has bought Glass Imaging, a startup developing higher quality cameras for smartphones, in a deal valued at US$300 million, according to the Wall Street Journal. The startup, founded by ex-Apple employees, was valued at US$100 million in a funding round last year. The acquisition could help OpenAI with its device plans. The ChatGPT maker is working on a family of devices with Jony Ive, the ex-Apple designer whose startup was sold to OpenAI last year. https://tinyurl.com/3wpbcp5s

Microsoft raises dividend 8%.

Microsoft said Tuesday it will raise its quarterly dividend to 98 cents per share, up from 91 cents, beginning in December. The company previously raised its dividend by 10% a year ago. Microsoft’s stock was roughly flat in after hours trading. The company’s move to return more cash to shareholders comes as it simultaneously balances growing spending on AI, with plans to spend US$50 billion on capex this quarter alone, primarily to build new data centers to meet AI demand. Still, Microsoft has also reported returns from its AI investments; it disclosed in July that it exceeded US$100 billion in revenue from rentals of Azure cloud servers in the twelve months prior, and that it has more than 30 million paid subscriptions to its Copilot AI features for Office 365 applications, up from 20 million paying users at the end of the first quarter. Microsoft generated US$20 billion in free cash flow in the June quarter, up more than US$4 billion from the cash it generated in the first quarter but down 20% compared to its free cash flow in the second quarter last year. https://tinyurl.com/dzdfhans

Generac shares jump on US$8 billion Amazon data center pact.

Generac Holdings Inc. agreed to supply up to US$8 billion worth of generators for Amazon.com Inc.’s data centers and issued a warrant for a stake in the company, according to a securities filing Wednesday. Shares of the US maker of backup power generators surged as much as 32% on Thursday, the biggest intraday increase in more than 14 years. The stock traded 19% higher at US$208.36 as of 11:40 a.m. in New York. https://tinyurl.com/5a4ce2zb

Apple reportedly building server packed with M-series Ultra chips for AI.

Apple is working on an AI server that would use Apple’s high-performance M-series Ultra chips found in Mac desktops. The potential product’s expected release in 2029 would mark the first Apple server to hit the market in nearly two decades—and could capitalize on the surging popularity of Apple hardware among AI developers. The enterprise server would come in two configurations that include either two or four of Apple’s future M8 Ultra chips, according to The Information. The project reportedly received support from new Apple CEO John Ternus when it began a year ago, back when Ternus led Apple’s hardware engineering efforts. This revelation coincides with booming sales for Apple’s Mac mini and Mac Studio as AI developers and companies snap up the Mac computers to run AI workloads. The popularity of such computing devices that rely on Apple’s M-series Ultra chips has undoubtedly encouraged Apple’s pursuit of an enterprise server using the same chips. The Information reported that AI companies like OpenAI have bought “tens of thousands” of Mac minis and Mac Studios to train AI agents through trial-and-error reinforcement learning, while Anthropic has also rented Mac minis from Amazon Web Services.Apple is also considering connecting its M8 chips using data center networking equipment from Nvidia. The potential use of Nvidia’s NVLink Fusion technology comes as sources told The Information that Apple and Nvidia have been holding conversations about how Apple could leverage Nvidia’s technology for the company’s AI push. https://tinyurl.com/3btdtkv5

Meta rolls out new ‘Meta One’ subscription plans with higher AI usage limits.

Meta Platforms is expanding its paid subscription offerings for its AI tools across Instagram, WhatsApp and Facebook as it looks to diversify revenue beyond digital advertising. The company announced Tuesday in a blog post that it is introducing new tiers of its Meta One subscription plans, allowing users to get higher usage limits of Meta AI than free versions, along with more than 50 features across Meta’s platforms. This includes tools for content creation, audience engagement and business management. The move gives Meta another way to generate revenue from its massive user base as it looks to reduce its reliance on digital advertising and turn demand for its AI tools into a paid business. Meta One plans are now available globally, starting at US$2.99 a month for individual products such as WhatsApp Plus, US$7.99 a month for individual bundles and US$14.99 a month for creator and business bundles. At the higher end, Meta is offering an “Expert” plan for US$149 a month for power users of its business and creator bundles. The “Max” plan costs US$499 a month and provides the highest levels of feature access, including higher usage access to Meta Business Agent. Meta previously announced in May that it was testing subscription plans, including Meta One Plus at US$7.99 per month and Meta One Premium at US$19.99 per month. The service, which Meta says has 15 million subscribers, was initially rolled out in a limited number of countries. Meta says the new features include AI tools for creating and editing images and videos, Instagram voice effects, enhanced profiles and follow features for creators, and expanded access to Meta Business Agent, which can respond to customers around the clock on WhatsApp. Higher-tier plans also offer more analytics and account management tools. The company said Meta One will soon expand to its smart glasses and its video editing app Edits. https://tinyurl.com/mnpjente

Bug hunters used Claude to hack OpenAI.

A team of cybersecurity researchers with startup Hacktron AI used Anthropic’s Claude to hack into OpenAI, gaining access to a key repository of OpenAI’s software, the researchers revealed Thursday. The hack, which occurred on July 25, further demonstrates AI companies’ vulnerability to AI-powered cyberattacks, following the Hugging Face incident, in which OpenAI’s AI models hacked the open source startup as well as OpenAI itself. The hackers said they disclosed the vulnerability to OpenAI, which paid them a US$6,500 bounty for their work. An OpenAI spokesperson said the company has addressed the issue and thanked the researchers for sharing their findings. The hack involved gaining access to multiple employees’ ChatGPT accounts, which then provided the ability to read and suggest new code stored on GitHub, the code repository site. https://tinyurl.com/4vvcxb2b

OpenAI tests sponsored agents, adds AI tools for ChatGPT advertisers.

OpenAI said Wednesday it is testing allowing some U.S. advertisers to sponsor AI agents working in ChatGPT, a move that would bring ChatGPT ads closer to what Google and Meta Platforms already offer. ChatGPT users who click an ad can now start a conversation with an AI agent to ask follow-up questions about the product or service, the company said in a blog post. Those conversations are separate from the original ChatGPT chat the user was already in, the AI giant said. OpenAI is also rolling out AI tools for the advertisers themselves. They can now manage campaigns by typing prompts into Ads Manager, the dashboard OpenAI unveiled in May that enables brands to set up and track campaigns. OpenAI can then draft ad copy and images for them. If the advertisers opt in, OpenAI will also rewrite the ads’ headlines during the chat to match what a user is talking about and translate them into the user’s language. Google and Meta have been selling creative ad tools since 2023. Meta launched in June an AI tool that handles customer chats for businesses across Whatsapp, Messenger and Instagram. In July, Google announced a chatbot that appears in search ads that allows shoppers to chat in real time with the advertiser’s website. In late August, OpenAI said ads had reached a US$1 billion annualized run rate, a sign it will finish 2026 well below the US$2.4 billion in total ad revenue it projected for the year. The company at the time called advertising “one pillar of OpenAI’s diversified business model, alongside consumer subscriptions, enterprise offerings and usage-based APIs,” referring to the technology developers use to plug into its models. https://tinyurl.com/mwxzp23x

SEC to allow tokenized stocks in U.S.

The U.S. Securities and Exchange Commission on Thursday issued a temporary order allowing certain types of tokenized stocks—crypto tokens that represent equities—to trade in the U.S., a crypto-friendly move that has drawn pushback from some traditional financial firms. Shares of tokenization firm Securitize and crypto exchange Bullish, which offers tokenization services, jumped 15% and 9% after the SEC order. The order, which the regulator calls an “innovation exemption” and will last for five years, would exempt trading venues from some rules that apply to stock exchanges so that they can list stock tokens that are directly issued by a public company or by a third party whose tokens convey the same shareholder rights and are not objected by the issuer. It would rule out crypto tokens that represent synthetic exposure to the underlying equities, which are popular outside the U.S. Separately, the Commodity Futures Trading Commission issued a guidance allowing crypto wallet software providers to enable trading of derivatives products without registering as an introducing broker. Hyperliquid Policy Center and Phantom had earlier filed a letter asking the CFTC to allow regulated companies to use on-chain markets for matching and settling trades while exempting developers and apps that don’t hold customer funds from registration requirements. https://tinyurl.com/3v3vv9f4

Circle launches new blockchain for Stablecoins, other assets.

Stablecoin issuer Circle officially launched Arc blockchain, which will support the trading of stablecoins, tokenized equities, and other assets. The blockchain will also support perpetuals, lending protocols, and social trading apps, Jeremy Allaire, CEO of Circle, said in a press briefing. Tokenized securities by the Depository Trust & Clearing Corporation will also be issued on Arc blockchain, he said. BlackRock, DTCC, Visa and Mastercard are among companies that will validate transactions on the blockchain. Circle has been diversifying its revenue sources beyond interest income from stablecoin reserves. Circle earlier pre-sold $222 million of the Arc tokens, which will give holders a role in governance of the blockchain. This month, it agreed to buy Tazapay, a Singapore-based payments firm, for US$400 million in stock, which it said will drive distribution of its USDC stablecoins. Circle’s Arc blockchain will compete with existing popular blockchains like ethereum and solana, as well as blockchains launched by companies including Robinhood, Coinbase and Stripe-backed Tempo. https://tinyurl.com/jywkcyus

SK Hynix in talks with intel to make memory chips in the U.S.

South Korean memory chipmaker SK Hynix is in talks with Intel about a deal to manufacture memory chips on U.S. soil for the first time, Reuters reported, citing three people familiar with the discussions. SK Hynix would either lease part of Intel’s long-planned Ohio fab, or form a joint venture with Intel and major cloud firms eager to secure memory supplies, according to Reuters. A tie-up would mark a significant shift for SK Hynix, which has kept its most advanced production at home. The talks come as Washington presses Korean firms to build memory fabs in the U.S. Their new partnership would also expand SK Hynix’s U.S. footprint beyond the US$4 billion advanced packaging plant it is already building in Indiana. The discussions remain preliminary and face steep hurdles, from higher U.S. production costs to regulatory approval in Seoul, according to Reuters. Opposition from Seoul could be the biggest obstacle: any agreement to produce advanced memory could run into resistance from the South Korean government, which treats those technologies as sensitive, Reuters reported. https://tinyurl.com/mtt7b6yw

Huawei speeds up ai chip launch to challenge Nvidia.

Huawei Technologies plans to launch its new AI chip in the first quarter of 2027, nine months earlier than planned, as it steps up its efforts to challenge Nvidia. Tao Wang, Huawei’s deputy chairman and rotating chairman, said at the Huawei Connect conference in Shanghai on Thursday that the new chip, known as Ascend 960DT, would deliver twice the performance of its predecessor. After the release of Ascend 960DT, Huawei plans to launch Ascend 960PR, a new chip designed to run trained AI models, in the third quarter of 2027, one quarter earlier than planned. Its future roadmap also includes Ascend 970 in 2028 and Ascend 980 in 2029. The accelerated rollout could give Chinese AI companies faster access to more powerful domestic hardware, supporting Beijing’s drive for technological self-sufficiency as U.S. restrictions limit Nvidia’s powerful chip sales to the country. Chinese developers are increasingly adapting their models to locally designed processors: DeepSeek’s V4, for example, was tailored to run on Huawei’s Ascend chips. Huawei wants to become “the Nvidia of computing and connectivity” in the AI era, according to remarks posted on the company’s internal portal for employees this week. Huawei also unveiled what it called the industry’s first large AI computing system to use near-packaged optics, linking as many as 4,096 Ascend 960 chips so they can work like one giant computer. The technology places light-based connections close to the chips, while Nvidia’s planned networking equipment uses co-packaged optics, a design that puts optical components in the same package as its chips. Nvidia’s design can move data faster with less energy, but Huawei’s approach may be easier and cheaper to manufacture and repair because faulty optical parts can be replaced separately. Marvell Technology and other companies are also exploring near-packaged optics as a more practical alternative to Nvidia’s approach. https://tinyurl.com/375579yp