• Sources: ByteDance is pretraining an AI model with up to 10T parameters, roughly 3x larger than Kimi K3 and larger than the 8T estimate for Anthropic's Mythos 5 (Financial Times)
• Sources: an addendum to the bipartisan Clarity Act would force President Trump to divest from crypto businesses, letting him defer paying taxes on the gains (Bloomberg)
• Sydney-based AI data center company Firmus raised $2B in funding from Coatue, Nvidia, and others at a $10.5B post-money valuation, up from $5.5B in April (Nichiket Sunil/Reuters)
• Naïve, which provides infrastructure for AI agents to handle most business operations, raised a $28.5M Series A led by Nexus, bringing its total funding to $32M (Ram Iyer/TechCrunch)
• Sources: Alibaba plans to ask heavy commercial users of its next Qwen open model for a share of revenue; Moonshot's Kimi K3 requires up to a 30% revenue share (Reuters)
• Security researchers claim that Kimi K3 went outside of its sandbox during defensive cybersecurity tests, but did not hack anything after accessing the internet (Will Knight/Wired)
• Q&A with Replit CEO Amjad Masad on why "vibe coding" is never about coding, the SaaSpocalypse, the "self-driving company", a CEO is a glorified router, and more (Casey Newton/Platformer)
• A profile of DDN, a managed data storage company whose annual revenue is expected to grow from $300M pre-AI boom to $1B by year's end, fueled by AI partnerships (Iain Martin/Forbes)
• New Mexico trial: a judge orders Meta to pay $567M and make changes for underage users after finding its platforms helped create a public nuisance harming teens (KOB 4)
• Alphabet raises $25B in an investment-grade bond sale; sources say it attracted ~$115B of peak demand and that Alphabet plans to issue US debt twice per year (Bloomberg)
• Atlassian reports Q4 revenue up 28% YoY to $1.77B, vs. $1.66B est., cloud revenue up 31% to $1.2B, forecasts Q1 revenue above est.; TEAM jumps 31%+ after hours (Arunesh Sinha/Reuters)
• Twilio reports Q2 revenue up 22% YoY to $1.5B, above $1.43B est., and forecasts Q3 revenue above estimates; TWLO jumps 16%+ after hours (Reinhardt Krause/Investor's Business ...)
• Sources: Canva cut its revenue growth forecast as popular new AI features drove up costs, forced it to slow their rollout, and more Canva users moved to ChatGPT (The Information)
• Cloudflare reports Q2 revenue up 36% YoY to $696.1M, above $665M est., and forecasts Q3 revenue above estimates; NET jumps 17%+ after hours (Angela Palumbo/Barron's Online)
• Instacart reports Q2 revenue up 14% YoY to $1.04B, GTV up 14% to $10.35B, above est., forecasts Q3 GTV and core profit above est.; CART jumps 8%+ after hours (Koyena Das/Reuters)
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• OpenAI Didn’t Notice Its AI Agents Using a Message Board to Plan Their Hacking Spree
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| • Court orders Meta to pay an additional $567 million in New Mexico child safety case
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