The Investor

Oura's S-1 reports a $924.3M net loss attributable to stockholders, but the charge is a non-cash deemed dividend created when the company spent $1.09B of its own cash repurchasing 27.9M preferred shares. PitchBook counts $60.8M of net income underneath. For you, that repurchase is the only cash-cleared Oura price in existence, roughly $39.07 a share, and it sits far below the reported $11B October mark and the $16B-plus Bloomberg said the company weighed in May.

Ramp's spend data shows 1% of OpenAI and Anthropic customers generating 80% of their enterprise revenue, and those top spenders skew toward tech and AI product companies. Separately, Madrona found 77% of enterprises re-evaluate AI vendors every six months or continuously. Together they describe revenue that is both concentrated in venture-funded buyers and re-decided twice a year. Ramp's base skews startup and SMB, so treat the concentration as directional rather than exact.

Figure committed $3.5B to Nscale for up to 100,000 Vera Rubin GPUs with stated intent past $6B, and Nscale is taking equity in Figure as part of the same deal. Fluidstack went from $7.5B in July to above $18B on a reported $50B Anthropic capacity agreement, with Jane Street leading the round while remaining the largest reported customer of rival Crusoe. Backlog struck this way is counterparty credit and delivery risk, not independent end demand.

OpenAI's GPT-6 Astra shipped at $10 per million input and $50 per million output tokens, 2.5x its predecessor and identical to Anthropic's Fable 5.1, per The Information's reporting. Underneath, Z.ai's MIT-licensed GLM-5.3-Flash scored 63% on the DeepSWE coding benchmark at $0.24 per task against Claude Opus 5's 74% at $11.84. Cost deflation reversed at the top and accelerated at the bottom, so a portfolio company without workload routing is structurally short its own gross margin.

Organized local opposition killed a $100B data center project backed by two of the world's largest private equity firms, and the defeat is being packaged as a replicable blueprint. Texas Republicans are breaking from the administration's pro-AI posture over data-center siting, in historically the most permissive US jurisdiction. Against that, a16z data attributes roughly 300,000 construction and trade jobs to the buildout since 2022, giving these projects a blue-collar constituency that cuts the other way.