// The Cover

State

The Indispensable Pariah

Three months ago the Pentagon designated Anthropic a supply-chain risk. Today its model runs classified networks, anchors a draft White House cyber order, and shapes the safety standards Washington is now writing. How one AI lab said no — and made itself impossible to replace.

Read the cover story →

// Labs 01

Labs

Anthropic builds a vertical-agent factory

Anthropic's ten finance agents reuse the architecture that turned Claude Code into a $2.5 billion business

Labs

The last thing ChatGPT was supposed to become

Sam Altman called advertising a last resort. Four months later, any business with a campaign brief can buy a slot inside the world's most-used AI

03 The Jarvis dream just won't die →

// State 02

State

A tale of two dividends

Two drafts of the AI dividend now exist, written by camps spending tens of millions to defeat each other

State

AI's first union arrives in London

DeepMind's UK staff voted 98% to unionize, the first frontier-lab union, and a sign the field's exit option has narrowed

03 America's chip war left the wrong layer undefended →

// Dry Powder 03

Dry Powder

Ramp's $40bn fundraise is an inside job

Ramp's previous mega-rounds each had an outside firm setting the price — the $40bn fifth does not

Dry Powder

Even AI losers are winners

When Musk dissolved xAI on Wednesday, the cluster it left behind was already leased to one of its rivals

03 Why OpenAI can't enter the robot race →
04 Tiger pays for the founder, not the firm →

// Atoms 04

Atoms

Arm becomes SoftBank's spine

Arm's CEO now runs SoftBank's chip portfolio in addition to Arm, formalizing a vertical integration two years in the making.

Atoms

Amazon launches AWS for logistics

After fourteen years of internal use, Amazon began monetizing its automation stack — the freight stocks noticed within hours

// Bits 05

Bits

Is Apple giving up on privacy?

The body wins, and the brand pays

Bits

SaaS surrenders to the Palantir playbook

Per-seat licensing built modern enterprise software, but the model now replacing it built Palantir

// Energy 06

Energy

Can the ocean be the next grid?

The most exotic AI-energy bet to date is a $140 million investment in a fleet of floating data centers

Energy

The only renewable Trump kept goes public

Solar and wind tax credits expire in 2027, geothermal's in 2033, and Fervo's IPO prices the gap