Irish entrepreneur and CEO of Stripe; Arc Institute co-founder; Rhine Group co-founder
A high-profile AI-focused hedge fund has unwinded after massive leverage and a momentum crash. Citadel has stepped in to acquire many of its publicly traded holdings while the fund holds private investments, including Anthropic. Regulators and investors watch for how this affects AI infrastructure bets and market risk.
An AI-focused hedge fund called Situational Awareness has reportedly lost about 67% in a month and sold most of its public portfolio to Ken Griffin’s Citadel. The fund’s debt-fuelled, highly leveraged bets on chipmakers and AI firms has forced the sale and has prompted Wall Street to reassess concentrated AI exposures.
Alibaba has released open weights for Qwen3.8 and Qwen3.8 Max, aiming to lead open-weight AI and enable on-device models on laptops. Meta counters with Muse Glimmer, expanding open-source options for edge devices. The moves signal a race to dominate on-device AI and reduce reliance on data centers.
OpenAI, Stripe, and Synchrony are pushing toward in-chat purchases, with merchants testing AI-enabled checkout within chat tools. The move faces consumer trust and economics hurdles before in-chat buying becomes mainstream.
Z.ai has publicly confirmed that Ox Alpha is GLM-5.3-Flash, a low-cost multimodal model developed for OpenRouter and OpenCode tests. The reveal places Z.ai in the front line of China’s AI race, competing with DeepSeek, Moonshot AI, and Alibaba’s Qwen as it reports half-year results and scales chip claims amid a broader push for domestic AI capability.
A wave of AI tools is reshaping how startups form and scale, with Altman and investors arguing AI can unlock opportunity even as the public questions benefits amid data-center backlash. New business filings have surged, reflecting a shifting landscape for entrepreneurs.
Amazon has appointed Pedram Rezaei, a former Microsoft executive who spent two decades on training foundation models, as a Distinguished Engineer for its Agentic AI and Emerging Technologies group. Rezaei will focus on Quick and Kiro, respectively AWS’s AI assistant and an AI-powered coding tool, as Amazon accelerates its AI strategy.
Meta has created a new class of non‑voting Class C shares and agreed a deal with Mark Zuckerberg that will let him sell a portion of those shares to cover a potential California one‑time billionaire tax (Proposition 40) without losing voting control. The company has said the move will also raise capital for AI investment and keep Zuckerberg working near Meta's headquarters.