The AI trade keeps broadening. Compute demand is outrunning labs' most extreme forecasts. VCs aren't waiting for enterprises — they're buying the companies. This week, Long Lake took Amex GBT private for $6.3B at a 65% premium, the second AI roll-up to hit public markets in five months. Live from Morgan Stanley's Founders Summit, we sit down with Long Lake's Alex Taubman and General Catalyst's Madhu Namburi, Morgan Stanley's Mandell Crawley, and Anthropic's Boris Cherny and Cat Wu. ...

OpenAI reportedly missing those internal revenue and user targets. Meanwhile, rival Anthropic having the opposite problem, blowing past growth expectations. While it may be a good problem to have, it is creating challenges for their executives.Kate Rooney has more in today's tech chat. Kate, hi, Kelly. So, we did hear for the first time just how fast Anthropic is growing, and it was apparently a lot faster than the company actually expected.Here's how CEO Dario Amade put it yesterday at their cloud devel co ...

The United States has short power. We're short compute. We're short chips.And they're going to be shortages in all three. And memory for things. I actually believe a new asset class will be buying futures of compute.We just don't have enough compute power right now. ...

And so maybe we can just break down the the layers of the stack here. Right. You've got the compute layer, you've got the model builders.Is there anything you've got the cursor level which is like the interface and then you've got the applications on top. Is that I think what's right. Jen- Jensen describes it as a five-layer cake and I think there's some utility in that where you have the apps, the models, let's see if I get them all.The compute infrastructure, the chips, and energy. And you need to you can ...