Open AI might be under a lot of pressure lately, but Sam Alman is putting the spotlight on a fast growing part of the business separate from chat GBT as the race for AI maybe moves beyond chat bots. Dear Jabbosa has more in today's tech check. Dearra, hey Kelly.So the race is moving from what we see and prompt as chatbot users to what powers the backend for enterprises and developers. The metric which you're going to start hearing a lot more about is API usage. So the software talks directly to the model.On ...

Core Insights - Cohen & Company Capital Markets has opened a new office in Houston, aiming to enhance its advisory services in the energy and energy transition sectors following a significant increase in deal flow, closing $44 billion in transactions in 2025 [1][4] Company Expansion - The firm appointed Rahul Jasuja as Head of Energy and Energy Transition, who brings 20 years of investment banking experience, particularly in M&A advisory and capital markets transactions [2] - The Houston office will serve as a hub for energy and energy transition advisory services, focusing on disciplined capital allocation across traditional energy and sustainable solutions [3] Strategic Focus Areas - The Houston office will concentrate on four core verticals: 1. Advising on nuclear, geothermal, and other dispatchable energy platforms to support long-term demand growth 2. Advising companies in critical minerals and technology sectors essential for energy security 3. Supporting sustainable fuels and decarbonization technologies 4. Assisting traditional energy operators with M&A and portfolio evolution strategies [7] Market Positioning - Cohen & Company Capital Markets is recognized as a leading SPAC bank, having led various SPAC IPOs in 2025, and is committed to investing in infrastructure that supports AI, defense, and energy transition [4][5] - The firm emphasizes a high-touch alternative to bulge-bracket banks, focusing on the transition from incubation to industrial scale-up in frontier technology [5] Asset Management Overview - As of September 30, 2025, Cohen & Company managed approximately $1.4 billion in assets, primarily in fixed income across various asset classes, including European bank securities and commercial real estate loans [8] Company Profile - Cohen & Company Capital Markets operates as a full-service boutique investment bank, providing strategic counsel and execution capabilities across M&A advisory, capital markets, and SPAC transactions, with a focus on middle-market and growth companies [9]

Core Insights - Venture Capital investment in frontier technology has increased by 47% year-over-year, driven by AI demand, defense innovations, and industrial automation growth [1][2] - Despite supply chain challenges and economic uncertainty, the frontier tech sector is experiencing significant growth, with strong VC enthusiasm for fundraising [2] Investment Trends - VC fundraising in hardware has reached a 10-year high, with one-third of fundraising dollars allocated to hardware-focused VC funds, up from 20% in 2021 [4] - Total VC investment in defense and aerospace surpassed $4 billion in 2024 and is projected to reach $12 billion by the end of 2025 [4] - Investment in AI and robotics is increasing, with VCs focusing on AI compute and hardware as generative AI adoption rises [4] Defense Sector Insights - Annual VC investment in defense technology has exceeded the budget for the Defense Advanced Research Projects Agency (DARPA) since 2019, indicating a shift in funding for defense innovation [4] - More than 50% of frontier tech unicorns have raised funding in the last two years, highlighting the sector's robust fundraising environment [4]