Nvidia

After a decade of being the punchline in every assistant comparison, Siri just got euthanized and resurrected. At WWDC 2026 today — Tim Cook’s final keynote as CEO — Apple didn’t tweak Siri. They torched it and rebuilt the whole thing from scratch under a new name: Siri AI. The twist? The engine under the hood belongs to Google. The Mea Culpa Rebrand Apple VP Mike Rockwell opened with what amounted to a corporate apology: “There are times when you expect more from Siri.” Understatement of the decade. ...

The company you associate with phone processors just struck a deal to power one of the world’s largest AI operations. And it tells us everything about where the chip market is actually heading. The Phone Chip Company That Showed Up to the AI Wars Qualcomm has signed a deal with ByteDance to supply millions of custom AI chips for data centers. Not GPUs. Not general-purpose hardware. Application-specific integrated circuits — ASICs — tuned for the one thing that actually matters in production AI: inference. ...

The AI chip wars just got their first real plot twist in years. On Wednesday, Cerebras Systems — the company that builds processors the size of dinner plates — didn’t just go public. It detonated onto the Nasdaq. Shares priced at $185, opened at $350, peaked near $386, and settled at $311. That’s a 68% first-day pop, a $95 billion valuation, and the biggest U.S. tech IPO since Uber went public in 2019. ...

The biggest AI IPO of 2026 prices tomorrow — and it’s not OpenAI or Anthropic. It’s a company that builds chips the size of dinner plates. Cerebras Systems debuts on Nasdaq May 14 under ticker CBRS, targeting $150–$160 per share, $4.8 billion in gross proceeds, and a fully diluted valuation approaching $48.8 billion. The book is reportedly 20x oversubscribed. For a company with fewer than 800 employees valued at $8 billion just seven months ago, this isn’t a listing. It’s a coronation. ...

The AI chip market just got a lot more interesting. Cerebras Systems — the company that builds AI chips the size of dinner plates — filed updated paperwork raising its IPO price range to $150–$160 per share. That’s up from an already ambitious $115–$125 range set just last week, putting the company on track to raise up to $4.8 billion in what’s shaping up to be the biggest IPO of 2026. ...

Follow the Money in a Circle Nvidia crossed $40 billion in equity investments in 2026. The biggest chunks: $30 billion into OpenAI, $3.2 billion into Corning, $2.1 billion into IREN. Here’s the pattern that has people uncomfortable: Nvidia invests in a company. That company buys Nvidia GPUs. Nvidia books the revenue. Money out, GPUs out, money back in. Rinse and repeat at scale. The Bloomberg Investigation Bloomberg’s investigative team started pulling the thread in April. What they found isn’t illegal. But it raises questions that Nvidia’s 35x forward earnings multiple probably can’t absorb. ...

Jensen Huang has a new side hustle. While Nvidia remains the undisputed king of AI chips — the company that turned sand into a $5.2 trillion empire — it’s quietly becoming one of the most aggressive investors in the entire AI ecosystem. In 2026 alone, Nvidia has committed more than $40 billion in equity investments across the AI stack. The company selling picks and shovels in the gold rush is now bankrolling the miners, the land, and the roads. ...

You can’t embargo the most valuable commodity on Earth and expect everyone to play nice. US prosecutors just dropped their biggest AI hardware enforcement action yet — a $2.5 billion smuggling operation that funneled restricted Nvidia servers through Bangkok directly into Chinese hands. The details read like a spy thriller. The implications hit like a freight train. The Operation Bangkok-based OBON Corp allegedly purchased massive quantities of Super Micro servers packed with Nvidia’s H200 and B300 chips — the silicon that powers frontier AI training. Instead of deploying them in Thailand’s growing AI ecosystem, the servers were rerouted to China. Alibaba is named as an end customer. ...

The same Nvidia server rack costs $550,000 in the United States and nearly $1 million in China. That price gap tells you everything about where the AI industry stands in May 2026. Chinese tech companies are paying almost double for Nvidia’s B300 servers — when they can get them at all. The cause: a collision of exploding AI demand, tightening U.S. export controls, and a smuggling crackdown that just blew the doors off one of tech’s worst-kept secrets. ...

The company that sells every shovel in the AI gold rush just started renting shovels from someone else. And it’s paying $5.5 billion for the privilege. On May 7, Nvidia and IREN Limited announced a partnership combining a $3.4 billion cloud services contract with a $2.1 billion equity option — deploying up to 5 gigawatts of AI infrastructure using Nvidia’s DSX architecture. That’s enough power for 3.75 million homes, dedicated entirely to AI computation. ...