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It’s not a gamble, it’s the most powerful and useful software ever created

In a single year, AI has rewritten the security priority list for CISOs. Attackers are moving faster. Bain estimates AI compresses a typical cyberattack from about four weeks to about 18 hours, and models keep getting better at finding and exploiting weaknesses. There's also more to protect, with employees shipping apps they couldn't have built a year ago and agents getting access to source code, documents, and production systems. In a survey of 100 CISOs at companies with 1,000+ employees, all seven of the most-selected 2027 priorities involve AI. The biggest jumps since 2026: - Internal AI agent security (+28 pts) - AI SOC (+26 pts) - AI offensive security (+24 pts) - AI code security (+23 pts) - AI vulnerability remediation (+22 pts) Last year's staples: - Exposure & vulnerability management (-21 pts) - SIEM / security data (-18 pts) - Privileged access management (-18 pts) From a16z's @OwenColby and @steph_zhang on The New Security Agenda: a16z.news/p/the-new-security…

There is no moat

SK Hynix POPPING on earnings this morning (+11.5%) Operating Profit: • +632% YoY / $62.7 billion Revenue: • +328% YoY / $78.9 billion • Quarterly record The chipmaker says its memory supply is effectively sold out through 2029

Who actually gets rich if Anthropic lists at $2 trillion? The S-1 filed on Monday lets us answer from the filing itself. The reported target is $1.5T to $2T, listing the week of November 16. The filing implies about 16.9B fully diluted shares. So $2T works out to roughly $118 a share. The cap table at $2T: - $199B for the 7 controlling co-founders, about 10% - $28B for Ben Mann, if his stake matches theirs - $100B for the Anthropic Public Benefit Fund, 5% - $331B in employee options and RSUs, about 17% , That pool covers about 5,300 employees, an average of $62M each. - But when you joined matters enormously. The S-1 shows how much equity was granted each year, and at what price. [ Headcount went from about 300 to 500 in late 2023, to 940 at end 2024, to 5,300 now. Match the two, and here is roughly how many people made what at $2T: - $110M to $400M each: ~300 to 500 people hired by 2023 - $200M to $300M each: ~440 to 640 hired in 2024 - $70M to $95M each: ~1,360 hired in 2025 - $10M to $20M each: ~3,000 hired in 2026 So about 940 people hired by the end of 2024 average nine figures. Everyone hired since averages eight figures. The 2024 class is the surprise. That year Anthropic granted 1.28B options at $1.30 a share. At $118, that one year of grants is worth about $133B. Then there is the tender. In April, holders could sell at $25.91 a share. Investors lined up $6B, but only $4.7B sold. Weeks later, Series H priced at $58.90 a share. At $2T, the people who held would be up 4.6x. And Dario and Daniela Amodei were among the sellers. The 7 founders have pledged 80% of their equity to charity. That is about $159B at $2T. But the S-1 says the pledges are not legally binding.

Introducing Samaya Sterling, our new model post-trained for challenging financial research that outperforms the frontier! Sterling started off as a two person research effort to see if we could increase efficiency in agentic orchestration. To our surprise we were able to post-train a much smaller model (Nemotron 3.5 Lightning, a 30B mixture-of-experts model with 3B active parameters) to greater accuracy (58.9% vs 55.9% on FrontierFinance) and 11x lower cost ($0.61 vs $6.89) than Claude Fable 5.1, the best performing frontier model. We did this via a four-stage training process, two stages of SFT where the model first learns to research with our financial tools and how to construct a good agentic research strategy. The second two stages are RL, with an offline GRPO stage where the model further hones its research strategy from eight teachers that provide diverse approaches, and an online GRPO stage where the model can make end to end attempts and learn from its mistakes. We see substantial gains from the co-adaptation of the model and harness through post-training, both through the model learning to effectively use the high-quality financial tools, and better compaction approaches that let even a small model execute on longer and deeper research. We are exploring multiple follow-up directions, from multi-agent research swarms using this small model, to training firm-specific models to encode unique judgement, to training a larger model, where early results show even greater gains from the training process. The full research is linked below!

.@Starlink and @cricbuzz are an amazing combo @manoharansunil

Netflix hit a peak market cap of $569B in June 2025. It’s now down ~50% to $288B while YouTube has completely run away with user viewing time.

JUST IN: Veradermics announces its experimental hair-loss pill significantly increased hair growth in over 500 men, with no serious side effects reported in a late-stage study.

In the last 24 hours: 1. iPhone 11 through 16 are apparently vulnerable to remote attacks. 2. SSL certificates are broken until browsers remove eMudhra CA. 3. PHP >9 vulnerability CVE published (tomorrow). The world is about to witness things that have never been seen before.

private keys from 8 intermediate CA certs have been compromised (eMudhra) Happy "Update everything" day to all my pager-carrying friends emudhra.we-have-a-problem.co…

Of all the recent arguments I’ve heard for why we might be in an AI bubble, this one from @RayDalio alarmed me the most. Much of the justification for the massive capex is based on the idea it will usher in an era of unprecedented productivity. But he says that even if we do see a productivity miracle, all sorts of other things have to happen to ensure there isn’t a crash. Ray and I went deep on all of the dynamics at play with a potential bubble. I hope you watch and subscribe: youtube.com/watch?v=OAN7gQle…

Side by side, 2030 AI infrastructure revenue hurdles from Goldman Sachs, Bernstein & Cummings, Van Nieuwerburgh – and our own at @ExponentialView. We explain why our 2030 revenue expectations diverge from consensus here: investmentbrief.ai/p/2030-re…

She left her GoPro unattended at the bottom of the ocean to film a sunset underwater with no human around. [📹 divedivelive]

I'm fascinated by the rise of frictionmaxxing as a response to a frictionless life. We engineer away inconvenience, only to discover that some of the friction we removed was part of what made life feel alive in the first place

Reminder that an anonymous Theranos employee discussed the whole fraud (without naming the company) on a popular subreddit years before the WSJ broke the story

Last night, a swarm of Opus 5.5 agents working for 9 hours and burning 254.2 million output tokens were able to fully reverse engineer and decompile the Linux source code Full source archive available here kernel.org Grab it before they take it down

We placed the fruit fly brain inside Odyssey-3, a frontier world model. The lil’ guy is now flying around totally imagined, simulated worlds all by itself 🫶