Highlights

• Jeff Bezos and Michael Dell commit $1B to Coatue’s new tech fund; Bezos leads $72M round in Nebius-owned AI data startup Toloka, joined by Nvidia and Shopify’s CTO.1
• OpenAI expands its $500B Stargate AI infrastructure project globally, launching “OpenAI for Countries” to seed local AI ecosystems and build data centers with US allies.2
• OpenAI plans to cut Microsoft ’s revenue share to 10% by 2030, projects hundreds of billions in revenue, and is restructuring its corporate governance.5
• Amazon unveils Kiro, a new AI code generation tool, as Unblocked ($20M), Ox Security ($60M), and CodeAnt ($2M) raise fresh capital for AI-powered developer and security tools.3
• Mistral launches Medium 3 AI model offering SOTA performance at 8X lower cost, targeting coding/STEM tasks, and introduces Le Chat Enterprise for businesses.6
• Amsterdam-based Finom raises $105M to expand its AI-driven banking platform for 100K+ European SMBs.4
• Google partners with Elementl Power to develop three 600MW advanced nuclear sites, aiming for 10GW by 2035 to power AI data centers.13
• Alphabet ’s Waymo to add 2,000+ self-driving I-PACEs, doubling fleet to 3,500 by 2026, with expansion to new US cities planned.15
• CATL files for $5B Hong Kong listing, largest since 2021; Chery targets $1.5B IPO, both amid US-China tensions and shifting global capital flows.7
• Geely offers $2.2B to take Zeekr private, proposing a 13.6% premium and share exchange option.10
• Elon Musk’s xAI partners with Palantir and TWG Global to drive AI adoption in financial services.11
• Vivek Ramaswamy’s Strive Asset Management merges with Asset Entities , plans $1B Bitcoin buy, sending ASST stock up 400%.12
• Shionogi acquires Torii and JT’s pharma units for $1.1B, including AI drug discovery talent; Masimo sells Sound United to Samsung’s Harman for $350M.89

Commentary

AI continues to dominate the venture and growth-stage landscape, with capital and strategic partnerships accelerating at a global scale. The $1B commitment from Jeff Bezos and Michael Dell to Coatue’s new tech fund, alongside Bezos’s direct investment in Toloka (with Nvidia and Shopify’s CTO), underscores the persistent appetite for AI infrastructure and data solutions.1 OpenAI’s $500B Stargate expansion and its “OpenAI for Countries” initiative signal a new era of AI infrastructure geopolitics—one where national ecosystems and sovereign data centers become a battleground for both capital and talent.2 The move to seed local AI startups could catalyze new early-stage opportunities, especially in markets previously overlooked by US VCs.2

The competitive arms race in AI models and developer tools is intensifying. Mistral’s Medium 3 model, with its aggressive pricing and enterprise focus, could pressure incumbents on both cost and performance,6 while Amazon ’s Kiro and the funding rounds for Unblocked, Ox Security, and CodeAnt highlight the ongoing demand for productivity and security in software development.3 These trends suggest that investors should expect heightened competition, faster product cycles, and potentially compressed margins in the AI tooling space, but also a broader customer base as enterprises accelerate adoption.

Meanwhile, the infrastructure underpinning AI is rapidly evolving. Google ’s nuclear power partnership with Elementl Power is a direct response to the energy demands of AI data centers, and could open up new verticals for climate-tech and energy-focused VCs.13 Alphabet ’s Waymo fleet expansion and Zeekr’s potential privatization by Geely highlight the continued capital intensity and strategic repositioning in autonomous vehicles and EVs, even as public market routes remain volatile for Chinese issuers (CATL, Chery).15107

Exit opportunities remain robust but nuanced. The CATL and Chery IPOs in Hong Kong, despite geopolitical headwinds, show that large-scale listings are still possible for tech and mobility players, though with more regional syndication and less Western bank involvement.7 Strategic M&A—like Shionogi’s pharma consolidation8 and Masimo ’s divestiture to Samsung’s Harman9—demonstrates that corporate buyers remain active, particularly for assets that can accelerate core business focus or unlock new product synergies.

For VC investors, the key watchpoints are: (1) the pace and scale of AI infrastructure buildouts globally, (2) the evolving competitive dynamics in AI developer tools and enterprise SaaS, (3) the impact of energy and data center innovation on deep tech deal flow, and (4) the shifting exit landscape amid geopolitical and public market volatility. Expect continued capital rotation into AI, fintech, and infrastructure, but with growing scrutiny on differentiation, defensibility, and regulatory risk.