Syz the moment

In '25, 76% of AI use cases were purchased by enterprises, rather than built internally (vs. 53% in '24). Enterprise AI software refers to artificial intelligence applications specifically designed for large-scale organizations to automate complex business processes, improve decision-making, and enhance productivity across departments like HR, finance, and supply chain. Unlike consumer AI (like a personal chatbot), enterprise AI is built with a focus on security, scalability, and integration with existing corporate systems like ERP (Enterprise Resource Planning) or CRM (Customer Relationship Management) Source: Puru Saxena @saxena_puru

The U.S. and Taiwan have reached a trade agreement to build chips and chip factories on American soil, the Department of Commerce announced Thursday. As part of the agreement, Taiwanese chip and technology companies will invest at least $250 billion in production capacity in the U.S., and the Taiwanese government will guarantee $250 billion in credit for these companies. In exchange, the U.S. will limit “reciprocal” tariffs on Taiwan to 15%, down from 20%, and commit to zero reciprocal tariffs on generic pharmaceuticals, their ingredients, aircraft components and some natural resources. Source: CNBC

Taiwan Semiconductor, $TSM, reported a +35% YoY increase in net profit for Q4 2025, driven by surging AI chip demand. Asia’s most valuable company has now posted YoY profit growth for 8 consecutive quarters. At the same time, revenue grew +21% YoY in Q4 2025, to $33.7 billion. Both revenue and profit beat analyst estimates. Full-year 2025 revenue jumped +32% YoY and surpassed $100 billion for the first time in company history. TSMC also expects record CapEx in 2026, at $52-56 billion, up +32% YoY, to expand global manufacturing capacity. Source: The Kobeissi Letter

That difference matters. Source: Goldman Sachs, COATUE

Source: Brew markets

They’re also reportedly in talks for a private funding round that could value the company north of $300B — a huge step up from their most recently disclosed ~$183B post-money valuation. If Anthropic were public today and you simply treated that ~$183B as its market cap, here’s the fun part: 📈 It would land around the low-90s globally by market cap — roughly #91 — just ahead of Airbus (≈$181B). For context, that neighborhood looks like: Blackstone ≈ $186B HDFC Bank ≈ $180B (Anthropic) ≈ $183B Airbus ≈ $178B Source : Reuters, FT

Yes it happened Source: Jeff Weniger

Here is the breakdown of what is going on: 1. The $100 Billion Life Raft 💰 OpenAI is reportedly looking to raise a staggering $100B (Source: WSJ). With a target valuation of $830B, this isn't just a fundraising round—it’s a geopolitical event. Sam Altman isn't just looking for "growth capital"; he’s securing a bridge to 2030 profitability. 2. From Debt to Equity 📉 Private credit markets (like Blue Owl) have been tightening the taps on AI infrastructure. OpenAI is pivoting from cheaper debt to massive equity dilution. Why? Because when you’re "incinerating" cash to build the future, you need a sovereign-sized safety net. 3. The Oracle "Survival" Surge 🚀 This isn't just about OpenAI. This cash flows directly into compute. Oracle and CoreWeave are the primary beneficiaries. This funding ensures OpenAI can pay its hyperscaler partners for years to come. The market is breathing a sigh of relief: Bankruptcy risks for AI infrastructure plays are evaporating. 4. The Credit Default Swap (CDS) Collapse 📉 Before tonight, Oracle’s CDS was at a 16-year high (~156bps). Investors were pricing in serious risk. Now? We expect a short-covering frenzy. The "AI winter" just got hit by a heatwave of Emirati capital. The Bottom Line: The world was waiting for the US to backstop the AI revolution. Instead, Abu Dhabi stepped up. This $100B injection doesn't just fund a chatbot; it stabilizes the entire AI ecosystem for the next 24 months. Is this the start of the 2025 bull run, or just a very expensive bridge to the unknown?