Sources: Anthropic has agreed to the terms of a 30B fundraising at a 900B valuation, with Sequoia, Dragoneer, Greenoaks, and Altimeter co-leading the round (George Hammond Financial Times)

Sources: xAI co-founder Igor Babuschkin plans to raise up to 1B at an up to 5B valuation for a new AI research startup, with General Catalyst possibly leading (Forbes)

Musk v. Altman: in closing arguments, Musk’s attorney doubled down on claims of Altman’s untrustworthiness, while OpenAI’s lawyer said Musk has no evidence (Associated Press)

California Gov. Gavin Newsom proposes a new 7.25% tax on web-based software sales, targeting 1.1B in state and local tax revenue in the upcoming budget year (Bloomberg)

Gemini reports Q1 revenue up 42% YoY to 50.3M, vs. 47.9M est., announces a 100M capital injection from Winklevoss Capital Fund; GEMI jumps 22% after hours (Tanaya Macheel CNBC)

Cerebras co-founders CEO Andrew Feldman and CTO Sean Lie own stakes worth 3.2B and 1.7B, respectively, representing about 5.5% and 3% of the company (CJ Haddad CNBC)

Cerebras shares closed up 68% at 311.07 in the company’s Nasdaq debut after it raised 5.5B in the year’s largest IPO, giving it a market value of 67B (Bloomberg)

OpenAI adds remote access to Codex in the ChatGPT mobile app, letting users control Codex sessions running on a connected computer directly from a phone (Zac Hall 9to5Mac)

Figma reports Q1 revenue up 46% YoY to 333.4M, vs. 313.2M est., and forecasts Q2 revenue above estimates, citing AI monetization; FIG jumps 8% after hours (Zaheer Kachwala Reuters)

Sources: Joshua Kushner’s Thrive Capital told its stakeholders that it has invested 100M in Shopify, framed as a bet on how AI could lead to gains in commerce (Natasha Mascarenhas Bloomberg)

Sources: Microsoft plans to remove most of its Claude Code licenses and push its developers toward GitHub Copilot CLI, after previously pushing Claude Code (Tom Warren The Verge)

The Senate Banking Committee advances the Clarity Act, which would make CFTC the primary regulator for most digital assets while SEC oversees digital securities (Bloomberg)

Sources: 50 researchers and engineers have left xAI since the SpaceX acquisition via layoffs, firings, and voluntary departures; many have joined Meta and TML (Theo Wayt The Information)

Sources: Intel has begun testing production of low-end legacy iPhone, iPad, and Mac processors ; Apple thinks TSMC’s resources will continue tilting toward AI ( mingchikuo)

Ford stock jumped as much as 25% in two days after the launch of Ford Energy, a new subsidiary providing battery storage capacity to AI data centers (Christian Davies Financial Times)