Berkshire Hathaway profit doubles, fueled by a near $13 billion investment gain
THE SO WHAT
A $13 billion investment gain and $32 billion of fresh capital deployed tells you large, patient money still sees mispricing in this market. If you’re raising or selling, assume the bar is higher on durable cash flows and lower on narrative-only growth.
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MORE FROM THE WIRE
He joined OpenAI. Here’s his advice for those who want a job at the lab.
OpenAI emphasizing experimentation and mission-fit in hiring mirrors a broader shift in frontier labs toward operator-builders over pure theorists. If you're competing for similar talent, your edge is a clear problem to own and room to ship, not just compensation.
Startups & VentureSituational Awareness’s Mystery Investment Was to Source Foundry
$400M into Source Foundry from a stressed hedge fund is another data point that advanced chip manufacturing is being treated like distressed-but-strategic infrastructure, not a normal startup bet. If you rely on custom silicon, assume more non-traditional capital — hedge funds, PE, sovereigns — will be on your vendor cap tables and plan for that governance complexity.
Startups & VentureFilings: Moonshot restructured its China-based entity from a limited liability company to a joint stock company in its first visible step toward a Hong Kong IPO
Moonshot’s shift to a joint stock company and Hong Kong IPO prep is a reminder that late-stage AI capital is regionalizing — Chinese AI scale-ups are increasingly tapping HK rather than US markets. Global operators partnering with these firms should map listing venue and governance structure into their long-term dependency and regulatory risk models.
Startups & VentureSources: Situational Awareness invested $500M, including $400M this week, into Source Foundry, a startup that plans to develop new AI chip manufacturing tools
$500M into AI chip manufacturing tools — with $400M dropped in a single week — is a bet that the bottleneck is shifting from chips to the tools that make them. If you’re planning long-term AI infra, start tracking toolchain vendors and process IP the way you track GPU supply today.