IPOs

The AI industry's fight over Washington's attention has a new front. Anthropic is building a formal "presidential engagement" program to work directly with both parties' 2028 presidential candidates on AI policy — a dedicated in-house political operation that experts say they have never quite seen from a technology company.

The biggest AI scare of the week was not a model mishap — it was a spreadsheet. The Financial Times reported Thursday that OpenAI told prospective investors its annualized revenue run-rate was approaching $50 billion at the end of September, about $20 billion below the $70 billion figure that had been circulating among investors. AI infrastructure stocks slid on the news: Nvidia fell nearly 3%, Oracle shed close to 6%, and Arm dropped more than 6%.