The Information

Moonshot AI Files Confidentially for Hong Kong IPO

2026-09-03T02:14:28Z

Moonshot AI, whose Kimi K3 open-source model has become a global hit, has filed confidentially an application for a Hong Kong initial public offering, Chinese media outlet LatePost reported Wednesday.

Moonshot’s path to its IPO hasn’t been easy. The company went through an overhaul to unwind its ...

Exclusive: Micro1 Pledges $1 Million AI Training to Former Spirit Employees in Bid for Airline’s Data

2026-09-03T01:01:30Z

Micro1, a startup that sells data to improve AI models’ responses, has committed at least $1 million to train former Spirit Airlines employees with AI skills as part of its bid for the bankrupt airline’s corporate data, the company said. The pledge is part of an effort to convince the court that ...

Google’s (Small) Antitrust Victory and Microsoft’s Azure Shift

2026-09-03T00:00:55Z

We had lots of news today, including Microsoft’s decision to start breaking out Azure numbers, and Broadcom projecting bonanza growth in its AI chip business in the next couple of years. Oh, and the Trump administration threw its weight behind OpenAI in its copyright lawsuit against The New York Times Co. We have more on all those below.

Meanwhile, you’ve heard of the world’s smallest violin. Google may now be playing the world’s smallest trumpet, having won a major victory in what’s arguably the least important antitrust case out there. That would be the ad tech antitrust lawsuit, the second of the two antitrust cases brought by the Justice Department against Google in recent years, and the second the government won—in theory. But as with the first case—over search—the outcome of this one has gone Google’s way. Its punishment for being a monopoly in both cases is so light as to be meaningless.

Exclusive: Meta Tells Engineers AI Token Usage Won’t Be Part Of Performance Reviews

2026-09-02T23:57:29Z

Meta is pulling back further from a push to make AI usage a measure of engineers’ performance, telling employees that the company “will not use AI adoption dashboards or token counts to evaluate impact.”

In an internal memo Tuesday from executives Maher Saba and Santosh Janardhan, which was ...

Meta Unveils New AI Model in Accelerated Effort to Catch Rivals

2026-09-02T22:39:56Z

Meta Platforms announced Wednesday that it’s rolling out another AI model, Muse Spark 1.3.

Meta’s chief AI officer, Alexandr Wang, said in an X post that Muse Spark 1.3, which is available through its coding product Muse Code and the Meta model API, is its “most capable model yet,” with improved ...

Snowflake Raises Annual Sales Forecast as AI Coding Adoption Grows

2026-09-02T22:22:00Z

Shares of Snowflake rose more than 20% late Wednesday after the database provider surpassed its earlier forecast for product revenue—its most closely watched sales metric—by more than $70 million for the second quarter ending July 31.

Snowflake is benefiting as more of its customers use its AI ...

Broadcom Projects AI Chip Revenue to Double in 2027 and in 2028

2026-09-02T21:38:29Z

Broadcom reported 86% higher revenue of $29.6 billion in the quarter ending Aug. 2, a sign that its business helping design AI chips for companies such as Google, Meta and OpenAI is continuing to explode.

On an earnings call Broadcom CEO Hock Tan projected that Broadcom would ...

Exclusive: Nscale Touts $100 Billion-Plus in Contracted Revenue After Anthropic Win

2026-09-02T21:21:24Z

Nscale is telling prospective investors it has about $103 billion of total contracted revenue after clinching a $45 billion computing deal with Anthropic, ahead of an initial public offering for the neocloud that could take place as soon as this month, according to documents shared with ...

Microsoft Discloses Azure Revenue in Accounting Overhaul

2026-09-02T20:43:00Z

Microsoft’s cloud unit Azure’s revenue was $101.9 billion in the twelve months ending in June, Microsoft disclosed Wednesday, up 40% from the year prior. Microsoft made the disclosure, and revealed it will start reporting Azure’s revenue quarterly, as part of a broader overhaul of how it reports ...

Coinbase Adds Former xAI CFO Anthony Armstrong to Board

2026-09-02T20:10:56Z

Anthony Armstrong, former chief financial officer at SpaceX’s xAI, is joining Coinbase’s board, Coinbase said.

Armstrong, who has no relation to Coinbase CEO Brian Armstrong, left xAI as CFO earlier this year after joining last fall. Before joining xAI, Armstrong, a former Morgan Stanley banker, ...

Trump Administration Sides with OpenAI In Legal Battle with New York Times

2026-09-02T18:51:58Z

The Trump administration backed OpenAI in its legal battle with the New York Times, arguing in a brief that barring AI companies from training their models on publishers’ output would be unfair and hurt U.S. technological competitiveness.

The legal brief, filed by lawyers for the Department of ...

Why I’m Launching The Information’s AI Show, AI Deep Dive

2026-09-02T18:07:54Z

The Information has become the most trusted source on the AI business by breaking news about the biggest deals in the industry. Now we’re expanding that coverage with a new show called “AI Deep Dive” that will give you a more sophisticated understanding of the technology itself.

“AI Deep Dive” will complement our daily coverage with long-form conversations with the researchers and founders working on the frontier of AI.

I’m your host. I’ve written about AI at The Information for the past two years, taking advantage of my technical background to uncover and translate highly technical stories in AI and robotics. I studied computer science in college, briefly worked as a programmer and received a crash course in AI research while working at MATS, a mentorship program for AI safety researchers. These days I keep up with AI research in part by discussing a new machine learning paper every week with a reading group.

That experience sets me up to guide technical conversations with our guests. To kick off the series, I’ll be talking to Noam Brown, a research scientist at OpenAI, about the challenges involved in creating AI agents that can autonomously take actions on a computer.

Each of the following episodes will break down a hard problem on the technological frontier, from training AI models to control robots to studying the neuroscience of their “brains.”

As AI barrels ahead, bringing new developments every week, separating hype from real progress has never been more valuable. Understanding which technical problems have researchers stumped and what makes those problems so hard is the best inoculation against the hype.

TITV will remain our home for daily coverage of the biggest stories in tech. If you want to better understand the technology behind the business, I hope you’ll tune in when the first episode of “AI Deep Dive” airs on Sept. 14.

Why Regulators Are Scrutinizing Prediction Markets' Trading Arms

2026-09-02T18:06:13Z

Fast-growing prediction markets like Kalshi and Polymarket are well known for their consumer apps, where people can bet on everything from sports and elections to the weather and stock prices.

But those companies do more than operate consumer apps. Behind the scenes, several prediction markets operate their own exchanges and clearinghouses for the contracts, and some even have trading firms that make bets using the same contracts that are available to customers. Those kinds of setups have caught the attention of U.S. regulators, which have been examining potential conflicts of interest in recent years following the 2022 collapse of crypto exchange FTX and its Alameda Research trading arm.

The FTX implosion highlighted the crypto firm’s entanglements between in-house trading and its exchange. Those functions are generally kept separate in traditional financial markets—stock exchanges, for example, typically don’t own the market makers trading on them. More recently, the CFTC has included prediction markets in that scrutiny.

The Commodity Futures Trading Commission, which oversees prediction markets including Kalshi and Polymarket US, is now seeking comments on proposed rules aimed at preventing exchanges from giving affiliated trading firms an advantage over customers. They would require trading and exchange businesses to operate independently and would bar the trading firms from making speculative bets against customers.

“It’s really to address a different type of market structure that’s being used by crypto and prediction markets,” said Gabe Rosenberg, a partner at Davis Polk who advises financial institutions. “It’s about how many functions in the market can be done by one affiliated group and what protections need to be in place.”

Though the rules would apply across U.S. derivatives markets, the CFTC highlighted prediction markets as an area with recent “practical significance.” The agency said it knows of at least six exchanges that allow trading by affiliated firms, which can be a significant source of liquidity for prediction markets.

The CFTC comment period ends in early October, after which the agency could revise the proposal and move toward final rules. For now, some of the most popular prediction markets say their setups provide a level playing field for customers, and any affiliated trading firms are market makers that provide liquidity so contracts can trade easily.

In the case of Polymarket, a company spokesperson said it doesn’t have its own market maker, either for its U.S. platform or for its separate, blockchain-based platform for international users.

Kalshi, which is the biggest U.S. prediction market and is close to raising fresh cash at a $40 billion valuation, operates its own exchange and also owns Kalshi Trading, which trades on that exchange. A Kalshi spokesperson said the company supports the CFTC’s efforts.

“Kalshi Trading is unprofitable and represents a very small percentage of our volume. This is a very common and regulated practice in our industry,” the spokesperson said. Kalshi Trading doesn’t receive preferential treatment and doesn’t share personnel, office space or communication channels with Kalshi, the spokesperson said.

“Like any financial market, including the stock market, market makers are industry standard because they help bootstrap liquidity,” the Kalshi spokesperson said. Institutional market makers, including outside trading firms as well as Kalshi Trading, represent less than 5% of volume on the exchange’s most liquid contracts, the spokesperson said.

Robinhood until recently relied on outside exchanges, including Kalshi’s. Last year, it invested in Rothera, a joint venture exchange between Robinhood and trading giant Susquehanna International Group, with each holding a 45% stake. Robinhood has since been routing some customers’ orders to the new exchange, and Susquehanna makes markets on the exchange.

“In compliance with CFTC regulations, we provide a level playing field with fair, transparent and impartial access for all participants,” a Rothera spokesperson said.

The rule proposal comes at a time when prediction betting is starting to resemble serious Wall Street markets, drawing outside market makers and sophisticated traders looking to profit from shifting odds. Prices on prediction contracts can change constantly, especially around short-term outcomes such as who will win the next set of a U.S. Open match.

In its rule proposal, the CFTC noted concerns that prediction firms could give their own trading operation preferential treatment over other traders or access to nonpublic information. That could put everyday traders and other market participants at a disadvantage, the CFTC said.

Under the proposed rules, an exchange would need to disclose any affiliated trading firm and keep its office space, personnel and information systems separate from those of the exchange. Any exchange that offers an incentive program to affiliate trading firms would have to ensure that unaffiliated members can participate on equally favorable terms.

The exchanges also can’t give preferential treatment to affiliated firms under the proposal. For instance, if an independent trader puts in a buy or sell order at a given price, the exchange would have to fill their order first even if an affiliated firm placed the same order earlier. Affiliated trading firms wouldn’t be allowed to make directional bets and would need to put in both buy and sell orders for contracts rather than just taking a one-sided position.

The CFTC’s focus on the affiliated trading firms comes amid separate regulatory battles prediction markets are facing over the sports-related trading that makes up the bulk of their trading activity.

Kalshi, Polymarket and others are under scrutiny over whether their sports contracts are unregistered gambling offerings that should be subject to state-level registrations. Part of the firms’ argument that prediction markets should fall under federal rather than state regulation’ is that, unlike sportsbooks, they don’t trade against customers and are merely matching orders.

The fact that some prediction markets also have affiliated trading firms arguably undercuts that logic. Even if the firms are simply market makers providing liquidity, they’re nonetheless taking the other side of customers’ bets on each trade. That underlines the challenge for regulators as they grapple with how prediction markets fit in with existing financial and gambling rules.

New From Our Reporters

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Anthropic Considers Letting Shareholders Sell In IPO, Departing from SpaceX Playbook

By Cory Weinberg and Valida Pau

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Polymarket Woos Sports Leagues For High-Speed Data Amid Regulatory Questions

By Michael Roddan

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The Two New Executives Steering KKR’s $10 Billion AI Infrastructure Bet

By Dakin Campbell

A Decade Ago I Bet Big on China Coverage. I'd Do It Again.

2026-09-02T17:43:45Z

I landed in Beijing in March of 2016, Ubered around dozens of tech companies a week and had nightly drinks with Chinese and U.S. investors at the Rosewood in Beijing. On the weekends, I visited the startups that worked Saturdays (they all did) and wandered the malls and parks. I hopped to Hong Kong for some parties and hikes and barely stopped eating!

I was in reporting heaven. I was also confused.

Uber to Cut 10% of Employees

2026-09-02T17:36:15Z

Uber is laying off 10% of its workforce, or about 3,400 people, in an effort to streamline the organization by reducing management layers. In making the announcement, Uber CEO Dara Khosrowshahi told staffers that “the vast majority” of remote employees needed to move to an office, reducing the ...

New Jersey Asks Supreme Court to Rule on Prediction Markets

2026-09-02T17:07:30Z

The Supreme Court may wade into a battle between state lawmakers and prediction markets companies after New Jersey regulators filed a petition with the highest U.S. court to rule on whether sports bets offered by startups like Kalshi and Polymarket fall outside of state gambling regulations

New ...

Google Avoids Break-Up in Ad-Tech Anti-Trust Case

2026-09-02T15:41:32Z

A federal judge ruled that Google does not need to divest parts of its ad-tech business, despite her earlier ruling that the company monopolized parts of that market, the second time it has avoided an antitrust-inspired breakup.

In April 2025, US District Court judge Leonie Brinkema found ...

Anthropic Leader Praises President Trump’s Data Center Stance at G20 Meeting

2026-09-02T14:42:15Z

Anthropic co-founder Tom Brown called on countries to build more data centers at the G20 Innovation Ministerial in North Carolina on Wednesday, arguing that adding more computing power would be the best way for governments to benefit from AI gains. Elon Musk made similar comments in his virtual ...

New Reasoning Strategies Sweep Through OpenAI, Other Developers

2026-09-02T14:01:01Z

Before we get to today’s column, we’re just three weeks away from AI Agenda Live, our flagship conference on all things artificial intelligence (a.k.a. my personal Super Bowl).

We’ll be joined in San Francisco by top researchers, founders, operators and investors who will be answering all of our burning questions about what’s coming up in bleeding-edge AI research, the next breakthrough AI use cases, and how AI startups are thinking about competing with their biggest model suppliers.

Speakers include Google DeepMind SVP & Chief AI Architect Koray Kavukcuoglu, who will be doing one of his first public interviews following the recent Google leadership shakeup, and OpenAI’s head of core products Thibault Sottiaux, who will be chatting about the ChatGPT maker’s product roadmap. You can’t miss it!

Onto today’s column…

Big things are coming from OpenAI with its forthcoming Astra model. As Amir, Rocket and I reported yesterday, the unreleased AI has some interesting new research powering it: specifically, an innovative technique that pushes the limits of how much the model is able to “think” about hard problems.

The breakthrough, related to well-known concepts such as loop transformers and recurrent depth, is causing all kinds of excitement as well as some measure of concern about how the technology could cause trouble.

The Two New Executives Steering KKR’s $10 Billion AI Infrastructure Bet

2026-09-02T13:03:30Z

KKR’s new $10 billion AI venture, Helix Digital Infrastructure, has made its first two senior hires under CEO Adam Selipsky, the former Amazon Web Services chief, a person with knowledge of the moves said.

The venture, which counts Nvidia among its backers, has tapped Jonathan Lin, former chief business officer at data center operator Equinix, to run data center strategy and execution. Kleber Costa, previously chief commercial officer of the clean energy business at power company AES, will lead Helix’s power and energy operations, the person said.