The Information

Art by Clark Miller.

AI Race Upends Big Tech Balance Sheets

By The Information Staff · Jun 11, 2026 1:18pm PDT

For years, the biggest tech companies occupied an unusual place in corporate America. They grew quickly and still generated so much cash that they could spend aggressively, buy back huge amounts of stock and even start paying dividends. That model helped make Big Tech look almost uniquely powerful: part growth company, part cash machine. A Deep... For years, the biggest tech companies occupied an unusual place in corporate America. They grew...

Art by Clark Miller.

Tech’s 2026 Halftime Report: From AI Hype to Hard Limits

By The Information Staff · Jun 4, 2026 6:22am PDT

The first half of 2026 has been a reality check for the tech industry. After two years defined by the rush to build, fund and deploy generative AI, the biggest questions are moving beyond model rankings and chip counts. The year’s defining stories are increasingly about what happens when huge ambitions collide with harder limits on cost,... The first half of 2026 has been a reality check for the tech industry. After two years defined by...

Art by Clark Miller.

The AI Boom’s Pricey Middle

By The Information Staff · May 28, 2026 1:08pm PDT

Baseten’s talks to raise fresh funding at an $11 billion valuation are the latest sign that investors are betting the messy work of helping developers run AI models can become one of the next big businesses in AI. That boom has lifted a group of companies including Baseten, Fireworks AI, Together AI and Modal. These startups give customers... Baseten’s talks to raise fresh funding at an $11 billion valuation are the latest sign that...

Art by Clark Miller.

Venture Capital Reshuffle Looms As IPO Drought Ends

By The Information Staff · May 21, 2026 12:44pm PDT

Art by Clark Miller.

Venture Capital Reshuffle Looms As IPO Drought Ends

By The Information Staff · May 21, 2026 12:44pm PDT

A potential cluster of mega-listings by SpaceX, OpenAI and Anthropic this year could cement the dominance of venture firms that managed to get into the most important private companies of the last decade. For years, venture investing has been defined by a lack of cash returns. Startups stayed private longer, initial public offerings slowed, and... A potential cluster of mega-listings by SpaceX, OpenAI and Anthropic this year could cement the...

Art by Clark Miller.

Can AI Tollgates Become the New SaaS Model?

By The Information Staff · May 7, 2026 11:49am PDT

AI agents are forcing enterprise software companies to defend the business model that made them rich: charging for every human user. Companies like ServiceNow and SAP are starting to redraw the boundaries around their software, with some restricting how outside agents get in. Others are testing new usage-based pricing models to reflect how AI... AI agents are forcing enterprise software companies to defend the business model that made them...

Art by Clark Miller.

SpaceX IPO Details Put Musk’s AI Ambitions in Focus

By The Information Staff · Apr 30, 2026 1:30pm PDT

Elon Musk is pitching SpaceX investors on something much bigger—and riskier—than rockets and Starlink. SpaceX’s planned mid-June IPO is shaping up as a test of how eagerly public markets will fund Musk’s next grand bet: using Starlink’s fast-growing internet business to bankroll a costly push into AI infrastructure after SpaceX’s... Elon Musk is pitching SpaceX investors on something much bigger—and riskier—than...

Art by Clark Miller.

How Tech M&A Is Filling AI Gaps

By The Information Staff · Apr 22, 2026 12:25pm PDT

AI upgrades are a hot spot in technology dealmaking. An analysis by The Information’s Deep Research shows tech companies are leaning on M&A to bolster industry-specific capabilities—and turn AI into products people can actually use. That pattern is playing out across deals of all sizes. SpaceX’s potential $60 billion acquisition of... AI upgrades are a hot spot in technology dealmaking. An analysis by The Information’s Deep...

Art by Clark Miller.

Can OpenAI’s ChatGPT Ad Ambitions Add Up?

By The Information Staff · Apr 16, 2026 12:00pm PDT

Art by Clark Miller.

Can OpenAI’s ChatGPT Ad Ambitions Add Up?

By The Information Staff · Apr 16, 2026 12:00pm PDT

OpenAI has mapped out ambitious targets for its recently launched ChatGPT advertising business, telling investors it plans to hit around $2.4 billion in ad revenue this year and nearly $11 billion in 2027. An analysis by The Information’s Deep Research shows there are still significant hurdles OpenAI needs to clear in order to turn a small,... OpenAI has mapped out ambitious targets for its recently launched ChatGPT advertising business,...

Art by Clark Miller .

‘Tokenmaxxing’ and the AI Margin Squeeze

By The Information Staff · Apr 10, 2026 11:11am PDT

Debate around the prospects for companies like Anthropic and OpenAI has long centered on growth in both users and revenue. In recent months, the bigger story is how usage is changing and what that means for costs. Instead of asking a chatbot a single question, some users are increasingly relying on tools like Claude Code or ChatGPT’s coding... Debate around the prospects for companies like Anthropic and OpenAI has long centered on growth...

Art by Clark Miller.

Software Under Siege: Enterprise AI Report Card

By The Information Staff · Apr 1, 2026 12:59pm PDT

Artificial intelligence has loomed large over the software sector, with fears of AI disruption battering the stocks of legacy enterprise software giants. Beyond the investor panic and Silicon Valley hype, what is actually happening inside big companies that spend money on software? An analysis by The Information’s Deep Research suggests an early... Artificial intelligence has loomed large over the software sector, with fears of AI disruption...

Artwork by Clark Miller

The Buildout Behind AI Is Shaking Investor Confidence

By The Information Staff · Mar 18, 2026 1:05pm PDT · 1 comment

The buildout required to support next-generation AI is proving far more complex and expensive than many expected. The scramble to secure power and finance large-scale data centers is beginning to influence how investors evaluate the economics of the AI industry. We asked Deep Research to examine how these infrastructure demands are shaping Wall... The buildout required to support next-generation AI is proving far more complex and expensive...

Artwork by Clark Miller

Anthropic vs. the Pentagon: What’s at Stake for AI Labs

By The Information Staff · Mar 11, 2026 11:49am PDT

Artwork by Clark Miller

Anthropic vs. the Pentagon: What’s at Stake for AI Labs

By The Information Staff · Mar 11, 2026 11:49am PDT

The legal battle between Anthropic and the United States Department of Defense is testing the limits of how much control AI companies can retain over the use of their models. The case highlights the trade-offs between ethical guardrails, federal contracts, and talent retention in an industry under growing government scrutiny. We asked Deep... The legal battle between Anthropic and the United States Department of Defense is testing the...

Artwork by Clark Miller

OpenAI or Hegseth: Who Sets the AI Rules?

By The Information Staff · Mar 5, 2026 12:27pm PST · 1 comment

Recent actions involving the U.S. Department of Defense, Anthropic and OpenAI highlight a shift in how advanced AI systems intersect with national security policy. Government scrutiny and contracting decisions are beginning to shape not only how companies define acceptable uses of their models, but also how they position themselves in relation... Recent actions involving the U.S. Department of Defense, Anthropic and OpenAI highlight a shift...

Artwork by Clark Miller

From Vision to Constraints: The Lessons of OpenAI’s Stargate Buildout

By The Information Staff · Feb 25, 2026 1:49pm PST · 1 comment

OpenAI’s ambitions to build some of the world’s largest AI data centers have evolved significantly over the past two years, offering a revealing look at how difficult it is to translate demand for compute into physical infrastructure. Shifts in partners, scope and timelines highlight the financial and operational trade-offs that come with... OpenAI’s ambitions to build some of the world’s largest AI data centers have evolved...

What AI Means for Software Builders—and Software Business Models

By The Information Staff · Feb 18, 2026 11:11am PST

The impact of AI on software is showing up both on the engineering side and in the economics of the industry. Tools that automate coding are altering productivity assumptions, while AI-driven workflows are challenging how providers price and package their products. We asked Deep Research to analyze how these changes are affecting incumbents,... The impact of AI on software is showing up both on the engineering side and in the economics of...

Artwork by Clark Miller

Who Can Afford the AI Buildout? Follow the Balance Sheets

By The Information Staff · Feb 12, 2026 12:39pm PST · 1 comment

Artwork by Clark Miller

Who Can Afford the AI Buildout? Follow the Balance Sheets

By The Information Staff · Feb 12, 2026 12:39pm PST · 1 comment

The soaring cost and operational risk of building AI infrastructure—especially as companies race to deploy next-generation Nvidia chips—are driving a clear split in how the industry finances growth. Tech incumbents like Microsoft and Google are leaning on scale, credit strength and partnerships to spread risk, while challengers such... The soaring cost and operational risk of building AI infrastructure—especially as companies...

Artwork by Clark Miller

Can Anthropic Scale Like OpenAI—and Still Claim the Moral High Ground?

By The Information Staff · Feb 5, 2026 11:42am PST

Anthropic is facing growing pressure to compete more aggressively with rivals like OpenAI and Microsoft while preserving the safety-first identity that has defined it since its founding. Surging revenue forecasts and the launch of its Cowork agent suggest a company pushing harder into enterprise markets, even as it continues to emphasize ethical... Anthropic is facing growing pressure to compete more aggressively with rivals like OpenAI and...

How OpenAI’s Bids For Enterprise, Ad Dollars Could Play Out

By The Information Staff · Jan 28, 2026 12:32pm PST

OpenAI’s push beyond selling AI models and into enterprise software and digital advertising marks a shift in where power and profits could accrue in the tech industry. As the company moves into markets long dominated by established software vendors, consultancies and ad platforms, its expansion raises questions about which incumbents are most... OpenAI’s push beyond selling AI models and into enterprise software and digital advertising marks...

What the Thinking Machines Shake-Up Reveals About the AI Talent Market

By The Information Staff · Jan 21, 2026 12:11pm PST

The recent shake-up at Thinking Machines Lab offers a clear view into how competition for AI talent is evolving across the industry. As leading firms move more aggressively to recruit and retain a small pool of highly sought-after researchers, the effects are showing up not just in hiring practices but in valuations, investor confidence and... The recent shake-up at Thinking Machines Lab offers a clear view into how competition for AI...

Art by Clark Miller

Why Google, Amazon and OpenAI Are on a Collision Course Over AI Commerce

By The Information Staff · Jan 14, 2026 1:07pm PST

Art by Clark Miller

Why Google, Amazon and OpenAI Are on a Collision Course Over AI Commerce

By The Information Staff · Jan 14, 2026 1:07pm PST

AI-powered shopping is becoming a new area of competition among major technology companies, e-commerce platforms and retailers, each pursuing different approaches to how consumers discover and purchase products online. These efforts range from proprietary shopping agents to shared commerce protocols and embedded checkout systems that could... AI-powered shopping is becoming a new area of competition among major technology companies,...