Chris Campbell:

Anthropic: The Boy Who Cried AI

Last Tuesday, Anthropic shipped what it called the most powerful AI ever built. The model was Mythos. They bolted on a set of safeguards, renamed it Fable, and handed it to the public. By Friday at 5:21 p.m., the government told them to switch it off. Ninety minutes later they did.

For a year, Anthropic's entire brand has been one long warning about Mythos. Anthropic repeatedly warned that the model makes large-scale cyberattacks more likely this year and built a consortium of banks and tech giants to brace for it.

So the people in the government whose actual job is imagining the end of the world sat down and read those warnings. And they killed the dog.

Consider what every other country saw on Friday.

The United States reached into a private American product – a thing millions of people around the world were already using, paying for, building businesses on – and switched it off for everyone who isn't American.

If you’re in France, India, or Saudi Arabia, you learned something permanent. Whatever you build on an American frontier model, you're renting from a landlord who answers to Washington. And Washington just proved it'll pull the lease on a Friday afternoon, no phone call.

There's one rational response: Build your own. On your own soil, your own chips, your own grid, running a model nobody in another capital can switch off.

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Davis Wilson:

Leaked Financial Docs Show OpenAI Is Losing Billions of Dollars a Year

As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses.

The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year.

All told, OpenAI’s day-to-day “loss from operations” increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it hopes to be profitable by 2030. But measured as a percentage of revenues, the company’s operating losses slightly improved year to year, from 237% in 2024 to 160% in 2025.

As OpenAI tries to shift all these losses to eventual profits, it will have to start reining in its costs, especially the massive (and growing) R&D costs associated with model training. It will also have to deal with enterprise customers that are beginning to balk at token-based pricing.

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Greg Guenthner:

Coinbase Gears Up to Launch Tokenized Stock Trading, Crypto and Equities Options

Publicly traded crypto exchange Coinbase has long been a popular destination for buying Bitcoin and Ethereum – but the firm's ambitions are growing in various directions as it seeks to become a one-stop shop for all things finance.

On Tuesday, Coinbase unveiled new product plans including the future launch of options trading for crypto and traditional equities, tokenized stock trading with automatic dividend payments, the ability to borrow against staked Solana, and a new travel portal for its Coinbase One Card that pays out larger Bitcoin rewards.

"The throughline, in terms of Coinbase's overall mission, is economic empowerment," Coinbase Head of Financial Services Ben Shen told Decrypt. "It is essentially allowing customers to use money in their everyday lives, the way they want."

According to Shen, the firm's foundations remain focused on crypto traders and investors, but it is working towards becoming the primary financial account for its users, allowing them to spend, send, trade, invest, and borrow all in one spot – with a goal of ultimately becoming the "everything exchange."

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