Nvidia Posts Record $81.6B Q1 Revenue, Unveils $200B Vera CPU Market

Nvidia reported record first-quarter revenue of $81.6 billion on Wednesday, up 85 percent year over year and beating analyst estimates, with data center revenue of $75.2 billion accounting for the bulk of gains. CEO Jensen Huang used the earnings call to introduce Vera, Nvidia's first standalone CPU, which is now bundled with its Rubin GPU line. Huang said Nvidia has already sold $20 billion of standalone Vera units in 2026 and described the product as opening a brand-new $200 billion total addressable market the company had never addressed before. Nvidia forecast revenue of approximately $91 billion for the next quarter.

Sources: TechCrunch

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Anthropic to Pay xAI $1.25B Per Month for Colossus Data Center Compute

Anthropic has agreed to pay xAI $1.25 billion per month for cloud computing capacity through May 2029, according to details revealed in SpaceX's SEC filing on Wednesday. The deal gives Anthropic the entire output of xAI's Colossus 1 data center near Memphis, Tennessee, representing 300 megawatts of compute capacity that Grok's user base had not fully utilized. The contract includes a discounted rate for the first two months while Colossus 1 completes its ramp, with either party able to terminate on 90 days' notice. Total potential revenue to xAI over the contract term exceeds $40 billion.

Sources: TechCrunch

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Exa Labs Raises $250M to Build Semantic Search Layer for AI Agents

Andreessen Horowitz-backed Exa Labs raised $250 million at a $2.2 billion valuation on Wednesday, betting that developers will increasingly need semantic search infrastructure independent of Google. Exa's API lets developers retrieve web content based on meaning rather than keyword matching, positioning the company as a foundational layer for AI agent pipelines that require real-time factual grounding. The funding arrived on the same day Google announced it would replace its traditional search results page with an AI-powered agentic experience, intensifying investor urgency around backing alternatives. Competitors Tavily, TinyFish, and Parallel Web Systems are pursuing adjacent approaches to the same developer market.

Sources: TechCrunch

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Parallel Systems Raises $100M to Scale Autonomous Electric Freight Rail

Parallel Systems, a Los Angeles-based startup founded by former SpaceX engineer Matt Soule, raised $100 million on Wednesday to accelerate commercial deployment of its autonomous electric freight rail vehicles. The company is conducting live tests in Georgia with railroad operator Genesee and Wyoming under Federal Railroad Administration oversight. Each rail vehicle uses six cameras and lidar sensors for environmental awareness, with redundant braking systems designed to stop faster than conventional locomotives. Parallel targets short-haul drayage connecting ports, rail yards, and distribution centers, a market segment the company argues represents the largest underserved opportunity in U.S. domestic freight logistics.

Sources: Robotics & Automation News

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Intuit Cuts 3,000 Jobs to Accelerate AI Integration Across Its Products

Intuit announced Wednesday it is eliminating approximately 3,000 positions, or 17 percent of its workforce, to redirect resources toward embedding AI directly into its TurboTax, QuickBooks, and Credit Karma software products. CEO Sasan Goodarzi said the restructuring is intended to simplify corporate structure while accelerating the company's AI development roadmap. Intuit reported revenue of $4.65 billion in its most recent fiscal quarter, a 17 percent annual increase. The layoff mirrors actions taken this year by Amazon, Meta, Cisco, and Cloudflare, all of which cited AI-driven restructuring as the reason for reducing headcount while raising technology investment.

Sources: TechCrunch

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GitHub Confirms Hack, Data Stolen from 3,800 Internal Repositories

GitHub confirmed on Wednesday that hackers had breached the platform and stolen data from approximately 3,800 internal code repositories. The company said it has found no evidence of customer data stored outside its internal systems being affected, but noted its investigation remains ongoing. A threat group calling itself TeamPCP has claimed responsibility and is reportedly selling the stolen data on a cybercrime forum. The breach follows a wave of supply chain attacks on developer infrastructure in May 2026, including a campaign that planted malicious updates in over 300 npm packages and an earlier intrusion that compromised computers of two OpenAI employees via the TanStack library.

Sources: TechCrunch

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OpenAI Targets September IPO, Files Confidentially at $852B Valuation

OpenAI is targeting a September 2026 initial public offering, with CEO Sam Altman reportedly hoping to file paperwork with regulators confidentially within weeks, according to sources cited by TechCrunch on Wednesday. The company has engaged Goldman Sachs and Morgan Stanley as lead underwriters and is working toward a valuation consistent with its most recent private funding of $122 billion at an $852 billion post-money valuation. Concurrently, Altman offered every startup in the current Y Combinator batch $2 million in OpenAI API tokens via an uncapped SAFE note, a move analysts characterized as a strategy to deepen ecosystem lock-in ahead of the public listing.

Sources: TechCrunch

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