Cognition Hits $48B: $2B Series E as Devin Nears $1B ARR
Cognition raised $2B at a $48B valuation, nearly doubling from May’s $26B round as Devin’s ARR climbed from $492M to $900M in four months.
Artificial Intelligence
Market-focused coverage of artificial intelligence companies, infrastructure spending, business models, and adoption. We examine the filings, financial metrics, and competitive forces behind the headlines.
Qualcomm Jumps on Amazon AI Chip Deal: $15B by FY2029
Qualcomm shares rallied 2.75% Monday on a multi-generational AWS custom AI chip deal targeting ~$15B in data-center revenue by fiscal 2029.
Duolingo Rallies as Evercore Doubles Target to $210
Evercore ISI upgraded Duolingo (DUOL) to Outperform with a $210 target, citing durable growth as ChatGPT fears fade. Chegg tells the opposite story.
Anthropic IPO Update: MS, Goldman Lead; October Launch Eyed
Anthropic taps Morgan Stanley and Goldman Sachs to lead its IPO. Filing now targeting late September, with an October launch and a $15B pre-IPO credit line.
AI Power Trade: Vertiv, GE Vernova, Eaton Lead 2026 Rally
Vertiv +66%, GE Vernova +44%, Flex +79% YTD. The AI data-center power basket keeps crushing the S&P 500 as capex forecasts climb and M&A heats up.
Broadcom Q3 FY26: AI Revenue $16.7B, Q4 Guide $34.8B
Broadcom posted $29.6B in Q3 FY26 revenue (+86% YoY) with AI semi sales of $16.7B (+221%). Q4 guide $34.8B; AVGO fell after hours.
Snowflake Q2 FY27: Revenue +35%, RPO $9B, Guide Raised
Snowflake beat Q2 FY27 with $1.49B product revenue up 37%, $9B RPO, 126% NRR. CEO Ramaswamy cites AI flywheel as full-year guide is lifted to $6.07B.
Uber Cuts 3,300 Jobs to Fund Autonomous Vehicle Push
Uber is cutting roughly 10% of its global workforce and tightening return-to-office rules to redirect $580M in savings toward its self-driving bet.
GitLab Q2 FY27: Revenue $286M, +21%, Guide Raised
GitLab beat Q2 FY27 with $286.3M revenue up 21%, DBNR of 117%, and raised full-year guidance. GTLB traded up 22% pre-market on the print.
Dell Q2 FY27: $47B Revenue, $95B AI Backlog, Guide Raised
Dell posted record $47.0B revenue (+58%), $16.4B AI server revenue and $95B backlog, then raised FY27 to $192B. What the print actually shows.