OpenAI and Anthropic face punishing economics at the AI frontier

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• OpenAI and Anthropic face punishing economics at the AI frontier, with the sector generating 11 digits of annual revenue against 13 digits of spending, raising serious doubts about both companies' IPO prospects. [Financial Times] • The price of Ukraine's defense gap. Ukraine can stop 90% of Russian drones and 80% of cruise missiles, but ballistic missiles are a different story. Only 30% get intercepted, and that ratio is set to worsen as Kyiv's Patriot stockpile runs dry. [The Wall Street Journal] • There have been 120,000 tech jobs cut in 2026 with AI cited as a factor, even as some of the companies doing layoffs posted record revenues. Cloudflare laid off 20% of its staff in the same quarter it hit its highest single-quarter revenue in company history. [TechCrunch]

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