Abstract: We tracked AI models, infrastructure, and M&A this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures. OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month. China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.
MINIMAX-WP, SENSETIME, KNOWLEDGE ATLAS, TENCENT, ALIBABA, Alphabet Inc. Class A Common Stock, Microsoft, Nvidia
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