Morning Scan

The AI capital markets machine is running hot: Cerebras priced above range, the Musk v. Altman trial is surfacing some genuinely uncomfortable numbers about Sam Altman's side interests, and Microsoft is moving pieces around the board while everyone watches the courtroom. It's a Friday that feels like a Monday.

$56.4B — Cerebras' fully diluted valuation at IPO open, after pricing at $185 — above a marketed range of $150–$160 — in the biggest US tech IPO since Snowflake. (CNBC)

Machines & Minds

Cerebras Raises $5.55B in the Biggest US Tech IPO Since Snowflake

Priced above range and carrying a $56.4B valuation, Cerebras is either the opening act of a new IPO wave or a very expensive data point — Azeem Azhar notes the dotcom era had a lot of IPO pops too. (The Next Web)

Cisco Q3 Revenue Up 12%, Raises AI Orders Forecast — and Cuts 4,000 Jobs

CSCO jumped 19%+ after hours: Wall Street liked the AI upside and, apparently, didn't mind the layoffs. (CNBC)

SK Hynix Is About $50B Away From Joining the Trillion-Dollar Club

A 9x market cap increase in two years, riding HBM memory demand — if it crosses the threshold, South Korea would have two trillion-dollar chipmakers. (The Next Web)

Machines & Minds

Did OpenAI's Nonprofit Ever Matter?

Ilya Sutskever testified, the jury is about to deliberate, and WIRED's Maxwell Zeff asks the question the trial has been building toward. (WIRED)

OpenAI Floats a Global AI Governance Body — US-Led, With China Inside

Modeled loosely on the IAEA, the proposal is either a constructive idea or a masterclass in shaping the regulatory conversation before regulators do. (Bloomberg)

“The conversation is sort of happening in Silicon Valley around one thing, and a totally different conversation is happening among consumers.” — Campbell Brown, via TechCrunch

Connected World

Google Plans a New Gemini Model at I/O Next Week — Roughly GPT-5.5 Class

Below their Mythos ceiling but above current Gemini 2.5 Pro, which means Google I/O next week is now the benchmark event of the month. (Sources)

Waymo Issues Voluntary Recall After Vehicle Drove Into Flooded Road in San Antonio

About 3,800 vehicles recalled — edge cases in autonomous driving tend to be discovered the inconvenient way. (SFist)

Connected World

Man Who Stole Beyoncé's Hard Drives Gets Five-Year Sentence

Unreleased music, tour plans, a rental car in Atlanta — the five-year sentence suggests the justice system takes Beyoncé's IP at least as seriously as her fans do. (Slashdot)