OpenAI slows frontier training after detecting emergent behaviors, Anthropic prepares for a potential $2T IPO, and Google ships Gemini 3.7 Flash just three weeks after the prior release. The AI price war intensifies as Chinese rivals undercut Western labs, while Stripe's $7.5B acquisition of OpenRouter signals consolidation in the model-routing layer.

The AI industry is in a paradox: revenue and valuations are soaring while consumer trust is eroding. Anthropic hits $65B annualized revenue and a potential $2T IPO valuation, yet surveys show ordinary users are growing warier of AI. Model competition intensified as Google shipped Gemini 3.7 Flash three weeks after 3.6, and ByteDance began training a 10-trillion-parameter model.

AI infrastructure spending hits a fever pitch as Cerebras unveils its CS-4 wafer-scale system and Etched doubles to $21B valuation, while Anthropic's revenue surges to $65B annualized and a brewing price war with OpenAI signals margin compression. Google ships Gemini 3.7 Flash just weeks after 3.6, and Texas pauses data-center grid connections as energy demand overwhelms supply — a stark reminder that AI growth now collides with physical-world constraints.