The week in review: Nov 13

November 5–13: Anthropic priced its IPO at $1.4 trillion. Nvidia lost its CEO. METR said Anthropic's models are speeding up their own development. Agents got a wallet; stores kept the locks. By heat, not by day.

1. Anthropic put a price on itself

On Tuesday, Anthropic set an IPO range of $70 to $78 a share: a $1.404 trillion valuation at the top, up to $64 billion raised, trading expected near November 19 as ANT. Run-rate revenue is $81 billion; the nine-month net loss is $104 billion. OpenAI was reportedly valued at $1.25 trillion, with quarterly revenue past $10 billion. Ramp says token spend grew 1.5% in August and September, after 42% in July. See the Nov 4 midweek; the profitability crisis.

2. Nvidia's CEO is out

On Thursday, Jensen Huang resigned after 33 years. The New York Times reported on Friday that China's intelligence service recruited Alice Huang, a Megaspeed executive, to spy on him. Nvidia opened an investigation Sunday, and Huang admitted an affair with her in a memo. Wednesday brought a report of a second affair, with a subordinate, and a board preparing to fire him; Reuters later reported a third. CFO Colette Kress is interim CEO. The lasting part is the chips: an analysis of open weights found Blackwell fingerprints in Kimi K3 and DeepSeek V4, and Democrats and Republicans each opened an inquiry. Huang agreed to testify. See Chinese AI; Nvidia and Hugging Face.

3. The models are speeding up the models

METR published an 11-week look inside Anthropic on Thursday. Its models are improving about twice as fast as a year ago, and by October most of that was "due to AI." Anthropic redacted "a majority of the evidence we found most informative." On Monday it released Claude Fable 5.2; Mythos 5.2 went to vetted organizations only. New York opened its RAISE Act registration Tuesday: incidents within 72 hours, fines to $3 million. See what safety means now; Ethics & Governance.

4. Google came in at a quarter of the price

On Tuesday, Google opened Gemini 4 Carbon to paying developers. The introductory price, $2 and $10 per million tokens, is about a quarter of Fable 5.2's and doubles at the end of November. Google's own benchmarks put Carbon behind Fable 5.2. Meta's Muse Ember costs 10 cents per million input tokens. See the frontier got cheaper.

5. The gate stopped mattering

A Vals test reported by Wired: OpenAI's gated cyber model completed 81% of mock-network tasks; DeepSeek's open weights, 73%, at $2 to $3 a run against $17 to $46. OpenAI answered Thursday with Daybreak Red Team and Defense Factory. Fireworks AI had its second breach in two months, exposing some Notion AI chat transcripts. See AI hacking; Security.

6. The agent got a wallet. The stores kept the locks

On Friday, OpenAI launched ChatGPT Wallet for a limited group of U.S. Pro users; each purchase needs Face ID or a fingerprint. eBay appeared to block agents including Muse, and United said it won't let agents book flights. Amazon, still blocking outsiders, let customers text its own Alexa to buy. DoorDash counted "several hundred" agent orders out of 993 million. See the Oct 25 review; Agentic AI.

7. The buildout got the bill

OpenAI dropped NDAs with officials on data center projects. Anthropic bought $3.4 billion of gas turbines. SoftBank booked a $7.1 billion quarterly loss, over $3 billion of it turbine deposits. Nebius planned $40 billion for 2027 as its Microsoft capacity slipped; shares fell 17%. See the Oct 28 pause map; Energy.

The point

Anthropic priced itself while its models sped up. Nvidia's founder fell, and the chip controls may not have held. Stores still won't let the agents in.