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AI & Enterprise

AI coding startup Cognition raises over $1 billion at $25 billion valuation, ARR nears $492 million

AI coding startup Cognition raised more than $1 billion at a pre-money valuation of $25 billion. TechCrunch reported the valuation marked a sharp rise from an October post-money valuation of $10.2 billion after a $400 million funding round in September last year. Cognition develops Devin, an autonomous AI software engineer. The round was led by Lux Capital and General Catalyst, with participation from Founders Fund and 8VC, among others.

AI & Enterprise

AWS adds big Graviton CPU customer as Snowflake signs $6 billion five-year deal

Snowflake will spend $6 billion over the next five years on Amazon Web Services’ in-house Arm-based Graviton CPU chips, the Wall Street Journal reported on May 27. Graviton, unveiled in 2018, is used to run data centre servers and AI systems. The deal makes Snowflake one of AWS’s biggest CPU-based computing customers. Snowflake shares jumped about 30 percent in after-hours trade after the announcement.

AI & Enterprise

Anthropic's forecast first-quarter profit does not justify a $900 billion valuation

Anthropic’s rapid growth shows how quickly demand for large language models can emerge, but assuming the trend will last is risky, Reuters Breakingviews said. Breakingviews said Anthropic posted $4.8 billion in first-quarter revenue and expects about $10.9 billion in the second quarter, with adjusted operating profit of $559 million for its first profit. It said heavy training and operating costs and thin margins make a $900 billion valuation unrealistic.