In this week's update, host Ather Gattami is joined by regular guest Anders Arpteg, Head of AI and Data at GlobalConnect, to unpack the summer's biggest AI developments. They review the release of GPT-5, which introduced cheaper APIs, longer context windows, and fewer hallucinations but ultimately fell short of lofty expectations, particularly when compared with Claude and Gemini. The discussion explores possible reasons, including talent losses, outdated training data, and speculation of withheld advances, while also spotlighting AI's Olympiad successes, DeepMind's pursuit of hard mathematical problems, and video models like Veo 3 that demonstrate an emerging grasp of physical laws. They conclude that although omni-models may appear, specialized systems are more likely to dominate, creating significant opportunities for startups and enterprises despite the concentration of power in a few frontier labs.