Growing Up? Winning Wars Involves Losing Battles.

Anthropic won a First Amendment ruling against the Pentagon. OpenAI killed Sora. One insisted on principle. The other chose discipline.

Meanwhile: software trades below the S&P 500 for the first time ever, Jensen pitched a trillion-dollar token factory, and David Sacks left the building.

Intelligence is getting cheaper. The question is who earns trust while it happens.

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