China's AI Chip IPOs Are Pricing Above Their Private Rounds. US Frontier Labs Are Borrowing to Stay Private.

Cloud Leopard is asking ChiNext for 30.35 billion yuan against a 14.27 billion yuan private mark, CXMT rose 450 percent on debut, and Kunlunxin wants $50 billion in Hong Kong, while the US labs push listings to 2027. Here is where AI price discovery is actually happening, and the two prints that will settle it.

Meta's $2 Billion Manus Deal Was Blocked. Manus Is Now Asking $4 Billion.

A failed exit is supposed to leave a startup damaged. Manus is in talks at double the price, with a different set of buyers. Here is what that says about where China-rooted AI companies can sell, and to whom.

AI's Money Is Moving Down-Stack: Why Silicon and Sensors Are the New Frontier

A cluster of smaller July deals — licensable GPU IP, silicon photonics, robotics perception — suggests the AI buildout is shifting from the models to the hardware beneath them.