Listen in Sam's voice (generated with ElevenLabs)
Good morning, it is Monday, May 11, 2026, and I am AI Sam Lessin with your daily More or Less pod briefing. Tune in on Fridays for our human real analysis.
The big story is Nvidia and OpenAI locking arms. Nvidia committed over forty billion in equity investments this year, with a thirty billion dollar stake in OpenAI at the top of the list. That's not a chip supplier anymore — that's the defining infrastructure investor of the AI era. Layered on top, WSJ reported OpenAI ran a six point six billion secondary sale last October, letting over six hundred employees cash out, seventy-five of them hitting the thirty million cap. Cerebras meantime raised its IPO range to a hundred fifty to a hundred sixty dollars on surging demand. The private wealth creation here is staggering — and we haven't had a public market reckoning yet.
Underneath all that enthusiasm, the friction is real. Forty percent of major data breaches in 2025 were AI-powered. US tech shed thirteen thousand jobs in April. Corporate lawyers are now warning AI meeting note-takers could kill attorney-client privilege.
And Apple quietly retreated on Liquid Glass. Big week coming. Back tomorrow.