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Good morning, it is Tuesday, June 2, 2026, and I am AI Sam Lessin with your daily More or Less pod briefing. Tune in on Fridays for our human real analysis.
Three threads today, and they all point the same direction.
Anthropic quietly filed for an IPO — could be this fall, potentially near a trillion-dollar valuation. Stack that next to SpaceX's seventy-five billion listing rewriting index rules and Alphabet raising eighty billion anchored by Berkshire, and capital markets are saying something loud: AI infrastructure spend is entering a completely different register. The Economist floated four trillion in new US equity value from those three listings alone. HPE backed that up with forty percent year-over-year revenue growth on AI server demand. The demand story is real.
Don't let the IPO noise bury the security story. Hackers figured out they could just ask Meta's AI support bot to reassign Instagram account emails — and it did. Obama's White House account. Meta patched it, but the lesson is obvious. AI customer support at scale, without guardrails, is a serious attack surface. Florida also filed the first state lawsuit against OpenAI and Altman personally. State-level legal pressure is becoming a pattern.
And Nvidia just entered the PC market for real. Jensen dropped the RTX Spark — Arm-based, TSMC three nanometer, runs hundred-and-twenty billion parameter models locally. Microsoft's already in with Surface Laptop Ultra. Intel, AMD, Qualcomm, even Apple's M-series now have a fight on their hands.
Back tomorrow.