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Key highlights:

• Palo Alto Networks is accelerating acquisitions as AI threats drive cybersecurity spending.
• Anthropic’s Ode venture bought Casper Studios to expand Claude adoption.
• OpenRouter’s revenue nearly tripled since April—but a potential $10 billion sale to Stripe would imply a steep valuation.

Deals & Strategy

Exclusive Inside Nikesh Arora’s Deals Hunt for Palo Alto Networks By Kevin McLaughlin, Valida Pau and Aaron Holmes

Exclusive OnlyFans’ New Investor Reveals Financials, IPO Ambitions in Rare Interview By Jessica E. Lessin

AI Economics

Exclusive Canva Hits AI Speedbump on Costs, ChatGPT Competition By Cory Weinberg and Stephanie Palazzolo

Exclusive OpenRouter Financials Suggest Steep Price For Possible Acquirer Stripe By Amir Efrati and Stephanie Palazzolo

Exclusive Applied Compute in Talks to Double Valuation to $3 Billion on Open-Source Demand By Stephanie Palazzolo and Julia Hornstein

Sunday Insights Nebius and CoreWeave Tout Short-Term Cloud Deals, While AWS Goes Long By Catherine Perloff

Capital & Market Moves

Artificial Intelligence Nvidia Bet on Reflection for Open-Source AI. Now the Startup Is Playing Catch-Up. By Rocket Drew

Exclusive Anthropic’s Enterprise AI Venture Buys Consultancy By Julia Hornstein

Hyperliquid Looks for Path to U.S. Markets for Its Perpetual Futures By Yueqi Yang

Exclusive Anthropic Prepares Supervoting Power for Founders as it Readies for Mega-IPO By Cory Weinberg and Valida Pau