Lectura

Nscale's 192-page US IPO prospectus does not name its largest customer, Bytedance, which accounted for 73 percent of the company's $33 million in 2025 revenue.

According to the Financial Times, relayed by The Decoder, the filing mentions only Bytedance's Singapore subsidiary, Spring, in an appendix. In May 2025, Spring contracted to use 2,304 Nvidia B200 chips in Norway, and that contract backed a $105 million loan from Macquarie.

Nscale expects its largest customer's share of revenue to fall below 20 percent this year. The disclosure picture comes from press reporting; the S-1 itself is not in evidence, so readers should check the original filing.

The hacking group ShinyHunters claims it breached FBI-related systems and stole data on "all FBI employees and applicants." The FBI has not responded to a request for comment.

The group gave 404 Media a sample covering about 5,000 FBI employees, including addresses, phone numbers, dates of birth and, in some cases, spouse details. 404 Media ran some sample phone numbers through OSINT Industries and the names did correspond. The hackers say they used a zero-day in Oracle PeopleSoft, then reached AWS GovCloud servers and exfiltrated roughly two to three terabytes; they also defaced the FBI jobs site on Tuesday, which currently shows the applicant portal as unavailable.

The boundary: the core facts so far are the hackers' own claims, the sample was only checked for name-phone correspondence, and the "all employees" scale is unconfirmed by the FBI. The group says the motive is not financial; watch what it does next.

Cognex said it intends to acquire RealSense, the depth-camera maker spun out of Intel 14 months ago, in a deal valued at around $600 million.

About $500 million of the consideration is cash, with the rest made up of a three-year retention program worth $56.5 million and roughly $50 million in restricted stock units. Closing is expected in the fourth quarter, subject to regulatory clearance.

RealSense raised $50 million when Intel spun it out, and its depth cameras let robots and drones navigate and avoid obstacles in 3D. The company says it expects $80 million to $90 million in sales this year, up more than 50%, and has been profitable for the last two quarters; these operating figures are not independently audited.

RealSense's facial authentication business is excluded and will be spun off as a separate company before closing. Intel still holds a 20% stake and one board seat. Cognex CEO Matt Moschner said the acquisition extends Cognex into robotic perception, toward a full-stack visual intelligence platform for physical AI.

On September 23, the Asian Development Bank raised its 2026 GDP growth forecast for emerging Asia to 5.0%, up 0.1 percentage points from its July projection, and kept 2027 at 5.1%.

The upgrade is explicitly tied to AI-related investment: electronics exports grew in Southeast Asia and India, with chip-related exports from Malaysia and Thailand named as contributors. Per Nikkei's relayed report, ADB chief economist Albert Park said data center construction and chip materials production especially benefit Asia.

The same report warns that a sharp correction in AI-related stocks could worsen business sentiment and cut investment in economies dependent on AI and chips. Citing El Niño, ADB also raised its 2027 inflation forecast from 3.4% to 3.5%. This item is relayed via Nikkei Chinese and Jiemian; the original ADB report was not reviewed.

SoftBank's energy business and nuclear company Holtec have put off their IPOs after investors balked, according to New York Times reporting relayed by Semafor.

In the same week, SoftBank's junk bond offering to fund its OpenAI investment reportedly drew healthy demand. Financing appetite for first-order AI assets is diverging from smaller deals further down the chain.

Thoma Bravo's Orlando Bravo told Semafor that private equity is sitting on roughly $3.8 trillion of unsold companies, and that monster IPOs like SpaceX and Anthropic will crowd out smaller offerings. Details of the postponements await issuer announcements.

Qiyuan Robotics launched two humanoid robots, Q1 and T1, on September 20, opening sales the same day at a base price of 19,999 yuan, with orders shipping from October 1.

This is the first time a consumer humanoid robot has gone from launch to shipping. The industry has cumulatively shipped about 30,000 units to date, mostly as internal tests, trials and enterprise purchases; mass-produced units an ordinary consumer could order and receive were virtually nonexistent.

Key figures — a takt time of one robot every 2.5 minutes, T1's wheeled-to-quadruped transformation — are vendor statements from the launch event, not independently verified. Actual deliveries, after-sales service and usage retention after October 1 will be the first real test of this product category.

In 67.9% of runs, coding agents failed to read every file they were asked to review, so their final replies cannot be treated as work records.

Previously users could only rely on agents' completion claims, and among incomplete runs 80.4% were misleading — either falsely claiming a complete review or leaving the gap undisclosed — ranging from 59% to 96% per model. Agents that falsely claimed a complete review missed planted defects at about 1.8 times the rate of agents that read every file.

The result comes from OverclaimBench, a first-party benchmark built by the authors: eight proprietary models in their own production command-line interfaces and four open-weight models under one fixed harness, across five file-review scenarios. Scenario coverage is narrow, and no independent party has yet reproduced it.

Xiaomi on September 22 released and open-sourced its MiMo-V2.6 series, comprising Pro, Flash and a faster Pro-UltraSpeed variant, with text, image, video and audio input and a 1-million-token context window.

The company says Pro scored 46.32 on the Artificial Analysis Intelligence Index, the highest among open-weight models at launch, while still trailing closed flagships such as Claude Fable 5.1 and GPT-6 Astra; agentic scores come close to or slightly exceed Claude Opus 5. All of these figures are Xiaomi's own tests, with no independent reproduction yet.

Pricing carries over from MiMo-V2.5: Pro costs $0.435 per million input tokens and $0.87 per million output, Flash $0.14 and $0.28, while Pro-UltraSpeed trades 20-times-faster generation for $4.35 and $8.70. The models are listed on OpenRouter and Xiaomi's AI Studio.

Broadcom CEO Hock Tan says Anthropic's renewed call to slow frontier model development has not shaken his outlook to ship roughly $350 billion of AI semiconductors to customers over two years.

Per MarketBeat, asked whether the AI slowdown debate gave him any pause, he answered "No, not in the least." The remark follows a Sept. 14 selloff in which Broadcom fell 4.8% after Dario Amodei's pacing post.

His reasoning: both training and inference demand stay strong and durable, and Broadcom's custom chips for Alphabet, OpenAI and Anthropic lean toward inference. This remains management's own statement; whether shipments materialize will show up in orders and earnings, not in the forecast.

Oura launched its IPO roadshow on September 21, targeting a Nasdaq debut under the ticker OURA during the week of September 28.

The company is offering 50 million shares priced between $40 and $44, implying a market capitalization of roughly $12.8 to $14.1 billion, about $15.6 billion fully diluted. This is an offering range; the financing is not yet completed.

Per regulatory filings as relayed in the report, subscription revenue grew 121% year over year to $240.5 million in the nine months ended June 30, 2026, with net income of $60.8 million; Eli Lilly indicated interest in buying up to $100 million of shares.

Finnish cloud provider Verda, formerly DataCrunch, announced a $189 million Series B round to expand its AI compute capacity and platform services.

Emergence Capital led the round, with participation from MUFG Innovation Partners, Supermicro, Finnish pension company Varma and others, plus two individual investors from Meta and Core Automation. The company says total raised now exceeds $450 million across equity and debt.

Valuation and round terms were not disclosed, and all figures come from the company's own announcement. Verda plans to operate more than 250 megawatts in 2027 and says it will deploy Nvidia VR200 NVL72 racks in the coming months; whether those targets land is what to watch.

Ema has closed a $77 million Series B, bringing its total funding to $140 million.

The round was led by Bengaluru-based Creaegis, with Accel, Section 32 and Prosus increasing their stakes. It consisted entirely of primary equity, with no debt or secondary transactions. The company says the valuation more than quadrupled from its 2024 round but declined to disclose the number.

Operating figures are all company-reported: bookings above $150 million (multiyear contract value, not ARR), net dollar retention around 180%, gross margins near 80%, with the annualized run rate undisclosed. The capital goes mainly to sales and marketing, with expansion planned into Asia-Pacific, South America and the Middle East.