IPO Race, WWDC AI, and a Reality Check

The AI capital race entered a new phase this week: both OpenAI and Anthropic have filed for IPO, forcing a reckoning with how these companies monetize frontier models before going public. Meanwhile, Apple's WWDC showed a more pragmatic AI strategy—smaller, edge-based features integrated into existing products—while questions mount about whether the token economics of this era remain sustainable for everyone chasing scale.