Robinhood's event contracts run rate has crossed $500m, now larger than its crypto business, per CFO Shiv Verma.
Oracle will offer Google TPUs to cloud customers the same day OpenAI reportedly plans to buy them, as Google enters the merchant chip market.
Amazon's Shop Direct listings grew from 100m to 250m products, sending shoppers to rival retailers, and Amazon currently collects no fee on them.
OpenAI Plans to Buy Google's TPU Chips
Guest interviews
Shiv Verma, CFO of Robinhood. Event contracts revenue grew sixfold and its run rate has passed $500m, now larger than crypto, with non-sports contracts rising to 30% from 15% a quarter earlier. Verma says event contracts are at the start of a super cycle that could outgrow the US equities market. Robinhood Agents passed $250m in assets within months, and the Robinhood chain made about $50m in gross revenue in its first full quarter.
Umesh Padval, managing partner of Seligman Ventures. Padval says Google is entering the merchant TPU market, citing FluidStack supplying TPUs to Anthropic. He predicts supply will outpace demand within 12 to 18 months, forcing consolidation among debt-laden neoclouds and pricing pressure on every chipmaker. He expects GPU utilisation to climb from 30 to 40% toward 80%, and says Claude emulates CUDA well enough to speed his startups' compatibility work.
Ben Pouladian, founder and CEO of BEP Research. Pouladian says cost drives customers to TPUs and Nvidia lock-in is the main risk they want to avoid. CUDA's roughly 100,000 developers make Nvidia hard to displace, so Google must build a developer community around its closed chip. He notes Meta has considered TPUs and Google is working with Blackstone to finance TPUs for other customers.
Catherine Perloff, Amazon reporter at The Information. Perloff calls Shop Direct Amazon's answer to chatbots and agents that could bypass its site, even as Amazon blocks Meta's Muse and, she believes, OpenAI and Google agents. Retailers must opt out, and some did not know they were listed. Amazon collects no fee yet but could take a cut or sell ads.
Gopal Srinivasan, Principal and Global AI and Data Lead at Deloitte. Srinivasan says mid-tier models handle most enterprise work, with Google's Flash models serving most of his large clients, while frontier models matter for big code migrations and drug research. He calls Google's silicon-to-applications stack a cost advantage, and says offering Anthropic and soon OpenAI models in Model Garden wins more workloads than it cannibalizes.
News
OpenAI plans to buy Google's TPU chips. The Information reports the longtime Nvidia customer will buy Google TPUs, the same day Oracle said it will offer TPUs to its cloud customers. An analyst projection puts TPU revenue at a third of Google Cloud's by 2028.
Amazon Shop Direct lists 250m rival products. Listings that send shoppers to other retailers' sites, such as Alo Yoga and Warby Parker, grew from 100m in March. A Buy for Me agent, mostly based on Anthropic models, completes some purchases.
Robinhood's third-quarter revenue rose 12% year over year, while crypto revenue fell 55%.
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