Nvidia's Data Center Threat, AI Stock Rebound, OpenAI's Codex Strategy

Nvidia tumbles 9% as data center growth fears mount

Funding and deals

• Tigris Data. Dropbox is acquiring the cloud storage company Tigris Data, built for agentic use cases with thousands of developer customers, for $350m.
• The Pierre Computer Company. OpenAI acquired The Pierre Computer Company, which builds code storage and code review libraries and is big in open source.

Guest interviews

• Paul Kedrosky, managing partner at SK Ventures. He calls the post-midterm view that constraining data center supply helps hyperscalers glib and naive, noting 41% of the US construction queue sits in states whose governors want to pause buildouts. He estimates 25% to 30% of Texas projects will be delayed and 12% to 16% of CapEx growth is at risk into 2028. He predicts hybrid and on-premises offerings will dominate the next twelve months.
• Andrew Ambrosino, engineering manager at OpenAI leading the Codex app. He says models write most of OpenAI's code and that the hardest part is maintaining a large product, choosing features and designing them. Features like goal mode were temporary helpers for older models and are nearly unnecessary with newer ones such as Astra. He used Codex to turn a thread of user complaints into 300 grouped bullet points, and says cursors and named agents like Dots are useful skeuomorphism.
• Dan Shipper, co-founder and CEO of Every. He says management expectations around AI are out of whack and models still leak context and lack coherence. Google is his dark horse, with Gemini best at structuring nonfiction and Claude best at voice, while Meta targets consumer shopping and OpenAI knowledge work. Prices fell about 50% with recent releases, and Every charges market token rates with no markup and is profitable.
• David Risher, CEO of Lyft. Revenue growth slowed to 8% from 16%, though bookings rose 17%. Lyft Go, a $10 subscription with DashPass and 8% cashback, drew about 500,000 signups in 24 hours. Lyft runs an 80,000 square foot Nashville depot servicing Waymo cars.
• Ashraf Alkarmi, co-CEO of Dropbox. He says Dropbox plans to expose governance and processing of over 300 file types as APIs, its biggest update in years. The AI experience is already in 70,000 teams, with English-speaking teams by year end and all customers next year.

News

• Nvidia falls 9% then rebounds. Nvidia dropped 9% and Micron, AMD and Marvell moved similarly, before the group recovered on the morning of the episode.
• Apple caps employee AI spending. Bloomberg reported Apple is limiting employee spending on AI tools, cutting budgets to $200 or $100 from $300 per period.