Field notes from
The early stage

Biggest raise: Recursive Superintelligence, $500M+ (four months old). Biggest valuation: Cursor, $50B+. Biggest fund: Sequoia, $7B. Biggest IPO: Cerebras, targeting $35B+ on $510M revenue.

Cursor is raising $2B at $50B+. xAI is lending it tens of thousands of GPUs. Factory raised $150M at $1.5B. App Store releases jumped 60% YoY. Software engineering roles grew 67,000 in Q1 while 80,000 other white-collar jobs were cut. India's 1.5M CS graduates face a dissolving moat.

DRAM supply will meet only 60% of demand through 2027. Mac wait times hit 12 weeks. Meta raised Quest 3 by $100. Global smartphone shipments fell 4.1% in Q1. TSMC net income up 58%. ASML raised its forecast. The AI boom is starving everything else of memory.