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SoftBank dumps its Nvidia shares worth US$5.8 billion, stirring a fresh debate about frothy AI valuations, Germany’s landmark ruling against OpenAI put model-training practices under a harsh spotlight, and Morgan Stanley plus Charles Schwab kicked off a private-markets land grab with twin acquisitions of EquityZen and Forge.

Plus: 5 AI tools for VCs, 35 VC jobs, and Mr. Beast is looking for an Associate!

As always, thank you for subscribing and engaging week-in week out with this newsletter, it is still a work in progress but I appreciate all 1,469 of you ♥️

With Love,
Kev

THIS WEEK IN VENTURE CAPITAL & TECH

  1. SoftBank Group sold its full stake in Nvidia Corporation for about US$5.8 billion, a move intended to free up capital for new AI investments, and sparking fresh concerns about valuation excess in the AI space.

  2. A German court ruled that OpenAI violated copyright laws by reproducing song lyrics in its training data without permission, a landmark decision that may affect how large language-models handle copyrighted text.

  3. Meta Platforms’s chief AI scientist Yann LeCun (a Turing Award winner) is reportedly preparing to leave the company to start his own AI-startup, amid Meta’s restructuring of its AI division.

  4. The global race for self-driving vehicles is intensifying: Waymo is expanding into cities like New York and London in 2026, while Chinese rivals (Apollo Go, Pony AI, WeRide) are rapidly scaling robotaxi operations (including in Dubai/Abu Dhabi) and aiming for global expansion.

  5. Private Market investment platforms are heating up with both Morgan Stanley & Charles Schwab making big acquisitions. Morgan Stanley got their hands on Equity Zen late October, while Charles got their hands on Forge Global for $600M. As retail investors are becoming picky and online trading platform Robinhood gaining traction, legacy players are making interesting moves.

FUNDRAISING CORNER
The largest deals that you should know about

This week’s mega-round wave brushed up against US$3 billion, a sharp reminder that deep tech is still very much in harvest mode. Capital surged into AI infrastructure, next-gen financial rails, cybersecurity hardening and human-machine interface breakthroughs, signalling that investors are chasing the systems layer of the next decade rather than surface-level apps.

It’s the kind of week that hints at something shifting under the floorboards, the money is moving with conviction, and the details tell an even bigger story.

1. Metropolis Technologies | US$1.6 billion | Growth Round.

Los Angeles-based Metropolis, the AI-infrastructure company modernising physical-world operations from parking lots to mobility hubs, closed a massive US$1.6 billion growth financing. Reports indicate the round drew in major institutional investors to accelerate the rollout of its computer-vision network across North America, positioning Metropolis as one of the most capitalised real-world-AI infrastructure players this year.

2. Ripple | US$500 million | Equity Round.

San Francisco-based Ripple, the blockchain payments company behind XRP and enterprise crypto-settlement rails, secured a US$500 million equity financing at an estimated US$40 billion valuation. The raise strengthens Ripple’s war chest as it expands its global payments network and navigates ongoing U.S. regulatory proceedings.

3. Armis | US$435 million | Pre-IPO Round.

Tel Aviv- and Palo-Alto-based cybersecurity unicorn Armis closed a US$435 million pre-IPO round, lifting its valuation to roughly US$6.1 billion. The company, which protects unmanaged enterprise assets across IT, OT and IoT environments, is using the new capital to scale international go-to-market teams and deepen its product suite ahead of a potential listing.

4. Synchron | US$200 million | Series D.

New York-based brain-computer-interface startup Synchron raised a US$200 million Series D to accelerate development of its Stentrode implant system, which aims to restore movement and communication for patients with paralysis. The round supports expanded clinical trials and manufacturing as Synchron positions itself against Neuralink in the race to commercialise minimally invasive BCI technology.

5. Hippocratic AI | US$126 million | Series B.

Hippocratic AI, the Palo Alto healthcare-AI company building safety-focused large-language-model agents for clinical and administrative work, landed a US$126 million Series B. The funding will fuel regulatory-grade model training, hospital pilot programmes and expansion of its patient-facing conversational agents across the U.S.

AI SPOTLIGHT: TOOLS FOR VCs

🧩 Character: Talk to personalized chatbots with personality.
🌏 Rask: Repurpose and translate videos in multiple languages.
📹 Synthesia: Text to video in minutes
Looka: Design a logo and create a brand you love with AI
📊 Fortune: Automate, analyse, and forecast finances with AI

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FROM LINKEDIN
Our favorite post from this week

Corporate VCs are giving VCs a run for their money, oh boy. These numbers are scary, and some VCs will have a lot of explaining to do. This top 10 list by PitchBook tracks the number of exits from 2021-2025. When others have struggled for exits and liquidity these firms have been returning money.

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1. GV (Google Ventures) has 114 exits 😳
One of the most active corporate VCs they boast exits like Robinhood, Lora Health that was acquired for over $2bn in 2021 and CareBridge which was acquired for $2.7bn a couple of years later, but the real winner? GRAIL's $8bn acquisition by Illumina. Wow.

2 & 3. Intel Capital & Salesforce Ventures share the rest of the podium with 105 exits a piece.

Joby Aviation, Horizon Robotics (Intel) and HubSpot, Docusign (Salesforce) have some big names in their exits portfolio, but Salesforce takes the lead in my opining after the Whopping THIRTY TWO BILLION acquisition of Wiz that Google paid for. a ~20x return in just 4 years.

The rest of the list comes as no surprise:

4. SoftBank: 89 Exits; Notable: Coupang, Paytm, Grab
5. Samsung Next: 52 Exits; Notable: Mosaic
5. Cisco Investments: 52 Exits; Notable: IBM Turbonomic, Kustomer
7. Samsung Ventures: 51 Exits; Notable: SentinelOne
8. Coinbase Ventures: 49 Exits; Notable: Hidden Road
9. Comcast Ventures: 44 Exits; Notable: Hippo Insurance, ZeroFox
10. Qualcomm Ventures: 42 Exits; Notable: Altiostar, A Rakuten Symphony Company

These numbers are quite insane, and most are earlier bets that were made by these firms. These exits are an indication that CVCs have found the strong balance of Internal Corporate Expertise and Entrepreneurial Mindset.

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That’s it for today, hope you enjoyed this as much as I did curating it, see you next week!
-Kev

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