Ed Ludlow

You kind of hinted at it there, but their commitments are very large and they're still kind of finding the capital to meet those commitments.

Cara made a really good point.

Why would the stock be down on good news?

There's convertible, like in pre-market when the news hit, it went awoosh.

But then there's some dilution there.

And the credit perspective from Robert Schiffman of BI, thank you very much.

There's another big story out this morning and another pair of stocks we're watching, Intel and Google.

Google said it plans to use future generations of Intel Xeon processors and other chips.

part of a new multi-year agreement.

As part of that deal, Google will work with Intel to customize its IPUs, infrastructure processing units, that handle things like networking, security, and storage.

The companies didn't share financial terms or specific purchase agreements.

Another big story, let's pivot to investor demand for AI.

Sources telling Bloomberg that Anthropic has completed a secondary share sale that started earlier this year.

Employees sold shares at the same value as the company's most recent fundraising.

Let's get more Bloomberg's venture capital reporter, Rebecca Torrance, with us.

What was that valuation, just to tie that up?

But also the story here is that some employees chose not to sell.

And so you have investors that want the stock on the secondaries market, but they didn't get what they wanted.

And it is the talk of the town.

I'm lucky enough to have you, Rebecca, usually in New York.