A lab with ~$12B valuation last year is now raising $5B at a $40B pre-money, led by Accel, with Nvidia reportedly in for ~$2.5B. Same week the chip index fell 12%. Takeaway: investors are separating AI infrastructure bets from frontier-model talent bets, and paying a huge premium for the talent. We track moves like this daily at www.contentbuffer.com Is a $40B valuation for a model lab smart conviction or peak froth? #AI #Startups #VentureCapital #ThinkingMachines #Nvidia #FrontierAI