In my latest for @forbes.com I did some math on how the spate of massive #AI infra deals is benefiting the dealmakers most of all. These founders, CEOs and investors keep getting richer while critics condemn their "circular deals":

www.forbes.com/sites/phoebe...

Amid all this $ORCL's proxy came out ... Larry Ellison now has 346 million shares pledged (as of 9/19/25), up from 277 million last year. The difference is worth ~$20 billion (more than the supposed EV of whatever portion of TikTok's U.S. business that's supposed to spin out)

3/ The core of what's at risk here, and how CoreWeave's cofounders are thinking about it: www.forbes.com/sites/rashis...

2/ A closer look at financials here: www.forbes.com/sites/rashis...

New @forbes.com magazine cover story—from @rashis.bsky.social and me—is our take on #CoreWeave, one of the biggest beneficiaries of the #AI boom. It's a fascinating firm built on bold bets, complex risk & no shortage of luck. Would love to hear what you think:

www.forbes.com/sites/rashis...

3/ “If Surge didn’t exist, what would Edwin do for fun? He’d probably make data and train AI," says Surge AI head of product Nick Heiner. "It just happens to be a lucrative thing."

Lucrative = there'll be competition. And no one minces words in this space:
www.forbes.com/sites/phoebe...

2/ Surge has grown quickly and is profitable, but in a rapidly changing and competitive industry, that doesn't mean it's a clear path ahead.

www.forbes.com/sites/phoebe...

Here's the FCC filing that breaks down some of the ownership structure in New Paramount: