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Dave Wehner, Meta's chief strategy officer and former CFO, is leaving after 14 years to join Fireworks AI as chief financial officer. Fireworks, a four-year-old AI inference and model-training platform, was valued at $17.5 billion in a July Series D round backed by Nvidia, Sequoia and others.
Meta is pursuing a bond sale of between $20 billion and $25 billion on Tuesday, split roughly two-thirds in dollars and one-third in euros, according to people familiar with the matter. The offering follows Meta's disclosure last month that full-year capital expenditure will reach $135-145 billion, and comes after S&P Global Ratings revised its outlook on the company to negative.
OpenAI is said to be weighing a rebrand of its data center facilities, referring to them instead as 'AI compute campuses.' The change would apply to the large-scale infrastructure sites the company is building to support its AI models.
Marvell Technology announced an all-stock acquisition of optical components maker Lumentum, with shareholders set to receive 4.5 Marvell shares per Lumentum share. The deal carries an implied enterprise value of $115 billion and is expected to close in the first half of 2028. Shares of both companies fell in premarket trading following the announcement.
OpenAI confirmed to Business Insider that it is rebranding its data center facilities as 'compute campuses,' saying the term better reflects the scale of its AI infrastructure investments in computing, energy and jobs. The company said it wants host communities to help shape and share in the benefits of these projects.
PsiQuantum has revealed its first publicly disclosed Optical Circuit Switching device, an 8x8-radix demonstration built using the silicon photonics platform it originally developed for quantum computing. Lab testing showed 1.2 dB insertion loss, 40 dB crosstalk, and under 3 ms reconfiguration time without amplification, surpassing the company's initial targets. PsiQuantum is distributing samples to select prospective customers and plans to announce commercial products in coming months.
OpenAI is now seeking up to $20 billion in its latest funding round, down from an earlier target of $30 billion, CNBC confirmed, citing a person familiar with the matter. The Financial Times reported the round would value the company at $1.25 trillion post-money, with UAE investors and Coatue leading, and a Friday deadline set for investor commitments that led some to reduce their stakes.
Alphabet, Amazon, Meta and Microsoft have disclosed plans to spend over $740 billion combined on capital expenditures this year, largely tied to AI data centers and chips. Alphabet reported negative free cash flow of $9.1 billion in the third quarter, its second straight quarterly loss on that measure, even as its quarterly capex rose to $51.4 billion. The news hit markets Friday, with the Nasdaq falling 2.9% and chip stocks including Nvidia, Broadcom and Qualcomm declining sharply, following Alphabet's 12% drop the prior day that erased $500 billion in market value.
Romania-based Runware says it is building a second factory to manufacture its modular Sonic Inference Pod data centers on a production line, similar to automobile manufacturing. CEO Flaviu Radulescu told TechCrunch the company aims to scale to 30 megawatts of data center capacity per day by 2028, with pods installable on customer sites within 48 hours.
In their latest quarterly reports, Meta, Amazon and Alphabet all disclosed negative free cash flow, with Amazon's outflow reaching $42.4 billion, Alphabet's $9.07 billion, and Meta's $2.12 billion. Microsoft remained cash-flow positive but saw generation fall 27% to $18.63 billion and said it will tap bond markets to fund further AI infrastructure spending.
Foxconn Chairman Young Liu told CNBC the company aims to grow its AI server market share from roughly 40% today to about 45% next year and 50% within a couple of years. Liu said Foxconn's production capacity is fully booked for at least 18 months, driven mainly by AI model developers and cloud providers, and that AI infrastructure could make up 60-65% of revenue within three to five years.
On Amazon's quarterly earnings call, CEO Andy Jassy said AWS, now at a $184 billion annualized revenue run-rate, could become a trillion-dollar business within five to ten years. He confirmed Amazon expects roughly $220 billion in cash capital expenditures in 2026, mostly for AWS, with even higher spending planned for 2027, and forecast AWS revenue growth above 40 percent in both 2027 and 2028.