Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.</li><li>OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.</li><li>OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.</li></ul>

Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Nvidia surpassed expectations in China despite challenges, indicating growth in other areas of their business</li><li>Shift from training to inference era highlighted, with focus on customers buying Nvidia systems for inference</li><li>Competition in the inference market could pose challenges for Nvidia, especially as costs grow and alternatives emerge like Google's tpu</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Nvidia surpassed expectations in China despite challenges, indicating growth in other areas of their businessShift from training to inference era highlighted, with focus on customers buying Nvidia systems for inferenceCompetition in the inference market could pose challenges for Nvidia, especially as costs grow and alternatives emerge like Google's tpuThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 120: NVIDIA Earnings, The Future of AI inference, China AI and more

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>
Frontier AI Labs: Pausing, pacing, those are all the voluntary things that they could do if they feel that their company is out of control.</li>
<li>
President Trump: And I’m telling you, it’s all a hoax. The data centers are great and they make people wealthy and they make states wealthy</li>
<li>
Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.</li>
</ul>



Frontier AI Labs: Pausing, pacing, those are all the voluntary things that they could do if they feel that their company is out of control.

President Trump: And I’m telling you, it’s all a hoax. The data centers are great and they make people wealthy and they make states wealthy

Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.


Jensen Huang Chats With President Trump @ The All In Summit. Key Takeaways & Full Transcript

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Cross Asset Strategy

<ul>
<li>A fascinating lunch discussion with LLM engineer sparked an investigation into how AI models process information through vector spaces - revealing parallel but mechanistically different biases compared to human analysts </li>
<li>Built comprehensive framework mapping traditional financial biases against their LLM counterparts - showing how things like confirmation bias manifest differently (emotional investment vs statistical pattern reinforcement)</li>
<li>Result: Effective quant research requires understanding both human AND machine biases - can't just apply traditional risk controls to LLMs. Need tailored mitigations for how biases uniquely manifest in #AI.  </li>
</ul>


A fascinating lunch discussion with LLM engineer sparked an investigation into how AI models process information through vector spaces - revealing parallel but mechanistically different biases compared to human analysts 
Built comprehensive framework mapping traditional financial biases against their LLM counterparts - showing how things like confirmation bias manifest differently (emotional investment vs statistical pattern reinforcement)
Result: Effective quant research requires understanding both human AND machine biases - can't just apply traditional risk controls to LLMs. Need tailored mitigations for how biases uniquely manifest in #AI.  


Understanding LLM Biases in Quantitative Research: From Lunch Conversation to Framework

<ul><li>In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.</li><li>Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.</li><li>Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.</li></ul>

In August 2026, media reported that Lambda expected to generate more than $1.5B in full-year 2026 revenue, which would represent year-over-year growth of at least 114%.Lambda raised over $1.5B in its Series E round led by TWG Global in November 2025 at a $5.9B post-money valuation.Lambda&#39;s cloud product has expanded well beyond single-node instances into a full-spectrum compute portfolio spanning multiple GPU generations.

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Primer: OpenEvidence - 21 Sep 2026

AI copilot for doctors to assist in making critical decisions at the point of care

Sacra

Episode 120: NVIDIA Earnings, The Future of AI inference, China AI and more

Overall, Nvidia is experiencing strong performance in the AI market, particularly in the area of inference, but faces competition and challenges in...

The Circuit

Jensen Huang Chats With President Trump @ The All In Summit. Key Takeaways & Full Transcript

Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.

William Keating

Understanding LLM Biases in Quantitative Research: From Lunch Conversation to Framework

We are going to provide a full-blown update on LLMs through Q1 2025. In the meantime, we are still finding issues with 🤖 “Hallucinating on Drugs” –...

William Mann

Primer: Lambda Labs - 17 Sep 2026

Cloud GPU provider for training and fine-tuning AI models at scale

Sacra

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