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 Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.</li><li>Invisible&#39;s recent growth has been propelled by significant contracts for reinforcement learning with human feedback (RLHF) services.</li><li>Invisible operates as a B2B tech-enabled service company bridging the gap between pure software automation and traditional outsourcing.</li></ul>

Sacra estimates that Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.Invisible&#39;s recent growth has been propelled by significant contracts for reinforcement learning with human feedback (RLHF) services.Invisible operates as a B2B tech-enabled service company bridging the gap between pure software automation and traditional outsourcing.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Bottom-Up

<ul>
<li>We tracked AI models, infrastructure, and capital markets this week: a leaked OpenAI memo reopens the Anthropic-vs-OpenAI revenue debate ahead of both listings.</li>
<li>Claude Opus 4.7 shipped and continues Opus 4.6's top SWE-bench Pro position, with a silent API price lift via a new tokenizer; OpenAI lost three senior executives.</li>
<li>Cerebras filed publicly for a Nasdaq IPO; DeepSeek opened its first external fundraise; SenseTime placed HK$32bn; Stepfun restructured to list in Hong Kong.</li>
</ul>


We tracked AI models, infrastructure, and capital markets this week: a leaked OpenAI memo reopens the Anthropic-vs-OpenAI revenue debate ahead of both listings.
Claude Opus 4.7 shipped and continues Opus 4.6's top SWE-bench Pro position, with a silent API price lift via a new tokenizer; OpenAI lost three senior executives.
Cerebras filed publicly for a Nasdaq IPO; DeepSeek opened its first external fundraise; SenseTime placed HK$32bn; Stepfun restructured to list in Hong Kong.


This Week in AI (Apr 12-18): Anthropic/OpenAI Rivalry Intensifies; Opus 4.7; Cerebras IPO Filing

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

<ul>
<li>After receiving it's official supply chain risk designation letter on March 4, the company filed a lawsuit against the DoD on March 9</li>
<li>OpenAI saw a dramatic rise in unsubscriptions following their Pentagon contract signing, Anthropic benefitted from a surge in subscriptions that boosted them to  #1 downloaded App on the App Store</li>
<li>Following a groundswell of support from the likes of Microsoft, Amazon, Google &amp; Apple, as well as multiple individual AI researchers, Anthropic was granted an injunction against the DoD's designation</li>
</ul>


After receiving it's official supply chain risk designation letter on March 4, the company filed a lawsuit against the DoD on March 9
OpenAI saw a dramatic rise in unsubscriptions following their Pentagon contract signing, Anthropic benefitted from a surge in subscriptions that boosted them to  #1 downloaded App on the App Store
Following a groundswell of support from the likes of Microsoft, Amazon, Google &amp; Apple, as well as multiple individual AI researchers, Anthropic was granted an injunction against the DoD's designation


Anthropic’s Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part II

<ul>
<li>Anthropic's meltdown with the Pentagon has faded from the limelight, but the issues this episode surfaced remain very much unresolved, a ticking time bomb as the military further embraces AI</li>
<li>Amodei engaged with the Pentagon via a loosey-goosey "other" type of contract and put operational control of their integration in the hands of Palantir. What could possibly go wrong? </li>
<li>OpenAI's rush to fill the Anthropic gap was ill judged, as was Amodei's intemperate internal memo and the US Administrations Supply Chain Risk designation. Plenty of blame to go around.  </li>
</ul>


Anthropic's meltdown with the Pentagon has faded from the limelight, but the issues this episode surfaced remain very much unresolved, a ticking time bomb as the military further embraces AI
Amodei engaged with the Pentagon via a loosey-goosey "other" type of contract and put operational control of their integration in the hands of Palantir. What could possibly go wrong? 
OpenAI's rush to fill the Anthropic gap was ill judged, as was Amodei's intemperate internal memo and the US Administrations Supply Chain Risk designation. Plenty of blame to go around.  


Anthropic's Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part I

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Nvidia's growth is increasingly bottlenecked by full-stack integration issues, slipping platform roadmaps, and the brutal physical reality of powering and cooling next-generation 600-kilowatt server racks.</li>
<li>Frontier Labs are actively signing massive multi-gigawatt deals with alternative compute providers to maintain strategic optionality, while the sheer debt required to fund new data centres is causing deployment delays.</li>
<li>The route from demand to recognised revenue is getting crowded with friction. Between highly levered customers and maxed-out grids, the market can no longer afford to price in perfect execution.</li>
</ul>


Nvidia's growth is increasingly bottlenecked by full-stack integration issues, slipping platform roadmaps, and the brutal physical reality of powering and cooling next-generation 600-kilowatt server racks.
Frontier Labs are actively signing massive multi-gigawatt deals with alternative compute providers to maintain strategic optionality, while the sheer debt required to fund new data centres is causing deployment delays.
The route from demand to recognised revenue is getting crowded with friction. Between highly levered customers and maxed-out grids, the market can no longer afford to price in perfect execution.


Forget the Chips, Nvidia’s Real Problem Is the Plumbing

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: Invisible - 22 Apr 2026

Outsourcing and automation service combining AI and human intelligence to execute digital tasks

Sacra

This Week in AI (Apr 12-18): Anthropic/OpenAI Rivalry Intensifies; Opus 4.7; Cerebras IPO Filing

This week in AI: leaked OpenAI memo alleged Anthropic inflated revenue; Opus 4.7 continues the Opus series top benchmark spot with a silent API...

Ke Yan, CFA, FRM

Anthropic’s Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part II

Anthropic succeeded in gaining an injunction against the Pentagon's Supply Chain Risk designation, but that's just a temporary stay. Where things...

William Keating

Anthropic's Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part I

OpenAI's rush to fill the Anthropic gap was ill judged, as was Amodei's intemperate internal memo and the US Administrations Supply Chain Risk...

William Keating

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...

Mint Finance

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Primer: Invisible - 22 Apr 2026

Outsourcing and automation service combining AI and human intelligence to execute digital tasks

Sacra

This Week in AI (Apr 12-18): Anthropic/OpenAI Rivalry Intensifies; Opus 4.7; Cerebras IPO Filing

This week in AI: leaked OpenAI memo alleged Anthropic inflated revenue; Opus 4.7 continues the Opus series top benchmark spot with a silent API...

Ke Yan, CFA, FRM

Anthropic’s Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part II

Anthropic succeeded in gaining an injunction against the Pentagon's Supply Chain Risk designation, but that's just a temporary stay. Where things...

William Keating

Anthropic's Dario Amodei. Liar With A God Complex Or AI Safety Hero? Part I

OpenAI's rush to fill the Anthropic gap was ill judged, as was Amodei's intemperate internal memo and the US Administrations Supply Chain Risk...

William Keating

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

​Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...

Mint Finance

Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...