We’ve landed in L.A.; excited to see some of you tomorrow night in El Segundo!

Apple plans to raise product prices as surging demand from AI companies quadruples memory and storage chip costs, with CEO Tim Cook calling the increases “unavoidable” and warning that Apple can no longer shield customers from the crunch. He declined to say when the price hikes might happen. The Wall Street Journal has more here.

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By Connie Loizos

Chi-Hua Chien has spent more than two decades as a venture capitalist, but he thinks like a cultural anthropologist. As a co-founder of Goodwater Capital, a firm focused exclusively on consumer and prosumer technology, he has built a portfolio spanning entertainment, healthcare, fintech, and live experiences — with investments in companies like MIDI Health, Fever, and Monzo. He was also, as a 27-year-old associate at Accel, the person who initially found a six-person company launched from Harvard called The Facebook.

That ability to read human behavior at scale informs everything from his view that Americans will never trust a single app with both their social lives and their finances, to his belief that the gap between the most advanced AI model and what you can run on your phone — once as wide as two years — will shrink to three months within the next year.

These days, he is also willing to say out loud what many in venture capital are only thinking: that the commoditization of the model layer is already underway, and that the biggest winners of the AI era won’t be the companies selling AI at all.

We talked last week; this interview has been edited for length and clarity.

More founders and investors have been publicly sharing their grievances about VCs lately. What’s changed?

It’s part of the meme-ification of everything — you’re seeing what’s happening in the political realm bleeding over into the business side, and it’s probably also the sign of some peakiness in the market. The reason you’re seeing some of these outspoken investors talking more publicly is because venture firms have largely vertically integrated, so the really big ones have enough capital that they’re not necessarily looking for syndicate partners. There used to be decorum around wanting to preserve good relationships with other co-investors, because you got to work with them at different points along the line. As the firms have gotten bigger and vertically integrated, there’s less of that need.

AttoTude, a two-year-old Menlo Park startup that develops dielectric waveguide-based interconnects that transmit high-speed electrical signals for hyperscale and AI data center connectivity, raised a $52 million Series C round led by The Westly Group, with Keysight Technologies, Allegis Capital, and DNX as well as previous investors Sutter Hill Ventures, Mayfield, Canaan, and Wing Venture Capital also participating. The company has raised a total of $143 million. Pulse 2.0 has more here.

Conduct, a two-year-old London startup that ingests enterprise system code, configurations, and integrations to map business logic and generate code, tests, and changes for modifying complex IT systems, raised a $60 million Series A round co-led by Index Ventures and Iconiq, with SAP as well as previous investors Creandum, Lucid Capital, and Booom also contributing. More here.

CuspAI, a two-year-old startup based in Cambridge, UK, that uses generative AI and molecular simulations to design and predict new materials for semiconductors, energy, and climate applications, is reportedly close to raising a $400 million round at a $2.6 billion post-money valuation. Prospective investors included Bezos Expeditions and Kleiner Perkins. Silicon Republic has more here.

Kling AI, a two-year-old Beijing startup that generates videos and short films from user prompts for filmmakers, advertisers, and creative studios, is reportedly in the market to raise a $2+ billion round at an $18 billion post-money valuation. General Atlantic is the purported lead. More here.

Odyssey, a three-year-old Palo Alto startup that builds general-purpose world models that simulate physical environments to help robotics and AI systems train, predict outcomes, and test scenarios without real-world deployment, raised a $310 million Series B round at a $1.45 billion post-money valuation. The deal was led by Natural Capital, with Amazon, AMD Ventures, GV, EQT, and In-Q-Tel as well as previous investors Jeff Dean, Elad Gil, Qasar Younis, Garry Tan, Guillermo Rauch, and Kyle Vogt also digging in. Tech Funding News has more here.

Triveni Bio, a seven-year-old startup based in Watertown, MA, that develops antibody therapies targeting immunological and inflammatory disorders, raised a $65 million Series C round co-led by Ascenta Capital and Janus Henderson Investors and including Deep Track Capital. More here.

Twenty, a two-year-old startup based in Arlington, VA, that develops AI-enabled cyber capabilities for the U.S. military and intelligence community, raised a $100 million round at a $1 billion post-money valuation. Accel was the deal lead, with Point72 Ventures, Friends & Family Capital, and Caffeinated Capital also investing. The company has raised a total of $138 million. Reuters has more here.

XDOF, a two-year-old Berkeley startup that builds data pipelines, collection tools, and annotation systems for training robotics models, raised a $70 million round from Thrive Capital, Spark Capital, Andreessen Horowitz, Lux Capital, and WndrCo. TechCrunch has more here.

Andera, a startup that develops AI software to automate internal audit workflows such as evidence collection, control testing, and workpaper generation, raised a $37 million Series A round led by Lightspeed. More here.

Clair Health, an eight-month-old San Francisco startup that develops a wearable device that continuously measures female hormone levels using biosensors to help women understand menstrual cycles and health patterns, raised an $11.6 million seed round led by Khosla Ventures, with Andreessen Horowitz, Brydge Club, Treehub, Cartan Capital, AGI House, Insiders VC, and Anne Wojcicki also taking part. Tech Funding News has more here.

Comand AI, a French startup that develops AI-based command-and-control software for military operations, raised a $36.7 million Series A round led by Blossom Capital, with Saab and previous investor Expeditions also joining in. Resilience Media has more here.

Convey, a one-year-old San Francisco startup that builds AI “teammates” to automate repetitive business workflows, raised a $38 million Series A round led by Andreessen Horowitz, with Khosla Ventures and Pear VC also engaging. Business Insider has more here.

Copia Automation, a six-year-old New York startup that manages, backs up, secures, and recovers programmable logic controller code for industrial control systems used in manufacturing and critical infrastructure, raised a $26 million round co-led by AE Ventures and Squadra Ventures, with KAS Venture Partners as well as previous investors Construct Capital also pitching in. The company has raised a total of $55 million. Pulse 2.0 has more here.

Critical Energy, a two-year-old startup based in Hawthorne, CA, that develops modular turbines for geothermal power plants, raised a $19 million seed round co-led by Susa Ventures and Upfront Ventures, with MaC Venture Capital, Susquehanna Sustainable Investments, Humba Ventures, Scribble Ventures, and Underground Ventures also jumping in. TechCrunch has more here.

Flagright, a five-year-old New York startup that develops AI software for financial crime compliance, raised a $12.5 million Series A round led by Infinity Ventures, with Sella Bank as well as previous investors Frontline and Y Combinator also participating. More here.

Foundation Alloy, a four-year-old startup based in Cambridge, MA, that develops solid-state metallurgy processes to design and manufacture engineered alloys without melting, reducing production steps and lead times for industrial components, raised a $22 million Series A round led by Voyager Ventures, with Trust Ventures, Yamaha Motor Ventures, America's Frontier Fund, Overlap Holdings, Material Impact, Engine Ventures, El Cap, and Kanematsu Corporation also piling on. More here.

Gero, an eight-year-old Singapore and San Francisco startup that develops drugs for aging and age-related diseases by analyzing longitudinal human health data with physics-based models to identify therapeutic targets, raised a $17 million round led by Melnichek Investments. The company has raised a total of $34 million. More here.

Karta, a four-year-old Miami startup that issues U.S. credit cards to international travelers through partner banks, underwriting clients without U.S. tax IDs and handling spending, support, and concierge requests via WhatsApp, raised a $15 million Series A round led by Galaxy Ventures, with Illuminate, Canary, and Clocktower Ventures also stepping up. The company also secured a $125 million debt facility. Fortune has more here.

NeuralTrust, a two-year-old Barcelona startup that monitors, maps, and controls enterprise AI agents by tracking their actions, managing permissions, and blocking malicious interactions across internal systems and external tools, raised a $20 million seed round led by Alstin Capital, with VentureFriends, Seaya, Kibo Ventures, Banc Sabadell, EA Ventures, Plug and Play Fund, and Finaves also engaging. Tech Funding News has more here.

Pramaana Labs, a one-year-old Palo Alto startup that develops formally verified AI systems for high-stakes domains such as tax, healthcare, financial compliance, and government policy, raised a $27 million seed round led by Khosla Ventures, with Accel, Boldcap, Nexus Venture Partners, Premji Invest, and Unbound also joining in. TechCrunch has more here.

Rejoni, a six-year-old startup based in Bedford, MA, that develops gynecological biomaterial devices that place temporary hydrogel spacers in the uterus after surgery to reduce intrauterine adhesions, raised a $25 million round. Investors included Clavyst Bio, Amed Ventures, Ascension Ventures, Catalyst Health Ventures, Delos Capital, FemHealth Ventures, Iyengar Capital, and Sparta Group. More here.

Trace Finance, a five-year-old São Paulo startup that provides regulated infrastructure for cross-border payments, banking connectivity, FX, and stablecoin settlement across Brazil, the U.S., and emerging markets, raised a $32 million Series A round led by CoinFund, with Coinbase Ventures, Haun Ventures, Jump Capital, Valor Capital, Paxos, HOF Capital, Chainlink Labs, and SNZ Capital also joining in. The Block has more here.

Traysar, a one-year-old Austin startup that develops underground navigation and tunneling systems to enable military strike access to buried targets and protect critical infrastructure below ground, raised a $25 million round led by Silent Ventures, with Lux Capital, Ora Global, NeverLift VC, Mana, Impatient Ventures, New Vista, and Entree Capital also opting in. More here.

Vedana Therapeutics, a two-year-old startup that is developing antibody therapies targeting CGRP and PACAP signaling pathways to prevent migraine attacks, with injectable treatments designed for patient self-administration, raised a $46 million Series A round co-led by Westlake BioPartners and Canaan Partners and joined by Dawn Biopharma and Alexandria Venture Investments. GeekWire has more here.

Clario, a Menlo Park startup founded this year that develops software to identify and remove redundant, obsolete, and trivial enterprise files that undermine AI performance, raised a $6 million seed round led by Preface Ventures, with Foster Ventures, Golden Sparrow, High Sage Ventures, Moment Ventures, Mentors Fund, Page One Ventures, Rain Capital, Ridge Ventures, and Transform VC also participating. More here.

eMabler, a six-year-old Helsinki startup that provides APIs that let retailers, energy companies, and parking operators integrate EV charging into their apps and optimize charging based on electricity prices and grid conditions, raised a $6.4 million Series A round led by Greencode Ventures, with Swiss Post Ventures, Rethink Ventures, Helkama Kiinteistöt, Finnvera, European Investment Fund, InvestEU, and Business Finland also investing. ArcticStartup has more here.

HighGround, a startup founded this year based in New York and Washington, D.C., that aggregates and analyzes government procurement, budget, and vendor data to help defense investors assess spending patterns, contract risks, and acquisition opportunities, raised a $6.5 million seed round led by Next Frontier Capital, with Tandem Ventures, Fulcrum Capital, and Context Ventures also chiming in. More here.

PDKINEMATICS, a one-year-old Vilnius startup that develops precision guidance systems and components for UAV munitions to improve targeting accuracy for drone manufacturers, defense integrators, and armed forces, raised a $2.3 million seed round. Coinvest Capital and Iron Wolf Capital were the co-leads. EU-Startups has more here.

Swsh, a four-year-old New York startup that hosts fan photo and video albums from live events and analyzes attendee content to help teams and brands understand audiences and reuse media, raised a $4 million seed round led by Game Changers Ventures, with Stellation Capital, SignalFire, MaC Venture Capital, Guy Oseary, and Scooter Braun also anteing up. Sports Business Journal has more here.

Tenet Security, a one-year-old Tel Aviv and New York startup that develops security tools that predict and block risky actions by autonomous AI agents interacting with enterprise systems and sensitive data, raised a $6 million round co-led by The Westly Group and MizMaa Venture. CTech has more here.

Vali Health, a two-year-old San Francisco startup that automates caregiver scheduling, shift coverage, and workforce coordination for home care agencies using AI agents to match caregivers with clients and reduce no-shows, raised a $6 million seed round. Investors included Bonfire Ventures, Supernode, and Comma Capital. More here.

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EigenQ, a one-year-old Austin quantum technology startup whose cybersecurity systems are designed to protect networks and devices from future quantum-computing attacks, agreed to go public through a merger with Silicon Valley Acquisition in a deal valuing the company at about $3 billion. The company’s VC investors include Capital Factory and Republic. Reuters has more here.

Goldman Sachs and Morgan Stanley are preparing separate internal teams for potentially dueling OpenAI and Anthropic IPOs this fall, an unusual arrangement meant to avoid sharing information between two rival AI companies. The Wall Street Journal has more here.

Expectations are growing that Elon Musk could merge SpaceX and Tesla into a roughly $4 trillion tech conglomerate spanning rockets, satellites, AI, electric vehicles, batteries, solar, X, robotaxis, and humanoid robots, despite likely shareholder objections. The New York Times has more here.

The Wall Street Journal profiles Anthropic researcher Nicholas Carlini, a 35-year-old San Francisco security researcher whose work showing that Mythos could find and exploit software bugs helped fuel fears of “Bugmageddon” and who is now part of Anthropic’s effort to convince the Trump administration that a guarded version of the model should be released. More here.

Despite Snap CEO Evan Spiegel’s efforts to justify the nearly $2,200 price of Snap’s new augmented-reality glasses, the company’s shares fell more than 5% as investors questioned whether the long-awaited Specs can find a meaningful market among Snap’s core teenage users. TechCrunch has more here.

Allbirds renamed itself Smartbird and hired former AWS executive Nadia Carlsten as CEO, cementing the former footwear company’s pivot into an AI infrastructure provider that offers managed cloud computing capacity and AI services. Shares jumped more than 30% after the announcement. Reuters has more here.

The New York Times captures Anthropic’s confusion and mounting anxiety after the Trump administration gave the company less than 90 minutes to pull its newest Fable 5 and Mythos 5 models over national security concerns, with employees asking whether the company is being unfairly targeted as CEO Dario Amodei tries to negotiate a resolution. More here.

Senior Trump administration officials have been weighing how to structure potential government equity stakes in major AI companies, with Treasury Secretary Scott Bessent favoring using AI stakes to seed Trump Accounts and Commerce Secretary Howard Lutnick preferring a sovereign wealth fund-style vehicle. Semafor has more here.

Two specialist AI medical tools, Germany’s Mira and Google’s Amie, matched or outperformed doctors in controlled simulations of diagnostic and treatment decisions, according to studies published in Nature. The Financial Times has more here.

NASA has tapped Relativity Space — the 3D-printing rocket startup now led by former Google chair Eric Schmidt — to build and launch a Mars-orbiting spacecraft by 2028, potentially making it the first private company to reach the Red Planet before Elon Musk's SpaceX ever sends its own mission there. TechCrunch has more here.

The 2026 James Beard Restaurant Award winners.

Nannying to the 1%.

America’s most talented nepo baby.

Bovensiepen – the new firm from the family behind BMW tuner Alpina – has unveiled the 05 GT, a more refined take on the BMW M5 Touring that boosts the plug-in hybrid wagon to 800 hp, adds chassis and suspension upgrades, and starts at about $230,000. It’s only available in Europe for now.

One of Silicon Valley's favorite Frenchmen, venture capitalist Jeff Clavier, has relocated with his wife, Bernadette, to Washington state — though he remains "still very active" on the investing front, he tells us. Left behind in their wake: a 7,100-square-foot villa in Woodside, a cottage, a guest house, a pool, tennis courts, and a wine cellar — all asking $15 million, or roughly what buys you a 5,700-square-foot home in San Francisco's Cow Hollow neighborhood right now. (Pool not included.)

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