Is the baton passing? AI Labs are projected to generate the most net new ARR in Q2.

New business formation is inflecting! GenAI might be the catalyst.

"What if it increases another 6.5x from here? We don't have anywhere near what's needed in terms of the infrastructure to support that."

- Sam Altman, OpenAI

AI is entering a new phase: moving beyond digital tools and into fully autonomous systems operating in the physical world.

From advanced manufacturing and surgical robotics to robots in the home, the next wave of innovation will be defined by machines that can perceive, decide, and act in real-world environments. As AI escapes the screen, a new generation of companies is emerging to build the infrastructure, products, and platforms powering this shift.

For more on this C:\Take, watch Lucas:

Kalshi's political volume has scaled dramatically, and the American Power Index (KPOW) is what that scale enables: a single-number gauge of the current balance of political power and where markets expect it to move, which Kalshi bills as an "S&P 500 for politics."

Products like this are paving the way for institutional adoption: a continuously updated context read on the political backdrop that could be overlaid against equities or policy-sensitive areas to track correlations rather than traded directly.

AI is bending the knowledge production curve across multiple domains.

Earlier this week, we posted about Google's token count taking off across products. Looks like API demand is no different.

A year ago, it was 480T. Today it's 3.2Q! Tomorrow's chart might need a new unit of measurement.

Last time we ran this chart, OpenClaw looked like an outlier. Turns out it was just the new normal for next-gen agents!

Cash flow is transferring from hyperscalers to AI infrastructure.

Follow the bottlenecks.

For more on this C:\Take, watch Nick: