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Cognition has raised over $1 billion at a $26 billion valuation in a new funding round led by Lux Capital, General Catalyst, and 8VC.
Cognition's annual revenue run rate is approaching $500 million.
More than 90% of the code written internally at Cognition is generated by its own AI agent, Devin.
Cognition aims to surpass a $1 billion revenue run rate by the end of this year.
Nvidia made a $2 billion investment in Marvell Technology in March.
The world is predicted to use twice as much electricity by 2050, driven by industries like AI and EVs.
Memory chip giants Micron and SK Hynix have both joined the $1 trillion market capitalization club.
Taiwanese prosecutors suspect three individuals of smuggling Nvidia AI chips to China through Japan.
Micron's revenue nearly tripled in the last quarter, which was its fastest pace of growth since the 1990s.
Micron's stock increased by more than 70% in May alone, its largest one-month jump since December 1987.
Both SK Hynix and Micron are posting quarterly revenue increases of more than 200%.
The current shortage of GPUs is primarily due to a lack of corresponding high-bandwidth memory, not a scarcity of the GPU die itself.