Top Stories
Norway’s $2.1 Trillion Wealth Fund Warns AI Bubble Could Slash 35% of Value
The world’s largest sovereign wealth fund is sounding alarms. Norway’s fund, which manages $2.1 trillion in assets, identified an AI bubble as a major risk scenario that could cost the fund 35% of its value.
CEO Nicolai Tangen called the convergence of AI bubble risks and geopolitical tensions the greatest threat to global markets. The warning comes as Wall Street debates whether three years of AI spending will actually pay off.
The concern isn’t isolated. Benchmark’s Bill Gurley, one of Silicon Valley’s most respected investors, warned this week that the current wave of AI capital expenditure is set to exceed the spending-to-sales ratio from the dot-com era. Moody’s analysts mapped out a scenario where AI-related company valuations could fall 40% in coming months.
What makes this different from typical bubble warnings: the voices aren’t just perma-bears. These are institutions and investors with direct skin in the game making calculated assessments of risk. The question isn’t whether AI is transformative - it’s whether current valuations and spending levels are sustainable.
Perplexity’s Comet Browser Launches on iPhone, Bringing AI Search to Mobile
Perplexity released its Comet browser for iPhone on Tuesday, a week after the originally planned March 11 launch. The AI-powered browser represents Perplexity’s biggest push beyond its core search product.
Comet combines traditional web search results with an integrated AI assistant that can summarize pages, complete web-based tasks, and search across multiple sources. The browser supports Deep Research, Perplexity’s feature that synthesizes information from multiple web sources into comprehensive summaries.
The pricing shift is notable. When Comet launched on desktop last year, it cost $200 per month. The iOS version is free, with Pro and Max subscription tiers starting at $20 monthly. That aggressive pricing suggests Perplexity is prioritizing user acquisition over immediate revenue - a land grab for the AI-native browser market before competitors establish themselves.
The iOS version lacks browser extensions, a significant limitation for power users. But for the core use case - replacing Google search with an AI-first experience - the mobile launch makes Perplexity’s vision accessible to a much larger audience.
GTC 2026 Wraps Up: Jensen Huang’s $1 Trillion Prediction and Groq Integration
NVIDIA’s GTC 2026 concluded Wednesday in San Jose with CEO Jensen Huang projecting $1 trillion in chip orders through 2027 - significantly higher than previous estimates. The conference showcased the full scope of NVIDIA’s ambitions across chips, software, and AI infrastructure.
The most surprising announcement: Groq 3, NVIDIA’s first chip from the startup it largely acquired for $20 billion in December. The Language Processing Unit is designed for inference at scale, with Groq 3 LPX racks holding 256 LPUs meant to complement the Vera Rubin rack-scale systems shipping later this year.
NVIDIA also made IGX Thor generally available - an industrial-grade platform for edge AI with real-time sensor processing and functional safety certification. The Physical AI Data Factory Blueprint announced Tuesday attracted partners including Uber, which will launch NVIDIA Drive AV-powered fleets across 28 cities by 2028.
The NemoClaw open-source stack for running autonomous agents locally signals NVIDIA’s play for the enterprise AI agent market. Combined with OpenShell for routing between local GPUs and cloud endpoints, it’s infrastructure designed for organizations wanting to keep sensitive agent workloads on-premises.
Source: NVIDIA Blog, CNBC
Quick Hits
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X outage affects 26,000+ users: Elon Musk’s platform went down for roughly an hour on Tuesday around 11 AM ET, with users in the US, Europe, and Asia unable to load feeds or refresh posts. Service was restored within 30 minutes for most users. Tom’s Guide
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Apple delays Gemini-powered Siri again: The upgraded Siri planned for iOS 26.4 is being pushed to iOS 26.5 (May) or iOS 27 (September). Internal testing shows the assistant sometimes fails to process queries correctly or responds with long delays. 9to5Mac
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EU moves to streamline AI Act implementation: The EU Council agreed to simplify certain AI rules as part of its “Omnibus VII” package, potentially delaying high-risk AI system requirements by up to 16 months until standards and tools are ready. EU Council
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Privacy regulators in 61 countries target AI deepfakes: Joint statement warns that AI-generated non-consensual intimate imagery is a growing threat, with particular concern about harms to children and vulnerable groups. TechPolicy.Press
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OpenAI surpasses $25B annualized revenue: The company is reportedly taking early steps toward a public listing, potentially as soon as late 2026. Crescendo AI
Worth Watching
The bubble debate intensifies. When Norway’s sovereign fund, Benchmark’s Gurley, and Moody’s all flag AI valuations as a risk within the same week, it’s worth paying attention. The question isn’t whether AI is real - it’s whether current spending levels can be sustained if returns take longer to materialize than investors expect.
Apple’s Siri struggles highlight the difficulty of shipping AI features at scale. Google’s Gemini is powering the upgrade, but even with that partnership, Apple can’t meet its own timelines. If Apple - with its engineering resources and tight hardware-software integration - is struggling, smaller players may face similar challenges.
Perplexity’s aggressive mobile pricing suggests the AI search market is entering a land-grab phase. At $0 for basic access versus $200 at desktop launch, they’re betting that mobile user acquisition matters more than near-term revenue. Watch whether Google responds with Gemini-powered search changes.