Bitcoin Drops Below $95,000

Cerebras Systems is seeking to raise up to $4 billion in its initial public offering (IPO) as market demand for the AI chipmaker and data center operator’s stock heats up, Bloomberg reported Wednesday, citing people familiar with the matter. The California-based company is targeting a valuation of around $40 billion, the sources said, adding they requested anonymity because the details are not yet public. Cerebras is also rumored to kick off its IPO roadshow as early as Monday, per the report. Underwriters have received indications of interest totaling over $10 billion, the sources noted—this comes amid a sharp rally in semiconductor stocks. IPO details, including the offering size, valuation and timing, remain subject to change, the sources added. Cerebras declined to comment on the matter.

According to monitoring from Pulse Beating (as reported by TechCrunch), the Academy of Motion Picture Arts and Sciences (AMPAS)—the organization behind the Oscars—rolled out new award eligibility rules on Friday, with several provisions specifically addressing generative artificial intelligence (AI) use. AMPAS stated only performances exclusively created by human performers and listed in a film’s official credits are Oscar-eligible, requiring they be “achieved through human effort and skill.” Similarly, scripts must be “created by a human” to qualify. The academy also noted it reserves the right to request additional information from filmmakers about AI usage and the “degree of human involvement” in the creative process. These changes come amid a wave of AI-related industry developments: an independent film in production using an AI-generated likeness of Val Kilmer; AI “actor” Tilly Norwood making regular headlines; and concerns from some filmmakers over new video generation mode

NVIDIA’s corporate venture arm NVentures has made its first foray into legal AI by investing in Swedish legal tech startup Legora, according to TechCrunch reports cited by TechWatch Beating monitoring. Legora— which uses AI to help lawyers boost efficiency and compete with U.S.-based rival Harvey— has closed a $50 million Series D extension round. The new funding comes just one month after the company wrapped up a $550 million Series D round. The Y Combinator alum has also surpassed $100 million in annual recurring revenue (ARR) — a milestone that lifted its post-money valuation to $5.6 billion. That figure narrows the gap with Harvey, which hit an $11 billion valuation last month. Additional investors in the round include Atlassian, Andreessen Horowitz, Coatue Management, Conviction Partners, Evantic (led by Matt Miller), and Kleiner Perkins.

On May 3, LAB experienced a flash crash this morning after hitting $4.1, dropping as low as $0.6708—plunging over 80% in 6 hours—before rebounding to $1.19, per HTX data. LAB contract trading liquidations totaled $39.39 million in the past 24 hours, leading all assets. Long position liquidations amounted to $15.42 million, while short position liquidations hit $23.97 million.

May 3 (Bloomberg) — Silicon Valley investor Peter Thiel’s Founders Fund has raised $6 billion for late-stage investments, its largest-ever fundraising, a source told Bloomberg. Some $4.5 billion of the capital comes from limited partners, including sovereign wealth funds, the source said. The remaining $1.5 billion is from the firm’s senior management and employees, including Thiel himself. The fund—Founders Fund’s fourth growth-stage vehicle—was raised shortly after its predecessor launched, marking the fastest fund shift in the firm’s 20-year history. The quick launch of a larger fund reflects growing demand for large sums from mature startups, which are increasingly turning to private investors instead of public markets. Other VC firms are also raising billions for late-stage bets, partly because tech companies need more cash to cover costly computing resources. Sequoia Capital recently raised ~$7 billion for a new fund to boost stakes in large companies, while Thrive Capit

May 3 Per Hyperliquid’s official website, the first HIP-4 binary prediction market contract—launched at 4:00 PM UTC on May 2 and titled “Will BTC be above $78,213 at 2:00 PM UTC on May 3?”—has accumulated open interest of $1.818 million. In nearly 19 hours since launch, total trading volume has hit $2.384 million, with the current implied probability standing at 0.497. Under the HIP-4 proposal, the Outcomes contract uses a full-collateralization model that eliminates liquidation risk entirely. Its nonlinear settlement structure offers users option-like flexibility, broadening the range of available trading strategies. Plus, natively integrated with the HyperCore chain, it shares cross-margin with the platform’s spot and perpetual contracts, enabling seamless liquidity interoperability and reuse.