Deep Learnings: AI & Cloud Bi-Weekly

Research evidence excerpt

Deep Learnings: AI & Cloud Bi-Weekly

Equity Research

Industry Update — June 5, 2026

Technology & Services

Anthropic IPO and Valuation; OpenAI Codex Reaches

5M MAUs; Project Glasswing and Mythos Updates, and

Microsoft Build Recap

Our Call Ken Gawrelski

'Deep Learnings' is a bi-weekly rundown of newsflow for internet and software investors Equity Analyst | Wells Fargo Securities, LLC

Ken.Gawrelski@wellsfargo.com | 617-210-3707

highlighting the most consequential developments across AI and cloud. See a collection of

Michael Turrin, CFAkey events and our thoughts from the past two weeks below.

Equity Analyst | Wells Fargo Securities, LLC

Michael.Turrin@wellsfargo.com | 628-629-7565

Anthropic submits filing to go public. Anthropic confidentially submitted a draft S-1 for Ryan MacWilliams, CFA

IPO. The co most recently raised a $65B funding round at $965B post-money valuation, Equity Analyst | Wells Fargo Securities, LLC

and disclosed a run rate of $47B as of May. Co-founder Daniela Amodei spoke at the Ryan.MacWilliams@wellsfargo.com | 212-214-1192

Bloomberg Tech conference, noting the decision comes down to capital, describing the Alec Brondolo

large upfront cost of training models and serving inference needs. Equity Analyst | Wells Fargo Securities, LLC

Alec.Brondolo@wellsfargo.com | 212-214-5435

Codex reaches 5 million users; OpenAI CFO comments on compute costs. OpenAI Austin Williams

released a report titled The Next Era of Knowledge Work, where it highlighted 5M WAUs Associate Equity Analyst | Wells Fargo Securities, LLC Austin.R.Williams@wellsfargo.com | 628-629-7572

for Codex, >6x growth in Codex WAUs since the desktop app launched, and knowledge

David Umanskyworkers adopting Codex >3x faster than developers. OpenAI's CFO Sarah Friar said on