Jack Altman, founder of the VC firm Alt Capital, is joining Benchmark as a general partner, according to TechCrunch. This move marks a significant shift in Altman's career, who has been running Alt Capital since at least 2024. In other tech news, Thrive Capital announced a new $10 billion fund, its largest yet, while Apple is reportedly accelerating the development of AI-powered wearables, and Meta has struck a deal with Nvidia for millions of AI chips.
Altman's transition to Benchmark is notable given his recent success with Alt Capital. The firm raised a $150 million Fund I in early 2024, followed by a $274 million Fund II announced last September, raised in just a week, TechCrunch reported. Alt Capital invested in at least 52 companies, including Rippling, Antares Nuclear, and CompLabs, according to PitchBook. On LinkedIn, Altman described the past two years running Alt Capital as the most rewarding of his life, adding that he loved new ideas and being part of a team with a mission. The details of what will happen to Alt Capital or whether Benchmark has acquired its portfolio remain unclear, as Altman also announced that his teammates from the fund will be joining him.
Meanwhile, Thrive Capital's new $10 billion fund, dubbed Thrive X, is nearly double the size of its last fund, with $1 billion dedicated to early-stage investments and the rest for growth-stage investments, according to the firm's announcement, as reported by TechCrunch. The firm told Bloomberg that the fundraise was oversubscribed. Thrive Capital's investments include OpenAI, Stripe, and SpaceX, which continue to soar in value. The firm also incubates companies, having spun up 12 so far, with at least six reaching unicorn status. Thrive's strategy is to commit deeply to a small number of founders, the firm said.
In the realm of consumer technology, Apple is reportedly developing a trio of AI wearables, including an AirTag-sized pendant with cameras, according to The Information, as reported by TechCrunch. Bloomberg writes that the development of this device, along with two other AI-powered items, is accelerating as Apple seeks to remain competitive. Apple is also speeding up the development of its upcoming AI-powered smart glasses, code-named N50. Apple faces competition from companies like Meta and Snap, which are working on similar products.
Also, Meta has struck a multiyear deal with Nvidia to expand its data centers with millions of Nvidia's Grace and Vera CPUs and Blackwell and Rubin GPUs, according to The Verge. This deal represents the first large-scale Nvidia Grace-only deployment, which Nvidia says will deliver significant performance-per-watt.
Finally, The Verge reported that Apple's latest MacBooks and the Mac Mini are currently receiving discounts.
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