Good morning & happy Tuesday! Today we're diving into AI giants OpenAI & Anthropic, which just outsourced their sales teams to private equity (breaking down their PE playbook, why it matters & what to expect next + bonus deep dives into OpenAI that wants to build the last App Store while also developing a personal AI CFO, & Anthropic's AWS strategy), and a 3-year-old firm nobody's heard of that just bought the world's largest corporate travel company (why Long Lake Management is acquiring Amex GBT, and what it means for Ramp, Brex and Navan + bonus deep dives into American Express and why it skipped the Agent Protocol wars & Anthropic, which just told founders exactly what AI products to build in 2026). Let's jump straight into the fascinating stuff '' On the same day, OpenAI and Anthropic each finalized & signed joint ventures with the biggest names in private equity - TPG, Blackstone BX 0.00%', Goldman Sachs GS 0.00%', and Bain Capital - to physically embed their engineers inside...
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