The AI stack had a reckoning on two fronts simultaneously: the infrastructure bet got bigger and more fragile — Anthropic signed a $19B data center lease, SK Hynix IPO'd at a trillion dollars, and memory shortages are now locked in through 2030 — while the enterprise deployment layer cracked under pressure.

The AI stack bifurcated sharply: at the infrastructure layer, a genuine supercycle is underway — Samsung's 18x profit surge, South Korea's $584B chip bet, and billions in new data center capital — while at the application layer, the limits of agentic AI are becoming undeniable.

The US government's export restrictions on Anthropic's frontier models — and the resulting global scramble for AI sovereignty — was the defining story of the week, crystallising a geopolitical fault line that will reshape enterprise AI procurement for years.

The week's defining story was the U.S. government's emergency shutdown of Anthropic's two most powerful models — Fable 5 and Mythos 5 — after China-linked actors reportedly accessed Mythos, turning a product launch into a geopolitical crisis and forcing every enterprise to reconsider frontier AI reliance.

Apple's WWDC bet on Gemini-powered Siri — simultaneously the week's biggest product launch and a confession that no single company can own the full AI stack — landed amid a historic IPO queue (OpenAI and Anthropic both filed, Alphabet raised $85B) that signals AI's 'build it and they will fund it' era is peaking.