Obvious Ventures, the venture capital firm co-founded by Twitter’s Evan Williams, has filed to raise $400 million for its latest fund, according to a regulatory filing.

The filing for Obvious Ventures V was made public with the U.S. Securities and Exchange Commission on Tuesday and indicates that it is an initial notice. The firm raised its most recent fund in 2022, when it brought in about $355 million, according to PitchBook data, short of its $400 million target.

A spokesperson for the firm declined to comment.

Launched in 2014, Obvious Ventures is widely known for its early investment in alternative meat startup Beyond Meat, holding a 9% stake at the time of the company’s initial public offering in 2019. It has been a tough run on the market for Beyond Meat, whose market cap is now below $300 million after peaking at more than $14 billion in the months that followed its market debut.

The venture market broadly has struggled in recent years, with tech IPOs largely drying up in 2022 and staying relatively dormant aside from a few notable deals each year. In the third quarter of 2024, exit value hit a five-quarter low, with “only two exits — both acquisitions — exceeding the billion-dollar threshold,” according to an October report from PitchBook and the National Venture Capital Association.

Obvious Ventures says it aims to “support entrepreneurs building disruptive solutions to humanity’s biggest challenges,” with a focus on what it calls planetary health, human health and economic health. Well-known investments include supplements company Olly, lab-grown diamond maker Diamond Foundry and electric bus maker Proterra.

In its early years, Obvious Ventures had fun with numbers in its fundraising. For its first fund in 2015, the firm raised $123,456,789. Its second fund two years later raised the numeric palindrome, $191,919,191.

James Joaquin, who co-founded Obvious with Williams in 2014, said at the time of the second fund that the symbolism of the number was that you could look back at the first fund’s investments for an indication of what the firm would do in the future.

Joaquin, one of the firm’s managing directors, was previously CEO of Xoom, a payments service acquired by PayPal, and Ofoto, which was purchased by Kodak.

Williams, who helped create Twitter and was CEO of the company from 2008 to 2010, is still named as a co-founder of Obvious, but he isn’t a managing director. Williams wrote in a post on his publishing site Medium in 2017 that he was selling up to 30% of his Twitter holdings to finance other projects, including Obvious.

Late last year, Williams launched the app Mozi, which describes itself as a “private social network for seeing your people more” in real life.

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Nvidia reports fourth-quarter earnings on Wednesday after the bell.

Here’s what Wall Street is expecting, according to LSEG consensus estimates:

• EPS: $0.84, adjusted
• Revenue: $38.04 billion

Nvidia’s earnings report on Wednesday will put the finishing touches on one of the most remarkable years from a large company ever. Not only do analysts expect a 72% increase in revenue in the quarter ended in January, but sales for the full fiscal year are expected to more than double to nearly $130 billion.

The company’s growth streak has been driven by the fact that its data center graphics processing units, or GPUs, are essential hardware for building and deploying artificial intelligence applications like OpenAI’s ChatGPT.

In the past two years, Nvidia stock has risen more than 440%, and it’s been the most valuable U.S. company at times with a market cap over $3 trillion.

But the stocks’ meteoric growth has slowed in recent months — it’s trading at the same price as it did last October. Slowing the company’s appreciation are questions from investors about what Nvidia does next, and if it can keep growing.

Nvidia CEO Jensen Huang will get an opportunity on Wednesday to answer lingering questions from investors and analysts about what the AI boom looks like two years in.

In particular, Nvidia investors are worried about any signs that the company’s most important customers — hyperscale cloud companies — might be tightening their belts after years of big capital expenditures. They were also shaken by a Chinese AI model, DeepSeek’s R1, which challenged assumptions that more Nvidia chips would be needed to build smarter AI.

There’s also a possibility that attention on DeepSeek could prompt U.S. officials to further restrict Nvidia’s exports of AI chips to China on national security grounds. Nvidia is already barred from shipping its most advanced AI chips to the region, and it makes specially limited versions of its chips specifically for China.

Additionally, investors will want to know how the Blackwell rollout is going after reports that distribution of some versions of Nvidia’s latest AI chip may be happening slower than previously expected due to heating and yield challenges.

Morgan Stanley analysts estimated this month that Microsoft will account for nearly 35% of spending in 2025 on Blackwell, Google is at 32.2%, Oracle at 7.4% and Amazon at 6.2%.

Last week, TD Cowen analysts said they had learned that Microsoft had canceled leases with private data center operators and had slowed its process of negotiating to enter into new leases. The report raised fears about the sustainability of AI infrastructure growth, of which a large portion of spending is on Nvidia’s chips.

Microsoft pushed back Monday, saying it still planned to spend $80 billion on infrastructure in 2025. Plus, most of Nvidia’s other key customers touted large investments. Alphabet is targeting $75 billion in capital expenditures this year, Meta will spend as much as $65 billion and Amazon is aiming to spend $100 billion.

“We have talked to industry participants over the weekend, and while it’s certainly possible that there are longer lead time changes relating to land, the Microsoft GPU demand has not changed,” wrote Morgan Stanley analyst Joseph Moore in a note this week. He has a $152 price target on Nvidia stock.

Still, investors will be listening for any signs that Nvidia’s relationship with cloud companies remains strong. They’ll also be listening to Nvidia’s guidance for its fiscal 2026, and how much growth over last year’s elevated sales can be expected.

Shares of AppLovin tumbled 13% Wednesday as two short seller reports cast doubt on the integrity of the company’s artificial intelligence-powered AXON advertising software that helped drive the tech giant to become the top-performing tech stock of 2024.

Short seller Fuzzy Panda alleged that the AXON model was “the nexus of a House of Cards” built on fraudulent advertising tactics.

“We believe AppLovin has pulled every trick in the book,” the post stated. “We’ve been told they are stealing data from Meta in their e-commerce push. We also discovered AppLovin exploiting consumers and their data in ways which are clear violations of Google and Apple’s app store policies.”

The reports from Fuzzy Panda and Culper Research come following a stellar fourth-quarter earnings beat in February that kept Wall Street feeling bullish on AppLovin. CEO Adam Foroughi announced the company would spin off its mobile gaming segments and continue expanding the AXON model to other e-commerce sectors, such as health care, automotive and more. AppLovin’s advertising revenue climbed 73% in the quarter to reach almost $1 billion.

“We believe AppLovin’s recent success in mobile gaming stems from the systematic exploitation of app permissions that enable advertisements themselves to force-feed silent, backdoor app installations directly onto users’ phones, with just a single click — an event that is often inadvertent thanks to the Company’s notorious UX gimmicks,” wrote analysts at Culper Research.

The Palo Alto-based company’s stock surged over 700% in 2024 and was the top performer in the sector, becoming one of the biggest beneficiaries of the AI boom coupled with a growth in online advertising.

Fuzzy Panda confirmed to CNBC that the firm was still short on AppLovin. Culper Research, which shared some research with Fuzzy Panda per a letter from Culper Research founder Christian Lamarco, did not immediately respond to a request for confirmation at the time of publication.

AppLovin declined to comment.