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Tiger Global launches new fund as it takes more disciplined approach

Tiger Global Management announced Monday the launch of its latest venture capital fund, Private Investment Partners 17, according to a letter to investors viewed by CNBC.

Tiger is targeting a raise of $2.2 billion for the fund, according to a person familiar with the firm’s strategy who declined to be named in order to discuss internal matters.

The hedge fund wrote that it’s expecting PIP 17 to be similar in “strategy, size and construction” to its earliest vintages and its most recent, PIP 16, which targeted $6 billion but ultimately closed at $2.2 billion.

The largest positions in PIP 16 are OpenAI and Waymo, stakes that have helped performance rebound. In a call with investors, Tiger said that PIP 16 is up 33% year-to-date, while PIP 15 is up 16%.

Compared to the megafunds of the early 2020s, the latest raise target signals a pivot to a more disciplined strategy for Tiger Global.

The firm was one of the biggest forces in the startup ecosystem over the last half-decade, but has seen heavy markdowns and slower deployment in the last few years.

In 2021, the heyday of its “spray and pray” approach, it led 212 rounds, according to Crunchbase data. This year, it made just nine new private investments.

Tiger first invested in OpenAI in 2021 at a valuation of less than $16 billion and in Waymo that same year at $39 billion.

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The Tiger Global letter and audio of the investor call obtained by CNBC also signal some concerns about the potential for a bubble in artificial intelligence.

“[V]aluations are elevated, and, in our view, at times unsupported by company fundamentals,” the firm wrote in the letter. “We also recognize the importance of approaching a technological shift of this magnitude with some humility.”

The strategy that founder Chase Coleman laid out is to prune aggressively and reinforce its biggest winners.

Tiger says it has sold more than 85 companies from PIP 15, generating over $1 billion in proceeds.

That money can now be recycled into follow-in investments for companies it considers winners.

Some of the names Tiger said it would concentrate on include Revolut, a digital banking startup, and ByteDance, the parent company of TikTok.

Other companies Tiger is focusing on include police tech company Flock Safety, EV company Harbinger, e-commerce startup Rokt, freight company Cargomatic, and stablecoin startup BVNK, the investor presentation showed.

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Broadcom is firing on all cylinders, and Wall Street can’t get enough of the stock

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Broadcom is firing on all cylinders, and Wall Street can't get enough of the stock

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Google to launch first of its AI glasses in 2026

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Google to launch first of its AI glasses in 2026

A Google logo is at the announcement of Google’s biggest-ever investment in Germany on November 11, 2025 in Berlin, Germany.

Sean Gallup | Getty Images News | Getty Images

Google on Monday said it plans to launch the first of its AI-powered glasses in 2026, as the tech company ramps up its efforts to compete against Meta in a heating consumer market for AI devices.

The Alphabet-owned company is collaborating on hardware design with Samsung, Gentle Monster and Warby Parker, with whom Google agreed to a $150 million commitment in May.

Google plans to release audio-only glasses that will allow users to speak with the Gemini artificial-intelligence assistant, the company said in a blog. Google also said there will be glasses with an in-lens display that show users information such as navigation directions and language translations. The company said the first of these glasses will arrive next year, but it did not specify which styles that will include.

In a Monday filing, Warby Parker said that the first of its glasses in partnership with Google are expected to launch in 2026.

The glasses will be built on top of Android XR, Google’s operating system for its headsets.

Google’s Monday updates come after the company in May announced that it would be getting back into the smart glasses game. At the time, co-founder Sergey Brin said he learned from Google’s past mistakes of failed smart glasses, citing less advanced AI and a lack of supply chain knowledge, which led to expensive price points.

“Now, in the AI world, the things these glasses can do to help you out without constantly distracting you — that capability is much higher,” Brin said in May.

The AI wearables space has been gaining traction with Meta leading the pack. the social media company’s Ray-Ban Meta glasses were met with surprising success. The glasses, which were designed in partnership with eyewear giant EssilorLuxottica, are infused with the Meta AI digital assistant

Meta also released its own display glasses in September, which allows users to see features like messages, photo previews and live captions through a small display that’s built into one of the device’s lenses.

Other companies like Snap and Alibaba have also been churning out their own AI glasses offerings as the small but competitive market continues to grow.

Google on Monday also revealed more software updates to the Galaxy XR headset, including the ability to link it to Windows PCs and a travel mode that will allows the device to be used in planes and cars.

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Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

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Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

Apple chip chief weighs exit: Report

Several big shots in Cupertino are getting a career change for the holidays.

In the last seven days, there has been extraordinary turnover among Apple‘s top ranks, from its head of artificial intelligence to its top lawyer.

CEO Tim Cook now has two fewer direct reports than he did before Thanksgiving.

The executive who designed the software for the Apple Vision Pro also bounced and is heading to Meta to do the same thing for AI glasses in Menlo Park.

As if last week’s departures weren’t enough, there was another potential exit over the weekend. Senior vice president of hardware technologies Johny Srouji told Cook he wanted out soon, according to Bloomberg.

But any drama seems to have passed, with Srouji telling his staff Monday morning in a memo seen by CNBC that he isn’t planning to leave Apple any time soon.

Srouji is the chip design guru who kicked Intel while it was down and made in-house chips for Mac that performed a lot better, leading to a healthy surge in sales. Srouji is essentially the Jony Ive of chip design, a singular talent, and it is tough to imagine him leaving Apple.

An Apple spokesperson provided no comment on Srouji or any of the recently departed executives.

There are multiple ways to read into all the changes at the top of a company known for keeping a steady leadership team while producing innovative and industry-leading products.

Apple stayed the course while the tech world changed around it in just three short years, as the entire industry has made a massive pivot to AI.

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So it was no surprise AI chief John Giannandrea was out last week. It was on him to deliver an innovative AI experience on the iPhone. Instead, Apple had to admit it couldn’t launch the supercharged version of Siri it had been advertising for months.

Perhaps the new strategy of partnering with an established AI leader such as Google or Anthropic will make up for all of it, but the pressure is enormous for Apple to get it right after the flop this year.

Getting the AI launch right is important for other products as well.

If Apple isn’t going to charge for its AI system, then using it as a selling point for new hardware is its best bet to show it can make some cash.

There are already hints that 2026 is going to be a monumental year.

Some new, rumored AI product categories are expected, such as AI glasses similar to what Meta sells and a tablet for controlling all your smart home appliances.

Apple will also turn 50 on April 1 next year, and it’s expected to launch its first-ever foldable iPhone. Plus, there are more challenges ahead with a looming antitrust trial and whether Apple can maintain its truce with President Donald Trump.

Taken together, perhaps the shake-ups were necessary, especially regarding AI.

It looks like next year will show if Apple got it right.

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