**Compute & infra: funding frenzy amid SLA/security risks**

Anthropic 3.5GW Google/Broadcom scale; Altman crunch; Q1 $300B VC ($252B NA); Sarvam $350M ($1.5B val); MatX $500M; ScaleOps $130M; DeepSeek V4 delay; Nvidia $2B Marvell/Jetson; Together $1B; sllm $10-40/mo; Mistral-Samsung; Meta MSL; Intel fab (+4%); MSFT MAI; Nutanix agentic AI infra; funding dip (-28% YoY). Supply/debt risks; Benaich fatigue.