Meta open-sources reasoning model, CoreWeave files S-1, EU AI Act enforcement begins

Meta released Llama 4 Reasoning, an open-source model that matches GPT-5 on major benchmarks. The model uses a mixture-of-experts architecture with 405B total parameters but only 52B active. Significance: open-source is now competitive with frontier closed-source on reasoning tasks.

CoreWeave filed its S-1 revealing $2.1B in 2025 revenue (up from $460M in 2024) with 78% gross margins. The company has $8.6B in contracted future revenue. Key risk: customer concentration, with Microsoft representing 62% of revenue.