Software: OpenAI Puts Codex to Work
On June 2, OpenAI held its “Intelligence at Work” event. The message was simple: Codex is no longer just for programmers. It’s for everyone who works.
OpenAI launched six Codex role-based plugins: data analyst, creative producer, sales, product design, stock investment, and investment banking. Codex already has over 5 million weekly active users. Non-developer users are growing three times faster than developers. More people who don’t write code are using Codex to get work done.
The bigger strategic move came next. In the coming weeks, Codex will be integrated directly into ChatGPT, serving 1 billion users worldwide. ChatGPT will no longer be just a “chatbot.” It will be an agentic platform with execution capabilities. You can ask it to analyze data, write investment reports, or design product prototypes — all inside the same chat window.
OpenAI is turning “AI that writes code” into “AI that does work.” This isn’t a feature update. It’s a strategic pivot.
Hardware: NVIDIA Declares War on Intel
At the same time, NVIDIA launched RTX Spark at Computex, a superchip built with Microsoft to enter the PC market.
The specs are stunning. 1 Petaflop of AI compute. A 20-core Grace CPU. 128GB of unified memory. It can run 120-billion-parameter models locally. ASUS, Dell, HP, and Lenovo will ship the first RTX Spark PCs in fall 2026.
Jensen Huang’s phrasing mattered. “The PC is transforming from a personal computer into a personal AI.” That’s not just marketing. When a machine can run a 100-billion-parameter model locally, its role changes from “tool you operate” to “AI that operates on your behalf.”
Microsoft announced the Surface RTX Spark Dev Box alongside it. Satya Nadella called it a “dream machine” for developers. NVIDIA just declared war on Intel and AMD. The PC chip market will never look the same.
Capital: Three Giants Fight Over a Trillion-Dollar IPO Window
The capital markets are just as busy. On June 1, Anthropic confidentially filed its IPO paperwork at a $965 billion valuation, aiming for a fall 2026 listing. SpaceX plans to go public on June 12 at a $1.75 trillion valuation. OpenAI hasn’t filed yet, but its CEO has said multiple times that an IPO will happen “when the time is right.”
Together, these three companies are worth more than $3.5 trillion. They could raise over $200 billion from public markets. Wedbush analyst Dan Ives called it “an opening of the floodgates for the IPO market.” The question is whether there’s enough liquidity to go around. Who goes first could decide where billions of dollars land.
PitchBook analyst Harrison Rolfes offered a counterintuitive take. Anthropic jumping first means it “volunteered to absorb all the disclosure risk.” OpenAI can now watch how the market reacts before setting its own price. The IPO race is more than a race. It’s a chess match.
Where the Three Tracks Meet
Put these three stories together, and a clearer picture emerges.
On the software track, OpenAI is transforming from a “model company” into a “work platform company.” Putting Codex inside ChatGPT is about combining reasoning with execution. It’s the step from “chat” to “do.” The 1 billion user figure hints at OpenAI’s real ambition — not just developers, but every knowledge worker.
On the hardware track, NVIDIA is no longer content selling GPUs to data centers. RTX Spark is its declaration of entry into personal computing. When AI becomes the core function of a PC, whoever controls the AI chip controls the next generation of PC standards. The 10 million unit forecast is just the beginning.
On the capital track, the three giants are racing to go public because the first mover gets to define the narrative. “First AI IPO” comes with a valuation premium and a war chest of public money. Anthropic beating OpenAI to the filing desk proves this is no longer just a technology race. It’s a capital race.
All three tracks hit on the same two days. That’s not a coincidence. The AI industry is moving from “model competition” to “full-stack deployment.” Software, hardware, and capital — three legs of the same stool. None of them can stand without the others.
P.S. One of the six Codex plugins is for investment banking. AI is learning to help Wall Street do deals. The next question is whether AI will learn to do the deals itself. OpenAI is already thinking about that. You should, too.
