GPT-5 Has Arrived

TLDR;

Finally, after more than a year of teasing, GPT-5 has finally arrived a few hours ago. Besides that, we take a look at:

Anthropic’s new flagship model, Opus 4.1,

a short analysis of AMD’s recent successes,

leaks on OpenAI and Anthropic revenues,

The reality that AI startups like Cursor are starting to face,

and a deep dive into OpenAI’s open-source releases a few days ago.

Enjoy!

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FRONTIER MODELS

Anthropic Release Opus 4.1

In a very low-key release, overshadowed by Google’s Genie 3 and OpenAI’s first open-source release in six years, Anthropic has updated its best model, Opus 4, to Opus 4.1.

The model is largely focused on coding and agentic tasks, setting the state-of-the-art in those areas with little debate, yet underperforms competitors in areas like common knowledge or maths.

TheWhiteBox’s takeaway:

Anthropic isn’t even pretending anymore. They have one thing on their minds and one thing only: creating the best coding and agentic (tool-calling) models on the planet.

In other words, they are optimizing for a cohort of users who work in software programming, or, as we saw last Sunday, those who want to automate their lives by running personal agents that can call other tools to perform actions on their behalf.

The last one is the one that really matters, because having the best tool-calling AI on the planet is quite literally equivalent to having the best AI agent on the planet.

And while OpenAI can’t simply stop being a good conversationalist model, or one that knows a lot about a lot of things, as their primary user base is people looking for common knowledge, searching stuff on the Internet, or simply having a conversation, absolutely zero people on this planet use Claude for that, so they can naturally optimize toward the things their models are being used for.

And the strategy, revenue-wise, is panning out, as you’ll see for yourself on the Markets section.

HARDWARE MARKETS

AMD Disappoints, It’s Still Crushing it

AMD fell almost 7% yesterday after reporting mixed results and, once again, refusing to give more details on its data center business. Still, it’s the best-performing chip stock of the year, even ahead of 4 trillion in market cap rival NVIDIA.

So, what should we make of its current state?

TheWhiteBox’s takeaway:

Ever since our deep analysis of AMD in March this year, the stock is up 70%, from around $100 to $171 at the time of writing. If you bought around that time, congrats!

In that article, we discussed why AMD was a hidden gem, but we also outlined the biggest issues: bad software and, above everything else, poor server scale-ups.

In AI, there’s no such thing as a non-distributed workload. That means that models are served to users using several GPUs per model (sometimes we even divide sequences between GPUs, meaning several GPUs are helping in responding to you).

This introduces an extra metric to be concerned about, beyond a GPU’s compute power and memory bandwidth (how fast we can send…

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