Welcome to Get The Gist, where every Friday we share an easy-to-read summary of the latest and greatest developments in AI—news, innovations, and trends—all delivered in under 3 minutes! ⏱

In today’s edition:

• Trump pulls plug on Biden-era AI chip restrictions

• OpenAI eyes IPO with Microsoft’s blessing

• Saudi Arabia drops $30B on NVIDIA, AMD for AI dominance

• OpenAI now inside 1 in 3 US companies

• And more AI news….

Top Developments

Government

Trump Pulls Plug on Biden’s AI Chip Rules

The Gist: The Commerce Department has halted enforcement of a sweeping Biden-era rule limiting AI chip exports and will replace it with bilateral agreements negotiated with key countries.

Key Details:

• Staff told not to enforce “AI diffusion” controls, originally due May 15.

• Biden’s tiered export strategy scrapped in favor of case-by-case diplomacy.

• New warnings issued about Huawei chips and U.S. chips aiding Chinese model training.

• Trump’s team calls prior policy “ill-conceived” and promises a “bold, inclusive strategy.”

OpenAI

OpenAI and Microsoft Reshape Their Deal—IPO Incoming?

The Gist: Microsoft and OpenAI are renegotiating their $13B partnership to make way for a possible IPO—while ensuring Microsoft keeps preferred access to OpenAI’s cutting-edge models.

Key Details:

• Original revenue-sharing and equity structure under review.

• Microsoft may give up some equity in exchange for extended access beyond 2030.

• OpenAI plans to reduce Microsoft’s cut of future revenue.

• Deal must be board-approved; Microsoft wants to secure its Azure exclusivity.

Saudi Arabia

Saudi Arabia Drops $30B on AI with NVIDIA and AMD

The Gist: Saudi Arabia is going all-in on AI, unveiling deals with NVIDIA, AMD, and others worth over $30 billion—plus a $20B push into U.S.-based data centers.

Key Details:

• Saudi startup Humain to buy 18,000 NVIDIA Blackwell GPUs and co-develop “AI factories.”

• AMD signs $10B deal to power up to 500MW of Saudi AI infrastructure.

• Qualcomm and others joining in; deals backed by Crown Prince bin Salman.

• Separate $20B Saudi investment coming to U.S. data centers via DataVolt.

Quick Gist

OpenAI’s enterprise reach has exploded—now powering 32.4% of U.S. businesses via Ramp data (up from 18.9% in January). (Read More)

Google One (AI + cloud storage) hit 150M subscribers, helped by new $19.99/month AI Premium tier. (Read More)

Amazon Alexa+ still lacks traction—just “hundreds of thousands” invited as of May. Reviews are elusive. (Read More)

Cisco’s AI networking orders surged past $1B YTD; it lifted forecasts amid booming cloud demand. (Read More)

IBM unveils platform for building enterprise AI agents—aiming to combine models like Meta, Mistral, and its own Granite series. (Read More)

Google’s quietly building a dev-focused Gemini agent with full-stack coding support and may demo AR/AI glasses at I/O. (Read More)

Chegg cuts 22% of staff, blaming Google’s AI search and ChatGPT for plummeting demand. (Read More)

Apple to debut AI-based battery saver mode in iOS 19—learns user habits to extend battery life. (Read More)

Meta faces EU legal action for plans to train AI on Instagram/Facebook user data; critics cite GDPR violations. (Read More)

Microsoft Azure’s AI-fueled Q3 jump: +33% YoY, with AI services contributing half that growth. (Read More)

THAT’S IT FOR TODAY!