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Credit card theft campaign abuses Stripe to host stolen payment info

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Credit card theft campaign abuses Stripe to host stolen payment info

A new Magecart campaign is using Stripe’s API infrastructure to host the credit card-stealing payload and the data exfiltrated from checkout pages.

The entire malicious activity relies on Google Tag Manager and Stripe domains – googletagmanager.com and api.stripe.com – that are trusted implicitly by online stores.

The new malware family was discovered by researchers at ecommerce security company Sansec, who found that the malicious code is loaded from a Google Tag Manager (GTM) container and executes on every page that loads it.

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“Both the payload and the stolen cards move through api.stripe.com. Stores allow that domain by default, so the skimmer slips past Content Security Policy rules and network filters that would otherwise flag traffic to an unknown skimmer domain,” Sansec says.

GTM is a management system that allows website owners to add and manage scripts used for analytics, ads, and tracking, without modifying the site’s source code.

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Stripe is a payment processing platform widely used by online stores to accept credit cards, manage customer orders, and handle billing.

According to Sansec, the malicious code is embedded in legitimate-looking GTM containers, which activate when a shopper reaches a checkout page, queuing Stripe’s API for a specific customer record, cus_TfFjAAZQNOYENR, in this case

From the metadata fields of the record, it reads JavaScript code that it reassembles and then executes using new Function().

The card skimmer targets Magento/Adobe Commerce checkout pages and attempts to capture payment data (credit card number, expiration date, CVV code, customer name) as well as billing and email addresses, and phone number.

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Card skimmer code
Card skimmer code
Source: Sansec

The stolen data is concatenated into a single string, obfuscated using the XOR operation, and stored locally instead of immediately exfiltrated.

Retrieving the data is done through a separate routine, which executes right after a page load and every minute after, by splitting the data blob in half, creating a new Stripe customer object, and storing the stolen data in metadata fields.

Every stolen payment card becomes a fake customer record in the attacker’s Stripe account, turning Stripe into a storage backend for stolen data.

Once the data is copied, the local file is wiped to eliminate traces of the attack and prevent duplicate uploads.

Data exfiltration routine
Data exfiltration routine
Source: Sansec

Sansec also discovered a variant of the attack where Google Firestore, a cloud database service for data storage and real-time retrieval, is used instead of Stripe.

In that version of the campaign, the payload is retrieved from a Firestore document named tracking/captcha in a project called braintree-payment-app. The stolen data is stored in a different localStorage key (_d_data_customer_).

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The names of the document and the project help the malware blend in with legitimate payment and bot-protection traffic.

The Stripe customer record containing the skimmer was reportedly created on December 24, 2025, suggesting that the operation may have been active since at least that date.

Customers can protect themselves from such risks by using one-time virtual cards with set limits.


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Smartphone screens are about to enter ridiculous refresh rate territory like gaming monitors

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For years, smartphone makers have been locked in a race for brighter screens, thinner bezels, and sharper resolutions. Now, it looks like the next battleground could be refresh rates — and things are getting a little absurd.

A new leak suggests OnePlus is exploring a roadmap that could eventually bring 240Hz OLED displays to its flagship phones. That’s a number typically associated with competitive gaming monitors, not devices that spend most of their time scrolling through social media feeds and watching YouTube videos. According to tipster Digital Chat Station, OnePlus is considering a gradual jump through 165Hz and 185Hz panels before ultimately reaching 240Hz in future devices.

The refresh rate race is heating up

Most flagship smartphones today top out at 120Hz, which already feels incredibly smooth for everyday use. Animations are fluid, scrolling feels responsive, and games that support high frame rates look noticeably better. But OnePlus appears interested in pushing beyond what most users would consider necessary.

Recent rumors surrounding the upcoming OnePlus 16 have already hinted at a 165Hz-to-185Hz jump while retaining the company’s preferred 1.5K display resolution. That suggests OnePlus may be prioritizing speed over pixel count, at least for now. It’s not hard to see the appeal. Higher refresh rates can make supported games feel more responsive, especially in fast-paced shooters and racing titles. The challenge is that the benefits become increasingly difficult to notice as the numbers climb.

The real challenge isn’t speed

Getting to 240Hz is one thing; doing it without destroying battery life is another. That’s likely why OnePlus reportedly continues to favor 1.5K panels over sharper 2K displays. Combining ultra-high refresh rates with higher resolutions demands more power, more processing muscle, and more aggressive thermal management.

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The company could revisit 2K screens in the future, but only if display technology improves enough to avoid major compromises. For now, the rumored OnePlus 16 is expected to arrive later this year with Qualcomm’s Snapdragon 8 Elite Gen 6 chip and a larger silicon-carbon battery, both of which could help support more demanding display hardware. Whether anyone truly needs a 240Hz smartphone screen is another question entirely. But if the leak is accurate, OnePlus seems determined to find out.

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iOS 27 could change how your muscle memory swipes notifications on a phone

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Apple is reportedly preparing a potentially disruptive change to how notifications work in iOS 27 and iPadOS 27.

According to Bloomberg’s Mark Gurman, incoming notifications now slide in from the left side of the screen in internal builds of the software. On its own, that might sound like a simple visual tweak. But it appears to be part of a much larger rethink of navigation gestures — one that could force longtime iPhone users to retrain years of muscle memory.

The familiar swipe may no longer do what you expect

For years, iPhone users have relied on a simple gesture: swipe down from near the center of the screen to access notifications. That reportedly changes in iOS 27.

Under Apple’s new system, swiping down from the center would instead open Search or an AI-powered assistant panel. Notifications would move to a separate gesture, requiring users to swipe down from the left side of the display to access Notification Center. Anyone who has picked up a new smartphone after years on another platform knows how deeply ingrained these gestures become.

Apple’s AI ambitions may be driving the shift

The reported redesign suggests Apple wants to give Search and AI features a much more prominent role in the iPhone experience. Rather than hiding AI tools behind buttons or menus, the company appears to be assigning them one of the most natural gestures on the phone. That’s a strong signal about where Apple sees user interactions heading.

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The notification animation itself also seems designed to reinforce the new behavior. If alerts now arrive from the left side of the screen, the visual cue naturally matches the new swipe direction required to view them. Whether users embrace the change is another matter. History shows that even small adjustments to familiar gestures can spark strong reactions. But if the report is accurate, iOS 27 may not just look different — it could change how millions of people instinctively interact with their iPhones every day.

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Microsoft Surface Laptop Ultra Brings Nvidia Spark Power to Windows PCs

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Microsoft unveils the Surface Laptop Ultra, its newest AI-enabled laptop. As this is one of the early laptops equipped with Nvidia’s RTX Spark platform, it features improved speed, graphics, and AI performance due to localized processing. The company believes this product has potential and considers it a worthy competitor to other high-performing laptops, such as the MacBook Pro.

The most interesting thing about the Surface Laptop Ultra is its new Nvidia RTX Spark processor. It is also known as the Nvidia N1X processor, which integrates CPU, GPU, and AI into a single chip. Thus, the laptop can handle high loads much more efficiently than other laptops.

Microsoft Surface Laptop Ultra Specifications

Surface Laptop Ultra was specifically created for individuals who require high performance on a daily basis. The laptop can handle demanding tasks like video editing and graphic design. Also, the computer can perform local AI computing, meaning data analysis can be done on the computer itself. It makes the job much easier for those working on AI technology.

The Surface Laptop Ultra offers up to 128 GB of memory for high-performance workloads. Unified memory enables the central processing unit and the graphics to share the same memory pool whenever necessary. The technology can help boost performance while using multiple apps at once.

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Microsoft

According to Microsoft, the screen delivers a peak HDR brightness of 2,000 nits, making the picture bright and clear. Besides, the monitor ensures accurate colors suitable for work. The laptop has HDMI ports, a USB-C port, a USB-A port, an SD card slot, and a headphone jack. Microsoft has also designed a large haptic touchpad for easier navigation. The machine comes in Platinum and Nightfall colors and is said to provide a full day of battery life.

Expected Release And What To Expect Next

Microsoft is planning to introduce the Surface Laptop Ultra later this year. Even though many features have been revealed for the device, there has been no announcement on pricing. With the laptop’s launch approaching, more performance information is expected to be released. The device marks Microsoft’s most aggressive move into AI-enabled hardware yet.

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ISS Astronauts Told To Prepare For Possible Evacuation Over Air Leak

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NASA ordered astronauts on the International Space Station to shelter in their spacecraft and prepare for possible evacuation after a worsening air leak in the Russian Zvezda service module’s transfer tunnel. The Guardian reports: The four astronauts of NASA’s Crew-12 mission on the station — two US astronauts, a French astronaut and a Russian cosmonaut — received orders from NASA mission control at 9.04am ET (2pm BST) on Friday to enter their Crew Dragon spacecraft docked to the station and don their spacesuits in case the air leak warranted an emergency evacuation, a NASA official said.

NASA and Russia’s space agency Roscosmos, the station’s two primary operators, have debated for months over the cause and potential fixes of small air leaks onboard Russia’s Zvezda service module, a key structure of the football-pitch-sized laboratory. The air leaks have been relatively minor in recent months. But on Monday the problem escalated from a pound of air per day to two pounds (0.9kg) a senior Nasa official told Reuters on condition of anonymity. UPDATE: “Roscosmos has paused Friday’s structural repair efforts inside the Zvezda service module transfer tunnel, known as PrK, as more measurements and data is assessed,” Bethany Stevens, a spokesperson for NASA, posted on X.

“Given this development, NASA has instructed the crew members inside the Dragon spacecraft to end the safe haven procedures and return to planned operations aboard the International Space Station. We look forward to working with Roscosmos on a collaborative approach to address the leaks.”

Developing…

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The University Of Cambridge Says It Successfully Tested A Vaccine With An AI-Designed Antigen

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The “super-antigen” could provide long-term protection against a wide range of diseases spread by humans.

Wherever you stand on the role of AI in the future of humanity, it has undeniably proved useful in the field of medical research. And now a team of researchers from the University of Cambridge have utilized the technology to create what they call a universal vaccine that could be used to prevent future pandemics before they take hold. It’s the first time that a vaccine with an active component designed entirely by a computer has been used in human trials, which reported no significant side effects.

The vaccine was given to 39 healthy volunteers between the ages of 18-50 at two UK medical facilities located in Southampton and Cambridge. It was designed to protect people against a number of Sarbeco coronaviruses, a group of viruses that include SARS-CoV-2, which was responsible for the global COVID pandemic in 2020.

The groundbreaking antigen — the active ingredient in a vaccine — triggered a protective immune response in the volunteers against SARS-CoV-2 and SARS, as well as related bat viruses that could cause pandemics in the future. Because of the way the vaccine was developed, it will likely also provide protection against diseases that haven’t even emerged yet.

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Unlike most vaccines, which are developed in reaction to an outbreak and struggle to keep up with virus mutations, this new “super-antigen” could provide an all-in-one solution to diseases like flu and Ebola that jump between humans.

“We’ve converted vaccine development from being reactive to being future proof. Our vaccines will continue to provide protection against viruses even as they mutate into new strains,” said Professor Jonathan Heeney from the Lab of Viral Zoonotics, University of Cambridge’s Department of Veterinary Medicine, which lead the research. “We’ve overcome the problem of traditional vaccines, which have limited protection. It means we can escape the constant cycle of chasing the virus variants circulating in humans and updating the vaccines to try to catch up, like a dog chasing its tail.”

To create it, the research team fed the AI model all available genetic sequence data for Sarbeco coronaviruses that had been logged around the world. They then used machine learning to design an antigen that contained features common with the whole group of viruses.

As the sample size was relatively small, the next phase of the trial will give the vaccine to a broader and more diverse number of participants and again assess its effectiveness.

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The token bill comes due: Inside the industry scramble to manage AI’s runaway costs

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Across the industry, companies are starting to balk at the price of AI. Uber blew through its entire 2026 AI coding budget by April. Microsoft revoked its developers’ Claude Code licenses months after enabling them. A Priceline employee told TechCrunch that a routine Cursor contract renewal came back 4-5x more expensive.

Even though per-token prices have fallen, the push for more AI adoption and increasingly autonomous agents have driven token consumption higher and higher. Companies that gorged themselves in early 2025 on all-you-can-eat subscriptions are now scrambling to understand where their money is going, pull back spending, and figure out whether they can salvage some ROI from the wreckage of their budgets.

Meanwhile, a market is forming to meet them there. Startups, established vendors, and a new standards body are all racing to give companies the tools and language to track what they spend.

“Six months ago, I would have a conversation with a customer and it would be all about ‘What can it do? Is it good enough?’” Alexander Embiricos, OpenAI’s head of enterprise, told TechCrunch at an event in New York City this week. “Our conversations are never about that now. Now the conversations are about, ‘hey, we’re spending so much. What visibility do you have? What auditability do you have? What token controls do you have? What is the efficiency of your models?’”

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It’s against this backdrop that the Linux Foundation this week unveiled plans for the Tokenomics Foundation, a new standards body that aims to instill the same cost discipline around AI tokens that FinOps did for cloud spend.

“In April and May, I started hearing from companies: ‘Oh my god, we are 3x over our entire 2026 token budget and it’s only April,’” J.R. Storment, executive director of the FinOps Foundation, a project under the Linux Foundation, told TechCrunch. “We started hearing existential crises, and the whole conversation shifted from tokenmaxxing and ‘go fast’ to ‘we need guardrails, how do we control this?’”

The cries heard round the tech world followed fervent demands from CEOs pushing their teams to use the best models and move fast, costs be damned. New models released in November like Anthropic’s Claude Opus 4.5, OpenAI’s GPT-5.1, and Google’s Gemini 3 Pro brought significant improvements to agentic tools, which have multiplied consumption. It’s how one company reportedly found itself with a $500 million Claude bill after forgetting to set usage limits for employees. 

“It’s like the crack-cocaine epidemic,” said Chris Reed, senior director of IT finance at Priceline, noting the company had begun placing token limits on certain groups. “They let you try it to get you hooked on it, and now you’re kind of beholden to it.”

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Vitaly Gordon, CEO of engineering operations platform Faros AI, said he recently spoke to a CTO who told him: “One of my engineers spent $40,000 on tokens last month, and I genuinely don’t know whether I should stop him or should I go and tell everyone else to be like him.“

A March survey by Faros found that among 20,000 developers, output was rising, but so were bugs and rewrites. Jellyfish, an engineering management platform, similarly found engineers who used the most tokens were about twice as productive than those who used AI less, but they spent 10x the number of tokens to get there.

Nicholas Arcolano, head of research at Jellyfish, told TechCrunch via email that expenditure on AI is exploding in large part due to agentic features, with per-developer consumption rising about 18.6x in nine months. All in all, these stats make the productivity case murkier than the spending suggests.

“Whether extreme spend pays off comes down to the ultimate business value of shipped code (e.g. revenue), which most companies still can’t measure,” Arcolano said.

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At least some of that measurement issue is the sheer scale at which AI is being used today.

“Tracking cloud costs is a hundreds-of-millions-of-rows-a-month data problem,” Storment said. “Tracking token costs is a trillions-of-rows-a-month data problem. You can’t just stick that into whatever spreadsheet or even basic tool. You’ve got to fundamentally rethink your tooling, your specs and your accounting systems to do that.”

At Priceline, Reed is already seeing discrepancies. He noted issues between a vendor’s reported usage and Priceline’s internal data.

“I started my career in telecom expense management, and I’m seeing all the same parallels, from telecom to cloud to AI,” he said. “Anytime you introduce something new, it’s ripe for billing errors and audit and optimization opportunities.”

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A market is beginning to form around this problem. There are the pure-play companies, like Pay-i, which tracks, measures and optimizes the costs and performance of GenAI investments. Paid, meanwhile, lets developers track costs, measure usage and bill users based on actual value rather than subscription fees.

Then there are companies like Jellyfish, Waydev and Faros AI, which all provide AI agent monitoring to prove the ROI of developer tools. Storment says most of the 180 vendors within the FinOps Foundation are leaning towards this space. 

Companies with existing distribution are also adding new features to capitalize on this new market. Ramp has recently moved into AI spend management; Datadog and New Relic have tacked on services like cloud cost management, token-level observability, and GPU monitoring. At the FinOps X conference next week, AWS is expected to introduce new financial management features geared toward enterprise AI spending.

Tiffany Luck, a partner at NEA, thinks token efficiency and observability will likely be added in at the “harness or app layer.” She pointed to Factory, a startup that makes AI agents for enterprises, which this week launched a model router that automatically picks the right model for every task. 

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Gordon expects frontier labs and other model providers to adopt OpenRouter-style optimization to drive queries to the cheapest models — a trend already showing up on enterprise Claude bills. 

“The financial report for how much you spend on Anthropic, even if you call the Opus model, some of the spend will be on Sonnet or Haiku, because they are smart enough to do it,” Gordan said. “I think this will become more and more of a thing.”

But all these tools are being built without a common language or shared definitions for how much a token costs, what it produces, and how to compare spend across vendors. That’s where the Tokenomics Foundation hopes to prove useful.

The Foundation is building a canonical definition and framework for “tokenomics;” open standards, specifications and metrics for AI token usage and billing; as well as new metrics for AI economics, like cost-per-intelligence or tokens-per-watt. It also plans to define metrics across token factory effectiveness and consumption efficiency. The group is planning a formal launch in July, and is about to announce more members at the FinOps X conference next week. 

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“Token economics is fundamentally more abstract and opaque than anything we’ve managed at this scale before,” Nishant Gupta, chief availability officer at Salesforce, said in a statement. “It requires a different operational muscle than the one the industry built for cloud.”

That said, Goldman Sachs projects global token usage to multiply by 24 times by 2030. The companies already over budget need solutions now, and the foundation’s first deliverable is still months away.

“Maybe we created a steam engine, but we still haven’t figured out the assembly line,” said Gordon.

According to Arcolano, the smart move is broad, moderate adoption. 

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“The best ROI comes from moving the broad middle from low to moderate usage, not pushing heavy users higher,” he said.

Russell Brandom and Tim Fernholz contributed to this reporting.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

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Over 900 US gas station tank gauge systems exposed to attacks

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Gas station

Over 900 automatic tank gauge (ATG) systems across the United States, used to monitor fuel and chemical storage tanks across various critical infrastructure sectors, have been found exposed online and are vulnerable to ongoing attacks.

ATG systems are electronic monitoring devices used to remotely track fuel, chemicals, or other liquids in storage tanks, automating inventory control, environmental leak detection, and regulatory compliance. While they’re commonly used at gas stations to monitor fuel tank levels, they can also be found in industrial settings to track chemical storage tanks.

On Tuesday, the Cybersecurity and Infrastructure Security Agency (CISA), the FBI, the NSA, the Department of Energy, and other U.S. government partners issued a joint advisory warning critical infrastructure organizations to secure internet-exposed ATG systems against ongoing attacks.

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The federal agencies warned that threat actors target such devices to alter system settings in command execution attacks after exploiting various security flaws, including hardcoded credentials, authentication bypasses, SQL injection vulnerabilities, OS command execution flaws, and privilege escalation weaknesses.

“The recent malicious cyber activity observed by the authoring organizations—which the U.S. government has not yet attributed to a nation-state or threat actor group—involves cyber threat actors compromising internet-exposed ATG systems and subsequently modifying them through command execution,” the joint advisory warned.

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As CISA cautioned, following successful compromises, the attackers could disable system alerts, increasing the risk of leaks or equipment failures and even causing permanent damage to the targeted tank systems.

In light of CISA’s advisory, Internet security watchdog Shadowserver warned today that over 1,000 ATG systems were exposed online, with the vast majority (909 devices) in the United States.

Map of ATG systems exposed online
Map of ATG systems exposed online (Shadowserver)

​”We added scanning of Automatic Tank Gauge (ATG) systems to our Accessible ICS reporting with 1061 IPs seen on 2026-06-05 (on port 10001/tcp),” Shadowserver said. “This is after weeding out vast majority which appear to be honeypots (including ports 8001/9001).”

Critical infrastructure organizations are advised to restrict remote access to ATG systems from the Internet as soon as possible and implement controlled access through firewalls, VPNs, or access control lists.

They should also replace default passwords on vulnerable devices with strong credentials, apply security updates, monitor systems for unauthorized changes, and implement multi-factor authentication where possible.

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CISA’s warning comes after a May CNN report that Iranian hackers had breached ATG systems connected to the Internet at multiple gas stations across the United States. Iranian hacking groups were linked to these incidents based on their previous history of targeting fuel management systems and other industrial control technologies.

After hacking the devices with weak or nonexistent passwords, the attackers reportedly manipulated the display readings but did not alter the actual fuel levels. Although these incidents didn’t cause any physical damage, they raise concerns that such attacks could hinder automated fuel leak detection and similar safety-related functions.

In April, another joint advisory issued by U.S. federal agencies linked Iranian state-backed hackers to attacks targeting Rockwell Automation/Allen-Bradley PLC devices since March 2026, causing financial losses and operational disruptions.

Cybersecurity firm Censys reported one day later that 74.6% (3,891 hosts) of such industrial control systems found exposed online globally were from the United States.

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Save up to 70% on Proton VPN just in time for summer travel

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Virtual Private Networks, or VPNs, are basically a required utility in 2026 if you want to browse the internet without being tracked. Get Proton VPN at up to 70% off a two-year subscription.

It seems like everyone on the internet is trying to track you. Whether it’s data brokers trying to profit off your personal information or your ISP attempting to help build an advertising profile, all eyes are on you when you browse.

There is a better option than giving up and living in a cave, and it’s called Proton VPN. It lets you connect a VPN to up to ten devices at once for smooth and encrypted access to your apps and websites.

Those of you already in the know about Proton VPN, a safe and secure option, can go ahead and jump on the deals available this month. Get up to 50% off monthly subscriptions, 60% off a 1-year subscription, or 70% off a 2-year subscription now through July 19.

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Save up to 70% on Proton VPN

For those that need a little convincing, here’s what you need to know about one of the best VPN options out there.

Proton VPN for Mac, iPhone, iPad, and more

Proton VPN is a Virtual Private Network tool that easily tunnels your internet traffic from one server to another. All data is encrypted with AES-256 or ChaCha20 coding to ensure your traffic can’t be deciphered even if it’s checked.

Basically, it means no one can see what websites you’re visiting, how long you spend there, what you click on, or what you’re watching. VPNs enable a lot of cool abilities on every device you install them on.

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Proton VPN: Safe, secure, reliable. Image source: Proton

For example, if you use Proton VPN for iPhone, you can stream anime on Netflix that is exclusive to Japan. Or, if you’d like to visit a website that’s being censored in your region, a VPN will let you get by without worry.

Keep in mind that accessing illegal content or performing actions like pirating media is still punishable by law, even when using a VPN. That said, everyone can benefit from a little more privacy and security online.

Proton VPN has a strict no-logs policy, so what little data that can be gathered about your browsing habits isn’t even available to the VPN provider. Subpoenas sent to Proton VPN will only be able to reveal that a customer purchased access to a VPN, and that’s it.

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Simply sign up for your subscription, install Proton VPN on your devices, and choose the location you’d like to browse from. There are additional options like double hop and split tunneling to further obfuscate your VPN use.

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Proton VPN for Mac, iPhone, and more. Image source: Proton

Proton’s 20,332 servers in 148 countries ensure your VPN connection is always stable with unlimited bandwidth. Browsing the web shouldn’t be a compromised experience just because you’re using a tool like Proton VPN for Mac.

Staying hidden from ad tracking and creepy ISP spying is only one aspect of VPN use — they can also help keep you more secure. If you’re ever trying to access the internet over public Wi-Fi, toggle on Proton VPN to stay out of sight of bad actors and other problems.

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Proton VPN also has a proprietary accelerator that can increase your VPN connection speed by up to 400%. Gamers get significant speed gains too, as some ISPs throttle gaming traffic during peak hours.

Get Proton VPN today at a discount

If you’re looking for the best VPN for iPhone, iPad, Mac, or other device in your home, Proton VPN is an excellent option.

All you need is an active subscription and the VPN app to secure your network connection and browse more privately. Pick your subscription length and jump right in.

Proton VPN is offering 50% off monthly subscriptions, 60% off a 1-year subscription, and 70% off a 2-year subscription. Just go to Proton VPN’s website and sign up to take advantage of the deal before July 19.

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Rethinking cyber defense in government with continuous exposure management

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The UK is now among the most targeted countries in the world for cyberattacks. Last year, the National Cyber Security Centre (NCSC) handled a record 204 ‘nationally significant’ cyber attacks, a steep 130% increase on the previous 12 months.

Public sector organizations are increasingly in the firing line when it comes to cybersecurity incidents. In December 2025, Kensington and Chelsea Council was hit by a cyberattack that compromised the personal information of hundreds of thousands of residents.

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OpenAI and Anthropic May Be Rivals, but Investors Aren’t Picking Sides

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OpenAI and Anthropic have battled for workers, customers, and public attention. The rival AI labs have been on opposite sides of policy proposals, and their CEOs were the only ones not to link hands among a dozen industry leaders at a business summit earlier this year. But they do have one big area of overlap: their investors.

About 90 venture capital firms and other money managers have invested in both OpenAI and Anthropic over the past few years, according to a WIRED analysis of data from PitchBook, a platform that tracks startup investments. OpenAI shares about 42 percent of its overall investors with Anthropic, according to the data. Roughly a third of Anthropic investors are also OpenAI backers, including major firms like Sequoia Capital, Greylock, Founders Fund, Redpoint Ventures, Emerson Collective, and Sound Ventures.

Just last week, Anthropic made a fundraising announcement that named 31 investors—at least 13 of which have stakes in OpenAI, according to the PitchBook data and WIRED reporting. The number of common investors may be an undercount, because collecting information about private investments is challenging. WIRED identified at least a couple of investors missing from OpenAI’s roster in the PitchBook data, including Amazon.

The amount of overlap is astonishing for two fierce competitors that began their fundraising within a couple of years of one another. Three experts who study the venture capital industry described the commonality as unusual, or even unprecedented. The phenomenon reflects the recent evolution of the venture capital industry, the emergence of two extraordinary companies that have raised unheard-of sums of money, and the wide-open competition among them and others in AI.

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“The ownership structure you are seeing right now is a real insight into how sophisticated investors are viewing this market, and the answer seems to be that few are convinced this will be a winner-take-all market, or if it is, who the dominant player will be,” says Tom Nicholas, a Harvard Business School professor and author of VC: An American History.

The intersection of investors is also notable as Anthropic and OpenAI aim to make their stock market debuts this year. Initial public offerings are often a chance for investors to realize gains in their ownership of a startup. But last year, just two-thirds of IPOs attracted a significant pop in value. With bets in both OpenAI and Anthropic, investors may be doubling their odds of success.

“Rather than looking at these companies as overlapping technologies, what these large investors are doing is protecting their ability to create returns,” says Kyle Stanford, director of venture capital research at PitchBook.

OpenAI and Anthropic didn’t respond to requests for comment. Several venture capital firms that invested in OpenAI and Anthropic also declined or didn’t respond to requests for comment about why they decided to back both.

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A few would speak only on the condition of anonymity to avoid jeopardizing industry relationships, and each called the dueling investment opportunities with OpenAI and Anthropic unlike any circumstance they had encountered before.

Historically, venture capital firms have concentrated their bets on one company in an area of competition to avoid conflicts of interest, Stanford says. Companies sometimes share proprietary information with investors or lean on them for advice or governance, and having stakes in rivals invites awkward conversations.

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