AI models got smarter this week. The money got nervous. In the latest Sequence Radar, I look at both sides. Google’s Gemini Omni 1.2 Flash adds conversational video editing and stronger reference consistency, alongside a 30% price cut. OpenAI’s GPT-6 Cyber targets vulnerability discovery, validation, and patching for approved customers. Thinking Machines’ Inkling 2 Small combines image inputs and adjustable reasoning with 17B active parameters. Apache 2.0 weights are planned, not yet released. On the research side: provable LLM inference, formal verification of agent-written software, and evidence that careful context management can compete with much longer context windows. Meanwhile, the market selloff put infrastructure spending, financing, and value capture under scrutiny. The distinction matters: cheaper, more capable intelligence can be great for users without producing attractive returns for every company supplying it. Technical progress and investment returns are related. They are not the same thing.