As AI startups stay private longer and competition for top talent intensifies, secondary sales are quietly changing roles. What were once founder-centric cash-out moments are now being repurposed as retention tools.

Companies like Clay and ElevenLabs are offering employee-wide tender offers, giving staff a chance to sell a small slice of equity without giving up future upside. In a market where salaries have normalized and perks feel cosmetic, real liquidity stands out—and early secondary activity at higher valuations sends a subtle confidence signal.

Expect this playbook to spread across hot AI infrastructure and application layers. The downside: broad tenders help hiring and morale, but they also extend private timelines, delaying VC liquidity and tightening the fundraising flywheel if exits don’t arrive.

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Apple is back on top in China this quarter, not because it out-spec’d local rivals, but because it out-maneuvered them. While Huawei and Xiaomi keep shipping phones with massive sensors and ambitious on-device AI, Apple leaned into what it does best: distribution.

Holiday discounts, trade-in incentives, carrier bundles, and retail partnerships narrowed the price gap just enough to pull premium buyers back—without dulling the iPhone’s status appeal. Wired calls it a surprise comeback, but it’s a familiar playbook.

The edge may not last. Huawei’s homegrown silicon and ecosystem push are gaining steam, and the next flagship cycle will matter. In the end, services lock-in and on-device AI—not raw specs—will decide who owns the premium user and the developer dollars that follow.