Bill Draper began funding start-ups in the early 1960s, when the Santa Clara Valley was better known for apricot orchards than microchips. He has died at 98.

Dorm Room Fund, a program that lets college students invest in their peers, raised a new $50 million fund as the competition for young founders ramps up.

© Hilary Swift for The New York Times

When Anthropic goes public in a blockbuster offering, which investors will profit? The answer says a lot about how much start-up investing has changed over the years.

© Simon Bailly

Irregular, an Israeli start-up, worked with OpenAI, Anthropic and Meta to assess the security of their A.I. models. It made a mistake. Then the tests went off the rails.

© Victor Arce