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Instinct, a startup founded only last year and helmed by a 23-year-old, has managed to ride the wave of AI enthusiasm toward a gargantuan valuation over the course of the summer.

Railway, a San Francisco-based cloud platform that has quietly amassed two million developers without spending a dollar on marketing, announced Thursday that it raised $100 million in a Series B funding round, as surging demand for artificial intelligence applications exposes the limitations of legacy cloud infrastructure.