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Character.ai Files for Chapter 11 Bankruptcy to Sell Assets

Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.BANKRUPTCY:Character.ai announced that it has commenced a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware to facilitate a value-maximizing sale of all or substantially all of its assets. The company intends to continue operating its platform as it conducts the Sale Process. Before the Chapter 11 filing, the company entered into an agreement with Disney Worldwide Services under which Disneywill serve as stalking horse bidder for a non-exclusive perpetual license of certain company intellectual property and certain company claims, in exchange for $20M and Disney's provision of transition services using former company employees it has hired. These transition services will help the company safely operate using its platform for a limited period of time and support its sale process. The transaction is subject to higher or better offers under section 363 of the Bankruptcy Code. In connection with today's filing, the company has filed a motion for approval of bidding procedures to govern the Sale Process. Under the timeline set out in the proposed bidding procedures, the company anticipates that the completion of the Sale Process and the closing of any resulting transactions will occur in late November or early December 2026. Colin Adams, CEO of Character.ai, said that "After a comprehensive review of the available alternatives, the board determined that this court-supervised sale process provides the Company with the best opportunity to maximize value for all stakeholders." During the Sale Process, the company expects to continue operating its business, including the Character.ai platform, with minimal disruptions to service.AI-POWERED TOOLS:Meta'sFacebook introduces new AI-powered tools that help users shape what they see in Feed and Reels by telling Facebook what they're interested in. "Facebook is at its best when it helps you find and do more of what you're actually into," the company said. "Now we're putting you in the driver's seat. New AI-powered tools let you tell Facebook, in your own words, what you want to see in Feed and Reels, and your recommendations respond right away. You can now fine-tune your experience and interact directly with the algorithms that rank and recommend what you see on Facebook, meaning you'll see recommendations that are more relevant, more nuanced, and more you. We've updated the three-dot menu on every post to make it easier to access these new customization tools."GEMINI 4 ARGON:Googlesaid that Gemini 4 Argon is now available in the Gemini app, delivering frontier reasoning and improved performance across complex tasks. "Argon answers questions more directly with less hedging, doesn't repeat itself more than necessary, and skips cliches throughout the responses," the company said. "For longer tasks, it keeps you in the loop by sharing its progress more often and more effectively. Argon also brings major improvements in coding, so we're making it easier to switch between chatting and coding with Google Antigravity's agentic coding interface now available directly in the Gemini macOS app. It's also easier than ever to use Gemini to get things done right from the main chat window, with a simple toggle from chat to tasks. When you choose tasks, Gemini can work for you even when you're not at your computer, helping you get more done across your Google apps and more. Gemini now connects you to more than 40 apps - like Instacart, OpenTable, Adobe, and Shopify- to help you tackle tasks from ordering groceries and booking tables, to designing and building your business. Google AI Pro and Ultra subscribers can now access Gemini 4 Argon and give Gemini tasks to get more done. Try these updates starting today."NVIDIA INVESTMENTS:While in Paris, Jensen Huang announced Nvidia'sinvestment in Doctolib, Les Echos' Josephine Boone. The American company is acquiring stakes in four French startups, namely Doctolib, Pigment, Genesis AI, and Entalpic. These investments are intended to "launch the artificial intelligence revolution in Europe," according to Jensen Huang, who was in France as part of a European tour.