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☆ VCs are 'hedging their bets,' backing competing LLMs like Anthropic and OpenAI, breaking a long-standing venture taboo
▼ + stars: | 2024-10-26 | by ( Ben Bergman | Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

Venture firms are increasingly investing in competing LLM startups like OpenAI and xAI. Some VCs argue investing in multiple LLMs is strategic, while others see it as unethical. AdvertisementWhen venture firms pull out their checkbooks, there has traditionally been an unspoken rule: Do not back a competitor. Sound Ventures and Wisdom Ventures backed both OpenAI and Anthropic. There is also the matter of money, with only a handful of firms capable of writing the colossal checks required to fund LLM companies.

Persons: VCs, —, Joe Aaron, — Sheel, Andreessen Horowitz, Elon Musk's XAI, Ilya Sutskever, Umesh Padval, Padval, Anthropic, OpenAI, Gregg Hill, they've Organizations: Service, Sequoia Capital, Fidelity, Ark Invest, Sound Ventures, Wisdom Ventures, Thomvest Ventures, Parkway Venture, Madrona Ventures, NASDAQ Locations: OpenAI, Canadian

OpenAI is said to be closing a funding round that could value the company at as much as $150 billion. "Kushner is betting the ranch on OpenAI and Sam Altman just as Masa Son pledged 40% of his Vision Fund on Yahoo and Jerry Yang. "Second, Sam Altman has proven himself to be one of the greatest tech founders of this generation. Sam Altman has said that AI superintelligence could be a reality within "a few thousand days ." "Everybody wants Sam Altman at the helm, and they're willing to do anything to keep him as the CEO.

Persons: OpenAI, —, Sam Altman, ChatGPT, Mira Murati, Bob McGrew, Barret Zoph, Murati's, John Schulman's, Joe Aaron, Aaron, Capital's Josh Kushner, Kushner, Masa Son, Jerry Yang, Jerry Yang wasn't, Jai Das, Goldman Sachs, who's, Altman, they've, Ben Narasin, They're Organizations: Service, Research, Post, Reuters, Nvidia, Apple, Fund, Yahoo, Sapphire Ventures, Venture Locations: Silicon, UAE, OpenAI

A San Francisco venture firm developed a proprietary model it calls "moneyball for venture capital." The firm is revealing 19 exceptional female investors with a keen eye for identifying future unicorns. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . It developed a proprietary model it calls "Moneyball for venture capital" that uses AI to predict which early-stage startups are most likely to become unicorns, which are companies valued at more than a billion dollars.

Persons: —, Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, Dick Fredericks Organizations: US, Service, Business Locations: San Francisco

☆ We got an exclusive look at the AI dashboard VC firm TRAC uses to help its startups raise new funding
▼ + stars: | 2024-09-10 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +1 min

AI-powered VC firm TRAC uses an algorithm to pick all of its startup investments. We got an exclusive look at how TRAC's AI helps startups track their progress and raise more money. AdvertisementAI-powered VC firm TRAC doesn't have the same firepower that some other VC firms do. But, like all VC firms, TRAC still wants to bet on the best startups. Unlike other VC firms, though, TRAC uses AI to pick all of its investments.

Persons: — Organizations: Service, Business

☆ Amazon's Shopify killer got off to a slow start, according to sellers and internal emails
▼ + stars: | 2024-06-03 | by ( Madeline Stone | Eugene Kim | ) www.businessinsider.com time to read: +10 min

Rainier...)," Larsen wrote in the email, referring to a snowcapped peak near Seattle, where Amazon is headquartered. Months later, Amazon struck a deal with Shopify that put Buy with Prime on the Shopify merchant marketplace, extending the tool's reach with sellers. Advertisement"When merchants push that metric to >75%, it'll be a good indication that we've found product-market fit," Larsen wrote. To use Buy with Prime, Amazon charges merchants a 3% Prime service fee in addition to fulfillment fees and payment processing fees. However, Piiparinen said the 3% service fee is less than the referral fees merchants pay when selling on Amazon.com.

Persons: —, Craig Leslie, Leslie, It's, Peter Larsen, Andy Jassy, Larsen, Santos, Anders Piiparinen, who's, doesn't, Piiparinen, Amazon's, Smart, ZOA, GreatCircleUS.com, Madeline Stone Organizations: Service, Amazon, Business, Bean Coffee Company, Shoppers, Ekrin Athletics, BI, Prime Locations: . Rainier, ., Seattle, Piiparinen, mstone@businessinsider.com

☆ Biden administration plans to speed up court cases for recent migrant arrivals
▼ + stars: | 2024-05-16 | by ( Priscilla Alvarez | ) edition.cnn.com time to read: +3 min

CNN —The Biden administration plans to speed up court cases for some recently arrived migrants who are seeking asylum, marking the latest move to address arrivals at the US-Mexico border, according to senior administration officials. The Department of Homeland Security and Justice Department announced Thursday a new court docket targeting migrants who have unlawfully crossed the US southern border. Cases can often take years because of an immigration court backlog, prompting the effort to set up a process intended to expeditiously work through cases. The immigration court backlog exceeds 3 million pending cases, according to Syracuse University’s Transactional Records Access Clearinghouse or TRAC, which tracks immigration court data. “We’ve identified judges who have availability to manage to do these and manage along with all the existing work that they’re doing,” the senior administration official said.

Persons: CNN —, Biden, Alejandro Mayorkas, Mayorkas, —, ”, “ We’ve Organizations: CNN, Department of Homeland Security, Justice Department, Department of Justice, Homeland, Republicans, Obama, Trump, Immigrant Locations: Mexico, Atlanta, Boston, Chicago, Los Angeles and New York City, “, Syracuse

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

☆ These are 30 of the most successful early-stage startup investors in the world, according to a proprietary AI model known as 'Moneyball for VC'
▼ + stars: | 2024-01-17 | by ( Ben Bergman | Samantha Stokes | Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. TRAC , a San Francisco-based early-stage venture firm cofounded by Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, and Dick Fredericks in 2020, has set about to take a more systematic approach to venture capital. Advertisement"A SuperForecaster is in the top 1/10th of 1% of all early-stage investors," Aaron told Business Insider. But now TRAC has agreed to name names, revealing a random sampling of 30 of the 287 SuperForecasters in its model. They rarely make follow-on investments.

Persons: —, Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, Dick Fredericks, Phillip Tetlock, Dan Gardner's, Aaron, SuperForecasters Organizations: Service, Business Locations: San Francisco

☆ Some of the best early-stage startup investors share a common trait that should be a lesson for Silicon Valley
▼ + stars: | 2024-01-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the best investors when it comes to early-stage companies. The big storyPicking winnersCaterina Fake, Cindi Bi, and Suleman AliInvesting can be a crapshoot, especially when it comes to early-stage companies. AdvertisementThe investors, profiled by BI's Ben Bergman, Samantha Stokes, Rebecca Torrence, and Leena Rao, have an incredible track record for early-stage investing. Silicon Valley can be known to have a herd mentality, especially when it comes to venture investors. And yet, some of the best early-stage investors have proven to have far better success going out on their own.

Persons: —, we've, Caterina Fake, Suleman Ali, BI's Ben Bergman, Samantha Stokes, Rebecca Torrence, Leena Rao, Joseph Aaron, cofounders, Tanja Ivanova, isn't, Chanos, Elon Musk, Jim Chanos, Tesla, Musk, Dan Ives, Goldman Sachs, Goldman, Brittany Hosea, Satya Nadella, Sam Altman, Philipp Schindler, Google's, Alyssa Powell, Michelle Obama, Betty White, Steve Harvey, Muhammad Ali, Benjamin Franklin, Al Capone, Calvin Harris, Charles Schwab, They've Organizations: Service, Business, Reuters, Getty, Elon, Tesla, Apple, Microsoft, Google, BI Locations: pant, San Francisco, Brittany, China, Davos, ChatGPT's

☆ The 30 early-stage startups most likely to become tech's next unicorns, according to a proprietary AI model known as 'Moneyball for VC'
▼ + stars: | 2023-08-15 | by ( Ben Bergman | ) www.businessinsider.com time to read: +5 min

The firm developed a propriety model that uses AI to predict which early-stage startups are most likely to become unicorns, which are companies valued at more than a billion dollars. "Our AI eliminates about 99% of all early-stage companies from consideration, because our data predicts these companies have a higher probability of failure." Another surprising thing about TRAC's model is it does not value founders as predictive. "Similar vintage early-stage VCs would have had upwards of 20% of their portfolio be false positive within the first few years. Here are the 30 companies TRAC's model identified as being the next unicorns, in alphabetical order, all with a valuation of less than $250 million.

Persons: Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, Dick Fredericks, Aaron, Sam Altman, MBAs, Angel SuperForecasters, Campbell Locations: San Francisco

☆ Immigration Judges Are Moving Fast, but Case Backlog Keeps Growing
▼ + stars: | 2023-03-01 | by ( Alicia A. Caldwell | ) www.wsj.com time to read: 1 min

A rising number of migrants seeking asylum is fueling a backlog in U.S. immigration-court cases. Federal immigration judges are finishing cases at a faster rate than ever before, but a yearslong backlog of pending cases continues to grow. The number of pending cases has topped 2 million, according to government data compiled by the Transactional Records Access Clearinghouse at Syracuse University, known as TRAC. At the center of the process are about 600 immigration-court judges who must decide issues including whether to grant asylum requests and whether to deport other immigrants caught living in the U.S. without permission.

☆ Senator calls for probe of mass surveillance tool used by U.S. law enforcement
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Law enforcement agencies have routinely accessed the vast trove of money transfer records without court oversight, Wyden said. The TRAC database was created as part of a 2014 money laundering settlement between the Arizona attorney general's office and Western Union (WU.N). The U.S. Drug Enforcement Administration, DHS and Arizona attorney general's office have all asked for data from money transfer companies and directed them to send data to TRAC, Wyden said. Western Union, MoneyGram International (MGI.O), Viamericas Corp, and Euronet Worldwide (EEFT.O) are among the companies that have shared customer data with TRAC in bulk, he added. Wyden announced in March that HSI issued custom summonses, a type of subpoena, for millions of money transfer records between Mexican residents and people living in four U.S. states.

☆ Venezuelans describe dangers and desperation amid U.S. asylum changes
▼ + stars: | 2023-01-18 | by ( Albinson Linares | Noticias Telemundo | ) www.nbcnews.com time to read: +11 min

MEXICO CITY — Mariantonela Orellana spent nine days in the dangerous Darien Gap jungle in the Colombia-Panama border, and she described her nightmarish ordeal. Now back in Mexico, migrants wrestle with whether to try to stay in Mexico, keep trying to seek asylum in the U.S. or return to Venezuela. According to Department of Homeland Security data, the flow of Venezuelan migrants to the U.S. increased by almost four times compared to the year prior. Mexican authorities approved 61% of asylum applications from January to November, including at least 90% of approvals for Hondurans and Venezuelans. “I left Venezuela because the discrimination against the LGBT community is terrible; we are trampled on and attacked every day.

☆ Little-Known Surveillance Program Captures Money Transfers Between U.S. and More Than 20 Countries
▼ + stars: | 2023-01-18 | by ( Dustin Volz | Byron Tau | ) www.wsj.com time to read: +1 min

WASHINGTON—Hundreds of federal, state and local U.S. law-enforcement agencies have access without court oversight to a database of more than 150 million money transfers between people in the U.S. and in more than 20 countries, according to internal program documents and an investigation by Sen. Ron Wyden . The database, housed at a little-known nonprofit called the Transaction Record Analysis Center, or TRAC, was set up by the Arizona state attorney general’s office in 2014 as part of a settlement reached with Western Union to combat cross-border trafficking of drugs and people from Mexico. It has since expanded to allow officials of more than 600 law-enforcement entities—from federal agencies such as the Federal Bureau of Investigation, the Drug Enforcement Administration, and Immigration and Customs Enforcement to small-town police departments in nearly every state—to monitor the flow of funds through money services between the U.S. and countries around the world.

The number of people granted asylum in immigration courts hit a historic high this fiscal year under the Biden administration's adjustments to the asylum process, a recent data analysis shows. The TRAC report, released in late November, said the 2022 number was the largest number of individuals granted asylum in any year in the courts' history. However, the analysis also showed that grants of asylum have slowed, with 50% of cases granted asylum in June falling to 41% of cases in September. Also, those released from detention had better asylum grant rates, 54% this fiscal year, compared to those who were detained, 15% of whom were granted asylum. Just 23% of people from Ecuador, or 3,380, were granted asylum, placing the country near the bottom.

☆ Choked-Up Yards and Trailer Shortages Box In America’s Truckers
▼ + stars: | 2022-10-08 | by ( Paul Berger | ) www.wsj.com time to read: +8 min

“There’s a lot more hours and a lot more waiting, just because there’s no chassis.” Mr. Carrera said. Mr. Carrera uncouples a truck trailer, known as a chassis, from his rig at a yard outside Chicago. Mr. Carrera works as an independent owner-operator for California Cartage, a subsidiary of NFI Industries, a Camden, N.J.-based logistics and trucking operator. Mr. Carrera arrived at the container yard that held the Michaels box at about 6:45 a.m. His was the seventh truck in line when the yard opened. There was another empty container waiting nearby that needed to be picked up.

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