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In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .
Persons: , It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago
The platform's listing, expected next month, would be the largest IPO by a social media company since Pinterest in 2019. That means some are wondering why Reddit has waited until now to make its move, but AI might have something to do with it. Reddit also listed data licensing and AI training as part of its income streams. "We are going public to advance our mission and become a stronger company," he said in a founder's letter included in the prospectus. AdvertisementRepresentatives for Reddit did not immediately respond to a request for comment from BI, made outside normal working hours.
Persons: Reddit, Sam Altman, Steve Huffman, Huffman, Fortune, Katie Notopoulos Organizations: New York Stock Exchange, Facebook, Twitter, Business, Securities and Exchange Commission, Google, University, Virginia, GameStop, AMC Locations: Reddit
A look at some of Sam Altman's investments beyond Reddit
  + stars: | 2024-02-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA look at some of Sam Altman's investments beyond RedditCNBC's Deirdre Bosa joins 'The Exchange' to report on Sam Altman's investments beyond Reddit, the likelihood of a Reddit IPO, and more.
Persons: Sam Altman's, CNBC's Deirdre Bosa, Sam
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia, Sam Altman and the trillion-dollar AI dreamArtificial intelligence only entered the mainstream a year ago. But already, two titans of the industry are prophesying trillions of dollars in opportunity. Nvidia chief Jensen Huang is predicting an additional $1 trillion in data center spend in the next few years, while OpenAI's Sam Altman's chip dream is closer to $7 trillion. This week on Tech Check, we take a deep dive into their trillion-dollar AI visions.
Persons: Sam Altman, Jensen Huang, OpenAI's Sam Altman's Organizations: Nvidia, Tech
The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. Still, the incident helped draw attention to the power of Reddit communities.
Persons: New York CNN — Reddit, Reddit, , Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpenAI's Sam Altman is major Reddit backer as it files to go public on NYSEHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Sam Altman, Brian Sullivan, Organizations: NYSE, CNBC
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWe learned a new detail about Sam Altman Thursday: just how much he supports Reddit. The filing revealed that Altman, the CEO of OpenAI, owns an 8.7% stake in the company. Reddit is the first social media company to submit an initial public offering since Pinterest in 2019, and it's the first major tech company to file for an IPO in 2024. The concept of working this closely with AI companies hasn't gone over great with some Reddit users, who have criticized the idea of profiting off users' data without their consent.
Persons: , Sam Altman, Altman, Newhouse, Tencent, Reddit, Reddit doesn't, Steve Huffman, hasn't Organizations: Service, Securities and Exchange Commission, Business, Altman, Advance, Hollywood, Bloomberg, Google, OpenAI, SEC Locations: Reddit
OpenAI CEO Sam Altman will be in a position to make millions after Reddit goes public, thanks to a series of bets on the online discussion board company that go back to 2014. Altman will hold 9.2% of voting power after Reddit's initial public offering, according to information in the company's prospectus. In 2014 Altman led Reddit's $50 million Series B funding round, after using the service every day for nine years, he wrote in a blog post. In the first half of 2021, Reddit was raising a Series E round, and Altman invested $50 million. He went on to say that investors in the Series B round would give 10% of shares to Reddit users.
Persons: Sam Altman, Reddit, Altman, OpenAI, Reddit's, It's, Steve Huffman, that's, FirstMark's Organizations: Microsoft, New York Stock Exchange, Nasdaq, Silicon
AdvertisementIt sure seems like Nvidia is everyone's AI daddy right now. But in case anyone needed another reminder of who the AI daddy is, Nvidia delivered it on Wednesday. Nvidia stock surged as much as 14% in premarket trading Thursday. There are a few reasons why Nvidia has become indispensable to tech firms trying to take advantage of the AI gold rush. Expect Nvidia to remain the AI daddy for the foreseeable future.
Persons: Jensen Huang, Mark Zuckerberg, Huang, Goldman Sachs, Lisa Su, Matt Bryson, Bryson, OpenAI's Sam Altman, SoftBank's, Kathleen Brooks, XTB Organizations: Nvidia, Microsoft, Meta, Reuters, Huawei, Technology, AMD Locations: Santa Clara, China
Tammy Murphy, New Jersey’s first lady who is running for U.S. Senate, has lagged behind her main Democratic primary opponent, Representative Andy Kim, in public opinion polls and in the race for momentum among rank-and-file voters. On Thursday, in a sign of a shifting strategy, she said goodbye to her campaign manager, Max Glass. “We are extremely grateful for the value and the passion that Max brought to our team and his efforts to stand up this campaign,” the campaign’s spokeswoman, Alex Altman, said. Ms. Murphy, the wife of New Jersey’s governor, Philip D. Murphy, began her campaign for the seat now held by the state’s embattled senior senator, Robert Menendez, in November. Mr. Menendez, who has been charged with accepting bribes in exchange for political favors, has not ruled out running for re-election.
Persons: Tammy Murphy, New Jersey’s, Andy Kim, Max Glass, Max, Alex Altman, Murphy, New, Philip D, Robert Menendez, Mr, Menendez Organizations: New, U.S . Senate, Democratic
Premarket stocks: Is Nvidia too big to fail?
  + stars: | 2024-02-21 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Investors expect Nvidia to report earnings of $4.59 a share and $20.378 billion in revenue, up from just $6.05 billion a year before. Too big to fail: For the time being, Nvidia is the “most sophisticated and deployed” chipmaker in the world, and its output is one of national importance, said Newman. Capital One wants to be the biggest credit card company in America. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.
Persons: , , Daniel Newman, Newman, Jensen Huang, ” What’s, Sam Altman, Pat Gelsinger, Elisabeth Buchwald, Biden, Richard Fairbank, Fairbank, Samantha Delouya, Dow, Dow hasn’t Organizations: CNN Business, Bell, New York CNN, Nvidia, Wall, Microsoft, Apple, Investors, Intel, AMD, Discover Financial Services, Capital, Discover, Mastercard, Consumer Financial, Bureau, Walgreens, Dow Jones, Alliance, Dow Jones Industrial, Dow Jones Indices, Dow, Tesla Locations: New York, California, United States, China, Dubai, America
Its GPT, which generates images from text prompts, is currently ranked second overall on the GPT Store. And all three companies' GPTs have been highlighted at the top of the GPT Store website as "OpenAI's Picks." Advertisement"Sometimes finding trails can be overwhelming because there are so many different places to go," Graham told Business Insider. In addition to GPT Store, companies are thinking more broadly about how AI fits into their business models. "Now we're also investing time in using AI to make our team faster and more efficient, too."
Persons: , OpenAI, Canva, Anwar Haneef, Matthias Keller, James Graham, Sam Altman, Graham, GPTs, Sam Altman's, Keller, we're, Haneef Organizations: Service, Business, Uber, Sequoia Capital Global, Bessemer Venture Partners, Greenoaks, Booking Holdings, OpenAI, Economic, Canva Locations: Davos, Canva, ChatGPT
The race is on to address the AI chip shortage. SoftBank's Masayoshi Son is the latest tech leader who plans to invest heavily in chip production. Chips are needed to train the complex models that underpin AI — but there's not enough to go around. SoftBank CEO Masayoshi Son is the latest tech leader to raise funds to tackle the chip shortage. So too are more speculative ambitions being pursued by both Altman and Son, such as the development of artificial general intelligence.
Persons: , Sam Altman, it's, Masayoshi Son, Altman, Son, Ethan Mollick, ” There's, That's, Mark Zuckerberg, ” Mark Zuckerberg, JOSH EDELSON, Son’s Organizations: Service, Tech, Journal, Izanagi, Bloomberg, Kyodo, Stills, Nvidia, Samsung, Intel, ARM Locations: Tokyo
Rooted in philosophical thought, mimetic desire refers to the notion that people desire the same things that their role models want. In the context of the Vision Pro, that theory could mean consumers may be more likely to purchase the device because celebrities or influencers they admire own it. "If these people are models to you—which they are for many young people—mimetic desire kicks in and you subconsciously want a Vision Pro too." If you have an Apple Vision Pro, some photography tips. After all, the Oculus founder, who did not respond to BI's request for comment, said he believes the Vision Pro will eventually be cheaper for the masses.
Persons: , Jason Levin, Levin, who've, YouTubers Logan Paul, Casey Neistat, Kid Cudi, Robert Scoble, Sam Altman, bB0XTzJ291, Palmer Luckey, Luckey, Apple, would've, It's, Tesla, Elon Musk, Apple didn't Organizations: Service, Business, Vision, Apple Vision, Apple, Pro
Mariam Pettit, partner at Global Founders Capital, said the rush toward AI was in part driven by investor FOMO. While investors and industry insiders don't anticipate the same fate for generative AI startups, many see the parallels between the two industries. Indeed, VCs are paying premiums and pre-empting rounds into hot AI startups in a bid to get a place on the cap table. AI founders are aware that they need to differentiate themselves in order to survive, at the very least. "And with vertical AI startups, it's much clearer that all the data we have is approved by the creator of that data."
Persons: Marc Andreessen, ChatGPT, Mariam Pettit, FOMO, Rainer Haeckl Web3, Sam Bankman Fried, Ash Arora, LocalGlobe, Arora, Sam Altman, Andreessen Horowitz, Ayman Fadil, Fadil, Pettit, Devang Agarwal Organizations: Business, Alpha, Global Founders Capital, Investors, Tech, Talis Locations: German, London, Web3, LocalGlobe, Jasper
AdvertisementElon Musk claims he was offered shares in OpenAI at "various points" but says it "seemed unethical/illegal to accept them." He was cochair of the AI company along with Sam Altman when it was founded in December 2015 and pledged $1 billion to the project. OpenAI was created as a nonprofit focused on developing artificial intelligence "in the way that is most likely to benefit humanity as a whole." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
Persons: Elon Musk, Sam Altman, OpenAI Organizations: Elon, Business Locations: OpenAI
Some tech leaders are returning to San Francisco, The Wall Street Journal reported. San Francisco's commercial real estate market is also getting a boost from the AI boom. AdvertisementIt seems like San Francisco is luring some tech bosses back after a pandemic-induced exodus. Now, he plans to spend one week a month in San Francisco and is renovating a house in the city, The Journal reported. Meanwhile, San Francisco has grappled with a homelessness problem and shifts in crime patterns.
Persons: , San, Keith Rabois, cofounders Henrique Dubugras, Pedro Franceschi, Howie Liu, Rabois, Elon Musk, Sam Altman Organizations: Street Journal, Service, The, Meta, PayPal, California Globe Locations: San Francisco, Miami
On Thursday, OpenAI unveiled its new text-to-video model Sora. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This time, it’s not because of a shock ousting from OpenAI , nor is it because of anything to do with ChatGPT . Instead, it’s because of a whole new AI model called Sora.
Persons: Sam Altman, OpenAI, , Sora, , , MrBeast, Carl Pei, Will Smith, Nikunj, Altman, ” Kothari, mindshare, it’s, Donald Trump, Joe Biden Organizations: Service, Dreamworks, Google, Nvidia, Khosla Ventures Locations: OpenAI, California, New York, Hollywood
OpenAI has been valued at $80 billion or more following a new deal, The New York Times reported. The deal allows staff to cash out their shares in the company, per the report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe artificial intelligence (AI) firm OpenAI has completed a deal that valued the business at $80 billion or more, The New York Times reported on Friday, citing three unnamed people with knowledge of the deal. The deal allows OpenAI employees to cash out their shares in the company, the report added.
Persons: OpenAI, , Andreessen Horowitz, Sam Altman, Sora Organizations: New York Times, Service, Sequoia Capital, K2 Global, Microsoft Locations: San Francisco, Tokyo
OpenAI's Sam Altman unveiled a new video-generating tool called Sora. Sora creates realistic videos based on user prompts, including images and longer videos. The AI company behind ChatGPT announced the new tool, Sora, on Thursday. It's designed to create realistic videos based on user prompts. In response, Sora delivered a bunch of sea creatures, some with human-like legs, biking on water.
Persons: OpenAI's Sam Altman, , Sam Altman, ChatGPT, It's, Altman, sora, Sora Organizations: Service
NEW YORK (AP) — The maker of ChatGPT is now diving into AI-generated video. The model can also generate video from an existing still image. Getting an AI system to generate videos is newer and more challenging but relies on some of the same technology. Still, industry analysts stress the apparent quality and and impressive length of Sora videos shared so far. Although Sora's abilities have astounded observers since Thursday's launch, anxiety over ethical and societal implications of AI-generated video uses also remains.
Persons: Sora —, Sora isn't, Sam Altman, OpenAI, , Sora isn’t, Fred Havemeyer, ” Havemeyer, “ You’re, — Forrester, Rowan Curran, Curran, “ We’re, Sora, ” OpenAI’s, Anna Makanju, Sora “, ________________ O'Brien Organizations: San Francisco, Meta, Associated Press, ” Tech, European Union, Munich Security Conference, OpenAI, Microsoft, The New York Times Locations: San, Macquarie, Providence , Rhode Island
OpenAI recently debuted its new Sora tool for generating AI videos based on user prompts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Open AI, creators of ChatGPT, announced on Thursday their new Sora tool, which generates short AI videos based on user prompts. This story is available exclusively to Business Insider subscribers.
Persons: OpenAI, , ChatGPT, Sam Altman, . Organizations: Service, Business
Now, a group of leading tech companies say they are teaming up to address that threat. More than a dozen tech firms involved in building or using AI technologies pledged on Friday to work together to detect and counter harmful AI content in elections, including deepfakes of political candidates. Tech companies generally have a less-than-stellar record of self-regulation and enforcing their own policies. “Every election cycle, tech companies pledge to a vague set of democratic standards and then fail to fully deliver on these promises. To address the real harms that AI poses in a busy election year … We need robust content moderation that involves human review, labeling and enforcement.”
Persons: Brad Smith, OpenAI, , , Sam Altman, ” Nora Benavidez Organizations: New, New York CNN, Google, Meta, Microsoft, Adobe, “ Tech Accord, , Munich, Tech, Free Press Locations: New York
Sam Altman wants US government approval for his trillion-dollar AI chip venture, Bloomberg reported. AdvertisementSam Altman is trying to get Washington's backing for his trillion-dollar AI chip venture. Altman told potential investors that he can't move forward without Washington's approval, Bloomberg reported. He's said to be presenting his pitch as a partnership with OpenAI, chip makers, and investors who can finance GPU chip plants, the report says. He also took an indirect shot at Altman, joking that $7 trillion could buy "apparently all the GPUs."
Persons: Sam Altman, Altman, Jensen Huang, , He's, OpenAI, hasn't, Omar Al Olama, Huang Organizations: Bloomberg, Nvidia, Service, Street Journal, United, United Arab Emirates, OpenAI, Business Locations: United Arab
A group of 20 leading tech companies on Friday announced a joint commitment to combat AI misinformation in 2024 elections. The industry is specifically targeting deepfakes, which use deceptive audio, video and images to mimic key stakeholders in democratic elections or to provide false voting information. Microsoft , Meta , Google , Amazon , IBM , Adobe and chip designer Arm all signed the accord. News of the accord comes a day after ChatGPT creator OpenAI announced Sora, its new model for AI-generated video. The accord reflects the industry's effort to take on "AI-generated election misinformation that erodes trust," he said.
Persons: Sam Altman, OpenAI, Sora, Kent Walker, Christina Montgomery Organizations: Economic, Microsoft, Meta, Google, IBM, Adobe, Tech Locations: Davos, Switzerland
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