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OpenAI has a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion, CNBC has learned. The base credit line is $4 billion, with an option to increase it by an additional $2 billion. Led by Thrive Capital, which planned to invest $1 billion, investors included existing backer Microsoft as well as chipmaker Nvidia. SoftBank, Khosla Ventures, Altimeter Capital, Fidelity Management & Research Company, MGX and Tiger Global also participated, according to sources familiar with the situation. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023.
Persons: Sam Altman, OpenAI, Goldman Sachs, Morgan Stanley, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: CNBC, JPMorgan Chase, Citi, UBS, HSBC, Microsoft, Nvidia, SoftBank, Khosla Ventures, Fidelity Management & Research Company, Tiger Global, The New York Times Locations: Santander, Wells Fargo, SMBC
The port workers' strike could disrupt business for big retailers, according to ImportGenius data. Walmart, Ikea and Samsung are some of the biggest importers at ports affected, the data show. JPMorgan predicted the strike could cost the US up to $5 billion daily. AdvertisementMajor retailers are pivoting their shipping plans and preparing for the financial impact of the ongoing port strike. The chart doesn't include data from shipping companies that handle cargo from multiple businesses or anonymous shipments.
Persons: , Alan Murphy, William George, General Motors, Jess Dankert, Dankert Organizations: Walmart, Ikea, Samsung, JPMorgan, Service, Intelligence, CNBC, Research, Arbor Research, Lading, Customs, Business, General, Home, Retail Industry, Association, International Longshoremen's Locations: Gulf Coast, ImportGenius, West, Maine, Texas
CNN —With her witty one-liners, meticulous style and comically stoic demeanor, it’s easy to see why “Desperate Housewives” Bree Van de Kamp became a fan favorite among viewers when it debuted 20 years ago today. The housewives: Nicollette Sheridan as Edie Britt, Marcia Cross as Bree Van De Kamp, Eva Longoria as Gabrielle Solis, Felicity Huffman as Lynette Scavo and Teri Hatcher as Susan Mayer. Not only is Cross playing a character, Bree is arguably playing one, too. Mixing high-end streetwear and luxury fashion, Adair sourced clothes from all over Los Angeles, where “Desperate Housewives” was shot — cutting up existing garments to make new ones. By the show’s end, Bree moves away from the mystery state Wisteria Lane is situated in, taking up residence in Kentucky.
Persons: Bree Van de Kamp, Susan Mayer, Teri Hatcher, Lynette Scavo, Felicity Huffman, Gabrielle Solis, Eva Longoria, Marcia Cross, Bree, Marc Cherry, Lady Nancy Reagan, Charlotte, façade, Nicollette Sheridan, Edie Britt, Bree Van De Kamp, Andrew Eccles, Catherine Adair, Rex, Adair, Cross, fiancé George, Dina Bar, Charlotte York, Moshe Brakha, Danny Feld, , , Renee, Vanessa Williams, ” Adair, Marcia, Gabrielle, Susan, She’s Organizations: CNN, Globes, Disney, Housewives Locations: Wisteria Lane, Charlotte York, Los Angeles, Kentucky
Here's where OpenAI's 11 cofounders are now
  + stars: | 2024-10-03 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +7 min
Most of OpenAI's cofounders have left the startup, with some going to rivals. Here's where all 11 of its cofounders are now and how many remain at the $157 billion company. Here's where all of the 11 cofounders are now. According to her LinkedIn profile, she used to work at Facebook as an AI research engineer before joining Stripe as a software engineer in 2016. OpenAI and none of its 11 cofounders immediately responded to Business Insider's requests for comment, made outside normal working hours.
Persons: it's, Sam Altman, , OpenAI, Mira Murati, Barret Zoph, Bob McGrew, Ilya Sutskever, John Schulman, Anthropic, Jason Redmond, Altman, John Schulman Schulman, OpenAI's, Jan Leike, Schulman, Wojciech Zaremba Zaremba, Zaremba, Ekon, Musk, Ilya Sutskever Ilya Sutskever, JACK GUEZ, Getty Sutskever, Sustkever, Sustskever, Greg Brockman Brockman, he's, Kingma, Andrej Karpathy Andrej Karpathy, Karpathy, Vicki Cheung Cheung, Elon, Elon Musk, ALAIN JOCARD, Brockman, cofounding OpenAI, Pamela Vagata Vagata, Trevor Blackwell Blackwell, cofounders Organizations: Here's, Service, Getty, OpenAI's Superalignment, OpenAI, Inc, Google DeepMind, Anthropic, Tesla, San Francisco Chronicle, Hearst Newspapers, Getty Images Research, Eureka Labs, SpaceX, The Boring Company, Facebook Locations: AFP, OpenAI, cofounding, Pebblebed
Oil prices could surge past $200 a barrel if Iran's oil installations are taken offline, a chief commodities expert said. AdvertisementOil prices could roar past $200 a barrel if escalating tensions in the Middle East decimate Iran's crude output, a chief commodities analyst told CNBC. In the $200 per barrel scenario, Brent crude, the international benchmark, would gain 161% from its current price. Still, some investors are betting on the possibility of damaged oil output, Bloomberg reports. These restrictions were introduced to prop up oil prices, but have cost the alliance market share.
Persons: , SEB's Bjarne Schieldrop, Schieldrop, Brent, Bob McNally, haven't Organizations: Service, CNBC, Traders, Bloomberg Locations: Iran, Hormuz, Israel, Lebanon, Libya, OPEC, Saudi Arabia, Riyadh
$100 oil could be the October surprise no one wanted
  + stars: | 2024-10-03 | by ( Matt Egan | ) edition.cnn.com   time to read: +7 min
New York CNN —The Middle East is in chaos, and the oil market is remarkably calm about it. The chill reaction in the oil market reflects a boy-who-cried-wolf mindset that has set in. Even just two years ago, oil prices skyrocketed to $130 a barrel in March 2022 after Russia invaded Ukraine. Oil prices skyrocketed in 2019 when Saudi oil facilities were damaged in an attack that US officials blamed on Iran. A disruption in the Strait of Hormuz could send oil prices above $100 a barrel, according to ClearView.
Persons: , Bob McNally, , It’s, McNally, George W, Bush, Israel, ” Helima, Joe Biden, Croft, internationalize, Kevin Book, ClearView, it’s, Biden Organizations: New, New York CNN, Investors, Rapidan Energy Partners, Israel, RBC Capital Markets, CNN, CIA, ClearView Energy Partners, International Energy Agency, RBC, Strategic Petroleum Reserve, Citigroup, Citi Locations: New York, Iran, China, OPEC, Saudi Arabia, Russia, United States, ” Helima Croft, Ukraine, Israel, Saudi, Strait, Hormuz, Riyadh, Persian
The GOP's SCOTUS dreams: From the Politics Desk
  + stars: | 2024-10-02 | by ( The Politics Desk | ) www.nbcnews.com   time to read: +10 min
In today’s edition, senior national political reporter Sahil Kapur looks at the excitement among Republicans over the prospect of confirming new Supreme Court justices if Donald Trump wins. Republicans eye confirming even more Supreme Court justices if Trump winsBy Sahil KapurDuring Donald Trump’s White House tenure, Republicans assembled the most conservative Supreme Court in a century. Five almost seems too much to hope for.”On the campaign trail, Harris hasn’t said much about the prospect of Supreme Court vacancies under the next president. Read more →Harris’ campaign targeted Trump’s age for the first time in paid media since she became the Democratic nominee with a new digital ad. Read more → Follow live coverage from the campaign trail →That’s all from the Politics Desk for now.
Persons: Sahil Kapur, Donald Trump, Chuck Todd, Donald Trump’s, Kamala Harris, Clarence Thomas, Samuel Alito, ” Sen, Josh Hawley, , I’m, ” Hawley, Thomas, Alito — “, Trump, Franklin D, Roosevelt, Sen, John Cornyn, Harris hasn’t, Roe, Wade, Dick Cheney, Joe Lieberman, John Edwards, Joe Biden, Sarah Palin, Paul Ryan, Tim Walz, JD Vance, Vance, Walz, Kamala Harris ’, Harris, Read, Chuck → 🗞️, Filip, $4 Organizations: NBC, White House, Capitol, Trump, Republicans, GOP, Republican, , Biden, aig Locations: Texas
“They’re going to make a decision in the presidential race, where they’ll weigh a series of considerations. Sen. Bob Casey, D-Pa., and Republican Senate candidate Dave McCormick. “My view is also that President Trump’s right, that France and Germany should pay their fair share,” he added. ”I don’t give advice to the former president,” McCormick said, adding that Republicans writ large “need to focus on a battle of ideas” rather than personal attacks. Trump’s going to do whatever he wants to do.”
Persons: Democratic Sen, Bob Casey, Dave McCormick, Kamala Harris, Donald Trump, Casey, McCormick, Harris, , ” Casey, “ They’re, They’re, , Seth Klein, isn't, “ I’m, I’m, ” Klein, Sen, Trump, Mehmet Oz, He’s, “ I’ve, I’ve, ” McCormick, ” Trump, Trump’s, ” I’m, Trump’s Butler, nominee’s, I’ll, it’s, Harris “, ” Bradley Flenory, ” Flenory, Trump’s Trump Organizations: Democratic, White, Senate, NBC News, University of Pittsburgh, Democratic Party, Republican, Getty, Wall Street Republican, Pennsylvania, GOP, Republicans, Trump, United States Congress, Catholic Locations: HARRISBURG, Pa, Pennsylvania, Ohio , Montana, Arizona, Pittsburgh, Erie, California , New York, Ukraine, . Pennsylvania, Ukrainian, France, Germany, China, Frackville
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil and gas assets will have a multi-year boon cycle, says Rapidan's Bob McNallyBob McNally, Rapidan Energy Group founder, joins 'Power Lunch' to discuss the tension in the Middle East impact on oil stocks.
Persons: Bob McNally Bob McNally Organizations: Email, Rapidan Energy Group
Dalia Goldberg moved to Spain with her then-husband in late 2018. Related storiesIn early 2020, I'd just spent my first year and a half in Seville, Spain. My husband and I had moved to Spain thinking we'd travel around and enjoy a great quality of life while working remotely. Many members of the Improvites told me the activity has boosted their confidence and helped them make new friends. Will, another member from the UK, moved to Seville from northern Spain after his marriage also broke down.
Persons: Dalia Goldberg, , Jennifer, I'd, lockdowns, we'd, It's, Bob Rouf, Will, he's, I've Organizations: Service Locations: Spain, Seville, North America, drudgery
The expanding war in the Middle East, however, has reached a new boiling point as Israel has vowed a "painful" response to Iran's attack. The government of Prime Minister Benjamin Netanyahu could take aim at the Islamic Republic's oil infrastructure in retaliation, geopolitical and crude market analysts say. "The next turn in this retaliation spiral may very well involve oil – via the degrading of Iran's oil capacityor Iran's proxies attacking oil and gas shipping from the Persian Gulf," Piper Sandler analysts told clients in a Wednesday research note. If Iran's oil exports of around 1.8 million bpd were taken offline, prices would likely jump by at least $5 per barrel, McNally said. An escalation on this scale could send oil prices higher in increments of $10 per barrel, the analyst said.
Persons: Ali Mohammadi, Benjamin Netanyahu, Helima Croft, Jack Jacobs, Jacobs, Croft, Piper Sandler, Bob McNally, McNally Organizations: Persian Gulf, Bloomberg, Getty, OPEC, RBC Capital Markets, U.S, Army, Rapidan Energy Locations: Bandar Abbas, Iran, Israel, China, Persian
New York CNN —Additional charges against New York City Mayor Eric Adams are “possible” and it’s “likely” there will be additional defendants charged as part of the alleged scheme in the federal corruption case, a prosecutor said Wednesday at a court hearing. Federal prosecutor Hagan Scotten said they have evidence that Adams attempted to tamper with a witness in the investigation. The federal prosecutor revealed new information about the investigation, saying it began in the summer of 2021 before Adams became mayor. The additional defendants could be charged in a superseding indictment or in a separate case, Scotten added. Assistant US Attorney Hagen Scotten speaks in Manhattan federal court, as attorney Alex Spiro, center, and New York City Mayor Eric Adams, right, look on Wednesday.
Persons: Eric Adams, it’s, Hagan Scotten, Adams, Scotten, Alex Spiro, Hagen Scotten, Elizabeth Williams, Dale Ho, Spiro, hasn’t, Democratic Sen, Bob Menendez’s, , Organizations: New, New York CNN, New York City, FBI, Democratic, City Hall Locations: New York, Manhattan, New, Israel, China, Qatar, South Korea, Uzbekistan, Turkey, Turkish, New York City
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGuggenheim’s Bob Drbul on Nike Q1 results: Still a very tough task at hand for new CEO Elliott HillBob Drbul, Guggenheim Securities equity research analyst, joins 'Squawk Box' to discuss Nike's quarterly earnings results, the challenges facing incoming CEO Elliott Hill, and more.
Persons: Bob Drbul, Elliott Hill Bob Drbul, Elliott Hill Organizations: Nike, Guggenheim Securities
OpenAI CEO Sam Altman speaks during the Microsoft Build conference at Microsoft headquarters in Redmond, Washington, on May 21, 2024. OpenAI has closed its long-awaited funding round at a valuation of $157 billion, including the $6.6 billion the company raised from an extensive roster of investment firms and big tech companies. Thrive planned to invest $1 billion in the round, CNBC previously reported. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023. There are also 11 million ChatGPT Plus subscribers and 1 million paying business users on ChatGPT, a person close to the company said.
Persons: Sam Altman, OpenAI, SoftBank, Sarah Friar, Friar, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: Microsoft, Nvidia, CNBC, New York Times, OpenAI, Italian Tech, Khosla Ventures, Fidelity, MGX, Tiger Global Locations: Redmond , Washington
OpenAI announced it raised $6.6 billion in new funding at a $157 billion post-money valuation. Tiger Global Management is part of this round, according to two sources familiar with the matter. AdvertisementTiger Global Management is doubling down on OpenAI, investing in the ChatGPT maker's massive new funding round, according to a source familiar with the matter. OpenAI announced Wednesday it raised $6.6 billion in new funding at a $157 billion post-money valuation. AdvertisementThe closure of OpenAI's new funding round comes just a week after three of its top leaders suddenly resigned.
Persons: OpenAI, Tiger, , couldn't, Chase Coleman, Mira Murati, Bob McGrew, Barret Zoph Organizations: Tiger Global Management, Service, Global Management, Bloomberg, ARK Venture Fund, Microsoft, Nvidia, Fidelity, Tiger Global, Research, Post
Michael Jordan, NBA Hall of Famer and co-owner of 23XI Racing looks on during the NASCAR Cup Series FireKeepers Casino 400 at Michigan International Speedway on August 18, 2024 in Brooklyn, Michigan. 23XI Racing was founded in 2020 by NBA legend Jordan, driver Denny Hamlin and Jordan's longtime business partner, Curtis Polk. Michael Jordan's NASCAR team, 23XI Racing, and fellow team Front Row Motorsports filed an antitrust lawsuit against NASCAR and CEO Jim France on Wednesday, arguing that they have used anticompetitive practices to prevent fair competition in the sport. Jordan, a longtime racing fan, is the first Black majority owner of a full-time racing team in the NASCAR series since legendary driver Wendell Scott. "Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track.
Persons: Michael Jordan, 23XI, Jordan, Denny Hamlin, Curtis Polk, Bob Jenkins, Michael Jordan's, Jim France, Tyler Reddick, Jenkins, he's, Jeff Gordon, Wendell Scott Organizations: Hall of Famer, 23XI, NASCAR, Michigan International Speedway, Michael Jordan's NASCAR, Row Motorsports, Deck Toyota, Cook, Darlington Raceway, SC, Fox, NBC, Amazon, Warner Bros, Hendrick Motorsports Locations: Brooklyn , Michigan, France, Darlington, North America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Rapidan Energy Group's Bob McNallyBob McNally, Rapidan Energy Group founder, joins 'Power Lunch' to discuss the tensions in the Middle East impact on oil stocks, the surge in the sector and more.
Persons: Bob McNally Bob McNally Organizations: Rapidan Energy, Rapidan Energy Group
In the federal antitrust lawsuit, filed Wednesday and obtained by CNN, the two teams said, “The France family and NASCAR are monopolistic bullies. 23XI Racing's Tyler Reddick (#45) and Front Row Motorsports' Michael McDowell (#34) battle in a NASCAR race. “Today’s action shows I’m willing to fight for a competitive market where everyone wins.”Bob Jenkins, owner of Front Row Motorsports, issued a similar sentiment. “I have been part of this racing community for 20 years and couldn’t be more proud of the Front Row Motorsports team and our success. Meg Oliphant/Getty ImagesThe lawsuit comes after more than two years of negotiations between NASCAR and racing teams.
Persons: Hall of Famer Michael Jordan, Jim France, , Denny Hamlin, , 23XI Racing's Tyler Reddick, Michael McDowell, Jeff Robinson, Jordan, ” Bob Jenkins, ” Jenkins, ” Jordan, Meg Oliphant, Frances, NASCAR “, 23XI Organizations: CNN, NASCAR, Hall of Famer, Motorsports, Associated Press, 23XI, Sunday, Talladega Superspeedway Locations: North America, France, United States, Alabama
OpenAI exec Kevin Weil told BI the company has a "great bench" after CTO Mira Murati abruptly quit. AdvertisementThe hundreds of attendees at Ray Summit, an AI conference in San Francisco, were originally hoping to hear from Mira Murati, the chief technology officer of OpenAI, on Wednesday. AdvertisementIn a brief interview with Business Insider immediately afterwards, Weil praised Murati while downplaying the impact of her departure. Weil, a former Instagram executive, highlighted Mark Chen as an example of the talent still around at OpenAI. "So I'm really excited to partner with him and I'm really optimistic about what we're building."
Persons: Kevin Weil, Mira Murati, Weil, , Murati, Robert Nishihara, OpenAI, Mira, I've, Mark Chen, Chen, you've, I'm, Jane Street, Sam Altman, Ilya Sutskever, superalignment, Jan Leike, John Schulman, Barret Zoph, Bob McGrew, Bob, we've, We've Organizations: Service, Ray Summit, Business, Integral Technology, MIT Locations: OpenAI, San Francisco, Silicon
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could be on a trajectory to $60 per barrel or below: Bob McNallyBob McNally of Rapidan Energy Group says that Iraq and Kazakhstan not participating in collective supply management measures could lead to a collapse in oil prices if OPEC+ decides to "sweat" the producers.
Persons: Bob McNally Bob McNally Organizations: Bob McNally Bob McNally of Rapidan Energy Group Locations: Iraq, Kazakhstan
U.S. crude oil prices drifted lower Tuesday as the risk of rising supply from OPEC+ overshadows a dramatic escalation of the war in the Middle East. Israel has dispatched ground forces into southern Lebanon after pounding the Iran-backed militia Hezbollah with airstrikes for days, eliminating much of the group's leadership. For now, traders remain focused on weak demand in China and the prospect of OPEC+ producing more oil starting in December, Croft said. Here are Tuesday's energy prices at 8:43 am ET:OPEC leader Saudi Arabia might be prepared to allow more oil back onto the market to pressure members such as Iraq with lower oil prices, said Bob McNally, president of Rapidan Energy. Saudi has become increasingly frustrated with Iraq producing more crude than then their production targets, McNally said.
Persons: we've, Helima Croft, CNBC's, Croft, Bob McNally, McNally Organizations: RBC Capital Markets, Rapidan Energy, Saudi Locations: East, Israel, Lebanon, Iran, China, Saudi Arabia, Iraq
Ohanian's venture fund Seven Seven Six hosted the inaugural race, awarding over $500,000. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementFor two weeks straight, my Instagram feed was flooded with ads featuring Reddit cofounder Alexis Ohanian promoting his latest investment, a futuristic women's-only track competition. What type of track event would a multimillionaire tech founder help to create? Ohanian calls it Athlos, and his venture fund Seven Seven Six just hosted the inaugural all-woman race on Thursday.
Persons: Athlos, Alexis Ohanian's, , Alexis Ohanian, Tiffany, That's, Serena Williams, He's, Bob Iger, Willow, Ohanian, he's, It's Organizations: Tiffany, Service, Angel City FC, Paris Olympics Locations: New York
In an interview with Zane Lowe on Apple Music 1, the band’s front man, Chris Martin, confirmed that the seven-time Grammy Award-winning group will retire after the release of its 12th studio album. “We are only going to do 12 proper albums and that’s real,” Martin told Lowe. There’s only 12 ½ Beatles' albums, there’s about the same for Bob Marley, so all our heroes,” Martin explained to Lowe. Martin told Lowe that because he loves working on new music, he’ll likely continue to do so after the band retires. The clocks are ticking for the arrival of Coldplay’s 10th album, Moon Music, on Oct. 4.
Persons: Zane Lowe, Chris Martin, ” Martin, Lowe, , Martin, “ There’s, Harry Potters, Bob Marley, , he’ll, Jonny Buckland, Guy Berryman, Will Champion, they’ll Organizations: Coldplay, Apple, New Zealand Locations: There’s, Australia, New, Asia
A second look at MLPs
  + stars: | 2024-09-30 | by ( Bob Pisani | ) 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 second look at MLPsInvestors have been cautious about MLPs in the last few years... but now might be a time to revisit them with fresh eyes.
Organizations: MLPs Investors
OpenAI plans to restructure into a for-profit company, moving away from nonprofit board oversight. Here's what some former and current employees are saying about the latest changes. AdvertisementAfter a whirlwind week for OpenAI, former and current employees are weighing in on the company's path forward. Gretchen Krueger, a former policy researcher at OpenAI, said the company's nonprofit governance structure and cap on profits were part of the reason she joined in 2019 — the year that OpenAI added a for-profit arm. "Those of us at @OpenAI working on o1 find it strange to hear outsiders claim that OpenAI has deprioritized research.
Persons: , Mira Murati, Barret Zoph, Bob McGrew, Sam Altman, OpenAI, hasn't, Altman, OpenAI's, Jan Leike, Gretchen Krueger, Noam Brown, Brown, Mark Chen, I've, it's Organizations: Service, OpenAI, Italian Tech, Outsiders, o1, Business Locations: Murati
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