📱 Will we have an AI Cell phone soon?

Greetings everyone,

OpenAI is valued at $90B and the company has some very ambitious plans to grow and diversify, we will share what they are. We delve into how 80% of the world’s data is controlled by 1% of tech companies and, will we have an AI cell phone device soon?

• Will OpenAI, Jony Ive, and Softbank Join Forces?

• OpenAI at $90 Billion Valuation

• Just 1% of Companies Control 80% of Global Da

• 🧰 AI Tools of the Day (News Tools)

• 💰 Follow the Money

• 📰 Publications I am currently reading and recommending

💪🏽 Important AI News and Trends.

• OpenAI is reportedly raising funds at a valuation of $80B - $90B (TC)

• Youtube x AI: A marriage we were waiting to see (TC)

• AI’s $200B Question: GPU capacity is getting overbuilt. Long-term, this is good. Short-term, things could get messy. (Sequoia)

• OpenAI’s GPT-4 with vision still has flaws, paper reveals (TC)

• The largest AI developers are hiring poets (RestOfTheWorld)

• CIA Builds Its Own AI Tool, Big Brother Gets Superpowers (Bloomberg)

🌐 Web3 and Tech news.

• Investors who bought up to $800 million in Northern CA real estate reveal unexpected plans for a city of yesterday (BusinessInsider)

• SAG-AFTRA Members Vote Overwhelmingly To Authorize Strike Against Video Game Industry, 2nd strike coming soon. (Deadline)

• US government and 17 states sue Amazon in monopoly case (CNN)

• WHOOP has partnered with OpenAI to launch a health and Trainer AI app. (X)

• Tubi is using ChatGPT to give you better movie recommendations (TheVerge)

Will OpenAI, Jony Ive, and Softbank Join Forces?

Jony Ive, the renowned designer of the iPhone, and OpenAI CEO Sam Altman have been discussing building a new AI hardware device. In a who’s who of tech, SoftBank CEO and investor Masayoshi Son has also talked to both Ive and Altman about the idea, but it’s unclear if he’ll remain involved moving forward.

The device could feature an AI-native operating system, breaking OpenAI's reliance on Apple and Android platforms and adding a new revenue stream. This move could diversify OpenAI's revenue streams and reduce its dependence on Apple and Android platforms. However, OpenAI faces challenges such as the rising cost of AI, highlighted by Microsoft's $10 billion investment in the company and its search for cheaper AI alternatives. The commoditization of large language models (LLMs) poses another risk, especially as OpenAI is currently valued at up to $90 billion. The rise of specialized, open-source models could further threaten OpenAI's market position. This development could significantly impact the tech industry, from user experience to the long-term valuation of AI companies.

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OpenAI at $90 Billion Valuation

OpenAI is seeking an astronomical new valuation of up to $90 billion by selling existing shares, nearly triple its valuation from earlier this year. This comes on the heels of ChatGPT mania, with OpenAI projecting $1 billion in revenue for 2022, explaining its meteoric rise.

The deal would allow employees to cash out while letting Microsoft reap massive profits on its initial $10 billion investment in OpenAI. With big tech competitors racing to catch up, OpenAI aims to maintain its advantage by raising more capital soon. However, keeping Microsoft’s ownership under 50% shows OpenAI’s intent to remain independent despite its reliance on Microsoft’s deep pockets. This deal cements OpenAI’s pole position atop the white-hot AI market, for now. But with hungry competitors circling, OpenAI will need even more breakthroughs to justify its towering new valuation.

Just 1% of Companies Control 80% of Global Data.

The book "Atlas of AI" by Kate Crawford explores the complex world of AI, delving into its societal, economic, and ethical implications.

Rather than a neutral technology, AI is inexorably bound to political and commercial agendas, according to the book. With just 1% of companies hoarding 80% of the world's data, stark inequalities exist around access to the fuel that powers AI - data. These data monopolies allow tech behemoths like Google, Facebook, and Amazon to harness vast amounts of information to train ever-more capable AI models, further entrenching their dominance. This raises pressing questions about the consolidation of power in AI development.

These large tech corporations also have the deepest pockets to acquire any startup that becomes a threat or that can help them achieve their goals. Apple has been quiet about its AI developments, but they have been on a buying spree.

🧰 AI Tools of the Day

News.

• FinChat - Chat with your financial news and company financial statements.

• UnreadAI - AI Digest for news, social, and email.

• Spin Reactor - Takes news from all kinds of sources and synthesizes them into a clean, easy-to-read format.

• Stock News - Best stock news from 100+ sources. Picked by AI.

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💰 Follow the Money

• $15M - raised by Kolena, a startup building tools to test, benchmark, and validate the performance of AI models.

• $9.5M - Senser, which uses ML to help developers and operations teams understand the cause of outages and service degradation.

• $9M - UserEvidence, an AI startup that can turn survey feedback into proof points.

• $6M - Digma raised, a startup that evaluates developers’ code.

• $5.4M - raised by Machine Discovery, a startup that uses ML to accelerate compute-intensive optimization and simulation tasks.

• $3.9M - by Meeno, a startup developing an AI-powered personal relationship mentor.

• $2.5M - raised by PartyKit, an open-source to deploy AI agents, apps, games, and websites.

📰 Publications I am currently reading and recommending:

• John Bejakovic’s - Email about influence, marketing, and copywriting.

• The Average Joe - Become a better investor in just 5 minutes.

• The MoneyFitt Morning - Daily heads-up on investing & business.