🤖 OpenAI’s Tender Offer Allows Employees to Sell Shares

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Welcome back AI enthusiasts!

In today’s AI Report:

• 📈OpenAI’s Tender Offer Allows Employees to Sell Shares

• 📟The Disconnect Between AI Talk and Business Use

• 🛠5 Trending Tools

• 💰Venture Capital Updates

• 💼Who’s Hiring?

Read Time: 3 minutes

🗞RECENT NEWS

OPENAI

📈OpenAI’s Tender Offer Allows Employees to Sell Shares

OpenAI’s tender offer, which allows employees to sell shares to outside investors, remains on schedule despite Sam Altman’s brief firing and a new board of directors.

Key Details:

• The tender offer (i.e., shareholders offered the opportunity to sell their stock at a fixed price) is led by Josh Kushner’s Thrive Capital and will value OpenAI at $86 billion.

• According to CNBC, the “$86 billion round is three times OpenAI’s previous fundraising in April, which valued the company at around $28 billion.”

• Tender offers don’t include the issuance of new equity. Instead, Thrive Capital and other investors will buy existing units belonging to OpenAI employees, providing workers liquidity during leadership turmoil within the company.

• Microsoft CEO Satya Nadella secured a non-voting board observer position to monitor new governance for the startup. Microsoft holds a 49% stake in OpenAI’s success.

Why It’s Important:

• OpenAI employees quickly fought to reinstate business leadership, sustaining the value of the enterprise. As a result, Altman returned as OpenAI’s CEO, and the venture developed a new board of directors comprised of former Salesforce chief executive Bret Taylor, former U.S. Secretary of the Treasury Larry Summers, and Quora founder Adam D’Angelo.

• Sam Altman is the true winner of OpenAI’s internal turmoil. He maintains the full support of employees, allowing him to consolidate his control over the company. When OpenAI is litigated in the future, the board members will bear fiscal responsibility. Since Altman possesses a transparent leadership role within the company, he’s free of liability.

TECHNOLOGY LANDSCAPE

📟The Disconnect Between AI Talk and Business Use

America’s largest companies have been hyping AI models to investors, but new data suggests few businesses are implementing the technology into their daily workflows.

Key Details:

• Since May, nearly half of S&P 500 companies have discussed AI systems during earnings calls. In fact, AI models were mentioned as frequently as the Federal Reserve and interest rates.

• During an earnings call in August, Salesforce CEO Marc Benioff told investors the company was leading its users into “the new era of AI.” In November, Walmart told investors that it’s now testing AI-powered search and chat features.

• Brian Nagel, a senior analyst at Oppenheimer & Co., explained: “There’s not a single call I sit on these days where AI isn’t mentioned in some form.”

• Despite this, the U.S. Census Bureau’s Business Trends and Outlook Survey of 200,000 companies discovered that 6.9% of businesses believe they will use AI in the next six months.

Why It’s Important:

• Companies publicly lean into AI hype to show investors they’re committed to long-term growth. Few companies can adopt AI tools because they’re expensive and lack the talent to implement them.

• The imbalance is reflected in early adopters clustered around “superstar” cities like OpenAI, Anthropic, and Humane in San Francisco.

🛠TRENDING TOOLS

📖PagePundit provides tailored book suggestions for your next read.

⚙️Pagerly manages rotations, on-calls, incidents, and ops through Slack.

🛩itair creates hype trips with hyper-planning to create endless memories.

📱Syllaby identifies your social media strategy in 10 minutes.

👾Codium generates code suggestions, monitors code behavior, and offers meaningful tests for busy devs.

💰VENTURE CAPITAL UPDATES

• Total Capital, investing in AI-enabled enterprise software, closes its largest fund at $230M.

• AI decisioning platform Rick Data secures $17.5M in Series B funding.

• Aviz Networks, an open networking startup for cloud-scale infrastructures, expands funding to $10M with new investments for Accton, Cisco, and Wistron.

💼WHO’S HIRING?

• OpenAI (San Francisco, CA): Technical Investigator, Intel and Investigations

• Synthesia (New York, NY): Sales Development Representative, Outbound

• Intel (Santa Clara, CA): AI Framework Engineer Intern, Summer 2024

• Nvidia (Remote): Product Management Intern, Summer 2024

• Brave (Remote): Web3 Developer Engineering Intern, Summer 2024

🤖PROMPT OF THE DAY

CONVERSION

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📒FINAL NOTE

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