Nvidia has become the world’s most valuable company, surpassing Apple with a market cap of $3.43 trillion as of November 5, 2024. According to Ryan Vlastelica reporting for Bloomberg, Nvidia’s dominance reflects the immense impact of artificial intelligence on Wall Street. The chipmaker is responsible for a quarter of the S&P 500’s 21% gain this …
Amazon, Microsoft, Meta, and Alphabet are set to spend a combined total exceeding $200 billion in 2024 to develop artificial intelligence, a record amount according to a Bloomberg report by Mark Bergen and Lynn Doan. Despite delivering mixed financial results, the companies plan to invest even more next year to secure high-end chips and build …
Microsoft has revealed that its AI business is on track to surpass a $10 billion annual revenue run rate next quarter, making it the fastest business in the company’s history to reach this milestone. The company’s CEO, Satya Nadella, attributes this growth to Microsoft’s partnership with OpenAI, the creator of ChatGPT. Microsoft disclosed in its …
Meta, the parent company of Facebook and Instagram, has announced significant advancements in its artificial intelligence projects and strong financial results for the third quarter of 2024. CEO Mark Zuckerberg revealed that Meta AI, the company’s generative AI tool, has surpassed 500 million monthly users and is on track to become the most-used AI assistant …
Omnivore, a reading app startup, has been acquired by ElevenLabs, an AI audio technology company, to help develop their new ElevenReader app. According to a note from Omnivore’s founders Jackson and Hongbo, the acquisition will enable them to create more accessible reading and listening experiences on a larger platform. Omnivore users are invited to create …
Moondream, a startup backed by Felicis Ventures, Microsoft’s M12 GitHub Fund, and Ascend, has emerged from stealth with $4.5 million in pre-seed funding. According to VentureBeat’s Michael Nuñez, the company has developed an open-source vision-language model that boasts 1.6 billion parameters but matches the performance of models four times its size. The model, which can …
Read AI, an AI-powered meeting assistant startup, has raised $50 million in a Series B funding round led by Smash Capital, just six months after a $21 million Series A. According to co-founder David Shim, the company has seen strong growth, with over 100,000 new accounts created since the Series A. Read AI plans to …
Nooks, an AI sales platform founded by three Stanford roommates, has raised $43 million in a Series B round led by Kleiner Perkins, bringing its total funding to $70 million at a $285 million valuation. According to CEO Daniel Lee, Nooks uses AI to automate tedious sales tasks like finding contacts, leaving voicemails, writing emails …
OpenAI generates roughly 75% of its revenue from consumer subscriptions to products like its ChatGPT chatbot, with paid plans starting at $20 per month, according to CFO Sarah Friar in an interview with Bloomberg TV. Friar said ChatGPT has 250 million weekly active users, with a 5-6% conversion rate from free to paid. While OpenAI …
AI startup TollBit has raised $24 million in Series A funding. The round, led by Lightspeed Venture Partners, will help the company expand internationally and hire new employees, reports Sara Fischer for Axios. TollBit operates a marketplace that brings publishers and AI companies together and helps simplify their data exchange, both legally and commercially. The …