🍟 Altman set to raise $10B to build AI chip factories

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🌤️ This Morning on AI Tool Report

1. 🍟 Altman set to raise $10B to build AI chip factories

2. 📑 Ex-OpenAI chief-of-staff suspended over presidential candidate chatbot

3. 💵 Musk denies AI start-up has raised $500M of $1B goal

4. 🦄 VoiceAI start-up gains unicorn status after raising $80M

5. 🚗 Google’s Waymo to expand driverless cars to LA

Read Time: 5 minutes

FINANCE

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AI HARDWARE

🍟Altman set to raise $10B to build AI chip factories 

Our Report: Altman is in talks with global investors to raise over $8B to set up a global network of chip fabrication plants to combat the supply/demand issues surrounding AI chip production.

🔑 Key Points:

• Altman is in talks with Abu Dhabi-based G42, SoftBank Group Corp, and others to raise the capital needed and is reportedly focused on raising between $8 and $10B.

• The fundraising push comes as forecasts for AI-chip production fall short of projected demand. Furthermore, chip leaders—including Intel, Samsung, and Microsoft—are in the running to partner with the OpenAI team for this.

• Construction of the semiconductor factories needed to build AI chips requires extensive capital to build and maintain (a process so expensive that even Amazon, Google & Microsoft hire third parties to maintain this process).

🤨 Why you should care: Due to a lack of production capacity, chip production companies can’t make enough chips to meet demand. Fortunately, Altman's plans could assist in balancing supply/demand, allowing AI projects to continue at pace.

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REGULATIONS

📑 Ex-OpenAI chief-of-staff suspended over presidential candidate chatbot

• Matt Krisiloff (former OpenAI chief-of-staff, now working at DelphiAI) developed a ChatGPT-powered chatbot (DeanBot) that impersonated Democratic presidential candidate—Dean Phillips—to support his political campaign.

• Before using it, website visitors were shown a warning describing the nature of the chatbot and requesting consent for its use, and users would chat with DeanBot who would engage and encourage them to spread the Dean’s message.

• Krisiloff has been suspended from OpenAI’s platform for going against its policies, which include building chatbots for political campaigning and lobbying.

💡Entrepreneur Strategist—The AI Tool Report GPT

✅ Designed for entrepreneurs, the Entrepreneur Strategist crafts advanced business plans, exports them into Word or Excel, and is trained to answer any question about any business topic.

Edition 1 of 3: The Business Plan

When To Use: When you're ready to turn your business idea into a reality, or you’re seeking to expand your existing venture and need a complete business plan.

1. Step 1: Consult Entrepreneur Strategist: Choose the option: "Write me a full business plan." Give some context to improve the outcome, share any information on your business concept, or outline your expansion strategy.

2. Step 2: Receive a Detailed Business Plan: Entrepreneur Strategist crafts a comprehensive business plan covering:

   • Market Analysis: In-depth analysis of your target market, competition, and customer demographics.

   • Strategy Development: Customized strategies for market entry, growth, and scaling.

   • Financial Planning: Detailed financial projections, funding strategies, and budget plans.

   • Operational Planning: Operational, technological, and HR planning recommendations.

3. Step 3: Review, Adapt, and Export to Word:

   • Review the complete business plan and adapt together as needed.

   • Use the Entrepreneur Strategist for specific follow-up questions.

   • Export to Word: Easily export your full business plan to a .docx document, ready for immediate download.

Your business is now equipped with a well-structured plan for effective implementation and success.

Try it!

Stay tuned for the next Entrepreneur Strategist edition, focusing on monetization strategies.

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FUNDING

💵Musk denies xAI has raised $500M of $1B goal

• Musk has denied reports that his AI start-up (xAI) has secured $500M in investment (halfway towards its $1B goal), after BloomBerg falsely reported the opposite.

• However, last December Musk had publicly stated that xAI was not raising any funds, but upon further inspection by US securities regulators, xAI has publicly filed to raise $1B.

• Currently, xAI is discussing a valuation of between $15B – $20B, with some parties in the new investment round vying for computing power in addition to, or instead of, xAI equity shares.

STARTUPS

🦄 VoiceAI gains unicorn status after raising $80M 

• ElevenLabs (a start-up that develops AI-generated voices in different languages, with accents and emotions) gained unicorn status after raising $80M in Series B funding—led by A16z, Sequoia Captial, and others.

• The 2-year-old start-up is now rumored to be valued at $1.1B, (an increase from its former $100M valuation), reflecting expectations for a surge in the adoption of AI voice generation by gaming giants and movie studios.

• ElevenLabs’s current customer base includes Storytel, Paradox Interactive, and The Washington Post; however, they continue to run into regulatory issues as users utilize the technology to impersonate others without their strict consent.

AUTOMOTIVE

🚗 Google’s Waymo to expand driverless cars to LA

• Waymo (Alphabet's autonomous driving unit) has applied to the California Public Utilities Commission for a license to operate in LA, which would allow Waymo to expand its driverless fleet (currently only operating in SF).

• Additionally, Waymo is testing its autonomous passenger cars on freeways in Arizona and is planning to operate in Texas (despite extensive regulatory scrutiny).

• Specifically, following a driverless car accident last year—which saw GM’s Cruise driverless car unit stop all supervised and manual car rides—many autonomous vehicle companies have had to adhere to stricter regulations.

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