🍟 Sam Altman needs $7 trillion for AI chip factory

Welcome to AI Tool Report!

Monday’s top story: Sam Altman is asking investors for $7 trillion to fund his new AI chip manufacturing project. 

When the Work In AI job board launches (Wednesday, 14th February) you’ll be able to browse thousands of non-technical and technical AI jobs for free, and use our Work In AI GPT to help you create the perfect cover letter.

Find out how to use our Work In AI GPT, below.

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🌤️ This Morning on AI Tool Report

1. 🍟 Sam Altman needs $7 trillion for AI chip factory

2. 📈 OpenAI to hit $2B thanks to ChatGPT

3. ✈️ Ex-Sequoia VC takes startups to Silicon Valley

4. 🏈 Gemini and Copilot fabricate Super Bowl scores

5. 🎓 Google pledges $26.98M to boost EU AI skills

Read Time: 5 minutes

FINANCE

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AI HARDWARE

🍟 Sam Altman needs $7 trillion for AI chip factory

Our Report: Sam Altman is in talks with global investors to raise $7 trillion to fund a new AI chip manufacturing project.

🔑 Key Points:

• Altman is in discussions with investors (including the government of the United Arab Emirates) to raise $5- $7 trillion for an AI chip manufacturing project to power AI models.

• The initiative would increase global chip-building capacity and solve the current supply and demand issue that’s facing most major AI companies.

• This $7 trillion fundraising round would eclipse the current global AI chip market, which is projected to become a $1 trillion business by the end of the decade.

🤨 Why you should care: If Altman is successful with this fundraising round, his new AI chip factory would help build “massive scale AI infrastructure” which is “crucial to economic competitiveness.”

🎯 In Partnership with Work in AI

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GROWTH

📈 OpenAI to hit $2B thanks to ChatGPT

• OpenAI’s revenues have surpassed $2B, putting it among one of the fastest-growing technology companies that have posted revenues of $1B within a decade of being founded.

• Sam Altman believes the company will double this figure by 2025, as 92% of the Fortune 500 are already using OpenAI products, and ChatGPT has over 100M weekly users.

• But, despite record revenues, OpenAI remains a loss-making company as costs to build and maintain its AI models are expected to outpace revenue growth.

• This news comes after reports that Microsoft—OpenAI’s biggest backer—has already committed up to $13B to develop more and more sophisticated AI models.

💼 Combining the Work In AI Job Board and GPT - Part I

Easily create the perfect cover letter tailored for a specific job vacancy.

• When our new job board launches on Wednesday, browse through the listings to find a role that excites you.

• Click through & paste the job description to the WorkInAI GPT.

• Upload your CV/resume to the GPT.

• Now, you have your personal cover letter.

This process is designed to maximize your chances of getting an interview by ensuring your application is highly customized and relevant to the job you're applying for.

INVESTMENT

✈️ Ex-Sequoia VC takes startups to Silicon Valley 

• Peak XV—the VC firm that split from Sequoia Capital—is taking 60 founders (from India, Southeast Asia, and Australia) to Silicon Valley to meet AI industry leaders.

• They’ll participate in strategy sessions with executives from OpenAI, NVIDIA, and Sequoia, and attend talks from seasoned operators like Uniphore and DoorDash.

• This trip (internally named “Immersion Week”) is to help these upcoming founders build “world-class AI products” and gain “a glimpse into the AI world.”

• It also serves as an attempt by Peak XV to build out its networking capabilities as competition among investors seeking to access promising AI startups ramps up.

CHATBOTS

🏈 Gemini and Copilot fabricate Super Bowl scores

• Google’s Gemini (formerly known as Bard) and Microsoft’s Copilot gave users fictional information about the Super Bowl outcome, including scores and player statistics.

• Before the game had started, Gemini claimed that the Kansas City Chiefs were victorious over the San Fransico 49ers, attributing 286 rushing yards to a Chiefs quarterback.

• Copilot also insisted that the game had ended (before it had begun), claiming that the 49ers had won, with a final score of 24-21, when the game was a 25-22 victory for the Chiefs.

• This comes as concerns rise over the potential harm disinformation—generated by generative AI chatbots—can cause, with worries that it could reinforce ethnic and racial stereotypes.

TRAINING

🎓 Google pledges $26.98M to boost EU AI skills

• Google has pledged €25M ($26.98M) to help European companies learn how to utilize AI, focusing on training, growth academies, and expanded language support for AI courses.

• As part of this initiative, Google will run a series of growth academies serving as dynamic hubs for learning, collaboration, and innovation.

• Recognizing the importance of language accessibility in promoting AI literacy, it will also expand its free online AI courses to 18 languages to break down linguistic barriers.

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Until next time, Martin & Liam.