Prof G Markets: OpenAI’s Dev Day, Disney vs. Warner Bros. Discovery, and Uber’s Branding Turnaround
Nov 13, 2023
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In this insightful discussion, guest Jason Staviss, Editor at Prof G, sheds light on OpenAI's recent developer conference and Sam Altman's keynote. Scott Galloway dives into Uber's impressive profitability streak and its transformation into a stable brand. He also contrasts the financial outcomes of Disney and Warner Bros. Discovery, attributing success to leadership decisions amid tough market conditions. The conversation wraps with a focus on OpenAI's innovations, including the launch of GPT-4 Turbo, reshaping the landscape of AI technology.
OpenAI is focused on reducing prices and making their AI capabilities accessible to developers.
Uber's strong performance suggests they may have figured out how to achieve long-term profitability.
Deep dives
OpenAI introduces GPT Builder and slashes prices
OpenAI announced the launch of GPT Builder, a tool that allows users to easily create customized versions of their chat GPT model for specific purposes. They also revealed a significant price cut for their models, with the new GPT-4 turbo model costing one-third of the previous top-of-the-line model. The company emphasized their focus on reducing prices and making their AI capabilities accessible to as many developers as possible. These updates position OpenAI as a leading general-purpose AI company, offering a wide range of enhanced products at affordable prices.
Uber reports record ridership and second straight quarterly profit
Uber announced a record ridership of 2.4 billion trips in the quarter, representing a 25% increase from the previous year. The company reported a net income of $221 million, a significant improvement from its billion-dollar loss last year. Uber's CEO expressed optimism that profits would continue, highlighting their well-positioned status for the future. With demand rising across mobility and delivery segments, along with strong advertising revenue growth, Uber's stock rose 3% after the report. This positive performance suggests that Uber may have figured out how to achieve long-term profitability.
Mixed results for Disney and Warner Bros. Discovery
Disney reported higher net income and added 7 million Disney+ subscribers, despite a decline in ad revenue. They also highlighted their cost-cutting efforts and plans for further growth in their parks business. In contrast, Warner Bros. Discovery missed earnings expectations, with a net loss of $417 million and a decrease in TV ad revenue. The market reacted heavily, with Warner Bros. Discovery's stock plummeting 19% after the report. Both companies faced headwinds in linear TV networks, but Disney's strong streaming revenue growth provided a more optimistic outlook compared to Warner Bros. Discovery.
FTX CEO Sam Bankman-Fried convicted on fraud and conspiracy charges
FTX CEO Sam Bankman-Fried was convicted on all seven counts of fraud and conspiracy, facing up to 115 years in prison. This outcome aligns with the prediction that more individuals in the crypto space will face criminal charges as fraudulent behavior is uncovered. While the impact on the economy is expected to be minimal, the government's efforts to hold accountable those involved in fraudulent activities highlight a shift toward stricter regulations and a focus on investor protection in the crypto industry.
Scott shares his thoughts on Uber’s second consecutive quarter of profitability. He then breaks down why Disney had a better quarter than Warner Bros. Discovery, despite facing the same headwinds. Finally, we hear the latest from OpenAI’s developer event and Sam Altman’s keynote address.