OpenAI Saga Ends with Sam Altman Returning & Binance Pays Billions in Crypto Plea Deal
Nov 22, 2023
27:46
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Sam Altman, CEO of OpenAI, discusses the timeline of events leading to his return. They also talk about Binance's plea deal and Kim Kardashian's investment in truffle sauce. Plus, they preview the NFL and Amazon game on Black Friday.
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Quick takeaways
The dispute at OpenAI highlights the power of employees in shaping company decisions.
Nvidia's exceptional sales growth in AI chips reflects the company's dominance in the market.
Deep dives
Open AI resolves internal dispute with CEO reinstated
The recent dispute at Open AI involving the firing and subsequent reinstatement of CEO Sam Altman has been resolved. Altman was initially fired by the board, prompting widespread employee backlash. However, Altman's reinstatement came with changes to the board, including the addition of new members Brett Taylor and Larry Summers. Although Altman did not achieve all the control he desired, this resolution highlights the significance of employee power in shaping company decisions.
Nvidia profits soar as AI chip demand grows
Nvidia, a technology giant specializing in chips that train AI programs, has reported exceptional sales growth driven by the AI boom. Revenue from AI chips skyrocketed from $3.8 billion last year to $14.5 billion this year, showcasing exponential growth. Nvidia, which dominates the market with an 85% share, outperformed rivals like Intel. The company's success is attributed to supplying chips to companies such as META, OpenAI, and Google for training large language models. Despite potential obstacles like competition from AMD and export restrictions in China, Nvidia's market cap has reached an impressive $1.2 trillion.
Binance founder pleads guilty to money laundering charges
CZ Zhao, founder and CEO of Binance, the world's largest cryptocurrency exchange, has pleaded guilty to money laundering charges. The guilty plea is part of a $4.3 billion settlement with the US Department of Justice, following a lengthy investigation into Binance's evasion of money laundering laws. The settlement marks a significant fall from grace for CZ Zhao, who was considered one of the most influential figures in the crypto industry. The charges against Binance raise concerns about the potential use of cryptocurrencies for terrorism financing and will likely fuel calls for increased regulation in the industry.
Kim Kardashian's private equity firm invests in luxury condiment brand
Kim Kardashian's private equity firm, Sky Partners, has made its first acquisition by acquiring a significant minority stake in Truff, a luxury condiment brand known for its truffle-infused products. This partnership aligns with Sky Partners' strategy of targeting viral consumer-facing brands and leveraging Kim Kardashian's expertise in making them successful. Truff has gained popularity through social media and has secured partnerships with major brands like Popeyes and Taco Bell. This investment showcases the growing influence of celebrities in the business and investment world.
Episode 197: Neal and Toby break down the timeline of events that led Sam Altman to return to OpenAI as the company's CEO. Plus, why Binance is paying billions in a Crypto plea deal and Kim Kardashian invests in truffle sauce. The guys also preview the NFL and Amazon game on Black Friday and everything else coming up over the long Thanksgiving weekend.
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