Private equity firms Apollo and Blackstone were among 20 institutions that made bids for all or part of Silicon Valley Bank following its March collapse, according to a Wednesday disclosure by the Federal Deposit Insurance Corp. The agency released a list of firms that lobbed bids for SVB, its asset pools and the lender’s private banking division, although it de-identified companies from the...
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Google Invests in AI Startup Runway to Wrest Cloud Business From AWS
Google is investing in Runway, a New York–based startup that lets customers generate video from text descriptions using artificial intelligence it pioneered, at a valuation of around $1.5 billion including the new capital, according to two people familiar with the matter. The investment, part of a roughly $100 million funding round, underscores the fierce competition among cloud providers...
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How Microsoft Swallowed Its Pride to Make a Massive Bet on OpenAI
Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees Microsoft’s sprawling research efforts, was briefing Nadella, Microsoft’s CEO, and his deputies about a series of tests Microsoft had conducted of GPT-4, the then-unreleased new artificial intelligence large-language model built by OpenAI.
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In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.