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OpenAI CEO, Sam Altman. Photo by Jason Redmond/AFP via Getty Images

OpenAI CEO Says Company Could Become Benefit Corporation Akin to Rivals Anthropic, xAI

By Aaron Holmes, Natasha Mascarenhas, Julia Hornstein and Amir Efrati · Jun 14, 2024 5:09pm PDT · 9 comments

OpenAI CEO Sam Altman recently told some shareholders that the artificial intelligence developer is considering changing its governance structure to a for-profit business that OpenAI’s nonprofit board doesn’t control, according to a person who heard the comments. One scenario Altman said the board is considering is a for-profit benefit... OpenAI CEO Sam Altman recently told some shareholders that the artificial intelligence developer...

An Amazon Prime Thursday Night Football broadcast. Photo by Ken Murray/Icon Sportswire via Getty Images.

Amazon and YouTube Clash for Dominance in Streaming Ad Dollars at Upfronts

By Sahil Patel · Jun 13, 2024 6:00am PDT

The battle for advertising dollars in television used to be dominated by networks like CBS and NBC. Now the most intense competition may be between newer tech entrants—Google’s YouTube, Amazon’s Prime Video and Netflix. Less than six months after launching ads on its Prime Video streaming service, Amazon has made a deep... The battle for advertising dollars in television used to be dominated by networks like CBS and...

Sam Altman at WWDC earlier this week. Photo by Bloomberg via Getty Images.

OpenAI’s Annualized Revenue Doubles to $3.4 Billion Since Late 2023

By Stephanie Palazzolo, Erin Woo and Amir Efrati · Jun 12, 2024 1:33pm PDT · 5 comments

OpenAI has more than doubled its annualized revenue to $3.4 billion in the past six months or so, OpenAI CEO Sam Altman has told staff, a sign that growth in the ChatGPT developer’s business is accelerating despite intensifying competition. Annualized revenue—a measure of the past month’s revenue multiplied by 12—was $1.6 billion in... OpenAI has more than doubled its annualized revenue to $3.4 billion in the past six months or so,...

Art by Shane Burke

American AI Startups Relocate China-Based Engineers

By Juro Osawa and Stephanie Palazzolo · Jun 11, 2024 6:00am PDT

Art by Shane Burke

American AI Startups Relocate China-Based Engineers

By Juro Osawa and Stephanie Palazzolo · Jun 11, 2024 6:00am PDT

Among the hundreds of American artificial intelligence startups launched in the last few years, those founded by China-born entrepreneurs exercised a unique advantage: They could hire less expensive, talented engineers based in China. Now, as the geopolitical battle between the U.S. and China increasingly extends to AI, these startups are... Among the hundreds of American artificial intelligence startups launched in the last few years,...

Shein's Whitestown, Ind. warehouse. Photo by Jonathan Weiss via Shutterstock.

Shein’s 40% Revenue Growth and Profit Boost in 2023 Could Help Lure IPO Investors

By Jing Yang · Jun 10, 2024 6:00am PDT · 1 comment

China-founded fast fashion giant Shein lifted its net profit margin even as it posted slightly faster revenue growth in 2023, two people with direct knowledge of its finances said. That performance should help Shein lure investors for a highly anticipated initial public offering—if it can convince regulators to sign off. Shein recorded... China-founded fast fashion giant Shein lifted its net profit margin even as it posted slightly...

Harvey co-founders Gabriel Pereyra and Winston Weinberg. Photo via YouTube.

AI Startup Harvey Targets $2 Billion Valuation and Mulls Buying a Legal Research Company

By Stephanie Palazzolo and Kate Clark · Jun 7, 2024 3:21pm PDT

In just over a year, artificial intelligence startup Harvey raised three investment rounds to develop software that takes the drudgery out of legal paperwork. Now the company wants an even bigger war chest—one that could help it acquire other companies. The San Francisco startup has been talking to investors about raising $600 million at a... In just over a year, artificial intelligence startup Harvey raised three investment rounds to...

Art by Shane Burke.

Trillion-Dollar Asset Manager Franklin Templeton Explores New Crypto Fund

By Yueqi Yang · Jun 6, 2024 6:50am PDT

Franklin Templeton, the 77-year-old mutual fund heavyweight named in honor of founding father Benjamin Franklin, is exploring launching a new crypto fund that will invest in a range of tokens beyond bitcoin and ether, according to people with direct knowledge of the effort. While some traditional asset managers like BlackRock and Fidelity have... Franklin Templeton, the 77-year-old mutual fund heavyweight named in honor of founding father...

Art by Clark Miller

China’s Nvidia Loophole: How ByteDance Got the Best AI Chips Despite U.S. Restrictions

By Anissa Gardizy · Jun 6, 2024 3:30am PDT · 1 comment

Art by Clark Miller

China’s Nvidia Loophole: How ByteDance Got the Best AI Chips Despite U.S. Restrictions

By Anissa Gardizy · Jun 6, 2024 3:30am PDT · 1 comment

The U.S. government forbids Nvidia from selling some of its most advanced artificial intelligence chips to customers in China. But it doesn’t stop Chinese firms from buying or renting Nvidia’s chips if they’re used within the U.S. Some big Chinese tech firms have taken advantage of that loophole, or tried to. ByteDance, owner... The U.S. government forbids Nvidia from selling some of its most advanced artificial intelligence...

Photo courtesy Ionic Materials.

Next-Gen Battery Developer Ionic Materials Closes Down

By Steve LeVine · Jun 4, 2024 10:10pm PDT

In another setback for a maker of a next-generation electric vehicle battery, Massachusetts battery developer Ionic Materials let go virtually its entire workforce on Tuesday, closed down and made plans to sell its equipment and other assets, according to multiple former employees. The company fired more than 40 employees, two of whom said they... In another setback for a maker of a next-generation electric vehicle battery, Massachusetts...

Left to right: Mark Goldberg, Kristina Shen and Ethan Kurzweil. Photos via Index Ventures, Andreessen Horowitz and Bessemer Venture Partners.

Venture Capitalists Defy Funding Slump to Launch New Firms

By Natasha Mascarenhas · Jun 4, 2024 3:15pm PDT · 3 comments

Over the past year, a wave of venture capitalists have left their firms as the industry wrestles with a steep correction. Now several are launching their own firms, shrugging off the worst market to raise new VC funds in a decade. Former Andreessen Horowitz general partner Kristina Shen, former Index Ventures partner Mark Goldberg and outgoing... Over the past year, a wave of venture capitalists have left their firms as the industry wrestles...

Apple CEO Tim Cook introduces Apple tv in 2019. Photo by Getty.

Apple Held Talks With China Mobile to Bring Apple TV+ to China

By Wayne Ma · Jun 4, 2024 7:00am PDT

Apple was in talks last year to launch its Apple TV+ video streaming service in China via a deal with China Mobile, the country’s largest telecommunications provider, according to people with knowledge of the matter. If successful, the talks would make Apple TV+ the only U.S. streaming service to be available in China, one of the... Apple was in talks last year to launch its Apple TV+ video streaming service in China via a deal...

ByteDance's Singapore headquarters. Photo by Roslan Rahman/AFP via Getty Images.

ByteDance Seeks to Raise up to $800 million for Car Marketplace Unit

By Jing Yang, Qianer Liu and Juro Osawa · Jun 4, 2024 5:22am PDT

ByteDance's Singapore headquarters. Photo by Roslan Rahman/AFP via Getty Images.

ByteDance Seeks to Raise up to $800 million for Car Marketplace Unit

By Jing Yang, Qianer Liu and Juro Osawa · Jun 4, 2024 5:22am PDT

TikTok parent ByteDance is raising between $700 million and $800 million for its online auto information and marketplace business Dongchedi, according to three people with direct knowledge of the matter, in preparation for an initial public offering for the unit. Plans for an eventual IPO are part of a bigger plan by the Chinese tech giant to... TikTok parent ByteDance is raising between $700 million and $800 million for its online auto...

The State Street Global Advisors building in Boston. Photo by Scott Eisen/Bloomberg via Getty Images.

State Street is Rebuilding Digital Assets Team, Signaling Optimism About Crypto

By Yueqi Yang · Jun 3, 2024 7:16am PDT

Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which plans to offer crypto custody service, less than six months after cutting jobs in the department. The move reflects growing confidence that crypto and tokenized assets will become more integrated into the financial system. The bank is pressing ahead... Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which...

Art by Mike Sullivan

Inside the Collapse of Synapse: Missing Funds Were Known to Investors, Banks for Years

By Michael Roddan · Jun 1, 2024 8:00am PDT · 1 comment

Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno have lost access to their money as a result of this month’s collapse of a little-known fintech called Synapse Financial Technologies. Synapse, which supplies some of the basic plumbing that allows startups to offer banking services, filed for... Millions of consumers who kept their savings with digital banking startups such as Yotta or Juno...

Photo by Bloomberg via Getty Images

Google Hires AWS, Microsoft Executives for Cloud Unit

By Anissa Gardizy · May 30, 2024 4:18pm PDT · 1 comment

Google hired two cloud executives from rivals Amazon Web Services and Microsoft as it builds out its artificial intelligence ranks with the goal of boosting its cloud business, according to a person with direct knowledge. Saurabh Tiwary, a former corporate vice president at Microsoft, will join Google Cloud Monday as a general manager of cloud... Google hired two cloud executives from rivals Amazon Web Services and Microsoft as it builds out...

Art by Shane Burke.

U.S. Commerce Dept. Probes South Korean Chip-Equipment Makers

By Qianer Liu and Laura Mandaro · May 30, 2024 10:15am PDT

Art by Shane Burke.

U.S. Commerce Dept. Probes South Korean Chip-Equipment Makers

By Qianer Liu and Laura Mandaro · May 30, 2024 10:15am PDT

The U.S. Commerce Department is probing whether a South Korean maker of parts for machines that produce semiconductors has been selling to Chinese companies that are subject to U.S. sanctions, said two people with knowledge of the investigation. The review signals a new effort by the U.S. government to root out how companies such as Huawei are... The U.S. Commerce Department is probing whether a South Korean maker of parts for machines that...

Art by Shane Burke/Shutterstock.

Temu Keeps An Iron Grip on Suppliers, Exposing Itself to U.S. Ban Threat

By Jing Yang · May 30, 2024 6:00am PDT

As U.S. lawmakers step up efforts to penalize Chinese-owned bargain retail site Temu over the alleged sale of goods made with forced labor on its site, the company is holding fast to its longstanding response: It is a marketplace for independent sellers, just like Amazon and Etsy, and shouldn’t be held responsible for what those merchants... As U.S. lawmakers step up efforts to penalize Chinese-owned bargain retail site Temu over the...

Aravind Srinivas. Photo by Tasos Katopodis/Getty Images.

AI Startup Perplexity in Talks to Raise Money at $3 Billion Valuation

By Kate Clark and Natasha Mascarenhas · May 29, 2024 2:51pm PDT · 5 comments

Bessemer Venture Partners is in talks to lead a $250 million investment in Perplexity, a developer of an artificial intelligence-powered search engine, at a $3 billion valuation, according to a person familiar with the matter. The new valuation would be triple what the San Francisco-based startup was valued at earlier this year. The new... Bessemer Venture Partners is in talks to lead a $250 million investment in Perplexity, a...

Aerial view of the Port of Long Beach. Photo by The Los Angeles Times via Getty Images.

U.S. Escalates Crackdown on Trade Rule Behind Shein and Temu

By Jing Yang, Theo Wayt and Ann Gehan · May 29, 2024 12:53pm PDT · 1 comment

U.S. officials have escalated a crackdown on the controversial customs exemption that Temu, Shein and other e-commerce firms use to send cheap items from overseas to American shoppers without paying tariffs. The U.S. Customs and Border Protection agency in recent weeks suspended several customs brokers from a program that makes it easier... U.S. officials have escalated a crackdown on the controversial customs exemption that Temu, Shein...

Photo via CoreWeave/Facebook

Cloud Computing Startup CoreWeave Prepares for 2025 IPO

By Cory Weinberg · May 29, 2024 10:38am PDT

Photo via CoreWeave/Facebook

Cloud Computing Startup CoreWeave Prepares for 2025 IPO

By Cory Weinberg · May 29, 2024 10:38am PDT

Cloud computing startup CoreWeave, one of the biggest beneficiaries of the artificial intelligence boom, has been on a fundraising spree over the past year from some of the deepest pockets on Wall Street. Now it’s planning an initial public offering. The startup has started early preparations to go public by the first half of next... Cloud computing startup CoreWeave, one of the biggest beneficiaries of the artificial...