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OpenAI Is Growing Fast and Burning Through Piles of Money
Plus: Dell's new policy applies to salespeople worldwide
Cash Nut
September 30, 2024
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🚀Startups Nuts
When pitching to VCs, entrepreneurs should understand that the goal of each meeting is to secure the next meeting, not to immediately close a deal. The VC fundraising process typically involves a series of meetings, including a pre-screen, a first "real" meeting, a second meeting, diligence meetings, and a partner meeting, each with its own objectives and expectations. By navigating this process effectively, entrepreneurs can build a relationship with a supportive VC partner and ultimately secure an investment that aligns with their vision for the company.
Other News
HungryPanda, a food delivery service for Chinese expat communities, raised $55m
Qodo (fka CodiumAI), an Israeli AI code generation and testing tool, raised $40m in Series A funding
Apono, a New York provider of cloud access solutions, raised $15.5m in Series A funding
Atlas Metrics, a German provider of ESG reporting software, raised €12.2m in Series A funding
Wispr, an SF-based voice dictation startup, raised $12m
Podeo, a UAE-based podcast distribution platform, raised $5.4m in Series A funding
🏭Business Nuts
OpenAI's monthly revenue hit $300 million in August and it expects about $3.7 billion in annual sales this year. However, it expects to lose roughly $5 billion after paying for costs related to running its services. There will also be other costs such as equity-based compensation to employees. Its biggest cost is the computing power it gets through a partnership with Microsoft. OpenAI plans to raise ChatGPT Plus to $44 over the next five years.
Gif by pudgypenguins on Giphy
Other News
Dell's new policy applies to salespeople worldwide - they were previously allowed to work remotely two days per week.
Sam Altman tells OpenAI staff there’s no plan for him to receive a ‘giant equity stake’ in company. OpenAI Chairman Bret Taylor told CNBC that the board has talked about giving Altman a stake, but no specific figures have been discussed.
Steward Health Care CEO Ralph de la Torre will resign after failing to testify before a U.S. Senate panel investigating the company’s troubled history. The company filed for bankruptcy in May.
The U.S. economy grew at a 3% rate in the second quarter, an increase over the 1.6% growth rate in the first quarter, according to final government estimates.
DirecTV agreed to buy Dish Networks from EchoStar for just $1, plus the assumption of $9.75 billion in debt.
Amentum, a Chantilly, Va.-based portfolio company of American Securities and Lindsay Goldberg, completed its merger via a Reverse Morris Trust with the government consulting arm of Jacobs Solutions.
TPG is in advanced talks to buy a $2b minority stake in Kansas-based wealth manager Creative Planning, at a valuation north of $15b, per Reuters.
Jackson Acquisition II, a healthcare SPAC, filed for a $200m IPO. Its predecessor SPAC was chaired by Jeb Bush, who isn't mentioned in this offering.
DCP Capital and Hillhouse are circling Alibaba's majority stake in Chinese hypermarket chain Sun Art, per Bloomberg.
Marsh McLennan agreed to buy McGriff Insurance Services, a provider of insurance broking and risk management services, for $7.75b from TIH, a portfolio company of Stone Point Capital, Clayton, Dubilier & Rice, and Mubadala.
Amber Energy, an affiliate of Elliott Management, won a court auction for the parent company of Citgo Petroleum with a $7.3b bid, beating out Venezuela's state-owned oil company. Proceeds will go to creditors of the Venezuelan government.
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🎁Miscellaneous
A SpaceX Falcon 9 rocket took off on Saturday with NASA astronaut Nick Hague and Russian cosmonaut Alexander Gorbunov on board. The mission has two empty seats to return Butch Wilmore and Suni Williams, who have been stranded for months on the International Space Station. Their stay was only supposed to last 8 days, but a problem with Boeing's Starliner's propulsion system prevented their return. Their total stay will end up lasting 8 months.
💡What else are we reading and seeing?
The end of advertising
When To Do What You Love
Being Raised by the Internet
The Public Domain Problem
How Perplexity's Growth is Changing Search Habits
The deck Nicole Wischoff used to raise $50 million
How To Identify Inflection Points Before They Happen
5 scientifically-proven ways to enhance your work output
🐦Joke of the Day
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