Spot bitcoin exchange-traded funds (ETFs) concluded the week on an upbeat note, securing $203 million in positive inflows on Friday, as per the latest data. Despite an initial setback of $84.7 million in net outflows on April 1, the ETFs have since rebounded, gathering $569.4 million in net inflows. Bitcoin ETFs Overcome Early April Setback […]
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Two days after Microsoft CEO Satya Nadella hired former OpenAI CEO Sam Altman to lead a new advanced artificial intelligence (AI) research team, OpenAI backtracked its decision to fire its co-founder.
On Nov. 22, OpenAI announced a new agreement that would see Altman return as CEO. The company confirmed the agreement in a post on its official X (formerly Twitter) account.
We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D’Angelo.
We are collaborating to figure out the details. Thank you so much for your patience through this.
— OpenAI (@OpenAI) November 22, 2023
According to OpenAI, the company and Altman “are collaborating to figure out the details.” Altman reciprocated his willingness to join OpenAI by reposting the announcement with a heart emoji.
i love openai, and everything i’ve done over the past few days has been in service of keeping this team and its mission together. when i decided to join msft on sun evening, it was clear that was the best path for me and the team. with the new board and w satya’s support, i’m…
— Sam Altman (@sama) November 22, 2023
Altman openly expressed his “love” for OpenAI as he decided to withdraw from his new role at Microsoft, adding:
“I’m looking forward to returning to OpenAI, and building on our strong partnership with Microsoft.”
Nadella supported Altman and OpenAI co-founder and president Greg Brockman’s decision to move back to OpenAI, highlighting how it is essential to ensure OpenAI continues to thrive and build on its mission.
Returning to OpenAI & getting back to coding tonight.
— Greg Brockman (@gdb) November 22, 2023
Altman’s short-lived departure from OpenAI revealed his role in unifying the team. On Nov. 20, 505 out of 700 OpenAI employees reportedly signed a letter stating that the board undermined the company’s mission by firing Altman.
Related: Emmett Shear new CEO of OpenAI: A timeline of Sam Altman’s ousting
“The process through which you terminated Sam Altman and removed Greg Brockman from the board has jeopardized all of this work and undermined our mission and company,” the letter stated.
The backlash from OpenAI employees and Microsoft’s timely job offer reinforced Altman’s dominant position across the AI ecosystem.
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Arm has concluded its debut on the Nasdaq after launching an IPO where shares closed nearly 25% higher on the day.
SoftBank Group’s chip design company, Arm Holdings spiked nearly 25% on its initial public offering (IPO) debut after shares sold for $51.
The company began trading at a valuation nearing $60 billion, under the “ARM” ticker. Arm sold 95.5 million shares, initially trading at $56.10, and closing at $63.59. According to Marketwatch data, Arm is at $65.61 in after-hours trading, climbing more than 3% from its close.
Speaking to CNBC, Arm’s Chief Financial Officer Jason Child said the company sold shares worth $735 million to several strategic investors. These include heavyweights like Nvidia Corp, AMD, Samsung, Intel Corp, Google, Apple, Taiwan Semiconductor Manufacturing Company (TSMC), Synopsis, and Cadence. According to Child, Arm deliberately ensured to keep its sales to a “diverse set of shareholders” even though “there was interest to buy more than what was indicated”.
Child also said that Arm wants to grow its royalties by providing essential products to customers. Most of the company’s royalties come from releases that are more than a few decades old. In 2022, Arm’s revenue from royalties was $1.68 billion. About 50% of this figure were royalties from products launched between 1990 and 2012.
Speaking on the royalties, Child said:
“As a CFO, it’s one of the better business models I’ve seen. I joke sometimes that those older products are like the Beatles catalog, they just keep delivering royalties. Some of those products are three decades old.”
Arm announced the $51 price before trading on the Nasdaq began, adding that underwriters have the option to buy an additional 7 million shares to account for over-allotment. Although Arm has debuted publicly, SoftBank Group retains majority control of the chip designer, at about 90%.
Arm told investors that its forecast for the chip design market by 2025 is $250 billion.
The Nasdaq IPO is the second time Arm is going public since being founded in 1990. The company was acquired by SoftBank in 2016 in a deal worth $32 billion. Before then, Arm had listings in London and New York.
Arm has almost always focused on hardware for mobile phones and has its tech in most mobile phones used today. In addition, Arm sold blueprints for microprocessor designs, as well as licensing instructions necessary for software to ensure compatibility with the chips. Although that part of its business is still active, CEO Rene Haas has been trying to diversify. Following his appointment last year, the CEO is now focused on expansion, pushing the company into advanced computing and designing chips for artificial intelligence (AI) data centers.
Arm is already using its processors to lift AI workloads, especially in smartphones. The company’s processors already help with image filtering and voice recognition on many devices. However, it might take a while for Arm to reap the financial benefits of these AI offerings.
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In the ongoing legal case between the Securities and Exchange Commission (SEC) and cryptocurrency giant Coinbase, a significant milestone has been reached by setting a legal pleadings schedule.
This development was publicized on Twitter by Coinbase’s Chief Legal Officer, Paul Grewal, who commended the court for its “prompt attention” to the matter.
Documents filed on Jul. 20 disclose a systematic plan for the upcoming legal arguments in the case. Both ‘Coinbase,’ the defendants, and the SEC, the plaintiff, submitted a joint proposal to the court outlining a series of deadlines, primarily for Coinbase’s anticipated motion for judgment under Federal Rule of Civil Procedure 12c. Katherine Failla, the presiding judge on the case, responded on July 20, stating that the application was “granted in part.”
| Event | Proposed Due Date | Court Approved Due Date | Description |
|---|---|---|---|
| Coinbase’s motion and opening brief | Aug. 4, 2023 | Aug. 4, 2023 | Coinbase will present its initial arguments and defenses against the SEC’s claims. |
| Amicus briefs in support of Coinbase’s motion | 7 days after Coinbase’s brief (Aug. 11, 2023) | Aug. 11, 2023 | Independent parties providing additional information or arguments supporting Coinbase’s position are due to submit their briefs. |
| SEC’s opposition brief | 30 days after Coinbase’s brief (Sept. 3, 2023) | Oct. 3, 2023 | The court-approved date for the SEC to present its counterarguments to Coinbase’s initial brief. |
| Amicus briefs in support of SEC’s opposition | 7 days after SEC’s opposition brief | Oct. 10, 2023 | Independent parties providing additional information or arguments supporting the SEC’s position are due to submit their briefs. |
| Coinbase’s reply brief | 21 days after SEC’s opposition brief (Oct. 24, 2023) | Oct. 24, 2023 | Coinbase will respond to the SEC’s opposition brief, presenting counterarguments to the SEC’s positions. |
By the submitted joint proposal, Coinbase’s motion and opening brief are due by Aug. 4, 2023. Following this, amicus briefs supporting Coinbase’s motion are to be submitted within a week, with amicus briefs supporting the SEC’s opposition due a week after the SEC’s opposition brief. Coinbase’s reply brief is due 21 days after that.
A consensus has not been reached on the SEC’s opposition brief deadline. Coinbase has proposed a deadline of 30 days after their initial motion and opening brief, while the SEC has proposed a 60-day timeframe. At this juncture, Judge Failla set a date for the SEC’s opposition brief on Oct. 3, 2023, aligning with the SEC’s preference.
The joint letter stated,
“The parties have not been able to reach an agreement with respect to the deadline for the SEC’s opposition brief.”
The SEC has also indicated that it will not file a motion to strike any of Coinbase’s affirmative defenses under Federal Rule of Civil Procedure 12(f), according to Grewal.
The court order outlined specific page limits for the various submissions: 30 pages for Coinbase’s opening brief and the SEC’s opposition brief, 15 pages for Coinbase’s reply brief, and 20 pages each for any amicus briefs.
The court order also said it is standard for the court to pause the discovery process while waiting for a decision on a motion that could completely resolve or dispose of the case.
For this reason, the court declined to approve the case management plan submitted by the parties at this time.
Grewal, in a subsequent tweet, delved into the significance of the legal timeline according to U.S. Code, stating,
“Although 28 USC 1292(b) is silent, 10 days always made sense to me as the right deadline to seek DCT certification of an order for interlocutory appeal. After all, that’s the deadline to petition the appellate court. 10 court days from Judge Torres’ ruling is tomorrow.”
Worldwide traffic for the popular artificial intelligence (AI) chatbot ChatGPT has experienced a decline from May to June, suggesting a decline in interest in the AI assistant tool developed by OpenAI.
According to data estimates from the traffic analytics site Similarweb, desktop and mobile web traffic for ChatGPT dropped by 9.7% in June. In addition, the site’s unique visitors and the amount of time users spend on the site have also declined by 5.7% and 8.5%, respectively. In the United States, the recorded month-on-month decline in the website’s traffic was 10.3%.
Despite the decline in traffic, the website is still ahead of Google’s Bard, Microsoft’s Bing and Character AI, another popular AI-powered chatbot.
As the data was released, some argued that the drop might be due to the tools’ users being students who are currently on their summer break, as well as the AI chatbot’s novelty starting to wear off.
Related: OpenAI pauses ChatGPT’s Bing feature, as users were jumping paywalls
On the other hand, a community member disputed the reasons behind the drop, as it did not include the traffic taken from the AI chatbot’s recently-released iOS application. According to the Twitter user, there could simply be a “change in how ChatGPT is accessed.”
On May 18, OpenAI officially launched ChatGPT’s mobile application for iOS. The firm initially rolled out the app in the United States and promised to expand the release to other countries in the following weeks.
Meanwhile, Lighting Labs, the development firm behind the Bitcoin Lightning Network, has announced tools for AI to send and receive Bitcoin (BTC) on its layer-2 solution. The firm released the toolkit with the aim of helping make payments faster, cheaper and easier for developers working on AI-focused projects.
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