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Wednesdayās top story: After filing a lawsuit against OpenAI, in February, for breach of contract, Elon Musk has suddenly decided to drop the case, with no warning.
š¤ļø This Morning on AI Tool Report
š Musk drops OpenAI lawsuit
š Apple shares hit record
š± Google launches startup program
š° Mistralās $640M funding triumph
Read Time: 5 minutes
STOCK MARKETS
LAWSUIT
šĀ Musk drops OpenAI lawsuit
Our Report: Elon Musk has dismissed his lawsuit against OpenAI (and its co-founders, Sam Altman and Greg Brockman) for breach of contract.
šĀ Key Points:
Muskāformer co-founder of OpenAIāfiled the lawsuit in February, accusing OpenAI of breaching its āfounding agreementā to develop AI technology to benefit humanity.
He claimed that OpenAI became a for-profit company after its $13B partnership with Microsoft, and didnāt share its technology with the public, constituting a breach of that agreement.
OpenAI asked for a case dismissal after revealing communications showing Muskās support for becoming a for-profit, and stating there was no contractual āfounding agreement.ā
š¤Ā Why you should care: Although Musk hasnāt confirmed the reason for the abrupt lawsuit withdrawal, the dismissal comes one day before a scheduled court hearingāwhere a judge would review OpenAIās case dismissal appealāand one day after he threatened to ban all Apple devices from his business, following the partnership announcement between Apple and OpenAI.
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STOCK MARKET
šĀ Apple shares hit record
Our Report: Appleās shares closed at a record highāfor the first time in 2024āon Tuesday, following its keynote announcement at its Worldwide Developer Conference (WWDC).
šĀ Key Points:
After initially falling on Monday, Appleās shares surged by 7% (taking it to $207.15 per share) after investors fully digested its highly-anticipated push into AI with Apple Intelligence.
The partnership with OpenAI (and integration with ChatGPT), an upgraded Siri, AI-powered writing tools, and customizable emojis also likely contributed to the surge.
Analysts believe Appleās new AI features differentiate the company and will push users to upgrade their devices, helping Apple achieve growth and āsustained outperformance.ā
š¤Ā Why you should care: This boost places Apple as the second-most-valuable company in the world (behind Microsoft) with a market capitalization of more than $3.1 trillion.
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STARTUPS
š±Ā Google launches startup program
Our Report: Google is launching two āGoogle for Startupsā accelerator programs across Europe and Israel, for startups working on climate change and AI projects.
šĀ Key Points:
The climate change program is for Israeli or European Seed to Series A-stage startups that are developing solutions to prevent climate change, using Cloud, AI, or ML technology.
The AI program is for Israeli or European Seed to Series A-stage startups that are aiming to solve āreal-world problems across all industriesā with AI-powered solutions.
The deadline to apply for either program is July 21st, both will run for 10 weeks, starting in September, and will give hands-on workshops, 121 mentoring, and tailored technical support.
š¤Ā Why you should care: Google is running these accelerator programs because they recognize that startups are āshaping the future of technologyā but often āstruggle to access the support, expertise, and tools they need to help them scaleā, so theyāre committed to supporting them by āproviding tools, mentors and a network.ā
FUNDING
š° Mistralās $640M funding triumph
Our Report: French startup Mistralāwhich has developed a Large Language Model (LLM) that rivals OpenAIās GPT, Anthropics Claude, Metaās Llama, and Googleās Geminiāhas successfully closed its highly anticipated Series B funding round, raising $640M.
šĀ Key Points:
Following this funding roundāled by General Catalyst, and existing investors, including Lightspeed, a16z, and NVIDIAāMistral is valued at $6B, tripling its value since December.
It comes after it launched its latest LLM (Mistral Large) and chatbot (Le Chat) in February and, over the past few months, has announced partnerships with tech giants, including IBM.
Mistral co-founder and CEOāArthur Menschābelieves this funding puts them in a āunique position to push the frontier of AI and bring state-of-the-art technology to everyoneās hands.ā
š¤Ā Why you should care: Microsoftāwhich has invested over $16M in the start-up, is a minor shareholder, and has a multi-year partnership to bring Mistal models to Microsoft Azureādidnāt participate in the funding round, but Mistral plans to use the funding to build more compute capacity, increase its team size, and scale commercialization efforts internationally.
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