Trillion-dollar chipmaker Nvidia’s investment game

This is the public version of. Forbes Daily Newslettersign up here to get Forbes Daily delivered to your inbox.

good morning,

Imagine a couple walking hand in hand down a snowy road lined with cherry blossom trees in Tokyo. Soon, OpenAI will be able to bring that scene to life.

OpenAI, the company behind ChatGPT, has released its latest generative AI model called Sora. Create videos up to 1 minute long from simple text prompts. The company posted Video created by this technology From Tokyo’s description of X and several other descriptions.

No release date has been set for Sora yet, and OpenAI said it is undergoing “adversarial” testing by experts in areas such as misinformation, hateful content, and bias. It’s the Microsoft-backed AI company’s latest offering, and it includes a new feature in testing that will allow ChatGPT to remember your voice and previous chats.

Finally, a quick note about programming. forbes Daily will be closed on Monday for President’s Day. See you again via email on Tuesday. Please enjoy your weekend.

breaking news

Egypt has set up camps near its border with Gaza in preparation for a possible exodus of Palestinians from the enclave if Israel presses a ground offensive on Rafah. border area, where more than half of Gaza’s population has fled; Reuters reported. Egypt is reportedly preparing a “desert area with some basic facilities” to shelter potential refugees as a “temporary and precautionary measure,” but ceasefire talks mean that We hope that this will help prevent such an outflow of refugees.

A U.S. Navy official told CBS News’ “60 Minutes” that Iran’s Revolutionary Guards are working with Yemen’s Houthi rebels on the ground and providing aid to the country. Group escalates attacks on U.S. military targets Transport ships in this region and the Red Sea. This shocking revelation came as the US military stepped up countermeasures amid concerns that the Middle East conflict would escalate.

Business + Finance

Shake Shack stock soared Thursday after the burger chain beat expectations for quarterly results. Stock prices reached their highest level in more than two years. Shake Shack stock has risen more than 30% since the beginning of the year as investors hunger for publicly traded restaurant chains.

A Michigan woman has been arrested for allegedly stealing more than 1,000 luxury items worth $823,000 from at least three fashion rental subscription websites and reselling them online. According to a criminal complaint, when businesses tried to charge 42-year-old Brandalen Horne for stolen goods, she had to cancel the credit or debit card she provided or dispute her charges. Ta.Case Shows that even inexperienced scammers can cause big problems For the $1.1 trillion e-commerce industry.

Wells Fargo shares rose more than 7% at one point Thursday afternoon after the regulatory consent order over the company’s fake account scandal ended. It remained a black eye for the company. The bank came under fire from regulators in 2016 after it was revealed that Wells Fargo had created millions of accounts without customers’ consent, but the OCC said the bank’s risk management and sales practices said it had improved its monitoring.

wealth + entrepreneurship

Barbara Picower, whose late husband benefited more than anyone else from Bernie Madoff’s $64 billion Ponzi scheme, is one of the country’s 25 largest philanthropists. Estimated lifetime gift amount forbes 3.15 billion dollars. Over the course of more than a decade, until 2022, Barbara funneled $4.2 billion from Jeffrey’s fortune into the JPB Foundation, which she founded, primarily funding medical research, poverty alleviation, and environmental causes. .

Technology + Innovation

Nvidia, the multi-trillion dollar chipmaker, has invested in more than 20 companies over the past two years through both its venture capital arm Nventures and its extensive corporate development team. Many of the largest companies in the technology industry have their own venture capital firms, including Alphabet, Microsoft, and Salesforce. But Nvidia is relatively new to the game and is capable of some things. Offering benefits over traditional venture capital firmssaid the investee company.

Rising AI startup LangChain rolled out its first paid product on Thursday to a waiting list of tens of thousands of people. Helps programmers build on top of large language models Like OpenAI’s GPT-4, you can better track and test the underlying code. According to CEO Harrison Chase, this is a great opportunity for companies looking to graduate from building fancy AI prototypes to developing large-scale, production-ready apps that can move the business needle. visibility and control has proven to be an obstacle.

Startup Higharc has raised $53 million to improve the traditional homebuilding industry. His company’s software allows developers to design homes with his 3D computer renderings, and buyers can modify those computerized models in real time based on their selections. It is also possible, at least in theory, to make the process faster and easier. Make housing more affordable.

money and politics

The White House says Russia has acquired “troubling” anti-satellite weapons that are no longer operational, confirming warnings issued by House Intelligence Committee Chairman Mike Turner (R-Ohio). is US claims it faces ‘serious national security threat’ Involve Russia. But as lawmakers worked to pass a package to help Ukraine, Turner faced backlash from members of his own party who questioned his motives for issuing the warning.

more: Russia has dismissed House Republicans’ warnings that Russia plans to deploy nuclear weapons in space. Claims the report is a political ploy orchestrated by the White House The move is intended to pressure Congress to release funds to Ukraine despite continued opposition from Republicans.

Digital World Acquisition Corp. stock The company intends to take former President Donald Trump’s social media business public, soared Thursday following the announcement that the reverse merger is finally taking its next important step. Trump Media & Technology Group, the publicly traded blank check company and the parent company of President Trump’s “Truth Social” platform, announced late Tuesday that Digital World’s shareholders will vote on a merger that would result in a direct listing of Trump Media’s stock on the Nasdaq. announced that it is scheduled to be announced. exchange.

Sports + Entertainment

French soccer star Kylian Mbappé is set to leave Paris Saint-Germain on a free transfer when his contract expires this summer, and is widely expected to join Real Madrid. The 25-year-old’s departure will mark the end of PSG’s so-called super team era. It was anchored by a star-studded trio of Mbappé, Neymar Jr. and Lionel Messi.

British singer-songwriter Rod Stewart has sold the rights to his music to Iconic Artists Group. A contract worth almost $100 million, He became the latest artist to profit from the catalogue. Iconic Artist Group also owns the assets of artists such as Cher, Nat King Cole, and Dean Martin, and the superstars of the 20th century will continue to have a timeless appeal, with their music, likeness, and He is one of the investors who agrees with the idea that other assets can bring returns. For many years to come.

daily cover story

Serial Entrepreneurs Who Don’t Need to Be the First to Win

top line Pulley is based in San Francisco. Most visible challenger to scandal-scarred Karuta And this year’s newcomer forbes Named to the Fintech 50 list, it’s hitting the cap table management software niche.

Serial entrepreneur Ying Wu is not at all intimidated by the fact that he entered the cap table game seven years after market leader Carta.she’s betting it You don’t necessarily have to be first to win the long game.

“When Stripe started, it wasn’t the first payment processor. Braintree, Amazon Pay, and Paypal all existed,” Wu says. “But when you talk to people who actually use one of these payment networks, it’s not like they’re having all that great of an experience with these platforms. It’s more like, ‘Well, this is It was like, ‘It’s some kind of thing.’

At this point, Puri still lives in Karuta’s long shadow.has 40,000 customers and was valued at $7.4 billion in its last funding round in August 2021.

Pooley has received $50 million in funding from Stripe, Founders Fund, and angel investors including Elad Gill, Jack Altman, and Wu’s husband Avichal Garg, and the company expects to close in October 2022. The Series B round was valued at $250 million.

but Mr. Wu claims that Pulley’s fundraising modeling technology is superior.This allows founders to understand how much their equity will be diluted by complex early-stage funding structures, as well as offering pro-rata equity or “most-favored nation” status to attract early investors. It will help you understand exactly what control you will be relinquishing if you offer to do so. She also highlighted Pulley’s offer letter tool, which seamlessly tracks equity grants to new hires on the cap table and facilitates the logistics of board approval of offers and submission of option grants.

Pulley charges customers $1,200 a year for its lowest price point, which allows you to track up to 25 parties. The $3,500 annual growth tier includes up to 40 stakeholders and an annual 409A valuation (fair market valuation required for tax purposes). Many customers opt for custom pricing plans for more advanced features.

pulley It expects revenue to triple this year, bringing in tens of millions of dollars. In 2024.

Why is it important? “As venture-backed companies go private for a longer period of time, Meeting their needs is becoming big business.” forbes Staff Writer Hank Tucker. “For more than a decade, Carta has been the go-to option for Silicon Valley startups to track ownership, manage funding, and vest equity to stakeholders, but thanks to the arrival of Pulley, , founders now have more options. Ying Wu believes there is enough room for multiple strong companies to enter the space, with a majority of the prestigious Y Combinator companies. We expect this market share to spread to other industries soon.”

more Fintech 50 new entrants in 2024

facts and comments

The White House announced the federal funding Thursday. Airport modernization project. The funding will be used to build wider concourses, larger security checkpoints, a more efficient baggage system, additional gate capacity and a more modern air traffic control tower.

$970 million: Amount provided by the federal government for improvements

114: Number of airports undergoing modernization projects in 44 states

$25 billion: The total amount the bipartisan Infrastructure Act, which created the aviation program funding projects, is providing to modernize U.S. airport infrastructure

strategy and success

In the wake of the pandemic, the idea of ​​becoming a digital nomad has been romanticized, with countries like Canada and Japan announcing visas for remote foreign workers. Becoming a digital nomad allows you to immerse yourself in different cultures Strengthen your communication skills, but be sure to consider the challenges before embarking on such an adventure. Budget for travel and living expenses, invest in remote work equipment, and research visa requirements.

video

quiz

The Justice Department has filed a lawsuit over a discriminatory state law that turns a misdemeanor charge of prostitution knowing a defendant has HIV into a felony, akin to a “violent sex crime.” which state Has the Department of Justice filed a lawsuit?

A. Alabama

B. Tennessee

Texas C

D. South Carolina

Check your answer.

Beyond the newsroom

To wrap up Women’s History Month and reflect on Equal Pay Day in 2024, join us at the Forbes event. equal pay forum upon March 26th We are bringing together leading voices to discuss the most meaningful means of change to advance the next chapter in the fight for pay equity. Apply to participate directly now!