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AI beleggen crypto NFA Podcast technologie

Al het positieve nieuws dat je miste door de tarieven-pingpong

Vorige week was de slechtste week ooit voor tech-aandelen. De Magnificent 7, Apple, Alphabet, Meta, Nvidia, Tesla, Microsoft en Amazon, verloren samen

$1.6 biljoen aan beurswaarde. Deze week boekte de groep na bekendmaking van de dètente in de tarievenoorlog hun grootste wekelijkse winst ooit: $1.2 biljoen. Grootste gevolg van deze beurs-pingpong: nerveuze beleggers en verhoogde kans op recessie.

Het lijkt nog steeds alsof deze grafiek ondersteboven is afgebeeld; was het maar waar.

Onder de grotere tech-bedrijven is Palantir een witte raaf, met een stijging van 17% dit jaar en liefst 304% over de laatste twaalf maanden. De Nasdaq staat dit jaar op -13,4% waarbij Tesla in het oog springt met 38% verlies sinds 1 januari.

Laat op vrijdagavond sloot de Amerikaanse regering smartphones, computers, geheugenchips en andere elektronica uit van de zogenaamd “wederkerige tarieven” op China, wat tot opluchting moet hebben geleid in heel Silicon Valley.

Ooit was crypto een tegenhanger van de reguliere beurzen, maar das war einmal.

Ook crypto viel ver terug na alle stijgingen van vorig jaar, waarbij de dalingen groter worden uitgelicht in de media. Bitcoin (-11%) is veel minder volatiel geworden; de Nasdaq Composite daalde dit jaar meer (13%) maar ook dat komt zelden naar voren in analyses.

Verder kijken dan de slotkoersen

Wie goed kijkt ziet onder die oppervlakte van dag- en weekkoersen iets heel anders, maar in alle retoriek over handelstarieven hoor je daar vrijwel niets over. Daarom focus ik deze week op belangrijk nieuws dat onder de radar bleef, waarbij vooral opviel dat AI-bedrijven een topweek beleefden:

  • OpenAI haalt $40 miljard op en denkt aan overname van de “iPhone-killer met AI” van Apple-legende Jony Ive
  • Nieuwe AI-startups van voormalige OpenAI topmensen Mira Murati en Ilya Sutskever halen elk $2 miljard op
  • Stanford-rapport: AI wordt sneller, goedkoper en groener, maar worstelt nog steeds met complexe redeneringen

OpenAI scoort $40 miljard, koopt hardware startup van Apple-legende?   

Op een Spartaanse webpagina meldde OpenAI dat het in een nieuwe investeringsronde $40 miljard heeft opgehaald, op een duizelingwekkende waardering van $300 miljard. Ter vergelijking: Facebook ging ooit naar de beurs op een waardering onder de $100 miljard terwijl het miljarden winst maakte, terwijl OpenAI miljarden per jaar verliest. Niemand weet nog hoe OpenAI ooit in deze waardering gaat groeien, of zoals het altijd droogjes luidt in de Valley: ’there is no clear path to profitability.’

Het geld brandt OpenAI CEO Sam Altman blijkbaar in de zak, want het gerucht gaat dat OpenAI in gesprek is om voor $500 miljoen het bedrijf io Products over te nemen, een startup van Jony Ive, de weduwe van Steve Jobs, Laurene Powell Jobs en… Sam Altman. Een hele nieuwe vorm van vestzak-broekzak.

Details zijn schaars, maar doel van io Products schijnt te zijn om een AI-apparaat te ontwikkelen dat “minder sociaal ontwrichtend is dan de iPhone.” Het meest boeiend vind ik dat het apparaat schermloos zou moeten worden, wat direct de vraag oproept hoe de gebruiker er dan mee moet communiceren; spraakgestuurd?

Vorig jaar schreef ik uitgebreid over LoveFrom, de studio van Jony Ive in San Francisco, die lekker begon door voor $60 miljoen een theater over te nemen, waar nu blijkbaar io Products uit is voorgekomen.

ex-OpenAI topmensen halen ook miljarden op

Voormalig OpenAI CTO Mira Murati, die er ook nog een wild weekend CEO was (het waren twee fantastische dagen), wil $2 miljard ophalen op een waardering van $10 miljard dollar voor haar nieuwe bedrijf met typemachine-achtige website Thinking Machines Lab. De omschrijving van het bedrijf in het profiel op X verdient ook vermelding: “thinking, beeping, and booping.” Murati scoorde deze week door voormalig Chief Research Officer van OpenAI Bob McGrew als adviseur aan te trekken.

Murati zal met verwondering hebben gekeken naar haar ex-collega Ilya Sutskever, medeoprichter van OpenAI, die deze week een tweede miljard binnenhaalde voor zijn nieuwe AI-bedrijf SSI op een drie keer zo hoge waardering als Murati: $32 miljard. Investeerders zijn ondermeer Alphabet (Google) en Nvidia.

Bijzonder is dat SSI de nieuwe tensor processing units (TPU’s) van Alphabet zal afnemen, terwijl die juist zijn ontwikkeld als concurrent van Nvidia. Helaas lezen we er niets over op de website van SSI, die nog mistroostiger is dan die van Murati’s Thinking Machines Lab. Beide bedrijven zien de toekomst blijkbaar kleurloos in.

Het succes van Sutskever onderstreept de bijna mythische kwaliteiten die hem in tech-kringen worden toegeschreven. Ik schreef een jaar geleden dat Sutskever de reden is dat Elon Musk en Google-oprichter Larry Page hun vriendschap verbraken, toen Musk erin slaagde Sutskever te recruteren voor OpenAI.

Onderzoek bevestigt: AI wordt beter

Leestip voor iedereen die interesse heeft in AI: het 2025 AI Index Report van Stanford University. AI wordt sneller, goedkoper, groener en beter. Dat mag ook wel, gezien de tientallen miljarden die in AI worden geinvesteerd, maar toch fijn om te zien dat het ergens toe leidt. Dit zijn de belangrijkste conclusies:

  1. Benchmarkprestaties stijgen explosief. AI-modellen boeken enorme vooruitgang op waarbij sommige agents mensen zelfs overtreffen in programmeertaken.
  2. AI is overal. Van robotaxi’s in China tot Amerikaanse ziekenhuizen, AI maakt nu deel uit van het dagelijks leven.
  3. Bedrijven zetten zwaar in op AI, investeringen in de VS bereikten $109 miljard in 2024; 78% van de bedrijven gebruikt inmiddels AI, tegenover 55% een jaar eerder.
  4. VS leidt in aantal modellen, China loopt in op kwaliteit. De VS bouwt de meeste modellen, maar China haalt snel in qua prestaties en domineert in patenten en publicaties.
  5. Verantwoorde AI blijft achter. Ondanks een toename in AI-incidenten voeren maar weinig bedrijven formele veiligheidscontroles uit. Overheden houden wel meer toezicht.
  6. Wereldwijd groeit het optimisme. Landen zoals China en Indonesië omarmen AI, terwijl er in de VS en Europa meer scepsis blijft bestaan.
  7. AI wordt goedkoper en duurzamer. Het draaien van GPT-3.5-niveau AI kost nu 280 keer minder dan in 2022, dankzij betere hardware en open modellen.
  8. Overheden grijpen in. Van Canada tot Saoedi-Arabië groeit de publieke AI-investering snel, samen met een golf aan nieuwe regelgeving.
  9. Onderwijs breidt uit, maar ongelijkheid blijft. Computeronderwijs groeit vooral in Afrika en Latijns-Amerika, maar toegang en lerarenvoorbereiding verschillen sterk.
  10. Industrie domineert grensverleggende AI. 90% van de toonaangevende modellen komt uit het bedrijfsleven, al slinkt het verschil in prestaties snel.
  11. AI krijgt wetenschappelijke erkenning. Doorbraken in AI leverden twee Nobelprijzen en een Turing Award op.
  12. Redeneren blijft lastig. AI blijft zwak op logische taken, wat de betrouwbaarheid in risicovolle toepassingen beperkt.

Voor wie zich afvraagt hoe AI concreet kan worden gebruikt in een organisatie publiceerde NXTLI vrijdag een helder overzicht. Voor wie liever luistert dan leest is er nu ook een Nederlandse podcast over AI en leiderschap.

NFA Podcast afl. 11: Het positieve nieuws dat je miste terwijl de markten instortten

Aflevering 11 van de NFA Podcast, voor Nish, Frackers & alle anderen, is hier te zien of beluisteren:

Nish en ik begonnen met de achtbaanweek in crypto en techaandelen, waarbij Nish uitlegt uit hoe de meme coin-machine Pump.fun vastloopt, terwijl ik griezelverhalen deel uit eerdere crashes, waaronder de dag dat Alexander Klöpping en ik een artikel op 925 begonnen met de kop ‘CEO Broadcom ontslagen’ en eindigden met de clickbait ‘CEO bouwt seksgrot.’ Maar het was wel waar. Verder:

  • Hoe voormalige OpenAI topmensen miljarden ophalen voor hun AI-startups
  • Binance-oprichter CZ gaat Pakistan en Kirgizië adviseren over blockchainadoptie
  • Trumps pro-crypto SEC-kandidaat wordt goedgekeurd
  • De rechtszaak tussen de SEC en Ripple wordt geschikt
  • Europa en China flirten over elektrische auto’s als tegenzet tegen de Amerikaanse tarieven
  • De Britten zouden als beloning voor Trump weleens met chloorkip kunnen eindigen

De aflevering eindigt met voorspellingen: Frackers voorziet een voorzichtige marktherstel, Nish gokt op zijwaarts. Maar beiden blijven op lange termijn optimistisch.

Serie over mislukte startups

The Wall Street Journal startte een serie over startup-mislukkingen. Acht bedrijven, van Theranos tot obscure dotcoms die veel geld ophaalden, snel groeiden en spectaculair instortten. De gemene deler was dat geen van de startups een product had dat werkte. Of geen markt. Of allebei niet. In tijden van AI-hype een nuttige reminder: veel funding is geen validatie.

Citaat van de week

Filmmaker Quintin Tarantino:

“Jouw taak is niet om alles zelf te bouwen, maar om een visie te hebben. De echte magie ontstaat wanneer je getalenteerde mensen inschakelt die jouw tweedimensionale idee tot leven brengen in drie dimensies.” 

Het zou interessant zijn als de Wall Street Journal ook een serie zou maken over bedrijven die succesvol werden met het volgen van deze aanpak, in plaats van de mannetjesmakerij die we vaak zien in de technologie-wereld.

Dank voor de belangstelling, tot volgende week!

Categories
AI invest crypto technology

Is the Libra scandal the end of memecoins, Alibaba is back and what is next for Solana?

Is the Libra-disaster finally the end of the memecoin craze? And what does it mean for the future of Solana? Dr. Nisheta Sachdev is bullish, Michiel is skeptical, plus much more like the president of China talking with tech titans which sparked a comeback for the Alibaba stock price, the amazing amount of crypto sponsorships in Formula 1 and who predicts the market right, does not have to eat a green chili next week....

We originally did this as a joke, but a few hours later, this was our real reaction when Bybit got robbed of $1.46 billion.

Welcome back to the NFA Podcast newsletter! This week's episode was packed with major developments in crypto, AI, and finance.

Episode 4 is here on YouTube and here on Spotify!

Here's everything we discussed:

Mubadala Invests $436M in Bitcoin ETF

Mubadala, the Abu Dhabi sovereign wealth fund with $300 billion under management, has made a significant move into crypto by investing $436 million in BlackRock's iShares Bitcoin ETF. This signals growing institutional confidence in Bitcoin, despite short-term market fluctuations.

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Libra Scandal: The Next FTX?

The Libra scandal has rocked the crypto world, with allegations of insider trading and fraud surrounding its launch. Kelsier Capital is accused of front-running the token and dumping $200 million worth of assets. Investigations reveal that the founders orchestrated a back pull via sniping, leaving investors with massive losses. Some are calling this the FTX moment for memecoins.

Coffeezilla investigates:

Full breakdown of the Kelsier case:

https://open.substack.com/pub/lex/p/analysis-is-kelsiers-200mm-insider

Is this the end of the memecoin era? Nish thinks so, while Michiel argues that speculative trading will always find new outlets.

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Microsoft's Quantum Computing Breakthrough

Microsoft has announced a major milestone in quantum computing with its topological qubits, which it claims will be more stable and scalable than other technologies. While some physicists remain skeptical, this could be a game-changer for encryption, AI, and blockchain security.

Michiel recalls a conversation with Ray Harishankar, an IBM fellow, who warned that once quantum computing reaches a certain level, it could break all existing encryption methods-including crypto wallets.

Watch Ray Harishankar's talk (after 25 minutes):

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Ex-OpenAI Leaders Raising Billions for Competitors

Two former OpenAI executives are making waves:

- Ilya Sutskever's Safe Superintelligence (SSI) is raising funds at a $30 billion valuation to develop AI with a focus on security and stability.

- Mira Murati's Thinking Machines Lab is also in fundraising mode, though its valuation remains undisclosed. Murati has already recruited more than 30 former OpenAI and Anthropic employees.

Safe Superintelligence: https://ssi.inc/

Thinking Machines Lab: https://thinkingmachines.ai/

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Xi Jinping Meets China's Tech Titans

For the first time in six years, Chinese President Xi Jinping has summoned the country's top tech leaders, including Jack Ma (Alibaba/Ant Group). This meeting could signal a shift in China's approach to regulating its tech sector, potentially opening the door for more innovation and foreign investment.

Read more: BBC

https://www.bbc.com/news/articles/c5yvyl710jpo

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Formula 1's Crypto Sponsorship Boom

Crypto is more present than ever in Formula 1, with major teams backed by leading exchanges and blockchain companies:

- Aston Martin - Sponsored by Coinbase (paid entirely in USDC)

- Red Bull Racing - Now sponsored by Gate.io, replacing Bybit

- McLaren - Partnering with OKX since 2022

- Williams - Sponsored by Kraken

- Alpine - Backed by Binance

- Stake F1 Team (Sauber) - Sponsored by Stake.com

- Formula 1 (officially) - Long-term partner Crypto.com

Full list of sponsors: News GP

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🎧 Listen to or watch the Full Episode Now!

Get the full breakdown and insights by tuning in to this week's episode on YouTube & Spotify. Episode 4 is here on YouTube and here on Spotify!

Don't forget to like and subscribe and share your thoughts with Nish and Michiel in the comments.

Thanks for being part of the NFA Podcast community! 🚀

#Crypto #AI #Web3 #QuantumComputing #Bitcoin #F1 #NFApodcast

Categories
crypto

Short news: Microsoft claims breakthrough with quantum computing, former OpenAI leaders with rival AI companies, President Xi Jinping brings together Chinese tech leaders, Alibaba and Unity rise, Palantir falls sharply and Formula 1 full of crypto sponsors

Microsoft claims quantum computing breakthrough

Microsoft has announced it has reached a significant milestone in quantum computing. The tech company says it has created "topological qubits," a technological innovation that could be crucial to realizing stable and scalable quantum computing.

Quantum computing has long been considered the holy grail for computational power and data analysis, but the technology faces stability problems. Once quantum computing works at scale, it would make current encryption obsolete, including cryptographic keys for blockchain. That means everyone needs to think about alternative storage methods for their cryptoassets now, before quantum computing becomes a reality. In North Korea, they can't wait.

Former OpenAI leaders with competing AI companies

The AI sector remains in flux as former OpenAI executives raise billions for competing projects. It was previously known that ex-OpenAI Chief Scientist Ilya Sutskever founded Safe Superintelligence(SSI), which is in negotiations to obtain funding at a valuation of $30 billion.

Now it appears that former OpenAI CTO Mira Murati is also raising money for her AI startup Thinking Machines Lab, with a team largely made up of employees recruited from OpenAI and Anthropic. It is just not known what valuation Murati has in mind, but she will certainly be looking with an oblique eye at what former colleague Sutskever is getting done. Like SSI, Thinking Machines Lab has a one-page website with text on it in very small print. The most high technology companies make Web sites that look like they did in 1993.

President Xi Jinping brings together Chinese tech leaders

For the first time in six years, Chinese President Xi Jinpinghas met with top members of China's technology sector, including Jack Ma, the co-founder of Alibaba. The meeting marks a striking change of direction after years of the Chinese government cracking down on tech companies with strict regulatory measures and high fines.

The meeting is a sign that Chinese leaders recognize how crucial technology is to the economy. Jack Ma's return to the spotlight indicates that the government wants to give companies like Alibaba more freedom again, presumably to spur innovation and growth in a flare-up in international competition.

Thursday, Feb. 20, was a special day of trading for Alibaba, Palantir and Unity

Alibaba and Unity rise, Palantir falls sharply

The meeting was met with cheers from investors and Alibaba shares rose sharply. On the same day, Thursday, Palantir shares took a huge hit because President Trump is expected to cut defense spending, which could negatively impact Palantir.

Another notable stock was software maker Unity, which, although still loss-making, is being praised by investors for its change in direction, supplying not only software for computer games but also car companies such as Toyota. Thus, Thursday, Feb. 20, became a very special day for these three companies.

Interestingly, the share price of U.S. largest crypto exchange Coinbase, barely reacted to the news that the SEC, under the reign of President Trump, has halted the years-long lawsuit against Coinbase.

Formula 1 full of crypto sponsors

The Formula One season is about to start and was announced big time with an event at London's O2 Arena. It was noticed that many teams are sponsored big by crypto companies:

  • Aston Martin is sponsored by Coinbase, with quite a fuss being made about the fact that payment is made in the stable token USDC. That's a digital dollar, boy.
  • Red Bull Racing has had crypto exchange Gate.io on the back wing since this season, replacing Bybit. But that one made plenty of headlines later in the week.
  • McLaren has had OKX as a sponsor since 2022. OKX appears large on the side of the car, among other things.
  • Williams: American crypto exchange Kraken is a sponsor of Williams for the third year.
  • Stake F1 Team: Sauber, which will become Audi next year, has even sold the name to the crypto gambling site Stake.

Formula 1 itself has been sponsored by the crypto exchange Crypto.com since 2021, noting that neither Nish nor I know anyone who has ever used Crypto.com, unlike the other exchanges mentioned.

NFA episode 4: 'Solana better than Bitcoin'

This and more Nish and I discussed in episode 4 of the NFA Podcast (Not Financial Advice, or Nish, Frackers and Others), noting especially her extensive analysis of the Solana platform, which goes beyond just discussing the price of the day - as I like to do when her token favorites drop.

Categories
AI invest crypto technology

The NFA Podcast is live and AI company with 1-page website is worth $20 billion

Despite the rise of competitors such as DeepSeek, OpenAI has not lost any traffic, unexpectedly growing faster than ever and leaving all competitors behind. The question is why OpenAI nevertheless needs $40 billion. We discuss this and much more in the new weekly podcast we are launching this weekend: The NFA Podcast, with co-presenter Dr. Nisheta Sachdev. The first two episodes have been online since this morning.

Also in this newsletter, we look at the final breakthrough of Palantir and the mysterious company SSI, which does not appear to have a product out, yet is valued at $20 billion.

Nish discusses the tokens PAIN and It Will Go UP, I talk about OpenAI's funding and the success of Palantir

New weekly podcast: NFA

In episode 1(viewable on YouTube here or on Spotify here), Nisheta and I introduce ourselves, talk about how we got into the tech and crypto world, and discuss the latest trends in web3 and tech, with a special focus on AI. According to Nisheta, the link between AI and crypto represents the definitive breakthrough of blockchain in the consumer market.

In episode 2(viewable on YouTube here or on Spotify here), we dive deeper into specific crypto projects such as PAIN, the token that last week raised $40 million in an instant and returned money to investors. We also discuss Palantir's extraordinary quarterly results and show footage of CEO Alex Karp, who in a jolly mood declares war on opponents of America and the West....

The name NFA was coined by Nisheta and stands for "Nish, Frackers & Anon" or "Anyone Else," because we hope to have interesting guests, but it also stands for "Not Financial Advice": we absolutely do not want to give financial advice.

Weekly, Nish and I discuss the most notable developments in crypto and tech, without trying to be pedantic or give investment advice. We share our thoughts, opinions and things we find interesting, such as interesting tokens and stocks that have come on our radar.

Whether you are a seasoned tech and crypto expert or an enthusiastic beginner, our goal with the NFA Podcast is to create a place to explore the market together and share experiences. All suggestions and feedback are welcome.

Who is Dr. Nisheta Sachdev?

Dr. Nisheta Sachdev, also known as "The Crypto Dentist," is a prominent figure in the blockchain world. Her inclusion in the "40 under 40" list underscored her breakthrough in this fast-changing world, where Nisheta stands out for her lucid analyses.

Nisheta Sachdev, blockchain by day, dentist by night - or vice versa

Nisheta came into contact with crypto in 2018 and worked full-time in the sector from 2020, when she and her sister Nikita started the soon-to-be leading crypto marketing company Luna PR in Dubai. Within the blockchain sector, Nisheta became a passionate advocate for technologies such as cryptocurrencies, NFTs, the metaverse and AI. Nish has a unique ability to articulate complex concepts simply, making her a popular and respected speaker at international conferences.

Despite her keen interest in the crypto and technology sectors, Nish recently answered a higher calling and resumed her studies in medicine, specializing in reconstructive surgery of patients who have lost parts of their jaw and face, mostly due to forms of oral cancer. For those interested in learning more about Nisheta, I recommend this recent interview with her on YouTube.

ChatGPT resurrected from never being gone

After a period of stagnation, ChatGPT has returned to strong growth, leaving competitors such as Bing, Gemini, Claude and Perplexity far behind. They are "Boom Times For ChatGPT."

By January 2025, ChatGPT reached 3.8 billion visits on desktop and mobile, more than double that of Bing and well above the rest. This marks a major turnaround after more than a year of stagnation. The upturn comes at a crucial time, when OpenAI is being challenged by DeepSeek.

DeepSeek, which rapidly gained popularity at the end of January, achieved 49 million visits in just one day, a third of ChatGPT's audience, despite the company being barely known outside China. This shows that new competitors can gain ground at lightning speed.

OpenAI benefits from ChatGPT's strong brand name. To reinforce this position, it is launching its first Super Bowl commercial today, while Google is doing the same for Gemini. If OpenAI succeeds in positioning ChatGPT as the standard for AI, it can maintain its lead even as chatbots become an everyday product worldwide.

Which competitors?

ChatGPT is way ahead of the competition. In January 2025, ChatGPT had 3.8 billion visits, compared with 1.8 billion for Microsoft Bing, 267 million for Gemini, 99.5 million for Perplexity and 76.8 million for Claude. Although these figures reflect Web traffic only, they show that OpenAI has built a huge lead. It's especially painful for Google, which just can't seem to "redirect" traffic from its search engine to Gemini.

OpenAI's quest for tens of billions

Journalist and investor M.G. Siegler, who is particularly prolific as a blogger again these days, explored why OpenAI needs $40 billion and how the relationship between OpenAI, Microsoft and Nvidia fits together in the excellent piece "The IPOpenAI."

As discussed last week, OpenAI plans to raise $40 billion, primarily to fund the massive computing power needed to train and run its AI models. Although there is a battle going on for talent in the AI sector which means staffing is also not cheap, by far the largest portion of this amount is going toward computing infrastructure such as power-hungry servers and data centers.

OpenAI in battle with Big Tech

The Big Tech companies, with Microsoft, Meta and Amazon leading the way, can invest tens of billions of dollars annually in their existing cloud infrastructures, funded from their huge profits. To compete, OpenAI must also raise tens of billions and has now ended up with SoftBank and sovereign wealth funds, mostly from the Gulf region.

To put it in perspective, according to Reuters, OpenAI expects an annual revenue of nearly $12 billion in 2025 at a loss of possibly $15 billion, at least if margins do not improve. It's going up against Meta with $200 billion in annual revenue, Microsoft with $250 billion, Alphabet with $300 billion and Amazon with even more than $500 billion in revenue this year. Even Oracle ($58 billion) and Salesforce ($38 billion) are profitable giants compared to the heavily loss-making OpenAi.

OpenAI raises more than historical IPOs

If OpenAI manages to raise $40 billion, it would be the largest amount ever raised by a company, even more than oil giant Saudi Aramco's $30 billion in 2019. By comparison, Visa raised nearly $20 billion in 2008 and Facebook $16 billion in 2012. But Facebook (now called Meta) did so at a valuation of under $100 billion, or less than a third of what OpenAI now considers itself worth.

The trend in the IPO market is that the biggest promising companies are choosing to remain private, thanks to the abundance of available capital. OpenAI's current funding round is an example of this shift, with companies raising huge sums of money without going public.

It is unlikely that OpenAI will succeed in becoming profitable any time soon, and then it will be a hell of a job next year to find parties willing to step in at a valuation of say $500 billion. It won't be possible to go much lower if SoftBank comes in now at $300 billion. How many investors will dare to explain to their shareholders next year that they are investing roughly $50 billion in OpenAI and not even getting ten percent of the shares in return?

Nvidia always wins

If SoftBank invests the $40 billion OpenAI wants, OpenAI will pay most of that money to Microsoft, on whose cloud services (Azure) it largely depends. In turn, Microsoft, with hat in hand and checkbook in its inside pocket, will be knocking on the door of Nvidia, which supplies the necessary chips and data center infrastructure.

In the AI world, it's simple: when it rains money at the top, it eventually pours down at Nvidia. SoftBank's pennies will end up, via OpenAI and Microsoft, at Nvidia..

This is precisely why I wrote last week that it makes no sense to expect Nvidia's revenue growth and profit margin to decline in the coming years; all doomsday scenarios from Wall Street notwithstanding. Microsoft is investing $85 billion in AI this year and Meta $65 billion. There are reportedly countries, not companies, that will also place such hefty orders with Nvida over several years.

The Big Tech companies have no choice but to order what Nvidia can deliver, because missing the boat in AI could mean the end of the supremacy of Microsoft, Google, Oracle, Salesforce and Amazon Web Services. But note that this is No Financial Advice!

Palantir's share price already rose 47% this year, especially striking compared to mere share price declines at Nvidia, Apple, Microsoft and Google

Winner of 2025 so far: Palantir

An exception in the software sector struggling with the rise of AI is Palantir, which I have written about many times. The data analytics company remains secretive, but it seems increasingly likely that Palantir is one of the few software companies in the world that, through the use of AI, manages to both improve its software and reduce operating costs at the same time.

Despite selling relatively little Palantir software in Europe due to privacy concerns, the stock has risen 350% in a year. This week Palantir announced impressive financial results, again leading to a hefty rise in its share price: 22% in one day.

For the fourth quarter of 2024, the company reported revenue growth of 36% over the previous year, with total sales of $827.5 million. The U.S. market contributed significantly to this, growing 52% year over year. Since 2009, the company has secured more than $2.7 billion in U.S. government contracts, and it is likely that under President Trump, the U.S. government is going to take an even much larger cut from Palantir.

Morgan Stanley raised the rating for Palantir from "underweight" to "equal weight"and adjusted the price target from $60 to $95, referring to the strong quarterly results and positive outlook for 2025. Nonetheless, concerns remain about the high valuation of the stock, which sits at a stratospheric price-to-earnings ratio nearing 600. Palantir has been part of the S&P 500 and the Nasdaq 100 since last year, so it will also have a stronger impact on the prices of index funds and ETFs.

Palantir has been led for years by quirky co-founder Alex Karp, who said confidently at the presentation of the quarterly figures that Palantir likes to help governments and goes far in doing so: 'when it's necessary to scare enemies and on occasion, kill them..'

Andreessen Horowitz invests (de)centrally

Due to the success of CEOs like Karp and before him people like Bill Gates, Steve Jobs and Elon Musk, the perception has emerged in the tech world that centrally managed companies are the most successful and best at innovating. In this excellent piece, Miles Jennings of investment firm Andreessen Horowitz argues the opposite. Yet even Andreessen Horowitz still invests the majority of its billion-dollar budget in traditional centrally organized companies, especially in the AI world.

No product, 1-page website: worth $20 billion

Safe Superintelligence, an unusual AI startup with a one-page website co-founded last year by former chief scientist and co-founder of OpenAI Ilya Sutskever, is fund raising at a valuation of at least $20 billion. Small detail: the company is not yet making revenue and apparently does not yet have a product.

Sutskever's track record and SSI's unique approach are enough reason for great interest among investors. I previously wrote about the extraordinary scientist Sutskever, who became famous in the tech world mainly because Elon Musk and Google founder Larry Page broke off their friendship over a dispute over whose company Sutskever would join.

Musk can get into an argument walking into an empty house, but his fight with Page showed that Sutskever must have special qualities. Musk said of this in Lex Fridman's podcast, "It was mainly Demis Hassabis (ex-founder DeepMind, now head of AI at Microsoft, MF) on one side and I on the other, both trying to recruit Ilya, and Ilya hesitated. In the end, he agreed to join OpenAI. That was one of the hardest recruiting battles I've ever experienced, but that was really the key to OpenAI's success."

The new funding round would quadruple SSI's valuation from the previous round less than six months ago (!), when the company was still valued at $5 billion and raised $1 billion from five investors, including Sequoia Capital, DST Global and, of course, Andreessen Horowitz. There are apparently enough investors in Silicon Valley who would rather buy a reasonable stake in SSI at a $20 billion valuation, than be fobbed off with a smurf sized share in OpenAI at a $300 billion valuation.

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AI crypto technology

OpenAI opens attack on Google, forgets security?

Geoffrey Hinton: "Chance of extinction-level threat: 50-50"
Image created with Midjourney.

"We knew the world would not be the same. A few people laughed, a few people cried, most people were silent."

I was reminded of this quote by J. Robert Oppenheimer, about the reactions to the first test of the atomic bomb, this week when OpenAI stunned the world with the introduction of GPt-4o and a few days later the two top security people at the company resigned.

The departure at OpenAI of Ilya Sutskever and Jan Leike, the two key figures in the field of AI security, raises the question of whether we will look back on this week a few decades from now and wonder how it was possible that, despite the clear signs of the potential dangers of advanced AI, the world was more impressed with GPT-4o's ability to sing a lullaby?

GPT-4o primarily attack on Google

The most striking thing about GPT-4o is the way it can understand and self-generate combinations of text, audio and images. It responds to audio as quickly as a human, its performance for text in non-English languages has been significantly improved, and it is now half the cost of using the API.

The innovation is mainly in this way that people can interact with GPT-4o, without major qualitative improvement in the results. The product is still half-finished, and although what the world watched Monday was largely a demonstration that is not yet ready for large-scale use, the enormous potential was abundantly clear.

Shiny rims on a Leopard tank

It is not likely that the world will soon come to an end because GPT-4o can sing lullabies in a variety of languages; but what should worry any clear-thinking person is that OpenAI made this introduction a day before Google I/O, to show the world that it's now a full frontal assault on Google.

Google is under a lot of pressure, for the first time in the search giant's existence. It hardly has a financial or emotional relationship with the bulk of its users, who can switch to OpenAI's GPTs with a few clicks of the mouse as quickly as once happened to Altavista when Google proved to be many times better.

The danger posed by OpenAI's competition against Google is the acceleration of all kinds of applications into the marketplace, the consequences of which are not yet clear. With GPT-4o it is not too bad, but it looks more and more like OpenAI is also making progress in the field of AGI, or artificial general intelligence, a form of AI that performs as well or better than humans at most tasks. AGI doesn't exist yet, but creating it is part of OpenAI's mission.

The breakthrough of social media in particular has shown that the impact on the mental state of young people and destabilization of Western society through widespread use of dangerous bots and click-farms was completely underestimated. Lullabies from GPT-4o may prove as irrelevant as decorative rims on a Leopard tank. For those who think I am exaggerating, I recommend watching The Social Dilemma on Netflix.

Google, meanwhile, has undergone a complete reorganization in response to the threat of OpenAI. Leader of Google's AI team is Demis Hassabis, once co-founder of DeepMind, which he sold to Google in 2014. It is up to Hassabis to lead Google into AGI.

This is how Google and OpenAI push each other to ... to what, really? If deepfakes of people who died a decade ago were already being used during elections in India, what can we expect around the U.S. presidential election?

Ilya Sutskever reason rift between Musk and Page

In November, I wrote at length about the warnings that Sutskever and Leike, the experts who have now quit OpenAI, have repeatedly voiced in the past. To give you an idea of how highly the absolute top of the technology world rates Ilya Sutskever: Elon Musk and Google co-founder Larry Page broke off their friendship over Sutskever.

Musk said on Lex Fridman's podcast,

Musk also recounted how he talked about AI security at home with Larry Page, Google co-founder and then CEO: “Larry did not care about AI safety, or at least at the time he didn’t. At one point he called me a speciesist for being pro-human. And I'm like, ‘Well, what team are you on Larry?’”

It worried Musk that at the time Google had already acquired DeepMind and "probably had two-thirds of all the AI researchers in the world. They basically had infinite money and computing power, and the guy in charge, Larry Page, didn't care about security."

When Fridman suggested that Musk and Page might become friends again, Musk replied, "I would like to be friends with Larry again. Really, the breaking of friendship was because of OpenAI, and specifically I think the key moment was the recruitment of Ilya Sutskever." Musk also called Sutskever "a good man-smart, good heart."

Jan Leike was candid on X.

"We are already much too late."

You read those descriptions more often about Sutskever, but rarely about Sam Altman. It's interesting to judge someone by their actions, not their slick soundbites or cool tweets. Looking a little further into Altman's work, a very different picture emerges from Sutskever. Worldcoin in particular, which calls on people to turn in their eyeballs for a few coins, is downright disturbing, but Altman is a firm believer in it.

I was trying to learn more about the work of the German Jan Leike, also booted from OpenAI, who is less well known than Sutskever, but Leike 's Substack is highly recommended for those who want to look a little further than a press release or a tweet, as is his personal website with links to his publications.

Leike didn't mince words on X when he left, although there is a persistent rumor that employment contracts at OpenAI allow, or used to allow, the taking away of all OpenAI shares if an employee speaks publicly about OpenAI after leaving. (Apparently after you die, you can do whatever you want.)

I have summarized Leike's tweets about his departure here for readability, the bold highlights are mine:

"Yesterday was my last day as head of alignment, superalignment lead and executive at OpenAI. Leaving this job is one of the hardest things I've ever done because we desperately need to figure out how to direct and control AI systems that are much smarter than us.

I joined OpenAI because I thought it would be the best place in the world to do this research. However, I had long disagreed with OpenAI's leadership on the company's core priorities until we finally reached a breaking point.

I believe much more of our bandwidth should be spent on preparing for the next generations of models, on security, monitoring, preparedness, safety, adversarial robustness, (super)alignment, confidentiality, societal impact and related issues.

These problems are quite difficult to address properly, and I am concerned that we are not on the right path to achieve this. Over the past few months my team has been sailing against the wind. 

Sometimes we were struggling for compute and it was getting harder and harder to get this crucial research done. Building smarter-than-human machines is an inherently dangerous endeavor.

OpenAI bears an enormous responsibility on behalf of all humanity. But in recent years, security culture and processes have given way to shiny products.

We are way over due to get incredibly serious about the implications of AGI. We need to prioritize preparing for it as best we can.

Only then can we ensure that AGI benefits all of humanity. OpenAI must become a safety-first AGI company."

The worrying word here is "becoming"? Ai has the potential to thoroughly destabilize the world and OpenAI apparently makes insecure products? And how can a company that raises tens of billions of dollars from investors like Microsoft not provide enough computing power to the department that deals with safety?

"Probability of threat at extinction level: 50-50"

Yesterday on the BBC, the godfather of AI, Geoffrey Hinton, again pointed out the dangers of large-scale AI use:

"My guess is in between five and 20 years from now there’s a probability of half that we’ll have to confront the problem of AI trying to take over".

This would lead to an extinction-level threat to humans because we might have created a form of intelligence that is just better than biological intelligence ... That's very concerning for us."

AI could evolve to gain motivation to make more of itself and could autonomously develop a sub-goal to gain control.

According to Hinton, there is already evidence that Large Language Models (LLMs, such as ChatGPT) choose to be misleading. HInton also pointed to recent applications of AI to generate thousands of military targets: “What I’m most concerned about is when these can autonomously make the decision to kill people."

Hinton thinks something similar to the Geneva Conventions - the international treaties that set legal standards for humanitarian treatment in war - is needed to regulate the military use of AI. "But I don't think that will happen until very nasty things have happened."

The worrisome thing is that Hinton left Google last year, reportedly primarily because, like OpenAI, Google too has been less than forthcoming about safety measures in AI development. With both camps, it seems to be a case of "we're building the bridge while we run across it."

So behind the titanic battle between Google and OpenAI, backed by Microsoft, is a battle between the commercialists led by Sam Altman and Demis Hassabis on one side and safety experts such as Ilya Sutskever, Jan Leike and Geoffrey Hinton on the other. A cynic would say: a battle between pyromaniacs and firefighters.

Universal Basic Income as a result of AI?

The striking thing is that in reports about Hinton's warnings, the media have focused mostly on his call for the introduction of a Universal Basic Income (UBI). Whereas when the same man says there is a fifty percent chance of ending all human life on earth, the need for an income likewise decreases by fifty percent.

The idea behind the commonly made link between the advance of AI and a UBI, is that AI is going to eliminate so many jobs that there will be widespread unemployment and poverty, while the economic value created by AI will go mostly to companies like OpenAI and Google.

Which leads us back to OpenAI's CEO Sam Altman, who thinks Worldcoin is the answer. Via a as yet inimitable train of thought, Altman says we should all have our iris scanned at Worldcoin. That would give us a few Worldcoin tokens and allow us to prove in an AI-dominated future that we are humans and not bots. And those tokens will then be our Universal Basic Income, or something like that. It really does not make any sense.

Therefore, back to J. Robert Oppenheimer for a second quote:

"Ultimately, there is no such thing as a 'good' or 'bad' weapon; there are only the applications for which they are used."

But what if those applications are no longer decided by humans, but by some form of AI? That is the scenario, Ilya Sutskever, Jan Leike and Geoffrey Hinton warn us about.

Time for optimism: Tracer webinars 

Philippe Tarbouriech (CTO) and Gert-Jan Lasterie (CBO), because the eye wants something too

For those who think that given these gloomy outlooks we had better retire to a cabin on the moors or a desert island, there is more bad news: climate change, resulting in gone moors and an island flooded by rising sea levels.

I jest, because I don't think it's too late to combat climate change. Earlier I wrote about the rapidly developing carbon removal industry. In it, blockchain technology is creating solutions that allow virtually everyone to participate in technological developments and, as a result, share in the profits.

By comparison, take OpenAI; in it, apart from the staff, only the world's most valuable company Microsoft is the major shareholder, along with a few billionaires and large venture capital funds. There is no access to participation in the company for others until the company is publicly traded; but since OpenAI is precisely funded by Microsoft, it has plenty of money and an IPO could be years away. Plus: the really big windfall will already have the first shareholders up for grabs.

In the latest generation of blockchain projects, which are generally much more serious than before, the general public is being offered the chance to participate in what I think is a sympathetic way, yet if you are successful, you don't have to wait years until you can at least recoup your investment. More information on Tracer in the two pagers, in Dutch, English and Chinese.

This week I will discuss this with the Tracer team in two webinars, to which I would like to invite you. First on May 22 in Dutch and on May 23 in English, both at 5 pm. You can sign up here.

The first webinar, with CBO Gert-Jan Lasterie, focuses on the high expectations of McKinsey, Morgan Stanley and BCG, among others, and how ecosystem participants are benefiting from the growing market in "carbon removal credits," while the second day with CTO Philippe Tarbouriech, we will look at how the entire ecosystem is being merged into a single open source smart contract.

My personal interest lies not only in the topic, developing climate technologies on its own merit, without subsidies, but also in the governance structure. Tracer uses a DAO, a Decentralized Autonomous Organization, where the owners of the tokens make all the important decisions such as about governance, the distribution of revenues, the issuance of "permits" in the form of NFT's to issue carbon removal credits and so on. In this, too, OpenAI's mixed form of governance, with a foundation and a limited liability company that actually wants to make a profit, was an example of how not to do it.

That and much more will be covered in the first Tracer webinars. If you have a serious interest in participating in Tracer, let me know and we'll make an appointment. For the next two weeks I will be in the Netherlands and Singapore, as it is almost time for the always exciting ATX Summit.

See you next week, or maybe I'll see you in a webinar?