cross-posted from: https://lemmy.ml/post/21121074
OpenAI, a non-profit AI company that will lose anywhere from $4 billion to $5 billion this year, will at some point in the next six or so months convert into a for-profit AI company, at which point it will continue to lose money in exactly the same way. Shortly after this news broke, Chief Technology Officer Mira Murati resigned, followed by Chief Research Officer Bob McGrew and VP of Research, Post Training Barret Zoph, leaving OpenAI with exactly three of its eleven cofounders remaining.
This coincides suspiciously with OpenAI’s increasingly-absurd fundraising efforts, where (as I predicted in late July) OpenAI has raised the largest venture-backed fundraise of all time $6.6 billion— at a valuation of $157 billion.
Hopefully mostly Billionaires who bought into it.
As much as I’d like to see big tech die, and bazinga billionaires to lose money, I’m afraid of what a market crash would do to regular people. Lots of pension funds and retirement savings are tied up in the stock market.
The very rich always find a way to come out of market turmoil with a larger share of the wealth, even if the total wealth is smaller. That’ll be another opportunity to do layoffs to “discipline the labor market” and jack up prices, and the working class will once again pay the price for the hubris of the rich.