OpenAI Counters Elon Musk's Legal Action

Read time: under 6 minutes

Welcome back Genius,

Our latest roundup, where clarity meets discovery. We're slicing through the information jungle to bring you the crisp insights you've come to expect. Dive in with us!

‘OpenAI Claps Back at Elon Musk's Lawsuit’

OpenAI, the organization behind ChatGPT, has fired back at Elon Musk's legal challenge, sparing no effort in laying out their version of events with comprehensive evidence.

WHAT’S ON TAP…

• TikTok Ultimatum: U.S. legislation challenges ownership

• Bitcoin's Wild Ride: Soars and dips in market value

• AI in Review: Amazon’s Assistant Faces Scrutiny

• Microsoft's AI Leap: Compact models making big strides

• Video Tech Evolution: Google veterans' new venture

• Legal Tug-of-War: OpenAI vs. Elon Musk

• Investment Spotlight: Alibaba, Blackrock, and more fund AI

• Productivity Boost: AI Tools Transforming Work Efficiency

• Knowledge Nugget: Did You Know?

• Daily Brain Teaser: Riddles to keep you guessing

^{Sign up for this newsletter or share it with a friend or colleague here. Got questions or feedback?}

NEWS
Today in AI & Tech

TikTok Challenge: US legislators propose a bill demanding ByteDance divest TikTok or risk prohibition in the US, citing concerns over national security.

Cryptocurrency Rollercoaster: Bitcoin hits a new peak surpassing $69,000, then experiences a sharp decline to nearly $59,000.

AI Misstep: A critic from the Washington Post evaluates Amazon's AI-driven shopping guide, labeling it “a failure” and “largely ineffective.“

Compact Power: Microsoft unveils Orca-Math, a compact AI model, claiming superior performance on mathematical challenges compared to models 10 times larger.

AI Video Innovation: The AI-powered video generation market intensifies as two ex-Google Deepmind employees introduce a cutting-edge tool named Haiper.

CRYPTO SCENE
Bitcoin price reached “FOMO stage“ above $68,000

Bitcoin Price Update

New Peak: Bitcoin soared past $68,000, briefly hitting a record high of $69,170 before experiencing a 9% drop.

Recent Performance: Despite a 12% increase over the past week, a sudden downturn has left investors speculating on future price movements.

Market Insights: Analyst Aksel Kibar labeled the surge above $69,000 as the "FOMO stage," cautioning against purchasing at this level due to the risk of missing out.

Historical Context: Alex Thorn of Galaxy Research pointed out similarities with 2020's price actions, suggesting a potential brief downturn before another climb.

Technical Analysis: Peter Brandt highlighted a possible buy opportunity if Bitcoin dips below $55,000. Meanwhile, analyst Ali warned of a sell signal on the daily chart, indicating a possible short-term drop.

Market Reaction: The unexpected spike led to over $1.17 billion in liquidated positions across the crypto market, with a significant portion being long liquidations in Bitcoin.

SPOTLIGHT
OpenAI Counters Elon Musk's Legal Action

The Conflict Unfolds

Elon Musk initiated a legal battle against OpenAI last week, accusing the organization of deviating from its foundational mission in favor of profit-seeking. OpenAI has robustly countered the lawsuit, bringing to light surprising details of internal discussions.

Key Statements

In a recent blog post, OpenAI disclosed that initial fundraising talks led to a consensus, including Musk's acknowledgment, that transitioning to a profit-oriented structure was essential for securing the vast resources needed to fulfill its objectives.

The dispute escalated when Musk expressed a desire to either fully acquire OpenAI or merge it with Tesla. OpenAI resisted, arguing that granting any one individual complete dominance contradicted their overarching mission. The organization claims Musk then opted to exit OpenAI, aiming to develop a rival AI entity within Tesla, after deeming OpenAI's chance of success as non-existent.

Furthermore, OpenAI maintains that Musk was aware that their mission did not equate to making AGI universally accessible and supported their stance with purported email exchanges.

The Significance

This legal confrontation underscores the immense potential generative AI holds for the global economy, positioning OpenAI at the forefront of this transformative wave. Amidst lawsuits from high-profile entities like Musk and the New York Times, OpenAI faces significant scrutiny and challenges.

AI LATEST FUNDING & ACQUISITIONS
The biggest funding deals in AI this week

Alibaba, the technology behemoth, has made a significant investment of $600 million in the Chinese AI startup MiniMax, valuing the company at $2.5 billion. MiniMax specializes in creating services akin to ChatGPT.

Blackrock has contributed $75 million to RapidSOS, an AI enterprise designed to support emergency response teams.

Ema, a startup focusing on AI-driven productivity, has secured $25 million in funding to develop a 'Universal AI employee.'

Overjet, an AI solution tailored for dental practices, has garnered $53.2 million in its Series C financing round, setting a new record for the largest AI investment in the dentistry sector.

Baseten has attracted $40 million in funding to streamline the deployment of AI applications for businesses.

PRODUCTIVITY
5 AI tools to supercharge productivity

Fotor: increase image size, reduce blurriness, remove backgrounds and more with this AI-powered photo editor.

Octomind: Insert your website URL and discover bugs before users.

WriteSonic: Create and optimize written content with AI.

JustWords: Continuously optimize copy across your product to boost user growth and conversion.

Prompt Library: A library of prompts from Wharton professor Ethan Mollick.

JUMPSTART YOUR DAY

Daily Quote

“The Starting Point of All Achievement Is Desire” via Think and Grow Rich

Challenge yourself today

Write down 3 things you're grateful for and 3 things you desire and speak it out loud into existence 10 times.

TIME TO THINK

Did you know?

—The Eiffel Tower can be 15 cm taller during the summer when the iron heats up and expands.

—The concept of manifesting one's desires into existence, often associated with the 'Law of Attraction', is not just a modern self-help trend. It has historical roots in various philosophical and religious traditions dating back thousands of years, from the ancient Hindu scriptures known as the Vedas to the philosophical musings of the Greek philosopher Plato, who suggested that reality is created by the mind. The power of positive thinking and visualization to bring about tangible change is also a principle found in early 20th-century movements such as New Thought and Theosophy.

Riddle of the day

Q: What is more useful when it is broken?