OpenAI Sam Altman trying to raise $7 billion 🤖 | Uber finally achieves profit 📈

In today’s menu 🥘

🤖 OpenAI CEO Sam Altman reportedly in pursuit of a staggering investment of up to $7 trillion
📈 Uber achieves its first annual profit, driving its market value close to $150bn
🎼 Sony Music Secures half of Michael Jackson catalogue in a $1.2 billion Deal
📱Pinterest declares new ad agreement with Google as it nears 500M monthly active users
🛜 Bayobab, MTN Group’s infrastructure company, has announced the landing of the 45,000 km 2Africa subsea cable in Accra, Ghana, and Lagos, Nigeria

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🤖 ARTIFICIAL INTELLIGENCE

OpenAI CEO Sam Altman reportedly in pursuit of a staggering investment of up to $7 trillion

Sam Altman, OpenAI CEO, is looking to generate trillions of dollars in investments to overhaul the global semiconductor industry, as reported by The Wall Street Journal. Altman views the shortage of AI chips – though in demand, there aren’t enough available – as an impediment to OpenAI’s expansion.

In response to this, he’s considering a project that would boost global chip-building capacity and is in talks with various investors, including the United Arab Emirates government. For this project, Altman may need to raise between $5 trillion and $7 trillion, according to The Wall Street Journal, though this figure was not verified by CNBC. OpenAI did not comment on the matter.

Altman stated on his blog that OpenAI believes the world requires more AI infrastructure, such as fabrication capacity, energy, data centres and more, than is currently being planned. He emphasised the importance of building large-scale AI infrastructure and maintaining a secure supply chain for economic competitiveness........continue reading

🚙 RIDE HAILING

Uber achieves its first annual profit, driving its market value close to $150bn

Uber has announced its first ever annual operating profit, registering a significant milestone in the ride-sharing company’s history. This announcement propelled Uber’s stock to unprecedented highs and exceeded analysts’ expectations, fueled by strong demand for ride-hailing and delivery services, alongside its expanding advertising business.

The company reported an operating profit of $1.1bn in 2023, a stark contrast to the $1.8bn loss it suffered in 2022. The fourth quarter operating income amounted to $652mn, surpassing forecasts, while the net profit reached $1.9bn for 2023, again contrasting with a $9.1bn loss in 2022.

Dara Khosrowshahi, Uber’s CEO, hailed the results as a significant milestone, adding that they demonstrate the firm’s capability to consistently generate strong, profitable growth. In New York, Uber’s stock rose roughly 1% by midday trading, with the firm’s market value approaching $150bn after doubling in the past year..........continue reading

🎼 ENTERTAINMENT

Sony Music Secures half of Michael Jackson catalogue in a $1.2 billion Deal

Sony Music Group has recently concluded a significant transaction, acquiring half of Michael Jackson’s publishing and recorded masters in a deal estimated to value the entire catalog at around $1.2 billion or more. This move positions Sony to pay a minimum of $600 million for the stake, marking the largest acquisition of a single music artist’s assets to date.

The complex deal not only includes Michael Jackson’s acclaimed Mijac publishing catalog but also features assets encompassing multiple titles by legendary artists such as Sly & the Family Stone, Jerry Lee Lewis, Jackie Wilson, Curtis Mayfield, Ray Charles, Percy Sledge, Dion, and others. Notably, it excludes royalties from the “MJ” Broadway musical and other theatrical productions featuring the musician’s music. Primary Wave Music will continue to hold a 10% stake in Jackson’s publishing assets, as confirmed by sources to Variety.

While representatives for Sony, the Jackson estate, and Primary Wave have either declined or not responded to requests for comments, the co-executors of Jackson’s estate, John Branca and John McClain, are expected to retain their roles in overseeing the late singer’s entertainment interests.........continue reading

📱SOCIAL MEDIA

Pinterest declares new ad agreement with Google as it nears 500M monthly active users

Pinterest has unveiled a new advertising partnership with Google, aiming to boost its ad revenue. The move makes Google the second third-party ad partner for Pinterest, following a multiyear deal with Amazon signed last year.

Pinterest mentioned the Google partnership during its Q4 2023 earnings call, where it disclosed revenues of $981 million, a 12% year-on-year growth, albeit below analyst expectations. Pinterest’s monthly active users increased to 498 million, reflecting 11% year-on-year growth.

Despite its stock initially dipping nearly 28% due to the below-expectation revenue, it recovered after CEO Bill Ready announced the Google deal. Ready noted that this partnership would focus on monetizing currently non-monetized international markets, by enabling ads to be served on Pinterest via Google’s Ad Manager.......continue reading

X is launching a weekly WWE series

lon Musk’s platform, X, previously known as Twitter, is partnering with World Wrestling Entertainment (WWE) to produce a new weekly series. This is part of X’s strategy to expand into specialized video content.

The series, named WWE Speed, is set to debut in the spring in the US and will initially be distributed on X. The episodes, released over a two-year deal at a rate of 52 per year, will feature under-five-minute wrestling matches and guest appearances by big-name stars like Dwayne “The Rock” Johnson…..continue reading

OTHER STORIES

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• Court in Kenya prevents Wasoko from dismissing nine employees amid potential merger with MaxAB…..read more

• Bayobab, MTN Group’s infrastructure company, has announced the landing of the 45,000 km 2Africa subsea cable in Accra, Ghana, and Lagos, Nigeria….read more

• Controversies erupt over Kenya’s AI Bill that proposes 2-year jail term for unlicensed businesses….read more

• Rally Cap VC initiates a $5M climate tech fund for emerging markets: Supports Kenyan Startup Amini….read more