Cathie Wood's Ark is doubling down on OpenAI with at least $250 million in its new funding round
Business InsiderOCT 2024
OpenAI Receives $4B Credit Line
Above: OpenAI co-founder and Chief Executive Officer Sam Altman during the Italian Tech Week 2024 on Sept. 25, 2024 in Turin, Italy. Image copyright: Stefano Guidi/Contributor/Getty Images News via Getty Images
The Spin
Narrative A
OpenAI has gone through some tumultuous times, but it's still growing financially and productivity-wise. Despite losing many of its founding executives and scientists, Altman has been able to push ahead with the development of GPT-5 and achieve another multi-billion-dollar funding round. OpenAI is enduring while balancing creativity with sound business practice.
Narrative B
Any shred of OpenAI's founding philosophy has disappeared. With a profit-driven CEO and board — not to mention the liquidation of its entire nonprofit side — the ChatGPT creator is moving full steam ahead toward one thing — profit. Everyone knows this won't be good for humanity, but neither the government nor the investment class seems to care.