News Intel reportedly gave up a chance to buy a stake in OpenAI in 2017

[Admin]

Reuters reports that Intel had a chance to buy a stake in OpenAI in 2017 and 2018, but CEO Bob Swan didn't think AI models would make a splash anytime soon.

Intel reportedly gave up a chance to buy a stake in OpenAI in 2017 : Read more

 

[Giroro]

$1 Billion for only 15% of the company in 2017...

It would have been absolutely ridiculous for Intel to have invested that much money in Open AI at that time. Did Open AI even have an idea for a product back then? Because they didn't have customers, brand identity, or a path to generating profit.

 

[kealii123]

$1 Billion for only 15% of the company in 2017...

It would have been absolutely ridiculous for Intel to have invested that much money in Open AI at that time. Did Open AI even have an idea for a product back then? Because they didn't have customers, brand identity, or a path to generating profit.

Do openai have an idea for a product now? Or any path forward for profitability?

 

[JRStern]

>OpenAI, which was then a tiny non-profit research firm.

So who invests a billion dollars in a tiny non-profit research firm?
That seven years later is losing $5b/year? Intel's doing that fine already, LOL.

What would YOU pay for a few shares of OpenAI today?
Why don't they offer them?
(Because Microsoft values them so highly that they insist on holding them all, only legally they don't, and it's a complete mess)

 

[ThomasKinsley]

In other news, Intel had a chance to invest in Bernard L. Madoff Investment Securities. What a missed opportunity.

 

[Alvar "Miles" Udell]

Former CEO Bob Swan reportedly thought AI models wouldn't be big anytime soon.

To quote Windows Central, another Future PLC site:

OpenAI could be on the brink of bankruptcy in under 12 months, with projections of $5 billion in losses​

So they didn't miss out on anything, because most people don't use AI products and the vast majority of the ones who do are not paying for them.

https://www.windowscentral.com/soft...with-projections-of-dollar5-billion-in-losses

 

[King_V]

Yeah, having read a few bits in the last day or so from financial news, it seems like now, there's some questioning as to whether AI is worthwhile.

Of course, sometimes it seems like the financial world only thinks in short term gains. Still, I'm not sure that Intel skipping on this 7 years ago at that price is a big loss for them.

I could be wrong.