Mira Murati, former OpenAI CTO who led development of ChatGPT and DALL-E, secures $2 billion seed round at $10 billion valuation for her new AI startup Thinking Machines Lab, backed by Andreessen Horowitz and Conviction Partners.
Breaking news: OpenAI slashes GPT-4.1 prices, igniting an AI price war as Sam Altman is ousted as CEO amidst a legal battle with music publishers over AI copyright.
OpenAI's revolutionary ChatGPT has ignited a frenzy, propelling the AI powerhouse to an astonishing $10 billion in annual recurring revenue, with ambitious plans to reach a staggering $125 billion by 2029, showcasing investors' confidence in its disruptive potential.
AI agents automate 85% of compliance tasks and embed regulatory standards, providing governance for financial institutions while handling high-risk tasks, boosting capacity and turning compliance into a competitive advantage.
Microsoft secures a massive deal to provide 100,000 Copilot AI licenses to Barclays, signaling the banking giant's bet on AI for streamlining workflows and enhancing decision-making across its workforce.
Elon Musk's AI startup, xAI, is reportedly launching a $300 million tender offer that values the company at $113 billion, allowing staff to sell shares while raising funds for future growth amidst challenges with Musk's other ventures.
Byju Raveendran, founder of Indian edtech giant Byju's, denies allegations of defrauding U.S. lenders of $533 million from a $1.2 billion loan, vowing to rebuild his empire despite rapid growth masking issues like unsustainable sales tactics and overspending.
AI is set to disrupt finance by accelerating product development, while Chime's profitable IPO filing with 8.6M members and Nubank's 40% revenue growth amid challenges in Brazil highlight the industry's dynamic landscape.
In a bold move, fintech company Klarna used an AI avatar of its CEO to deliver its latest earnings report, showcasing its commitment to AI and touting its role in achieving profitability and streamlining its workforce by 40%, while hinting at the potential for AI to replace human CEOs.
Klarna's reliance on AI has driven significant efficiency, with revenue per employee soaring to nearly $1 million, up from $575,000 a year prior, thanks to cost reductions like replacing 700 customer service contractors with AI chatbots, though human agents will still be available.