-- Cathie Wood’s Ark Investment Management has announced that it holds a stake in Silicon Valley artificial intelligence darling OpenAI, a bet that the nascent AI industry will remake the tech landscape.Russian Attacks on Ukraine Stoke Fears Army Near Breaking Point
“Our fund is relatively new and small and for us, honestly, the incremental progress in the foundation model space has been quicker than even we had anticipated,” Ark Chief Futurist and investment committee member Brett Winton said in an interview. “We think that there’s $16 trillion in prospective market cap that will be commanded by foundation model-type companies by 2030.”
The startup will represent about 4% of the Ark venture fund’s holdings, Winton said. Ark also has a stake in rival Anthropic, accounting for about 5% of the same fund. “The Sora model is mind blowing,” Winton said, referring to OpenAI’s recently released text-to-video generative AI tool. “The acceleration in the pace of innovation is mind-blowing and so we wanted the exposure.”Toyota Pins Its Hopes on Revamped 4Runner to Beat Ford and HyundaiCocoa’s Surge Is Drawing Africa’s Farmers Back to the BeanThe contract will aim at developing and upgrading the Command and Control, Battle Management and Communications -Next system.