$800Bn crash 📉 (AI infra in fire); Nvidia is a 🫧 bubble: Hedge fund

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#BlackMonday: The global market has crashed badly and that reminds us of the famous quote

"In a recession, money returns to its rightful owners."

One of the key drivers behind this crash among tech companies is the lack of clarity on RoI over AI spends.

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Top AI News

• Magnificent 7 set to shed $800 billion in value: Nvidia tumbled 7%, and Microsoft and Meta Platforms fell 3% as worries about a potential U.S. recession compounded investor concerns about massive spending to build AI infrastructure.

• OpenAI cofounder joins rival Anthropic + OpenAI president, Greg Brockman is on an extended leave of absence. And product leader, Peter Deng has quit too.

  

• Nvidia’s AI tools heavily rely on internet video data. A recent report reveals that Nvidia collects data from various popular websites like Youtube and platforms to train its AI products. The company maintains that its practices are within legal bounds.

• YouTuber files class action suit over OpenAI’s scrape of creators’ transcripts:
  As [OpenAI’s] AI products become more sophisticated through the use of training data sets, they become more valuable to prospective and current users, who purchase subscriptions to access [OpenAI’s] AI products. Much of the material in OpenAI’s training data sets, however, comes from works that were copied by OpenAI without consent, without credit, and without compensation.

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