since then he has reshaped openai forming a vastly different culture, staff and mission.h a look at the year that changed the company and its ceo. >> so, since that dramatic weekend about a year ago, sam altman has consolidated power within openai. he has shown this prolific ability to raise money and he has become really the face of the a.i. industry, but altman is still divisive the freddie macchures within the executive ranks reveals tensions about safety in the company's competitive position people close to tman tell me his superpower as they describe it is strategy and strategic thinking that was on display last year as he got back into the ceo seat in a matter of days they remember a year ago at this time being hunkered down at altman's san francisco home trying to unwind what was essentially a coup where board members fired altman people at the company tell me that comes really the tension there comes from within openai, comes from this tension between the deep academic roots and that brushing against the massive commercial potential for in company. i am told they

deep mind was seen as secretive, openai was initially committed to making all of its openai models completely open for other people to use. what happened subsequently is it turned out it took a lot more money to develop these very powerful ai models and i think elon and sam altman that -- then they anticipated. there was some debate about raising money and elon musk at one point wanted to take the nonprofit on completely himself and merge it into his other companies like tesla, but the other cofounders of the company did not want to do that so they needed to come up with another option. and that option was to create a for-profit entity that would still be in control by the nonprofit board but the for-profit entity would be able to have extra capital funding. -- they did that, and then in 2019, they got a large investment from microsoft, a billion-dollar investment to help build the computing infrastructure they needed to start tilting out powerful ai systems. in particular, openai became interested in large language models, ai models that inject tons of text from the internet. the largest one

i think it is definitely, if this works, it's a great move for openai.here everything is moving on the internet. it is uncharted territory. we go down this road and the privacy concerns show up later. one thing consumers have shown on the internet is they are ahead of privacy advocates. they say this is an important thing to watch, but consumers say take my data and serve me. >> the open things. alex, thank you very much. see you soon, sir. >> thank you, dom. >>> still ahead on "worldwide exchange," a closer look at president-elect trump's cabinet picks and what happens when a private story goes public. that story next. >>> welcome back. the stock market has been on a roll this year, that's an understatement. the s&p 500 is up 25%. investors had plenty to cheer about with equities average annual return for the s&p has been about 15% annualized over a five-year span. for those who want to seek a little moral alpha, there are upside opportunities. let's talk about this with jake miller at opto. a private investment platform. this is great. we're going to p

mark: my expectation is openai did a lot of the math before hand.ll be curious to see if some employees hold on to it, they will be able to make more later on. this is something sam altman has talked about doing these with regularity, something where we see companies like striped that have stayed public for an extended amount of time, do not expect openai to ipo next year. this is probably the best path for them as far as employee retention. caroline: well said. thank you on the latest when it comes to softbank and openai. coming up, more in the venture space. the company's founding partner joins us on their space investments. this is bloomberg technology. ♪ caroline: this is bloomberg technology. the ceo of pony ai's joining bloomberg technology to discuss the self driving technology companies ipo. this is bloomberg. companies like spacex and blue origin are helping archer in a new wave of mainstream space exploration. they are not the only firm searching for answers in this guy. that is why 776 has already made investments in other space companies

ceo of openai, sam altman, reportedly wan.ison, what's his plan because that's some competition. >> yes, sam altman is throwing his white behind a challenger of chip making giant nvidia and pitching openai investors to buy in to ring ai. altman is pushing $150 million second round of financing for reign ai. it's a high performance semiconductors. makes sense for openai ceo toking baa the competitor and nvidia has a mere monopoly on these types of chips with around 85% of the market share. they're the most valuable company in the world. that bag is not too big to attract other players to not attract competition. also, openai is buying tons of nvidia chips. meanwhile mussing is talking to nvidia -- musk is talking about investing in his company. nvidia will sell openai chips even with the musk partnership. but for a major supplier of theirs, openai, to be close to a different company and founder, musk, who by the way, doesn't like sam obviously, that presents business risk. there's a opportunity very powerful and very successful

if openai went public, would you buy that stock? when they're losing money. the other issue is all of the companies are now converging. so the secondary -- i would call it diminishing returns. the secondary consequence everybody's kind of converging to the same spot. so now what openai had, it seemed, innovated, everybody's caught up. nothing they're doing can't be lendlylated by somebody else -- replicated. liz: the big models are scraping the internet, and there was a study between april of '23 and 'this, 5% of all a data and 5% of data from the highest quality sources was restricted by the actual the web sites that put this out. and you saw that the new york times is suing certain web sites, "wall street journal" asked openai, strike a deal or we'll pull it, and they did. they've struck a monetary deal, and these are happening pretty dramatically. but what hits the point and what should investors really be watching for? >> well, i think people have to understand there's a difference between, like, in the early days of this which

the consensus is openai is ahead at this point.ou're going to use openai, you'll go to chatgpt. the bear case is they don't have much of a moat. they have to spend billions to maintain that moat. you have anthropic, google, amazon nipping at their heels. openai, i would say, is ahead but they have to prove that and continue to spend to get there. to maintain that position while still balancing, like i said, safety and some of the concerns out there. right now they're top dog, at least based on what silicon valley would say. >> thank you. appreciate it. >> hanks, guys. >>> when we come back, media industry takeaways from the big mike tyson/jake paul fight. netflix drawing tens of millions of vowers and a telecast with glitches. >>> warner brothers settling its lawsuit against nba. rich green berg will join us. >>> don't miss an interview at 7:00 a.m. eastern time with none other than martha stewart. you're watching "squawk box" and thiss bc icn. >>> netflix announcing beyonce will perform at halftime during the second of two of its

amazon boosts its stake in anthropic, investing another $4 billion in the openai rival. in the ceo of binance discusses bitcoin and the impact of a trump white house. first, we check out the markets. the little bit of caution and sensitive trading on the last day of the week. we are up .10% and the nasdaq 100 is up. we are looking at the golden dragon in china and we have seen that the trade is on the downward trajectory. and we are looking at the tech focused u.s. etfs and you cannot really check how chinese tech names are doing. if you look at the nasdaq golden dragon we are up 1.8%. we want to dig into the anxiety. we have baidu and pdd really on the lower side due to their earnings and weakness. they sold off and we are up by 2.6% on the u.s. adr as well up -- off by 5%. all of this as we see the pdd pledging to keep investing amid rising competition home and abroad and it is competition in a chinese economy that continues to weaken. just talk us through what seems to be ever mounting pressure on chinese tech names. >> maybe we can start to baidu and the biggest sear

jan lika was my manager for a lot of my time at openai. i really respected his opinions and judgment. and i think, you know, what he was talking about were sort of a number of issues where openai is not ready to deal with models that, you know, have some significant catastrophic risks. things that could actually, like, start to, you know, assist novices in, like, creating biological weapons or, you know, systems that could start conducting unprecedented kinds of cyberattacks. for those kinds of systems we're going to -- first we need to nail security so we make sure the systems aren't stolen before we can figure out what they can do and used by people to cause harm. then we're going to need to figure out, how do you actually, like, deploy some system that under some circumstances will, you know, could help someone construct a biological weapon but people want to use it for a bunch of other things that can good. so, every a.i. system today is vulnerable to something like jail breaking where people can come up with some way to convince the s

i expect to see that. >> and finally, geoff, do you see openai as a buyer or a seller? they would buy, but i certainly don't think it would be anthropic or another llm. i would see them -- to the extent there are these wrappers on chatgpt, these thin applications gaining traction in the enterprise or different consumer wrappers on openai, if anything really gains mass adoption, they might be a buyer for something like that. they might buy teams for their -- for their talent on the research side. there's a finite number of these extraordinary researchers. one argument is the researchers are getting less valuable because the ai is now improving itself. but i still think that you'll see acquisitions and acquisitions around different products that have gotten large distribution on top of openai's api. >> geoff, always great to see you. want to wish you a happy thanksgiving. >> likewise. >> when we come back lidia's kitchen comes to "squawk box." the tv host and chef lidia bastianich going to be joining us next and maybe showing us a trick or two about things you might be ab

executives and is competing with openai.to these ai startups compete. they are capital intensive and access to cloud computing chips are key. amazon will become anthropic's primary cloud partner and use uaw semiconductors to train their models. >> on that point it is interesting on one level you could view it as amazon essentially funding a very large customer of its own and i know sometimes these payments like with microsoft and openai they were in the form of cloud computing time. >> that's been one of the criticisms of these types of deals and this structure, but it's becoming common. you mentioned microsoft and openai, one thing that people have been sort of chirping about i talked to a couple folks today who said amazon is compete committing to anthropic while some said microsoft is now sort of hedging maybe moving away from the openai relationship. the news today is underlying for a lot of people the anthropic-amazon relationship may be fueling amazon growth in some way, some criticized that arrangement but they are co

for companies like meta, openai, microsoft, and google.y, fast, and to do it cheaply, it's often farmed out to places like africa. >> the machines, you are teaching them to think like human and do things like human. >> we met naftali wambalo in nairobi, kenya. one of the main hubs for this kind of work. it's a country desperate for jobs because of an unemployment rate as high as 67% among young people. so, naftali, father of two, college educated, with a degree in matsmatics was elated to finally find work in an emerging field, artificial intelligence. >> you were labelling. >> i did labelling for videos and images. >> naftali and digital workers like him spent eight hours a day in front of a screen studying photos and videos, drawing boxes around objects and labelling them, teaching the a.i. algorithms to recognize them. >> you label furniture in a house and you say, this is a tv. this is a microwave. so, you are teaching the a.i. to identify these items. and there is one for faces of people, the color of the face. if it looks like this i

softbank and openai declined to comment. turning our attention back to the day's inflation report. prices have begun to moderate. one trade group says the cost of a holiday feast is lower. thanksgiving meal more than 19% higher than it was in 2019. good morning. great to see you. we are talking about a thanksgiving meal for ten people. right now it is coming in at $58. what is leading to this? >> as you said while the price of the meal declined year over year we are up 20% from five years ago. they are using the turkey as a price leader to get folks in the stores. it is the price of the turkey. >> we are down 5% year to year. 9% from back in 2022. what areas are we seeing the biggest inflation? >> one of the areas at the fertilizer institute we need to point out is that we saw a lot of variation in fertilizer. it is about 9% of the total cost for raising the fruits and vegetables and the things that feed the turkey. we have seen a lot of variation over the years. you know, you are seeing the fruits and the vegetables pulling

a spokesperson added that along with its partners, openai enforces policies to protect the wellbeinga, which owns instagram and facebook, said it requires all the companies it works with to provide 2a hour on site support with trained professionals. it added that moderators can customise their reviewing tools to blur graphic content. i'm very proud of the work that i did despite the challenges, you know? the working environment being, you know, very terrible. i came to understand the importance of the job in itself, in protecting the users, being the front line people, to make sure the users are safe. that is your business today. stay with us on bbc news. hello from the bbc sport centre. ruben amorim is now officially the manager of manchester united after bidding farewell to the portuguese league in style last night. his sporting side came from 2—0 down to beat braga 11—2 in amorim's final game in charge. he's due to fly in to manchester at some point today, but can't properly begin work until he gets his visa. amorim says interim boss ruud van nistelrooy did a great job and he'll b

now this team includes heavyweights like openai ceo sam altman. now, what does this team say about lowry's top priorities for the city? in just a few minutes, we'll talk live with the mayor elect in his very first sit down interview with a bay area tv station since winning the election. so you want to stick around for that conversation from our studio coming up in about five minutes in the south bay, we are waiting to learn more details from san jose police about a shooting involving officers that sent one man to the hospital. it all started around 745 yesterday evening near south first and sutter streets. police are scheduled to give an update on the investigation in about 45 minutes, but abc seven news reporter lena howland has more on what we know. so far. >> well, san jose police have been very tight lipped over this investigation so far today. they did say this was originally called in as a family disturbance involving a weapon. it happened just before eight last night near sutter and south first street. police said during the investigation,

a spokesperson added that, along with its partners, openai enforces policies to protect the wellbeingeta, which owns instagram and facebook, said it requires all the companies it works with to provide 24—hour on site support with trained professionals. it added that moderators can customise their reviewing tools to blur graphic content. i'm very proud of the work that i did, despite the challenges, you know? the working environment being, you know, very terrible. i came to understand the importance in itself, in protecting the users, being the front line people to make sure the users are safe. collapsed crypto exchange ftx is suing its former ceo after a fraudulent dealfrom is suing its former ceo after a fraudulent deal from 2021. part of a repurchase deal agreed with founder sam bankman—fried, it reportedly should not have taken place. figures out from the uk suggest that people work from home or using the time saved by not commuting to stay longer in bed, according to a survey from the office of national statistics, which found people working from home gained almost an hour on aver

for openai it is a signal to potential employees and even if openai does not go public any time soondo more secondaries going forward and tap private markets as the person told me again in the not too distant future. openai last valued at $157 billion. i'm told this week's deal not going to change that valuation. source also tells me this is not related to its potential plans to restructure to a for profit business. i'm told that is still in the works, guys, so stay tuned. back over to you. >> one of the things becky, and i were talking about was the incentive issue. how many are selling out and staying at the company? is that a good idea, bad idea in terms of incenting them economically. there was early folks who were in openai when it was effectively a research outfit, many whom have left but they have shares. will they be able to sell into this? >> former employees will be able to sell i'm told as well. you have a lot of founders, early employees that have left the company at this point. if their shares have vested over the past two years they will be able to sell. i'm told it's a

obviously openai in particular has experienced a number of high profile departures including the head of its super alignment team, who left to join a rival. and upon departing he wrote on x, quote, i have been disagreeing with open a.i.'s leadership about the company's core priorities for some time until we finally reached a breaking point. he also wrote that he, quote, believed much more of our bandwidth should be spent get ready for the next generation of models on security, monitoring, preparedness, safety, adversarial robustness, social impact, and related topics. these problems are quite hard to get right, and i am concerned that we aren't on a trajectory to get there. let me ask all of you based on your first-hand experiences, would you agree essentially with those points? let me begin with you, mr. saunders, and go to the others if you have responses. >> thank you, senator. dr. yan lika was my manager for a lot of time at openai, and i really respected his opinions and judgment. i think what he was talking about was sort of a number of issues where openai is not ready to deal w

companies like openai are working towards building artificial general intelligence, agi.y are raising billions of dollars towards this goal. open highly autonomous systems that out perform humans in most economically valuable work. ai systems that could act on their own over long periods of times and do most jobs that humans can do. ai companies are making rapid progress towards building agi. a few days before this hearing, open ai announced a new system, gpt 01 that passed significant milestones, including one that was personally significant for me. when i was in high school, i spent years training for a prestigious international computer science competition. open ai's new system leaps from fail to go qualify, doing better than me in an area relevant to my own job. there are significant gaps to close. i believe it is plausible that an agi system could be built in as little as three years. agi would cause significant changes to society, including radical changes to the economy and employment. agi could also cause catastrophic harm by systems autonomously conducting cyber

there is optimism that could improve thanks to booming ai startups like openai.ar 15% of office leases in san francisco have been ai companies and openai designed the largest commercial deal this year. altman wealds tech influence beyond ai. he did run a famous start-up incubator that backed names like airbnb and stripe. current ceo gary tan has been a vocal critic of laurie, the tech community has gotten engaged in local politics in the past couple years. has advocated for business tax breaks for tech companies to incentivize them to relocate here. think back to twitter that had a massive tax break moved to mid market street. that did not keep twitter around. you look at x, actually left the city after elon musk bought that company. this is hardly altman's only foray into public policy. spending time in d.c. trying to shape ai regulation. >> interesting, thank you. kate rooney. >> how might the shift in sentiment and planning affect san francisco real estate? we asked don pooebls about that last week. >> we are looking at san francisco because i believe it has b

the case is part of a wave of lawsuits against openai and other tech companies. general election. exit polls suggest the three main parties all received between 19% and 21% of the first preference votes. a final result isn't expected until the end of the weekend. for more, here's our ireland correspondent chris page. the general election count starts at 9 in the morning and the exit polls suggest it will be tight, tense and very unpredictable. the poll indicates that sinn fein has a very narrow lead but it's very close indeed between the three main parties to be the prime minister or taoiseach. the are simon harris who's been in thejob forjust seven months, his main coalition partner, also taoiseach earlier in the government term, and the sinn fein president and her party has been the main opposition group since the last general election. during that time, and it will push hard for a referendum on irish unity by 2030 if it did take power here in dublin. but even if sinn fein were to win the most seats in the irish parliament for the first time, it could well stil

openai, microsoft and hoffmann, none have immediately responded to musk's latest lawsuit. ising shares around $135 each of the value of the company more than 250 billion. that's a lot of money. and xai bringing to 45 billion and double its valuation from just a few weeks ago, stu. stuart: must be ai. david spunt joining me. david, we know about matt gaetz. who else is trump adding? >> a couple of big names. todd blanch is the president's personal defense attorney in three of his most recent cases. he's going to be the deputy attorney general if confirmed, essentially running the department and blanch fought against jack smith and doj in court and will run day-to-day operations of the justice department as deputy attorney general. man behind him in the previous shot is imal bove and he's another trump defense attorney and that's him in the blue tie. he was chosen to be number three as doj. matt gaetz, allies of the former congressman continue to come to his defense and fights off attacks from both sides of the aisle. presidential adviser steven miller says if you're more up

. >>> plus, amazon investing another $4 billion in openai's biggest rival. we'll have the latest, the impact on the a.i. landscape and on google as google's battle with the doj goes on. >>> and why trump's pick for energy secretary is bullish for nat gas and for this name, our mystery chart today. our analyst calls it a direct beneficiary, and he joins us ahead to make his case. you know the deal. tweet me if you can guess this one. >>> let's start with the markets, though, and dom chu with the numbers which were red this morning. >> they were red this morning, but now, we are green again. and we're, believe it or not, working on a five-day winning streak for the broader s&p 500. that's where we're going to start in the large cap s&p 500, which currently sits at 5,968. at the highs of the session, we were up 24, so we're just about there. we were actually down 4 as kelly points out at the lows. that's the trade end. we're less than 1% away from record high levels. that high water mark in the s&p is 6,017. that's the number we're watching there. the dow indus

openai has experienced a number of high-profile departures, including the head of the alignment team, who left to join their rival, anthropic. upon departing, he wrote on x, i have been disagreeing with openai researchers about the core priorities for a time, until we finally reached a breaking point. he also wrote that he, quote, believed much more of our bound with should be spent getting ready for the next generation of models, of security, monitoring, preparedness, adversarial robustness, social impact, and related topics. these problems are quite hard to get right, and i'm concerned that we are on a trajectory to not get there. let me ask all of you. based on your first-hand experiences, would you agree essentially with those points? let me begin with you, mr. saunders, and go to the others, if you have responses. >> thank you, senator. >> he was talking about a number of issues where openai is not ready to deal with models that have some significant catastrophic risks, which is high risk models. things that could actually like start to, you know, assist novices in like creating

openai which has been doubling down on its enterprise focus?rise generative ai is everything, everywhere, all at once. it is very confusing for the enterprise buyer. this is why architecture matters and ours is winning. investors in this round have underwritten extraordinary growth in the enterprise, because we are helping folks get mission-critical use cases to production. folks like mars, uber, qualcomm. very powerful use cases that are accelerating their businesses. caroline: for those frustrated when they say i don't see the return on investment in ai, i want to know where it is making us more productive, is about content generation? marketing? where else do you expand? may: we've helped companies cut down legal compliance reviews by more than 75%. we have helped folks increase revenue on their retail channels more than 20%. from dog food to face creams we have helped customers get products to market faster. it goes beyond the marketing function. any function within your company that can use a knowledge-assistant, knowledge retrieval applic

to tune in this sunday to fox news sunday, state of ai, a special edition.i thsae guest including openai'snce committee chairman and the former secretary of state. >>> up next, how you can stay safe while shopping this weekend as retail theft is on the riseia nationwide. >>> and a live look at fox square in york city, preparing for the holidays, looking for deals on black friday >>> plus later, the panel on the visit by canada's prime minister to the u.s. president-elect. stick with. us. ♪ ♪ ♪ ♪ >> gillian: welcome back. a hiker spent 50 days in the canadian wilderness and is safe tonight. a bunch of men headed to work in northern british columbia found sam tuesday. he was discovered about a hundred 50 miles northwest of fort st. john. he had set out on a solo campini trip back on october seventh. >>> the chicago bears fired their head coach after the coacl was blamed for mismanaging the final seconds of yesterday's loss tgingo detroit. the bears began the season eyeing a playoff spot following an offensive overhaul but are now last iden their division. the coaches record ranks among the w

if you're openai, you've got to be worried.u're reid hoffman, a big backer of kamala harris, you've got to be worried. you have to cozy up to the trump administration because this is an administration that operates in a very transactional way. elon understands that. he also wants some influence for his various ideas about reforming the government which i think he'll run into a buzzsaw of more difficulty than in just bossing people around. he has a tendency to wander into a company and kick all the trash cans and scare people, right? that's his thing, but i don't think it's particularly helpful when it comes to government because you can't blow up rockets every day. >> musk obviously owns x. trump owns truth social. there's talk about some sort of merging. do you think that's real? >> well, it would be an interesting thing. first of all, truth social has no business to speak of whatsoever. i think my podcast makes seven to ten times more they do. they're not profitable, losing subscribers and same thing with twitter. the valuati

dina: today they have said it is handling customer workloads in the azure openai service.y also announced two new chips today. one of them is for security that will go and microsoft's own data centers to secure them. and one is basically a networking chip that takes a bunch of the data crunching off of the other chips in order to make things faster. so they are now increasingly getting into the position amazon has been -- amazon web services has been for a while, coming up with a bunch of their own ships for tests and things inside the data center in order to make sure microsoft can do a much better job of training ai, serving applications, and a bunch of other things you would use microsoft cloud for. they obviously still work very closely with nvidia. it will take a very long time if ever for azure to be able to replace nvidia in its data center, even if they are moving some of the ai traffic onto this chip. but the same time, i spoke to the chip design and development person and she said everything needs to be optimized at every layer to get the best possible performanc

musk also sued openai and the federal cofounders earlier arguing they abandoned the company's mission10,000 signatures because they like that musk is a proponent for ai but wants to have safeguards in place. my question is, how many role cans this guy have in the public sector as well as privateer? stuart: multiple if both by the looks of it. we're going to check the dow 30 and dow industrials down 230 points and expect to see a bit of red. there's quite a lot of red, but still some green. we're down 230, 44,000 just above that level. fox news voter analysis shows trump dominated with christian voters. what made him so appealing to this group? resident theologian jonathan morris on that next. ♪ what does a good investment opportunity look like? at t. rowe price we let curiosity light the way. asking smart questions about opportunities like clean water. and what promising new treatment advances can make a new tomorrow possible. better questions. better outcomes. patients who have sensitive teeth but also want whiter teeth, they have to make a choice- one versus the other. new sensodyne

does sam altman want a tax break on openai? does he want some sort of real estate deals? what do they want in return? they don't need the prestige, right? i think that the opportunity does come with some prestige. and these guys like that, they like the stage, they like the attention. but right. it is a chance to feel like you've done something besides build a rocket or build a piece of software. and a lot of these people remember jack dorsey very civically minded, whether it was new york or san francisco, and wanted to get involved in politics. and i think that's why we're starting to see this crossover. it used to be a tech executive would make a certain amount of money, write a check and tell the political world, stay out of our way. we just want to create an event and blah, blah, blah. now, i think there is this crossover because you're seeing the tech executives say, i want to be involved on the civic level as well. so what's going to happen? is it up to the general public for us to say, okay, hold on. elon musk is getting too many things his way business wise, or sa

a spokesperson added that along with its partners, openai enforces policies to protect the wellbeingrks with to provide 2a hour on site support with trained professionals. it added that moderators can customise their reviewing tools to blur graphic content. i�*m very proud of the work that i did despite the challenges, you know? the working environment being, you know, very terrible. i came to understand the importance of the job in itself, in protecting the users, being the front line people, to make sure the users are safe. now how far would you be willing cycle for a dumpling? because thousands of university students in central china have started a viral trend of �*mass cycling�* at night, after four young women rode over a0 miles from zhengzhou to kaifeng for its famous dumplings. the six lane highway between the two cities quickly filled with young people on bikes. the event is part of a trend of young chinese people enjoying the freedom to travel after strict covid restrictions, whilst doing so as cheaply as possible amid a struggling economy. our china correspondent laura bick

. >> mayor elect lowry spoke as well about his plans to have openai ceo sam altman on his transition team, saying his goal is to lean on growing artificial intelligence in the boom in the bay area, and how it can play into reinvigorating the city. lowry also reiterated his focus on public safety and the homelessness crisis. sam altman is just one of the members of laurie's new transition team. ktvu christien kafton takes a look at his other choices from both the public and the private sector. >> san francisco's mayor elect, daniel lowry announced he has assembled his transition team, saying he'd selected a highly talented team that wasn't afraid to shake up the status quo. >> hello, everybody. really excited to announce our co-chairs today. this is a group of individuals that is committed to accountability, to service and to change here in san francisco. >> lowry has drawn from the public and private sectors to build his transition team, including co-chair of his campaign and former twitter exec ned segal and openai co-founder and ceo sam altman. political analyst brian sobel said th

its openai association looked more like a burden, a $1.5 billion hit thanks to openai's expected lossof microsoft's investment in openai was in the form of discounted cloud credits, potentially leading to lower short term income versus standard market rates. and now the ceo saying that cloud is facing capacity constraints. solving that means more cap ex, which will weigh on those ai returns. finally, amazon's aws, the orange line. subject to a law of large numbers, but its ai strategy seen as lagging that of microsoft and google as you can see, it's topline growth flat over the past few quarters, suggesting, kelly, that it might have more to do to really position aws as a winner in the age of gen ai but a new race is off between these hyperscalers >> we didn't talk about meta a lot, but it seems on that front as though they might have to say more about hey, this is how our investment is paying off in our optimizing ad load, something that simple and, you know, lucrative, whereas i think investors are concerned that it might be more about hey, down the road, you know, this might work o

his transition team includes former twitter executive ned siegel and sam altman, the former the openaicome into it with a much different point of view than somebody who's been in a position for 15 years in a bureaucracy. >> now, lori's transition team also includes former san francisco police commander paul yep and former san francisco fire chief joanne hayes white. now, the announcement to bring in openai ceo sam altman for the mayor elect's transition team is getting a lot of attention. lori says his goal is to lean on the growing artificial intelligence boom in the bay area limit. >> openai is committed to san francisco. sam and i sat down last week. i've actually known him since he was the head of y combinator. he told me he wants to grow his company here in san francisco. he has san francisco values at its core. we are the home of ai. i intend to lean on that and lean into that. he's going to help us make sure that entrepreneurs and innovators from across the nation and across the globe know that san francisco is once again open for business. >> and mayor elect lori also talked ab

. >>> getting news now out of openai. >> mike, yeah, openai co-founder greg brockman is returning toout in bloomberg. he took a leave of absence earlier this year, this also came amid a wave of top executive and co-founder exodus at the company. most recently, it was ctom i.r.a. di who departed. bloomberg reported that brockman told employees he is working with sam altman for new role at the company. we have reached out for openai for comment. >> thank you. >>> still ahead. instacart among the key names reporting in overtime. we will break down the t themes and metrics every investor needs to be watching. "closing bell" will be right back. we're still going for that nice catch. we're still going for that perfect pizza. and with higher stroke risk from afib not caused by a heart valve problem,... ...we're going for a better treatment than warfarin. eliquis. eliquis reduces stroke risk. and has less major bleeding. over 97% of eliquis patients did not experience a stroke. don't stop taking eliquis without talking to your doctor as this may increase your risk of stroke. eliquis can caus

and that's openai, sam altman. it's in some ways a really smart move because after all, he wants to regrow san francisco. he talked a lot in his advertisements about having san francisco come back. ai is a big part of that. a lot of these startups, and the biggest one is led by sam altman. so to sort of have him on board makes sense. it's obviously a concern because when you give one ceo a big, big mantle, you're saying, well, there could be some conflict of interest here. and that's what we have to watch every day that we do our jobs. but it's a good move because this is really what san francisco is counting on. ai startups, business, bringing people back into the downtown. well, i'm wondering because you mentioned, you know, the ceos, they usually would stay behind the scenes. they would give money to both sides sometimes, but now they're choosing to take the mic. will it actually make a difference? you know, it could. and really we're watching elon musk and donald trump really closely for this. and so far it's b

but today, openai launched a search feature for chatgpt. so now that chatgpt can answer just about any question, the latest information about stocks, the weather or the presidential race, and it will provide links to those resources or to those sources. tech analysts say this could become a problem for google, which is currently the dominant search engine across the world, but now has a major competitor. well, he is a billionaire and now he's spending most of his own money to build that new ballpark. we have new details about a's owne, john fisher and his proposed las vegas dome. as much as $380 million of nevada public funding will go into building this ballpark on the strip, right next to the mgm hotel. it's going up at the former site of the now demolished tropicana hotel. fisher is pledging $1 billion of his own money to get it built. he'll take out a $300 million loan from u.s. bank and goldman sachs. construction and financing plans will be presented officially at a special meeting on december sixth. out there in nevada. final approva

openai didn't immediately respond.ate fighting championship will be looking for a decade-long partnership when it shops media rights next year according to dana white. he spoke about his relationship with president-elect trump. >> when we first bought the company and venues didn't love the ufc then, he opened up the taj in new jersey and we did our first couple events there. he showed up for the first one and stayed until the last fight. romain: any planes to work for him. dana: no i do not know. ed: let's stay in the realm of fighting and sports. netflix down to present. tonight is the big fight. streamed exclusively on netflix. jake paul-mike tyson. it's been all over my social feeds. interesting moment for netflix. there he is and there he is. we can discuss monday. coming up, business leaders around the world are gathered in lima for the apex ceo summit. ♪ startin is never easy, but starting it eight months pregnant, that's a different story. with the chase ink card, we got up and running in no time. earn unlimited

openai is committed to san francisco. sam and i sat down last week. i've actually known him since he was the head of y combinator. he told me he wants to grow his company here in san francisco. he has san francisco values at its core. we are the home of ai. i intend to lean on that and lean into that. he's going to help us make sure that entrepreneurs and innovators from across the nation and across the globe know that san francisco is once again open for business. and what i love about sam, what we talked about is his commitment to the arts and the culture here in san francisco, and really leaning in like marc benioff and parker harris did with salesforce, and making sure that the company is not only having employees here, but they're investing in our city as well in many different ways. >> economic impact really important. also public safety. that's been a big thing that you've been talking about. so circling back to when you mentioned former sfpd commander paul. yep. and former fire chief joanne hayes-white, they were obviously here when other appr

in san francisco, christien kafton, ktvu, fox two news. >> the announcement to tap openai ceo sam altman for the mayor elect's transition team is gaining a lot of attention. lurie says his goal here is to lean on the growing artificial intelligence boom right here in the bay area. >> openai is committed to san francisco. sam and i sat down last week. i've actually known him since he was the head of y combinator. he told me he wants to grow his company here in san francisco. he has san francisco values at its core. we are the home of ai. i intend to lean on that and lean into that. he's going to help us make sure that entrepreneurs and innovators from across the nation and across the globe know that san francisco is once again open for business, that knows this city incredibly. >> today, the mayor elect also spoke about the transition toward a car free great highway along that one stretch along ocean beach. voters approved proposition k, and it is a measure that lurie had previously opposed. >> i'll sit down with people that were on both sides of the issues, but we will, you know, the wil

. >> and openai is allowing employees to sell around $1.5 billion of shares in a new offer to softbankhe matter says the softbank ceo said he has been persistent in asking for a larger stake in the ai firm after putting $500 million into the latest funding round and another source said it is unrelated to plans to restructure openai into a for profit business. the latest federal reserve minutes point to increasing confidence that inflation is falling paving the way for further rate cuts made at a more gradual pace. a 2/3 chance of another cut in december, but those odds have come down following president-elect donald trump's tariff announcement. >> reporter: after cutting rates a quarter point officials agreed if the economy goes about as expected it will be appropriate to lower rates at a more neutral level. it suggested to officials it would best to move rates gradually. all participants saw a risk between stable prices and low unemployment to be roughly in balance and some saw less risk. a couple participants were concerned inflation could take longer to get down to 2% than expected.

owner who has struck deals to drive search dealers for retail and other websites, the report says openaid about powering ai future -- powering ai features on devices made by google partner samsung. plenty more coming up with a lens on bitcoin. this is bloomberg. ♪ harlem has everything. but i couldn't find pilates anywhere. so i started my own studio. and with the right help, i can make this place i love even better. earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. tom: welcome back to bloomberg daybreak: europe. happy friday. not so happy if you have exposure to the csi 300. benchmark in mainland china has dropped by 3%. down almost 10% since the highs in october. you saw that rally on the stimulus pushed through particularly from the pboc monetary authorities. the expectation that you get more detail around fiscal response. some has gone through but from others it has been more piecemeal, more cautious than expected. that, let on top of the fact that there's expectations are on additional risk from the incoming trump administ

openai reportedly wants to open dozens of them. the washington post reporting, trying at least to get us an idea as to what ai power usage is like reporting a single ai generated email uses as much electricity as 14 light bulbs do in an hour. i asked data expert rodrigo aramburu to join us this morning. he is the co-founder of voltron data. rodrigo. good morning. can i start with the basics on this? why does i need so much electricity? yeah, no, of course. and thank you for having me, scott. it's really basically what are computers doing and how are they processing data and how are they doing the things that they do for us. and really it's just electricity, right? we have electrons flowing through a computer. and that requires electricity to run. that ends up writing your email for you, that ends up writing new docs or anything that you're asking chatgpt to do for you, help you plan a vacation, and so on and so forth. so it's that and i would imagine cooling as well, but mostly it's just these electrons going through chips. and we

tom: one of your early investors is cola ventures to backed openai.enai keep you up at night ? did they end up steamrolling your business? >> absolutely not. i think if you think about companies that are ai first, there are a lot of companies that are llm wrappers. they see that the purpose of technology to finally start doing what we have been doing for seven years now. we have models that we have been applying to our customers. the moment public perception became what it is, we started getting more than half of our deals inbound. i do not think that would happen for a very long time. do not bent on being the company that pushes llms a bit further and having that in your mode. your mode can be in your customers, distribution, design, and data. i think we have more data than any other company when it comes to for base conversations in customer service for voice. they make speech recognition work, llm computing better and creates the incredibly humanlike voice, and that is design. we have been working with voice actors to create the most lifelike voice

others have said openai might be a potential suitor, but then that has its own issues as well, because comes to artificial intelligence. and one of the the concerns i think, of thejudge here was the way that google was using its own ai tools to try and build in loyalty to the browser here. so i think it's unlikely that we will see a sale, although there is going to be obviously a lot of tussling over this. google have said themselves, i think, this is a radical reinterpretation of the law that goes beyond what was decreed. and i guess we have to wait and see what's going to come next. now to the cop29 un climate summit which is continuing in baku in azerbaijan. delegates from around the world ar trying to strike a deal to provide funding for poorer countries to tackle climate change. they've been warned that current funding falls far short of what's needed which could be more than $1 trillion a year. and much of it will need to come from the private sector. i've been speaking to jeremy awori, ceo of african lender ecobank, who's in london to launch a $400 million bond for climate inves

i don't get all worked up. >> i have something really fun for you involving microsoft openai that youe. first i am going to ask you a question. in three sentences or less we will say if that is possible for you. what accounts for your success in business? >> hard work, luck, and some sense of possibility and optimism. >> i said i'm going to ask questions and answer in the voice of steve ballmer. try to capture his style and then i just said are you ready? the response, oh, baby, i'm pumped. let's do this. fire away your questions. i'll give it to you. let's go, what have you got for me. we heard question one on success. your answer or should i say a.i. vance developers, developers, developers. passion, intensity and the ability to drive people to way common goal. when you are all in, you win! what do you write that? >> it got the hardware part right. >> doesn't feel like you or a caricature? >> it feels like a character of the person i know myself to be, but i also know the artifacts that i have on the internet would make that pretty accurate. they don't capture the smaller meetings,

openai, google and anthropic. key names all facing roadblocks and seeing diminishing returns from the costly efforts to develop newer models. the setbacks, writes rachel metz, racist doubt about heavy investment in ai and feasibility of one day reaching so-called artificial general intelligence. rachel has been writing about this. i was a bit surprised really by the number of questions and reaction. if you could distill with the single challenge is between those leading names, what is it? rachel: it sounds like bigger is not always better for the price. data is increasingly becoming an issue. having enough data, the right kind of data. caroline: is interesting that we have heard sam altman discuss this. it's a weird law with nai, genitive ai that the more you bombard -- the more you throw at it the more sophisticated the large line which models have become. does it feel like we are hitting a peak point? do we need more synthetic data? is it clear information about what the limitations are? rachel: there are proble

most notably sam altman, the cofounder and ceo of openai. it is unclear how much influence one of the most powerful people in the tech industry will have or what he plans to do with it. lurie is hoping to bring more tech job to the city. and former san francisco mayor, willie brown, is optimistic about altman having a seat at the table. >> i would say that sam altman is probably going to be a better contributor and a bigger contributor than elon musk to the administration headed by trump. >> reporter: he also believes he's focused on san francisco's future. instead of political gain. >> i got to believe that his interest will not be the next governor or the next president. if that happens, he's got a good shot because quality people will work with him. >> reporter: the transition team also includes some veteran officials to help navigate the city government. an advocate for universal basic income, who is currently a special adviser to governor gavin newsom. there is also former san francisco fire chief, joanne hayes-white, a supporter of the

the top two other microsoft and apple who had the cash, so the next candidate like openai or some of other ai startups. that would really love to customers on the ai search of goals. other things the justice department put in there is they want google to have to license a lot of its data. that's probably a more realistic thing that would have to happen and definitely give abuse throughout -- that would not have to scrape the web themselves. caroline: alphabet one of the key today, investors worried about this. alphabet worried about it once again trying to say this is a radical turn of events. how complex is it to see the selloff of such businesses. and how much do they have to wait for the legal maneuvering a couple months to respond. >> they have until next month to respond, trump administration in march gets to have another reply. wants to change the proposal. we probably won't have a decision from the court. promising he will rule by august of 2025 put google set -- google says it will appeal. at the earliest we are looking at doing this in 2026. but i think chrome deftly recogni

others have said openai might be a potential suitor, but then that has its own issues as well, becauseligence. one of the the concerns, i think, of thejudge here was the way that google was using its own ai tools to try and build in loyalty to the browser here. i think it's unlikely that we will see a sale, although there is going to be obviously a lot of tussling over this. google have said themselves, i think, this is a radical reinterpretation of the law that goes beyond what was decreed. and i guess we have to wait and see what's going to come next. to dubai now — and what looks like a record breaking year for the world's busiest international airport. dubai international says it handled more than 68 million people in the first nine months of the year, putting it on track for an all—time high for the full year. the ceo has been speaking to the bbc — he told us it's down to dubai becoming a destination in its own right rather than just a transport hub. what's happened is, before the covid i9 pandemic, about 60% of our total passengers were in transit, as you say, and 40% were coming