we have news to break before we get to our interview with sarah friar.6.6 billion raise, openai has raised $4 billion in a revolving credit line this brings the liquidity total to $10 billion for this round. one of the largest private fund raises we've seen in silicon valley history and fund line joining us to talk about that is openai cfo sarah friar thank you for being here. >> thank you for having me. >> let's talk about the news that just broke as we went to air. you are raising debt in addition to 6 plus billion in equity. how did you think about the cost of capital and talk about why raise debt in addition to billions of dollars in equity here >> well, thank you it has been a great last couple days $4 billion in the revolving credit facility is undrawn at the moment really to give us flexibility with the business. particularly as capital needs might shift, we want to know it's there for us. the $6.6 billion in equity, now that's really how do we invest in the business from here. i think what investors saw were three things they saw the vision, open

colleagues will speak with sarah friar.atch that interview at 3:15 london time. >>> nvidia ceo told our cnbc colleagues it is entering a new chapter. >> we are looking at the beginning of the wave of a.i the biggest wave of a.i. and this is about companies around the world using a.i. to be more productive as their digital employees andt agents and copilots and using generative a.i. to revolutionize the way they build their products and the products they build. >> alex morris at f/m investments is still with us alex, i want your perspective at the hefty price tag of openai which is $157 billion. that is enormous there are questions around the business model and ability to return a profit and revenues as well as the governance model switching from for-profit -- sorry, non-profit to for-profit. what are your thoughts on this >> something that gets that quickly has issues that is a very hefty price tag, it does generate revenue 250 million weekly users that is a scale that defies the use of startup that's what a mature company

cfo sarah friar says the capital investment is intense. >> no doubt we're on a scaling law.he next model is an order magnitude bigger and the next one on and on and it does make it capital intensive >>> good morning, everyone yes, it is friday. what a week it's been for the oil markets. i want to show you where brent and wti are trading today. 74.31 for wti. another pop to the upside of 0.8% brent up 0.89% at 78.30. that's the price right now i should tell you both benchmark are up by almost 9% and obviously this is the biggest weekly gain in more than one and a half years obviously, this is all on the back of the escalation in the middle east. we'll get to an update in a second here. i want to show you the oil majors and how they have been trading. bp is up another 1.2%. shell also adding on roughly .50% of 1% eu stocks are on track for the best week in six months on the back of the escalation oil prices rose 7% in yesterday's trade. that was the biggest daily jump in about a year amid political concerns and as president biden appeared to suggest the u.s. and israel discuss

our television and radio audience, we are in las vegas at money20/20 speaking to the openai cfo, sarah friar. something interesting is the future business model and ad supported tears, segmented pricing. how do you think about that? sarah: you always want to stay open to alternate business models and ways you can layer a business model on top. the key is access. how do we make sure as many people as possible get access to the tool? that is on a global stage. to do that, sometimes the pivot from pure subscription models. my last company was all adds, so i have experienced this. ads have their place, but you have to be mindful of where. in areas like commerce, ads are great. if i do a prompt for her high-heeled shoes, i do not want the history of the black high-heeled shoe. i want to stores i can buy from now, probably commerce. that is why companies are great customers of ours. there are other places where the ad model does not make as much sense. you want to get the consumer to the answer they need as fast as possible. that is where chatgpt is different from something like google search. ed:

it's tomorrow, i think at 10:15 for sarah friar. >> yes. >> let's bring in doug clinton to discuss. i said before, you know, to our markets panel, if nothing else, this just reminds you where the puck's going, where the flood of capital continues to go, whether it's in the private market or public market where they want to capitalize on the incredible revolution. >> valuations are forward looking, scott. you see the $150 billion. we talk about uber as a comp, double chipotle which openai should be double chipotle. that's what investors are betting on. today we have a company with a $4 billion analyzed run rate. next year i've heard rumors they could hit 10. trading 15 times that run rate feels expensive today if you do the math. looking out tomorrow, if that's the future, it won't look so bad. >> will you be lining up to get something on the ipo? >> we did invest in deep water and xai. we didn't participate in this round. doesn't mean we won't in the future. >> how are you thinking about tech? we've said in this quarter which just ended, it took a bit of a back seat in the market. s

ed:ia is your assessment so far of sarah friar.g is that she prepared a pretty straightforward presentation that tried to educate those that didn't have as clear and understanding of the path and business model and a lot of investors got it and said we are on board. what is your reaction to her and to that? >> i have known sarah a long time and i was on the board when she was the c.f.o. so you are exactly right, she prepared a crisp presentation, it was straightforward here is where we're today here is where we expect it be a year from new. much more than that is not that predictable. and it was come -- come -- compelling. caroline: you said you what about the only one but you want to be the leading player. is that something you want to see in such a document? >> this is pretty normal. it isn't a requirement. it is not a commitment. it is a mutual understanding and we operate a lot on trust. so, investors committed to openai is pretty normal particularly at this schedule. ed: i would like to talk about technology. every day i have

on monday we will speak with openai cfo sarah friar right here on bloomberg technology.ive ai maker wave is making its way to silicon valley bread london-based startup is road testing and opening a new office in sunnyvale california. alex kendall is the wave cofounder and joins us now for the u.k.. what's so interesting about wave is no focus on the hardware. no focus on the car is just the foundation model, the robotic brain that helps a car learn how to drive itself. let's start by asking why you felt you need to bring the testing to california to the streets of san francisco. >> we are excited to bring a fresh product approach to the u.s. market. i think in general being able to operate in ai at such a diverse market is good to be awesome for us. the need about this approach is it can allow all ranges of automation from driver assistance up to full autonomy different types of vehicles in different driving environments and different cultures. we are now training -- trading with data from over 15 countries but to have a testing fleet on the ground and show that in ai ca

don't miss an exclusive interview with openai's new cfo, sarah friar. >> they need some stabilization. speaking of nvidia, they're expanding their partnership with accenture. they will offer a refinery service for general tools. this comes as accenture said it drove $3 billion in bookings in the latest fiscal year. they have gotten a boom out of this so farr, brian. they'll continue to do this. accenture shares peaked and year to date have not done much. >> got a friend that used to work there. certainly the ceo putting her mark on the company for good or ill. we'll find out long term. if you are a thought and knowledge-based worker, i know you're told not to fear ai. don't worry, it's going to help you do your job better. or it's going to do your job for you. ai doesn't take sick days. doesn't take vacation. doesn't complain. >> i'm leaning out on the ai taking over anything narrative. >> me, too. >> if you don't start to see major companies -- at the margin maybe they're doing productivity enhancements. real gains starting to see co-pilot, adoption, in it will we see that i think th

monday we speak with the openai ceo sarah friar here on bloomberg technology.ime for the vc roundup. waymo raised $5.6 billion from investors for its largest ever funding round. it was led by alphabet and included andreessen horowitz, fidelity, and t. rowe price. china's we ride raised over $44 million performance twice delayed ipo. the self-driving automaker company priced in the bottom of what was arranged 15.5 dollars-18 point five dollars. it was outsized and had a concurrently private placement. agility robotics raising 150 million dollars from investors led by investment firm dcvc and would value the maker of the humanoid robots you see at about $100. ed: so much in that world. over the next four years as the technology, internet, and media sectors are expected to add more than $1.1 trillion of global growth according to activate consulting's 2025 technology and media outlook. the company's ceo michael wolf is with us now. reading the report it is not just of the density or global nature of it, but the near-term jump you see. the 2025 outlook. but by the

kate rooney will have an interview with the openai cfo sarah friar. not to be confused with kate rooney-vera. that doesn't happen every day. i don't know she's been on set. >> not in a long time. >> that's coming up at 10:15 eastern on "squawk on the street." >> that's a really weird requirement to say you're not an laws an law allowed to invest in our come p p competitors. >> are you with us or against us >> give us your money and don't give to anybody else >> exactly we can all be on the same page openai let's go lfg. >> what does that stand for? >> i see that all the time i like it. don't you? >> i don't see it all the time. >> you know what i'm saying? >> i do. >> you can figure it out >> i did lol. >> land o'lakes cheese why is this funny? >> you mentioned nvidia. a backer in openai nvidia shares moved higher after yesterday's closing bell that's when ceo jensen huang talked about the processors in the interview with jon fortt >> blackwell is in full production and blackwell is in full demanded and insane everybody twowants to have it first. >> b

research lab, people aren't there anymore doesn't seem to concern investors pap notable new name is sarah friarpreviously ran square/block with dorsey think about will it go public? the cfo who would know how to take it public. >> what do you think the timeline is for that >> god knows i think realistically probably within a couple of years within this deal there was a promise that openai played to investors that it would complete that transition into a for-profit structure within two years. don't do it within two years investors could ask for their man back would openai have the cash to give it to them? an open question openai should try to do this in a couple years no particularly good reason not to every company that's ever said we don't want to go public because we're worried about secrets getting out. gotten over that quickly and hasn't really hurt them. lots of secrets, didn't seem to hurt that company. >> dan, great to see you thank you. >>> a quick programming note don't miss an exclusive interview later with owe a.i.'s coo monday morning on "squawk on the street." >>wh wco bk > ene mea