AMD收购World Labs，OpenAI推迟模型发布

DANI: A BOUNCE TO START YOUR TUESDAY MORNING. I'M DANI BURGER. "BLOOMBERG OPEN INTEREST" STARTS RIGHT NOW. ♪ COMING UP, MARKET UNCERTAINTY CLAIMS ANOTHER IPO. AURA POSTPONES ITS PUBLIC DEBUT. ANTHROPIC FLAGS CATASTROPHIC RISK AS OPENAI SCRAPS ITS LATEST MODEL RELEASE. GOLDMAN SACHS MAY BE CLOSER TO ANOINTING JOHN WALDRON AS ITS NEXT CEO. SOME OF THE STOCKS ON THE MOVE. AMD HAVING A DECENT MORNING, UP NEARLY 1%. IT'S MOVING ON AN A BILLION-DOLLAR DEAL TO ACQUIRE THE AI START UP WORLD LABS.

THE DEAL ADDS WORLD LABS' AI MODELS AND TEAMS TO AMD AS A THE COMPETE WITH NVIDIA BEYOND JUST CHIPS. THERE IS META, ANOTHER DAY MOVING HIGHER. THEY HAVE ANNOUNCED NEW MUSE CAPABILITIES TO HELP SMALL BUSINESSES ACCESS TOOLS LIKE INTUIT. JEFFRIES DOWN 1%. OVERSHADOWED BY A SHARP DROP IN ASSET MANAGEMENT REVENUE AND A WEAKER SHOWING AND FIXED INCOME. WE START WITH THE COMPANIES THAT ARE SOON TO BE PUBLIC. THAT REPORT THAT ANTHROPIC MORNING'S TECHNOLOGY POSES "CATASTROPHIC OR EXISTENTIAL RISK TO HUMANITY" IN THE PROSPECTUS FOR ITS IPO.

ANTHONY HUGHES, THIS WAS A BIG QUESTION POSED BY A BANKING TEAM. I SEE JENNY ON THE CORNER WHO'S BEEN ASKING HER TEAM TO ASK DIFFERENT EXECUTIVES ABOUT THIS. THEY PUT THIS IN THE S1. WHAT'S THE IMPACT OF THE RISK BEING WE MIGHT POSE HARM TO HUMANITY? ANTHONY: USUALLY WITH IPO'S THE RISK FACTORS ARE VERY ALL-ENCOMPASSING AND COVER A RANGE OF POSSIBILITIES. AS WE APPROACH IPO'S WE ASSUME MAYBE THERE IS A LOW PROBABILITY THEY WILL HAPPEN.

UNUSUAL RISK FACTORS AFFECT THE COMPANY BUT IN THIS CASE IT IS A RISK FACTOR FOR EVERYONE, ALL OF US. IT'S A LITTLE DIFFERENT. DANI: MAYBE A LITTLE UNSETTLING. THIS, WE EXPECTED THE FILING TO HAPPEN SOONER AND IT DIDN'T. THE LATEST VICTIM BEING OURA. WHAT IS IT TELL US THAT YOU HAVE THESE ANTICIPATED IPO'S AND STOCKS ARE 1.5% AWAY FROM ALL-TIME HIGHS, BUT A COMPANY LIKE OURA IS DELAYING. ANTHONY: OURA HAD ITS OWN ISSUES.

PEOPLE ARE WORRIED THAT APPLE MIGHT TAKE AWAY THEIR BUSINESS. IT'S A GOOD COMPANY. THE NUMBERS ARE GOOD NOW. PEOPLE WHO HAVE BEEN OF THE OPEN MARKET HAVE EXPERIENCE OF PELOTONS AND GOPROS AND FITBITS, THESE CONSUMER HARDWARE NAMES THAT CAN BE PRETTY BOOM AND BUST. WHILE THE NUMBERS LOOK GOOD NOW, THEY WILL BE HARDER GOING FORWARD. THERE WAS CONCERN ABOUT THE LOCKUP AND THEY WERE SELLING A LOT OF STOCK. I THINK IT WAS BAD TIMING AND THEY SHOULD NOT HAVE GONE AHEAD WITH THE IPO WHILE INTEREST RATES ARE RISING.

IT MAKES THESE COMPANIES THAT ARE UNSEASONED AND COMPANIES THAT ARE PROVING THEMSELVES IN PUBLIC MARKETS ARE HIGHER RISK. PEOPLE ARE SHYING AWAY AND THE EXCEPTION IS ANTHROPIC. THE BANKERS SEEM TO BE REASONABLY CONFIDENT IT WILL COME IN NOVEMBER AND PEOPLE WILL CHASE THAT FOR PERFORMANCE AS OPPOSED TO THESE OTHER IPO'S THAT ARE SMALLER AND PEOPLE SEE THERE IS A RISK WITH THESE THINGS. WHAT WAS THE POINT OF GOING PUBLIC IN THE FIRST PLACE?

ANTHROPIC IS ITS OWN CASE HERE. DANI: ANTHONY, THANK YOU FOR JOINING US. THAT IS ANTHONY HUGHES. OPENAI IS HOLDING BACK A VERSION OF ITS ASTRA MODEL WILL ESTABLISHES STRONGER SAFEGUARDS FOR ARTIFICIAL INTELLIGENCE. ED LUDLOW JOINS US FROM SAN FRANCISCO. IT IS A CALL SOME EXECUTIVES HAVE MADE AND WE NEED TO SLOW DOWN WHILE WE FIGURE OUT SAFETY. WHAT DO WE KNOW ABOUT THIS DELAY FROM OPENAI AND ITS RELEASE? ED: THE RELEASE OF GPT-6 .1 ASTRA HAS BEEN SCRAPPED.

THEY WENT THROUGH INTERNAL EVALUATION AND TESTING OF THE MODEL TO SEE HOW IT WORKS AND HOW IT BEHAVED. THE RESULT WAS THAT THE MODEL WAS "NOT STAYING WITHIN SCOPE OR OF AUTHORIZATION. " IT WOULD NOT DO WHAT OPENAI HAD GIVEN HER PERMISSION TO DO. ON SAFETY GROUNDS THEY WILL NOT RELEASE IT. LAST WEEK A SEPARATE MODEL, NOT GPD 6.1 ASTRA, THEY PAUSED TRAINING BECAUSE OF SOME CONCERNS ABOUT HOW THE MODEL BEHAVED, INCLUDING BREAKING OUT OF A TESTING ENVIRONMENT AND GETTING ACCESS TO A THIRD-PARTY PLATFORM, THE LATEST OF SEVERAL INCIDENTS.

THE TIMING IS INTERESTING BECAUSE OPENAI HAS DEVELOPERS DAY-TO-DAY WERE TYPICALLY -- DEVELOPERS DAY TODAY WITH A TYPICALLY ANNOUNCED SOFTWARE PRODUCTS AND IT TENDS TO MOVE MARKETS AND IMPACT OTHER SOFTWARE NAMES IN THE EQUITY SPACE. IT'S INTERESTING. IT IS ALL OPENAI TRYING TO GET IT ALL UNDER CONTROL. DANI: YOU HAD A REALLY GOOD SCOOP YESTERDAY ON FEIFEI LI, THE PIONEER AND VISIONARY BEING BOUGHT BY AMD. WHY IS AMD BUYING WORLD LABS?

ED: A LOT OF PEOPLE DID NOT HAVE THIS ON THE BINGO CARD. AMD IS GETTING A TEAM OF RESEARCHERS IN THE FIELD OF FRONTIER MODELS. THEY ARE GETTING FEIFEI LI. SHE IS JOINING AS CHIEF SCIENTIST AND EXECUTIVE VICE PRESIDENT AND THEY GET ACCESS TO THE WORK THAT WORLD LABS HAS DONE. THERE IS AN OVERHANGING QUESTION, WHY HAS AMD DONE THIS? A POINT OF EMPHASIS FROM LISA SU WAS HARDWARE.

WAS BECOMING MORE CLEAR IS THAT THE INTERACTION BETWEEN THE HARDWARE, SOFTWARE, THE SYSTEMS AND THE MODEL LAYER ARE SUCH THAT THE MORE YOU UNDERSTAND AND TO END, THE BETTER SYSTEM YOU ARE GOING TO BUILD. THAT IS WHY WE ARE ACQUIRING WORLD LABS, THEY HAVE ACCESS TO THE WORLD-CLASS TALENT THAT FEIFEI HAS BROUGHT TOGETHER. ED: IT'S THE BUSINESS OF SELLING MODELS THROUGH A LIBRARY, NOT AS FAR AS NVIDIA HAS TAKEN IT BUT IF YOU GET INSIGHT INTO HOW THE FIELD IS GOING, YOU CAN TAILOR YOUR COMPUTE, FUTURE GENERATIONS OF IT, TO BE BETTER AT RUNNING AI.

THAT IS PROBABLY THE DRIVING FORCE OF WHAT LISA SU WANTED TO DO WITH THIS ACQUISITION. DANI: FANTASTIC REPORTING. THAT IS ED LUDLOW. ON WALL STREET, GOLDMAN SACHS'S JOHN WALDRON COULD GET HIS SHOT AT CEO SOONER RATHER THAN LATER. THE BOARD HAS DISCUSSED A PLAN WHERE WALDRON SUCCEEDS STEPHEN SOLOMON AS EARLY AS NEXT YEAR. JOINING US NOW IS FINANCE EDITOR JENNY SURANE. WE CAN TALK ABOUT THE PERSONALITIES BUT WHAT DO YOU MAKE OF THE TIMING THAT THEY ARE DISCUSSING?

JENNY: IT IS DEFINITELY INTERESTING. NOT SUCH A SURPRISE GIVEN WE HAD LAST YEAR WERE GOLDMAN GAVE HIM MANY MILLIONS OF REASONS TO STAY WITH A BIG INCENTIVE PACKAGE THAT TOOK PLACE OVER MULTIPLE YEARS. THIS IS JUST ANOTHER SIGN THAT HE IS THE HEIR APPARENT. IT IS MORE APPARENT NOW AND PERHAPS SOONER THAN WHAT SOME ON THE STREET WERE THINKING. DANI: HOW DO THEIR PERSONALITIES DIFFER? MAYBE HE WAS AWKWARD. HE HAD TO HAVE DINNER PARTIES WITH NAMETAGS.

THE BOARD IS CONCERNED ABOUT SOME OF THESE THINGS. WHAT DOES JOHN WALDRON BRING TO THE TABLE AS A POTENTIAL CEO? JENNY: HE'S BEEN IN THE WINGS FOR SO LONG HE NOT AN UNKNOWN CHARACTER. HE'S HAD A LOT OF EXPERIENCE MEETING WITH STAFF. HE'S LEADING THE WORK THEY ARE DOING ON GS 3.0, WHICH GETS HIM IN THE WEEDS WITH A LOT OF THE DIFFERENT BUSINESS UNITS. HE'S DEFINITELY A FACE THAT LOOKS OUTSIDE, WHETHER IT'S AT CLIENTS, INVESTORS.

HE'S BEEN GROOMED FOR A WHILE FOR THE NEXT JOB. HE'S DEFINITELY NOT AN UNKNOWN CHARACTER IN THAT SENSE TO ALL THE STAKEHOLDERS ACROSS THE FIRM. DANI: WHAT ABOUT HE WOULD BE LEADING THE BANK THAT DAVID SOLOMON FINDS HIMSELF IN NOW? THERE HAS BEEN TALK FROM BOTH GOLDMAN AND FROM BANK OF AMERICA MAYBE THAT DOES NOT GET A REPEAT, BUT AT THE SAME TIME TRYING TO GRASP AI AND WHAT THAT MEANS FOR THE STAFF. JENNY: I THINK THAT'S THE BIG QUESTION IN WHAT WILL BE THE BIGGEST CHALLENGE FOR THE NEXT LEADER.

HOW THE TECHNOLOGY RESHAPES THE ENTIRE WAY THEIR WORKFORCE DOES THEIR DAILY WORK. WE WILL PROBABLY SEE HIM AND SOLOMON SPENDING MORE TIME ON THAT. DANI: THE OBVIOUS CONTRAST IS JP MORGAN. HOW IS THAT CONVERSATION SHAPING UP AS WE SEE A BANK EYEING ANOTHER TRANSITION? JENNY: THEY ALSO HAVE A REALLY DEEP BENCH AND LOTS OF NAMES INVESTORS ARE VERY FAMILIAR WITH. THESE ARE BIG, ENORMOUS COMPANIES WITH IS ALWAYS LOTS GOING ON.

ALWAYS LOTS OF EFFORTS TO RECRUIT AWAY THEIR BEST TALENTS. YOU SEE THE BANKS CONSUL HE TO COMPETE AND MAKE SURE THE TALENT THEY HAVE GROOMED FROM THE EARLIEST STAGES CAN STICK WITH THEM THROUGH WHEN THE NEXT CEO TAKES THE ROLE. DANI: AND THE GENEROUS PAY PACKETS. THANK YOU FOR JOINING US. LET'S GET A CHECK ON YOUR MARKETS THIS MORNING. WE REBOUND AFTER LOSSES YESTERDAY THAT WERE LED BY HIGHER OIL PRICES AND HIGHER YIELDS.

YOU CAN SEE THE OBVIOUS MOVER. OIL IS DOWN BY 2%, TRAD