OpenAI projects its revenue to increase to $11.6 billion next year

OpenAI projects its revenue to increase to $11.6 billion next year

by Hansraj Agrawal | Sep 29, 2024 | Technology

3 min read Last Updated : Sep 29 2024 | 11:09 PM IST

Mike Isaac & Erin Griffith

29 September

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OpenAI, the San Francisco start-up behind ChatGPT, has been telling investors that it is making billions from its chatbot and that it expects to make a lot more in the coming years. But it has not been quite so clear about how much it is losing.

OpenAI’s monthly revenue hit $300 million in August, up 1,700 percent since the beginning of 2023, and the company expects about $3.7 billion in annual sales this year, according to financial documents reviewed by The New York Times. OpenAI estimates that its revenue will balloon to $11.6 billion next year.

But it expects to lose roughly $5 billion this year after paying for costs related to running its services and other expenses like employee salaries and office rent, according to an analysis by a financial professional who has also reviewed the documents. Those numbers do not include paying out equity-based compensation to employees, among several large expenses not fully explained in the documents.

OpenAI has been circulating the documents with potential investors for an investment round that could bring in $7 billion and value the company at $150 billion, among the highest ever for a private tech company. The round, which could close as early as next week, comes at a crucial time for OpenAI, which is experiencing rapid growth but has lost a number of important executives and researchers in the past few months. The documents offer the first detailed look into OpenAI’s financial performance and how it is presenting itself to investors, but they do not neatly explain how much money it is losing. The fundraising material also signaled that OpenAI would need to continue raising money over the next year because its expenses grew in tandem with the number of people using its products.

OpenAI declined to comment on the documents.

OpenAI’s revenue in August more than tripled from a year ago, according to the documents, and about 350 million people — up from around 100 million in March — used its services each month as of June.

Most of that has come from the continuing popularity of ChatGPT, which was released in November 2022. The documents show a spike in growth after ChatGPT began allowing people to use the service without creating an account or logging in. The company expects ChatGPT to bring in $2.7 billion in revenue this year, up from $700 million in 2023, with $1 billion coming from other businesses using its technology.

Roughly 10 million ChatGPT users pay the company a $20 monthly fee, according to the documents.

First Published: Sep 29 2024 | 11:09 PM IST

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Sought and wooed: Technology skills employers want around the world

by Hansraj Agrawal | Sep 29, 2024 | Technology

1 min read Last Updated : Sep 29 2024 | 9:51 PM IST

As artificial intelligence (AI) and machine learning (ML) become common at the workplace, organisations need people skilled in advanced technologies. India is among countries making the greatest demand for data analytics from their workforces. As many as 17.4 per cent of job postings in the country look for data analytics skills from potential employees, according to a report by Cornerstone. The management and upskilling platform used its data to identify skills employers look for. Since 2019, the share of AI and ML job postings worldwide has increased more than 65 per cent. India leads the pack: 4.1 per cent of job postings demand such skills. Demand for AI and ML skills is 2.5 per cent in Germany and 2.2 per cent in Japan.

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First Published: Sep 29 2024 | 9:51 PM IST

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Arm Holdings rebuffed by Intel after inquiring about buying product unit

by Hansraj Agrawal | Sep 27, 2024 | Technology

3 min read Last Updated : Sep 27 2024 | 11:40 PM IST

By Ian King

Arm Holdings Plc approached Intel Corp. about potentially buying the ailing chipmaker’s product division, only to be told that the business isn’t for sale, according to a person with direct knowledge of the matter.

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In the high-level inquiry, Arm didn’t express interest in Intel’s manufacturing operations, said the person, who asked not to be identified because the discussions were private. Intel has two main units: a product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories.

Representatives for Arm and Intel declined to comment.

Shares of Intel rose as much as 3.1% after trading opened in New York on Friday.

Intel, once the world’s largest chipmaker, has become the target of takeover speculation since a rapid deterioration of its business this year. The company delivered a disastrous earnings report last month — sending its shares on their worst rout in decades — and is slashing 15,000 jobs to save money. It’s also scaling back factory expansion plans and halting its long-cherished dividend.

As part of its turnaround efforts, Intel is separating the chip product division from its manufacturing operations. The move is aimed at attracting outside customers and investors, but it also lays the groundwork for the company to be split up — something Intel has considered, Bloomberg reported last month.

Arm, which is majority-owned by SoftBank Group Corp., makes much of its revenue selling chip designs for smartphones. But Chief Executive Officer Rene Haas has sought to broaden its reach outside of that industry. That’s included a push into personal computers and servers, where its chip designs are going up against Intel’s. Though Intel doesn’t have the technological edge it once held, the Santa Clara, California-based company remains dominant in those markets.

Combining with Intel would help Arm’s reach and kick-start a move toward selling more of its own products. The company currently licenses technology and designs to customers, who then turn them into complete components. Its client list includes the biggest names in technology, such as Amazon.com Inc., Qualcomm Inc. and Samsung Electronics Co.

Under Haas, the company has moved more in the direction of offering fully formed products — potentially putting it in competition with its licensees.

Arm, based in Cambridge, England, only has a fraction of the revenue of Intel. But its valuation has soared since an initial public offering last year and now stands at more than $156 billion. Investors see the company as a beneficiary of the AI spending boom, especially as it moves further into data center chips. Arm also has the backing of Japan’s SoftBank, which owns an 88% stake, potentially giving the company additional financial clout.

Intel, in contrast, has lost more than half its value this year and has a current market capitalization of $102.3 billion. But the company has other options to consider. Apollo Global Management Inc. offered to make an investment in the company, Bloomberg reported this week. The firm indicated in recent days that it would be willing to put in as much as $5 billion, marking a vote of confidence for CEO Pat Gelsinger.

Intel also plans to sell part of its stake in semiconductor maker Altera Corp. to private equity investors. That business, which the chipmaker bought in 2015, was separated from Intel’s operations last year with the goal of taking it public. And speculation of a Qualcomm takeover boosted Intel shares in the past week.

First Published: Sep 27 2024 | 11:29 PM IST

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Tech wrap Sep 27: Samsung Galaxy S24 FE, Galaxy Tab S10 series, and more

by Hansraj Agrawal | Sep 27, 2024 | Technology

4 min read Last Updated : Sep 27 2024 | 8:03 PM IST

Samsung has unveiled the Galaxy S24 FE, a new addition to its flagship Galaxy S-series smartphones. The 2024 Fan Edition model features several upgrades, including a large display, a high-capacity battery, and IP68 dust and water resistance. It is powered by the Samsung Exynos 2400e chip. Although the price hasn’t been revealed yet, Samsung has confirmed that it will be available starting October 3 in Blue, Graphite, Gray, Mint, and Yellow colors.

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Samsung has introduced the Galaxy Tab S10 series, claiming it to be the company’s first line of Android tablets specifically designed for artificial intelligence. The series features two models: the Galaxy Tab S10 Ultra with a 14.6-inch display and the Galaxy Tab S10+ with a 12.4-inch Dynamic AMOLED 2X display. Both models are equipped with MediaTek Dimensity 9300+ processors and include an S Pen.

Apple has announced that it will unveil its festive offers on October 3. In a “save the date” message, the company mentioned, “Our festive offer lights up on 3 October,” but it has not yet revealed any details about the specific offers.

Samsung has begun pre-bookings for the Galaxy S24 FE (Fan Edition) smartphone. The newly launched device features the Samsung Exynos 2400e chip and includes several improvements, such as a larger display and a high-capacity battery. It will be available for purchase starting October 3.

Samsung has begun accepting pre-orders for the Galaxy Tab S10 series in India, its latest line of Android tablets equipped for artificial intelligence. The series includes two models: the Galaxy Tab S10 Ultra with a 14.6-inch display and the Galaxy Tab S10+ with a 12.4-inch display. Both models are powered by the MediaTek Dimensity 9300+ system-on-chip, offering substantial performance enhancements overall.

Chinese smartphone manufacturer Xiaomi has broadened its flagship number series with the introduction of the Xiaomi 14T. This lineup includes the Xiaomi 14T and Xiaomi 14T Pro. Like the Xiaomi 14 series, the 14T series features an imaging system co-developed with Leica. Notably, the Xiaomi 14T series is the company’s first to integrate artificial intelligence capabilities, utilizing on-device processing powered by the Google Gemini Nano model and a gesture-driven Circle to Search feature.

China’s Xiaomi has broadened the availability of its MIX Flip, which debuted in its home country in July. This is Xiaomi’s first clamshell foldable smartphone, featuring a 6.86-inch main display and a 4-inch cover display. It is now available for purchase in Europe, although a launch date for India has not yet been announced. The smartphone comes in Black and Purple color options. Additionally, Xiaomi is offering features like Advanced AI, Google’s Gemini Nano, and Circle to Search with the device.

At the I/O 2024 developer conference on May 14, Google revealed a variety of new features. Now, the tech giant has started to roll out one of those features: contextual Smart Replies for Gmail on both Android and iOS.

Chinese smartphone manufacturer Xiaomi has introduced the Redmi Note 14 series in its home market. This lineup includes the Redmi Note 14 Pro and Redmi Note 14 Pro+. The company highlights the durability of both models, which feature Corning Gorilla Glass protection on the rear and front. Additionally, the smartphones come equipped with under-display optical fingerprint sensors.

Meta-owned WhatsApp introduced filters and augmented reality (AR) effects for video calls in April this year. Now, the app is expanding these filters to its built-in camera, enabling users to apply them to photos and videos captured within the app.

The Google Pixel Watch 3 serves as an excellent everyday companion, as long as you’re comfortable with its average battery life.

Prime Minister Narendra Modi virtually inaugurated three Param Rudra Supercomputing Systems and a High-Performance Computing (HPC) system for weather and climate research on Thursday.

It also showcased the tech industry’s commitment to speeding up the advancement of a technology that it believes could be as revolutionary as the Industrial Revolution.

First Published: Sep 27 2024 | 8:03 PM IST

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EU hits Meta with $102 mn privacy fine over 2019 password security lapse

by Hansraj Agrawal | Sep 27, 2024 | Technology

2 min read Last Updated : Sep 27 2024 | 7:03 PM IST

Meta was punished Friday with a fine worth more than USD 100 million from the social media giant’s European Union privacy regulator over a security lapse involving passwords for Facebook users.

The Irish Data Protection Commission said it slapped the US tech company with the 91 million euro (USD 101.6 million) penalty following an investigation.

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The watchdog started investigating in 2019 after it was notified by Meta that some passwords had been inadvertently stored internally in plain text, which means they weren’t encrypted and it was possible for employees to search for them.

Deputy Commissioner Graham Doyle said it’s widely accepted that user passwords should not be stored in plain text, “considering the risks of abuse.

Meta said a security review found that a subset of Facebook users’ passwords were temporarily logged in a readable format.

We took immediate action to fix this error, and there is no evidence that these passwords were abused or accessed improperly, the company said in a statement. “We proactively flagged this issue to our lead regulator, the Irish Data Protection Commission, and have engaged constructively with them throughout this inquiry.

It’s the latest in a series of hefty fines for Meta and its social media platforms from the Dublin-based watchdog, which is the company’s lead regulator under the 27-nation EU’s stringent data privacy rulebook. They include a 405 million euro fine for Instagram over mishandling teen data, a 5.5 million euro penalty involving WhatsApp and a 1.2 billion euro fine for Meta over transatlantic data transfers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 27 2024 | 7:02 PM IST

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Samsung kicks off Galaxy S24 FE pre-booking in India: Check pricing, offers

by Hansraj Agrawal | Sep 27, 2024 | Technology

2 min read Last Updated : Sep 27 2024 | 4:47 PM IST

Samsung has started taking pre-bookings for the Galaxy S24 FE (Fan Edition) smartphone. The recently launched Galaxy S24 FE is powered by the Samsung Exynos 2400e chip and introduces various enhancements, including a large display and a high-capacity battery. The smartphone will be available starting October 3.

Samsung Galaxy S24 FE: Price and Variants

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8GB RAM + 128GB storage: Rs 59,999

8GB RAM + 256GB storage: Rs 65,999

Colours: Blue, Graphite, and Mint

Samsung Galaxy S24 FE: Pre-booking Details

Customers can pre-book the Samsung Galaxy S24 FE on Samsung’s official website and at select retail stores. Samsung stated that customers who pre-book the 8GB RAM + 256GB storage variant of the Galaxy S24 FE will be able to purchase it for Rs 59,999, reduced from the original price of Rs 65,999. Additionally, customers can avail themselves of the Samsung Care+ package at a discounted price of Rs 999.

There are also options for a no-interest equated monthly instalment (no-cost EMI) plan of up to 12 months.

Samsung Galaxy S24 FE: Specifications

The Samsung Galaxy S24 FE features a 6.7-inch Dynamic AMOLED 2X display with FHD+ resolution and a 120Hz refresh rate. For imaging, the smartphone sports a 50MP primary camera with optical image stabilisation (OIS), accompanied by a 12MP ultra-wide camera and an 8MP telephoto camera.

Powering the Galaxy AI experience on the smartphone is the Exynos 2400e chip, which is part of the same series of chips that powers the Galaxy S24 flagship smartphone. The AI-powered features include Google’s Circle to Search, Live Translate for translation during phone calls, Interpreter for real-time translation during in-person conversations, and writing assistance with Composer and Note Assist. Additionally, Samsung offers several Galaxy AI tools for image editing, such as generative editing for removing or rearranging elements in an image, Portrait Studio for thematic editing, and Instant Slow-mo for videos.

Full Specifications:

Display: 6.7-inch FHD+, Dynamic AMOLED 2X, 120Hz refresh rate, Vision Booster technology

Processor: Exynos 2400e

RAM: 8GB

Storage: 128GB / 256GB / 512GB

Rear Camera: 50MP primary (with OIS) + 12MP ultra-wide + 8MP telephoto

Front Camera: 10MP

Battery: 4,700mAh

Charging: 25W wired, wireless charging support

Protection: IP68

First Published: Sep 27 2024 | 4:47 PM IST

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