OpenAI valued at $90 Billion

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. Hedge funds are hitting the brakes; according to Goldman Sachs, the world of high-finance is treading carefully, with hedge funds slashing their risk levels by a notable 4.2% last week—the steepest drop since the tumultuous days of the pandemic. Both JPMorgan and Morgan Stanley have observed a retreat, the former spotting a trend of funds hedging their bets against stocks while the latter's clientele is similarly drawing back. This change in sentiment isn't without its rewards: with the S&P 500's valuation soaring 27% above its norm in July, the stocks with the most naysayers have taken a 10% tumble this month alone, lining the pockets of those bearish investors.

2. OpenAI, the genius behind ChatGPT, is eyeing a whopping $90 billion valuation in a pivotal share sale, tripling its value in mere months. Under CEO Sam Altman's direction, the company's success since ChatGPT's debut has positioned it to potentially rake in $1 billion in 2023. While OpenAI seeks to sell shares predominantly to Silicon Valley's elite, competition is intensifying with Google's Gemini and Amazon's significant investment in Anthropic. As the AI landscape evolves, OpenAI is set to remain a key player amidst emerging rivals.

3. Ensure compliance for your startup. Do you have questions about SOC 2, ISO 27001, HIPAA, or other security and privacy frameworks? Wondering if, when, and how to achieve compliance (as painlessly as possible)? Join Vanta's office hours on Oct 10 to learn about compliance for growing startups. Register to join.*

4. Headlines

   1. The FTC is suing Amazon for antitrust violations.

   2. McKinsey has agreed to a $230 settlement to satisfy its liabilities in the opioid lawsuit.

   _{* This is sponsored content.}