OpenAI Rejects Elon Musk's $97.4 Billion Bid, Citing Mission Incompatibility

CNBC Daily Open: Elon Musk's money is not the issue for OpenAI

OpenAI turns down Musk OpenAI has rejected Elon Musk's proposal to buy the artificial intelligence startup's nonprofit parent for $97.4 billion. OpenAI's attorney, William Savitt, wrote on Friday to Musk's lawyer Marc Toberoff that the board concluded the billionaire's "much-publicized 'bid' is in fact not a bid at all." The "proposal, even as first presented, is not in the best interest of OAI's mission and is rejected," Savitt's letter stated. TSMC and Broadcom are interested in Intel Taiwan Semiconductor Manufacturing Company and Broadcom are reviewing bids for Intel that would split the chipmaker into two, the Wall Street Journal reported on Saturday, citing sources familiar with the matter. Broadcom is interested in Intel's chip design and marketing business, while TSMC is looking at the U.S. firm's chip plants, according to the Journal. Neither company is working with each other and the talks are still in early stages. U.S. retail slump in January U.S. retail sales in January dropped 0.9% for the month, missing the Dow Jones estimate for a 0.2% decline and coming in much lower than December's upwardly revised 0.7% gain. All figures are seasonally adjusted but do not factor in inflation. With consumer spending making up about two-thirds of all economic activity in the U.S., the sales numbers indicate a potential weakening in growth for the first quarter. [PRO] Tech stocks at 'scene of the crime' Tech stocks could be in trouble as they approach levels not seen in nearly two months, according to BTIG Chief Market Technician Jonathan Krinsky. The Invesco QQQ Trust, which tracks the Nasdaq-100, is back at "scene of the crime," Krinsky said, and explains why a return to that point could herald a pullback in stocks.

CNBC Daily Open: Elon Musk's money can't buy OpenAI

Money was also flowing from Elon Musk. The "special government employee" put forth a $97 billion dollar bid for OpenAI on Feb. 10. However, it was soundly rejected by the artificial intelligence startup on Friday. OpenAI Chairman Bret Taylor said in a statement that the company "is not for sale," proving that there are some things even money cannot buy. OpenAI turns down Musk OpenAI has rejected Elon Musk's proposal to buy the artificial intelligence startup's nonprofit parent for $97.4 billion. OpenAI's attorney, William Savitt, wrote on Friday to Musk's lawyer Marc Toberoff that the board concluded the billionaire's "much-publicized 'bid' is in fact not a bid at all." The "proposal, even as first presented, is not in the best interest of OAI's mission and is rejected," Savitt's letter stated. TSMC and Broadcom are interested in Intel Taiwan Semiconductor Manufacturing Company and Broadcom are reviewing bids for Intel that would split the chipmaker into two, the Wall Street Journal reported on Saturday, citing sources familiar with the matter. Broadcom is interested in Intel's chip design and marketing business, while TSMC is looking at the U.S. firm's chip plants, according to the Journal. Neither company is working with each other and the talks are still in early stages. Mixed markets across Pacific Major U.S. benchmarks were mixed Friday. The S&P 500 was little changed and the Dow Jones Industrial Average fell 0.37%. However, the Nasdaq Composite rose 0.41%. All indexes ended the week higher. Japan's Nikkei 225 was flat on the release of gross domestic product data. Hong Kong's Hang Seng Index fell around 0.3% despite shares of Tencent advancing roughly 2.6%, hitting its highest level since July 2021 during the trading day. Japan's economy ekes out growth in 2024 Japan's economy expanded by 0.7% quarter on quarter in the three months ending December, according to preliminary government data. That's higher than the 0.3% increase expected in a Reuters poll, and surpassed the 0.4% growth in the third quarter. Exports lifted economic growth, while domestic demand contracted slightly. Full-year GDP slowed to 0.1%, falling from the 1.5% expansion in 2023. Xi speaks at entrepreneur symposium Chinese President Xi Jinping delivered a speech on Monday at a symposium attended by prominent entrepreneurs, such as Alibaba's founder Jack Ma, Huawei CEO Ren Zhengfei and Xiaomi CEO Lei Jun, according to state media Xinhua. Analysts say Xi's appearance at the symposium signals stronger state backing for private sector entrepreneurs and could mark a turning point for China's tech sector. [PRO] Funds fleeing Chinese stocks Last September, China introduced stimulus measures designed to boost the country's economy, which caused the CSI 300 to rally. A second round of initiatives, this time targeted at the stock market, was unleashed in January. So why has funds' allocation toward China and Hong Kong-listed equities fallen annually over the past five years?