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WeWork bevisar att (risk)kapitalism fungerar

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wework bevisar att riskkapitalism fungerar

What’s the lesson of WeWork?

Here’s a startup that has been a darling of Silicon Valley investors for years, whose offices and CEO have been stunningly painted across the covers of major trade magazines and strategically deployed across major tech conference stages, including our very own. At its peak, the company commanded a valuation of tens of billions of dollars and was supposed to be on course for the stratosphere, joining companies like Google and Facebook.

And then it all came crashing down, in literally a handful of days.

It’s easy to point to WeWork’s potentially 75%+ valuation drop, its looming layoffs, the firing of its CEO, and the seeming compression of a whole heck of a lot of investors and employee equity as a sordid disaster tale of capitalism, and venture capitalism in particular. VCs — none more so than Masayoshi Son at SoftBank — constantly overbought, oversold, and overcommitted to a company that had pretty much no business fundamentals whatsoever.

So what’s the lesson of WeWork for venture capital? In a word, nothing.

Venture capitalism is about investing in bold bets with huge, outsized returns. It’s meant to be risk-adjusted, both at the valuation scale but also at a portfolio scale. VCs should be buying equity at the right price to take into account every individual startup’s risk profile while also constructing a portfolio that selects each of those risks for the best overall return.

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For WeWork, much of those dollars were driven by SoftBank’s Vision Fund, which seemed to double down again and again on the company, even at loggerheads with its own limited partners. The Vision Fund made a bet, seemingly with reasonable access to internal information, and that bet turned out to be wrong.

But a bet it was.

Many bets in venture turn out to be duds. Sometimes you lose some of your money. Sometimes you lose all of it.

And then sometimes you make it in spades. SoftBank’s Son once invested $20 million into a fledging Chinese ecommerce company called Alibaba. That stake is worth around $100 billion today, excluding an $11 billion stock sale a few years ago that was recognized on SoftBank’s financials earlier this year.

This is the math that Son sees in venture: 111,000,000,000 / 20,000,000 = 5,550x. There is no other asset class on the planet that will turn a dollar into thousands of dollars like venture capital.

WeWork’s woes don’t change this base formula. Nor does the continual drop of Wag, which received $300 million from the Vision Fund and looks to be going through tough challenges.

In any portfolio, there are going to be losses. The infamous J-curve in venture, where losses materialize far faster than gains in the early years of a fund, is alive and well — even at the growth stage.

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And WeWork isn’t even dead yet — it still has cash, and it will rebuild. Will it be the largest startup turnaround in history? Possibly. Could it go straight to bankruptcy? Sure. Will the Vision Fund make money? Well, it really depends on that preference stack and a thousand other variables to be determined in the coming weeks, months, and years.

It’s all so early. My guess is that we still have about five years to go before we really start to get sufficient information to evaluate the Vision Fund’s ambitions.

Along this line though, I don’t think I just need to defend venture capitalism though, but capitalism itself.

Matt Stoller, who has made it his mission to target big companies including Big Tech, summarizes the WeWork situation as emblematic of “counterfeit capitalism,” a system of founding story myths and fake growth charts underwritten by venture capitalists trying to build long-term, sustainable monopolistic companies using predatory pricing to kill off competitors.

Yet, that narrative totally misses the point of what capital does, and what investment means. Very, very few companies (venture-backed or not) are profitable from day one. Opening a restaurant requires buying equipment and signing a lease well before any customer walks in through the front door. Ditto for software startups, which need to actually build software before a user will pay for it. Capital investment is the bridge between plans to execution and launch.

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The question is how long should a company be unprofitable to goad sales and drive revenues? A decade or two ago, it used to be that companies needed to be profitable to IPO. But why? Why precisely then should a company slow down its investment and clean up its cash flows? Why not earlier? Why not later?

In fact, something great has happened in the last few years in the credit markets: at least some investors are increasingly positioning their portfolios for growth rather than cash flows. They are willing to wait for profits, sometimes for years.

Or, in other words, more and more investors are thinking long-term about the ultimate potential worth of a business.

WeWork could be profitable today. It could shutter its most recently opened locations, condense down to a handful of locations in major cities, and roll around in its positive cash flow. Of course the Vision Fund understands this. But why lock in small gains today when there is so much more potential lurking out there?

We should be cheering this behavior, and not castigating it, even if WeWork itself might turn out to be a dud. The lesson of this whole saga isn’t that capitalism isn’t performing. In fact, it’s precisely the opposite: (venture) capitalism is performing better than ever to invest in future, long-range growth.

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Vi frågade ChatGPT vad som kommer att bli Googles (GOOG) aktiekurs för 2030

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Vi frågade ChatGPT vad som kommer att bli Googles (GOOG) aktiekurs för 2030

Investors who have invested in Alphabet Inc. (NASDAQ: GOOG) stock have reaped significant benefits from the company’s robust financial performance over the last five years. Google’s dominance in the online advertising market has been a key driver of the company’s consistent revenue growth and impressive profit margins.

In addition, Google has expanded its operations into related fields such as cloud computing and artificial intelligence. These areas show great promise as future growth drivers, making them increasingly attractive to investors. Notably, Alphabet’s stock price has been rising due to investor interest in the company’s recent initiatives in the fast-developing field of artificial intelligence (AI), adding generative AI features to Gmail and Google Docs.

However, when it comes to predicting the future pricing of a corporation like Google, there are many factors to consider. With this in mind, Finbold turned to the artificial intelligence tool ChatGPT to suggest a likely pricing range for GOOG stock by 2030. Although the tool was unable to give a definitive price range, it did note the following:

“Over the long term, Google has a track record of strong financial performance and has shown an ability to adapt to changing market conditions. As such, it’s reasonable to expect that Google’s stock price may continue to appreciate over time.”

GOOG stock price prediction

While attempting to estimate the price range of future transactions, it is essential to consider a variety of measures in addition to the AI chat tool, which includes deep learning algorithms and stock market experts.

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Finbold collected forecasts provided by CoinPriceForecast, a finance prediction tool that utilizes machine self-learning technology, to anticipate Google stock price by the end of 2030 to compare with ChatGPT’s projection.

According to the most recent long-term estimate, which Finbold obtained on March 20, the price of Google will rise beyond $200 in 2030 and touch $247 by the end of the year, which would indicate a 141% gain from today to the end of the year.

2030 GOOG price prediction: Source: CoinPriceForecast

Google has been assigned a recommendation of ‘strong buy’ by the majority of analysts working on Wall Street for a more near-term time frame. Significantly, 36 analysts of the 48 have recommended a “strong buy,” while seven people have advocated a “buy.” The remaining five analysts had given a ‘hold’ rating.

1679313229 737 Vi frågade ChatGPT vad som blir Google GOOG aktiekurs
Wall Street GOOG 12-month price prediction: Source: TradingView

The average price projection for Alphabet stock over the last three months has been $125.32; this objective represents a 22.31% upside from its current price. It’s interesting to note that the maximum price forecast for the next year is $160, representing a gain of 56.16% from the stock’s current price of $102.46.

While the outlook for Google stock may be positive, it’s important to keep in mind that some potential challenges and risks could impact its performance, including competition from ChatGPT itself, which could affect Google’s price.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Den här Apple Watch-appen ger ChatGPT till din handled – det är därför du vill ha det

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Apple Watch Series 8

ChatGPT feels like it is everywhere at the moment; the AI-powered tool is rapidly starting to feel like internet connected home devices where you are left wondering if your flower pot really needed Bluetooth. However, after hearing about a new Apple Watch app that brings ChatGPT to your favorite wrist computer, I’m actually convinced this one is worth checking out.

The new app is called watchGPT and as I tipped off already, it gives you access to ChatGPT from your Apple Watch. Now the $10,000 question (or more accurately the $3.99 question, as that is the one-time cost of the app) is why having ChatGPT on your wrist is remotely necessary, so let’s dive into what exactly the app can do.

What can watchGPT do?

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Discord går all in med AI: chatbots, automods, whiteboards och mer

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Discord går all in med AI: chatbots, automods, whiteboards och mer

AI är framtiden, åtminstone över på Discord.

Meddelandeapplikationen som ursprungligen skapades för spelare har blivit Gen Z:s favoritdestination för onlinehangout, och nu rullar den ut ett antal funktioner som drivs av artificiell intelligens.

I en meddelande(Öppnas i en ny flik) på torsdagen delade Discord vad som kommer till plattformen snart: en AI-chatbot, en automatiserad AI-moderator, en konversationssammanfattning, en avatarremixer och en whiteboard. Vissa av dessa funktioner börjar rullas ut idag, den 9 mars. Andra kommer att lanseras under de kommande veckorna och månaderna.

Medan AI har hoppat in i mainstream tack vare populariteten för OpenAI:s ChatGPT-chatbot, har Discord haft en aktiv AI-community ett bra tag nu. Enligt företaget har tredjeparts AI-appar som redan finns på plattformen redan mer än 30 miljoner månatliga användare. Nästan 3 miljoner servrar på Discord har något AI-element integrerat i communityn.

Faktum är att den största communityn på Discord är Midjourney, ett text-till-bild AI-projekt som låter användare skapa konst direkt från servern. Discord säger att Midjourneys server har mer än 13 miljoner medlemmar.

Så, med AI som redan är en så integrerad del av Discord, verkade det bara som en tidsfråga innan Discord själv började ta med AI direkt till plattformen.

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bilder

AutoMod AI
Kredit: Discord

Den första funktionen som kommer till vissa Discord-servrar redan idag är AutoMod AI. Discord har redan en AutoMod-funktion, som i princip automatiskt modererar rum för administratörer baserat på serverns regler. Discord har nu integrerat OpenAI-driven AI i AutoMod, så att den kan söka på servern och kontakta moderatorer när den tror att reglerna eventuellt bryts. Enligt Discord kan AutoMod AI också överväga konversationskontexten så att användare till exempel inte blir straffade för inlägg som tolkas fel.

Clyde är en bot som Discord-användare kanske redan är bekanta med, och från och med nästa vecka får Clyde en AI-uppgradering. För närvarande tillhandahåller Clyde-boten information, såsom serverfelmeddelanden, och svarar även på timeout- eller förbudsbegäranden från användare och mods. Det är dock i stort sett allt Clyde kunde göra. Tills nu.

Clyde chatbot

clyde
Kredit: Discord

Clyde kommer nu att kunna svara på alla möjliga frågor från användare, ungefär som OpenAI:s ChatGPT chatbot. Användare måste helt enkelt skriva "@Clyde" följt av deras prompt. Clyde kommer att kunna hämta information och även hjälpa till att hitta specifika emojis eller GIFs baserat på en användares beskrivning.

En annan AI-funktion som kommer till Discord nästa vecka är Conversation Summaries. Återigen, namnet är ganska beskrivande för vad det gör. Med användare över hela världen rör sig många Discord-kanaler alltid oavsett tid på dygnet. Konversationssammanfattningar gör det möjligt för användare att komma ikapp vad de missat på en Discover Server. Den AI-drivna funktionen kommer att "bunta ihop" chattar i ämnen så att användare enkelt kan läsa om vad de tycker är mest intressant.

Konversationssammanfattningar

Konversationssammanfattningar
Kredit: Discord

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Från och med idag kan utvecklare börja spela med Avatar Remix, en Discord-app med öppen källkod som integrerar AI-konst i meddelandeappen. Avatar Remix låter användare ta en medanvändares avatar och ändra den "med hjälp av kraften hos generativa bildmodeller." Vad betyder det? I demon som Discord visade Mashable kunde en användare lägga till en festhatt eller en mustasch till en väns avatar genom att helt enkelt nämna deras användarnamn och beskriva vilka ändringar de skulle vilja göra.

Avatar remix

Avatar remix
Kredit: Discord

Företaget lanserar också en "AI-inkubator", som erbjuder stöd för utvecklare som skapar AI-drivna appar på Discord.

Slutligen avslöjade Discord en funktion som kommer snart som länge har efterfrågats av Discord-communityt: en whiteboard. Men, naturligtvis, detta kommer inte att vara vilken funktion som helst för kollaborativ whiteboard. Det kommer att vara AI-drivet, vilket gör det möjligt för användare att samarbeta för att generera AI-konst och mer.

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