Sponsored by VERSES AI

Sam Altman needs trillions to develop AI

OpenAI CEO Sam Altman wants to transform the global semiconductor industry. The catch: he needs $7 trillion. That’s how much he believes it costs to increase the world’s chip production capabilities and enhance the infrastructure for powering AI technologies.

Altman’s venture seeks to address the acute shortage of advanced AI chips, essential for developing large language models like ChatGPT. These graphics processing units (GPUs) are critical for OpenAI’s pursuit of artificial general intelligence, systems envisioned to surpass human intellect. 

You can read more on the matter here.

What’s going on?

• Google Puts Bard To Bed, Launches AI Subscription Tier (theDeepDive)

• US to invest more than $5 billion in semiconductor R&D (Reuters)

• Canada Sees Employment Rate Fall For Fourth Consecutive Month (theDeepDive)

• Venezuela Deploys Military to Oil-Rich Guyana’s Border (WSJ)

• Honda Talks Test Canada’s Desire to Move Away From Blockbuster EV Subsidies (Bloomberg)

• Kansas lawmakers are allowing a 93% pay raise for themselves to take effect next year (APN)

• Russian Soldiers Are Also Using Starlink In The Battlefield, Has Elon Musk Switched Sides? (theDeepDive)

• Canada Job Gains Beat Forecast, Wage Growth Cools to 5.3% (BNN)

• BCE Inc. Announces Major Workforce Reductions, Nearly 30% Cut Over Three Years (theDeepDive)

• Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year (CNBC)

• Biden’s Attempt to Address Memory Issue Backfires With New Gaffe (Bloomberg)

What’s the latest?

• Canadian Labor: Canada's unemployment rate decreased to 5.7% in January, the first decline since December 2022, with the economy adding 37,000 jobs, mainly in part-time work. This development suggests the Bank of Canada may delay cutting interest rates, with expectations of a rate cut now pushed to June.

• Bitcoin Surge: Bitcoin's price surged 5% to reach one-month highs, influenced by anticipation of the upcoming halving event in April and a slowdown in outflows from exchange-traded funds (ETFs). The cryptocurrency's value climbed to $47,705, bolstered by the regulatory approval of the first U.S. listed spot bitcoin exchange-traded products.

• 30 Year Mortgages?: The Canadian Home Builders' Association is advocating for the introduction of a 30-year amortization period for insured mortgages on new homes to enhance affordability and encourage construction. This recommendation, aimed at attracting more first-time homebuyers and stimulating development, is part of a broader report with suggestions to support the housing industry.

• CATL Targeted: Under congressional pressure, Duke Energy plans to decommission CATL-produced energy-storage batteries at the Marine Corps base Camp Lejeune and will stop using CATL products in its civilian projects by 2027. This decision reflects growing concerns over cybersecurity and the strategic competition between the U.S. and China. Duke Energy aims to replace the CATL battery system at Camp Lejeune with products from domestic or allied nation suppliers.

• Telus Earnings: Telus Corp. reported an increase in its fourth-quarter net income to $288 million, up from $248 million in the same period a year earlier, translating to earnings of 20 cents per share compared to 17 cents per share in the fourth quarter of 2022. The company's operating revenue rose to $5.20 billion from $5.06 billion year-over-year. Adjusted earnings per share remained stable at 24 cents.

International students: The real cost

The stock market and stuff

• Mark Zuckerberg Sells $134 Million Worth of Meta Shares In One Day (theDeepDive)

• Duke Energy to remove Chinese battery giant CATL from Marine Corps Base (Reuters)

• L’Oreal shares down 7% on lower-than-expected sales, slowdown in Asia (CNBC)

• Breaking Down Cameco’s 2023 Financials In The Midst Of A Uranium Rush (theDeepDive)

• Golden Goose and Puig ready IPOs in European deal revival (Reuters)

In the juniors

• Red Light Holland To Consult PharmAla On Developing Medical Psilocybin (theDeepDive)

• Alaska Energy Metals: “Maximizing The Chance For A Great Discovery Of High Grade” – With Greg Beischer (theDeepDive)

• Canopy Growth Reports Q3 Revenues Of $78.5 Million, Loss Of $216.8 Million (theDeepDive)

FULL DISCLOSURE: VERSES Ai is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Verses Ai. The author has been compensated to cover VERSES Ai on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.