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Wednesday’s top story: After filing a lawsuit against OpenAI, in February, for breach of contract, Elon Musk has suddenly decided to drop the case, with no warning.
🌤️ This Morning on AI Tool Report
📜 Musk drops OpenAI lawsuit
🚀 Apple shares hit record
🌱 Google launches startup program
💰 Mistral’s $640M funding triumph
Read Time: 5 minutes
STOCK MARKETS
LAWSUIT
Our Report: Elon Musk has dismissed his lawsuit against OpenAI (and its co-founders, Sam Altman and Greg Brockman) for breach of contract.
🔑 Key Points:
Musk—former co-founder of OpenAI—filed the lawsuit in February, accusing OpenAI of breaching its “founding agreement” to develop AI technology to benefit humanity.
He claimed that OpenAI became a for-profit company after its $13B partnership with Microsoft, and didn’t share its technology with the public, constituting a breach of that agreement.
OpenAI asked for a case dismissal after revealing communications showing Musk’s support for becoming a for-profit, and stating there was no contractual “founding agreement.”
🤔 Why you should care: Although Musk hasn’t confirmed the reason for the abrupt lawsuit withdrawal, the dismissal comes one day before a scheduled court hearing—where a judge would review OpenAI’s case dismissal appeal—and one day after he threatened to ban all Apple devices from his business, following the partnership announcement between Apple and OpenAI.
Why do you think Musk dropped the case?
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STOCK MARKET
Our Report: Apple’s shares closed at a record high—for the first time in 2024—on Tuesday, following its keynote announcement at its Worldwide Developer Conference (WWDC).
🔑 Key Points:
After initially falling on Monday, Apple’s shares surged by 7% (taking it to $207.15 per share) after investors fully digested its highly-anticipated push into AI with Apple Intelligence.
The partnership with OpenAI (and integration with ChatGPT), an upgraded Siri, AI-powered writing tools, and customizable emojis also likely contributed to the surge.
Analysts believe Apple’s new AI features differentiate the company and will push users to upgrade their devices, helping Apple achieve growth and “sustained outperformance.”
🤔 Why you should care: This boost places Apple as the second-most-valuable company in the world (behind Microsoft) with a market capitalization of more than $3.1 trillion.
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STARTUPS
🌱 Google launches startup program
Our Report: Google is launching two “Google for Startups” accelerator programs across Europe and Israel, for startups working on climate change and AI projects.
🔑 Key Points:
The climate change program is for Israeli or European Seed to Series A-stage startups that are developing solutions to prevent climate change, using Cloud, AI, or ML technology.
The AI program is for Israeli or European Seed to Series A-stage startups that are aiming to solve “real-world problems across all industries” with AI-powered solutions.
The deadline to apply for either program is July 21st, both will run for 10 weeks, starting in September, and will give hands-on workshops, 121 mentoring, and tailored technical support.
🤔 Why you should care: Google is running these accelerator programs because they recognize that startups are “shaping the future of technology” but often “struggle to access the support, expertise, and tools they need to help them scale”, so they’re committed to supporting them by “providing tools, mentors and a network.”
FUNDING
💰 Mistral’s $640M funding triumph
Our Report: French startup Mistral—which has developed a Large Language Model (LLM) that rivals OpenAI’s GPT, Anthropics Claude, Meta’s Llama, and Google’s Gemini—has successfully closed its highly anticipated Series B funding round, raising $640M.
🔑 Key Points:
Following this funding round—led by General Catalyst, and existing investors, including Lightspeed, a16z, and NVIDIA—Mistral is valued at $6B, tripling its value since December.
It comes after it launched its latest LLM (Mistral Large) and chatbot (Le Chat) in February and, over the past few months, has announced partnerships with tech giants, including IBM.
Mistral co-founder and CEO—Arthur Mensch—believes this funding puts them in a “unique position to push the frontier of AI and bring state-of-the-art technology to everyone’s hands.”
🤔 Why you should care: Microsoft—which has invested over $16M in the start-up, is a minor shareholder, and has a multi-year partnership to bring Mistal models to Microsoft Azure—didn’t participate in the funding round, but Mistral plans to use the funding to build more compute capacity, increase its team size, and scale commercialization efforts internationally.
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