OpenAI on pace to hit $1B ARR

Happy Thursday!

OpenAI is reportedly generating a whooping $80M per month in revenue, and is on track towards $1B ARR this year — showing signs that enterprises and customers are increasing use of its conversational models. The venture-backed startup was valued at $27B at its last funding round in 2022. On the opposite end of the VC spectrum, generative AI company Midjourney remains entirely bootstrapped, and is on pace to make $200M ARR this year, without taking VC dollars.

There’s buzz around Open Interpreter, that lets you run Code Interpreter locally on your computer systems (think: using chat to tell it to organize files or run code), and Falcon 180B being on Hugging Face. The open source LLM is said to best in market today, outperforming Meta’s Llama2 and OpenAI’s GPT 3.5.

✨ Inspiration

A speculative Adidas commercial by James Yeung using Runway and Midjourney’s inpainting feature https://tinyurl.com/yckfsfcc 

🔥 Latest news

• Hello, Jarvis? Open Interpreter lets LLMs run code on your computer to complete tasks. https://tinyurl.com/58jbz6hh

• Open AI passes $1B in revenue https://tinyurl.com/3f8zkurs

• Stack Overflow unveils OverflowAI, updates search and proposes a Visual studio IDE extension https://tinyurl.com/2puwanh4

• OpenAI introduces Canva plugin so users can generate banners, visuals, right from ChatGPT https://tinyurl.com/4h8t7r8c

• Zoom introduces AI Companion, a ChatGPT-like conversational interface where users can ask questions about prior meetings, interactions, and notes. https://tcrn.ch/3R9fqmF

🎓 Recent Academic Papers

• Hugging Face releases TII’s Falcon 180B on its hub: The new open-source model outperforms Meta’s Llama 2 70B and OpenAI’s GPT-3.5 on MMLU https://tinyurl.com/56tw4my5 

• Can AI truly restore facial details from low-quality images? Meet DAEFR: A dual-branch framework for enhanced quality https://bitly.ws/U7La 

🔧 Cool Tools and Experiments

• YouTube tests Playables, a new experience that adds games to the platform https://tinyurl.com/munea7ea 

• GV-backed read-it-later app Matter launches Readable Podcasts, a feature that lets users transcribe their favorite podcasts https://tcrn.ch/3Pri3Pv 

💰 Latest Startup Fundings

• Streamforge secures $1.2M seed funding for AI-driven gaming influencer marketing https://tinyurl.com/narfkpt7 

• Story Protocol closes $54M funding round led by a16z: Democratizing IP and creativity through its open-source platform https://bitly.ws/U7RF 

• UK-based holographics company Envisics closes a $100M Series C round to advance AR heads-up display tech in cars https://tcrn.ch/44EiYQU 

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