Reddit Seeking Up To $6.5 Billion Valuation in IPO

Reddit Inc. is reportedly aiming for a valuation up to $6.5 billion in its IPO, with shares priced between $31 to $34. The social media platform intends to begin marketing shares on March 11, including a portion for its users and moderators. The offering's specifics may vary, with Morgan Stanley and Goldman Sachs among the IPO's leaders. This marks a significant move for Reddit, amidst a recovering IPO market, contrasting with its previous $10 billion valuation in 2021.

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• CNBC

• Bloomberg

Elon Sues OpenAI and Sam Altman

Elon Musk has initiated a lawsuit against OpenAI, its CEO Sam Altman, and others, claiming they have diverged from the organization's original mission of developing artificial intelligence for the broad benefit of humanity. The suit accuses OpenAI of becoming a "closed-source de facto subsidiary" of Microsoft, prioritizing profit over humanity's benefit. This legal battle features two significant figures in tech, highlighting the intense focus on AI's future. Musk's action seeks to redirect OpenAI back to its founding principles.

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• Bloomberg

• CNBC

OPEC+ Members Extend Oil Production Cuts Until At Least June

OPEC+ members, spearheaded by Saudi Arabia and Russia, have agreed to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to support the market amidst global growth concerns and increased output from non-member countries. Saudi Arabia will maintain its 1 million barrel per day cut, while Russia will reduce its production and exports by an additional 471,000 barrels per day. This decision aims to stabilize oil prices, which have been supported by geopolitical tensions but pressured by economic growth concerns.

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• CNN

• Reuters

Hollywood Teamsters and IATSE Say They Will Strike If They Need To

Hollywood's below-the-line unions, including IATSE and the Hollywood Basic Crafts group, rallied on Sunday ahead of contract negotiations with the Alliance of Motion Picture and Television Producers, threatening a historic strike. The unions demand better health and pension benefits, rest, safety, and compensation, emphasizing solidarity across the industry. Last year's strikes by writers and actors significantly impacted the entertainment industry, and the unions are prepared to strike again if necessary to secure fair terms.

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• The Hollywood Reporter

• Deadline

Nvidia CEO Says AGI Could Pass Most Human Tests In Five Years

Nvidia CEO Jensen Huang predicts artificial general intelligence (AGI) could arrive within five years, depending on the definition of AGI as the ability to pass a comprehensive range of human tests. Speaking at a Stanford University forum, Huang highlighted the rapid advancements in AI, suggesting that AI systems could soon excel in all tests, including specialized medical exams. However, he noted that achieving AGI might be more complex due to varying definitions and the intricacies of human cognition. Additionally, Huang discussed the growing need for more chip factories to support AI expansion, balanced by improvements in chip efficiency and AI processing capabilities.

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• Reuters

• Yahoo! Finance

• Nvidia Becomes Tesla’s Successor as Market Flips From EV to AI (Bloomberg)

• Japan’s Nikkei smashes 40,000 point barrier, Asia markets poised to track Wall Street gains (CNBC)

• Copilot for OneDrive will fetch your files and summarize them (The Verge)

• Fidelity Cut the Value of Stake in Musk’s X by 10% in January (Bloomberg)

• Global CO2 Emissions Hit Record High in 2023 (The Wall street Journal)

Here’s how the markets closed on Friday:

• Dow Jones: 39,087.38 +90.99 (+0.23%)

• S&P 500: 5,137.08 +40.81 (+0.80%)

• Nasdaq: 16,274.94 +183.02 (+1.14%)

• Bitcoin (BTC): $63,705.99 (at the time of writing)

• Ethereum (ETH): $3,477.61 (at the time of writing)

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