TheStreet’s Conway Gittens brings you the biggest news of the day, including Elon Musk’s big for OpenAI.
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00:00Two bitter rivals are fighting again over the soul and the future of artificial intelligence.
00:05Elon Musk, the world's richest man, has gathered together a group of his friends to
00:09make an unsolicited offer to buy OpenAI, the parent of ChatGPT.
00:15The price tag, $97.4 billion.
00:20The offer received a quick rejection and a ding from OpenAI's CEO.
00:24Sam Altman went directly to Musk's own social media company X and posted this response.
00:31No thank you, but we will buy Twitter for $9.74 billion if you want.
00:36Musk paid $44 billion for Twitter, now X, back in 2022, but the value has plummeted
00:42since he took over.
00:44There is no love lost between these two Silicon Valley entrepreneurs.
00:48Musk and Altman were co-founders of OpenAI in 2015, but the two could not get along.
00:54Musk left, sued, and started a competitor called XAI.
00:59Now comes this.
01:01There is speculation Musk is trying to derail the final stages of OpenAI's latest round
01:06of funding, a $40 billion dash for cash that would nearly double OpenAI's valuation to
01:12$300 billion in just four months.
01:15The timing further complicates things for Altman, who is in the process of transforming
01:20OpenAI from a non-profit company to a for-profit company.
01:25This unasked-for intrusion from Musk now ups the stakes even more for the most recognizable
01:32name in AI.
01:34Turning to markets, stocks are under pressure Tuesday as Federal Reserve Chairman Jerome
01:37Powell testifies before Congress.
01:39He told senators the Fed does not have to be in a rush to lower interest rates given
01:45the health of the economy.
01:47Stocks are also down as President Trump slaps new tariffs on steel and aluminum.
01:52Other countries have vowed to retaliate with their own tariffs on American goods.
01:58That'll do it for your daily briefing from New York City.
02:00I'm Conway Gittens with The Street.