AI Gold Rush Slows, Plus Shares of AT&T Near 30-Year Lows 7/18/23

TechCheck

CNBC

Disruptors, Cnbc, Investing, Tech, Management, Business, Technology, Faang

4.5 • 66 Ratings

🗓️ 18 July 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

The AI gold rush that has seen billions of dollars poured into startups might already be slowing down. Two AI chatbots are laying off workers, as the field for startups grows crowded, businesses begin to demonstrate they don’t all survive as standalone products, and investors grow impatient for impact on revenue. Plus, shares of AT&T are near their lowest in 30 years as analysts try to gauge potential financial liability following a report on toxic lead cables. It comes on top of repeated downward revisions for its wireless and fiber growth, and a slowdown in subscriber growth.

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0:00.0	That is the
0:02.0	That AI Gold Rush that has seen billions of dollars poured into startups
0:06.0	might already be slowing down as some of those businesses begin to cut workers
0:10.0	That is the focus of today's Tech Check with D.
0:13.0	Morning, D.
0:14.0	Hey, good morning guys.
0:15.0	Well, generative AI has of course been this kind of untouchable space in tech and markets this year.
0:19.0	Seven mega caps leading the broader markets higher,
0:22.0	AI adjacent in different ways.
0:24.0	I know we're going to get to Microsoft in a moment in that pop we're seeing.
0:26.0	But AI startups as well, attracting billions of dollars in private funding,
0:29.0	despite a VC winter.
0:31.0	There are some signs, though, that some of the air could be coming out over the
0:34.0	last week or so two chatbot startups laying off employees. One of them was Jasper, a so-called AI platform that helps
0:41.0	users create content with generative AI software, blogs and social media
0:45.0	posts and such. It raised a $125 million series a round at a 1.5 billion dollar valuation
0:51.8	last year.
0:52.6	On LinkedIn, it's CEO now writing that the layoffs are part of efforts to, quote,
0:56.4	sharpen our focus and align resources to become the best possible AI co-pilot for marketing teams.
1:03.4	We should say best possible in a crowded field.
1:06.4	Now Jasper is one of a handful of startups that essentially uses AI to write content for
1:11.4	marketing teams. There's copy. AI, WordTune, simplified
	...

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