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πŸ’΅ Microsoft may invest $10 billion in OpenAI

To compete with Google

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Hey Waivly Crew! 🌊 Microsoft is in talks to invest a further $10 billion into OpenAI. Consola.finance has launched an automated finance and accounting platform for Web3 firms.

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Want more from us at Waivly? Join Waivly+, the premium Waivly membership that gives you exclusive Web3, NFT, and crypto content, insights, news, resources, and so much more, all blended together into one super low-cost and quick to join membership πŸŽ‰ Click here to get onboard and to become a Waivly+ Crew member! Enjoy a huge 75% off saving on your membership by joining today.

Microsoft in talks to invest $10 billion in ChatGPT creator OpenAI

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Microsoft plans to invest $10 billion in OpenAI, the creator of viral artificial intelligence bot ChatGPT, according to a report from Semafor.

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The deal is part of a funding round with other investors involved that would value OpenAI at $29 billion. It’s unclear whether this has been finalized, but term sheets sent to prospective investors indicated the plan was to close the deal by the end of 2022.

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Microsoft will reportedly get a 75% share of OpenAI’s profits until it recoups its investment. After that, Microsoft would have a 49% stake in OpenAI, with other investors taking another 49% and OpenAI's non-profit parent getting 2%.

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The Wall Street Journal reported in October that Microsoft, which had invested $1 billion in cash and cloud credits into OpenAI back in 2019, was in discussions to increase its stake.

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Before the end of March, the software giant is also planning to launch aΒ version of its search engine Bing that uses the artificial intelligence behind ChatGPT to answer search queries.

The Waves

πŸ’° Elon Musk sets Guinness World Record for losing most money ever

πŸ˜… JP Morgan CEO Jamie Dixon is not a Bitcoin fan

πŸ“‰ BONK is down 69% since peak

🚨 Crypto exchange Zipmex probed by Thai SEC

Web3 Special

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Consola.finance has announced the launch of its end-to-end finance and accounting platform designed for Web3 companies.

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Consola says its product β€” now live on Ethereum, Polygon, and Solana β€” offers a range of bookkeeping and accounting features, including transaction and price fetching, fiat valuation, auto-categorization, cost basis calculation, profit and loss calculation, dashboarding, and reporting.

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β€œWe have built a completely new on-chain data infrastructure that provides the highest quality of blockchain data available, and have partnered with leading node providers and auditing firms to ensure the accuracy and reliability of our data,” the company added.

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In September, the Vienna-based startup raised €1.1 million in a pre-seed funding round led by Speedinvest, Blockchain Founders Fund, and Diamond Hands Ventures.

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Following successful editions in Dubai, the United Arab Emirates, and Lisbon, WOW Summit is set to be the first large-scale Web3 event in Hong Kong.

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The conference will host over 5,000 attendees from March 29th to 30th at one of the two major convention and exhibition facilities in Hong Kong, AsiaWorld-Expo.

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According to its website, WOW Hong is supported by government institutions - Invest Hong Kong and Hong Kong Tourism Board - and will be co-hosted by leading blockchain ecosystem players - Uvecon.VC, and MaGESpire.

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The top industry leaders, developers, startups, venture capital firms, funds, corporations, and creators will gather at WOW HK to discuss the hottest topics in the space, network, and harness new business opportunities.

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β€œHong Kong has reopened its borders and introduced a new vision for Web3 and virtual assets, welcoming tech companies from all over the world. I’m excited to bring WOW Summit here to boost the transition to Web3. WOW things will happen here!,” said WOW Summit CEO Ivan Ivanov.

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