Forbes Daily: Nvidia’s Stock Rally Fuels The S&P 500 To New Heights |
After Meta acquired a $14 billion stake in Scale AI last year and former CEO and cofounder Alexandr Wang left, the future of the company was unclear.
Scale had been a powerhouse in the market of human data, where armies of clickworkers generate data to train cutting edge AI models like Google’s Gemini and OpenAI’s ChatGPT. But the company’s new CEO Jason Droege has shifted its investment away from data labeling and toward helping large enterprises develop their own internal AI applications.
That strategy appears to be working, with Scale telling Forbes it tallied just shy of $1 billion in revenue last year, though part of that growth could be due in large part to its new shareholder.
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Chinese President Xi Jinping said his country’s door will “open wider” to U.S. companies in a discussion with top U.S. executives that included Elon Musk, Tim Cook and Jensen Huang, according to Chinese state news.
Huang’s net worth surpassed $200 billion for the first time as Nvidia shares rallied on reports that the U.S. would allow the sale of the company’s H200 chips to 10 Chinese tech firms.
Nvidia’s gains helped boost the S&P 500 to a new record, closing above 7,500 for the first time.
AI chipmaker Cerebras finally went public Thursday after a long process that started in 2024, paused a few times, and ultimately raised $5.5 billion in its debut. Its cofounders are reaping the benefits, with CEO Andrew Feldman now worth $3.4 billion, thanks to his roughly 5%........