Forbes Daily: World Leaders Skeptical Of Fragile Iran Ceasefire Deal |
When Spencer Mateega and Carlos Georgescu applied for famed startup incubator Y Combinator, their only plan was to ride the AI wave. They would decide on a product later.
Now, their San Francisco-based data labeling startup AfterQuery has surpassed $100 million in annual revenue run rate as it competes to sell training data to leading AI labs like Anthropic and OpenAI.
Their first attempt, building AI agents for finance, failed—but it helped the pair pivot to data labeling, which has become a path to blockbuster valuations, as well as the three-comma club for founders.
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The Federal Reserve’s preferred metric for inflation improved in February, but the impacts to consumer prices due to the Iran conflict are still up in the air. The data likely sets up the central bank to hold interest rates steady, though it also revealed a drop in personal income.
Though Amazon’s data centers have taken numerous hits, literally, from conflict in the Middle East, Matt Garman, CEO of Amazon Web Services, told Forbes he’s optimistic about business in the region. AWS is a key part of the tech giant’s evolving AI business, as big tech could pour an estimated $500 billion into AI data centers and chips this year alone, according to a report by Goldman Sachs.
A LOOK AT THE S&P 493
Ever since ChatGPT’s 2022 debut, hype around generative AI has buoyed the U.S. stock market. For most of that time, the so-called Magnificent 7—Amazon, Apple, Meta, Tesla, Alphabet, Microsoft and Nvidia—largely reaped the benefits.
Now, the rest of the market is slowly but surely catching up. The Magnificent 7 has lost 7.64% year-to-date, according to Bloomberg’s Index, far more than the S&P 500 or the Nasdaq Composite. A recent report from LPL Financial found that while........