Bravo
If ARM was an arm, BRN would be its biceps💪!
OPenAI could easily resolve this conflict of interest issue by purchasing neuromorphic chips from us instead of Rain. The loss of funding via Prosperity7 Ventures is likely to affect the timeline for the launch of Rain's neuromorphic chip. Meanwhile, we're already up and racing out the gate. I know what I'd do if I wanted to maintain the competitive edge!
EXTRACT ONLY
The ambiguity lies in whether Altman influenced OpenAI’s decision to engage with Rain AI for chip purchases.
Nevertheless, the scenario raises concerns about potential conflicts of interest, as the CEO of one company (OpenAI) could indirectly benefit financially from another (Rain AI) in which he has personal investments.
This mandated removal of the fund, reported by Bloomberg , adds to Rain’s challenges in bringing its innovative chip technology to market. The forced change may potentially impact the timeline for fulfilling OpenAI’s $51 million advance order. Grep VC, based in Silicon Valley, acquired the shares.
EXTRACT ONLY
Why There’s A Conflict Of Interest Debate?
Rain disclosed to investors that Sam Altman, reinstated as OpenAI CEO last month after a brief dismissal, personally invested over $1 million in the company. While Altman’s return to OpenAI mitigates potential conflicts, it’s noteworthy that during his tenure, OpenAI had committed to a $51 million investment in AI chips from Rain AI, a startup where Altman holds personal investments.The ambiguity lies in whether Altman influenced OpenAI’s decision to engage with Rain AI for chip purchases.
Nevertheless, the scenario raises concerns about potential conflicts of interest, as the CEO of one company (OpenAI) could indirectly benefit financially from another (Rain AI) in which he has personal investments.
Altman Looks At the Middle East
Earlier this year, Rain showcased its advancements to potential investors, projecting a milestone achievement this month with the potential ‘taping out’ of a test chip – a crucial step indicating readiness for fabrication. However, recent leadership reshuffles and investor changes occurred following a mandate from a U.S. government body overseeing national security risks. The body reportedly required Prosperity7 Ventures, a Saudi Arabia–affiliated fund that led a $25 million fundraising campaign for Rain in 2022, to divest its stake in the company.This mandated removal of the fund, reported by Bloomberg , adds to Rain’s challenges in bringing its innovative chip technology to market. The forced change may potentially impact the timeline for fulfilling OpenAI’s $51 million advance order. Grep VC, based in Silicon Valley, acquired the shares.