😱 OpenAI Hired Fake Man

The head of OpenAI's $175M fund seems to be fictitious.

Hello, AI Enthusiasts!

In this issue, we delve into a mystery captivating the tech world. We examine OpenAI's decision-making and strategies, focusing on the enigmatic Vespers Inc.

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Today’s AI Secret:

  • The head of OpenAI's $175M fund seems to be fictitious.

  • AI poses election risks this year, warns Hillary Clinton.

  • Daily trending & featured AIs boost your career and business.

  • SK Hynix hits $100B market cap amid AI-driven surge.

Read Time: 3-5 minutes

TODAY’S AI WORLD

  • 25 Years In Jail - Sam Bankman-Fried, founder of FTX, has been sentenced to 25 years in prison for a massive cryptocurrency fraud worth over $11 billion. This marks one of the largest financial frauds in U.S. history, attracting worldwide attention and devastation among investors and lenders.

  • Resume Formatting Technology - Jobseekers in Australia are being alerted to the increasing use of resume-scanning technology by employers, which automatically discards applications that do not meet certain criteria. Applicant Tracking System software is designed to sort through applications quickly by scanning for keywords from job advertisements in resumes.

  • AI Knighthood - Demis Hassabis, CEO and co-founder of Google's AI subsidiary DeepMind, has been conferred a knighthood by the UK government for his contributions to the field of AI.

  • AI Guidance and Standards - The Office of Management and Budget (OMB) has provided instructions related to the use and risk management of AI, in line with the laws of recent years and the Biden administration’s executive order. For improved AI governance and risk management, the directive included the creation of a Chief AI Officer role and the development of an enterprise strategy for responsible AI use.

OPENAI

The head of OpenAI's $175M fund seems to be fictitious.

Imaged by Midjourney and Magna Ding

OpenAI's Startup Fund—a $175 million investment vehicle watched closely by many. An unknown individual, referred to as "Jacob Thomas Vespers," was momentarily listed as the manager of this fund through documents filed with the California Secretary of State.

The Details:

  • Sam Altman’s role change: Sam Altman has handed over the management of the OpenAI Venture Fund to Vespers Inc. He has also named Jacob Thomas Vespers as the new CEO, appearing to step back from running the fund.

  • A Front Company: Vespers Inc. is hinted to be a former company created using AI technology and with fictional characters as management to conceal the true participants and purposes of certain actions or transactions.

  • OpenAI's Response: OpenAI told Business Insider that Jacob Vespers is unknown to them and the related document is fake. They were unaware of the fraudulent filing until questioned by a journalist in summer 2023, well after its submission. Filing a fake document is a felony in California; however, OpenAI didn't report it then.

  • Risk of Assets: OpenAI Startup Fund Management's 401(k) plan has a disproportionately high fidelity bond of $441 million, which faces a huge risk of asset protection.

Why It Matters:

  • Security of Investment Information: The incident underscores the potential risks and vulnerabilities in the process of filing and verifying crucial information regarding significant investment funds.

  • Regulatory and Legal Implications: The event prompts a reassessment of legal and regulatory frameworks governing the filing of corporate documents and the mechanisms in place to prevent fraud and misinformation.

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DEEPFAKE

AI poses election risks this year, warns Hillary Clinton.

Provided by COLUMBIA SIPA

With the 2024 presidential election approaching, notable figures like Hillary Clinton and various election officials have expressed alarm over the potential for AI-generated content to mislead voters and compromise the integrity of the electoral process.

The Details:

  • AI's Threat to Elections: Hillary Clinton and election officials warn about the danger AI poses to the 2024 Election, highlighting the risk of AI-generated disinformation.

  • Foreign Interference Concerns: Concerns are rising over how AI can quickly create and share fake images, audio, and video, which might impact how people vote and affect democracy as a whole. There's a particular fear that countries like Russia could use AI to interfere in U.S. elections, based on previous experiences.

  • Legislative and Regulatory Responses: There are currently no federal rules preventing the spread of false information created by artificial intelligence. However, some states are taking steps to tackle this problem.

Why It Matters:

  • Democratic Integrity: The potential for AI to spread disinformation threatens the very foundation of democratic elections by undermining trust in the electoral process.

  • Global Impact: As dozens of countries conduct elections, the threat is not limited to the U.S. but poses a global challenge to the integrity of democratic institutions.

  • Technology and Governance: The situation underscores the urgent need for collaboration between the tech industry and government bodies to ensure that advancements in AI technology are not exploited to undermine democracy but rather to support and enhance it.

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AI CHIP

SK Hynix hits $100B market cap amid AI-driven surge.

Imaged by DALL·E 3 and Magna Ding

SK Hynix, a leading player in the semiconductor industry, has seen its market value surpass $100 billion. This impressive growth is mainly because of the high demand for its AI chips.

The Details:

  • SK Hynix's Market Achievement: SK Hynix's market value surpasses $100 billion, highlighting investor confidence in AI technology sectors.

  • Dominance in HBM Sector: With over 90% market share in HBM, SK Hynix solidifies its position as a crucial player in the AI revolution.

  • Outpacing Samsung Electronics: Despite Samsung's larger market value, SK Hynix outshines it in the AI memory chip market, emphasizing successful strategic focus.

Why It Matters:

SK Hynix's rise highlights the growing significance of specialized memory chips in AI development. The company's expansion mirrors a larger pattern of investor enthusiasm for firms leading or profiting from AI progress.

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