Seeking Alpha’s roundup of statements, announcements, and remarks that could impact the technology sector.
- Former Treasury Secretary Larry Summers has resigned from the board of the OpenAI Foundation, two days after he announced he was stepping away from public commitments due to new revelations about his interactions with Jeffrey Epstein.
“In line with my announcement to step away from my public commitments, I have also decided to resign from the board of OpenAI,” Summers said in a statement, according to Politico. “I am grateful for the opportunity to have served, excited about the potential of the company, and look forward to following their progress.”
The OpenAI Foundation, a nonprofit organization, controls and holds a roughly $130 billion stake in the for-profit OpenAI Group, according to its website. Microsoft (MSFT) also holds a major stake in the for-profit entity, which is best known for its AI chatbot ChatGPT.
- Warner Music Group (WMG) and AI music platform Udio have signed a licensing agreement to create a “next-generation AI music service.”
“This arrangement additionally resolves the companies’ copyright litigation. Udio’s reimagined platform will introduce a suite of creative experiences that enable users to make remixes, covers, and new songs using the voices and styles of artists who choose to participate,” Udio said in a statement.
“Crucially, the collaboration will generate new revenue streams for artists and songwriters, while providing safeguards and usage guardrails for participating musicians,” Udio added.
Udio announced a similar partnership with Universal Music Group (OTCPK:UMGNF) (OTCPK:UNVGY) in October.
Warner, Universal, and Sony (SONY) are the music industry’s three largest recording companies.
- Advanced Micro Devices (AMD), Cisco (CSCO) and Saudi Arabian AI developer Humain are launching a joint venture focused on building data centers in the Middle East.
The JV’s first project will be a 100-megawatt data center in Saudi Arabia to supply AI video startup Luma AI, Humain CEO Tareq Amin told Reuters.
The name of the JV has not yet been announced, Reuters added. Humain is backed by Saudi Arabia’s Public Investment Fund.
- Luma AI, meanwhile, announced it has raised $900 million through a new funding round.
The round was led by Humain. Participants included AMD’s (AMD) venture arm, Andreessen Horowitz, Amplify Partners and Matrix Partners. Luma is now valued at over $4 billion, according to CNBC.