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The founder of SkyBridge Capital, Anthony Scaramucci, believes that artificial intelligence (AI) stocks are in a bubble. Meanwhile, Inflection AI, a one-year-old startup co-founded by one of the DeepMind founders, has raised $1.3 billion from Microsoft and Nvidia.
AI startups are witnessing heavy investor interest. One-year-old startup Inflection AI raised $1.3 billion from the chipmaker Nvidia and Microsoft. While some are bullish on the future impact that AI could have, others say project are currently overvalued.
Inflection AI’s Pi Chatbot
According to the Financial Times, Inflection AI raised $1.3 billion from Microsoft and Nvidia. The startup was co-founded by LinkedIn creator Reid Hoffman and one of the DeepMind co-founders, Mustafa Suleyman.
Along with the funding, it will have access to 22,000 Nvidia H100 Graphic Processing Units (GPUs) that cost $40,000 each.
Inflection AI created the Pi chatbot that primarily focuses on casual conversations. The chatbot is accessible through Instagram, WhatsApp, or Facebook Messenger.
Microsoft’s CTO Kevin Scott says:
“Ambitious AI companies like Inflection AI are pioneering the industry with transformative products that are accessible, easy to use, and show the many possibilities of AI.”
Trouble Incoming?
After the chatbots such as OpenAI’s ChatGPT and Google’s Bard became mainstream in 2023, AI startups received significant investors’ interest. On June 14, BeInCrypto reported that a one-month-old startup raised $113 million in a seed round without having a product yet.
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Meanwhile, stocks of chipmaker Nvidia rallied around 200% in 2023, roughly hitting a $1 trillion valuation.
For various reasons, SkyBridge Capital Founder Anthony Scaramucci believes that AI stocks are in a bubble. He told Bloomberg:
“There are boom-bust cycles. AI’s probably in a bubble, but there’s some high-quality AI out there that’s worth owning. Nvidia Corp. may be overvalued right now, but if you own it for the next 15 years, you’ll probably be OK.”
In April 2023, Scaramucci predicted that Bitcoin would hit $1 million by 2030. Last year, SkyBridge Capital placed a $10 million bet on FTT tokens but had to sell it for a loss of $9.6 million following the FTX collapse.