OpenAI Buying Jony Ive's AI Firm for $6.5 Billion

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Bloomberg Television
OpenAI is buying an AI device startup co-founded by Apple veteran designer Jony Ive in a nearly $6.5...
Video Transcript:
FIRST UP, A STORY, OPENAI BUYING A DEVICE STARTUP. A $6. 5 BILLION DEAL.
THEY JOINED FORCES WITH THE LEGENDARY DESIGNER TO MAKE A PUSH AND A HARDWARE -- AND A HARDWARE. ED LUDLOW IS ALL OVER IT AND JOINS US FROM SAN FRANCISCO. ED, WE WERE LIKE IT FEELS LIKE A BIG DEAL.
IS IT A BIG DEAL? WHAT IS IT DO FOR THE COMPANY'S AND OPENAI -- COMPANIES AND OPENAI? ED: THERE HAS BEEN WHISKERS THROUGHOUT SILICON VALLEY.
BIG DEAL. IT IS OPENAI'S BIGGEST DEAL, BIGGEST ACQUISITION. $6.
5 BILLION. IT IS OPENAI, THE LEADER IN AI DEVELOPMENT. LITERALLY THE DEVELOPING OF LARGE LANGUAGE MODELS BUT CONSUMER ENTERPRISE BUSINESS SERVICES.
MUSCLING INTO THE DEVICES GAME. THEY ARE PLEDGING TO HAVE AI ENABLED DEVICES BY 2026. WHAT THEY ARE ACQUIRING IS NOT JUST A COMPANY OR IP.
IT IS A RELATIONSHIP WITH JOHNNY IVES, FORMER LEGENDARY APPLE DESIGNER RESPONSIBLE FOR IPOD, IPAD, AIRPODS, APPLE WATCH. HE LEFT APPLE IN 2019. THIS ANSWERS A BIG QUESTION OF WHAT HE'S DOING NEXT.
TIM: RIGHT. ANYTHING FROM APPLE IN OUR POCKETS IN RECENT HISTORY HAS THE STAMP OF JOHNNY IVONNE. WHAT IS HE DONE SINCE 2019?
I DON'T UNDERSTAND WHAT OPENAI IS BUYING HERE. ED: YEAH. TIM: IS IT A TEAM OF DESIGNERS AND ENGINEERS?
ED: IT IS NOT AN EXAGGERATION OR UNFAIR TO SAY IT IS ALMOST LIKE AN HIRE. HE'S BEEN RUNNING THIS GROUP, THIS AGENCY CALLED LOVE FROM. IF THE DESIGN FIRM.
WITH HIM AT THAT GROUP ON MANY -- ARE MANY APPLE DESIGNERS. THEY WILL BE A PART OF THIS OPENAI INITIATIVE. IN THE BLOOMBERG STORY REPORTED BY MARK AND SHARINGA, THE MODEL IS THAT THEY WILL BE SOME INDEPENDENCE.
A STANDALONE INDEPENDENT UNIT OF OPENAI WHICH JOHNNY IS INDEPENDENT. GOING BACK TO THE QUESTION, WHEN JOHNNY I'VE LEFT IN 2019, THE REPORTING AND SUGGESTION FROM APPLE'S CEO TIM COOK WAS THEY WOULD CONTINUE TO COLLABORATE. EVEN THOUGH JOHNNY WAS ON AN EMPLOYEE, HE WOULD BE LIKE A CONSULTANT.
THIS IS THE GUY THAT STEVE JOBS ONCE LABELED HIS SPIRITUAL PARTNER. THAT IS HOW CLOSE HE WAS TO THE HISTORY OF APPLE. THE OPENAI SIDE FASCINATES ME.
THIS IS A COMPANY THAT BITES OFF A LOT. IS IT MORE THAN IT CAN CHEW? THIS IS A BIG NEW STORY.
CAROL: DISRUPTIONS ARE ALL ABOUT. IN THE STORY IT SAYS OPEN I WILL CREATE HIS PRODUCT AND A LEVEL OF QUALITY THAT HAS NEVER HAPPENED BEFORE IN CONSUMER HARDWARE. THAT IS FROM SAM ALTMAN.
WHAT MIGHT IN AI POWERED DEVICE BE OUT OF THIS DUO OR COLLABORATION? ED: THERE ARE TWO POINTS. IS THIS SOMETHING VERY FANCY AND EXPENSIVE?
THEY CLEARLY ARE LIKE ORIENTING THIS TOWARDS THE HIGH END OF WHATEVER DEVICE WEARABLES MARKET THERE IS. THE FORMFACTOR, IT IS A RANGE OF DEVICES. IS THIS A SMART PHONE, A WEARABLE?
DON'T KNOW. THE CAUTIONARY TALE IS LIKE IN THE MODERN ERA OF AI DEVICES OUTSIDE OF THE SMARTPHONE FORMAT. YOU PROBABLY TALKED ABOUT AT ONE TIME THE HUMANE AI PIN, A CHUNKY BROOCH WITH A CAMERA ON IT.
THAT PROJECT DID NOT GO WELL AT ALL. I'M REALLY CURIOUS ABOUT THE FORM FACTOR. I'M OF THE CHATGPT SUBSCRIBER.
I PAY FOR IT MYSELF. I USE IT PRINCIPALLY ON MY SMARTPHONE, AND IPHONE. THE IDEA IS THAT THE AI SIDE OF THIS, THE SOFTWARE SIDE LEVERAGES OPENAI'S COMPETENCIES.
TIM: WE HAVE TO TALK ABOUT THE APPLE PORTION. SHARES ARE DOWN ABOUT 1. 8%.
THE ENTIRE MARKET IS LOWER. THEY DID TAKE A LEG LOWER WHEN THIS WAS ANNOUNCED. WE CANNOT SPEAK ABOUT THIS WITHOUT SPEAKING ABOUT THE CHALLENGES APPLE HAS HAD WHEN IT COMES TO AI.
THEY ARE A PARTNER WITH OPENAI. MARK GURMAN WAS ON AIR EARLIER THIS WEEK SHARING HIS BIG TAKE ABOUT WHERE THEY WENT WRONG. WHAT IS THIS MEAN FOR APPLE AND JOHNNY IVE TO JOIN A COMPANY THAT IS DISTINCT FROM WHERE HE REALLY MADE HIS MARK?
ED: MR. TIM STENOVEC, I WILL BE CAREFUL TO DRAW A CAUSAL RELATIONSHIP BETWEEN THE REPORT THAT WAS PUBLISHED IN THE MOVEMENT AND APPLE STOCK. -- IN APPLE STOCK.
IF YOU BRING OF THE TICKER OR TAPE OF THE SESSION, 1259 EASTERN TIME -- 1259 TIME EASTERN TIME, APPLE STOCK TO JILL -- 12:59 EASTERN TIME, APPLE STOCK TOOK A LEG LOWER. THAT'S A REFLECTION OF THE MARKETPLACE THEY WANT TO OPERATE IN. APPLE HAS NOT CRACKED THE SOFTWARE SIDE.
IT'S ON THE GENITIVE AI TOOL THEY HAVE BEEN OVER.
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