Apple & Nvidia Eyes OpenAI’s Funding Round, ChatGPT Hits 200M Weekly Users, Anthropic’s Claude AI to Make Amazon’s Alexa Smarter
The world of private markets is accelerating, with key players setting new benchmarks for innovation and growth. This week in the Navigator, we dive into the rapid rise of OpenAI’s ChatGPT, the strategic advancements by Anthropic, Canva’s bold moves in the AI space, and more. Let’s get to it...
IT’S WEDNESDAY AGAIN
The world of private markets is accelerating, with key players setting new benchmarks for innovation and growth. This week in the Navigator, we dive into the rapid rise of OpenAI’s ChatGPT, the strategic advancements by Anthropic, Canva’s bold moves in the AI space, and more. Let’s get to it...
THIS WEEK’S BREAKING NEWS
Apple and Nvidia may invest in OpenAI
…with the potential funding round valuing the AI firm above $100 billion! Apple plans to use ChatGPT to improve Siri, while OpenAI’s chip supplier Nvidia aims to reinforce its AI leadership through this partnership. Microsoft, having invested $13 billion since 2019, will also join this round, keeping its 49% profit share in OpenAI. This round, led by Thrive Capital, underscores fierce competition in the AI space.1
MARKET UPDATE
Secondaries market grows 47%, now $130B strong
The secondary market for private equity is growing at an impressive annual rate of 47%, with transaction volumes surpassing $130 billion in 2023. This expansion is fueled by rising LP demand for liquidity solutions and GPs’ need to rebalance portfolios. This trend underscores the secondary market's critical role in managing $4.5 trillion in global private equity assets.2
VC firm NEA is getting back into the secondaries game, discreetly
Silicon Valley-based VC firm New Enterprise Associates (NEA) has discreetly returned to the secondaries market, focusing on purchasing stakes in later-stage startups. This move is driven by a significant 40% increase in demand for liquidity among private companies, particularly those delaying IPOs due to market conditions. NEA's strategy capitalizes on the growing secondary market, which has become crucial for managing portfolio risk and providing liquidity to early investors.3
Meta leads open-source AI boom
Meta's LLaMA AI models have seen a 10x increase in downloads over the past year, driven by the developer community's enthusiasm for open-source tools. Meta's decision to offer these models under an open license has made them a popular choice for AI customization, fueling rapid adoption and innovation.4
PORTFOLIO & CO-INVESTMENT UPDATE
Discover opportunities to connect with leading global pre-IPO unicorns
Through Stableton’s portfolio products and co-investment program, you can explore some of the most promising unicorns before they go public.
Contact us today to learn more about accessing pre-IPO deals and portfolios.
PORTFOLIO NEWS
ChatGPT doubles weekly users to 200M in 6 months
OpenAI’s ChatGPT has achieved 200 million weekly active users, doubling its user base in just six months. This explosive growth reflects the increasing reliance on AI across sectors, despite ongoing challenges with privacy and misinformation. The platform's surge in popularity underscores the rapid adoption of generative AI, marking it as a critical tool for both enterprises and individual users.5
U.S. to test OpenAI and Anthropic AI models
OpenAI and Anthropic have agreed to let the U.S. AI Safety Institute test their AI models, ensuring these technologies are safe and meet regulatory standards. This move reflects growing concerns as AI becomes more influential in critical areas. But with AI advancing so quickly, can safety keep up?6
Amazon’s Alexa is about to get smarter, thanks to Claude AI
Amazon is adding Anthropic’s Claude AI to Alexa to make it smarter and more user-friendly. This move is part of Amazon’s effort to keep Alexa competitive by enhancing its ability to understand and respond to users more effectively, benefiting millions of users worldwide.7
Canva hikes its price by up to 300%
Canva has increased the price of its Canva Teams subscription by up to 300% to support the integration of advanced AI-powered design tools. While some users are concerned about the higher costs, the price hike reflects Canva’s commitment to innovation and enhancing its offerings. As the company gears up for a potential Nasdaq IPO, this move could position Canva as a leader in AI-driven design technology.8
STABLETON NEWS
Index feature highlight: Weekly liquidity
Private market investments have traditionally involved long lock-up periods and limited capital access. But innovations like weekly liquidity in products like the Stableton Unicorn Index AMC are transforming this landscape. This feature allows investors to redeem their investments weekly at NAV, offering unprecedented flexibility.* It enables exposure to top pre-IPOs without the typical lock-in and provides the ability to adjust investments as market conditions change. We’re proud to mark a significant shift in the future of private market investing.
CHART OF THE WEEK
Premium prices for premium assets
Investors are hungry for top-tier "trophy" assets in the GP-led market, with many deals happening at 90% or more of NAV. Single-asset deals are leading the charge, showing that when it comes to standout investments, people are willing to pay up. It’s a strong signal that quality is king right now, with investors focusing their dollars on the best of the best rather than spreading their bets across multiple assets.
THE UNTOLD UNICORN STORY
Stripe was once upon a time a $10/day idea
Stripe co-founders, Patrick and John Collison (9)
The Collison brothers, Patrick and John, started Stripe in 2010 during a winter break in Buenos Aires, turning their idea into a reality with just $10 a day. They crafted developer-friendly payment APIs that solved a real headache for online businesses. Their hands-on approach—personally helping new users install Stripe—created buzz, and soon, they secured $2 million from top investors. By 2011, Stripe had launched, revolutionizing online payments with simplicity and speed.
Fun Fact: Patrick was 17 and John was only 15 when they got accepted into the fourth ever batch of Y Combinator (W07).10
QUESTION OF THE WEEK
Does Stableton acquire actual shares in the Top 20 unicorns?
Yes, the strategy involves gaining exposure to the Top 20 unicorns by purchasing shares directly, primarily through the secondary market. If direct exposure isn't feasible, Stableton invests through an investment vehicle, such as an SPV, which acts as a holding entity for the underlying shares in the company.
EVENTS
Will you be around? Let us know so we can say hello!
Private Equity Insights UK Summit - London (September 4)
IPEM - Paris (September 9-10)
Invest Europe VC Forum - Amsterdam (September 25-26)
Private Equity Insights DACH - Munich (October 8)
UAE - Abu Dhabi/Dubai (October 22-24)
And, of course, we’re always happy to have you over at our main office in Zurich, Switzerland.
WHAT’S NEXT
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