Latest news with #ClosingBell:Overtime
Business Insider
3 days ago
- Business
- Business Insider
Meta's CTO says OpenAI's Sam Altman countered Meta's massive AI signing bonuses
OpenAI CEO Sam Altman said Meta was trying to poach AI talent with $100M signing bonuses. Meta CTO Andrew Bosworth told CNBC that Altman didn't mention how OpenAI was countering offers. Bosworth said the market rate he's seeing for AI talent has been "unprecedented." OpenAI's Sam Altman recently called Meta's attempts to poach top AI talent from his company with $100 million signing bonuses "crazy." Andrew Bosworth, Meta's chief technology officer, says OpenAI has been countering those crazy offers. Bosworth said in an interview with CNBC's "Closing Bell: Overtime" on Friday that Altman "neglected to mention that he's countering those offers." The OpenAI CEO recently disclosed how Meta was offering massive signing bonuses to his employees during an interview on his brother's podcast, "Uncapped with Jack Altman." The executive said "none of our best people" had taken Meta's offers, but he didn't say whether OpenAI countered the signing bonuses to retain those top employees. OpenAI and Meta did not respond to requests for comment. The Meta CTO said these large signing bonuses are a sign of the market setting a rate for top AI talent. "The market is setting a rate here for a level of talent which is really incredible and kind of unprecedented in my 20-year career as a technology executive," Bosworth said. "But that is a great credit to these individuals who, five or six years ago, put their head down and decided to spend their time on a then-unproven technology which they pioneered and have established themselves as a relatively small pool of people who can command incredible market premium for the talent they've raised." Meta, on June 12, announced that it had bought a 49% stake in Scale AI, a data company, for $14.8 billion as the social media company continues its artificial intelligence development. Business Insider's chief media and tech correspondent Peter Kafka noted that the move appears to be an expensive acquihire of Scale AI's CEO, Alexandr Wang, and some of the data company's top executives. Bosworth told CNBC that the large offers for AI talent will encourage others to build their expertise and, as a result, the numbers will look different in a couple of years. "But today, it's a relatively small number and I think they've earned it," he said.
CNBC
10-06-2025
- Business
- CNBC
Anduril CEO Palmer Luckey says the defense tech company will 'definitely' go public
Defense tech startup Anduril Industries will go public, founder and CEO Palmer Luckey said Tuesday. "We are definitely going to be a publicly traded company," he told CNBC's "Closing Bell: Overtime." "We are running this company to be the shape of a publicly traded company." He added that there isn't "really a path" for a company like Anduril to win significant trillion-dollar defense contracts without going public. Luckey did not detail an IPO timeline. Since its founding, Anduril has risen to become one of the most highly valued private U.S. technology companies and is an innovator in the defense tech space, chipping away at competition from industry leaders Lockheed Martin and Northrop Grumman. The company, which ranked No.1 on the CNBC Disruptor 50 list this year, was created by Luckey in 2017 after he was pushed out by Meta. Luckey sold his virtual reality headset company Oculus to Facebook in 2014. Despite Luckey's ousting, the companies announced a joint partnership to create virtual and augmented reality devices for the U.S. Army last month. "I'm working with Meta because we've buried the hatchet and because there's a lot of incredible technology that they have, that paired with Anduril, can make a huge difference for the American war fighter," he said. Anduril has continued to scoop up funding despite a difficult deal environment that's just beginning to reopen for IPOs after a multi-year drought. Chairman Trae Stephens told Bloomberg last week that Anduril recently raised $2.5 billion at a $30.5 billion valuation. That more than doubles its valuation from a funding round in August led by Peter Thiel's Founders Fund. Anduril recently took over Microsoft's $22 billion augmented-reality headset program with the U.S. Army. The company also unveiled a partnership with OpenAI in December, and announced plans to invest roughly $1 billion in a manufacturing facility in Ohio earlier this year.
CNBC
23-05-2025
- Business
- CNBC
Intuit shares pop 9% on earnings beat, rosy guidance
Shares of Intuit popped about 9% on Friday, a day after the company reported quarterly results that beat analysts' estimates and issued rosy guidance for the full year. Intuit, which is best known for its TurboTax and QuickBooks software, said revenue in the fiscal third quarter increased 15% to $7.8 billion. Net income rose 18% to $2.82 billion, or $10.02 per share, from $2.39 billion, or $8.42 per share, a year earlier. "This is the fastest organic growth that we have had in over a decade," Intuit CEO Sasan Goodarzi told CNBC's "Closing Bell: Overtime" on Thursday. "It's really incredible growth across the platform." For its full fiscal year, Intuit said it expects to report revenue of $18.72 billion to $18.76 billion, up from the range of $18.16 billion to $18.35 billion it shared last quarter. Analysts were expecting $18.35 billion, according to LSEG. "We're redefining what's possible with [artificial intelligence] by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses," Goodarzi said in a release Thursday. Goldman Sachs analysts reiterated their buy rating on the stock and raised their price target to $860 from $750 on Thursday. The analysts said Intuit's execution across its core growth pillars is "reinforcing confidence" in its growth profile over the long term. The company's AI roadmap, which includes the introduction of AI agents, will add additional upside, the analysts added. "In our view, Intuit stands out as a rare asset straddling both consumer and business ecosystems, all while supplemented by AI-prioritization," the Goldman Sachs analysts wrote in a note. Analysts at Deutsche Bank also reiterated their buy rating on the stock and raised their price target to $815 from $750. They said the company's results were "reassuring" after a rocky two years and that they feel more confident about its ability to grow the consumer business. "Longer term, we continue to believe Intuit presents a unique investment opportunity and we see its platform approach powering accelerated innovation with leverage, thus enabling sustained mid-teens or better EPS growth," the analysts wrote in a Friday note.
CNBC
19-05-2025
- Business
- CNBC
I don't expect much growth to come from tax cuts, says Fmr. CEA Chair Jason Furman
Jason Furman, Former CEA Chair, joins 'Closing Bell: Overtime' to discuss the U.S. budget, debt & deficits an Moody's downgrade.
CNBC
19-05-2025
- Business
- CNBC
The Fed is unlikely to cut this year, says Niles Investment's Dan Niles
Dan Niles, Niles Investment Management, joins 'Closing Bell: Overtime' to discuss markets, tech and the economy.
