Reddit's IPO, Bitcoin's Rise, and SVB's Collapse

Summary

This Bloomberg Technology episode covers a range of topics, including the latest on Reddit's IPO, Bitcoin's surge past $72,000, and the impact of Silicon Valley Bank's collapse on the VC ecosystem. The show also features an interview with Vinod Khosla, discussing the state of OpenAI amidst recent controversies and his views on the venture community's response to crises. Additionally, the episode touches on the performance of tech stocks and the significance of the Oscars for streaming platforms.

Takeaways

• 📉 Nasdaq experiences a slight sell-off following Friday's trend, with inflationary pressures from the CPI being a key concern.
• 🚀 Bitcoin surpasses $72,000 for the first time, continuing its rally as a digital currency.
• 🌐 Chinese stocks in the US see a small recovery, with the Golden Dragon index up 2.6%.
• 💡 The UK looks favorably on Bitcoin ETNs, with Bitcoin reaching a new record high.
• 📈 Coinbase shares rise 4.3%, trading at its highest level since 2021 due to the Bitcoin rally.
• 📚 Reddit's IPO is on the horizon, with an amended S-1 filed and a valuation around $6.4 billion discussed.
• 🤖 Covariant, an AI robotics company, announces a new robotics foundation model that gives robots human-like reasoning abilities.
• 💼 Vinod Khosla reflects on the collapse of Silicon Valley Bank and its minimal impact on the tech and startup community.
• 🏆 Oscars 2024 sees traditional film studios dominate, with streamers like Netflix and Apple having a lackluster showing.
• 🌐 The London Stock Exchange is set to accept applications for ETNs backed by Bitcoin or Ethereum, marking a significant change for the European market.

Q & A

What significant event is Reddit associated with in the technology news?

Reddit is raising nearly $750 million for its public offering, with an IPO that values the company at about $6.4 billion.

What is the current status of Bitcoin in terms of its value?

Bitcoin has surpassed $72,000 for the first time, continuing its rally.

Who is joining the show to discuss Bitcoin's new record?

Ophelia Sneider of 21 shares is joining the show to discuss Bitcoin's new record value.

What is the impact of the collapse of Silicon Valley Bank on the venture capital ecosystem?

The collapse of Silicon Valley Bank led to a minimal net result, with people moving on to other banking sources and the valley adjusting to the changes.

What is Vinod Khosla's stance on Elon Musk's lawsuit against OpenAI?

Vinod Khosla believes Elon Musk is wrong, citing that Musk reneged on his commitment to fund OpenAI and that the lawsuit is not the right way to compete.

How does the script address the topic of AI and its development?

The script discusses AI development in the context of OpenAI, its funding, and the importance of not slowing down AI progress for the benefit of humanity.

What is the significance of the new robotics foundation model announced by Covariant?

The new robotics foundation model allows robots to have a human-like ability to reason, understand language, and the physical world, marking a significant advancement in AI robotics.

How is the performance of tech stocks in the Nasdaq 100?

The performance of tech stocks in the Nasdaq 100 is mixed, with some experiencing losses and others, like Moderna, leading the charge with significant gains.

What is the current state of access to working capital for startups?

Access to working capital for startups depends on the area they are in, with AI startups having more access due to high demand and interest from investors.

What is the significance of the Oscars for streamers like Netflix and Apple?

The Oscars are significant for streamers as they provide recognition and prestige, but in the most recent ceremony, Netflix only won one award, and Apple received none, indicating a lackluster showing for the streamers.

What is the reaction of the venture community to the Silicon Valley Bank collapse?

Vinod Khosla was disappointed with the venture community's reaction, as he believes they did not support their portfolio companies as expected during the crisis.

What is the role of security research in AI development?

Security research should be part of what every university and government funds to ensure the safe and responsible development of AI technologies.