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1026

S&P 500 rejects SpaceX, also blocking entry for OpenAI and Anthropic (arstechnica.com)

submitted 1 day ago by kinther@lemmy.world to c/technology@lemmy.world

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[–] SalamenceFury@piefed.social 144 points 1 day ago (3 children)

Lol, they got told to fuck off for not being profitable.

[–] Mwa@thelemmy.club 13 points 7 hours ago* (last edited 7 hours ago) (2 children)

ngl if AI dies i hope we get more ethical models, open-weight models (mostly) solve this, but it would be cool if it was trained only on public domain.

[–] spazzman6156@sh.itjust.works 2 points 1 hour ago

That's not AI dying. That's just ethical AI... Which should absolutely happen. Same for GMOs

[–] explodicle@sh.itjust.works 2 points 5 hours ago

IMHO I'm kinda glad it was trained on all the forum posts I made during what turned out to be the golden age of training data. Now the LLMs sound a little bit like me.

[–] Artisian@lemmy.world 39 points 22 hours ago (1 children)

While I love the sentiment; I'm reading this decision by S&P as just about not bending their rules. AI is not thriving fast/convincingly enough to break tradition of big finance; I don't think that makes S&P an ally. And I suspect this means they'll just be joining a bit later.

[–] cardfire@sh.itjust.works 24 points 16 hours ago

'A bit later' is really all the is required to meet the standard. https://www.cnbc.com/2020/07/21/tesla-isnt-a-gurantee-for-the-sp-500-even-with-year-of-profits.html

S&P Dow Jones has a history of making companies earn it, including previous Elmo ventures.

I'm not bullish on any of it, and I'm desperately trying to exit AI holdings as swiftly as I'm able, but I am deeply comforted by major indexes requiring companies demonstrate profitability or at least meaningful actual revenue beyond the self-dealing that we've seen between the IPO hopefuls.

[+] betanumerus@lemmy.ca -9 points 9 hours ago (1 children)

Not making criteria at the start doesn't mean AI is dying.

[–] megopie@lemmy.blahaj.zone 23 points 9 hours ago* (last edited 9 hours ago) (1 children)

The fact that they tried to get the rules changed so they could get listed on index’s as soon as they IPOd means they’re out of willing creditors and out of cash. They were attempting to dump equity on to 401Ks to pay out the private bag-holders who have been funding them to sell model access at massively discounted rates.

Even if people host models them selves, the era of constant slop deluge is over simply because all the players giving away access for essentially free are about to go belly up or pivot away from it to other business models.

[+] betanumerus@lemmy.ca -15 points 9 hours ago (1 children)

They’re not out of cash or creditors, they just want to build faster. Slowing down is fine, but respecting a speed limit doesn't mean you're about to stop.

[–] megopie@lemmy.blahaj.zone 20 points 8 hours ago* (last edited 8 hours ago) (2 children)

The data center builders and operators are running behind on basically every data center project, massive amounts of Blackwell are just sitting in warehouses right now because they loose money the moment they’re plugged in. New IT load for the operators isn’t even a third of the capacity of the chips sold to these companies. Most of the companies that got switched over to token billing by the model providers are pulling back and freaking out over a yearly “AI budget” annihilated in a quarter. The model providers wouldn’t have swapped to token based billing for enterprise clients if they didn’t have to. They’ve been pumping demand with hype and by selling at a fraction of operational costs. Reporting non-gap EBITA to hide what a mess the financials are.

The SpaceX S1 alone shows how insanely cash incinerating it all is. Can’t wait to see Anthropic and OpeAIs S1s. It’s gonna be hilarious.

[–] stringere@sh.itjust.works 2 points 3 hours ago* (last edited 3 hours ago)

I'm gonna go look it up now, but for those who follow behind me: can you explain what an S1 is?

Edit to add (emphasis mine):
SEC Form S-1 is the initial registration form for new securities required by the SEC for public companies that are based in the U.S. Any security that meets the criteria must have an S-1 filing before shares can be listed on a national exchange, such as the New York Stock Exchange. Companies typically file SEC Form S-1 when planning their initial public offering (IPO). SEC Form S-1 requires companies to explain the use of capital, outline their business model and competition, and provide a brief prospectus of the security, including pricing and any dilution of other securities.

SEC Form S-1 is also known as the registration statement under the Securities Act of 1933. Additionally, companies must disclose any significant business dealings with directors and outside counsel. Investors can view S-1 filings online to research new offerings before they are issued.

[–] betanumerus@lemmy.ca -4 points 7 hours ago

Interesting. You actually have a real answer and explanation. I mean, that's amazing. My goodness, something actually worth double-checking. 👏