View the San Francisco for Sunday, October 20, 2024
The venture-capital industry has seen plenty of hype-driven investment cycles before, but the generative artificial intelligence craze might top them all.
Rapid adoption, along with the technology’s capabilities and promise, lured in investors. Microsoft committed a whopping $10 billion — the second-biggest venture-funding round in history — to OpenAI in January 2023. And that was just the start. That collective haul by the three generative-AI giants over the last 22 months includes five of the nine largest funding rounds ever raised by U.S. startups, according to PitchBook. Among those top rounds: the
That magnitude of investment is comparable only to things such as the building of the continental railroad networks in the late 1800s, the electrical and telephone grids in the 1900s, and the internet in the late 1990s and early 2000s, analysts said. OpenAI subleased the buildings at 1455-1515 3rd St. in Mission Bay, pictured above, from Uber in October 2023.in The City in the wake of the COVID-19 pandemic, the widespread embrace of remote work by local companies and the departure of a few high-profile businesses.
But there are definitely big risks that are coming with all that investment — for venture investors, the tech industry, San Francisco and the wider economy. Part of the difficulty the generative AI startups face is that there’s intense competition — and not just from each other or other startups. Tech behemoths Meta, Google and Microsoft are all investing heavily in developing their own generative AI systems, as are Apple and Salesforce.
And Nvidia’s continued dominance of the AI chip market, its ability to charge premium prices for those chips, and the creation of ever-larger models that rely on ever more AI chips suggest costs may not come down anytime soon, Covello said. Early morning moonset over the San Francisco skyline pictured from Alameda on Thursday, Oct. 17, 2024.
But, he said, “this one feels much more real than a lot of the other stuff that we’ve hyped up over the last 10, 15 years.” “I don’t think anybody is being an idiot here,” Foote said. “They are making a rational bet, but there’s a number of things that could happen that will either make that amazing or make it seem foolish.”A rendering shows off BXP’s plans for Embarcadero Plaza, which aim to take advantage of the “incredible potential to create a space that embraces the waterfront and iconic views.” said Aaron Fenton, the firm’s senior vice president of development.
The proposal calls for the Recreation and Park Department and The City’s Office of Economic and Workforce Development to work to secure at least $15 million in public funding to build what boosters say they hope will be a greener and more unified new park in the area covered by Embarcadero Plaza and Sue Bierman Park just to the north.
A parks report said that in addition to funding planning efforts, BXP intends to spend approximately $2.5 million to construct a new restroom available to the public in a vacant retail suite in Four Embarcadero Center, which abuts the plaza. “We’re trying to be part of the story of inducing our office workers to come back downtown,” said Fenton, extolling the virtues of Embarcadero Plaza’s location across from the Ferry Building and near a BART station.
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