Shark Tank's Kevin O'Leary: ChatGPT is “killing” Google's dominance
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Shark Tank's Kevin O'Leary: ChatGPT is 'killing' Google's dominance
the Senate Banking Committee
Shark Tank star Kevin O’Leary said he’s trying to decide whether to invest in the next funding round of ChatGPT.
“I am very fortunate to be offered to take down some equity, but it's a $29 billion valuation with virtually no revenue… I’m looking at it," O'Leary said on Yahoo Finance Live (video above).
OpenAI was last valued at $29 billion in an early January funding round, led by a $10 billion slug secured from Microsoft. The tech giant is integrating OpenAI's ChatGPT AI into its Bing search engine.
“We’ll probably add a 1% weighting into ChatGPT in the portfolio that should hold that, although I’m holding my nose on valuation. I’m choking," O'Leary added.
Two elements of ChatGPT have caught the attention of O'Leary, a savvy businessman and investor from Canada. First is the raw downloads of the ChatGPT technology which hint at significant market share gains over AI rivals into the future.
ChatGPT crossed the 100 million users milestone in January, according to recent data from Demand Sage.
“Now, tell me that's [the downloads] not killing Google, and it is," O'Leary said.
Another key selling point for O'Leary is the financially lucrative recurring revenue associated with ChatGPT. According to O’Leary, some of his employees subscribe to the $ 20-a-month premium ChatGPT feature.
The feature allows users to access the service when the free version is down – which happens frequently.
“They're getting revenue all of the sudden because they're so popular,” O'Leary said.
Ultimately, O'Leary believes the OpenAI owned-ChatGPT could be a game changer in the search engine market, where Google has reigned. It's that type of hype that has lit a flame under almost all AI stocks in February.
Shares of C3.ai have skyrocketed 20% in February alone. Microsoft's stock has tacked on 5% this month. Alphabet — seen as behind Microsoft in the AI wars with Bard — has seen its stock tank 5% in February.
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