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 1. Tech Industry
 2. Artificial Intelligence


INTEL REPORTEDLY GAVE UP A CHANCE TO BUY A STAKE IN OPENAI IN 2017

News
By Andrew E. Freedman
published yesterday

Former CEO Bob Swan reportedly thought AI models wouldn't be big anytime soon.





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Comments (6)

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(Image credit: Getty Images)


Unlike rivals like Nvidia and AMD, Intel hasn't made a massive splash in
artificial intelligence products aside from some laptop chips with NPUs.
According to a report from Reuters, things could have gone differently. In 2017
and 2018, Intel had an opportunity to buy a stake in OpenAI, which was then a
tiny non-profit research firm.



The report, citing four people with knowledge of the situation, suggests that
Intel and OpenAI discussed several different investment options, including
purchasing a 15% stake in the company for $1 billion or taking a stake in OpenAI
while selling hardware to the AI company "at cost price."



Former Intel CEO Bob Swan reportedly scuttled the deal because had didn't see AI
models hitting the broad market anytime soon, which would mean that Intel
wouldn't be repaid on its investment. OpenAI launched ChatGPT to massive acclaim
in 2022. Additionally, the sources said that Intel's data center unit "did not
want to make products at cost.

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On OpenAI's side, teaming up with Intel would mean it wouldn't have been as
dependent on Nvidia. Nvidia has since become the biggest name in AI hardware
with its GPUs.

LATEST VIDEOS FROM tomshardwareTom's Hardware



Microsoft poured billions into OpenAI in 2019, 2021, and 2023, turning the
company into a big player on the AI stage. AMD, too, has become an AI company,
though perhaps not on Nvidia's scale. AMD's data center business has boomed with
the AMD Instinct MI300.



In its recent earnings, Intel's data center and AI Group (DCAI) reported reduced
revenue and operating income. Still, its Xeon 6 'Sierra Forest' processor is in
volume production, and Intel is set to start shipments for Xeon 6 'Granite
Rapids' CPU. The company's Gaudi 3 AI accelerators are projected to ramp up in
the second half of the year. Intel has suggested it has "over 20 customers" set
to use Gaudi 3.

Neither Intel nor OpenAI responded to requests for comment before publication.


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Policy and are aged 16 or over.

As CEO of Intel from 2018 (interim CEO) to 2021 (when he was replaced in the
full-time gig by Pat Gelsinger), Swan often faced criticism due to a lack of
technical acumen. He has previously served as the company's CFO, focusing more
on the books than the tech. In retrospect, this missed opportunity to get in on
AI earlier may further cement Swan's legacy.

Swan's predecessor, Brian Krzanich, bought Nervana Systems 2016 to compete with
Google's tensor processing units. IN 2019, Intel purchased another AI startup,
Habana Labs, and prioritized it over Nervana, shuttering the latter. Intel also
owns Movidius, which it bought in 2016 for its vision processing units.

Andrew E. Freedman
Social Links Navigation

Andrew E. Freedman is a senior editor at Tom's Hardware focusing on laptops,
desktops and gaming. He also keeps up with the latest news. A lover of all
things gaming and tech, his previous work has shown up in Tom's Guide, Laptop
Mag, Kotaku, PCMag and Complex, among others. Follow him on Threads @FreedmanAE
and Mastodon @FreedmanAE.mastodon.social.




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6 Comments Comment from the forums
 * Giroro
   $1 Billion for only 15% of the company in 2017...
   
   It would have been absolutely ridiculous for Intel to have invested that much
   money in Open AI at that time. Did Open AI even have an idea for a product
   back then? Because they didn't have customers, brand identity, or a path to
   generating profit.
   Reply
 * kealii123
   > Giroro said:
   > $1 Billion for only 15% of the company in 2017...
   > 
   > It would have been absolutely ridiculous for Intel to have invested that
   > much money in Open AI at that time. Did Open AI even have an idea for a
   > product back then? Because they didn't have customers, brand identity, or a
   > path to generating profit.
   
   Do openai have an idea for a product now? Or any path forward for
   profitability?
   Reply
 * JRStern
   >OpenAI, which was then a tiny non-profit research firm.
   
   So who invests a billion dollars in a tiny non-profit research firm?
   That seven years later is losing $5b/year? Intel's doing that fine already,
   LOL.
   
   What would YOU pay for a few shares of OpenAI today?
   Why don't they offer them?
   (Because Microsoft values them so highly that they insist on holding them
   all, only legally they don't, and it's a complete mess)
   Reply
 * ThomasKinsley
   In other news, Intel had a chance to invest in Bernard L. Madoff Investment
   Securities. What a missed opportunity.
   Reply
 * Alvar "Miles" Udell
   
   > Former CEO Bob Swan reportedly thought AI models wouldn't be big anytime
   > soon.
   
   To quote Windows Central, another Future PLC site:
   
   
   > OpenAI could be on the brink of bankruptcy in under 12 months, with
   > projections of $5 billion in losses
   
   
   So they didn't miss out on anything, because most people don't use AI
   products and the vast majority of the ones who do are not paying for them.
   
   https://www.windowscentral.com/software-apps/openai-could-be-on-the-brink-of-bankruptcy-in-under-12-months-with-projections-of-dollar5-billion-in-losses
   Reply
 * King_V
   Yeah, having read a few bits in the last day or so from financial news, it
   seems like now, there's some questioning as to whether AI is worthwhile.
   
   Of course, sometimes it seems like the financial world only thinks in short
   term gains. Still, I'm not sure that Intel skipping on this 7 years ago at
   that price is a big loss for them.
   
   I could be wrong.
   Reply
 * View All 6 Comments

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