?????????????? This week in Bay Area business: An AI megaround, a CRE megadeal and apple pie nachos
San Francisco Business Times
The San Francisco region's source for local business news & events. Part of the American City Business Journals network.
How much is OpenAI worth? How much is AI worth? Investors got some pointers this week after the maker of ChatGPT closed a $6.5 billion funding round that valued the company at $150 billion.
The biggest round in a flurry of bumper AI recent bets suggest sentiment remains all-in on the potential of this technology to deliver on the hype. Either that or this is? some billion dollar FOMO.?
Elsewhere, there was a huge brokerage acquisition and yet more good and bad news for real estate watchers.
And finally we’ve got some apple pie nachos, yes you read that right..?
All this and more in another week in Bay Area business.
Heres how OpenAIs $6.5 billion megaround stacks up to other Bay Area AI startups by Sara Bloomberg
Apple pulled out but a host of big name investors were in on OpenAI 's mammoth funding round. The ChatGPT developer has banked more than $20 billion in funding and money is flowing to competitors as well. Here's a breakdown of the OpenAI deal and how much funding other AI companies have banked .
xAI moved into OpenAI's former headquarters
Elon Musk's xAI, the recipient of $6 billion in funding itself, has set up shop in OpenAI's original HQ in the Mission. Read more .
JLL acquires tech-powered rival and AI sector darling by Hannah Kanik
JLL has acquired Raise Capital . Founded on a tech-powered platform, Raise has brokered some eye-catching deals in San Francisco in recent years, especially for AI clients (including OpenAI). The announcement raised CRE eyebrows and was a "no-brainer" according to Raise CEO and co-founder Justin Bedecarre . Read the full story .
There goes the neighborhood . . .?by Ted Andersen
A landmark, ultraluxury mansion on San Francisco’s "Billionaires’ Row" shaved millions off its asking price. In recent months the CEOs of DoorDash and Netflix brought houses on the street. Read the full story .
These San Francisco office buildings ran into financial trouble in 2024 by Sarah Klearman n
San Francisco has no shortage of distressed downtown buildings. Here are 10 of the most notable sites that have had some issues with their loans. Read more .
The week in real estate
We asked 400 business leaders what they really think about downtown San Francisco by James Gardner
Depending who you ask, the doom loop narrative around downtown San Francisco is going to subsume the city. But to cut through the hyperbole we asked 400 business leaders what they really think of the city. Here's what they told us .
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Exclusive: Scott Wiener talks NIMBYS, YIMBYS and San Francisco
State Sen. Scott Wiener 's housing regulation reputation extends far beyond San Francisco. He broke down the myriad trials and travails facing the city's housing development and didn't rule out running for higher office in the future in an exclusive interview.
"If there’s a future of me representing San Francisco in Congress, that would be an incredible honor,” Wiener said. Read the profile .
Why Bay Area bank mergers are poised to accelerate by Mark Calvey vey
Set aside the negative headlines about the Bay Area. The region has become a hot spot for banks eager to expand.?Read more .
Coming to Warriors' Chase Center: Double Dub burger, Bicol express fries, apple pie nachos and more by Ron Leuty
Predictions vary on how the Golden State Warriors do on the court (Moonshots optimistic prediction: 4th in the West) but if their new food offerings are anything to go by then 2024/2025 should be an exciting season at Chase Center.
Bon Appétit Management Company will introduce 14 items to the menu for the Warriors season, including Cuban, Indonesian, Southern and Creole specialties. See what's on the menu .
ICYMI here's what else you need to know
Moonshots and Doom Loops ?????????
This weekly Bay Area business? round-up is written by Simon Campbell , special projects editor at the San Francisco Business Times .
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Have a great week.
Gorgeous!??