 | | (Drew Sanders/PitchBook News) | | | The recent hype around AI had a dose of reality when users revealed several flaws in Microsoft's new AI Bing search.
Powered by ChatGPT, a jaw-dropping AI tool launched by startup Open AI in November, the service threatens to upend internet search. But it also has a penchant for generating wrong, and often unnerving, answers. Similar issues were found with Bard, a rival product that Google hastily announced after it was caught napping by Bing and ChatGPT. The debacle wiped $100 billion off parent company Alphabet's market value.
The technology has some way to go, but generative AI, which uses deep learning and natural language processing models to produce new data, is still likely to have a big impact not just on internet searches, but on many other industries. Private markets will be no exception.
Welcome back to The Weekend Pitch. I'm Andrew Woodman, and you can reach me at andrew.woodman@pitchbook.com or on Twitter @adwoodman.
Just as venture capital and private equity firms both seek to back the next disruptors in AI, they themselves will face disruption. AI is already proving to be an invaluable tool for private market professionals in identifying new opportunities, streamlining back-office functions and expediting dealmaking. At the same time, there are concerns that the adoption of AI will have unintended consequences as it creates redundancy and potentially magnifies systemic biases. | | | | | | | |
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| A message from Masterworks | | |
| $500k+ portfolio investors hedge 'earnings avalanche' with this safe haven | | The "soft landing" myth is about to erupt. After a brutal earnings season, a scant 2.6% of S&P 500 companies now have positive earnings outlooks.* The race is on to diversify from stocks.
Discerning investors are increasing their exposure to the one asset class that outpaced the S&P 500 by 131% over the last 26 years: blue-chip art.
While this all-weather asset was once the domain of only the ultra-rich, Masterworks has created an easy-to-use platform that's allowed 625,000+ users to discover this exclusive, wealth-generating asset.
Even better, they've delivered 11 straight successful exits since 2019, including 10 that netted double-digit annualized returns.
Offerings can sell out in minutes, but PitchBook readers can skip the waitlist with this exclusive link.
*Morningstar data
"Net Return" refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Masterworks paintings not yet sold and past performance is not indicative of future results. See important Regulation A disclosures at masterworks.com/cd. | | | | | | | |
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OurCrowd's
Global Investor Summit | |  | | (Courtesy of Tomer Foltyn) | | | Climate tech, generative AI and ongoing relations in the Middle East were among the topics highlighted by attendees at OurCrowd's 2023 Global Investor Summit.
Over 9,000 people gathered in Jerusalem to discuss the latest startup and technology trends. | | | | | | | | Do you know that Scotland's national animal is the unicorn? According to our analysts, unicorn sightings across Europe rose in 2022 to the second-highest figure on record. Just how many billion-dollar, VC-backed companies emerged in Europe last year?
A) 78
B) 29
C) 11
D) 47
Find your answer at the bottom of The Weekend Pitch! | | | | | |  | | (bht2000/Shutterstock) | | | Soft landing, reflation, recession or stagflation?
Our recent analyst note dives into the question on everyone's mind and breaks down the relative likelihood of each of these scenarios, how they might unfold and their potential effects on the private markets.
Want a hint? Our analysts think the probability of a recession is much higher than market pricing might indicate. | | | | | | | At the start of the pandemic, many expected the lockdowns would signal a great movement of capital away from the hubs of New York City and the San Francisco Bay Area. But three years on, our analysts find not much has changed. | | | | | |  | | (Anton27/Shutterstock) | | | | Technology and startups are moving fast, making it harder to keep up with the players, figures and deals you need to know. Catch up with our emerging tech reports with complete 2022 data: | | | | | | "With developing countries facing unprecedented crises, I'm proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career. Having made much progress, and after a good deal of thought, I've decided to pursue new challenges."
—World Bank Group President David Malpass, announcing his resignation. He had come under fire for his comments on climate change. | | | | | | Keep an eye out for these insights and research reports coming out this week. - 2022 Global Private Market Fundraising Report
- Q4 2022 Gaming Report
| | | | | | The Spanish firm that can "erase your past" from the internet. [The Guardian]
How a quarter-million fired tech workers are picking up the pieces. [The Information]
Inside Tracy Anderson's fitness empire. [Business Insider] | | | | | |  | | Scotland's HMS Unicorn (Atmosphere1/Shutterstock) | | | | | | | |
This edition of The Weekend Pitch was written by Andrew Woodman, Emily Burleson and Jacob Robbins. It was edited by James Thorne and John Moore.
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