Maverick Capital, a hedge fund firm founded by Lee Ainslie in 1993, has revealed its historical ties to ChatGPT’s creator Sam Altman. The firm invested in Altman’s first company, Loopt, back in 2010. Four years later, it established a partnership with Y Combinator, during which Altman had the role of president of the startup accelerator.
In a letter to its investors, Ainslie claims that their long-standing relationship with Altman helped them spot the potential of the generative AI technology early on. The firm also had early looks of the development of OpenAI, the company behind ChatGPT.
As AI technology advances, a number of high-profile investors, such as billionaire Stanley Druckenmiller, Citadel’s Ken Griffin, Coatue Management’s Philippe Laffont and Point72 Asset Management’s Steve Cohen take note of its potential to create jobs and revolutionize industries.
Maverick set up a fund dedicated to AI investing last year and participated in an event with 500 industry developers. AI-related long and short bets have made the largest contributions to the firm’s funds over the course of this year.
Maverick believes that cloud-related companies stand to benefit extensively from AI, as the technology requires more power than traditional computing. The firm also has short wagers on businesses whose fundamental models may be impaired due to the technology’s adoption.
Given its focus on AI technology, Maverick Capital is optimistic about the future of the investment landscape. The company continues to research the technology and capitalize on its potential while at the same time inspiring others to join the AI revolution.
