In the latest development in the feud between OpenAI and Elon Musk, the ChatGPT maker has countersued billionaire Musk, citing a pattern of harassment. The company also asked a federal judge to stop Musk from any “further unlawful and unfair action” against OpenAI in a court case over the company’s future structure that has fueled the AI revolution.
OpenAI claims that Musk has tried “nonstop” to slow down its business for his benefit, accusing him of using “bad-faith tactics” against it to help him control AI technology.
Musk has been actively seeking to stop OpenAI from transitioning to a “for-profit” company, claiming that the transition will be a bad idea, which prioritizes commercial interests and compromises its mission of benefiting humanity.
OpenAI, however, denies these allegations. The company must complete its transition by the end of the year if it seeks to secure the entire $40 billion of its current fundraising round. If the transition fails to complete by year-end, the funding will likely be reduced to US$20 billion.
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“Through press attacks, malicious campaigns broadcast to Musk’s more than 200 million followers on the social media platform he controls, a pretextual demand for corporate records, harassing legal claims, and a sham bid for OpenAI’s assets, Musk has tried every tool available to harm OpenAI,”
-OpenAI wrote in a filing in Musk’s existing lawsuit against it in U.S. District Court for the Northern District of California.
In response, Musk’s legal team has referred to a $97.4 billion unsolicited takeover bid from a Musk-led consortium. This bid was rejected by OpenAI.
“Had OpenAI’s Board genuinely considered the bid as they were obligated to do they would have seen how serious it was. It’s telling that having to pay fair market value for OpenAI’s assets allegedly ‘interferes’ with their business plans.”
-Musk’s lawyer Marc Toberoff said in a statement provided to Reuters.
“Elon’s nonstop actions against us are just bad-faith tactics to slow down OpenAI and seize control of the leading AI innovations for his personal benefit. Today, we countersued to stop him.”
-OpenAI said in a statement on Wednesday.
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14. Bloom Energy Corporation (NYSE:BE)
Number of Hedge Fund Holders: 42
Bloom Energy Corporation (NYSE:BE) develops solid-oxide fuel cell systems for on-site power generation, helping meet the growing energy demands of AI data centers. On April 11, TD Cowen analyst Jeff Osborne maintained a “Hold” rating on the stock and set a price target of $20.00. The firm discussed how it expects a positive outlook from the company, but pointed out project completion timings to be a challenge. Bloom’s pipeline, particularly a significant portion of its AEP deal, is facing uncertainties due to legislative impacts in Ohio as well as the timing of larger data center projects.
Back in November, the company signed a supply agreement with American Electric Power (AEP) for up to 1 gigawatt (GW) of its products. The initial installation of Bloom’s fuel cells was set to meet the immediate power needs of AI data centers. Besides the pipeline uncertainty, there is reduced transparency regarding MW/ASP disclosures and concerns over margins stemming from increased costs of larger data center projects. Like many other companies, Bloom Energy is also subject to uncertainties coming from tariffs. All of these factors have collectively led to a Hold rating toward the stock.
13. Palantir Technologies Inc. (NASDAQ:PLTR)
Number of Hedge Fund Holders: 63
Palantir Technologies Inc. (NASDAQ:PLTR) is a leading provider of artificial intelligence systems. On April 11, an article by Wired revealed that Palantir is reportedly working with Elon Musk’s Department of Government Efficiency (DOGE) on a major IRS project. This collaboration will allow it to build a new “mega API” for accessing Internal Revenue Service records. IRS sources told Wired that DOGE, a few of Palantir representatives, and dozens of career IRS engineers have been collaborating to build a single API layer above all IRS databases for the past few days. DOGE would like Palantir’s Foundry software to become the “read center of all IRS systems,” in case the project moves forward. This implies anyone with access could view and possess the ability to possibly modify all IRS data in one place.
