A skunkworks shop that aims at 100x returns by producing cutting-edge AI tech, not another B2B BigTech company. Isn't that the very image they cultivated in the media?
IIRC, the pitch was AGI would allow OpenAI to print money by replacing humans in any industry and siphoning whatever was being spent on payroll for pennies on the dollar.
If you can produce cutting edge AI tech, the opportunity cost is just too high to spend $1B on already established companies. Such acquisitions basically say that OpenAI can’t find a project worthy of $1B of compute and exceptional AI researchers either because there is nothing innovative they believe they can come up with or because anything innovative will be commoditized and produce little returns.
They sell ads. For people to look at ads they need to grab their attention. So they have an ad network, a social media platform, a microblogging platform, a short-form media sharing platform, a messenger, VR SW, VR HW, smart glasses, LLMs, a marketplace, a dating service, a street imagery service, a fitness service, some B2B stuff and so on.
"Can you call Meta diversified given most of its forward looking revenue comes from IG? Lol."
Meta's long term value, as it stands, seemingly comes predominantly from IG given that the probability of success of those things you mentioned are very low and FB is on its last legs in the developed world.
Meta is highly concentrated on IG. And how do we know this? Well Meta's revenues were beat recently by Bytedance. What is Bytedances premier App?
