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PitchBook News - The GPs embracing ChatGPT

Plus: VC keeps its concentration, breaking down the recession question, unicorn sightings rise in Europe & more
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The Weekend Pitch
February 19, 2023
Presented by Masterworks
(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  
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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.
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Trivia
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!
 

The path ahead
(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.
 

Capital concentration
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.
 

Emerging tech roundup
(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:
 

Quote/Unquote
"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.
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week.
  • 2022 Global Private Market Fundraising Report

  • Q4 2022 Gaming Report
 

Recommended Reads
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]
 

Trivia
Scotland's HMS Unicorn (Atmosphere1/Shutterstock)
Answer: D)

47 new unicorns emerged in Europe in 2022, the second-highest recorded, according to our annual European VC Valuations Report

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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