00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Dan Ives filed Wednesday to launch a closed-end fund aimed at giving investors access to private
00:06companies driving the artificial intelligence boom, according to CNBC. The Ives Ultra AI
00:11Opportunities Fund plans to sell 20 million shares at $10 each, raising $200 million,
00:17and trade on the New York Stock Exchange. About 80% of net assets will target AI-focused companies,
00:23with an emphasis on private, late-stage firms in the U.S. The fund may also invest in publicly
00:28traded companies and allocate up to 15% of its portfolio to private funds. Ives said private
00:34companies will lead much of the AI spending in coming years and called them the sector's
00:38golden goose. For all things money, visit Benzinga.com.
