OpenAI Reportedly Lowers New Funding Target to $20 Billion
According to the Financial Times, OpenAI has lowered its new funding target from the $30 billion previously reported to $20 billion, with the first closing amount expected to be even lower. The round is led by Emirati investors, and a subsequent retail offering to wealthy individuals could bring the total to the $20 billion target; The Wall Street Journal says the company has so far raised $11 billion, with some large investors responding coolly. The report attributes the chilly reception for the funding partly to poor timing, as Wall Street investors grow cautious about heavy spending on AI infrastructure, triggering a sharp selloff in tech stocks.
#Industry news#OpenAI