From Reuters, October 30:
OpenAI has slashed the target for its latest funding round by $10 billion amid a selloff in tech stocks driven by AI worries, the Financial Times reported on Friday, citing people with knowledge of the matter.The ChatGPT maker is now seeking about $20 billion and its desired valuation has dropped to $1.25 trillion from $1.4 billion, the report said.OpenAI set a Friday deadline for investors to commit to the funding round, but the "first close" is expected to raise less than $20 billion after some investors reduced their allocations, it added.A consortium of UAE investors that includes state-backed technology fund MGX is expected to be the largest participant in the round, and as part of the deal, OpenAI would gain the option to lease newly developed computing capacity in the region, the newspaper added.Venture capital firms including Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected to participate, according to the report.Wealthy individuals will have the option to invest in a subsequent retail offering at a $1.25 trillion valuation, the FT added....
....MORE
Our post on October 22, "OpenAI nears up to $30 billion funding round at $1.25 trillion valuation led by UAE investors" exited with the thought that both the amount and the valuation seemed surreal, prompting a quick diversion to some of the Art Institute of Chicago's Surrealism collection including:
1938
René Magritte
Broken and Restored Multiplication, 1918–19
Suzanne Duchamp
Inventions of the Monsters, 1937
Salvador Dalí
Which titles seemed appropriate, in a surreal sort of way
