Apple stops talks to participate in OpenAI investment round: report
Apple has exited negotiations to participate in an OpenAI funding round that is expected to raise about $6.5 billion (roughly Rs. 54,464 crore), the Wall Street Journal said on Friday.
The tech giant recently dropped out of talks for the round, which was due to close next week, the newspaper said, citing a person familiar with the matter.
Other companies, such as Microsoft and Nvidia, have also been in talks to participate, the report said, adding that Microsoft was expected to invest around $1 billion (approximately Rs. 8,379 crore), having already invested $13 billion (approximately Rs. 1,000) had deposited. 08,928 crore) in the company.
OpenAI declined to comment, while Apple did not immediately respond to a request for comment.
Last month, the Journal first reported that Apple was in talks, as part of OpenAI’s new fundraising effort that could value the ChatGPT maker above $100 billion (about Rs. 8,37,996 crore).
The high valuation is a result of the AI arms race that OpenAI has sparked with the launch of ChatGPT in late 2022, pushing companies across industries to invest billions in the technology to stay ahead of the competition and gain market share.
© Thomson Reuters 2024
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