ChatGPT Developer OpenAI Valued at $29B?
Abbas M. Fahs, MBA
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The Wall Street Journal reported on Thursday that OpenAI, the artificial intelligence research lab behind chatbot ChatGPT, is in talks to sell existing shares in a tender offer that would value the company at around $29 billion as venture capitalists rush to profit from the viral technology.
Venture capital firms Thrive Capital and Peter Thiel’s Founders Fund will purchase shares from existing shareholders including employees.
OpenAI was co-founded in 2015 by Tesla’s CEO Elon Musk, PayPal co-founder Thiel and investor Sam Altman.
Microsoft Corp, which invested $1 billion in OpenAI in 2019, was working on launching a version of its search engine Bing that would use the AI behind the now-viral ChatGPT.
ChatGPT is a language model that has been fine-tuned for chat-based dialogue. It is designed to generate human-like responses to text inputs in a conversational setting and can be used for tasks such as chatbots and dialogue systems. It has been trained on a large dataset of conversations and has demonstrated strong performance.
The company’s valuation was about $20bn in 2021.
According to Reuters, the firm expects business to boom as it pitches to investors, estimating $200 million in revenue next year and $1 billion by 2024.
Looking to invest in OpenAI? You can’t as it is not publicly traded! But you can invest in the industry by adding "AI" ETFs to your portfolio.
Is Alphabet’s inc. Google outdated now?
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