OpenAI, the company responsible for the development of ChatGPT, is reportedly considering selling its existing shares to investors at a significantly higher valuation. The Wall Street Journal has reported that this deal could value the company, which is backed by Microsoft, at a staggering $80 billion to $90 billion. If successful, this would make OpenAI one of the most valuable private companies worldwide.
As of now, OpenAI has refrained from commenting on this report, leaving the industry eagerly awaiting an official statement.
The launch of ChatGPT, an acronym for Chat Generative Pre-trained Transformer, on November 30, 2022, quickly attracted attention in Silicon Valley. Investors are particularly excited about generative AI’s potential as the next major growth area for tech companies. Notably, Microsoft Corp had invested $10 billion in OpenAI earlier this year, placing the San Francisco-based firm’s value at $29 billion.
OpenAI was established in December 2015 by notable figures such as Elon Musk, Sam Altman, Ilya Sutskever, Greg Brockman, Wojciech Zaremba, and John Schulman. The company’s overarching mission is to ensure that artificial general intelligence (AGI) benefits all of humanity. AGI refers to highly autonomous systems that can outperform humans in economically significant tasks.
In addition to its flagship product, ChatGPT, OpenAI boasts several other impressive products and projects. One such project is DALL-E, an AI system that generates high-quality images based on textual descriptions. Another is Codex, the model behind GitHub Copilot, which can write code based on user instructions. OpenAI Gym, on the other hand, serves as a toolkit for developing and comparing reinforcement learning algorithms. Lastly, the company’s portfolio includes CLIP, an AI system that can comprehend both images and text together.
With this potential valuation increase and its diverse range of innovative AI technologies, OpenAI continues to solidify its position as a key player in the industry, attracting the attention and investment of major players in the tech sector.
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