OpenAI has been at the forefront of artificial intelligence revolution which captivated the world this year after the sensational debut of its chatbot ChatGPT. The company received a new boost after receiving a $10 billion investment from Microsoft in early 2023.
The San Francisco-based technology company found itself in troubled waters last month following the shocking ousting of its star CEO Sam Altman by the board of directors. The event triggered such a wave of negative reactions from investors and the company’s own employees that in just five days, Altman was reinstated and a new board of directors was put in place.
OpenAI has also held talks with G42, an Abu Dhabi-based AI company, to raise capital for a chip project, Bloomberg reported. It is seeking between $8 billion and $10 billion in funding for its project, called Tigris, according to the report.
Investor frenzy around AI has helped the U.S. stock market stage an impressive rally this year, defying historically high interest rates and recession forecasts. The benchmark S&P 500 has gained 24% so far in 2023, while the tech-heavy Nasdaq 100 has surged 53%.
OpenAI did not immediately respond to Business Insider’s request for comment.