AIRLINK 74.29 Increased By ▲ 0.29 (0.39%)
BOP 4.95 Decreased By ▼ -0.07 (-1.39%)
CNERGY 4.37 Decreased By ▼ -0.05 (-1.13%)
DFML 38.80 Decreased By ▼ -0.40 (-1.02%)
DGKC 84.82 Decreased By ▼ -1.27 (-1.48%)
FCCL 21.21 Decreased By ▼ -0.44 (-2.03%)
FFBL 34.12 Increased By ▲ 0.11 (0.32%)
FFL 9.70 Decreased By ▼ -0.22 (-2.22%)
GGL 10.42 Decreased By ▼ -0.14 (-1.33%)
HBL 113.00 Decreased By ▼ -0.89 (-0.78%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.71 Decreased By ▼ -0.13 (-2.69%)
KOSM 4.44 Decreased By ▼ -0.09 (-1.99%)
MLCF 37.65 Decreased By ▼ -0.62 (-1.62%)
OGDC 136.20 Increased By ▲ 1.35 (1%)
PAEL 25.10 Decreased By ▼ -1.25 (-4.74%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.71 Increased By ▲ 0.03 (0.45%)
PPL 122.10 Decreased By ▼ -0.90 (-0.73%)
PRL 26.65 Decreased By ▼ -0.04 (-0.15%)
PTC 13.93 Decreased By ▼ -0.40 (-2.79%)
SEARL 57.22 Decreased By ▼ -1.90 (-3.21%)
SNGP 67.60 Decreased By ▼ -1.90 (-2.73%)
SSGC 10.25 Decreased By ▼ -0.08 (-0.77%)
TELE 8.40 Decreased By ▼ -0.10 (-1.18%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 62.81 Decreased By ▼ -2.04 (-3.15%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,800 Decreased By -50.5 (-0.64%)
BR30 25,138 Decreased By -198.6 (-0.78%)
KSE100 74,957 Decreased By -250.1 (-0.33%)
KSE30 24,083 Decreased By -59.5 (-0.25%)

SAN FRANCISCO: OpenAI has concluded a deal with investors that reportedly values the California start-up at $80 billion or more, after a roller-coaster year for the inventor of ChatGPT.

The agreement, reported by The New York Times but not yet confirmed by OpenAI, would mean the value of the company — a world leader in generative artificial intelligence — would have nearly tripled in under 10 months.

The reported deal would have the San Francisco-based firm selling existing shares to investors led by Thrive Capital.

It would permit executives and employees to sell shares at a highly favorable price, just three months after the firm survived a major crisis when company co-founder and chief executive Sam Altman was fired and then brought back only days later.

OpenAI led a revolution in artificial intelligence when it placed its ChatGPT program online in late 2022.

The immediate success of the interface sparked tremendous interest in the cutting-edge technology, capable of producing text, sounds and images upon demand.

Microsoft, already an investor in the start-up, redoubled its involvement. The software giant has injected some $13 billion into OpenAI in the past few years.

It is locked in fierce competition with Google to develop and roll out new tools using AI’s generative abilities, to the point that the US Federal Trade Commission (FTC) in January launched an investigation into the enormous investments by Microsoft, Google and Amazon in the specialized start-ups.

OpenAI, founded as a non-profit in 2015, faced a major crisis last November.

Its board fired CEO Sam Altman, one of Silicon Valley’s more charismatic figures, accusing him of a lack of “transparence.”

In the following days, Microsoft tried to hire him, while both executives and a majority of OpenAI employees demanded that those behind Altman’s ouster resign and that he be rehired.

Within the week, Altman was back at work while several board members resigned.

On Friday, OpenAI — developer not only of ChatGPT but of image-generating DALL-E — released a new tool named “Sora,” which can create realistic videos of up to a minute on simple demand.

According to the Times, OpenAI concluded a similar agreement early last year with venture-capital firms including Thrive Capital, Sequoia Capital and Andreessen Horowitz, which valued the firm at $29 billion.

Comments

Comments are closed.