OpenAI cuts fundraising target to $20 billion as Nasdaq 100 falls 10%

Concerns over the artificial intelligence surge have prompted a significant decline in the Nasdaq 100, which has dropped approximately 10% in the three weeks since reaching its record high on October 6. The index fell 4.5% on Friday, deepening investor uncertainty about the outlook for technology-related stocks. OpenAI, the AI research and deployment company led by Sam Altman, has cut back its fundraising and valuation goals in response to the turbulent technology sector. After earlier pushing back its initial public offering until 2027, the company had reportedly targeted raising $30 billion at a $1.4 trillion valuation.

Source: CoinTurk News