OpenAI lowers funding target to $20 billion as tech stocks decline

OpenAI, the US-based artificial intelligence research firm behind popular generative AI models, has scaled back both its target fundraising amount and valuation goal amid persistent selling pressure on tech stocks and AI-focused companies. The Nasdaq 100 index has fallen approximately 10% over the past three weeks from its record level reached on October 6, with a sharp 4.5% drop last Friday. This continued downturn has intensified valuation pressures on technology companies, particularly those in the artificial intelligence sector. OpenAI reportedly aimed to raise $30 billion with a target valuation of $1.4 trillion in its next financing round.

Source: CoinTurk News