OpenAI Slashes Funding Goal by $10 Billion as Tech Stocks Slide

TLDR OpenAI cut its fundraising goal to about $20 billion from $30 billion, the Financial Times reported. Its target valuation fell to $1.25 trillion from $1.4 trillion. The Nasdaq Composite fell 2.9% on Friday and is 7.8% below its October 6 record close. Rival Anthropic plans to go public in mid-November and is competing for the same investors. Cathie Wood’s ARK bought Coinbase Global, Circle Internet Group and Tempus AI, and sold Bullish and Eli Lilly. OpenAI has lowered its fundraising goal, the Financial Times reported late Friday.

Source: CoinCentral