OpenAI reportedly lowers funding target for new round

What happened: OpenAI reportedly lowered its funding target for its latest round to $20 billion, down from earlier reported targets, with a first close expected to be lower still. Key numbers: Earlier reports cited $30 billion at a $1.4 trillion valuation, then a $1.25 trillion valuation. Why it matters: The round is set to be led by investors from the United Arab Emirates, and the WSJ reported a "tepid" response from some large investors. The reports tie the funding challenges partly to Wall Street wariness of heavy AI infrastructure spending and a major sell off of tech stocks. Coverage: 3 outlets in 24h

OpenAI reportedly lowered its funding target for its latest round to $20 billion, down from earlier reported targets, with a first close expected to be lower still.

The round is set to be led by investors from the United Arab Emirates, and the WSJ reported a "tepid" response from some large investors. The reports tie the funding challenges partly to Wall Street wariness of heavy AI infrastructure spending and a major sell off of tech stocks.