Apple is stepping back as an investor in OpenAI’s new round of funding, which was to be completed this week.
OpenAI is currently engaged in a major funding round, in which the AI company hopes to raise $6.5 billion. Apple is said to have come forward as an investor, but is stepping back a week before the end of the round, according to the WSJ. The funding round, led by venture capital firm Thrive Capital, has other major tech companies around the table, including Nvidia and Microsoft.
Apple pulls out
OpenAI, the company behind ChatGPT, announced several business transformations recently. The company is well into its new round of funding, and rumors circulated that OpenAI would transition from a nonprofit to a profitable company.
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Apple withdraws from OpenAI funding round
OpenAI is now heading into a funding round in which the AI company hopes to raise $6.5 billion. A week before the funding round was to be completed, Apple is stepping back as an investor. Other major tech giants such as Microsoft and Nvidia are still in the round. In addition, Tiger Global Management and MGX are also considering participating. Despite Apple’s departure, this does not yet seem to affect the other potential investors.