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- Altman plans to raise between $5 and $7 trillion for a new Semiconductor project.
- Sam Altman is discussing plans with investors to raise funds for a tech initiative.
- The OpenAI CEO is pursuing a partnership between OpenAI, investors, chip makers, and power providers.
According to reports, OpenAI CEO Sam Altman is in talks with several investors, including the UAE government to raise funds for a new tech initiative. The initiative aims to boost the world’s chip-building capacity and its ability to power AI.
Reportedly, Altman’s fundraising plans aim to solve constraints to OpenAI’s growth, including the scarcity of artificial intelligence (AI) chips required to train large language models behind systems such as ChatGPT.
According to the Semiconductor Industry Association (SIA), global chip sales are expected to jump to $595.3 billion this year, reflecting a 13.1% increase compared to an 8% drop in 2023. However, stakeholders seemingly consider Altman’s fundraising target to be high. As of the time of writing, most investors value OpenAI at $80 billion.
Proceeding with the plans, Altman is reportedly pursuing a potential partnership between OpenAI, investors, chip makers, and power providers. Ultimately, the CEO plans for all the parties involved to collaborate in building chip foundries to be run by chip makers. Reports noted that much of the effort could be funded by debt, with discussions already in the early stages.
Altman’s OpenAI was founded in December 2015 and is headquartered in the U.S., focusing on research and providing solutions within the AI industry. According to information on the company’s website, its mission is to ensure that artificial general intelligence benefits all of humanity.
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