2024

April

Elon Musk

OpenAI — the company behind the ChatGPT large language model — has raised an additional $6.6 billion in capital from institutional investors, bringing the private company’s valuation to $157 billion.
The funding round included venture capital firms Thrive Capital and Khosla Ventures as well as tech giants Nvidia and Microsoft.
OpenAI raised the funds by offering investors convertible debt that will convert to equity if the company manages to successfully pivot to a for-profit business entity without restrictions such as profit caps on investment returns and reliance on nonprofit governance structures.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-press-account-hacked-x-shilling-crypto" rel="noopener noreferrer nofollow" target="null" text="null" title="null">OpenAI’s press account hack was 5th security breach in 20 months</a>
<h2 id="openai-s-proposed-shift-to-a-profit-model">OpenAI’s proposed shift to a profit model</h2>
OpenAI is purportedly working on restructuring the company to a purely for-profit business model — a shift that will require overcoming regulatory red tape and raising questions about the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-for-profit-musk-legal-concerns" rel="noopener noreferrer nofollow" target="null" text="null" title="null">legality of the restructuring</a>.
Following OpenAI’s announcement that it was seeking to change its business model, Elon Musk — a co-founder of OpenAI — criticized the purported shift as “illegal.”
However, California — where OpenAI is headquartered — does allow nonprofit corporations to convert to for-profit models through a complex process that first transforms the entity into a for-profit stock corporation and later a limited liability corporation (LLC).
To justify its more than <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-fundraising-could-push-valuation-150-billion" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/openai-fundraising-could-push-valuation-150-billion">$150 </a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-fundraising-could-push-valuation-150-billion" rel="noopener noreferrer nofollow" target="null" text="null" title="null">billion valuation</a>, OpenAI is seeking to expand its revenue streams by exploring high-end subscription plans that could cost upward of $2,000 per month. In September 2024, OpenAI revealed that it&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-1m-business-users-premium-subscriptions" rel="noopener noreferrer nofollow" target="null" text="null" title="null">acquired 1 million users</a>&nbsp;across its suite of products — a 67% increase since April 2024.
<h3 id="chatgpt-gets-new-features">ChatGPT gets new features</h3>
On Oct. 1, OpenAI announced an update to ChatGPT that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/openai-new-updates-enhance-ai-voice-vision" rel="noopener noreferrer nofollow" target="null" text="null" title="null">enhances the vision and speech capabilities</a> of the large language model.
The upgrade to the Realtime API gives developers a more streamlined process to create voice-to-voice applications that mimic natural speech patterns.
Enhancements to ChatGPT’s image processing capabilities were also rolled out during the latest updates. This allows human operators to provide feedback to the language model to reinforce its abilities and train the model to improve its responses over time.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>

OpenAI raises an additional $6.6B at a $157B valuation

Table of Contents

Cointelegraph

Other articles published on Oct 2, 2024

New Cryptocurrency Releases, Listings, & Presales Today – Royal Finance Coin, Cryptify AI, Dynachain

Vana Secures $25M in Funding to Overcome AI Data Wall

SHIB and DOGE Struggle to Hold Investors as Fast-Rising Token Dogen (DOGEN) Targets $10 by Year-End

PayPal Opens Cryptocurrency Market to U.S. Business Accounts

Bitfarms Plans to Double Operational Capacity to 21 EH/s in 2025

Marathon Invests in AI Infrastructure, Combining AI Workloads with Bitcoin Mining to Stabilize En...

Join our free newsletter for daily crypto updates!