(Reuters) – Apple (NASDAQ 🙂 has abandoned talks to participate in an OpenAI funding round that is expected to raise about $6.5 billion, the Wall Street Journal said on Friday.
The tech giant recently abandoned talks for the round, which will end next week, the newspaper said, citing a person familiar with the matter.
Other companies, such as Microsoft (NASDAQ:) and Nvidia (NASDAQ:), have also been in talks to participate, according to the report, adding that Microsoft was expected to invest around $1 billion after already investing $13 billion. of dollars in the company.
Last month, the Journal first reported that Apple was in talks, as part of OpenAI’s new fundraising effort that could value the ChatGPT maker above $100 billion.
The high valuation is a result of the AI arms race that OpenAI unleashed with the launch of ChatGPT in late 2022, prompting companies across sectors to invest billions in the technology to stay ahead of the competition and capture market share.