OpenAI slashes funding target by US$10 bil amid tech rout, FT reports

AI startup OpenAI has reportedly cut its latest funding round target by US$10 billion, now seeking US$20 billion at a US$1.25 trillion valuation. This is a reduction from its previous aim of US$30 billion at a US$1.4 trillion valuation. The adjustment occurs amidst a broader sell-off in technology stocks, fueled by concerns surrounding artificial intelligence (AI) spending.