OpenAI, the artificial intelligence (AI) research lab behind chatbot ChatGPT, is in talks to sell existing shares in a tender offer that would value the company at about $29bn.
A report in the Wall Street Journal says that the deal is structured in a way that would see venture capital firms such as Thrive Capital and Founders Fund buy shares from existing shareholders, including employees.
This would raise a venture capital of at least $300m in share sales.
This follows reports that Microsoft is set to challenge Google search by incorporating ChatGPT into its Bing search engine.
According to The Information, this feature could be introduced by the end of March, purportedly to help heighten Bing’s lagging profile.
Bing is mostly perceived as a poor second to Google’s ubiquitous search engine but that might be set to change if Bing introduces this intelligent chatbot that can converse in normal human language rather than specific keywords.
ChatGPT could prove a challenge to Google’s prolific search index by answering questions in a human-like manner.
OpenAI, founded by Elon Musk and other investors in 2015, unveiled ChatGPT last November, which interacts in a conversational way and generated a lot of buzz when the company opened it up for the public to try out for free.
Microsoft has already invested $1bn into Open AI’s ChatGPT project. The two companies have been working together for years pioneering AI supercomputer tech on Microsoft’s Azure cloud computing service.
OpenAI released GPT-3 in 2021 and used an updated version, GPT-3.5, in the ChatGPT tool. The company has said a more advanced version, GPT-4, is in development, but it has not specified a release date.
It’s worth noting that OpenAI intends to charge for ChatGPT in the future, like the fees it charges programmers who use GPT to create text-generating bots. That means Bing might become one of the only free access points to GPT.
Do you feel comfortable with the idea of interacting with technology that might be smarter than yourself?