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Home DisruptiveTECH

Apple, Nvidia Could Join OpenAI Investment Round, Boosting Valuation to $100 Billion

by Joan Aimuengheuwa
August 30, 2024
in DisruptiveTECH
0
Apple, Nvidia Could Join OpenAI Investment Round, Boosting Valuation to $100 Billion
OpenAI

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Tech giants Apple and Nvidia are reportedly in discussions to participate in OpenAI’s new funding round which could push its valuation to $100 billion. 

This potential valuation is a $20 billion increase from just eight months ago, and the deal is expected to be led by Thrive Capital, an early investor in OpenAI, with the possibility of Microsoft also joining. Thrive Capital is reportedly prepared to commit around $1 billion to the venture.

This funding is important for OpenAI, which has seen huge capital inflow since it launched its innovative chatbot, ChatGPT, in late 2022. 

The release of ChatGPT led to a surge in AI investments, with OpenAI benefiting from this trend. However, the enthusiasm for AI has tempered recently as several startups have been absorbed by larger tech conglomerates such as Google, Amazon, and Microsoft. 

Despite these consolidations, OpenAI has maintained its independence, focusing on developing and selling its own AI technologies and products.

Microsoft, along with other investors, has already poured over $13 billion into OpenAI since 2019. This funding has been essential for the startup, which relies heavily on vast computing power to advance its AI technologies. 

Nvidia, a key supplier of the specialised chips that fuel AI development, has also seen incredible growth, reporting a doubling of its sales and profits in the last quarter.

The new deal would allow existing shareholders of OpenAI to sell their shares, following a similar structure to an earlier transaction led by Thrive Capital earlier this year, which valued the company at over $80 billion without issuing new shares.

While Nvidia’s potential involvement in this funding round was initially reported by Bloomberg, and Apple’s interest by The Wall Street Journal, both companies have declined to comment on the matter. 

Apple’s participation is particularly noteworthy as the company has lagged in the AI race compared to rivals like Google, Microsoft, and Meta. However, Apple has recently shown its intention to integrate AI more deeply into its products, including plans to incorporate OpenAI’s chatbot into its iPhone devices.

This investment round comes at a time when OpenAI is reportedly facing financial challenges, with projections revealing a possible $5 billion loss by the end of the year despite generating substantial revenue. 

The new capital could provide the necessary resources for the company to continue expanding its AI training and workforce.

Apple is expected to reveal more about its AI initiatives, including its “Apple Intelligence” suite, during an upcoming event on 9 September, where it will also unveil its latest iPhones. 

This new technology promises to enhance Apple’s existing features, such as Siri, and introduce tools for better message prioritisation and automated writing assistance.

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Tags: appleChatGPTMicrosoftNvidiaOpenAIOpenAI $100 billion valuationThrive Capital
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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