{"text":[[{"start":12.96,"text":"OpenAI has slashed the target for its latest funding round by $10bn as it scrambles to close a deal which has been overshadowed by an AI sell-off in the public markets and the imminent public listing of its arch-rival Anthropic."}],[{"start":25.82,"text":"The ChatGPT maker was aiming to raise $30bn at a $1.4tn valuation last month, billing the deal as a final chance for investors to buy into it ahead of its own initial public offering next year. OpenAI pointed to a rapid increase in revenue since July to justify a near doubling of its price tag from $852bn."}],[{"start":47.782,"text":"But it has since tempered its ambitions amid a brutal sell-off for tech stocks and growing anxiety about the pace and extent of AI spending. The tech-heavy Nasdaq 100 fell 3.5 per cent on Friday."}],[{"start":60.797,"text":"OpenAI is now seeking about $20bn at a $1.25tn valuation, according to multiple people with knowledge of the matter."}],[{"start":69.51,"text":"It set a deadline for investors to commit to the funding round by Friday. That “first close” is expected to bring in less than $20bn, after some of its investors lowered their allocations to the round, according to the people."}],[{"start":82.836,"text":"A consortium of investment groups from the United Arab Emirates, including state-backed tech fund MGX, is expected to be the largest participant in the round and, as a part of the deal, OpenAI will have an option to lease newly developed computing power in the region, added the people."}],[{"start":98.824,"text":"Venture capital firms including Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz, as well as Masayoshi Son’s SoftBank, also plan to participate, they said."}],[{"start":108.96,"text":"There will be a subsequent retail offering, giving wealthy individuals the option to buy into OpenAI at a $1.25tn valuation, which could expand the round to $20bn or so, said one of the people."}],[{"start":122.32,"text":"OpenAI raised $122bn in March this year but has plans to spend multiples of that on computing power to train and run its models."}],[{"start":131.499,"text":"One of the group’s backers said they had kicked off the fundraising process amid enthusiasm for the AI trade but had been caught out by a sharp reversal in the market."}],[{"start":140.802,"text":"OpenAI is also competing for attention with Anthropic, which is set to go public next month at a valuation of $1.5tn or more and is absorbing both investor capital and focus."}],[{"start":153.104,"text":"OpenAI, Sequoia, Founders Fund and SoftBank declined to comment. MGX, Coatue and Andreessen Horowitz did not immediately respond to a request for comment."}],[{"start":170.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793416363_6370.mp3"}