🇺🇸 OpenAI has slashed its latest fundraising target by $10 billion as a sharp selloff in technology stocks raises fresh questions about the enormous sums being invested in AI. The company behind ChatGPT is now seeking approximately $20 billion, down from its original $30 billion target, while its proposed valuation has reportedly fallen from $1.4 trillion to $1.25 trillion. Yesterday marked the deadline for investors to commit to the funding round, but the process is far from over. So far, OpenAI has reportedly secured roughly $11 billion, less than half its original target, with the first closing of the round expected to fall short of even the reduced $20 billion goal. A consortium of investors from the UAE, including state-backed technology fund MGX, is expected to provide the largest contributions in this round of fundraising. The fundraising difficulties come as investors increasingly question whether the AI industry's massive spending on data centers and computing power can deliver the profits needed to justify soaring valuations. The news comes as Nasdaq fell 2.9% yesterday, putting it 7.8% below its October 6 record closing high. Source: FT, Reuters, Wall Street Journal / Writer: Mhedi