Read in 4.18 mintues

Sam Altman Seeking Investors for AI Chip Venture

Altman had been in the Middle East, raising funds for a project codenamed Tigris, according to sources. The CEO of OpenAI aimed to establish an AI-centric chip company capable of manufacturing semiconductors to rival Nvidia Corp., the current market leader in artificial intelligence applications.

The venture into chip development is still in its nascent stage, and discussions with potential investors are preliminary, as disclosed by anonymous sources familiar with the private deliberations.

Altman has been actively seeking funding for an AI-focused hardware project developed in collaboration with former Apple Inc. design chief Jony Ive. Discussions about these initiatives involved key players such as SoftBank Group Corp., Saudi Arabia’s Public Investment Fund, Mubadala Investment Company, and others, with Altman aiming for substantial investments in the tens of billions of dollars.

Sources didn’t give any specific details about the scope and codename of Altman’s chip endeavors. However, Altman’s fundraising activities coincided with a crucial period for OpenAI, currently finalizing a tender offer led by Thrive Capital.

This offer, allowing employees to sell shares at an $86 billion valuation, attracted interest from SoftBank and other parties, although they were placed on a waitlist for a potential future deal. In the meantime, Altman encouraged investors to consider his new ventures.

Altman’s Comeback to OpenAI

A day after his ouster by the board, top investors at OpenAI want Sam Altman to return back to the company. Sources familiar with the matter said that Altman is also willing to join back, however, he could be requesting some governance changes at the board.

The decision by the OpenAI board to remove Sam Altman as CEO has faced criticism from both the tech community and the company’s investors. Satya Nadella, CEO of Microsoft Corporation and one of OpenAI’s major investors, has personally contacted Altman, assuring him of support in his future endeavors. Altman has also received backing from the Web3 community, with notable figures like Cardano Founder Charles Hoskinson and Coinbase CEO Brian Armstrong expressing support.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

🏠 HD | Tech | Live🟢 | ToDay🌞 | Magazine | News | Crypto | ⛅Weather | 🇪🇸 | 🍿 | Terms | Privacy | ☕

⚖News Balance🇺🇲

The WEBFI algorithm actively curates and presents current news from the Internet, delivering it in both written and video formats on our platform. Unlike many other news sources, WEBFI Network - News Balance Security is committed to a user-friendly experience. We refrain from displaying advertising within our content, avoid any redirects to external sites, and meticulously filter out any graphic content deemed unsafe, sensitive, or private. Our primary goal is to provide visitors with a distraction-free and secure environment, ensuring they receive the news they seek.

Importantly, WEBFI Network does not collect any personal information from our visitors, and we do not engage in newsletter subscriptions. We take pride in remaining entirely advertiser-free, thanks to the support of our contributors and our dedicated hosting service partners. It's crucial to note that the opinions and content presented on our platform do not necessarily align with WEBFI NETWORK's opinion, philosophy, or vision. We strongly uphold the principle of freedom of speech, welcoming a diverse range of perspectives and ideas.

🌐 Discover News Balance 🇺🇲 - Your Round-the-Clock Source for Unbiased News!

Experience a continuous stream of comprehensive, unbiased news coverage 24/7/365 with News Balance 🇺🇲. Our carefully curated playlist ⏯ delivers a harmonious blend of national and global politics, cutting-edge tech updates, weather forecasts, noteworthy events, and captivating entertainment news.

The best part? No subscriptions, registrations, or downloads required. Enjoy an ad-free news experience with News Balance 🇺🇲.

WEBFI Unstoppable Websites

Since 2018

"Introducing Unstoppable Private WebFi Websites – Your Forever Digital Haven.

Experience a lifetime of ownership with WebFi – where your digital presence is a lifelong investment. Embark on your journey to own a private website for life.

Our private servers set the gold standard in security and performance, ensuring your website stays in top form. With our lifetime license, the days of fretting about hosting renewals are behind you.

Unlock your very own WebFi space granting you a perpetual haven for your projects, free from the burden of recurring payments. Your sole financial commitment? Domain annuities to your domain provider – nothing more!

Choose WebFi and own your digital future, secure, simple, and everlasting."LEARN MORE