According to a Financial Times report, OpenAI, backed by tech titan Microsoft (NASDAQ:MSFT), hit $2 billion in revenue in December. The report stated that the developer of ChatGPT remained confident that it will more than double its revenues by next year.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Moreover, according to a Wall Street Journal report, OpenAI’s CEO, Sam Altman, could be in potential discussions with investors to raise between $5 trillion and $7 trillion in capital for a major project that would increase chip-making capacity globally and expand its ability to “power AI.”
Altman is in talks with potential investors, including SoftBank and the UAE’s security advisor, Sheikh Tahnoun bin Zayed al Nahyan, and the Abu Dhabi royal chairs G42, a UAE-based AI company and a partner of OpenAI.
The report stated that Altman has already discussed this ambitious venture with U.S. officials. With this initiative, OpenAI is seeking to address AI infrastructure needs.
What Is the Target Price for MSFT?
Analysts remain bullish about MSFT with a Strong Buy consensus rating based on 32 Buys, one Hold, and one Sell. MSFT stock has risen by more than 55% in the past year, and the average MSFT price target of $469.45 implies an upside potential of 12.5% at current levels.
