OpenAI Inc. CEO Sam Altman says he's not interested in taking the artificial intelligence (AI) startup public, citing his desire to maintain full control over the technology as it continues to advance. Altman made these remarks during an event in Abu Dhabi, where he also emphasized his commitment to collaborating with regulators to establish frameworks that mitigate potential risks associated with AI.
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“When we develop superintelligence, we are likely to make some decisions that most investors would look at very strangely,” Altman said, underscoring his apprehensions about public market investors’ perception of such decisions. “I like being nonconflicted, and I think the chance that we have to make a very strange decision someday is nontrivial.”
Altman’s remarks come as part of his ongoing world tour, which has seen him travel across Europe, the Middle East and Asia to engage with lawmakers and officials involved in shaping AI regulations. His public statements throughout the tour have been subject to close scrutiny.
Regarding the possibility of OpenAI going public, Altman stated, “I don’t want to be sued by public market, Wall Street, etc., so no, not that interested.” This response came after a question was posed about OpenAI’s potential initial public offering (IPO) plans.
OpenAI has secured significant funding, raising a total of $10 billion from Microsoft Corp. at a valuation of nearly $30 billion, which will be used to enhance its computing capacity. Altman acknowledged OpenAI's unconventional structure, explaining, “We have a very strange structure. We have this cap-to-profit thing.”
Initially established as a nonprofit organization, OpenAI later evolved into a hybrid “capped-profit” company, allowing for external fundraising while ensuring the original nonprofit arm continues to reap the benefits.
While OpenAI continues to make significant strides in the field of artificial intelligence, other companies are also pushing the boundaries of technology in different ways. AvaWatz is a company that employs decision intelligence to facilitate collaboration among robots. By transforming individual robots into cohesive teams of “cobots,” AvaWatz enables companies to achieve enhanced productivity, without compromising on quality or safety.
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As the AI market continues to surge, its growth trajectory is becoming evident. According to data obtained by Finbold, the estimated market share of AI is expected to reach $207.9 billion in 2023. Looking ahead, this figure is projected to skyrocket by 788.64% and reach $1.87 trillion by 2030.
Businesses and industries are recognizing the value and potential that AI brings, leading to widespread adoption and investment in AI-related technologies and solutions.
Tech companies, including industry giants like Apple Inc., Microsoft, Alphabet Inc.‘s Google, Meta Platforms Inc., Adobe Inc., SAP, ServiceNow and many others, are actively embracing AI as they unveil innovative products, services and advancements in the field. This collective push demonstrates the industry’s recognition of AI’s capability to revolutionize user experiences, augment products and services and drive innovation.
While OpenAI has chosen to remain a private entity, the continued growth and investment in the AI market by prominent tech companies highlight the immense opportunities in this rapidly expanding industry.
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