Sam Altman, CEO of OpenAI, is reportedly set to visit the United Arab Emirates this week to engage in fundraising discussions with Abu Dhabi-based investment firm MGX.
What Happened: Altman's visit has been confirmed by two sources, as per a report by Reuters. This visit comes at a pivotal time for OpenAI as it faces competition from China’s DeepSeek, a more affordable AI alternative.
Altman’s meeting with MGX follows a recent tour of Asia, where he announced a partnership with Japan’s SoftBank Group SFTBY for AI services. The UAE, striving to become a leader in AI, is investing heavily in the sector, competing with Qatar and Saudi Arabia.
Why It Matters: MGX was part of a $6.6 billion funding round for OpenAI that concluded in October. SoftBank is reportedly in discussions to lead a funding round of up to $40 billion for OpenAI, potentially setting a record for private company funding.
This round could value OpenAI at $300 billion. Additionally, President Donald Trump recently announced a joint venture, Stargate, involving OpenAI, SoftBank, and Oracle Corp. ORCL, with MGX participating.
Altman also visited India, meeting with the country's IT minister to discuss creating a low-cost AI ecosystem. OpenAI’s ChatGPT, launched in late 2022, has reached over 300 million weekly users but faces competition from DeepSeek’s cost-effective AI solutions.
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