OpenAI’s losses balloon to $540 mn amidst the success of its ChatGPT bot
OpenAI, the AI research company backed by Microsoft, has reportedly experienced losses that surpassed $540 million last year owing to the development of ChatGPT, its AI chatbot that has taken the world by storm. The Information reports that the company’s losses doubled while developing ChatGPT and hiring important employees from Google.
According to the report, “The previously unreported figure reflects the steep costs of training its machine-learning models during the period before it started selling access to the chatbot.”
In February 2023, OpenAI unveiled ChatGPT Plus, a new subscription plan priced at $20/month. However, even with an uptick in revenue, OpenAI’s losses could continue to increase as more users adopt its AI tech and the tech firm trains future versions of its software.
The CEO of OpenAI, Sam Altman, has reportedly suggested that the company may try to raise up to $100 billion in the near future to facilitate the development of advanced artificial general intelligence (AGI) capable of improving its capabilities independently.
Elon Musk, an early investor in OpenAI, recently created a competing firm called X.AI, which plans to promote AI in the ChatGPT era.
While Musk initially invested $100 million in OpenAI, he later exited the company due to differences in vision.
Within recent months, ChatGPT and GPT-4 have gained immense popularity globally. OpenAI recently secured more than $300 million in a share sale valued at between $27-29 billion.
Source: IANS
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Editor Notes: The High Costs of AI Chatbot Development
The success of OpenAI’s AI chatbot, ChatGPT, has put the company in the spotlight globally. However, the high costs of the AI developments present a significant challenge. OpenAI’s losses have surpassed $540 million last year, with its CEO, Sam Altman, signalling a need for up to $100 billion to achieve the goals of developing advanced artificial general intelligence (AGI).
Elon Musk, a significant investor in OpenAI, has already created a competing firm called X.AI that will promote AI in the ChatGPT era. While the costs of developing advanced AI technologies may seem steep, the impact on the digital world is undeniable and will significantly shape the way businesses operate in the future.
For more news on AI chatbot developments and recent tech events, stay up to date with GPT News Room.
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