(Reuters) – Apple Inc (NASDAQ:) has left negotiations to participate in an OpenAI funding round expected to raise about $6.5 billion, the Wall Street Journal said on Friday.
The technology giant recently withdrew from the talks, which are scheduled to conclude next week, the newspaper said, citing a person familiar with the matter.
Other companies, such as Microsoft (NASDAQ:) and Nvidia (NASDAQ:), are also in talks to participate, the report said, adding that Microsoft is expected to invest about $1 billion after already pumping $13 billion into the company.
Last month, the Journal first reported that Apple was in talks, as part of a new OpenAI fundraising effort that could value the ChatGPT maker at more than $100 billion.
This high valuation is a result of the AI arms race that OpenAI unleashed with the launch of ChatGPT in late 2022, spurring companies across industries to invest billions in the technology to stay ahead of the competition and gain market share.
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