OpenAI cuts funding target to $20 billion

OpenAI has lowered its fundraising target from $30 billion to $20 billion, according to the Financial Times. The Wall Street Journal added that the company has secured $11 billion so far, with some large investors responding tepidly. A UAE-led investor group will lead the round, with a retail offering for wealthy individuals potentially closing the gap to the $20 billion goal. The funding challenges come amid broader Wall Street wariness over heavy AI infrastructure spending, which has contributed to a significant sell-off in tech stocks.