OpenAI Discusses Share Sale: Potential $90B Valuation Signals AI Industry Growth
Portfolio Pulse from Piero Cingari
Artificial intelligence firm OpenAI is reportedly discussing a share sale that could increase its valuation to $90 billion, a threefold increase from its earlier valuation. Microsoft Corp., which owns a 49% stake in OpenAI, is expecting revenues of $1 billion this year. The proposed share sale is designed to allow OpenAI's employees to sell their existing shares. Despite this news, Microsoft's stock closed 1.7% lower on Tuesday.
September 26, 2023 | 8:50 pm
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Microsoft, which owns a 49% stake in OpenAI, could benefit from the startup's success. However, despite the news of OpenAI's potential valuation increase, Microsoft's stock closed 1.7% lower on Tuesday.
Microsoft's significant stake in OpenAI means that the tech giant stands to benefit from OpenAI's success. However, the news of OpenAI's potential valuation increase did not prevent Microsoft's stock from closing lower. This suggests that other factors are currently having a greater impact on Microsoft's stock price.
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