OpenAI, the artificial intelligence company backed by Microsoft and responsible for the widely-used ChatGPT, has announced that it will not pursue a public offering in the near future. CEO Sam Altman expressed reservations about potential conflicts with investors once superintelligence is developed, adding a unique twist to the company’s trajectory, Reuters reported.
OpenAI, with a valuation of nearly $30 billion following a $10 billion investment from Microsoft, operates under a distinctive capped-profit model. The company, which initially started as a non-profit organisation, transitioned into a hybrid structure that that allowed it to raise external funds with a promise that the original non-profit operation still benefits.
Altman, speaking at a conference in Abu Dhabi, emphasised the complex nature of superintelligence and the unconventional decisions it may make. He stated that such decisions might be viewed unfavorably by investors, leading OpenAI to shy away from the public market and its potential legal entanglements. By avoiding a public offer, OpenAI intends to maintain the flexibility necessary to navigate the future of superintelligence development.
AI’s Potential and Need For Regulation
The decision not to go public aligns with OpenAI’s focus on investing in computing capacity and advancing AI technologies. Altman stressed the need for responsible regulation in the field of AI, particularly concerning generative AI like ChatGPT, which has raised concerns about potential risks and threats.
Altman has been actively engaging with world leaders, discussing OpenAI’s vision and the implications of AI technology. However, during a stop in Europe, Altman stirred controversy when he suggested that OpenAI might consider leaving the region if compliance with proposed AI laws became overly burdensome, Reuters reported. This statement drew criticism from EU industry chief Thierry Breton and other lawmakers. OpenAI later clarified its position, stating its commitment to compliance with EU regulations.
Altman’s latest remarks also shed light on the future of AI technology. The OpenAI CEO said the integration of various media formats, including images, audio, video, and text, into AI systems, will revolutionise multiple industries. While concerns about job displacement due to AI persist, Altman believes that future jobs will undergo significant transformations, offering new opportunities alongside the changes.
(With Inputs from Reuters)
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