OpenAI lowers funding target to $20 billion for new round

OpenAI has reduced its target for a new funding round to $20 billion, down from previous reports of $30 billion. As of now, the company has secured $11 billion in commitments, with a first close expected to be lower than the $20 billion target. The round is being led by investors from the United Arab Emirates, and a subsequent retail offering for wealthy individuals could bring total funding to the $20 billion target. The fundraising has met with a "tepid" response from some large investors, reflecting broader Wall Street wariness of heavy AI infrastructure spending.