OpenAI, the maker of ChatGPT, has secured $6.6 billion in new funding and has asked investors to avoid backing rival start-ups such as Anthropic and Elon Musk’s xAI. This move comes as OpenAI completes its latest fundraising at a valuation of $150 billion, the highest in Silicon Valley’s history. The company made it clear during negotiations that it expected an exclusive funding arrangement, which restricts rivals’ access to capital and strategic partnerships. This request for exclusivity is rare among venture capitalists (VCs), as many leading firms have spread their investments across various sectors.
OpenAI’s decision to seek exclusive relationships with investors may further strain its already tense relationship with competitors, particularly Musk, who is currently suing OpenAI. In other news today, Hong Kong reports August retail sales data while S&P Global publishes September services PMI for Japan and Australia, along with whole economy PMI for Singapore.
In the South China Sea, several Vietnamese fishermen were severely injured in an attack by two ships identified as Chinese law enforcement vessels. This incident marks one of the most violent clashes between Vietnam and China in disputed waters in years.
US President Joe Biden has stated that he does not support an Israeli strike on Iran’s nuclear facilities following Tehran’s ballistic missile attack on Israel. However, Biden warned that Iran would face sanctions for its actions.
Toyota plans to invest $500 million and increase its stake in air taxi start-up Joby Aviation. Meanwhile, Tesla fell short of market expectations with its quarterly vehicle deliveries.
China’s outbound investment is surging from already-record levels due to the country’s clean energy technology sector seeking manufacturing operations abroad amidst US and EU tariffs.
Amazon intends to increase the number of advertisements on its Prime Video platform next year without experiencing a significant drop in subscribers since introducing advertising eight months ago.
India faces an employment crisis where it fails to create enough jobs for its young population while lacking skilled workers needed by companies. This crisis poses challenges for Prime Minister Narendra Modi during his third term as opposition parties gain momentum against his Bharatiya Janata party through regional polls.
