OpenAI cuts valuation target by $150 billion ahead of IPO

OpenAI lowered its valuation target by $150 billion to $1.25 trillion while negotiating a fresh funding round of up to $30 billion ahead of its planned IPO. This came amid investor concerns over heavy spending on AI infrastructure and weaker technology stocks after mixed quarterly results from companies like Meta and Tesla. OpenAI had earlier discussed a $1.4 trillion valuation.