According to reports, OpenAI, the AI research business behind well-known language models like ChatGPT and Dall-E 2, increased its losses to $540 million in 2022 as a result of rising ChatGPT maintenance costs.
The company’s goal is to create artificial general intelligence (AGI), an AI capable of enhancing its own capabilities, and is now expecting to raise upto $100 billion in the upcoming years.
The Information claims that OpenAI’s losses are also a result of the high cost of hiring qualified personnel, particularly recruiting engineers and research specialists. As more consumers utilize AI technology and the company develops new software, the cost of training machine-learning models and getting fresh data sets is also anticipated to rise.
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Even though OpenAI’s revenue has increased, spending hundreds of millions of dollars annually just a few weeks after the launch of a paid edition in February, expenditures are probably going to keep going up. Data prices are anticipated to soar as the AI arms race heats up as a result of the introduction of policies by websites like Reddit and StackOverflow that charge AI firms for access to their previously free datasets.
According to CEO Sam Altman, OpenAI may attempt to raise $100 billion to fund the development of AGI, a move that some experts fear could result in an AI monopoly. By purchasing the domain name AI.com and applying for the trademark “GPT,” OpenAI has already started moving in this direction.