"Apple has assembled a new internal unit to develop a stripped-down rival to ChatGPT, aiming to help users access world knowledge dubbed the 'Answers' team. The initiative aims to deliver a native AI-powered search experience, marking a shift in Apple's AI strategy, which previously leaned on OpenAI integrations and dismissed the need for a proprietary chatbot."
"OpenAI has raised USD$8.3bn (£6.39bn) in funding from private equity and venture capital firms, as the company pushes forward with plans for a potential IPO. The round, part of a broader USD$40bn (£30.8bn) fundraising effort, values the AI firm at USD$300bn (£231bn). According to sources familiar with the matter, the latest tranche includes investments from Blackstone, TPG, Fidelity, and T Rowe Price."
"Dragoneer Investment Group will contribute a record USD$2.8bn (£2.16bn), one of the largest single investments in startup history. SoftBank has pledged up to USD$30bn (£23.1bn) towards OpenAI's fundraising, with USD$7.5bn (£5.78bn) already invested and the remainder expected by year-end."
"In Italy, Shein faces a €1m fine for greenwashing practices. This decision highlights increasing scrutiny and regulations on companies that mislead consumers about the environmental impacts of their products."
Apple's new 'Answers' team is focused on developing a proprietary AI search system to rival ChatGPT, shifting away from previous OpenAI integrations. This includes a potential standalone app and enhanced backend for its platforms like Siri and Safari. OpenAI has successfully raised $8.3bn in funding, contributing to a broader $40bn effort that values the company at $300bn. Notable investors include Blackstone and TPG. Additionally, Shein has been fined €1m in Italy for misleading environmental claims.
Read at Exchangewire
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