Microsoft’s ‘multi-billion-dollar’ investment in chat bot firm OpenAI

Economy
By Liam

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Microsoft moves ahead with AI plans with ‘multi-billion dollar investment’ in chatbot business

By Daily Mail City & Finance Reporter

published: | Updated:

Backing: Microsoft is said to be investing around £8 billion in chatbot company OpenAI

Microsoft is making a “multi-billion dollar investment” in chatbot company OpenAI as the Silicon Valley giant continues its push into artificial intelligence.

While the exact finances have not been revealed, reports suggest that Microsoft will bring in around £8 billion in a deal that values ​​OpenAI at £23 billion.

Chatbots are computer programs designed to mimic humans in online conversations. They are commonly used by customer service teams to automatically answer online queries, but are becoming more sophisticated. OpenAI was founded by Elon Musk and owns the ChatGPT chatbot that can do everything from writing essays to debugging code.

Microsoft made its initial £808 million investment in OpenAI in 2019, but ChatGPT exploded in popularity after it became free to use in November, reaching 1 million active users within its first five days.

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