23 Jan, 2023 16:16 23 Jan, 2023 16:16

Microsoft strikes multi-year agreement with ChatGPT-maker

Microsoft Corp.

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13:09 28/03/23

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-$1.15

Tech giant Microsoft revealed on Monday that it has struck a new multi-year, multi-billion dollar investment into ChatGPT-parent company OpenAI.

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Microsoft and OpenAI's deal marks the third phase of the duo's partnership, following the former's previous investments in 2019 and 2021.

The Washington-based firm stated the renewed partnership would accelerate breakthroughs in artificial intelligence and help both firms to commercialise advanced technologies going forward.

"We formed our partnership with OpenAI around a shared ambition to responsibly advance cutting-edge AI research and democratise AI as a new technology platform," said chief executive Satya Nadella.

While Microsoft fell short of offering up a concrete figure for their investment, Semafor stated earlier in January that Microsoft was in talks to pour as much as $10.0bn into OpenAI.

As of 1615 GMT, Microsoft shares were up 1.55% at $243.94 each.

Reporting by Iain Gilbert at Sharecast.com