OpenAI Fundraise Slashed — AI Stocks Under Pressure
OpenAI has cut its fundraising target by $10B to $20B and lowered its valuation to $1.25T from $1.4T amid an AI selloff, rattling sentiment across tech and crypto markets heading into the weekend.
What we know
The Financial Times reports OpenAI cut its fundraising target from $30B to $20B and valuation from $1.4T to $1.25T, with the first close expected to fall short. Intel, Reddit and AI stocks face a rough end to October. Chamath warns AI companies owe $340B to the market and could crowd out Treasuries through 2027. Fundstrat's Tom Lee says today looks like someone's getting liquidated, with institutional conviction parked until after midterms. An account on X notes some investors reduced commitments amid the selloff.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.