Australian Market Poised for Small Rise as OpenAI Raises $6.6 Billion

The Australian share market is set to edge higher, with ASX futures pointing to a small rise at the open. It follows a flat session on Wall Street as investors continued to monitor developments in the Middle East. Follow the day's financial news and insights from our specialist business reporters on our live blog.Live updates on the major ASX indices:The maker of ChatGPT, OpenAI, said it's market value has risen to $157 billion after it raised $6.

6bn in one of the biggest funding rounds in US history. OpenAI, which is one of Silicon Valley's foremost tech companies, said the new funding will 'accelerate progress on our mission' and allow it to 'double down on our leadership in frontier AI research' and 'increase compute capacity'.OpenAI's valuation is now similar to investment bank Goldman Sachs, making it one of the most valuable start-ups in the world.Elon Musk, who helped bankroll OpenAI's early years as a nonprofit, has become a sharp critic of the company's commercialisation. OpenAI began as a non-profit research centre aiming to 'build safe artificial general intelligence for the benefit of humanity'. While it now has a rapidly growing for-profit division, where most of its staff works, it is still controlled by a nonprofit board of directors. As The Associated Press reports, this sets certain limits on how much profit it makes and how much shareholders get in return for costly investments into the computing power, specialized AI chips and computer scientists it takes to build generative AI tools. But the governance structure would change if the board follows through with a plan to convert itself to a public-benefit corporation, which is a type of corporate entity that is supposed to help society as well as turn a profit

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