Documents show OpenAI's long journey from nonprofit to $157B valued company

  • 📰 wjxt4
  • ⏱ Reading Time:
  • 52 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 63%

Technology News

U.S. News,Sam Altman,Business

Back in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status.

It’s National Chili Month. America’s favorite dish is spicing things upCrime analyst discusses video’s impact on investigation after heightened community concerns in Arlington police shooting

In the application, OpenAI indicated it did not plan to enter into any joint ventures with for-profit organizations, which it has since done. It also said it did “not plan to play any role in developing commercial products or equipment,” and promised to make its research freely available to the public.

In general, nonprofit experts agree that OpenAI has gone to great lengths to arrange its corporate structure to comply with the rules that govern nonprofit organizations. OpenAI's application to the IRS appears typical, said Andrew Steinberg, counsel at Venable LLP and a member of the American Bar Association’s nonprofit organizations committee.

OpenAI told the IRS it planned to train an AI agent to solve a wide variety of games. It aimed to build a robot to perform housework and to develop a technology that could “follow complex instructions in natural language.”The nonprofit OpenAI indicated on the application form that it had no plans to enter into joint ventures with for-profit entities.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 246. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Documents show OpenAI's long journey from nonprofit to $157B valued companyBack in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status.
Source: ksatnews - 🏆 442. / 53 Read more »

Documents show OpenAI's long journey from nonprofit to $157B valued companyBack in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status. The application shows the vast distance OpenAI and the technology that it researches and develops has traveled in under a decade.
Source: AP - 🏆 728. / 51 Read more »