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Microsoft and OpenAI reach non-binding deal to allow OpenAI to restructure
Microsoft and OpenAI said on Thursday they have signed a non-binding deal for new relationship terms that would allow OpenAI to proceed to restructure itself into a for-profit company, marking a new phase of the most high-profile partnerships to fund the ChatGPT frenzy.
This marks a step forward in OpenAI’s prolonged talks with Microsoft as the former seeks to raise capital under a more common governance structure and eventually go public to fund artificial intelligence development. Under their previous agreement, Microsoft had exclusive rights to sell OpenAI’s software tools through its Azure cloud computing platform and had preferred access to the startup’s technology. As OpenAI’s revenue grows into the billions, it is seeking a more conventional corporate structure and partnerships with additional cloud providers to expand sales and secure the computing capacity needed to meet demand.
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