Apple's new 'Answers' team is focused on developing a proprietary AI search system to rival ChatGPT, shifting away from previous OpenAI integrations. This includes a potential standalone app and enhanced backend for its platforms like Siri and Safari. OpenAI has successfully raised $8.3bn in funding, contributing to a broader $40bn effort that values the company at $300bn. Notable investors include Blackstone and TPG. Additionally, Shein has been fined €1m in Italy for misleading environmental claims.
Apple has assembled a new internal unit to develop a stripped-down rival to ChatGPT, aiming to help users access world knowledge dubbed the 'Answers' team. The initiative aims to deliver a native AI-powered search experience, marking a shift in Apple's AI strategy, which previously leaned on OpenAI integrations and dismissed the need for a proprietary chatbot.
OpenAI has raised USD$8.3bn (£6.39bn) in funding from private equity and venture capital firms, as the company pushes forward with plans for a potential IPO. The round, part of a broader USD$40bn (£30.8bn) fundraising effort, values the AI firm at USD$300bn (£231bn). According to sources familiar with the matter, the latest tranche includes investments from Blackstone, TPG, Fidelity, and T Rowe Price.
Dragoneer Investment Group will contribute a record USD$2.8bn (£2.16bn), one of the largest single investments in startup history. SoftBank has pledged up to USD$30bn (£23.1bn) towards OpenAI's fundraising, with USD$7.5bn (£5.78bn) already invested and the remainder expected by year-end.
In Italy, Shein faces a €1m fine for greenwashing practices. This decision highlights increasing scrutiny and regulations on companies that mislead consumers about the environmental impacts of their products.
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