US-based startup Magic is negotiating funding exceeding $200 million, valuing it at $1.5 billion, despite lacking a product or revenue stream.
Investors are focusing on generative AI technologies like automated software development, as they offer significant cost-saving potentials, leading to big bets on these tools.
The success of Microsoft's GitHub Copilot has heightened investor excitement in AI coding startups, with Magic being a significant player in this space.
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