Artificial intelligence (AI) startup OpenAI is mulling investment opportunities in Israel, the Microsoft (NASDAQ: MSFT) Israel R&D center quoted the company’s CEO, Sam Altman, as saying during a visit to the country on Monday. Microsoft, an OpenAI backer, hosted Altman at its Israel headquarters.
Altman was there as part of a worldwide tour to meet with AI users, developers, and policymakers. He also visits other countries, including Canada and European nations such as Spain, France, and Germany. He is also in India this week.
He did not give any further details about the nature of his talks in Israel. However, Israeli media reported that he met with several technology entrepreneurs and officials during his visit.
During his stay in Tel Aviv, Altman also was to attend an event at Tel Aviv University. Microsoft said that Altman was “going to speak about the future of AI and its impact on society” at the event.
Israeli officials have sought to promote the country’s AI industry, aiming to help it compete with Silicon Valley, where tech giants such as Google GOOG, Apple (AAPL), Facebook, and Uber are investing heavily in research and development of their machines. The country published a 115-page draft AI policy in October and is collating public feedback ahead of a final decision.
Microsoft is a significant investor in generative AI software maker OpenAI and aims to use its products across its business units. For example, the company integrates its technology into its Bing search engine, sales, and marketing software, GitHub coding tools, Microsoft 365 productivity bundle, and Azure cloud-based computing power for businesses. Analyst Michael Turrin of Wells Fargo says that could add up to $30 billion in annual revenue for the software maker.
OpenAI cofounder Elon Musk, who helped found the company in 2015, has a significant stake in the firm and is its chairman. The entrepreneur has reportedly invested $10 billion in the generative AI firm and was granted exclusive access to its entire codebase as part of the deal. OpenAI is a capped-profit company, meaning investors’ returns are limited to 100 times their initial investments.
The rapid development and popularity of generative AI since OpenAI launched ChatGPT last year are prompting global lawmakers to formulate laws to address safety concerns linked to the technology. The European Union is moving ahead with a draft AI act that could become law later this year, while the United States is leaning toward adapting existing laws rather than creating new ones. Britain wants to avoid heavy-handed legislation that could stifle innovation.
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