OpenAI, the artificial intelligence research lab backed by Microsoft, has announced that it has no plans for an initial public offering (IPO) anytime soon.

Speaking at a conference in Abu Dhabi, CEO Sam Altman claimed the company will likely have to make some strange decisions when it develops super intelligence.

“I don’t want to be sued by … public market, Wall Street etc, so no, not that interested,” he reportedly said in response to a question on whether he plans to take OpenAI public.

OpenAI has already raised $10 billion from Microsoft with their valuation currently sitting at almost $30 billion, and they continue to actively invest in building computing capacity.

OpenAI was initially a non-profit organization but has since created a hybrid “capped-profit” structure, which allows the company to raise external funds and invest heavily in its AI capacities while still providing benefits to the original non-profit.

“We have a very strange structure. We have this cap to profit thing,” Altman said.

Altman Reverses Statement on Potential EU Exit

Altman has spent significant time traveling the world and meeting with heads of state in various countries.

Recently, while in Europe, Altman stirred up controversy when he stated that OpenAI might consider moving from the region if it becomes too challenging to comply with new AI legislation.

However, after receiving pushback from EU industry chief Thierry Breton and other lawmakers, the tech giant reversed its stance, affirming its commitment to operate within the EU.

“We did not threaten to leave the EU,” Altman said on Tuesday, adding:

“We expect to be able to comply. There’s still more clarity we are waiting for on the EU AI Act, but we are very excited to operate in Europe.”

Currently, the EU is in the process of developing a set of laws designed to govern the development of AI technologies.

These proposed rules include the mandate that any company using tools like ChatGPT must disclose copyrighted material used to train its systems. OpenAI, however, does not disclose that data on its latest AI model, GPT 4.

Altman claimed OpenAI’s mission is building towards a future where the possibilities of AI are endless.

He stated that “in a few years, GPT 4 is going to look like a little toy that was not that impressive,” and went further to outline more capabilities such as imagery, audio, video, text, and computer programming, all from the same system.

There have also been concerns that AI presents a potential threat to jobs in many sectors.

However, the OpenAI CEO countered these concerns and explained that the jobs of the future would look “super different than many of the jobs of today,” adding that AI advancement will bring new opportunities as well.

AI Regulation Finds Momentum Amid Mounting Concerns About Risks

Last week, the European Union and the US announced that they are collaborating to develop a voluntary code of conduct for AI amid growing concerns regarding the potential dangers of this nascent technology.

The goal is to bridge the gap while the EU finalizes its groundbreaking AI rules, which will not take effect for up to three years.

The move came as scientists and tech leaders have warned that AI risks should be a global priority, with fears about the technology’s potential risk to humanity.

Even Altman has signed a statement saying that “mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”

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