Microsoft, 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. Details on the new commercial arrangements were not disclosed, but the companies said they were working to finalise terms of a definitive agreement. 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. Microsoft invested $1 billion in OpenAI in 2019 and another $10 billion at the beginning of 2023. Under their previous agreement,...