WSJ reports that UAE state-backed company MGX has announced that it will invest in OpenAI. The size of the potential investment is not yet clear. Meanwhile, OpenAI announced a new addition to its array of artificial intelligence models. Called OpenAI o1, this new model marks a significant departure from the company’s previous iterations. It promises enhanced reasoning capabilities and improved performance on complex tasks. With the impact of these developments, the price of WLD, the native token of Worldcoin, the altcoin project supported by OpenAI, has risen.
UAE’s MGX in talks to invest in OpenAI
UAE state-backed company MGX is in talks to invest in OpenAI as part of a multi-billion dollar fundraising round, the Wall Street Journal reported, citing people familiar with the matter. OpenAI, which created the text-generating AI chatbot ChatGPT, is seeking to raise up to $6.5 billion in a funding round that would value it at $150 billion, according to various media reports.
According to sources, venture capital firm Thrive Capital has committed $1 billion. It will also lead the round. Meanwhile, Microsoft, Apple and Nvidia are also in talks to invest, sources said. In the WSJ report, sources noted that MGX has not yet determined the size of its potential investment in OpenAI.
OpenAI introduces new artificial intelligence model
OpenAI claims that this new series of AI models is adept at “thinking before responding”. “We have developed a new set of AI models designed to spend more time thinking before responding. They can reason through complex tasks and solve more difficult problems than previous models in science, coding and math.”
Despite its size, the smallest unit of this new model reportedly exceeds the capabilities of GPT-4o in several critical areas. These include artificial intelligence test benchmarks that simulate doctoral-level challenges. However, improvements were less pronounced in creative areas such as writing and artistic endeavors. This specificity in development has attracted tech enthusiasts and professionals looking to leverage AI tools for specialized applications.
Altcoin price on the rise!
Financially, the impact of this technological leap was immediately reflected in the crypto ecosystem. The overall market capitalization of AI tokens has increased by a modest 2.1% in the last 24 hours. Worldcoin (WLD), meanwhile, experienced a significant post-announcement surge, rising nearly 16%. However, the altcoin’s price then lost some altitude. At the time of writing, it was trading at $1.50, up 6%.
This increase is particularly noteworthy. Because Sam Altman is the co-founder of both Worldcoin and OpenAI. Despite this relationship, Worldcoin has caused controversy within the crypto community due to its tokenomic structure. As you have been following on Kriptokoin.com, the altcoin project is under investigation in many countries. According to CoinMarketCap data, only 434 million of the total 10 billion WLD token supply is currently in circulation. This supply will increase starting July 24, with 2 million tokens flowing into the market daily. Each batch is worth about $3 million at current prices.
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