OPENAI CUTS FUNDING TARGET BY $10 BILLION

OpenAI has slashed the target for its latest funding round by $10 billion, now seeking $20 billion instead of the $30 billion it was targeting weeks ago, the Financial Times reported Friday. The new round values the company at $1.25 trillion, down from the $1.4 trillion previously discussed with investors. The cut comes as debt-financed AI infrastructure spending and swings in tech stocks make backers more cautious about bridge capital ahead of a potential IPO. $MSFT, OpenAI's largest backer, is exposed to any further pullback in the round's size.