OpenAI doubles its annualised revenue to $3.4 billion

OpenAI's CEO Sam Altman informed the company's staff during an all-hands meeting that they are on track to achieve $3.4 billion in annual revenue, as reported by The Information. The majority of this revenue, around $3.2 billion, is attributed to OpenAI's products and services, with an additional $200 million expected from offering access to its AI models through Microsoft Azure.

With OpenAI's influence in the AI development space growing significantly, especially with the success of ChatGPT, it has sparked enthusiasm around generative AI. The company recently completed a tender offer valuing it at $86 billion. To further boost revenue, OpenAI has been targeting enterprise customers with its AI products and services. 

On the other hand, Elon Musk's xAI is nearing the completion of a new fundraising round that would set its valuation at $24 billion. Additionally, Apple has introduced a range of AI tools integrated into its products. However, the company is investing in training a more advanced AI model to maintain its edge in a competitive landscape filled with well-funded rivals.