OpenAI Chief Executive Officer Sam Altman met with Samsung Group’s top executives in South Korea on Saturday to deepen cooperation on memory chips and AI infrastructure as global shortages intensify.

OPENAI HAS REPORTEDLY CUT THE TARGET FOR ITS LATEST FUNDING ROUND BY $10 BILLION It's now looking to raise $20 billion at a $1.25 trillion valuation, down from a plan to raise $30 billion, per the Financial Times And the first close may come in even lower. OpenAI set a Friday deadline for investors to commit, but the first close is expected to raise less than $20 billion after some investors reduced their allocations, according to the FT. OpenAI did not immediately respond to a request for comment. The report comes as tech stocks sold off on worries about massive AI spending. The Nasdaq Composite fell 2.9% today and is now 7.8% below its all-time closing high from October 6.

OpenAI CEO Sam Altman argues running AI models locally is an inefficient use of scarce DRAM when personal computers use that memory just 5% of the time. He says cloud data centers can keep memory in use more consistently.

OpenAI has cut its fundraising target to $20B from $30B and lowered its target valuation to $1.25T from $1.4T, per FT Some investors reduced commitments amid the AI selloff The initial close is expected to fall short of $20B, with a later offering potentially filling the gap

OpenAI and Anthropic have both seen spending on their models rise strongly over the past 12 weeks. The Anthropic jump corresponds to the Opus 5.5 launch while OpenAI's GPT-6 Astra kicked off their jump in early Sept. Data from users on OpenRouter.