OpenAI lost around $540 million in 2022

Microsoft-backed OpenAI's losses reportedly rose to nearly $540 million in 2022, as it developed its AI chatbot ChatGPT and hired key employees from Google.

Its losses are likely to increase further even as it launched a new subscription plan for ChatGPT Plus at $20 per month. OpenAI's CEO, Sam Altman, has suggested the company may raise up to $100bn for future developments.

Meanwhile, Elon Musk, OpenAI's early investor, has criticised the company and started his own AI company, X.AI.

Google has also launched its AI chatbot, Bard, which is not as ubiquitous as ChatGPT, due to missing the opportunity of being the first to introduce generative AI technology.