02:45 PM EST, 02/05/2025 (MT Newswires) -- Microsoft ( MSFT )-backed (MSFT) OpenAI's Chief Executive Sam Altman intends to travel to the United Arab Emirates this week for talks with investment group MGX to raise funds, Reuters reported Wednesday, citing two people with knowledge of the matter.

OpenAI is looking to raise funds for model development and the Stargate infrastructure plan, the sources said, adding that SoftBank is in discussions to lead a funding round of up to $40 billion.

Microsoft ( MSFT ), OpenAI, MGX and Softbank did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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