OpenAI Funding on Track, Fed Minutes Show Inflation Worries, More
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News when you want it with Bloomberg News Now, I'm Doug Krisner. OpenAI is close to finalizing the first phase of a new funding round. We are told it's likely to bring in more than $100 billion. And with that funding, OpenAI's overall valuation could exceed $850 billion. Now, the first portion of this funding round will largely come from strategic investors, This will include Amazon, SoftBank, Nvidia, and Microsoft. Now, the deal is not yet finalized, and details could change. The next phase of the deal is expected to close later and may bring the total fundraising amount substantially higher. Minutes from the last Fed meeting show officials worried over inflation, and several members suggested the Fed may need to raise interest rates if inflation stays above their goal.
Here is Bloomberg's Michael McKee.
The focus of the January meeting on inflation largely rather than jobs and concern that bringing it down had stalled. Officials anticipated inflation would move down this year, but the pace and timing remained uncertain.
That is Bloomberg's Michael McKee. Now, at the same time, these minutes show a vast majority on the Fed's committee judged the downside risk to the labor market had moderated in recent months. And one group of policymakers was embracing a view less open to additional rate cuts than at least in the near term. Metta CEO Mark Zuckerberg took the stand at a landmark trial over social media addiction, and he said it's difficult to keep kids under 13 off Instagram. Now, this case involves a 20-year-old woman who had an Instagram account when she was nine years old. Her attorney said her addiction to social media exacerbated depression and suicidal thoughts. Here is Bloomberg's Kurt Wagner.
To kind of be challenged with these allegations and in Mark Zuckerberg's case to defend himself and his company against these accusations. And so it's been highly watched, highly anticipated. And this is just really the first of more than a thousand potential trials that we could see.
You can hear more from Kurt Wagner on the Bloomberg Businessweek Daily podcast. Incidentally, this trial is expected to run through the end of March. Billionaire businessman Les Wexner told a House panel he did visit Jeffrey Epstein's private island, but Wexner said at the time he was not aware of any sex trafficking operation involving Epstein.
What recent developments are happening with OpenAI's funding?
Now, these comments were part of Wexner's opening statement made in a deposition to congressional investigators provided to Bloomberg News by Wexner's attorney. Here is Bloomberg's Mike Dorning.
The Democrats were very critical of his testimony, at least at midday, saying that he seemed to like forget, be unable to recall very many key details. And they questioned why the FBI and the Justice Department never questioned him, given his multiple connections with Epstein. In fact, A lot of Epstein's sort of financial wherewithal came from his relationship with Les Wexner.
That is Bloomberg's Mike Dorning. Crude oil rallied today on a report that American military intervention in Iran could come sooner than expected. Axios reported any U.S. military operation would likely be a weeks-long campaign rather than a pinpoint operation similar to what happened last month in Venezuela. Here is White House Press Secretary Caroline Leavitt.
The president has always been very clear, though, with respect to Iran or any country around the world, diplomacy is always his first option. And Iran would be very wise to make a deal with President Trump and with this administration.
Axios also reported the Israeli government is pushing for regime change in Iran. Today, WTI crude oil was up 4.6 percent in New York, trading to 65.19%.
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