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OpenAI CEO Sam Altman to Visit Abu Dhabi for Fundraising Talks with MGX

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Sam Altman, CEO of OpenAI, is set to visit the United Arab Emirates this week to engage in fundraising discussions with the Abu Dhabi-based investment group MGX. Sources familiar with the matter confirmed that the meetings will center on raising funds for OpenAI’s ambitious model development and infrastructure project, Stargate. The company is seeking about $40 billion to fuel its growth amid increasing competition from cheaper AI alternatives like China’s DeepSeek.

MGX was involved in OpenAI’s previous funding round, which raised $6.6 billion in October. Known for its growing presence in the U.S. AI landscape, MGX has invested in companies such as xAI and Databricks. The firm was not immediately available for comment on Altman’s upcoming visit.

This trip follows a series of discussions in Asia, including an announcement of a new AI services partnership with Japan’s SoftBank. As the UAE pushes to become a leader in AI, it faces increasing competition from regional neighbors like Qatar and Saudi Arabia. In December, UAE President Sheikh Mohamed bin Zayed Al Nahyan emphasized AI as a key priority during his visit to Washington.

In addition to the talks with MGX, Altman is also navigating partnerships for OpenAI’s Stargate initiative, a joint venture involving OpenAI, SoftBank, and Oracle, with MGX participating. The venture aims to invest up to $500 billion over the next four years in server infrastructure to support AI development.

Altman’s visit to India earlier this week included discussions on building a low-cost AI ecosystem, further highlighting OpenAI’s global strategy. While the company has seen rapid growth—reaching over 300 million weekly active users in two years—competition from cost-effective AI models, such as DeepSeek, poses a new challenge. OpenAI is part-owned by Microsoft, which also plays a role in its expanding AI ventures.

The UAE’s AI push is largely driven by state-backed companies G42 and MGX, with the Mubadala wealth fund serving as a key partner. However, there are concerns in the U.S. about the UAE’s growing ties with China, particularly regarding the potential sharing of U.S. technology.

 

Musk’s Lawsuit Against OpenAI May Proceed to Trial, Judge Says

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A U.S. District Judge, Yvonne Gonzalez Rogers, announced on Tuesday that parts of Elon Musk’s lawsuit against OpenAI could go to trial, with Musk himself required to testify in court. The case, which centers on Musk’s effort to block OpenAI’s transition to a for-profit entity, is evolving into a public legal battle between Musk and OpenAI CEO Sam Altman.

Judge Rogers, presiding in Oakland, California, stated that “something is going to trial in this case,” and indicated that Musk would be called to the stand to present his case to a jury. She also noted that Musk’s legal team had not provided sufficient evidence to issue a preliminary injunction halting the transition, suggesting the possibility of an evidentiary hearing where both sides could present witnesses and evidence.

The case stems from Musk’s claims that OpenAI’s founders initially approached him to help fund a nonprofit organization focused on developing artificial intelligence (AI) for the benefit of humanity. However, Musk contends that OpenAI has since shifted its focus to making a profit. Musk’s lawsuit, filed last year, expanded to include antitrust and other claims against the company. He has asked the court to prevent OpenAI from completing its transition to a for-profit business.

OpenAI, in its defense, has moved to dismiss Musk’s claims, arguing that Musk should focus on competing in the marketplace rather than through legal channels. The company argues that restructuring to a for-profit entity is necessary to secure the capital needed to continue developing advanced AI models. A recent fundraising round of $6.6 billion and a potential future round of up to $25 billion from SoftBank hinge on OpenAI’s restructuring.

The situation has raised questions about the unusual nature of nonprofit organizations converting into for-profit entities. Rose Chan Loui, executive director of the UCLA Law Center for Philanthropy and Nonprofits, pointed out that such transitions are typically seen in health care sectors, not in venture capital-backed tech companies.

 

OpenAI Partners with Kakao and Explores Stargate Project with SoftBank and Samsung

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OpenAI has announced a significant partnership with South Korea’s Kakao, marking a second high-profile alliance in Asia this week. The collaboration will focus on developing artificial intelligence products tailored for the South Korean market. Kakao, known for operating the popular messaging app KakaoTalk, which holds 97% of the local market share, is keen on leveraging OpenAI’s technology to fuel its expansion into AI, e-commerce, payments, and gaming. Despite its efforts, analysts note Kakao has lagged behind local rival Naver in the AI sector.

OpenAI’s CEO, Sam Altman, who is currently on a tour of Asia, also met with executives from Samsung Electronics, SoftBank, and Arm Holdings in Seoul. Discussions centered around the Stargate project, an AI data centre initiative in the U.S. that is supported by U.S. President Donald Trump. SoftBank’s Masayoshi Son confirmed that potential cooperation between SoftBank, Samsung, and OpenAI regarding Stargate was discussed, though no specific details were shared. Altman declined to comment on the partnership talks, emphasizing the need for confidentiality.

The Stargate initiative aims to enhance AI capabilities in the U.S. through a collaboration between OpenAI and Oracle. Altman mentioned that several South Korean companies, particularly those in energy, semiconductors, and the internet, would play a crucial role in supporting the project. Furthermore, discussions were held with SK Group’s chairman, Chey Tae-won, regarding potential collaborations in AI chips and the broader AI ecosystem, with both Samsung and SK Hynix producing essential memory chips for AI processors.

OpenAI is also actively considering involvement in South Korea’s national AI computing centre project, which is expected to attract up to 2 trillion won ($1.4 billion) in public and private investment. This marks a continued push by OpenAI to expand its presence in Asia and solidify partnerships with major players in the region.

Following the announcement, Kakao’s stock fell by 2%, reversing the 9% surge it experienced the previous day.