Microsoft Corp (NASDAQ: MSFT) backed OpenAI looks to generate over $1 billion in revenue over the next 12 months from selling artificial intelligence software and computing capacity.
Earlier, the ChatGPT maker projected $200 million in revenue for 2023.
The ChatGPT parent is generating over $80 million monthly revenue versus $28 million in 2022, Reuters cites the Information.
Besides ChatGPT, it makes money by directly selling API access to its AI models for developers and enterprises through a partnership with Microsoft.
The software maker invested over $10 billion into the company in January.
ChatGPT, capable of producing prose or poetry on command, gained traction in Silicon Valley courtesy of the generative AI frenzy.
This week, OpenAI showcased its corporate-focused ChatGPT Enterprise to serve a diverse business clientele.
OpenAI's target boost hardly surprises after Nvidia Corp's (NASDAQ: NVDA) upbeat second-quarter results and guidance.
Last week, Nvidia reported quarterly earnings of $2.70 per share, which beat the consensus of $2.09. The company reported quarterly sales of $13.51 billion, which beat the consensus of $11.22 billion, growing 101.52% year-on-year.
The company issued third-quarter revenue guidance of $16.00 billion, plus or minus 2%, implying that the AI frenzy is here to stay.
On Tuesday, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Cloud shared plans to ramp up the company's AI technology enterprise offering by collaborating with Nvidia.