OpenAI has lowered the goal for its latest funding round to up to $20 billion, CNBC reported Saturday. The ChatGPT maker had earlier aimed to raise up to $30 billion. CNBC said it confirmed the lower target on Saturday.

The round is still in progress and has not closed, so the figures are subject to change, CNBC reported. The outlet cited a person directly familiar with the deal who was not allowed to discuss it in public. OpenAI did not immediately respond to a request for comment, CNBC said.

The Financial Times first reported that OpenAI had cut its target for the round by $10 billion, according to CNBC. The FT also reported that OpenAI would seek a valuation of $1.25 trillion after the money comes in, CNBC said. OpenAI set a Friday deadline for investors to commit, and some chose to put in less, the FT reported, according to CNBC.

Investors from the United Arab Emirates are leading the round alongside Coatue, CNBC has reported.

The cut comes after a week in which investors asked whether big tech firms' spending on AI will deliver adequate returns, CNBC reported. Those firms have spent heavily on data centers and chips to meet demand for AI, the outlet said.

AI-linked stocks fell on Friday, CNBC reported. Chip maker Intel dropped 25% after weak revenue guidance, while Micron fell 5.5% and Nvidia fell 4%, the outlet said. Microsoft, Google and Amazon all gave spending figures or forecasts last week that came in below analysts' estimates, CNBC reported.

What we know: CNBC reports OpenAI is now seeking up to $20 billion. Only CNBC has reported this so far in a story NewsHabit could read, and NewsHabit hasn't seen independent confirmation. CNBC says the Financial Times reported the cut first.
What we don't: How much OpenAI will raise when the round closes, and which investors cut their stakes.