Generative AI mania brings billions of dollars to developers

TOKYO -- A frenzy of investment over generative artificial intelligence is heating up, with Microsoft-backed OpenAI and other startups raising large sums of money to develop tools that can generate prose, imagery or other content on command. The combined corporate value of generative AI companies jumped sixfold in two years to $48 billion.

Israeli startup AI21 Labs launched an AI-based writing tool in January, citing its mission as providing new power to writers. The company raised $64 million last year and developed a tool that can be used by a wide range of writers to edit and rewrite work.