OpenAI to Buy Apple Alum Jony Ive’s Device Firm for $6.5 Billion
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Good morning. OpenAI acquires ex-Apple design chief Jony Ive’s io. A world crazy for chicken is losing its biggest supplier. And demand for Formula One memorabilia is surging. Listen to the day’s top stories.
OpenAI is expanding its empire. The startup will acquire io—the AI device firm co-founded by Apple alum Jony Ive—for almost $6.5 billion, marking its largest-ever purchase. Ive and OpenAI Chief Executive Officer Sam Altman plan to work together on a family of gadgets once the deal is completed, with the first debuting next year. The British-born designer worked with Steve Jobs to craft the look and feel of the iPhone, in addition to the iPod, iPad and Apple Watch. Apple shares dropped in a sign that the new tie-up may present another hurdle for the tech giant.