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Back in 2016, a scientific research organisation incorporated in Delaware and based in Mountain View, California, applied to be recognized as a tax-exempt charitable organization by the Internal Revenue Services. Called OpenAI, the nonprofit told the IRS its goal was to advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return. Its assets included a USD 10 million loan from one of its four founding directors and now CEO, Sam Altman. The application, which non-profits are required to disclose and which OpenAI provided to The Associated Press, offers a view back in time to the origins of the artificial intelligence giant that has since grown to include a for-profit subsidiary recently valued at USD 157 billion by investors. It's one measure of the vast distance OpenAI and the technology that it researches and develops has traveled in under a decade. In the application, OpenAI indicated it did no
Gujarat Toolroom Ltd (GTL) on Tuesday reported a multi-fold jump in consolidated net profit to Rs 50.29 crore for the March 2024 quarter, mainly due to higher income. Its net profit was Rs 73 lakh in the quarter ended March 2023, the company said in a regulatory filing. Total income surged to Rs 377.35 crore from Rs 1.64 crore in the year-ago period. Total expenses also rose to Rs 326.72 crore as against Rs 61 lakh a year ago. Ahmedabad-based Gujarat Toolroom is into manufacturing and assembling industrial machines and equipment. Last week, the company announced plans to foray into the green energy sector by acquiring 65 acres of land in Gujarat to set up a green energy project at an investment of Rs 572 crore.