Microsoft is in talks to invest a further $10 billion into OpenAI, creator of the wildly popular ChatGPT chatbot, according to Semafor report published Tuesday.

The report, which cites people familiar with the matter, says the proposal currently calls for Microsoft to inject money over multiple years. If the deal goes through, it is expected to value OpenAI, an AI research lab founded by Elon Musk and Sam Altman among others, at $29 billion.

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A new round of investments would also potentially increase Microsoft’s stake in OpenAI, following a $1 billion investment in cash and cloud credits back in 2019. Microsoft is reportedly working to launch a version of its Bing search engine that is powered by the AI tech used in ChatGPT before the end of March, as it seeks to edge out Google.

ChatGPT, an AI-powered chatbot, drew mainstream attention last year for its ability to answer questions via text in a human-like manner based on written prompts and carry on a conversation. It offers answers (even poetry) that are more sophisticated and creative than those from previous Silicon Valley chatbots.

Microsoft and OpenAI didn’t immediately reply to a request for comment.

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