OpenAI has acquired hardware startup io Products, founded by former Apple designer Jony Ive, in a $6.5 billion equity deal. Ive will now join the company as creative head, aiming to craft cutting-edge hardware for the era of generative AI.
The move signals OpenAI’s intention to build its own hardware platform instead of relying on existing ecosystems like Apple’s iOS or Google’s Android. By doing so, the firm plans to fuse its AI technology, including ChatGPT, with original physical products designed entirely in-house.
Jony Ive, the designer behind iconic Apple devices such as the iPhone and iMac, had already been collaborating with OpenAI through his firm LoveFrom for the past two years. Their shared ambition is to create hardware that redefines how people interact with AI.
While exact details remain under wraps, OpenAI CEO Sam Altman and Ive have teased that a prototype is in development, described as potentially ‘the coolest piece of technology the world has ever seen’.
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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently updated its Russia General License (GL) 25E, maintaining authorisation for essential and incidental transactions to telecommunications involving the Russian Federation. That license facilitates various internet-based services, including instant messaging, social networking, and e-learning platforms.
It supports the ongoing exchange of communications and allows for the export or reexport of related software, hardware, and technology, provided such transactions comply with the Department of Commerce’s Export Administration Regulations. However, it is important to note that transactions involving significant Russian telecommunications companies designated by OFAC remain unauthorised under this license and must be carefully analysed.
The Department of the Treasury’s Office of Foreign Assets Control has also issued a critical alert regarding Russia’s attempts to evade sanctions by establishing new overseas branches and subsidiaries of Russian financial institutions. That alert warns that these efforts to open new international branches or subsidiaries should be considered potential red flags for sanction evasion.
Financial institutions and foreign regulators are advised to exercise caution when engaging with these entities, as activities such as maintaining accounts, transferring funds, or providing financial services may carry significant risks of facilitating Russia’s attempts to bypass sanctions.
