JUNEASIA BUSINESS OUTLOOK8PWC TO BE OPEN AI'S BIGGEST CUSTOMER FOR ITS ENTERPRISE PRODUCTMALAYSIA PLANNING TO SECURE $107B TO KICKSTART THEIR SEMICONDUCTOR INDUSTRYPwC has announced a significant new deal with OpenAI, becoming the largest customer and first reseller of OpenAI's enterprise product, ChatGPT Enterprise. This move comes as businesses globally are increasingly adopting generative artificial intelligence to enhance their operations. PwC will deploy ChatGPT Enterprise to its 75,000 employees in the U.S. and 26,000 employees in the UK.The Wall Street Journal, which first reported on this agreement, noted that PwC is already heavily involved in generative AI with over 95 percent of its UK and US consulting client accounts and is discussing AI's use and implications with many of its audit clients. While the financial terms of the deal were not disclosed, PwC indicated it is also preparing to resell the AI product, though specific details on these plans were not provided.For OpenAI, this partnership with PwC is a step towards increasing its enterprise customer base beyond its significant collaboration with Microsoft. OpenAI has been actively pitching its AI services to corporate clients, with CEO Sam Altman engaging with executives from Fortune 500 companies in major cities like San Francisco, New York, and London. This strategy is part of OpenAI's efforts to cement its position in the enterprise AI market. In May, OpenAI also secured a content agreement with News Corp, the owner of the Wall Street Journal.Overall, this partnership underscores the growing importance of generative AI in the corporate world, with companies like PwC leading the way in integrating advanced AI tools to enhance business operations and client services. Malaysia is aiming to secure at least 500 billion ringgit ($107 billion) in investments for its semiconductor industry, as announced by Prime Minister Anwar Ibrahim on May 28. This move is part of Malaysia's strategy to enhance its position in the global semiconductor supply chain. The country already plays a significant role in the industry, contributing 13 percent to global semiconductor testing and packaging. In recent years, Malaysia has attracted substantial investments from leading companies such as Intel and Infineon.Prime Minister Anwar specified that the targeted investments would focus on integrated circuit design, advanced packaging, and manufacturing equipment for semiconductor chips. Additionally, Malaysia aims to establish at least ten local companies specializing in design and advanced packaging for semiconductor chips, with each generating revenues between $210 million and $1 billion.To support these ambitious goals, the Malaysian government will allocate $5.3 billion in fiscal support. However, Prime Minister Anwar did not provide a specific timeline for achieving these targets. This substantial investment and strategic focus are expected to significantly boost Malaysia's capabilities and competitiveness in the semiconductor sector, positioning it as a key player in the global market. NEWSROOMJUNEASIA BUSINESS OUTLOOK8
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