By Ruiqi Chen, Editor at LinkedIn News — OpenAI’s expected $29 billion valuation is only the latest signal of the artificial intelligence craze even as the tech industry faces layoffs and tough economic conditions. Investors funneled more money into generative AI companies in 2022 than in the previous five years combined, reaching a total of $1.37 billion, according to Pitchbook. The excitement saw companies like AI text startup Jasper valued at $1.5 billion in October, around a year after it was founded, and image generator Stability AI reached a $1 billion valuation at the same time. LinkedIn parent company Microsoft invested $1 billion in OpenAI in 2019 and is in talks with the company for more funding.