OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial commitments also raise massive questions: How will a heavily loss-making company fund $1.4tn worth of deals with some of the biggest publicly listed companies in the world? And what systemic risks could that come with? The FT's US west coast financial editor Tabby Kinder and venture capital correspondent George Hammond answer the questions everyone's asking.

The FT does not use generative AI to voice its podcasts.

Clips from Bg2 Pod, CNBC, Yahoo Finance

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For further reading:

How OpenAI put itself at the centre of a $1tn network of deals

Who owns OpenAI? Blockbuster deals complicate investor payouts

OpenAI shunned advisers on $1.5tn of deals

How high are OpenAI’s compute costs? Possibly a lot higher than we thought

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Attend the FT Global Banking Summit, December 2-4 in London: Enter SAVE20 for a 20% discount, register here.

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Follow Tabby Kinder (@Tabby_Kinder) and George Hammond (@GeorgeNHammond) on X or on Bluesky (@tabbykinder.bsky.social), (@georgehammond.bsky.social). Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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What’s the deal with OpenAI's deals?

Behind the Money