Is it just a Ponzi scheme? That is the question that currently haunts American tech — and wider markets — as the valuation of artificial intelligence-linked groups soars to evermore eye-popping heights.
Indeed, calculations by the FT suggests that ten lossmaking AI start-ups — such as OpenAI, Anthropic and Elon Musk’s xAI — now command a collective valuation of close to $1tn, while venture capital has poured $161bn into AI overall this year.
More startling still, few of these entities expect to turn a profit anytime soon — and these valuations are being boosted by variants of cross-cutting vendor financing, like recent deals between OpenAI, Nvidia, Oracle, AMD and Broadcom.
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