AI start-ups generate revenue at record pace
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 October 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
SoftBank will invest $500mn into OpenAI as part of a fundraising round that will give the start-up a $150bn valuation, and Chinese equities post their best day since the 2008 global financial crisis. Plus, new data suggests artificial intelligence start-ups are bringing in revenues at an unprecedented rate, and South Korean exporters are struggling to compete with a glut of goods from Chinese rivals.
Mentioned in this podcast:
SoftBank to invest $500mn in OpenAI
AI start-ups generate money faster than past hyped tech companies
Chinese stocks surge 8.5% in best day since 2008
From steel to kimchi, South Korean exporters face flood of Chinese rivals
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The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Tuesday, October 1st, and this is your |
| 0:18.1 | F.T. News briefing. Soft Bank is making another flashy investment, and new data about AI companies could give |
| 0:27.2 | investors some comfort. Plus, South Korean exporters are getting swamped by their Chinese competitors. |
| 0:34.8 | Korean companies are really set to suffer unless they can improve their own innovation. |
| 0:40.5 | I'm Sonia Hudson and here's the news you need to start your day. Open AI is getting a 500 million dollar check from Soft Bank. |
| 1:00.0 | It's part of the tech startup's latest fundraising round, which is supposed to close later this week and value the company at $150 billion. |
| 1:10.0 | Soft Bank itself has been doubling down on its AI investments recently. |
| 1:15.2 | The Japanese group is also the majority owner of the chip designer arm. |
| 1:19.6 | But could this be yet another investment that SoftBank comes to regret? |
| 1:24.4 | Looking at you, we work. |
| 1:25.9 | The jury is still out on whether all these billions sloshing around will actually |
| 1:30.4 | make Open AI profitable. |
| 1:33.0 | Now, it's not just Soft Bank hoping that its big bet on open AI pays off. |
| 1:43.6 | A lot of investors have sunk money into artificial intelligence |
| 1:47.5 | and they're now waiting for these companies to turn a profit. |
| 1:51.4 | But new data could give them some peace of mind. AI startups are |
| 1:56.4 | bringing in revenue quicker than any other buzzy technology that's come |
| 2:00.9 | before. Here to unpack what this tells us about AI's ability to bring home the bacon is the |
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