OpenAI investors question its valuation
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 14 April 2026
⏱️ 12 minutes
🧾️ Download transcript
Summary
A key UK government official says Britain’s leaders have shown a “corrosive complacency” towards defence, OpenAI’s $852bn valuation is under increasing scrutiny from its own backers and fixed-income traders at Goldman Sachs suffered an unexpected drop in revenues at the start of 2026. Plus, the FT’s Raya Jalabi explains how Lebanon has become a sticking point in US-Iran negotiations.
Mentioned in this podcast:
Starmer accused of ‘corrosive complacency’ on UK defence by former Nato chief
OpenAI investors question $852bn valuation as strategy shifts
Goldman bond traders take shine off bumper quarter
The 10 minutes that set Lebanon ablaze
Note: The FT does not use generative AI to voice its podcasts
Today’s FT News Briefing was hosted by Sonja Hutson, and produced by Saffeya Ahmed. Our show was mixed by Sam Giovinco. Additional help from Michael Lello. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:05.1 | Today is Tuesday, April 14th, and this is your FT News briefing. |
| 0:10.1 | British military spending is being scrutinized, and OpenAI's new direction is spooking some investors. |
| 0:18.3 | Plus, we look at how Lebanon has become a sticking point in U.S. Iran negotiations. |
| 0:24.0 | I'm Sonia Hudson, and here's the news you need to start your day. |
| 0:43.6 | A key government advisor is publicly criticizing the UK's defense policy. |
| 0:51.3 | Lord George Robertson authored the government's defense review and is also a former NATO Secretary General. He told the F.T, that Britain's leaders have shown a, quote, corrosive |
| 0:55.7 | complacency towards defense, and that puts the country at risk. The government promised to spell out |
| 1:02.8 | its 10-year defense funding plan by last autumn, but it has repeatedly postponed that. Now, this all comes as NATO countries are under increasing |
| 1:13.3 | pressure to self-sustain militarily as U.S. President Donald Trump threatens to leave the alliance. |
| 1:20.7 | A government spokesperson said, quote, we are delivering on the strategic defense review to meet |
| 1:26.2 | the threats we face. |
| 1:32.1 | They added that the defense investment plan is being finalized and will be published as soon as possible. |
| 1:39.2 | Investors in OpenAI are questioning its roughly $850 billion valuation. The group has made a flurry of |
| 1:47.6 | changes recently to pivot to a new strategy. But some investors told the FT the moves could leave |
| 1:53.8 | open AI vulnerable to its rivals, which is especially critical right now because the group |
| 1:59.7 | is gearing up to go public. |
| 2:01.4 | Here to tell us more is the FTs George Hammond in San Francisco. |
| 2:04.9 | Hey, George. |
| 2:05.7 | Hey. |
| 2:06.7 | So what is Open AI's new strategy? |
| 2:09.8 | So I think the first thing to say is that opening I would resist the idea this is a new strategy. |
... |
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