Hi, everyone. It's Michaela. Before we start today's show, I wanted to let you know that I'll be in London this December for the FT's Global Banking Summit. The event will feature CEOs, top regulators and policy leaders, as they discuss everything from geopolitical risk to exploring the future of AI and finance. And I'll be hosting a few panels myself.

The summit runs from the 2nd to the 4th of December.

If you want to register, you can find more information in our show notes,

including a discount code for 20% off.

See you there.

First question.

If each of you had to describe OpenAI's new era in a word or two, how would you do it?

Spend, spend, spend.

Open, I unchain.

It's been a deal crazy past few months for the artificial intelligence company OpenAI.

Open AI has signed a $300 billion deal with Oracle.

Nvidia saying it's going to invest $100 billion in Open AI. The business recently signed a whopping $1.4 trillion worth of deals to secure more computing power.

That means deals to get access to things like more chips, memory, and processing power to further its AI ambitions.

Open AI making a deal with AMD on data centers.

The talk of the day, Broadcom shares surging after inking a deal with Open AI.

It's become this tangled web of deals that tie the largest listed chipmakers in the world,

their fortunes into Open AI's orbits, and we've never seen anything quite like

it.

And then to top it all off in October, Open AI entered a new era, flipping its company structure

inside out.

This restructuring takes opening eye away from its origins as a non-profit and closer to a

conventional for-profit company.

...