OpenAI has inked $1tn of agreements this year for computing power, raising big questions about how it can fund them. As it burns through cash, it has nowhere near the capital required. The deals often involve circular financing that binds big tech groups to its ability to turn a profit. ‘Part of Silicon Valley’s “fake it until you make it” ethos is to get people to have skin in the game. Now a lot of companies have a lot of skin in the game,’ one expert says.
