OpenAI’s $300B moonshot + Apple’s AI flop

Your Thursday AI briefing, straight to the point…

1. OpenAI reportedly raising $40B at a $300B valuation

OpenAI is finalizing a massive $40B venture round led by SoftBank, pushing its valuation to $300B – easily the largest VC deal ever. Other investors include Altimeter, Coatue, and Founders Fund.

The deal follows the launch of OpenAI’s new image generator and soaring revenue ($3.7B last year, projected $29.4B in 2025). Still, heavy infrastructure costs mean the company doesn’t expect to be cash-flow positive until 2029.

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2. Apple’s OpenAI partnership isn’t paying off – literally

Despite the splashy ChatGPT-Siri deal, OpenAI isn’t getting paid. Apple uses OpenAI’s models for free, without funneling users into ChatGPT Plus.

📱 Poor UX: Siri only redirects to ChatGPT if users tap a subtle button. Most iPhone users don’t even realize it’s an option.

📉 Low impact: 73% of iPhone owners say Apple’s AI features add “little or no value.”

🤝 Next move: OpenAI’s new COO is pushing for better terms – or OpenAI risks being just a backend with no upside.

Apple is reportedly eyeing deals with Anthropic and Google, making this a short-lived win unless OpenAI renegotiates.

3: Are we in an AI infrastructure bubble?

Investors are pouring billions into AI data centers – possibly too many. Alibaba chair Joe Tsai says companies are “investing ahead of demand.”

🚀 Startups are AI-washing their IPO filings (e.g., eToro, StubHub) with vague buzzwords.

📉 But if user demand doesn’t match the hype, expect projects to be downsized or mothballed – leaving firms like SoftBank exposed.

The risk? AI becomes the next “cloud computing” moment – without the business case to back it.

4: AI scribes help doctors – but don’t save money (yet)

AI-powered medical scribes are reducing burnout, but not yet delivering ROI.

🩺 Mass General Brigham and MultiCare reported 40–63% less physician stress.

👎 But studies show no significant productivity gains or cost savings so far.

Hospitals love the well-being benefits, but as adoption grows, they’ll demand proof of efficiency – not just happy doctors.

Editors picks ☕️

Business Insider — Mark Cuban says AI can't completely automate the creative process.

The New York Times – How artificial intelligence reasons.

The Washington Post – What happened when a newspaper let AI take over.