OpenAI CFO reportedly at odds with Sam Altman over missed revenue target—even as AI capex is set to hit $660 billion
OpenAI reportedly missed its revenue target, leading to internal disagreements between CFO Sarah Friar and CEO Sam Altman over spending on data centers. Despite the tension, both executives dismissed the report as "ridiculous" amid preparations for a potential IPO. Meanwhile, global AI capital expenditure is projected to reach $660 billion this year, underscoring the sector's rapid expansion.
- ▪OpenAI's CFO Sarah Friar is concerned about excessive spending on data centers and insufficient revenue generation, according to a Wall Street Journal report.
- ▪Sam Altman and Sarah Friar issued a joint statement calling the report "ridiculous" amid rumors of internal conflict.
- ▪Global AI capital expenditure is expected to hit $660 billion in 2024, reflecting massive investment in the sector.
- ▪China blocked Meta's $2 billion acquisition of AI startup Manus, signaling stricter scrutiny of tech transfers.
- ▪Nvidia hired Intel's former Chief Accounting Officer Scott Gawel with an $800,000 salary and $12.9 million in equity grants.
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Good morning. On Fortune’s radar today: OpenAI missed its targets for revenue. Inside Meta’s Manus fiasco: “Killing the chicken to scare the monkeys.” AI capex will hit $660 billion this year. Markets: New record highs but oil is $111. 🚢 A tanker escaped from the Strait of Hormuz. Moving house is now a “luxury good.” THE MARKETSStocks shrug off $111 oil to hit a new record S&P 500 futures were flat this morning. The index was up 0.12% yesterday to a new record high of 7,173.91. In Europe, the Stoxx 600 was flat in early trading and the U.K.’s FTSE 100 was up 0.52% before lunch. Asia: South Korea’s KOSPI was up 0.39%. Japan’s Nikkei 225 was down 1.02%. India’s Nifty 50 was down 0.21%. China’s CSI 300 was down 0.27%.
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