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Investing.com-- OpenAI CEO Sam Altman and an inner circle of executives struck deals as big as $1.5 trillion with little input from external advisers, the Financial Times reported on Sunday.
Altman and his cadre largely shunned OpenAI’s bankers and lawyers when negotiating major chip supply deals with NVIDIA Corporation (NASDAQ:NVDA), Oracle Corporation (NYSE:ORCL), AMD (NASDAQ:AMD), and Broadcom Inc (NASDAQ:AVGO) earlier this year, the FT reported, citing people with knowledge of the matter.
Instead, the OpenAI CEO leaned on select lieutenants, including president Greg Brockman, CFO Sarah Friar, and other recently promoted executives.
The deals had sparked extended rallies on Wall Street, given that they promised hundreds of billions in income. But Altman’s team was focused squarely on the technical aspects of the chips, and that the financial details of the deals were secondary, the FT reported.
Neither OpenAI nor Nvidia sought outside advice on their recent deal, under which Nvidia agreed to invest up to $100 billion in OpenAI in exchange for it spending up to $350 billion on the firm’s advanced AI chips, the FT report said.
OpenAI is at the heart of an AI-fueled boom in technology over the past three years, as more companies raced to replicate the success of its ChatGPT chatbot. The company has outlined plans to rapidly shore up its AI development in the coming years, with its recent chip deals all aimed at building more data centers and gaining more computing power.