Silicon Valley’s AI companies are burning through cash - will it be worth it?

The biggest companies in tech are fighting to be the leader in generative AI - even as the path to profitability for the technology remains unclear. So what’s the long game for companies such as OpenAI, Google, and Meta? And what does the rise of Chinese start-up DeepSeek mean for AI companies with massive valuations? In the second episode in our series on the business of AI, the FT’s AI editor Madhumita Murgia speaks with FT technology reporter Cristina Criddle as well as Vahap Can, an instructor on a prompt engineering course at Capital City College, Anton Korinek, a professor in the department of economics at the University of Virginia, and Alex Chalmers, a writer, researcher&nbsp;formerly of Air Street Capital. Free to read:<a href="https://on.ft.com/43023LF" rel="noopener noreferrer" target="_blank">DeepSeek’s ‘aha moment’ creates new way to build powerful AI with less money</a><a href="https://on.ft.com/4b0Fzw7" rel="noopener noreferrer" target="_blank">Liang Wenfeng, the DeepSeek founder panicking the tech world</a><a href="https://on.ft.com/4hRYPOw" rel="noopener noreferrer" target="_blank">OpenAI targets 1bn users in next phase of growth</a><a href="https://on.ft.com/3Eykih4" rel="noopener noreferrer" target="_blank">Meta sticks with big bet on AI even after DeepSeek shook markets</a> This season of Tech Tonic is presented by Madhumita Murgia, and produced by Josh Gabert-Doyon. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joe Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/b1e6d069-001f-4b7f-b69b-84b073157c77" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Making money from AI: After DeepSeek

Are the benefits of generative AI enough to justify the investment?

Is generative AI over-valued? At the heart of the generative AI boom has been the premise that a ‘killer app’ for AI will make investors a return on their capital. But it’s unclear how those use cases will actually make money for businesses that deploy them. Plus - is the problem a lack of AI take-up among employees? We hear from Joe Richardson, head of operations at Octopus Energy, Jim Covello, head of global equity research at Goldman Sachs and George Lee, co-head of the Goldman Sachs Global Institute for a debate about the investment case for AI; Victor Riparbelli, chief executive of AI video start-up Synthesia, Amjad Masad, chief executive of coding start-up Replit, and Claudia Harris, chief executive at tech training company Makers. Free to read:<a href="https://on.ft.com/3EwC58h" rel="noopener noreferrer" target="_blank">UK artificial intelligence start-up Synthesia hits $2bn valuation</a><a href="https://on.ft.com/3Qc48g0" rel="noopener noreferrer" target="_blank">AI-powered coding pulls in almost $1bn of funding to claim ‘killer app’ status</a> This season of Tech Tonic is presented by Madhumita Murgia, and produced by Josh Gabert-Doyon. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joe Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/258bfa07-f43c-459c-82f1-ea61235d73bb" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Making money from AI: Searching for a ‘killer app’

Generative AI is impressive, but can it be profitable? 

Generative AI is impressive, but can it be profitable? Since the emergence of ChatGPT in 2022, Silicon Valley investors and tech giants have poured billions into developing generative AI models and tools. But when will it start generating returns? The FT’s artificial intelligence editor Madhumita Murgia investigates efforts to develop a ‘killer app’ for AI, the use of AI in the workplace, and asks if some of the most highly valued AI companies in Silicon Valley are getting it all wrong. Free to read: <a href="https://on.ft.com/40LYxSf" rel="noopener noreferrer" target="_blank">OpenAI targets 1bn users in next phase of growth</a> <a href="https://on.ft.com/3Etl9j0" rel="noopener noreferrer" target="_blank">AI-powered coding pulls in almost $1bn of funding to claim ‘killer app’ status</a> <a href="https://on.ft.com/4hhXYqt" rel="noopener noreferrer" target="_blank">Meta sticks with big bet on AI even after DeepSeek shook markets</a> This season of Tech Tonic is presented by Madhumita Murgia, and produced by Josh Gabert-Doyon. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joe Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.

Coming soon: Will AI ever make any money?

The EU wants to police the biggest tech companies. Should it?

The past two years have seen the EU bring in landmark legislation to curb the power of big tech companies such as Apple, Google and Meta, threatening to break up the companies that do not play by its rules on privacy and competition. But not everyone agrees with its approach. Murad Ahmed speaks to Aura Salla, former lobbyist for Meta and now an MEP in Brussels, who says EU rules will work to rein in Big Tech, and may even harm the development of Europe’s own tech industry. Free to read:<a href="https://on.ft.com/3WGvZZe" rel="noopener noreferrer" target="_blank">EU reassesses tech probes into Apple, Google and Meta</a><a href="https://on.ft.com/3WNVc3Z" rel="noopener noreferrer" target="_blank">Europe’s rushed attempt to set the rules for AI</a><a href="https://on.ft.com/3WKU0yn" rel="noopener noreferrer" target="_blank">What impact is the Digital Markets Act having?</a> This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/8b43a2ae-fc02-4bfd-bfc2-15b05918f692" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Tech in 2025: The EU vs Big Tech

Is China about to catch up with the US in the artificial intelligence race?

The Chinese company DeepSeek has shocked the world with an AI model that could rival those built by the biggest artificial intelligence companies in Silicon Valley. For years it has been assumed that China’s AI companies were trailing in the wake of US rivals such as OpenAI, creator of ChatGPT. Murad Ahmed, the FT’s technology news editor, is joined by the FT’s China technology correspondent Eleanor Olcott to discuss whether DeepSeek’s model shows that China is catching up in the AI race, with expert analysis from Tiezhen Wang from AI open-source community platform Hugging Face. Free to read:<a href="https://on.ft.com/3WEYkiK" rel="noopener noreferrer" target="_blank">How small Chinese AI start-up DeepSeek shocked Silicon Valley</a><a href="https://on.ft.com/4axnHZr" rel="noopener noreferrer" target="_blank">Why Nvidia investors are spooked by Chinese AI upstart DeepSeek</a><a href="https://on.ft.com/4aFISIL" rel="noopener noreferrer" target="_blank">OpenAI’s Sam Altman vows ‘better models’ as China’s DeepSeek disrupts global race</a> This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/7b69ca53-79fe-43e6-9305-498d07318993" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Tech in 2025: China’s AI ‘Sputnik moment’

LinkedIn founder Reid Hoffman’s upbeat take on AI and the dawn of a ‘cognitive age’

Murad Ahmed interviews Reid Hoffman - billionaire founder of LinkedIn, venture capitalist, self-proclaimed AI optimist and generally speaking a big name in Silicon Valley.&nbsp;Hoffman discusses the enthusiasm for artificial intelligence sweeping the Valley among both start-ups and Big Tech companies, as well as the investors like him pumping billions of dollars into them.He also talks about the arrival of Donald Trump in the White House, and the potential effects - good and bad - on the US tech industry from lighter regulation to the threat of tariffs and the influence of Elon Musk. Free to read:<a href="https://on.ft.com/4aBFIpj" rel="noopener noreferrer" target="_blank">What Trump means for Silicon Valley</a><a href="https://on.ft.com/3WpmygC" rel="noopener noreferrer" target="_blank">Joe Biden says ‘oligarchy’ emerging in US in final White House address</a><a href="https://on.ft.com/40GeyKW" rel="noopener noreferrer" target="_blank">Sam Altman reckons with growing threat to OpenAI: Elon Musk</a> This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/c04739a3-fe6c-406f-9daa-a1fd3c13da92" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Tech in 2025: All hail the AI revolution

What will the Trump presidency mean for the tech world?

Incoming president Donald Trump has shown he’s ready to act decisively on tech, giving a stay of execution to TikTok after the US Supreme Court upheld a ban on the social media platform. But how will he deal with the rest of the tech sector and how much influence will Elon Musk wield? The FT’s technology news editor Murad Ahmed is joined by Washington correspondent Joe Miller, and Hannah Murphy and Stephen Morris from the FT’s San Francisco bureau to discuss the potential impact of a Trump presidency on everything from social media to artificial intelligence. Free to read:<a href="https://on.ft.com/3WpmygC" rel="noopener noreferrer" target="_blank">Joe Biden says ‘oligarchy’ emerging in US in final White House address&nbsp;</a><a href="https://on.ft.com/40GeyKW" rel="noopener noreferrer" target="_blank">Sam Altman reckons with growing threat to OpenAI: Elon Musk</a><a href="https://on.ft.com/3Csidm1" rel="noopener noreferrer" target="_blank">Meta’s Mark Zuckerberg seeks ‘active role’ in Donald Trump’s tech policies</a> This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joe Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/fc02cd00-cd70-4be4-8a59-e90b5f75ed09" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Tech in 2025: Trump and the tech bros

Tech companies are building AI agents to help you run your everyday life

Since the release of OpenAI’s ChatGPT, generative AI tools have been helping us answer questions, write essays and create AI images and videos. But now, tech companies are promising AI tools that actually complete everyday tasks on our behalf.&nbsp; Murad Ahmed is joined by Madhumita Murgia, the FT’s AI editor, who has been speaking to Dario Amodei, chief executive of Silicon Valley AI company Anthropic. They discuss plans to create ‘AI agents’ that could do anything from replying to emails on our behalf to ordering our weekly grocery shopping online, as well as some of the challenges that leading AI companies face as they develop ever-more sophisticated AI systems.&nbsp; Free to read:<a href="https://on.ft.com/3CiEORU" rel="noopener noreferrer" target="_blank">Move over copilots: meet the next generation of AI powered assistants</a><a href="https://on.ft.com/3C54Ec9" rel="noopener noreferrer" target="_blank">OpenAI bets on AI agents becoming mainstream by 2025</a><a href="https://on.ft.com/40fhJrd" rel="noopener noreferrer" target="_blank">Anthropic’s Dario Amodei: Democracies must maintain the lead in AI</a> This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner and Samantha Giovinco, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley. <a href="https://www.ft.com/content/0d1a6357-7913-4ff7-a922-643f172d7c98" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a>

Tech in 2025: Hi, I’m your AI-powered assistant

From the next big thing in AI to tech under Trump - here’s what to expect

In a new season of Tech Tonic, the FT’s technology editor Murad Ahmed asks some of the big questions likely to shape the tech world in 2025, with the help of big names from the tech industry and the FT’s expert reporters and columnists. We’ll hear about the AI industry’s plans for the next generation of tools powered by generative AI, and how Donald Trump’s presidency - and Elon Musk - might influence Silicon Valley. Plus, stories of Big Tech regulation in Brussels and China’s rise as a tech power.&nbsp; This season of Tech Tonic is presented by Murad Ahmed, and produced by Persis Love. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joseph Enrick Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.

Coming soon: How will technology shape the world in 2025?

The show that looks at the way technology is changing our economies, societies and daily lives.

We are in the midst of a digital revolution, where the line between our physical world and cyberspace is blurring. Tech Tonic is the show that investigates the promises and perils of this new technological age.&nbsp;

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