The AI race may be decided by financing—not just better chips

October 9, 2026

Good morning. Will winning the AI race come down to creating better chips or creating financial ties that make customers harder to lose?

This week brought more evidence that the competition in AI extends beyond technology into financing. Broadcom has reportedly held talks to raise around $30 billion in debt to help OpenAI buy chips they are developing together, following a similar $35 billion Anthropic deal and another $60 billion package in the works for Anthropic and others. Nvidia recently partnered with six finance firms to mobilize over $500 billion in third-party capital to finance customers’ AI infrastructure; it has direct stakes in AI companies valued at almost $100 billion. Meanwhile, AMD has offered OpenAI and Meta warrants for up to 320 million shares at a penny each to give those customers a stake in its success.

These playbooks are not new. Manufacturers like General Motors and General Electric have long helped customers buy their products through financing and investing in infrastructure. What’s different, perhaps, is the scale and uncertainty around the core product. As Nvidia, Broadcom, and AMD compete through financing and equity incentives, there’s also the question of competition. Are customers paying the right price and can they shop around?

Before building their businesses around an AI provider, leaders should understand the ecosystem behind it: what capital is firmly committed, who bears the losses, and whether investment or purchasing agreements constrain its choices—and ultimately theirs.

Much of this financing rests on the labs’ revenue growth, which is why the numbers matter. As OpenAI and Anthropic move toward IPOs, we should get a clearer picture. The FT reported yesterday that OpenAI shared updated financials showing annualized revenue approaching $50 billion as of the end of September. That’s about $20 billion less than what was circulated to investors last month. OpenAI and Anthropic also calculate that revenue differently, with the latter including revenue booked by its cloud partners. Strip that out and Anthropic’s $60 billion annualized revenue through the end of July is probably about a third less.

Those are big fluctuations on some pretty big numbers. All the more reason to know what’s being committed, on what terms, and what happens if things go wrong. There was a time when GE Capital was reported as a single line item, despite making up almost half of GE’s earnings. The financial crisis and demands for transparency forced more disclosure, highlighting vulnerabilities investors didn’t like. These are different times and going public may create higher demands for more clarity on what’s really fueling the AI boom.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top leadership news

Anthropic prepares for the 2028 election

Anthropic is hiring a political programs lead to build a team that will work with presidential candidates from both parties on AI policy. The role will also oversee political giving as the company seeks a bigger voice in how Washington governs AI.

Heineken faces Europe’s beer slowdown

Europeans drank 9.2% less beer in 2025 than in 2019, prompting brewers to look for ways to bring customers back. In an interview with Fortune, Heineken’s Europe boss Glenn Caton explains why higher prices—not just changing drinking habits—are part of the problem.

Mark Cuban says health care costs threaten jobs more than AI

Mark Cuban argues that rising health care costs will cause more layoffs and fewer hires than AI for the foreseeable future. Employers’ health care costs per worker could rise 8.2% next year, according to Mercer, adding pressure to hiring budgets and employee benefits.

The markets

S&P 500 futures are up 0.43% this morning. The last session closed down 0.47%. The STOXX Europe 600 was up 0.98% in early trading. The U.K.’s FTSE 100 was up 0.93% in early trading. Japan’s Nikkei 225 was flat. South Korea’s markets are closed. China’s CSI 300 was up 0.16%. Hong Kong’s Hang Seng was up 1.79%. India’s NIFTY 50 is up 1.39%. Bitcoin is at $83k.