Former Treasury Secretary Larry Summers said Wednesday that he will resign from the board at OpenAI after the release of emails between him and the notorious sex offender Jeffrey Epstein. Summers had announced Monday that he would be stepping back from all public commitments, but it was not immediately clear whether that included his position at the artificial intelligence startup. “I am grateful for the opportunity to have served, excited about the potential of the company, and look forward to following their progress,” Summers said in a statement to CNBC. OpenAI’s board told CNBC it respects Summers’ decision to resign. “We appreciate his many contributions and the perspective he brought to the Board,” the OpenAI Board of Directors said in a statement. Details of Summers’ correspondence with Epstein were made public after the House Oversight and Government Reform Committee released more than 20, 000 documents it obtained pursuant to a subpoena from Epstein’s estate.
https://www.cnbc.com/2025/11/19/larry-summers-epstein-openai.html
Tag Archives: artificial intelligence startup
Sam Altman says OpenAI will top $20 billion in annualized revenue this year, hundreds of billions by 2030
OpenAI CEO Sam Altman announced on Thursday that the artificial intelligence startup is on track to generate more than $20 billion in annualized revenue run rate this year. He also revealed ambitious plans to grow the company’s sales to hundreds of billions by 2030.
In recent months, OpenAI has secured infrastructure deals totaling more than $1.4 trillion to build the data centers needed to meet growing demand. This staggering sum has raised questions among investors and industry experts about how OpenAI will finance these massive investments.
“We are trying to build the infrastructure for a future economy powered by AI,” Altman wrote in a post on X. “Given everything we see on the horizon in our research program, this is the time to invest and really scale up our technology. Massive infrastructure projects take quite a while to build, so we have to start now.”
Founded as a nonprofit research lab in 2015, OpenAI has transformed into one of the fastest-growing commercial entities worldwide following the launch of its chatbot, ChatGPT, in 2022. The startup is currently valued at $500 billion, though it has yet to turn a profit.
In September, OpenAI CFO Sarah Friar told CNBC that the company was on track to generate $13 billion in revenue this year. However, Friar recently faced scrutiny from the Trump administration after remarks at an event where she mentioned OpenAI’s intent to create an ecosystem involving banks, private equity, and a federal “backstop” or “guarantee” to help finance investments in cutting-edge chips.
She later clarified her comments in a LinkedIn post on Wednesday, stating that OpenAI is not seeking a government backstop for its infrastructure commitments. “I used the word ‘backstop’ and it muddied the point,” Friar explained. “As the full clip of my answer shows, I was making the point that American strength in technology will come from building real industrial capacity, which requires the private sector and government playing their part.”
Adding to the debate, venture capitalist David Sacks, who serves as President Donald Trump’s AI and crypto czar, declared on Thursday that there will be “no federal bailout for AI.” He wrote on X that if one frontier model company fails in the U.S., another will take its place.
Altman echoed this sentiment, stating that OpenAI “does not have or want government guarantees for OpenAI datacenters.” He emphasized that taxpayers should not be responsible for bailing out companies that make poor decisions. “If we get it wrong, that’s on us. This is the bet we are making, and given our vantage point, we feel good about it,” Altman wrote. “But we of course could be wrong, and the market — not the government — will deal with it if we are.”
As OpenAI continues to invest heavily in scaling its technology and infrastructure, the company remains confident in its strategies amid ongoing discussions about the role of government and private investment in the AI industry’s future.
https://www.cnbc.com/2025/11/06/sam-altman-says-openai-will-top-20-billion-annual-revenue-this-year.html