Training-to-inference shift and economic value of agents

SoftBank and OpenAI announced a new 50-50 joint venture this week to sell enterprise AI tools in Japan under the brand "Crystal Intelligence." On paper, it's a straightforward international expansion deal. But SoftBank’s role as a major investor in OpenAI is raising questions about whether AI's biggest deals are creating real economic value or just moving money in circles. 

On TechCrunch's Equity podcast, Kirsten Korosec, Anthony Ha and AI editor Russell Brandom break down why this deal has people skeptical, and what it signals about the sustainability of AI's current investment model. 

Listen to the full episode to hear about: 

• Andreessen Horowitz’s move to shut down its Talent x Opportunity fund, and the Equity crew’s take on the firm's explanation 

• What former FTC chair Lina Khan’s role in NYC mayor-elect Zohran Mamdani's transition team could mean for Big Tech, ride-hailing, and AVs 

• What Box CEO Aaron Levie had to say about whether we're in an AI bubble at TechCrunch Disrupt 2025, and why the shift from training to inference might actually be reassuring 

• Beta Technologies' successful $1B IPO and what it signals about the thawing public market — even though massive M&A deals are still going through 

Subscribe to Equity on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.  

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