Behind the Money

In this engaging discussion, George Hammond, a venture capital correspondent at the Financial Times, and Tabby Kinder, the U.S. West Coast financial editor, tackle the monumental changes at OpenAI. They delve into the implications of its shift to a for-profit model and the staggering $1.4 trillion in chip and data center deals. The duo also explores potential funding challenges, vendor financing concerns, and whether OpenAI could represent a systemic risk in the tech market. They highlight the race for computational resources among AI startups and what this means for the industry’s future.

In this engaging discussion, Oliver Barnes, U.S. deals and activism correspondent for the Financial Times, delves into the fierce $10 billion battle between Pfizer and Novo Nordisk over the biotech startup MetSera. He outlines why weight-loss drugs have become crucial for both companies and explains the unique bidding strategies employed. Topics include Novo's unsolicited bid, Pfizer's accusations of bribery, and the political drama surrounding the FTC's involvement. With high stakes in play, the showdown reveals the urgent demand for innovative obesity treatments.

Jamie Smyth, the U.S. energy editor at the Financial Times, delves into the intriguing world of Oklo, a nuclear start-up valued at $17 billion yet with no revenue. He discusses its meteoric rise, fueled by AI demands and links to the Trump administration. Smyth uncovers Oklo's unconventional business model, where they plan to sell power directly, bypassing utilities. He also addresses the regulatory challenges and investor concerns regarding safety and timelines, revealing the fragility of Oklo's valuation amidst rising skepticism.

In this insightful discussion, Robert Smith and Ortenca Aliaj, both Financial Times editors, unravel the shocking collapse of First Brands Group, a small auto parts supplier with a staggering $12 billion in hidden debt. They explore the opaque financing tactics that obscured financial risks and discuss the lack of due diligence by lenders. From Patrick James's mysterious background to the broader implications for private credit, they raise critical concerns about the future of funding practices in a post-2008 financial landscape.

Join Costas Mourselas, Financial Times hedge fund correspondent, as he delves into the challenges faced by Man Group, the world's largest listed hedge fund. He unpacks the evolution of the firm's innovative quant strategies and discusses why recent trends have struggled amidst market volatility. Costas explores Man Group's dual path—whether to diversify further into private assets or reinvest in hedge funds. With insights on branding and client relationships, he contemplates the potential for Man Group to reclaim its former success.

Host Laura Hughes delves into a hidden lead poisoning crisis in the UK, revealing how this invisible toxin impacts health. She discusses subtle symptoms that often go unrecognized and shares alarming findings from her two-year investigation. The long-term damage from lead exposure is highlighted, emphasizing the irreversible nature of its effects. Hughes also critiques the lack of routine testing for children, exposing gaps in government protection. Her personal journey navigates fears of backlash while pursuing the truth about this toxic legacy.

Madeleine Speed, a consumer industries reporter at the Financial Times, delves into Nestlé's recent turmoil. She discusses the company's significant underperformance and governance issues following a scandal involving the former CEO. Madeleine explains how the broader consumer goods sector is facing pressure from shareholders, and outlines the potential strategies of new leadership under CEO Philip Navratil. Key topics include possible asset sales, governance reform, and the future direction of this global powerhouse.

Sujeet Indap, Wall Street editor at the Financial Times, shares insights on Charlie Ergen's tumultuous journey with EchoStar. The discussion dives into Ergen's ambitious plan to create a national mobile network, which ultimately fell apart after massive investments and shifting industry dynamics. Notably, how SpaceX's Starlink and deals with AT&T turned the tide for Ergen's struggling company. The conversation also touches on Ergen's strategic negotiations, his meeting with Trump, and the bittersweet outcome of his telecom dreams.

Explore the intriguing race to Mars as global powers and private firms set their sights on the red planet. Hear about ambitious plans from the US, China, and Elon Musk's vision for making humanity an interplanetary species. Delve into the complex questions surrounding the feasibility of human settlement: Will it be worth the cost? And will people really want to live there? This captivating discussion challenges our notions of exploration and the future of mankind beyond Earth.

Chris Kay, Mumbai bureau chief at the Financial Times, and Krishn Kaushik, its Mumbai correspondent, delve into Bangalore's explosive tech growth and the infrastructure challenges that accompany it. They reveal how Bangalore, touted as India's Silicon Valley, struggles with basic amenities like water and traffic management, risking investor confidence. As they explore potential alternatives like Hyderabad, they caution that rapid urban development often neglects livability and sustainability, raising critical questions about the future of India’s economy.