OpenAI thought to be preparing for $1tn stock market float

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OpenAI is reportedly gearing up for a stock market listing valuing the company at $1tn (£760bn) as soon as next year, in what would be one of the biggest ever initial public offerings.The developer behind the hit AI chatbot ChatGPT is considering whether to file for an IPO as soon as the second half of 2026, according to Reuters, which cited people familiar with the matter.The company is thought to be looking to raise at least $60bn.A stock market float would give OpenAI another route to raising cash, supporting ambitions by the chief executive, Sam Altman, to splash trillions of dollars on building datacentres and other forms of infrastructure needed for the rapid buildout of its chatbots.During a staff livestream on Tuesday, Altman was reported to have said: “I think it’s fair to say it [an IPO] is the most likely path for us, given the capital needs that we’ll have.

”An OpenAI spokesperson said: “An IPO is not our focus, so we could not possibly have set a date,We are building a durable business and advancing our mission so everyone benefits from AGI,”AGI stands for artificial general intelligence, which OpenAI defines as “highly autonomous systems that outperform humans at most economically valuable work”,Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionOpenAI was founded as a nonprofit in 2015 with a mission to safely build AGI for humanity’s benefit,However, it completed a lengthy restructuring process this week that turned its main business into a for-profit corporation.

While it is still technically controlled by the non-profit entity, the move makes it easier for OpenAI to raise capital while also laying the groundwork for an IPO.The deal also gave Microsoft a stake of about 27% in the for-profit company, with OpenAI valued at $500bn under the terms of the deal.News of the restructuring helped push Microsoft’s valuation above $4tn for the first time.OpenAI reportedly posted revenue of $4.3bn in the first half of this year, with an operating loss of $7.

8bn, according to the tech news site the Information,The massive valuations will do nothing to allay fears that the AI industry is operating in a bubble,Officials at the Bank of England this month flagged the growing risk that tech stock prices pumped up by the AI boom could burst, saying equity markets were “particularly exposed should expectations around the impact of AI become less optimistic”,OpenAI’s chief financial officer, Sarah Friar, reportedly told colleagues that the company was aiming for a 2027 listing, according to the sources cited by Reuters, while some advisers said it could come the year before,
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José Pizarro’s recipe for pumpkin and spinach with pimenton

I grew up with the taste of pimentón de la vera, the smoky, fiery spice Spain embraced from the New World and made its own. Pimentón gives our food its soul. One of the dishes everyone loves back home is espinacas con garbanzos (spinach and chickpeas), which is it’s simple, nourishing and full of comfort. At this time of year, however, when the markets are overflowing with sweet pumpkins, I love adding them to the mix, too. Their gentle, autumnal sweetness lifts the spinach and chickpeas beautifully, and they combine to create a dish that we’ve been serving all month at my restaurant Lolo in south-east London

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The £1 oyster: cut-price shellfish is all the rage – but is eating it advisable?

Name: Oysters.Age: Triassic – so about 250m years old.Appearance: Grey and snotty.Oysters, eh? What pearls of wisdom (see what I did there) do you have for me on the noxious bivalve? You’re not a fan, then?Absolutely not. What desperation drove early humans to think, “Time to smash open this forbidding, rock-like blob and eat whatever godforsaken, gelatinous mess it disgorges”? Well, younger diners don’t agree – they’ve gone mad for oysters

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Double, heavy, pure cream? Helen Goh’s guide to baking across borders – plus a finger bun recipe

When Sweet, the baking book I co-authored with Yotam Ottolenghi, came out in the United States in 2017, my excitement at seeing so many people bake from it was matched only by my horror at what I saw them pulling from their ovens on Instagram: pale cakes with thick, dark exteriors.Posts from Australian and British readers showed no alarming results and I quickly realised something had gone awry in the American translation. As it turned out, the recipes had been converted in-house by the publisher, using a straightforward formula to change celsius to fahrenheit. What no one had noticed was that the conversion also needed to take into account the oven setting: fan-forced versus conventional heat. Many American ovens, it seems, still don’t have a fan function

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Rukmini Iyer’s quick and easy recipe for beetroot, apple and feta fritters | Quick and easy

These are autumn in a fritter. Not only were they an unexpected hit with my 18-month-old, but, after trying one myself, I instantly crossed out the saffron arancini at the top of my list for an upcoming lunch party and replaced it with a delirious, “OMG make these fritters!” Not bad for a five-ingredient dish, and a lot less faff than arancini.Serve with a green salad and the dip alongside for a filling dinner on a cold evening.Prep 15 min Cook 20 min Serves 2-42 apples (I used Discovery) 2 medium beetroot, peeled and grated1 egg 200g feta, crumbled60g self-raising flour (gluten-free if you have it)Olive oil, for fryingFor the dip 3 heaped tbsp Greek yoghurt 3 heaped tbsp mayonnaise ½ lemon, juice and zestA pinch of sea saltGrate the apples skin and all into a clean tea towel, then twist and squeeze the towel over the sink to remove as much moisture as you can. Tip the grated apple into a large bowl, then add the grated beetroot, egg and crumbled feta, and mix well

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From harissa baked hake to chicken schnitzel: Ravinder Bhogal’s recipes for cooking with nuts

I always keep a stash of nuts in my kitchen cupboard. I scatter them, roughly chopped, over my morning yoghurt and fruit bowl, and when I feel an attack of the munchies coming on, I try (although I often fail) to reach for a handful of them in place of something sugary. These nutrient-dense superstars are high on the list of nutritionists’ favourite anti-inflammatory foods, and while all their health benefits are obviously terrific, I love them simply because they bring rich, buttery flavour, interest, and delightful texture to my cooking.Traditionally, schnitzels are coated in crisp breadcrumbs, but this delicious version using almonds and cornflour makes this nuttily delicious and suitable for anyone avoiding gluten.Prep 5 min Cook 45 min Serves 44 small boneless, skinless chicken breasts 50g parmesan, roughly chopped250g blanched almondsZest of 1 lemon50g cornflour Sea salt and black pepper2 eggs, lightly beaten1 tbsp dijon mustard Lemon wedges, to servePut a chicken breast between two sheets of baking paper, then use a rolling pin to beat the chicken until it’s about 1

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We tried Tyra Banks’ ‘revolutionary’ hot ice-cream, and colour us confused

I’m at Smize and Dream, the ice-cream shop founded by supermodel, Harvard alumna and entrepreneur Tyra Banks. There is a steady stream of customers for a weekday afternoon in Sydney’s Darling Harbour. I’m here for the Hot Mama, which Banks debuted in September, and claims is the world’s first hot ice-cream.According to its creator, the new dessert is neither a latte nor a hot chocolate and certainly not melted ice-cream. But if it’s none of these, then what is it?“Liquid, warm, soothing, yummy, silky,” Banks wrote on Smize and Dream’s Instagram