OpenAI has signed countless billion-dollar agreements with other companies. We are discovering that they are made of paper

OpenAI has announced that will abandon development of Soraits AI video generator, just six months after the launch of its standalone app. Disney, which had announced a $1 billion investment in OpenAI in exchange for licensing its characters for Sora, has confirmed that the deal will not go ahead. The money never changed handsand joins others in recent weeks that send a worrying message. One that calls into question the real strength of the most valued company in the AI ​​sector. Paper agreements. In recent months, OpenAi has been the protagonist of a frenetic string of announcements that have shaken the stock markets and sent prices skyrocketing. Analysts like Ed Zitron have documented in detail how these agreements are for now more smoke than anything else: all of them were “letters of intent”, conditional commitments that now seem increasingly difficult to come true. There are examples everywhere. The NVIDIA case: the one hundred billion that did not exist. In September 2025 NVIDIA announced a “strategic partnership” with OpenAI to invest “up to 100 billion dollars” and build 10 GW of data centers. Four months later, the company led by Jensen Huang considerably reduced that investment to 30 billion dollars. Jensen Huang recently stated that this will “probably” be the last round he will enter into OpenAI and clarified that the statement made it clear that this was a “letter of intent”, not a contract. Months later in NVIDIA’s quarterly results, the agreement is described as “an opportunity to invest in OpenAI.” Not a single dollar has been sent to him, and it is not certain that he will. The AMD case: 34% rise in the stock market. In October, another mega-deal. amd announced a “definitive” agreement with openAI to deploy 6 GW of data centers. The company indicated that would potentially generate “tens of billions in revenue,” and AMD shares rose 34% in one day. Four months later, in quarterly results from the company, zero mentions of OpenIA. IN November 2025, in AMD’s 10-Q filing, AMD’s outstanding obligations on contracts with a duration greater than one year were 279 million dollars. There were practically no mentions of OpenAI. Many promises, no reality. The Broadcom case: a confusing order. Broadcom too was going to deploy 10 GW of “AI accelerators designed by OpenAI” at the end of 2029, but at the moment there is still no evidence that chip sales have occurred and there are no clues in OpenAI’s latest quarterly results, which do not mention this agreement anywhere or its impact. Broadcom CEO he did tell investors that they expected to deploy 1 GW of computing in the form of XPUs in 2027, but did not give details of how they planned to reach 10 GW in 2029. And also revealed that “we do not expect much in 2026” from the contract with OpenAI, because the return will focus on 2027, 2028 and 2029. The Disney case: a very bad sign. The agreement with Disney announced in Decemberincluded the company taking a $1 billion stake and will license more than 200 characters from Disney, Marvel, Pixar and Star Wars for use on Sora. It was the type of agreement that validates a company before the general public, especially since Disney does not sign agreements with just anyone. However, the agreement was entirely built on stock warrants, not cash, they point out in Deadline. By abandoning Sora, Disney has withdrawn without consequences and without having transferred a dollar. Another paper agreement. The SKHynix case: where are we going to get so much memory from?. SK Hynix and Samsung intended to provide 900,000 RAM wafers per month for OpenAI’s Stargate project, but the result of these intentions has been null. That agreement would have consumed 40% of world production of DRAM in the midst of the crisis of this type of components. The mysterious Norwegian data center case. OpenAI promised in July 2025 that would boost construction of an AI data center belonging to the Stargate project but which would be in Norway. It was then expected that this center would have 100,000 NVIDIA chips by the end of 2026, and that it would expand “significantly” from that figure. There has been no news of this development since then. Nobody asks questions. Zitron complained in your reflection how financial analysts seemed not to ask the necessary questions when faced with these announcements. He explains that OpenAI had committed about $300 billion in different agreements to create new data centers, but its real income is around $4.5 billion a year and it is expected that it will have losses of about $14 billion in 2026. Despite everything, Zitron criticizes, the stream of advertisements continues to work because it generates increases in the stock market and positive headlines. The difference between contracts and letters of intent was buried in the fine print of the advertisements that almost no one reads. And the examples continue. In fact, the advertisements do not stop coming despite everything and everyone. OpenAI announced in February an investment of 110 billion dollars by SoftBank (30 billion), NVIDIA (30 billion) and Amazon (50 billion). SoftBank itself is “testing its lending limits” with that bet, which we will see if he can complete. Amazon’s 50 billion are divided in two phases: a first of 15,000 million that should be executed on March 31, and another of 35,000 million dollars whose deadlines depend on several events. Too many agreements that must demonstrate something critical: that they are not made of paper. In Xataka | Problems are multiplying for OpenAI in the race for AI. Your solution: go from 4,500 to 8,000 workers

The United Kingdom has found lithium under its feet, but extracting it is going to be a billion-dollar logistical nightmare

For vacationers visiting cornwallin the south-west of the United Kingdom, the landscape is a haven of peace dotted with historical remains. It is the land of the old tin and copper mines that inspired series like Poldarka region with more than 4,000 years of mining history. However, beneath this postcard scenario lies the most coveted resource of the 21st century. The then Prime Minister Boris Johnson baptized it in 2021 as the “Lithium Klondike”, in reference to the historic gold rush. Today, As detailed in an extensive report by Guardianthat “white gold” is the great hope for the British energy transition. The race for the first drop of lithium. The sector has recently reached milestones that seemed impossible a decade ago. On the one hand, as reported Financial TimesCornish Lithium company has just commissioned its first commercial demonstration plant in the region. This facility is designed to extract lithium from hard rock in former clay (kaolin) mines, a crucial step that demonstrates that large-scale domestic mining is technically feasible. Crushing stone is not the only way. In parallel, a fascinating technology has emerged that unites mining and renewable energy. It turns out that, several kilometers deep, the superheated water flowing through the fractures of the granite of cornwall It is loaded with dissolved lithium. As explained by BBCTaking advantage of this has enabled a historic milestone: the United Downs power plant, operated by Geothermal Engineering Ltd (GEL), has become the first in the country to generate electricity from the Earth’s heat, while producing the first domestic supply of lithium extracted from these underground fluids. The mechanics, as detailed Guardianis ingenious: the boiling brine is pumped (at about 200 °C), its heat is used to drive turbines that generate electricity, the lithium is chemically extracted and the cold water is returned to the subsoil. The initial figures for this project are modest—just 100 tons of lithium per year, enough for 1,400 electric cars—but the goal is to scale up to 18,000 tons per year. What does it really mean to unearth this treasure?? As emphasized Financial Timesthe primary motivation is geostrategic: the West desperately needs to reduce its dependence on China in the critical metals supply chain. Additionally, unlike wind or solar energy, geothermal brine provides renewable electricity “24 hours a day, 7 days a week”, shielding the network against the vagaries of gas. An abyss riddled with obstacles. But from the laboratory to the commercial mine there is a stretch full of barriers. First, drilling wells kilometers deep or building processing plants requires massive injections of capital. The GEL project has already cost 50 million pounds, inform BBC. Furthermore, the market is ruthless: recently, the Imerys British Lithium (IBL) side project, which promised to create the largest lithium hub in the country, has had to be halted due to “funding constraints and difficult market conditions.” The second major obstacle is the emotional shock with the population. A report from a few months ago in The Conversation perfectly illustrates this drama in the village of St Dennis. For Cornish Lithium to expand its open-pit mine at the former Trelavour quarry, it needs to demolish huge conical mountains of clay waste. The problem is that the locals have affectionately named them Flatty and Pointy. What for the mining company is debris that blocks lithium, for the people it is their heritage, their visual identity since the 19th century. It is the bitter dilemma of the green transition: sacrificing the local landscape to save the global climate. The Spanish mirror. This tension between national urgency and local rejection resonates strongly in Spain. As we have explained in Xatakathe European Union has launched a lifeline of 22,000 million euros to support 47 strategic mining projects and stop the bleeding of foreign dependence. Seven of them are on Spanish soil, with three standing out in Extremadura: the Aguablanca mine (the only nickel deposit in Europe, which reopens after a decade) and the tungsten mines of Las Navas and La Parrilla. However, the syndrome NIMBY (“Not In My Back Yard”) hits just as it does on British soil. The same publication recalls that the emblematic and controversial Cáceres lithium mine has been left out of European aid due to the fierce opposition of neighborhood and environmental platforms, a social pressure that has already managed to knock down similar projects in Ávila. The shadow of the dragon: the clock is ticking. While Europe deals with waste dumps and bureaucracy, China competes in another league. Fatih Birol, director of the International Energy Agency (IEA), warned to launch An operational mine takes an average of 17 years. The West is running against the clock, and Beijing is two decades ahead of us. And the data is suffocating. China processes 80% of the world’s lithium and 95% of graphite. For years, they sold batteries below production cost, taking losses to exterminate Western competition and establish silent dependence. Far from relaxing, the Asian giant keep devouring the subsoil: it has recently tripled its lithium reserves (going from 6% to 16.5% worldwide) thanks to new discoveries in its salt lakes. And the problem is not just “white gold.” The IEA alert that by 2035 there will be a 30% supply deficit in copper. Without copper for the cables, having batteries will be useless. The true cost of the transition. The UK’s mining awakening is the perfect microcosm of the challenge facing the West. We have discovered that we have the treasure under our feet, but geology is only the starting line. “White gold” requires colossal sacrifices. It requires risking billions in unstable markets, altering places that communities love and facing a very slow bureaucracy in the face of an implacable Asian rival. The batteries that will power the 21st century are not only going to cost us money; They will require profound social wear and tear. Lithium promises us the future, but unearthing it is going to be a real nightmare. Image | Cornish Lithium Xataka | China sold cheap batteries … Read more

Microsoft has a billion-dollar plan to end inequality in Latin America. And it is to expand AI, of course

50 billion dollars. This figure that seems so impossible to contextualize is the amount of money that Microsoft is going to invest in what they have dubbed the ‘plan’Global South by 2030‘. And like almost everything that has to do with Microsoft for a few months now, it is focused on one thing: improving access to AI in the countries of the ‘Global South‘. In short. This week, during the AI ​​Impact Summit in New Delhi, Microsoft president presented a plan to invest $50 billion by the end of the decade to improve access to artificial intelligence in developing countries and emerging markets. Brad Smith said they want to sustain the long-term growth of those countries as part of his company’s effort to address a problem they have detected: the growing digital divide between developed and developing nations. There may be many other gaps beyond access to AI, but Smith is convinced that what is urgent is to accelerate the adoption of AI in regions of India, Africa and Latin America. This ‘Global North’ and ‘Global South’ thing is not a geographical issue. It is an economic division The plan. The intention of Microsoft is “to make the dissemination of AI real and at scale, so that communities have what they need to access that tool, that they trust it and can apply it to local priorities.” The legs of that plan are: Empower schools and nonprofit organizations through technology and digital skills. Strengthen multilingual and multicultural artificial intelligence capabilities. Enable local AI innovations to meet community needs. Measure the spread of AI to guide future policies and investment. Let it be used more. With this, Microsoft hopes that AI will penetrate more into these territories because, according to an internal report on the spread of artificial intelligence, while 24.7% of the working-age population in the Global North uses generative AI tools, in the Global South only 14.1% use it. According to Smith, developing economies cannot miss out on those productivity advantages that come with AI. AI and hunger in Africa. But it is not the only thing that Microsoft has recently presented that seeks to position AI as a catalyst for change. With the ambitious title of ‘Stop malnutrition with AI’, the American company has presented a project to improve food security in sub-Saharan Africa. Starting in Kenya, the idea is that institutions have access to tools that offer information to predict and prevent food shortages and predict, with AI, the risks that this implies for health. If you are raising an eyebrow like “thank goodness we now have AI to give us the solution to a problem that we already know”, here at least there is no talk of Generative AIbut rather a model that collects all the data and reflects it on a map so that organizations have more detailed information. Data centers. These 50,000 million are added to other previous billion-dollar investments that Microsoft had already done in countries like BrazilIndia or South Africa, but there is something more than “digital empowerment”. The initiative includes building AI infrastructure, and that means one thing: building data centers. This infrastructure requires an immense amount of energy to satisfy the needs of the digital infrastructure, but they also need water and Mexico and South American countries are directly mentioned as home to some of the new data centers. Microsoft has been testing for some time more sustainable data center designsbut precisely in developing places, energy and water are resources that, perhaps, are not abundant. Images | Specialgst, Microsoft In Xataka | What is happening in the US is a warning for Spain: data centers driving up electricity bills in homes

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