FT Tech Tonic

Making money from AI: After DeepSeek

FT Tech Tonic

Show Notes

The biggest companies in tech are fighting to be the leader in generative AI - even as the path to profitability for the technology remains unclear. So what’s the long game for companies such as OpenAI, Google, and Meta? And what does the rise of Chinese start-up DeepSeek mean for AI companies with massive valuations?

In the second episode in our series on the business of AI, the FT’s AI editor Madhumita Murgia speaks with FT technology reporter Cristina Criddle as well as Vahap Can, an instructor on a prompt engineering course at Capital City College, Anton Korinek, a professor in the department of economics at the University of Virginia, and Alex Chalmers, a writer, researcher formerly of Air Street Capital.

Free to read: DeepSeek’s ‘aha moment’ creates new way to build powerful AI with less money Liang Wenfeng, the DeepSeek founder panicking the tech world OpenAI targets 1bn users in next phase of growth Meta sticks with big bet on AI even after DeepSeek shook markets

This season of Tech Tonic is presented by Madhumita Murgia, and produced by Josh Gabert-Doyon. Edwin Lane is the senior producer and Manuela Saragosa is the executive producer. Sound design by Breen Turner, Samantha Giovinco and Joe Salcedo, with original music from Metaphor Music. The FT’s head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

More from FT Tech Tonic

Oct 14, 2026

Could AI help us understand ourselves and each other better? Writer and philosopher Alain de Botton speaks to the FT’s Madhumita Murgia about the challenges we face navigating human relationships, and how AI might be able to help. Recorded live at the FT Weekend Festival.

Sep 30, 2026

Murad Ahmed speaks to FT journalist Sarah O’Connor about her new book ‘We Are Not Machines’, which explores the impact AI is already having on workplaces. They discuss how Swedish miners dealt with the introduction of AI-powered vehicles, and how Czech translators found AI stealing the most creative part of their job. Recorded live at the FT Weekend Festival.

Sep 16, 2026

AI-related investments are now worth up to half of the entire value of the S&P 500. But is the AI investment boom a bubble waiting to burst? Tim Bradshaw, the FT’s global technology correspondent, speaks to Richard Kramer, founder of Arete Research, and Ophelia Brown, founder of Blossom Capital. Recorded live at the FT Weekend Festival on 5th September 2026.

Jul 15, 2026

At the Enhanced Games in Las Vegas earlier this year, athletes used performance-enhancing drugs and banned equipment in an attempt to break world records. At the same time, companies such as Adidas are designing new types of equipment that fall within the rules, but give athletes an edge. So where is the line between cheating and innovation?

Jul 8, 2026

Video-assistant refereeing (VAR) has proved to be one of the most controversial pieces of technology ever introduced in sports. But with the rise of everything from broadcasting gimmicks to data-driven gambling, it’s far from the only technology changing what it means to be a fan. The FT’s sports editor Josh Noble asks whether these advancements are making sport more fun to watch, or overshadowing the event itself.

See all episodes →