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The article's primary subject is AI, specifically focusing on how financing structures and equity incentives are becoming decisive factors in the competition for AI infrastructure and customer retention. It analyzes the strategic shifts by major chipmakers like Nvidia, Broadcom, and AMD, highlighting that the "AI race" now hinges as much on capital mobilization and financial engineering as it does on raw computational hardware performance.
The AI race may be decided by financing—not just better chips

Also: All the news and watercooler chat from Fortune.
Good morning. Will winning the AI race come down to creating better chips or creating financial ties that make customers harder to lose? This week brought more evidence that the competition in AI extends beyond technology into financing. Broadcom has reportedly held talks to raise around $30 billion in debt to help OpenAI buy chips they are developing together, following a similar $35 billion…
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