今年以来，OpenAI掀起了一场规模达到1万亿美元的交易狂潮，与芯片制造商、数据中心开发商以及多 家科技巨头签署了大规模合作协议。这一系列动作引发了公司内外的担忧：如果这家尚未盈利的创业公 司最终因过度举债而陷入困境，它是否会被视为"大到不能倒"的公司？ OpenAI 凤凰网科技讯北京时间12月19日，据彭博社报道，OpenAI的财务风险一直是个隐患。虽然该公司已是 AI巨头，但是在美国知名经济学家、哈佛大学教授杰森.弗尔曼(Jason Furman)看来，它"绝非"大到不能 倒。 《华尔街日报》在周四报道称，OpenAI正在寻求新一轮融资，融资额高达1000亿美元，估值飙升至 8300亿美元，高于此前的5000亿美元。 对弗尔曼来说，答案很明确："绝对不是。" "我没有任何理由认为OpenAI或该行业的其他公司会破产"弗尔曼表示，他在劳动力问题上兼任OpenAI 的顾问，"但即便它们破产，这些企业也不是银行。它们未达到'大到不能倒'的程度。" 弗尔曼深谙企业或行业崩盘时的境况。2000年，弗尔曼曾在克林顿政府担任政策顾问，推演互联网泡沫 破裂的可能性。多年后，他在大衰退期间担任奥巴马政府的主要经济顾问，协助 ...

Core Insights - OpenAI has become a significant player in the AI industry, with a valuation reaching $500 billion, despite not yet being profitable and generating only $13 billion in revenue this year [3][4]. - There are concerns about OpenAI's potential failure and its systemic risk to the U.S. economy, particularly if the expectations surrounding its AI capabilities do not materialize [2][9]. - The company is seen as a pivotal entity in the tech sector, with its influence likened to that of major corporations during past economic crises [2][7]. Company Overview - OpenAI's current valuation of $500 billion coincides with U.S. government efforts to promote AI development as a means to invigorate the economy [3]. - The company was initially founded as a non-profit in 2015 and has since evolved into a major player in the tech industry [3]. - OpenAI's CEO, Sam Altman, envisions that general artificial intelligence (AGI) could be crucial for solving significant global challenges, including cancer treatment [6]. Financial Structure and Market Position - OpenAI has undergone restructuring to simplify its corporate structure, facilitating private investment and potential plans for an initial public offering (IPO) valued at $1 trillion [5]. - Microsoft holds a 27% stake in OpenAI, and the partnership has contributed to significant market valuations for both companies [7][8]. - OpenAI's collaborations with tech giants like Nvidia and Oracle are seen as strategic moves to leverage high valuations for acquiring essential assets [8]. Industry Impact and Future Outlook - The AI sector is viewed as underestimating the potential of AI technologies, with calls for increased investment to match the anticipated advancements [8][9]. - Some industry leaders express optimism about the exponential capabilities that AI investments could unlock, potentially transforming various sectors [9]. - However, there are contrasting views that liken OpenAI's situation to historical economic bubbles, raising concerns about its long-term sustainability [9][10].