Banks warm up to nuclear power

Key takeaways

Mira Murati's exit from OpenAI highlights ongoing leadership instability within the tech giant.
Major banks are signaling a possible shift towards nuclear energy support amidst rising demand.
The M&A market is reviving, but skepticism exists over its sustainability given the low volume of deals.
Saudi Arabia's efforts to boost female workforce participation showcase significant economic and social changes, though leadership gaps persist.

Summary

OpenAI Leadership Changes

In a significant shift for OpenAI, Chief Technology Officer Mira Murati announced her departure after a six-and-a-half-year tenure, during which she briefly held the role of CEO amid a leadership coup against founder Sam Altman. This marks the latest in a series of high-profile exits from the company, raising concerns about its stability as one of Silicon Valley's most valuable startups.

Banks Embrace Nuclear Energy

A recent meeting in New York saw major banks like City, Barclays, Goldman Sachs, and BNP Paribas pledge increased support for nuclear energy. This shift suggests a potential change in the banks' traditionally cautious stance on nuclear, influenced by anticipated demand, particularly from sectors like AI. The banks are aligning with a goal established at the COP climate conference to triple nuclear energy capacity by 2050, although specifics on financial support remain vague.

M&A Market Revival

The merger and acquisition (M&A) landscape is showing signs of recovery, with over $2 trillion in takeovers announced in the first three quarters of the year, a 17% increase from last year. However, the overall deal volume is still at a nine-year low, leading experts to speculate on whether recent interest rate cuts might encourage more mergers.

Female Workforce Growth in Saudi Arabia

Saudi Arabia is witnessing a remarkable increase in female labor force participation as part of Crown Prince Mohammed Bin Salman’s 2016 economic diversification plan. Employment for women has surged from under 20% pre-2016 to 35% in 2024, aided by the removal of various social restrictions. Yet, challenges remain, especially in achieving gender parity in leadership roles.

Show notes

OpenAI’s chief technology officer is leaving the company, major banks pledge to increase their support for nuclear energy, and hopes of an M&A comeback rise as global companies pursue blockbuster takeovers. Plus, a surge in female labour force participation emerges as a bright spot for Saudi Arabia.

Mentioned in this podcast:

OpenAI’s chief technology officer Mira Murati to leave

Big corporate predators bolster global M&A market

The Saudi factories powered by women

World’s biggest banks pledge support for nuclear power

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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