SoftBank and OpenAI announced a new 50-50 joint venture this week to sell enterprise AI tools in Japan under the brand “Crystal Intelligence.” On paper, it’s a straightforward international expansion deal. But SoftBank’s role as a major investor in OpenAI is raising questions about whether AI’s biggest deals are creating real economic value or just moving money in circles. 

On TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and AI editor Russell Brandom break down why this deal has people skeptical, and what it signals about the sustainability of AI’s current investment model, and more.

Subscribe to Equity on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.