OpenAI–Thrive equity swap raises fresh circular-deal questions

Digitimes
Dec 1, 2025, 7:54 pm120 pts
OpenAI's decision to take an ownership stake in Thrive Holdings has reignited debate over whether the arrangement constitutes another circular deal. While analysts warn the structure obscures true performance, OpenAI and Thrive insist it is a mutually reinforcing partnership rather than an artificial value…

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