OpenAI Takes Stake in Thrive Holdings, Adding to Circular Deals

OpenAI is taking an ownership stake in Thrive Holdings, an investment vehicle set up earlier this year by Thrive Capital, adding to a growing list of circular deals involving the ChatGPT maker and its backers.

Thrive Capital, one of OpenAI’s top investors, set up Thrive Holdings earlier this year with the goal of starting and acquiring companies that can benefit from artificial intelligence. As part of the tie-up announced Monday, OpenAI will work with Thrive Holdings to speed up business adoption of AI, starting with accounting and IT services.

OpenAI plans to embed teams within Thrive Holdings’ companies ...