We’ve heard a lot about the artificial intelligence (AI) boom and how enormous amounts of money are being poured into companies building ever more powerful technologies.

That boom is now taking a new turn as major AI players edge closer to becoming publicly-traded companies.

According to reports, OpenAI is preparing to file confidentially for a public listing that could value the ChatGPT maker at hundreds of billions of dollars. Rivals including Anthropic (Claude) and Elon Musk’s SpaceX – which just absorbed xAI (Grok) – are also moving toward the stock market.

What many people may not realise, however, is that, through retirement funds, pensions and other managed investments, they could end up owning shares in these giants – whether they choose to or not.

And while people might have moral concerns with the AI companies they’re tied to, the greater issue at play is about money, risk and who ends up holding it.

Where AI’s billions go

Building a cutting-edge AI system requires vast numbers of specialised computer chips, running nonstop in data centres that consume enough electricity to power a small city.

OpenAI plans to spend around US$50 billion on computing power in 2026 alone. In 2017, that same company spent roughly US$30 million, a 1,600-fold increase in less than a decade. OpenAI is targeting roughly US$600 billion in compute spending – or that in areas such as processing........

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