Has A.I. Become Too Big to Fail? Or Is It Something Worse?

Ms. McLean is a financial journalist and an author of “The Smartest Guys in the Room.”

It was about a year ago that Sarah Friar, the chief financial officer of OpenAI, said one way the company might sustain its current financial high-wire act was with a “backstop” or “guarantee” — as in, a government guarantee — “that allows the financing to happen.” Almost at the same time, Sam Altman, the company’s chief executive, said, “Given the magnitude of what I expect A.I.’s economic impact to look like,” the government should serve the role of “insurer of last resort.” They qualified those comments, but still, the gist seemed to be that the industry The Wall Street Journal calls “the biggest economic bet in U.S. history” is so important to the nation that if it needs more funding, taxpayers should be on the hook.

Another way to put it is that the government should........

© The New York Times