The UK's multibillion-pound AI initiative is reportedly plagued by "phantom investments" and questionable accounting practices. Successive governments have announced significant deals for new datacentres, job creation, and supercomputer development, primarily involving two firms associated with Nvidia.

Nvidia CEO Jensen Huang announced that the company's recent investments in OpenAI and Anthropic will likely be its last, as both companies are expected to go public later this year. Nvidia is currently profiting significantly from its chip sales, which may influence its investment strategy.

PwC's survey of 4,454 CEOs from 95 countries reveals that 56% report no financial impact from AI, with no revenue gains or cost savings. Only 12% of CEOs have successfully leveraged AI to reduce costs and increase revenue.