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Vanity Fair: Sam, is it right that you currently hold zero equity in OpenAI? Sam Altman: Yeah, I have no direct equity. I have this tiny, tiny sliver of exposure from an old YC investment. Also Sam Altman: A May 2026 court exhibit listed more than $2 billion of...

26,845 просмотров • 5 дней назад •via X (Twitter)

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Three of the biggest companies in the world are going public at the same time. The market has never seen anything like this. And this is how major bubbles peak. SpaceX is targeting a June 2026 IPO raising up to $75 billion at a $1.5 trillion valuation, the largest IPO in human history, bigger than Saudi Aramco's $29 billion raise in 2019. OpenAI is filing with the SEC targeting September 2026, raising at least $60 billion at a $1 trillion valuation. The company is losing $14 billion this year alone and won't be profitable until 2029. Anthropic just raised $30 billion in February 2026 at a $380 billion valuation. Its valuation has increased 15x in just 14 months. It is now preparing what could be a $900 billion private round before going public. Combined, these three IPOs could pull $200 billion from global capital markets. That is real. That is unprecedented. And here's the real risk. OpenAI is projected to lose $44 billion cumulatively before reaching profitability. Anthropic's valuation has risen 15x in 14 months on the same underlying business. Both companies are being priced for perfection at a moment when the first companies to actually deploy their products at scale are blowing their AI budgets and cancelling licenses. The real liquidation pressure from these IPOs doesn't even arrive at listing day. It arrives 180 days later when lock-up periods expire and early investors and employees can finally sell. That is when the real rotation happens. The S&P 500 concentration risk is genuine. The Magnificent 7 now represent 36% of the entire index, higher than the dot-com peak in 2000. If any of these companies disappoint, the index follows. That is not a conspiracy. That is basic math. Three historically unprecedented IPOs. $44 billion in projected OpenAI losses. An AI capex cycle that must deliver ROI. Lock-up expirations six months after listing. That combination is what you must pay attention to, as it often break cycles.

Crypto Rover

69,902 просмотров • 4 месяцев назад

Sam Altman just went on camera and begged the man suing him not to walk away. Altman: “My fear at this point is he decides to drop the case right before the trial.” The most prolific liar in Silicon Valley history is on television pretending he wants the trial. Performing bravery for an audience he assumes will never read a single filing. This is what panic sounds like when it learns to speak in a calm voice. OpenAI was incorporated as a 501(c)(3) non-profit. They raised billions under one legally binding covenant. Whatever they built would belong to the public. No equity. No dividends. No corporate capture. Then Altman looked at the balance sheet and saw the biggest payday in the history of technology sitting right in front of him. So he gutted the covenant. He wrapped a for-profit shell around a public trust. He handed the equity to Microsoft. He locked the founding charter in a drawer and started selling subscriptions to what he promised would belong to everyone. He didn’t pivot. He looted. And he did it with a smile. The soft voice. The rehearsed humility. The grey crewneck and the headphones. Every pixel of the persona engineered to make you forget you are watching a man who stole a charity. Now Elon Musk is standing in a courtroom with the receipts. And Altman cannot gaslight a judge the way he gaslights a podcast host. If a court allows that conversion to survive, it does not just validate one man’s fraud. It permanently corrupts the American non-profit system. Every venture capitalist on Earth gets a new playbook overnight. Raise your capital tax-free. Promise to save humanity. Fund your R&D with public goodwill. The absolute second you strike gold, flip the paperwork and charge admission. Altman is not brave. He is cornered. He is not afraid Musk will drop the case. He is afraid of what discovery will drag into the light when Musk doesn’t. Because discovery does not care about the soft voice. Discovery does not care about the rehearsed concern. Discovery opens the books. And the books will show exactly how Sam Altman turned a charity built to protect the human race into a $300 billion personal vehicle selling API access to the technology he swore would be free. Elon Musk does not need to win a press cycle. He does not need to perform calm on camera. He needs one thing. The legal authority to open the books. And he is not backing down. They promised to hand humanity the fire. Then Sam Altman quietly built a tollbooth around it and started billing by the token.

Dustin

113,042 просмотров • 5 месяцев назад

Sam Altman and Dario Amodei just got caught running a $2 trillion scam on the entire world. The timing exposes EVERYTHING: Four days after OpenAI secretly filed for a $1 trillion IPO, Altman went on stage in Sydney and said he was "delighted to be wrong" about AI destroying jobs. Amodei reversed his forecast the same week. Anthropic is targeting its own IPO in October at a $900 billion valuation. Fortune called it coordinated and they're not wrong. But here's the thing... This was never a scientific forecast to begin with. In 2024 and 2025, both CEOs needed two things simultaneously - government attention and private investment. Apocalyptic predictions delivered both. When you tell senators that AI will eliminate half of all white-collar jobs, you get called to testify. You get taken seriously as a national security issue and get positioned as the responsible adult in the room who understands the danger better than anyone. And when you tell investors the same story, you create urgency. Urgency drives capital. Capital drives valuation. Amodei said 50% of white-collar jobs were at risk. Altman said entire job categories would vanish. Both said it repeatedly, in major venues, through all of 2025. Now they need something different. OpenAI is losing $1.22 for every $1 it earns. $14 billion in losses this year against $25 billion in revenue. Goldman Sachs and Morgan Stanley are preparing the roadshow with the S-1 going public in late August. You cannot walk into a public market telling investors the technology you built is an existential threat to the economy. That is NOT a story Wall Street buys at a $1 trillion valuation. That is a story that triggers Senate hearings, regulatory intervention, and class-action lawsuits from every displaced worker in America. So the story changed. Altman's exact words in Sydney: "I'm delighted to be wrong. I thought there would have been more impact on entry-level white-collar jobs by now than has actually happened." Then he added one sentence that every financial journalist should have flagged: "It still may." So the apocalypse is just "rescheduled" - specifically to after the IPO lockup period expires. He took the L on timing, kept the vision intact, and protected the roadshow. And 115,000 tech workers laid off so far in 2026 - with Meta, Amazon, and Snap all citing AI as the driver - are watching the men who predicted their displacement announce they were WRONG about it, four days after filing to go public at a combined $2 trillion valuation. They sold the world fear to raise money, then switched up at the right time to raise more.

Ricardo

84,941 просмотров • 4 месяцев назад