hen it comes to OpenAI, smart money is starting to do the math out loud. And something doesn’t add up. On surface, today’s news that OpenAI is offering 17.5% guaranteed returns to private equity firms looks like a shot at the Anthropic threat. Scratch the surface, and you start to see the story behind the story.

The PE deal is the kind of deal you do when you’ve borrowed against the future and the future is taking longer than expected. — Read More