Alex Wissner-Gross

I think we're seeing the fallout of that.

I think we're seeing OpenAI and Anthropic having voracious compute appetites, and Microsoft, at least a former iteration of Microsoft,

call it, all of a year ago, thinking that they're being very fiscally responsible by limiting their data center build-out and everything that goes with it, including mega tranches of corporate debt slash credit on the data center credit markets, but thinking that they're being responsible.

You can sort of trace a line of causality from Microsoft's decision-making at that time to OpenAI today being essentially starved of Microsoft-only compute and needing to diversify

beyond even the original concept of Stargate.

Remember, Stargate originally was this sort of alliance with Microsoft, and then all of Microsoft's suppliers, and then Oracle came into the picture, and then SoftBank came into the picture, and then all of these other suppliers came into the picture.

And then Stargate was no longer about OpenAI directly being a single tenant for data centers that they were financing, but instead became a branding moniker

for leasing compute from a variety of third-party providers.

All of these are connected into a single causal chain, which is that Microsoft, and also OpenAI's not-for-profit status, that's part of the story as well, but Microsoft wasn't in a position to supply enough compute for OpenAI's demands, and as a result, that OpenAI-Microsoft marriage has turned into what we saw now, which is OpenAI is dating everyone else at this point.

But I'm wondering, there were corporate governance issues.

OpenAI was a nonprofit and they needed to invest in a for-profit and they created the for-profit subsidiary in part so Microsoft could invest.

It was complicated.

It's actually better than Mythos, according to some of the cybersecurity benchmarks that are finding that it's hitting the same capability levels five times cheaper and actually generally available.

Dave, I talk about it in my newsletter every day.

A few things.

One, I think the underlying story here, one of the factors is, as I've mentioned previously, OpenAI was betting on consumer to carry it to its revenue targets.

And that turns out to just have been a terrible idea.

Consumers don't want to spend lots of money on reasoning tokens.

Enterprises do.

So...