Brad Gerstner

So this has, in fact, been a significant correction

in terms of the AI boom.

So before we get into their CFOs comments, Chamath, I'd love to hear your just general response.

Yeah, and this got exacerbated, Sachs, because on Wednesday, OpenAI decided to be in the news again when their CFO, Sarah Fryer, told the Wall Street Journal she hopes the U.S.

government, that's you, Sachs, will backstop the financing of its $1.4 trillion in data centers.

Here's a direct quote, the backstop, the guarantee that allows the financing to happen.

And she said that the federal guarantees would, quote, really drop the cost of finance.

Of course it would.

And this would allow OpenAI to borrow more money at lower rates from a much larger pool of lenders.

That went viral.

And everybody said, oh, my God.

It started feeding, I think, the narrative that maybe OpenAI is insolvent, in fact, and there's no way for them to pay their bills, which obviously is a little bit ridiculous.

And people are trying to correlate this to obviously the dot-com bust and then the great financial crisis.

But on Wednesday night, Fryer walked back her comments.

I want to clarify my comments.

OpenAI is not seeking a government backstop.

for our infrastructure commitments.

I used the word, quote, backstop, and it muddied the point.

I was making the point that American strength and technology will come from building real industrial capacity, which requires the private sector and government playing their part.

And she also said that opening AI was on pace to generate 13 billion.