Hannah Petrovic

That they have a business and a research product that's worth scaling as much as possible, like driven by this conviction that through a scale, they're going to unlock new capabilities that in turn is going to unlock new markets and let them continue their incredible revenue growth.

Let's think about why OpenAI is trying to introduce ads in the first place.

Because with these ads, again, you said yourself, it seems that they have on the order of almost a billion users that they could monetize through ads.

With their monetization plans, it seems that they might be able to reap a revenue of like maybe a couple billion, maybe even up to a few dozen billions of dollars off of that audience.

That's not enough.

If your plan is to build $100 billion data centers,

That's not going to be enough to fund that.

So why are they considering ads in the first place?

I think this has to do a lot with this game that we're alluding to, where they are not looking to become profitable right away, but they have this vested interest in demonstrating to investors that if we want it, like we don't want right now, but if we want it,

we have a path to profitability.

And the ads kind of fit into that project plan.

It's part of a way of expanding their market that's going to allow them to show, like, look, there is a path to $100 billion revenue between the ads, between business sales, between other markets that we could be unlocking here.

Like, these models are not profitable right now, but they have these arguments that they can make, including ads, that help them argue, like, look,

Not right now, but they could be.

We are not going to, we're not going to do that because we're more ambitious than that.

But we could be profitable if we wanted.

I mean, first of all, I will just go and look at their finances and actually get a clear picture of what's going on.

After having done that, what I will do in Sam Alman's position, like honestly, it seems kind of similar to what they seem to be doing already.

For me, this question of the models as a rapidly depreciating asset actually brings a little bit into focus of

What might be the perduring asset, the part that might retain more value through generations of AI?