Jack Mallers
speaker
1,138 appearances
1 recordings
1 series
first heard Jul 2026
last heard 30 Jul
Jack Mallers’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
It will probably be lots of inflation and deficit monetization.
But yeah, I don't know if they can get smaller, both because the US government probably wouldn't want that competitively, but also because, again, someone has to...
And the way that these companies do it is they're refinancing based on their equity.
And I assume, so one of the issues is what they keep doing is they take on a bunch of,
financial obligations.
They borrow a bunch of money.
We're building all these data centers.
We're doing all this shit.
And then they raise a private venture capital round that values the equity up, which then allows them to refinance everything because their equity capital is now worth more.
Like OpenAI goes from being worth $8 billion to $80 billion to $800 billion.
And then you can continue to refinance that.
But then my suspicion of why these businesses halted going public is because you know who's not as giving and
as easy as the public markets.
The public markets aren't gonna be like, oh, I'll give you this markup, we believe in the roadmap, send the deck to my email.
The public markets are a bit more ruthless and they also involve foreign capital and if there's a war, sometimes things trade down for things that are outside of your control.
And if these companies lose the equity value and that starts to drop, then they lose the ability to refinance.
I mean, OpenAI already is not credit worthy enough to borrow from a bank.
This is why they need Nvidia to step in, is effectively a bank is saying, we don't believe in your ability to backstop all of this.
Like we need someone who's far more credit worthy to be able to step in and say, no, no, no, if shit hits the fan, I'll handle it.
So yeah, it's a mess.
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