Jake

Should we make the bull case and the bear case?

It's the same thing.

It's the same thing.

External stakeholders, yeah. So like the environment or society or whatever. But from all other kind of legal tax factors, it's the same as a C Corp.

External stakeholders, yeah. So like the environment or society or whatever. But from all other kind of legal tax factors, it's the same as a C Corp.

Patagonia.

Patagonia.

The bull case would be that the moat in the business with respect to model performance and infrastructure gets extended with the large amount of capital that they're raising. They aggressively deploy it. They are very strategic and tactical with respect to how they deploy that infrastructure.

The bull case would be that the moat in the business with respect to model performance and infrastructure gets extended with the large amount of capital that they're raising. They aggressively deploy it. They are very strategic and tactical with respect to how they deploy that infrastructure.

to continue to improve model performance and as a result, continue to extend their advantage in both consumer and enterprise applications, the API tools and so on that they offer. And so they can maintain both kind of model and application performance leads that they have today. Across the board, I would say like the O1 model,

to continue to improve model performance and as a result, continue to extend their advantage in both consumer and enterprise applications, the API tools and so on that they offer. And so they can maintain both kind of model and application performance leads that they have today. Across the board, I would say like the O1 model,

Their voice application, Sora has not been released publicly, but if it does, and it looks like what it's been demoed to be, it's certainly ahead of the pack. So there's a lot of aspects of of open AI today that kind of makes them a leader.

Their voice application, Sora has not been released publicly, but if it does, and it looks like what it's been demoed to be, it's certainly ahead of the pack. So there's a lot of aspects of of open AI today that kind of makes them a leader.

And if they can deploy infrastructure to maintain that lead and not let Google, Microsoft, Amazon, and others catch up, then their ability to use that capital wisely keeps them ahead. And ultimately, as we all know, there's a multi-trillion dollar market to capture here, making lots of verticals, lots of applications, lots of products. So they could become a true kind of global player here.

And if they can deploy infrastructure to maintain that lead and not let Google, Microsoft, Amazon, and others catch up, then their ability to use that capital wisely keeps them ahead. And ultimately, as we all know, there's a multi-trillion dollar market to capture here, making lots of verticals, lots of applications, lots of products. So they could become a true kind of global player here.

Plus the extension into computing, which I'm excited to talk about later when we get into this computing stuff.

Plus the extension into computing, which I'm excited to talk about later when we get into this computing stuff.

01 is a game changer. Yes. It's the first real chain of thought production system that I think we've seen.

01 is a game changer. Yes. It's the first real chain of thought production system that I think we've seen.

in order to give the answer. This is called chain of thought. Right. And this is the underlying mega model that sits on top of the LLMs. And the mega model, effectively, the chain of thought approach is the model asks itself the question, how should I answer this question? Right. And then it comes up with an answer.