Jason Lemkin

If you look at all the rest, the first money went in, it was, hey, it's for profit, not for profit.

And then you had that disclosure, hey, we're never going to make money, so what can you do?

And then in the last year, they've been able to convert to a for-profit company.

So a huge step took place last October, November of 25, when OpenAI...

The real danger would have been if they hadn't been able to convert to the for-profit company, because at that point, the whole thing was at risk.

When they got that done, they took a big step function decrement down in risk.

So even though this feels very risky, it is less risky than the risk under which they were able to raise $200 billion plus or minus.

So it'll be fine.

It's just a risk.

It's going to be a monster's pain.

And it's going to be popcorn time for everyone else.

But you're just lumping everything in together.

Because you have to.

Yeah, but...

I mean, look, the litigation... I can't isolate things.

But you actually, funnily enough, you have to in the sense of whenever you have that kind of litigation, I've been to companies occasionally have it.

What you have to do is to say, the really dangerous thing about litigation is if it kind of subsumes the whole company.

Because the thing about litigation, it gets your blood up and you start trying to win and you just get emotionally vested in it.

If they're smart, they'll have a great GC who says...

Other than depositions, none of you talk about this ever again.